A Project Report On Performance of ICICI PRUDENTIAL life insurance.

At ICICI Life Insurance Co. Gwalior Submitted to Jiwaji University Gwalior For the fulfillment of the award of Bachelor of Business Administration (2011-2014) Submitted by Ankush Jain

PREFACE
Now a days in this dynamic era Insurance is coming as an important tool for reducing the effect of uncertainty and risks. It becomes an integral part and indispensable part of human life. There are various types of Insurance Plans to provide protection from loss and uncertainties. The Pension Plans is an important one of them.

So it is a great opportunity for me to study on PERFORMANCE OF ICICI LIFE INSURANCE. The purpose of this research is to know the growth rate of ICICI as well as the people perception about the ICICI Life Insurance Corporation.

DECLARATION
I ANKUSH JAIN student of BBA V semester Prestige Institute Of

Management, Gwalior declare that all the information, facts and figures presented in this report are actually based on my experience & my open market research during the project performance of icici prudential life insurance with special references to -ICICI-PRUDENTIAL. I assure that this project is the result of my own sincere efforts and has not been submitted in any other institute for the award of any degree or diploma.

Date: Place: -

ANKUSH JAIN

BBA VTH SEM

ACKNOWLEDGEMENT
Project Report is a combined effort including this one also, so I

would like to thank all who have helped me completion of this report purposeful. I am cardinally grateful to Mr. Ankit Dubey, Training Manager Gwalior. I also want to thank Prof. Amitabh Maheshwari assisting me incompletion of this survey. Further I would like to thanks to all of my Teachers, Staff Members, Library Members, and Friends for their valuable support and advices which helps me a lot to completing this survey purposeful.

Date: -

ANKUSH JAIN

Place: -

BBA VTH SEM

CERTIFICATE OF FACULTY GUIDE

This is to certify that Mr. ANKUSH JAIN student of BBA V| program has completed his/her summer training of .4 weeks (from. 01ST SEP 2013 TO 30TH SEP 2013) and prepared this report under my guidance. (Performance of ICICI PRUDENTIAL life insurance).

(signature.) Name:Prof. Amitabh Maheshwari Faculty guide

TABLE OF CONTENTS
TOPIC
1.1 History of the organization & its objectives 1.2 Organization Structure 1.3 Financial Performance 1.4 Personnel Polices 1.5 Product and Operations 1.6 1.7 Layout and Quality Control Marketing

1.8 Strength and Weakness 1.9 Special Points Chapter -1 introduction Introduction of the concept Chapter -2 object of the study Chapter-3results and discussion Chapter -4 suggestion and implication Chapter-5 conclusion Reference

Annexure

1.1 History of the organization & its objectives

Beginning operations in December 2000, ICICI Prudentials success has been meteoric, becoming the number one private life insurer within months of launch. Today, it has one of the largest distribution networks amongst private life insurers in India, with branches in 54 cities. The total number of policies issued stands at more than 780,000 with a total sum assured in excess of Rs.160 billion. From its early days, ICICI Prudential seemed to have the wherewithal for a large-scale business. By March 31, 2002, a little over a year since its launch, the company had issued 100,000 policies translating into premium income of approximately Rs. 1,200 million on a sum assured of over Rs.23 billion. When the company began its operations, the need was to build a brand that was relatable to, symbolized trust and was easily recognized and understood. It launched a corporate campaign ICICI Prudential also made using the theme of Sindoor to epitomize protection, trust, togetherness and all that is Indian; endearing itself to the masses. The success of the campaign, the calling card of the company saw the brand awareness scores almost at par with its 40 year old competitor. The theme of protection was also extended to subsequent product and category specific campaigns from child plans to retirement solutions which highlight how the company will be with its customers at every step of life. From day one, the company has unflinchingly focused on being mass-market player, developing products, creating a distribution network and deploying resources that would further its goal. Apart from ramping up thoroughly training its advisors, the company has twelve Bancasurance partners the largest in the country. It swiftly revised and added to its initial range of products, pioneering market-linked products and pension plans, to offer customers the most flexible life insurance policies in the country. In February 2004, ICICI Prudential increased its capital base

