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“A Study on Marketing Strategy
adopted by ICICI Bank with ICICI
Prudential in comparison to
Reliance Life and ING VYSYA based
on promotional tools”


ROLL NO. 1036




I hereby declare that this report work entitled “A Study on Marketing

Strategy Adopted by ICICI Prudential in Comparison to Reliance Life And
ING VYSYA Based On Promotional Tools ” is my work, carried out under
the guidance of my Faculty guide Mr. Gurpreet Singh. This project neither
full nor in part has ever been submitted for award of any other degree of
either this university or any other university.


I thank to IBMT College for giving me an opportunity to undertake my

Management thesis and for giving me knowledge in the field of marketing
during my project report. I express my sincere and humble gratitude to Ms.
Poonam Sethi for being my report and Industry guide and educating me to
make this project a great success.

I would like to thanks Mr.Gurpreet Singh for her valuable guidance and
support in completion of project. I would express my sincere thanks to all
the staff members of ICICI Bank and ICICI Prudential Life Insurance
Company. Without their support, this report would not have been a success.

Last but not the least I would like to thank those person whose
encouragement and ideas enriched my report.

(Priya Kaushik)

“Marketing Strategy adopted by ICICI Bank with ICICI Prudential in

comparison to Reliance Life and ING VYSYA based on promotional tools”

• In project I want to find the competent companies of ICICI

• 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

Theoretical knowledge without practical knowledge is pf little value. 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.

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.













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.


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

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
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

♦ Insurance is a plan, which spreads the risk and losses of few people among a large number of

♦ 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 proxima, 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


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

security investment, by paying small amount of insurance against larger risks and


\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.

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.

♦ 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.


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.

Per capita insurance premium in India is a mere US$ 6, one of the lowest in the world.
In South Korea, the corresponding figure is US$1,338, in USA it is $ 2250 and in UK it is $1589.

Insurance premium in India accounts for a mere 2 per cent of GDP compared to the
world average of 7.8 per cent and G-7 average of 9.2 per cent.

Insurance premium as a percentage of savings is barely 5.95 per cent in India

compared to 52.5 per cent in the UK.

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


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 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

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.

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 invest in insurance for his property prior to any unexpected contingency
the he will be suitably compensated for his loss as soon as the extend of damage is ascertained.

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
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.
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;

(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 schemes for promoting
and regulating professional organizations referred to in clause (f);


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

Life Insurers
Life Insurance Corporation of India (LIC)

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

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
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
11. Bajaj Allianz Life Insurance
12. ING Vysya Life Insurance
13. Sahara Life 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 is divided into four classes:

1) Life Insurance

2) Fire Insurance

3) Marine Insurance and

4) Miscellaneous Insurance.

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

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

New products have been launched by life insurers. These include linked-products. For details, please
visit the websites of life insurers.
ICICI Bank (BSE: ICICI) (formerly Industrial Credit and Investment Corporation of India) is India's
largest private sector bank by market capitalisation and second largest overall in terms of assets.
Bank has total assets of Rs. 3,793.01 billion (US$ 75 billion) at March 31, 2009 and profit after tax
Rs. 37.58 billion for the year ended March 31, 2009.[1]. The Bank also has a network of 1,449
branches and about 4,721 ATMs in India and presence in 18 countries, as well as some 24 million
customers (at the end of July 2007). ICICI Bank offers a wide range of banking products and
financial services to corporate and retail customers through a variety of delivery channels and
specialised subsidiaries and affiliates in the areas of investment banking, life and non-life insurance,
venture capital and asset management. (These data are dynamic.) ICICI Bank is also the largest
issuer of credit cards in India.[2]. ICICI Bank has got its equity shares listed on the stock exchanges
at Kolkata and Vadodara, Mumbai and the National Stock Exchange of India Limited, and its ADRs
on the New York Stock Exchange (NYSE). The Bank is expanding in overseas markets and has the
largest international balance sheet among Indian banks. ICICI Bank now has wholly-owned
subsidiaries, branches and representatives offices in 18 countries, including an offshore unit in
Mumbai. This includes wholly owned subsidiaries in Canada, Russia and the UK (the subsidiary
through which the HiSAVE savings brand[3] is operated), offshore banking units in Bahrain and
Singapore, an advisory branch in Dubai, branches in Belgium, Hong Kong and Sri Lanka, and
representative offices in Bangladesh, China, Malaysia, Indonesia, South Africa, Thailand, the United
Arab Emirates and USA. Overseas, the Bank is targeting the NRI (Non-Resident Indian) population
in particular.

ICICI reported a 1.15% rise in net profit to Rs. 1,014.21 crore on a 1.29% increase in total income to
Rs. 9,712.31 crore in Q2 September 2008 over Q2 September 2007. The bank's current and savings
account (CASA) ratio increased to 30% in 2008 from 25% in 2007.

ICICI 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’s capital stands at Rs.18.15 billion with ICICI Bank and Prudential plc holding
74% and 26% stake respectively. For the period April- December 2006, the company garnered new
business weighted premium of over of Rs.2, 302 crore and wrote over 1.1 million policies. The
company has assets held to the tune of over Rs.13000 crore.

