PROJECT REPORT

ON

“A STUDY ON MARKETING STRATEGY ADOPTED BY

ICICI PRUDENTIAL”

SUBMITTED IN PARTIAL IN PARTIAL FULFILLMENT

FOR THE AWARD OF THE DEGREE OF BACHELOR OF

BUSINESS ADMINISTRATION 2013-16

UNDER THE GUIDENCE OF: SUBMITTED BY:

Mr. RAVI JAIN MAYANK GOYAL

FACULTY, MAIMS 07414701713

BBA V SEM

Maharaja Agrasen Institute of Management Studies

Affiliated to Guru Gobind Singh Indraprastha University,

Delhi PSP Area, Plot No. 1, Sector 22, Rohini Delhi 110086

1

DECLARATION

2

STUDENT DECLARATION

This is to certify that I have completed this Project titled “A Study on

Marketing Strategy adopted by ICICI Prudential ” under the guidance

of “Mr. Ravi Jain” in partial fulfillment of the requirement for the award

of degree of Bachelor of Business Administration at Maharaja Agrasen

Institute of Management Studies, Delhi. This is an original piece of work

and I have not submitted it earlier elsewhere.

MAYANK GOYAL

BBA 5TH SEMESTER

07414701713

3

CERTIFICATE

This is to certify that the project titled “A Study on Marketing Strategy

adopted by ICICI Prudential” is an academic work done by “MAYANK

GOYAL” submitted in the partial fulfillment of the requirement for the

award of the degree of Bachelor of Business Administration from Maharaja

Agrasen Institute of Management Studies, Delhi, under my guidance &

direction. To the best of my knowledge and belief the data & information

presented by him in the project has not been submitted earlier.

Mr. RAVI JAINFACULTY, MAIMS

4

ACKNOWLEDGEMENT

5

Acknowledgement

The satisfaction that accompanies the successful completion of any task

would be incomplete without the mention of the people whose ceaseless

co-operation made it possible and whose constant guidance and

encouragement crown all the efforts with success. I am deeply indebted to

Mr. Ravi Jain, my mentor for the project who guided me throughout my

work with immense interest clearing all my doubts and queries which I

encountered.

I would express my sincere thanks to all the staff members of ICICI

Prudential Life Insurance Company. Without their support, this report

would not be possible.

Last but not the least I would like to thank those person whose

encouragement and ideas enriched my report.

(MAYANK GOYAL)

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EXECUTIVE

SUMMARY

7

EXECUTIVE SUMMARY

“Marketing Strategy adopted by ICICI Prudential”

In project I want to find the competent companies of ICICI

Prudential

Services of others companies

According to the data collected and analysis I come to know that LIC

have more customer acquisition as comparative ICICI Prudential

To find out the entities of respondents and their age of business and

turnover they have because on basis of this find out that how that

customer is good for ICICI Prudential

Most of the respondents gave preference LIC because they have faith

on it

Most of people have already attached with LIC

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PREFACE

9

PREFACE

In order to achieve the concrete and positive result practical knowledge

must be their. To fulfill these needs, the management course has a

provision for the practical training program. I shall be thankful to the

university to provide such opportunity so that the students can have the

actual feeling of industrial life.

Theoretical knowledge without practical knowledge is of little value.

I have done my Project Report in ICICI bank with ICICI Prudential Life. I

got ample of opportunities to view overall working and processing of

Insurance in ICICI Prudential Life Insurance.

In the coming pages an attempt has been made to present a comprehensive

report concerning different aspects.

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CONTENTS

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CONTENTS

1) INTRODUCTION TO THE INDUSTRY, ORGANIZATION

2) COMPANY PROFILE

3) OBJECTIVES OF THE STUDY

4) LITERATURE REVIEW

5) RESEARCH METHODOLOGY

a) SAMPLING AND SAMPLING DESIGNb) DATA COLLECTION

6) ANALYSIS OF DATA

7) RESULTS AND FINDINGS8) RECOMMENDATIONS AND SUGGESTIONS

9) CONCLUSION

10) BIBLIOGRAPHY

11) ANNEXURE

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INTRODUCTIONTO THE

INDUSTRY

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INSURANCE – AN INTRODUCTION

Insurance may be described as a social device to ensure protection of

economic value of life and other assets. Under the plan of insurance, a large

number of people associate themselves by sharing risks attached to

individuals. The risks, which can be insured against, include fire, the perils

of sea, death and accidents and burglary. Any risk contingent upon these,

may be insured against at a premium commensurate with the risk involved.

Thus collective bearing of risk is insurance.

Insurance is a contract whereby, in return for the payment of premium by

the insured, the insurers pay the financial losses suffered by the insured as a

result of the occurrence of unforeseen events. The term "risk" is used to

describe the possibility of adverse results flowing from any occurrence or

the accidental happenings, which produce a monetary loss.

Insurance is a pool in which a large number of people exposed to a similar

risk make contributions to a common fund out of which the losses suffered

by the unfortunate few, due to accidental events, are made good. The

sharing of risk among large groups of people is the basis of insurance. The

losses of an individual are distributed over a group of individuals.