by Rs. 500 million, its ninth capital hike, bringing the total paid up equity capital to Rs. 6,750 million. With the authorized capital of the company standing at Rs. 12 billion, ICICI Prudential continues to have the highest capital base amongst all life insurers in the country. The challenge ICICI Prudential now faces is to retain its top-notch position and continue to deliver the finest life insurance and pension solutions to its ever-growing customer base. ICICI Prudentials equity base stands at Rs. 1185 crore with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the year ended March 31, 2006, the company garnered Rs.2, 412 crore of weighted new business premium and wrote 837,963 policies. The sum assured in force stands at Rs.45, 888 crore. The company has a network of over 72,000 advisors; as well as 9 bancasurance partners and over 200 corporate agent and broker tie-ups. 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 rating is the highest credit rating, and is a clear assurance of ICICI Prudentials ability to meet its obligations to customers at the time of maturity or claims. For the past five years, ICICI Prudential has retained its position as the No.1 private 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 closed the financial year ended march 31, 2004 with a total received premium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20 billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven mainly by the companys range of unique unit-linked policies and pension plans. The companys retail market share amongst private companies stood at 36%, making it clear leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged Most Trusted Private Life Insurer (Economic Times Most Trusted Brand Survey by AC Nielsen ORG-MARG). It was also conferred the Outlook Money-Best Life Insurer award for the second year running. The company is also proud to have won Silver at EFFIES 2003 for its Retire from work, not life campaign. Notably, ICICI Prudential was also short-listed to the final round for its Sindoor campaign in EFFIES 2002.

ICICI Prudentials success is rooted in its philosophy to always offer the customer a choice. This has been the driving force behind its multi-channel distribution strategy, which includes advisors, banks, direct marketing and corporate agents. In fact, ICICI Prudential was the first life insurer to invest in multiple channels and offer the customer choice and access; thus reducing dependency on any one channel, great strides in the retirement solutions and pensions market. The Companys penetration of the retirement market was driven by the focused approach towards creating awareness through sustained campaign; Retire from work, not life. Within six months, the campaign rewarded ICICI Prudential with an increased share of 23% of the total pensions market and 78% amongst private players.ICICI Prudential has one of the largest distribution networks amongst private life insurers in India, having commenced operations in 132 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. The company has 9 bank partnerships for distribution, having agreements with ICICI Bank, Bank of India, Federal Bank, South Indian Bank, Lord Krishna Bank, and some co-operative banks, as well as over 200 corporate agents and brokers, it has also tied up with NGOs, MFIs and corporates for the distribution of rural policies. ICICI Prudential has recruited and trained more than 72,000 insurance advisors to interface with and advise customers. Further, it leverages its state-of-the-art IT infrastructure to provide superior quality of service to customers. ICICI Bank: ICICI Bank (BSE: 532174, NYSE: IBN) (formerly Industrial Credit and Investment Corporation of India) is a major banking and financial services organization in India. It is the second-largest bank by revenue, profit and assets (behind State Bank of India) and the largest private sector bank in India by market capitalization. The bank also has a network of 1,700+ branches (as on 31 March, 2010) 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 specialization 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. 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 HI SAVE savings brand 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 Bank is one of the Big Four Banks of India, along with State Bank of India, Axis Bank and HDFC Bank its main competitors. TypePublic (BSE: 532174, NYSE: IBN) Industry : BankingFinancial services Founded :1955 Headquarters:Mumbai, India Key people: K.V. Kamath (Chairman) ChandaKochhar (MD&CEO) N. S. Kannan (CFO) Products: Investment Banking Commercial Banking Retail Banking Private Banking Asset Management