ICICI Prudential is also the only private life insurer in India to receive a National Insurer Financial
strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating is the highest rating, and is a
clear assurance of ICICI Prudential’s ability to meet its obligations to customers at the time of
maturity or claims.
For the past six years, ICICI Prudential has retained its position as the No.1 private life insurer in the
country, with a wide range of flexible products that meet the needs of the Indian customer at every
step in life.

ICICI Prudential has one of the largest distribution networks amongst private life insurers in India.
As of December 31, 2006 it had commenced operations in over 360 cities and towns in India,
stretching from Bhuj in the west to Guwahati in the east, and Jammu in the north to Trivandrum in
the south, and had over 175,000 advisors.

The company has 18 bancassurance partners, having tie-ups with ICICI Bank, Bank of India, Federal
Bank, South Indian Bank, Lord Krishna Bank, all regional rural banks sponsored by Bank of India,
as well as some co-operative banks. It has also tied-up with NGO’s, MFIs and corporates for the
distribution of rural policies.


ICICI Bank is India’s second largest bank and largest private sector bank with assets of Rs.2823.72
billion as on September 30, 2006. ICICI Bank provides a broad spectrum of financial services to
individuals and companies. This includes mortgages, car and personal loans, credit and debit cards,
corporate and agricultural finance. The bank services a growing customer base through a multi-
channel access network which includes over 635 branches and extension counters, 2325 ATMs, call
centers and internet banking.

Established in London 1848, Prudential Plc, through its businesses in the UK and Europe, the US
and Asia, provides retail financial services products and services to more than 21 million customers,
policyholder and unitholders worldwide. Prudential has brought to market an integrated range of
financial services products that now includes life assurance, pensions, mutual funds, banking,
investment management and general insurance. IN Asia, Prudential is the leading European life
insurance company with a vast network of 23 life and mutual fund operations in 12 countries- China,
Hong Kong, India, Indonesia, Japan, Korea, Malaysia, The Philippines, Singapore, Taiwan, Thailand
and Vietnam.


To make ICICI Prudential the dominant life and Pensions player built on trust by world-class people
and service.
This can be achieved by:-
• Understanding the needs of customers and offering them superior products and service.
• Leveraging technology to service customers quickly, efficiently and conveniently.
• Developing and implementing superior risk management and investment strategies to offer
sustainable and stable returns to our policyholders.
• Providing an enabling environment to foster growth and learning for our employees.


Every member of ICICI Prudential team is committed to 5 core values: - Integrity,

Customer First, Boundaryless, Ownership, and Passion. These values shine forth in all
they do, and have become the keystones of their success.

The ICICI Prudential Life Insurance Company limited board comprises reputed people from
the finance industry both from India and Abroad.

Mr. K.V.Kamath, Chairman

Mr. Barry Stowe
Mrs. Kalpana Morparia
Ms. Shikha Sharma, Managing Director
Mr. N.S.Kannan, Executive Director
Mr. Bhargav Dasgupta, Executive Director


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.


1. Cash Bak
2. Save ‘n’ Protect
3. Life Time Super & Life Time Plus
4. Life Link Super
5. Premier Life Gold


Education Insurance under Smart kid


1. Forever Life
2. Lifetime Super Pension
3. LifeLink Super Pension
4. Immediate Annuity


1. Health Assure and Health Assure Plus

2. Cancer Care
3. Diabetes Care


1. Group Gratuity Plan

2. Group Superannuation Plan
3. Group Immediate Annuities
4. Group Term Plan


1. Accident & Disability Benefit

2. Critical Illness Benefit
3. Income Benefit
4. Waiver of Premium
Reliance Life Insurance Company Limited is a part of Reliance Capital Ltd. of the Reliance - Anil
Dhirubhai Ambani Group. Reliance Capital is one of India’s leading private sector financial services
companies, and ranks among the top 3 private sector financial services and banking companies, in
terms of net worth. Reliance Capital has interests in asset management and mutual funds, stock
broking, life and general insurance, proprietary investments, private equity and other activities in
financial services.

Reliance Capital sees immense potential in the rapidly growing financial services sector in India and
aims to become a dominant player in this industry and offer fully integrated financial services.

Reliance Life Insurance is another step forward for Reliance Capital Limited to offer need based
Life Insurance solutions to individuals and Corporates.