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Definitions

General definition

In the words of John Magee, “Insurance is a plan by themselves which

large number of people associate and transfer to the shoulders of all, risks

that attach to individuals.”

Fundamental definition

In the words of D.S. Hansell, “Insurance accumulated contributions of all

parties participating in the scheme.”

Contractual definition

In the words of justice Tindall, “Insurance is a contract in which a sum of

money is paid to the assured as consideration of insurer’s incurring the risk

of paying a large sum upon a given contingency.”

Characteristics of insurance

Sharing of risks

Cooperative device

Payment on happening of a special event

The amount of payment depends on the nature of losses incurred.

The success of insurance business depends on the large number of

people insured against similar risk.

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Insurance is a plan, which spreads the risk and losses of few people

among a large number of people.

The insurance is a plan in which the insured transfers his risk on the

insurer.

Insurance is a legal contract which is based upon certain principles of

insurance which includes utmost good faith, insurable interest,

contribution, indemnity, causes proximate, subrogation, etc.

Functions of insurance

Primary functions

1. Provide protection - Insurance cannot check the happening of the

risk, but can provide for the losses of risk.

2. Collective bearing of risk - Insurance is a device to share the

financial losses of few among many others.

3. Assessment of risk - Insurance determines the probable volume of

risk by evaluating various factors that give rise to risk.

4. Provide certainty - Insurance is a device, which helps to change from

uncertainty to certainty.

Secondary functions

1. Prevention of losses- Insurance cautions businessman and individuals

to adopt suitable device to prevent unfortunate consequences of risk by

observing safety instructions.

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2. Small capital to cover large risks - Insurance relives the

businessman from security investment, by paying small amount of

insurance against larger risks and uncertainty.

FUNDAMENTALS OF INSURANCE

The fundamental Principles of the Insurance are as follows:

Insurable Interest: Insurable interest means the legal right to insure.

Insurable Interest is a must and only then the insurance contract is

enforceable at law. This principle differentiates a Contract of insurance

from wager. Lack of insurable interest renders the contract null and void.

For Insurable Interest to exist there must be Property, Rights, Interest,

Life or Liability; this must be insured and the Insured should have a

legally recognizable relationship thereto. The Insured should be

benefited by the safety of the property or is prejudiced by its loss.

Insurable Interest may arise in the following manner:

1. Ownership: Absolute ownership entitles the owner to insure the

property. This is the commonest method whereby Insurable Interest

arises.

2. Partial Interest is also insurable e.g. a mortgagee. A creditor can

also insure the life of his debtor but only to the extent of his loan.

3. Administrators and executors i.e. officials appointed by a court

of law to take care of a property may also insure the property.

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4. Relationship does not automatically constitute insurable interest.

The only relationship recognized by law for this purpose is the one

between a husband and wife.

5. An employer can insure his employee under a Personal Accident

Policy as he has insurable interest in them.

Proximate cause: Generally, the claims are payable under insurance

policies if they arise out of events which are proximately caused by the

insured perils. In other words, the proximate cause of the event has to be

peril covered by the policy, so as to constitute a valid claim.

Contribution: An insured may have several insurance on the same

subject matter. If he recovers his loss under all these insurance, he will

obviously make a profit out of loss. This will be an infringement of the

principle of indemnity. Common Law has, therefore, evolved the

doctrine of contribution whereby the insured is prevented from

recovering more than his loss, despite his having several insurance on

the subject matter.

Subrogation: The principle of indemnity seeks to prevent the insured

from making profit out of loss. However, it may so happen that that the

insured may recover his loss under his policy and he may also have

rights against third parties. If, after the insurance claim is settled, the

insured is allowed to enforce his rights against third parties and to retain

whatever damages he receives from them, he will certainly make a profit

and the principle of indemnity will be infringed.

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Utmost Good Faith: In all General Insurance contracts we know that

a property or interest or liability or life is offered for insurance and the

insured has to take decisions on the acceptance of the proposal. If he

decides to accept the proposal a premium commensurate with the risk

has to be charged. To enable him to take necessary decision in this

regard, the insurer must have certain facts about the risk offered. These

facts influence the judgment of the insurer in deciding about the

acceptance or otherwise of the risk and the rate of premium to be

charged, if accepted. Such facts are known as material facts.

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20

Kolkata

Hyderabad

DEVELOPMENT OF INSURANCE IN INDIA

A thriving insurance sector is of vital importance to every modern

economy. First because it encourages the savings habit, second because it

provides a safety net to rural and urban enterprises and productive

individuals. And perhaps most importantly it generates long-term investible

funds for infrastructure building. The nature of the insurance business is

such that the cash inflow of insurance companies is constant while the

payout is deferred and contingency related .This characteristic of their

business makes insurance companies the biggest investors in long-gestation

infrastructure development projects in all developed and aspiring nations.

This is the most compelling reason why private sector (and foreign)

companies, which will spread the insurance habit in the societal and

consumer interest, are urgently required in this vital sector of the economy.

In 2012, India was at 14th position.

The study showed insurance penetration in India fell to 3.9 per cent in 2013

compared to four per cent in 2012.

India’s life insurance penetration was 3.1 per cent, while in non-life

insurance it was 0.8 per cent. 