Mortgage Credit Cards Revenue US$ 12.467 billion (2009) Operating income US$ 3.236 billion (2009)[ Profit US$ 664 million (2009) Total assets US$ 93.508 billion (2009) Total equity US$ 9.376 billion (2009) Employees 35,000+ (2009) 3.4.2. 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-capitalised 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 position in seven key locations of Hong Kong, India, Indonesia, Malaysia, Singapore, the Philippines and Vietnam. Prudentialplc (LSE: PRU, NYSE: PUK) is a British financial services company. The company has over 21 million customers worldwide. As well as the UK arm of its operations it has operations in 12 countries in Asia and owns Jackson National Life in the United States. It founded the Egg internet bank, which it sold to Citigroup in 2007. It is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index. Type: Public (LSE: PRU, NYSE: PUK) Industry: Financial services Founded: 1848 Headquarters:London, England, UK Key people: Harvey McGrath, (Chairman) TidjaneThiam, (CEO) Products: Life insurance Revenue20,299 million (2009)

Operating income1,564 million (2009) Net income677 million (2009) Employees 25,000 (2010)

1.2 Organization Structure

Head Office General Manager

Manager

Assistant Manager

Accountant

Assistant Accountant

Senior Clerk

Junior Clerk

Attenders

Branch structure

Manager

Accountant (1) Assistant accountant

Accountant (2) Assistant accountant Senior Clerk Junior Clerk Assistant Accountant

K. V. Kamath Managing Director and Chief Executive Officer

Lalita Gupte Joint Managing Director

Kalpana Morparia Joint Managing Director

Chanda Kochhar Deputy Managing Director

Nachiket Mor Deputy Managing Director

1.3 Financial Performance

Assets Under Management (AUM) as at the end of Feb-2007 (Rs in Lakhs)
AUM Mutual Fund Name Average AUM For The Month

1. ABN AMRO Mutual Fund 2. AIG Global Investment Group Mutual Fund 3. Benchmark Mutual Fund 4. Birla Sun Life Mutual Fund 5. BOB Mutual Fund 6. Canbank Mutual Fund 7. DBS Chola Mutual Fund 8. Deutsche Mutual Fund 9. DSP Merrill Lynch Mutual Fund 10. Escorts Mutual Fund 11. Fidelity Mutual Fund 12. Franklin Templeton Mutual Fund 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. HDFC Mutual Fund HSBC Mutual Fund ING Vysya Mutual Fund JM Financial Mutual Fund JPMorgan Mutual Fund Kotak Mahindra Mutual Fund LIC Mutual Fund Lotus India Mutual Fund Morgan Stanley Mutual Fund PRINCIPAL Mutual Fund ICICI PRUDENTIAL Mutual Fund Quantum Mutual Fund Reliance Mutual Fund Sahara Mutual Fund SBI Mutual Fund

Excluding Fund Of Excluding Fund Of Fund Of Funds Fund Of Funds Funds Funds 527298.61 34793.7 520357.41 35962.1 N/A 493459.19 2107032.33 13189.46 220055.55 267272.69 632738.66 1363796.81 11892.52 567052.22 2210219.06 3107988.05 1196159.48 465070.34 382811.94 N/A 1340625.72 1149722.96 123858.99 287119.9 1060032.69 4328067.51 5380.17 4221591.34 17596.99 1847383.96 1299706.71 780107.96 1419829.99 23543.31 3860299.44 35330904.55 N/A 0 1901.45 0 0 0 0 0 0 7885.48 32939.41 0 0 91168.93 0 N/A 55835.13 0 0 0 0 3731.96 0 0 0 0 2886.65 0 0 0 0 231142.71 N/A 565300.47 2276874.74 12710.58 224400.85 236941.15 643309.79 1337579 9857 594872.17 2343907.4 3222873.02 1219830.8 469516.87 386731.37 N/A 1335816.27 1197068.82 84093.35 310427.14 1094027.66 3907924.85 5818.48 4359281.53 16987.98 1874050.79 1381960.47 793897.25 1448329.74 25362.02 3926014.55 35826123.52 N/A 0 2016.87 0 0 0 0 0 0 8669.47 33551.3 0 0 97905.45 0 N/A 59243.32 0 0 0 0 3982.85 0 0 0 0 2861.86 0 0 0 0 244193.22