Chief Executive Officer - Mr. P Nandagopal

Chief Financial Officer - Mr. Rajesh Bahl
Chief Marketing Officer - Mr. Rohit Gaurav Mull
Chief Operating Officer - Mr. K.V. Srinivasan
Chief Investment Officer - Mr. R Rangarajan
Appointed Actuary - Ms. Pournima Gupte
Head-HR - Ms. Maneesha Thakur


• Reliance automatic investment plan

• Reliance money guarantee plan
• Reliance endowment plan
• Reliance special endowment plan
• Reliance cash flow plan
• Reliance child plan
• Reliance term plan
• Reliance whole life plan
• Reliance market return plan
• Reliance golden years plan
• Reliance golden years plan value
• Reliance golden years plan plus
• Reliance simple term plan
• Reliance special term plan
• Reliance credit guardian plan
• Reliance special credit guardian plan
• Reliance connect 2 life plan
ING Vysya Life Insurance Company Limited (the Company) entered the private life insurance
industry in India in September 2001, and in a span of 5 years has established itself as a distinctive
life insurance brand with an innovative, attractive and customer friendly product portfolio and a
professional advisor sales force.
It has a dedicated and committed advisor sales force of over 21,000 people, working from 140
branches located in 74 major cities across the country and over 3,000 employees. It also distributes
products in close cooperation with the ING Vysya Bank network. The Company has a customer base
of over 4, 50,000 & is headquartered at Bangalore. In 2005, ING Vysya Life earned a total income in
excess of Rs. 400 crore and also has a share capital of Rs. 440 crore.
The Company aims to make customers look at life insurance afresh, not just as a tax saving device
but as a means to add protection to life. The one thing we hold in highest esteem is 'life' itself. We
believe in enhancing the very quality of life, in addition to safeguarding an individual's security. Our
core values are therefore defined as Professional, Entrepreneurial, Trustworthy, Approachable and
The Company’s portfolio offers products that cater to every financial requirement, at any life stage.
We believe in continuously developing customer-driven products and services and value being
accessible and responsive to the needs of our customers.


At ING Vysya Life, we strongly believe that as life is different at every stage, life insurance must
offer flexibility and choice to go with that stage. We are fully prepared and committed to guide you
on insurance products and services through our well-trained advisors, backed by competent
marketing and customer services, in the best possible way. It is our aim to become one of the top
private life insurance companies in India and to become a cornerstone of ING’s integrated financial
services business in India.


“To set the standard in helping our customers manage their financial future”.



Mr. Rajan Raheja : Chairman

Mr. Kshitij Jain : Managing Director & Chief Executive Officer
Mr. N.N. Joshi : Director

Kshitij Jain : MD & CEO

T K Uthappa : VP, Sales - Tied Agency
Rahul Agarwal: VP - Customer Services
Amit Gupta: VP & Head - Marketing


• Rewarding Life Investment Plan

• Powering Life Investment Plan
• ING Life Plus Plan
• Platinum Life Investment Plan
• New Future Perfect Retirement Plan
• High Life Plus Plan
• Best Years Retirement Plan

• 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.


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 collection and what are the methods of data
collection is given in this section
• NaliniProna 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

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.

Sampling Unit

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

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


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.


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.


The data collected during data collection process are organized and presented in a
comprehensible sequence to make them more meaningful.

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.

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 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.

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 Data
Sole proprietorship 43
Partnership 28
Job 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 proprietership, 28 peoples are with the partnership and 22 people

are with others.

2. Time period of business

Below 10 78
10-20 27
20-50 43
More 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.

3. Your Turnover

Below 5 112
5-10 31
10-25 6
More 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.

4. Having Insurance

Yes 89
No 61
Interpretation: The above data shows that out of 150 peoples 89 peoples are having insurance

and 61peoples are not having insurance.

5. Company of Insurance

Company Data
ICICI Prudential 56
Reliance Life 9
ING Vysya 4
Any Other 81

Interpretation: The above data shows that out of 150 peoples 56 with ICICI prudential, 9 with

relinnce, 4 with ING Vysya, and 81 with any other.

6. Product
Traditional 8

Interpretation: The above data shows that 8 products are traditional and 48 products are


7. If traditional then which product

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

8. If ULIP then which product

Smart Kid 10
Life Time Super 24
Life Time Super Pension 5
Any 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.
9. Growth of money

Yes 10
No 24
Still waiting for the result 5
Can’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
10. Tell to others

Of Course Yes 33
Depends on heir needs 20
Never 3
Interpretation: The above data shows that 33 with yes, 20 with depends on heir needs and 3
with never.

11. Satisfaction

Yes 135
No 15
Interpretation: The above data shows that out of 150 peoples 135 peoples are
satisfied and 15 peoples are not satisfied.

• 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 Chandigarh and Panchkula
people so it can’t be taken into consideration for whole ICICI Prudential and its

• People were reluctant to join this job, as it doesn’t provide any fixed salary.

• People perceived this profession as a low status profession.


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. Firstlyy, 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 22% people see it an
investment option to save taxes and get returns. Secondaly, 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 ING VYSYA 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 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

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.
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.

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.


1) Marketing Management T. N. Chhabra

2) Marketing Research D.D.Sharma
3) Marketing Management Philip Kotler
4) Marketing Management - S.A. Sherlekar.


1) Annual Report of the Company

2) Journals & Catalogues of the company

1) www.iciciprulife.com
2) www.financialexpress.com
3) www.insuranceguide.com
4) www.irdaindia.com
5) www.google.com
6) www.Insuremagic.com
7) www.indiacore.com


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

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 super

c) Life time super pension d) any other

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

a) Yes b) No
c) 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 needs

c) Never

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

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