Insurance density stood at $52 (about Rs 3,120) compared to $53 (about Rs

3,180) in 2012.

In the world average too, both insurance penetration and density saw a fall.

Globally, premiums written in the global insurance industry grew by 1.4

per cent in real terms to $4,641 billion in 2013 after a 2.5 per cent increase

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in 2012, said its latest sigma study.

Insurance penetration refers to premiums as a percentage of GDP, whereas

insurance density (measured in $) refers to per capita premium or premium

per person.

The slowdown was primarily due to weakness in the life sector in advanced

markets.

Global life premiums were up only 0.7 per cent in 2013, with weak sales in

North America and the advanced Asian markets offsetting a strong

performance in Western Europe, Oceania and most emerging markets.

NEED FOR GLOBAL INTEGRATION

Recent economic liberalization started few years ago have started bringing

in new investments from global giants and the government was hard

pressed to facilitate global integration by lowering trade barriers for the

free flow of technology, intellectual and financial capital. Additionally,

reforms are essential if the Indian economy is to achieve and sustain a

growth rate of 7 to 8 per cent per annum. Reaching a faster growth path

also implies attracting foreign direct investment inflows of $ 10 Billion

every year, up from the current level of $ 3 to $ 3.5 Billion. Thus

liberalization of insurance creates an environment for the generation of

long-term contractual funds for infrastructural investments.

PRIVATIZATION: START UP STRATEGY

Potential private entrants therefore expect to score in the areas of customer

service, speed and flexibility. They point out that their entry will mean

better products and choice for the consumer. Critics counter that the

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benefit will be slim, because new players will concentrate on affluent,

urban customers as foreign banks did until recently.

This might seem a logical strategy from the point of view of new players.

Start-up costs-such as those of setting up a conventional distribution

network-are large and High end niches offer better returns. However, in the

long run 'middle-market' offers the greatest potential as in terms of it is the

second largest market in the world. This may still be an urban market but

goes beyond the affluent segment.

CLASSIFICATION OF INSURANCE

Life is full of uncertainty. Trials and tribulations abound in each and every

aspect of life .No one can truly predict or even estimate what the future has

in store for him. Life offers no guarantee by itself; expect the incidences of

death and taxation.

The lack of security present throughout life can be overcome partially

through insurance. Insurance can never replace or repair a loss. But the

monetary value offered by insurance helps in adjusting to new

circumstances.

Despite offering the innumerable options and immense scope insurance can

be classified into four major categories.

Insurance of a person

Insurance of property

Insurance of interest.

Insurance of liability.

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Insurance of person

Under the preview of this class of insurance the risk associated with human

life in general can be covered up to the limit specified. The person can

insure his or her life and his health against any unplanned contingencies.

The event of his death his dependents will be reimbursed with the full

amount that he was insured for. Or if the insured person meets with the

accident or suffers from any illness that cripples him forever he will be

compensated with complete sum assured. Any way he may not be able to

lead a normal life again.

Insurance of property

Everyone posses material value in the form of tangible assets. Assets can

be in the form of the landed estate or a vehicle, share holdings or plane old

paper money.

Since tangible property has a physical shape or consistency it is subject to

many risk ranging from fire allied perils to theft and property. An

individual’s lifetime of hard work can be wiped out in a blink of an eye.

But if a person judiciously invests in insurance for his property prior to any

unexpected contingency the he will be suitably compensated for his loss as

soon as the extent of damage is ascertained.

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Insurance of interest

Every individual has to discharge certain specific duties. Everyone is

expected to maintain a standard of conduct but then it is an intrinsic part of

human nature to err. None is infallible and no one will ever be.

Owing to an occasional error or omission committed by us, our clients or

customers might suffer a loss. In turn we might have to pay those damages

for compensation out of our own personal resources.

However, if our chosen professional qualifies for insurance of interest.

Then our insurance policy will be more than sufficient in arranging the

funds and court formalities that might ensue aftermath of legal libel.

Insurance of liability

Every person has to regulate his actions and behavior so as not to cause

injury or damage to other people and their property. Every one is

personally liable for his or her action.

If due to lack of control over his actions or prejudice behavior, a person

incurs any liability then has to provide compensation out of his personnel

resources. Liabilities, Legal, Civil or Criminal can have severe

repercussions on social standing and prestige besides the financial status.

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Insurance Regulatory and Development Authority (IRDA)

ACT, 1999 Composition of Authority under IRDA Act, 1999

As per the section 4 of IRDA Act' 1999, Insurance Regulatory and

Development Authority (IRDA, which was constituted by an act of

parliament) specify the composition of Authority 

The Authority is a ten member team consisting of

    (a)    A Chairman;

    (b)    five whole-time members;

    (c)    four part-time members,

(all appointed by the Government of India)

Duties, Powers and Functions of IRDA

Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA:

(1)    Subject to the provisions of this Act and any other law for the time

being in force, the Authority shall have the duty to regulate, promote and

ensure orderly growth of the insurance business and re-insurance business.