28. Standard Chartered Mutual Fund 29. Sundaram BNP Paribas Mutual Fund 30. Tata Mutual Fund 31. Taurus Mutual Fund 32. UTI Mutual Fund Grand Total

Asset Under Management Mutual Fund Name ABN AMRO Mutual Fund Alliance Capital Mutual Fund Birla Sun Life Mutual Fund Canbank Mutual Fund Chola Mutual Fund Deutsche Mutual Fund DSP Merrill Lynch Mutual Fund Fidelity Mutual Fund Franklin Templeton Mutual Fund HDFC Mutual Fund HSBC Mutual Fund ING Vysya Mutual Fund JM Financial Mutual Fund Kotak Mahindra Mutual Fund LIC Mutual Fund PRINCIPAL Mutual Fund Prudential ICICI Mutual Fund Reliance Mutual Fund Sahara Mutual Fund SBI Mutual Fund Standard Charted Mutual Fund Sundaram Mutual Fund Tata Mutual Fund Taurus Mutual Fund UTI Mutual Fund AUM 1580.36 1431.46 10049.66 1565.19 1004.62 2366.72 6472.80 1628.06 16704.74 15707.82 7250.63 2072.86 3780.83 6501.52 2959.15 6264.96 17095.89 9907.89 565.50 7189.35 7636.86 2035.21 8713.95 170.76 21975.57 Equity & Balance 464.589. 589.48 1668.77 224.35 232.63 96.57 1462.33 1628.06 6965.36 6126.04 1987.93 337.25 85.52 1065.12 277.46 1682.48 2169.46 4226.40 25.74 2311.54 0.00 997.91 2629.09 157.53 8791.81 Debt & MIP 1115.92 841.98 8380.89 1340.84 771.99 2270.15 5010.47 0.00 9739.38 9581.78 5262.70 1735.62 3694.51 5436.41 2681.69 4582.48 14926.44 5681.49 539.76 4877.81 7636.86 1037.31 6084.86 13.23 13183.77 Equity % 29.39 41.18 16.61 14.33 23.16 4.08 22.59 100.00 41.70 39.00 27.42 16.27 2.26 16.38 9.38 26.86 12.69 42.66 455 32.15 0.00 49.03 30.17 92.25 40.01 Debt % 70.61 58.82 83.39 85.67 76.84 95.92 77.41 0.00 58.30 61.00 72.58 83.73 97.74 83.62 90.62 73.14 87.31 57.34 95.45 67.85 100.00 50.97 69.83 7.75 59.99

List of Assets Management Companies and their assets under management As on June 2008 (In Crores.) ICICI PRUDENTIAL 1593.8546 47.9336 2.0978 179.0116 2107.78 1551.236 823.2623 479.4336 3778.4525 6932.384 469.6412 412.9397 150.5677 563.5074 6961.6842 17095..89

Particulars Diversified Tax Planning Index Sector Total Equity FMP MIP Debt ST Income Total Debt Balanced Gilt LT Gilt ST Total Gilt Liquid Total

(Above Table showing Acquisition and Utilization of fund of ICICI PRUDENTIAL) Fund Manager does utilization of fund, ICICI PRUDENTIAL AMC has variety of scheme and each scheme has different Fund Manager who is responsible of investing money into market and also responsible to give return to investors.