(2)    Without prejudice to the generality of the provisions contained in sub-

section (1), the powers and functions of the Authority shall include –    

(a) Issue to the applicant a certificate of registration, renew, modify,

withdraw, suspend or cancel such registration;

(b) protection of the interests of the policy holders in matters concerning

assigning of policy, nomination by policy holders, insurable interest,

settlement of insurance claim, surrender value of policy and other terms

and conditions of contracts of insurance;

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(c) Specifying requisite qualifications, code of conduct and practical

training for intermediary or insurance intermediaries and agents;

(d) Specifying the code of conduct for surveyors and loss assessors;

(e) Promoting efficiency in the conduct of insurance business;

(f) Promoting and regulating professional organizations connected with the

insurance and re-insurance business;

(g) Levying fees and other charges for carrying out the purposes of this

Act;

(h) Calling for information from, undertaking inspection of,

Conducting enquiries and investigations including audit of the insurers,

intermediaries, insurance intermediaries and other organizations connected

with the insurance business;

( I ) control and regulation of the rates, advantages, terms and conditions

that may be offered by insurers in respect of general insurance business not

so controlled and regulated by the Tariff Advisory Committee under

section 64U of the Insurance Act, 1938 (4 of 1938);

(j) Specifying the form and manner in which books of account shall be

maintained and statement of accounts shall be rendered by insurers and

other insurance intermediaries;

(k) Regulating investment of funds by insurance companies;

(l) Adjudication of disputes between insurers and intermediaries or

insurance intermediaries;

(m) Supervising the functioning of the Tariff Advisory Committee;(n)

Specifying the percentage of premium income of the insurer to finance

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schemes for promoting and regulating professional organizations referred

to in clause (f);

INDIAN INSURANCE INDUSTRY

Insurers

Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers:

Life InsurersLife Insurance Corporation of India (LIC)

General Insurers Ge neral Insurance Corporation of India (GIC)  (with effect from Dec'2000, a

National Reinsure)

GIC had four subsidiary companies, namely (with effect from Dec'2000, these

subsidiaries have been de-linked from the parent company and made as independent

insurance companies.

1. The Oriental Insurance Company Limited

2. The New India Assurance Company Limited,

3. National Insurance Company Limited

Yr: 2000-2001: (From 2nd April '2000 to 31st December'2001)

Insurance Industry in the year 2000-2001 had some new entrants in Life insurance as

well as in General insurance, namely:

Life Insurers

1. ICICI Prudential Life Insurance

2. Max New York Life Insurance

3. HDFC Standard Life

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4. Birla Sun Life

5. SBI Life Insurance

6. Kotak Old Mutual Life Insurance

7. Aviva Life Insurance

8. Reliance Life Insurance

9. Tata AIG Life

10. Met Life India Insurance

General Insurers  

1. Royal Sundaram Alliance Insurance Company Limited

2. Reliance General Insurance Company Limited.

3. IFFCO Tokio General Insurance Co. Ltd

4. TATA AIG General Insurance Company Ltd.

5. Bajaj Allianz General Insurance Company Limited

6. ICICI Lombard General Insurance Company Limited.

7. Cholamandalam General Insurance Company Ltd.

8. Export Credit Guarantee Corporation Ltd.

9. Export Credit Guarantee Corporation Ltd.

INSURANCE BUSINESS Insurance business is divided into four classes:

1) Life Insurance

2) Fire Insurance

3) Marine Insurance and

4) Miscellaneous Insurance.

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Life Insurers transact life insurance business; General Insurers transact the

rest.

No composites are permitted as per law.

LEGISLATION (as on 1.4.2000):

Insurance is a federal subject in India. The primary legislation that deals

with insurance business in India is: Insurance Act, 1938, and Insurance

Regulatory & Development Authority Act, 1999.

INSURANCE PRODUCTS (as on 1.4.2000) (for latest information

get in touch with the current insurers – website information of insurers is

provided at the web page for insurers):

Life Insurance

Popular Products: Endowment Assurance (Participating) and Money Back

(Participating). More than 80% of the life insurance business is from these

products.

General Insurance

Fire and Miscellaneous insurance businesses are predominant. Motor

Vehicle insurance is compulsory.

Tariff Advisory Committee (TAC) lays down tariff rates for some of the

general insurance products

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New products have been launched by life insurers. These include linked-

products. For details, please visit the websites of life insurers. 

COMPANY PROFILE

31

COMPANY PROFILEICICI 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 infused stands at Rs. 48.16 billion (as of

March 31, 2015) with ICICI Bank Ltd. and Prudential plc holding 74% and

26% stake respectively. For the financial year 2015, the company garnered

a total premium of Rs. 153.07 billion. The company has assets under

management of Rs. 1001.83 billion as on March 31, 2015.

For over a decade, ICICI Prudential Life has maintained its dominant

position (on new business retail weighted basis) amongst private life

insurers in the country, with an array of products to match the different life

stage requirements of customer and enable them to achieve their long term

financial goals.

PROMOTERS

ICICI Bank

ICICI Bank is India's largest private sector bank with total assets of Rs.

6,461.29 billion (US$ 103 billion) at March 31, 2015 and profit after tax

Rs. 111.75 billion (US$ 1,788 million) for the year ended March 31, 2015.

ICICI Bank currently has a network of 4,050 Branches and 13,082 ATM's

across India.

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PRUDENTIAL PLC

Established in London in 1848, Prudential plc is an international retail

financial services group with significant operations in Asia, the US and the

UK serving around 25 million customers, policyholder and unit holders

worldwide. The company has £290 billion of assets under management and

it is one of the best capitalized insurers in the world with an Insurance

Groups Directive (IGD) capital surplus estimated at £3.4 billion (at 31

December 2009). Prudential is a leading life insurer in Asia with a presence

in 12 markets and have the top three positions in seven key locations of

Hong Kong, India, Indonesia, Malaysia, Singapore, the Philippines and

Vietnam.

ICICI PRUDENTIAL LIFE INSURANCE COMPANY

LIMITED

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.4,780 corers (as of March 31,

2010) with ICICI Bank and Prudential plc holding 74% and 26% stake

respectively. For the period April 1, 2009 to March 31, 2010, the company

has garnered total premium of Rs 16,532 corers and has underwritten over

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10 million policies since inception. The company has assets held over

Rs.57,000 corers as on March 31, 2010.For the past nine 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

1,900 branches (including 1,074 micro-offices) and an advisor base of over

210,000 (as on March 31, 2010).

 The company has 7 banc assurance partners having tie-ups with ICICI

Bank, Ratanagiri District Central Co-op Bank, Ballia Kshetriya Co-

operative Bank, Renuka Nagrik Sahakari Bank, Bhandara Urban Co-

operative Bank, Balasinor Nagarik Sahakari Bank Limited, Arvind Co-op

Bank.

COMPANY’S VISION AND 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:

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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, Boundary less,

Ownership and Passion. Each of the values describes 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,

Boundary less,

Ownership, and

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Passion.

These values shine forth in all we do, and have become the keystones of

our success.

THE ICICI PRUDENTIAL EDGE

The ICICI Prudential edge comes from our commitment to our customers,

in all that we do - be it product development, distribution, the sales process

or servicing. Here's a peek into what makes us leaders.

 

1. Our products have been developed after a clear and thorough

understanding of customers' needs. It is this research that helps us develop

Education plans that offer the ideal way to truly guarantee your child's

education, Retirement solutions that are a hedge against inflation and yet

promise a fixed income after you retire, or Health insurance that arms you

with the funds you might need to recover from a dreaded disease.

 2. Having the right products is the first step, but it's equally important to

ensure that our customers can access them easily and quickly. To this end,

ICICI Prudential has an advisor base across the length and breadth of the

country, and also partners with leading banks, corporate agents and brokers

to distribute our products.

 3. Robust risk management and underwriting practices form the core of

our business. With clear guidelines in place, we ensure equitable costing of

risks, and thereby ensure a smooth and hassle-free claims process.

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 4. Entrusted with helping our customers meet their long-term goals, we

adopt an investment philosophy that aims to achieve risk adjusted returns

over the long-term.

 5. Last but definitely not the least, our team is given the opportunity to

learn and grow, every day in a multitude of ways. We believe this keeps

them engaged and enthusiastic, so that they can deliver on our promise to

cover you, at every step in life.

BRIEF PROFILE OF THE BOARD OF DIRECTORS

The ICICI Prudential Life Insurance Company Limited Board comprises

reputed people from the finance industry both from India and abroad. 

Ms. Chanda D. Kochhar, Chairperson

Mr. N. S. Kannan, Director

Mr. K. Ramkumar, Director

Mr. Barry Stowe, Director

Mr. Adrian O’Connor, Director

Mr. Keki Dadiseth, Independent Director

Prof. Marti G. Subrahmanyam, Independent Director

Ms. Rama Bijapurkar, Independent Director

Mr. Vinod Kumar Dhall, Independent Director

MANAGEMENT TEAM

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The ICICI Prudential Life Insurance Company Limited Management team

comprises reputed people from the finance industry both from India and

abroad.

Dr. Avijit Chatterjee

Appointed Actuary

ICICI Prudential Life Insurance Company Limited

Avijit Chatterjee is Appointed Actuary of ICICI Prudential Life Insurance

where he has overall responsibility for statutory reporting, risk appetite,

pricing, valuation, reinsurance, etc. In addition to his role as Chief Actuary,

Avijit will also be responsible for the entire Risk framework for the

company along with internal audit and legal departments. He has been with

the company since September 2007.

Prior to joining ICICI Prudential Life, Avijit spent 15 years in various

positions in one of UK's leading life insurance company. His areas of work

included group-wide capital management, product supervision,

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management of the group actuarial team and providing actuarial input on

all material transactions conducted by group entities.

Avijit holds a Ph.D. in pure mathematics is a Fellow of the Faculty of

Actuaries (FFA) in Scotland and is also a Fellow of the Institute of

Actuaries of India (FIAI).

Mr. Puneet Nanda

Executive Vice President

ICICI Prudential Life Insurance Company Limited

Mr. Puneet Nanda is Executive Vice President at ICICI Prudential Life

Insurance Company. He looks after the Corporate Center which includes

Investment Management, Human Resources, Finance and Accounts,

Compliance, Investor/analyst relationship, Business Intelligence and

Corporate Strategy, Product Development, Corporate Communications and

Sales Strategy.

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Mr. Nanda has been with the company since inception and was the Chief

Investment Officer responsible for the setting up and managing the

investment function prior to getting elevated to his current role.

Prior to joining ICICI Prudential, Mr. Nanda has worked with a leading

investment bank and an international financial services company.

Mr. Nanda is an engineer by qualification and has also completed his Post

Graduate Diploma in Management from the Indian Institute of

Management, Lucknow in 1994.

RECOGNITIONS

ICICI Prudential Life was recognized as the most trusted

brand amongst private life insurers in the Economic Times-

Most Trusted Brand survey 2008.

IMM Award for Excellence. Institute of Marketing &

Management

Organization with Innovative HR Practices. Indira Group of

Institutes

Organization with Innovative HR Practices. Asia-Pacific H R

Congress Awards for HR Excellence

PRODUCTS OF ICICI PRUDENTIAL

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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 upto 4 riders, to create a

customized solution for each policyholder.

SAVINGS & WEALTH CREATION PRODUCTS

1. Cash Bak

2. Save ‘n’ Protect

3. Life Time Super & Life Time Plus

4. Life Link Super

5. Premier Life Gold

CHILD PLANS

Education Insurance under Smart kid

RETIREMENT SOLUTIONS

1. Forever Life2. Lifetime Super Pension3. Life Link Super Pension4. Immediate Annuity

HEALTH SOLUTIONS1. Health Assure and Health Assure Plus

2. Cancer Care

3. Diabetes Care

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GROUP INSURANCE SOLUTIONS

1. Group Gratuity Plan

2. Group Superannuation Plan

3. Group Immediate Annuities

4. Group Term Plan

FLEXIBLE RIDER OPTIONS

1. Accident & Disability Benefit

2. Critical Illness Benefit

3. Income Benefit

4. Waiver of Premium

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OBJECTIVESOF THESTUDY

43

OBJECTIVES OF THE STUDY

To know how to face the problem of corporate world.

To face original market situations and to gain real marketing

experience.

To enhance the knowledge and skills by working in particular

company.

To apply the theoretical knowledge in corporate sector.

To collect information of other life Insurance Companies.

To face the problem of corporate world and tackle them in polite

way.

To educate the customers about facilities provided by ICICI

Prudential.

To get suspect convinced and convert into Prospect.

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LITERATURE REVIEW

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LITERATURE REVIEW

The literature review includes the academic books, journals, internet

access, magazines etc.

ICFAI reader-October 2006 (Page no. 58-60) It guided me to know

about the growth of the Insurance sector over the last few years.

“Gupta S.P. ”. The information regarding the statistical tools and

their limitations in different fields the research is given in this

section. This section explains why to use correlation and what are

the situations in which correlation can be used, and what does

correlation means.

Schaums: Statistical Methods- Sultan Chand Publication The

information regarding the statistical tools and their limitations in

different fields the research is given in this section. This section

explains why to use trend analysis and what are the situations in

which correlation can be used, and what does correlation means.

Beri G.C.- Marketing Research 3rd edition : This book helped in

understanding the different research designs and analytical tools

used here.

“Kothari C.R.” The information regarding the basics of research

and research methodology , what are the different types of research

designs, what is problem statement, what are the sources of data

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collection and what are the methods of data collection is given in

this section

Nalini Prona Tripathy: Insurance Theory & – Introduction of

Insurance, their advantages, disadvantages and various types have

been taken from it.

What’s the need of Life insurance, I read it from The Mc-Graw

Hill Investors Desk Reference , Mc-Graw Hill Publications, Ellie

Williams Clinton

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RESEARCH METHODOLOGY

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RESEARCH METHODOLOGY

Research is common refers to search for knowledge. It is the pursuit of

truth with the help of study, observation, composition and experiment.

Research methodology is a systematic way to solve the research

problems. It helps in studying the various steps that are adopted by the

researcher to study the research problems along with the logic behind the

It describe mail what must be done, how will be done. What data will be

needed and how the data will be analyzed.

Sample Design

Sample size: 150

Source of data: Both primary and secondary data used

Primary data: Filled questionnaires from 150 respondents

Secondary data: Through internet.

Sampling Plan

The following factors have to be decided with in the scope of the

sampling plan.

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Sampling Unit

The unit refers to the definitions of the particular person who is to be

survey.

DESCRIPTIVE RESEARCH

Descriptive research includes surveys and fact-finding enquires of

different kinds. The major purpose of descriptive research of the sate of

affairs as it exits at present. In social science and business research, we

quite often use the term Ex post facto research for descriptive research

studies.

SAMPLING PROCEDURE

This refers to the procedure by which the respondents should be chosen.

In order to obtain a representative sample, a probability sample of the

population was drawn. Probability sampling can be of the following

types.

Simple random sample

Stratified random sample.

Cluster (area) sample.

In this case, simple random sampling was done.

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FORMATION OF QUESTIONNAIRE

Quite often the questionnaire is considered as the heart of a survey

operation. Hence it should be carefully constructed. in the words of good

and Hatt, "In general, the word questionnaire refers to a device for

securing answers to questions by using a form which the respondent fills

in himself." All the questions in a questionnaire are framed with a

specific objective in mind and are placed in logical, sequential order.

The questionnaire framed for the purpose of the study consists of a

limited number of questions placed in a logical order. The questions

were framed keeping in mind the educational and social background of

the companies dealers. The questions were both open and closed ended

as well as multiple choices.

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ANALYSIS OF

DATA

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ORGANISING THE DATA

The data collected during data collection process are organized and

presented in a comprehensible sequence to make them more

meaningful.

PRESENTATION OF DATA

After the data has been properly organized, it is ready for

presentation. There are different modes of presentation like tables,

charts etc. The main objectives of presentation are to put collected

data into an easy readable form.

ANALYSIS OF DATA

After organizing and presenting the data, the researchers then have

to proceed towards conclusion by logical inferences. The raw data

is then analyzed:

By bringing raw data to measured data.

Summarizing the data.

INTERPRETATION

Interpretation means to bring out meaning of data or to convert

mere data into information. From the analysis of data the various

conclusions are find out on the basis of logical inferences.

CLASSIFICATION OF DATA

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If refers to the process of arranging data into homogenous classes.

Subsequent to the collection of data, the results were sorted out and

arranged in different categories like Graph, Table etc.

1. Entity of business

Constitution DataSole proprietorship 43

Partnership 28Job 57

Other 22

Interpretation: The above data shows that out of 150 peoples most of the

people are with the job.43 peoples are with the sole proprietorship, 28

peoples are with the partnership and 22 people are with others.

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2. Time period of business

Below 10 7810-20 2720-50 43More than 50 2

Interpretation: The above data shows that out of 150 peoples the most

of the peoples are with the below 10 then 20-50 after that 10-20 and

the rest with more than 50.

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3. Your Turnover

Below 5 1125-10 3110-25 6More than 25 1

Interpretation: The above data shows that out of 150 peoples the highest

turnover is below 5 after that 5-10, than 10-25 and rest with more than

25.

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4. Having Insurance

Yes 89No 61

Interpretation: The above data shows that out of 150 peoples 89 peoples

are having insurance and 61peoples are not having insurance

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5. Company of Insurance

Company Data ICICI Prudential 56Reliance Life 9SBI LIFE 4Any Other 81

Interpretation: The above data shows that out of 150 peoples 56 with

ICICI prudential, 9 with relinnce, 4 with SBI LIFE, and 81 with any

other.

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6. Product

Traditional 8ULIP 48

Interpretation: The above data shows that 8 products are traditional

and 48 products are ULIP.

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7. If traditional then which product

Cash Bak 2Save ‘n’ Protect 1Smart Kid 3Any Other 2

Interpretation: The above data shows that out of 8 products 2 are

cash bak 1 are save and protect 3 are smart kid and 2 are any other

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8. If ULIP then which product

Smart Kid 10Life Time Super 24Life Time Super Pension 5Any Other 9

Interpretation: The above data shows that out of 48 products 10

with smart kid,24 with life time super, 5 with life time super pension

and 9 with any other.

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9. Growth of money

Yes 10No 24Still waiting for the result 5Can’t say 9

Interpretation: The above data shows that 10 with yes, 24 with no, 5

with still waiting for result, 9 with cannot say

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10. Tell to others

Interpretation: The above data shows that 33 with yes, 20 with

depends on heir needs and 3 with never.

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Of Course Yes 33Depends on heir needs 20Never 3

11. Satisfaction

Yes 135No 15

Interpretation: The above data shows that out of 150 peoples 135

peoples are satisfied and 15 peoples are not satisfied.

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LIMITATIONS OF THE STUDY

Shortage of time- The main limitation I come across is shortage

of time I have short time to collect data and analyze the

problem and come to the solution.

Primary data collected totally dependent on the respondents’

view - Data collected from respondents is totally their opinion

and it may be biased in nature and may not represent the

truth.

Since the study is wide in nature and can’t be taken for

consideration- The study is big in nature and data collected is

only from NCR people so it can’t be taken into consideration

for whole ICICI Prudential and its branches.

People were reluctant to join this job, as it doesn’t provide any

fixed salary.

People perceived this profession as a low status profession.

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RESULTS AND FINDINGS

66

FINDINGS

Analysis of a research project is based on the primary data and

secondary data which is being collected from various sources to take out

some conclusions of the research study being taken. In my project my

purpose was to find the market credibility of ICICI Prudential Life

Insurance among various other private life insurance companies. For this

a population of 50 people was being interviewed having different

lifestyles, different incomes, different occupations yet the point which

was kept in mind was that this interviewed population was insurable.

The questionnaire filled up by people revealed that nearly 36 people i.e.

about 72% people have life insurance policies. This is due to the fact

that people now have started realizing that life is very uncertain and it is

advisable to have a life insurance policy. Nearly, 24 % people had ICICI

policy and 20% people have Reliance Money as their life insurance

policy. Firstly, when enquired about the perception of people about

insurance policies, nearly 39 people i.e. about 78% people see it as a

security option for their families financially so that if they are not alive

some day, their family does not go in vain. While 11 people i.e. about

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22% people see it an investment option to save taxes and get returns.

Secondly, when asked about their investments in various alternatives, 18

people gave life insurance policies their first preference for investment.

This clearly shows that people are risk averse to a large extent as largest

numbers of people like to invest in life insurance policies to make sure

that there is security. Thirdly, when they were asked about the criterion

of choosing a life insurance company 15 people replied that they see the

security point of view to buy a life insurance company. 5 people chose

time span as the criteria to choose a life insurance company. 2 people

chose the market share of the company as the preferred criteria of

choosing the life insurance company. 8 people chose the returns of life

insurance companies as the criteria for choosing a life insurance

company. Nearly, 20 people chose all the above mentioned reasons to

choose a life insurance company.

When the sample population was interviewed about their 1st preference

among the pvt. Players, nearly 46 % people chose Reliance Money as

the 1st insurance company, 24 % people chose ICICI Prudential as the 1st

preference, and 16 % chose SBI LIFE as the 1st insurance company.

Only after 2000, private companies have come in the field of Life

Insurance Company. Proceeding further, when sample population was

asked to recognize the punch line of ICICI nearly 60 % of the population

was able to recognize the punch line of ICICI which clearly indicates

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that ICICI is a well known life insurance company among the people.

Followed by it, when sample size was interviewed about the reasons of

famousness of ICICI 16 % of people chose its policies as the reason for

its famousness, 20% people chose its parent companies as the reason for

its popularity, 24 % agreed for its marketing and advertising strategies to

be the prime cause of its popularity among masses. When asked about

the satisfaction with the existing insurance policies nearly 69% people

said that they are satisfied with their policy whereas only 31% people

were not satisfied with their policy.

They wanted the additional features of transparency about the returns

after when they have stopped paying the premiums. Also they wanted

higher rate of returns at the end of payment of premiums.

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RECOMMENDATIONS AND

SUGGESTIONS

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SUGGESTIONS

Agents are the lifeblood of the insurance industry’s distribution channel.

They are the main forces that bring business to the company. Unless and

until the agents are qualified and have the caliber to understand the

current market scenario, they cannot remain long in the business. Hence,

an optimally selected sales force is the need for the hour, for the industry

like insurance.

The following are the recommendations to the company:

1. There should be weekend batches of training for the people who

cannot take their full six days of the week from their busy

schedule.

2. Anything can click in this line of work and hence the company

should evaluate the candidates subjectively.

3. Advertisements should be given in newspapers so that number

people should come for the interview.

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4. Various MBA institutes should be targeted to get people with good

marketing as well as interpersonal skills.

5. There should be some fixed salary with some fixed targets.

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CONCLUSION

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CONCLUSION

The needs of the nation and its people have finally prevailed and

privatization of insurance is now a really towards further liberalization

of the Indian economy. With the opening up of the Industry after

reforms, private sector operators in collaboration with their overseas

partners are likely to bring in a more professional and focused approach.

Hence, in this millennium, insurance industry is likely to play an

important role in changing the economic landscape of the country.

However the success of the Insurance industry will primarily depend

upon meeting the rising expectations of the consumers who will be the

real king in the liberalized Insurance market in future.

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BIBLIOGRAPHY

75

BIBLIOGRAPHY

BOOKS:-

1) Chhabra T.N Marketing Management

2) Sharma D.D Marketing Research

3) Kotler Philip Marketing Management

4) Sherlekar S.A Marketing Management

MAGAZINES:-

1) Annual Report of the Company

2) Journals & Catalogues of the company

WEB:-

1) www.iciciprulife.com

2) www.financialexpress.com

3) www.insuranceguide.com

4) www.irdaindia.com

5) www.Insuremagic.com

6) www.indiacore.com

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ANNEXURE

QUESTIONNAIRE

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NAME : INCOME :AGE : SEX :

OCCUPATION : PHONE NO. :

Q1) Entity of your business

a) Sole proprietorship b) Partnership c) Job d) Individual

Q2) Since how long you are in this business?

a) Below 10 years b) 10-20 years c) 20-50 years d) More than 50

Q3) Your turnover

a) Below 5 lakh b) 5-10 lakh c) 10-25 lakh d) more than 25 lakh

Q4) Have you insured yourself?

a) Yes b) No

Q5) If yes then of which company insurance policies do you have?

a) ICICI Prudential b) Life insurance corporation of India c) HDFC standard life insurance d) any other Q6) Which product do you have?

a) Traditional Products b) Unit Linked Insurance Plans

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Q7) If traditional then which product do you have?

a) Cash Bak b) Save ‘n’ Protect c) Smart Kid d) any other

Q8) If Unit linked then which product do you have?

a) Smart Kid b) Life time superc) Life time super pension d) any other

Q9) Do you think that your money is growing according to you ?

a) Yes b) Noc) Still waiting for the result d) can’t say

Q10) would you suggest any of your family members, friends and relatives to go for ICICI Prudential ?

a) Of Course yes b) Depends on their needsc) Never

Q11) Are you satisfied with the insurance plan you have?

If yes, why-------------------------------------------------------------------If no why, -------------------------------------------------------------------

PLACE:_________________

DATE:__________________

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CERTIFICATE

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