RATIO ANALYSIS Growth Fund Ratio Current ratio EPS Div payout to unit holders Div. payout Div. to total income Profit on sales redemption to total income Formula Current asset/current liability Total profit/unit capital Div. paid/unit capital Div. paid/net profit Dividend/total income Profit/sales redemption 2008 2438.37/1818.15=1.34 23311.45/7700.63=3.02 941.81/7700.63=0.12(12%)Div. paid/unit capital 941.81/23311.45=0.04(4%) 428.45/18041.54=0.24(2.4%) 2007 1275.46/1066.90=1.19 14126.20/9981.01=1.41 621.86/9981.01=0.62(6.2% ) 621.86/14126.20=0.04(4% ) 717.53/14882.68=0.48(4.8 %) 12074.52/14882.68=0.81(8 1%)

13834.17/18041.54=0.77(77%)

(Above Table Showing - Ratio analysis of ICICI PRUDENTIAL AMC)

1.4 Personnel Polices

One of your most important responsibilities as a parent is to ensure that your child gets the best possible education that can be provided. ICICI Prudential offers a wide portfolio of education insurance plans that are designed to provide peace of mind to you, as a parent, that your child's education will be secure. These plans ensure that money is made available at the crucial junctures in a child's education - Class X, Class XII, graduation and post-graduation - to fund crucial commitments for the child's future. Importantly, education insurance plans ensure that in the unfortunate event of the death of a parent, the child's education continues unhampered. Under the education insurance plans platform, ICICI Prudential brings the following products to you. Please click on the product name to know more about the plans.

Plan Name

Plan Type

SmartKid New Unit-linked Regular SmartKid New Unit-linked Single SmartKid Regular Premium Premium Premium

Unit Linked

Unit Linked

Traditional

Wealth Creation Plans

Wealth Creation Plans give the customer the dual benefit of protection along with the potentially higher returns of market-linked instruments. The most important benefit of ULIPs is the flexibility they give the customer in choosing the premium amount and also choosing the underlying fund in which this money is to be invested. Wealth creation plans also offer the customer more liquidity options as compared to traditional plans. As such, ULIPs are ideal for customers who want the protection of a life cover to be allied to the returns of market linked instrument giving them an unmatched combination of benefits.

Under the wealth creation platform, ICICI Prudential brings the following products to you. Please click on the product name to know more about the plans.

Plan Name

Plan Type

ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP

Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked

Why ICICI Pru Secure Save

Life is full of uncertainties and a safety net that will protect us from any fall is what we always strive for. The same is true for our investments where we would love to enjoy the upside of our investments while keeping our downside safe. Presenting ICICI Pru SecureSave which aims to grow the value of customers hard earned savings over time with an assurance of a minimum guaranteed maturity amount to protect you from the downside of equity markets.

Features and benefits of ICICI Pru SecureSave

Guaranteed Maturity Benefit: The SecureSave Guarantee fund provides a Guaranteed Maturity Benefit (GMB). It applies only at maturity, not on death, partial withdrawal or surrender. The GMB for the various policy terms offered under the policy are shown below.

Premium Payment Term Term of the Policy Guaranteed Maturity Benefit

5 yrs 10 yrs

7 yrs 15 yrs

10 yrs 20 yrs

110% (As a % of Aggregate Investment Premium)*

125%

150%

* This Guarantee is on the Investment Premiums, i.e., your annual premiums less the Mortality charge

1.5 Product and Operation

ICICI PRUDENTIALS PRODUCTS.

Insurance solution for individuals.. ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that meet the needs of customers at every life stage. Its 17 products cab is enhanced with up to 6 riders, to create a customized solution for each policyholder.

Savings Solutions.. Secure Plus is a transparent and feature-packed savings plan that offers 3 levels of protection. Cash Plus is a transparent, feature-packed savings plan that offers 3 levels of protection as well as liquidity options. Save n Protect is a traditional endowment savings plan that offers life protection along with adequate returns. Cash Back is an anticipated endowment policy ideal for meeting milestone expenses like a childs marriage, expenses for a childs higher education or purchase of an asset.

Protection Solutions. LifeGuard is a protection plan, which offers life cover at very low cost. It is available in 3 coupons level term assurance, level term assurance with return or premium and single premium.

Child Solutions. Smart kid child plans provide guaranteed educational benefits to a child along with life insurance cover for the parent who purchases the policy. The policy is designed to provide money at important milestones in the childs life. SmartKid child planed are also available with in unit-linked form both single premium and regular premium. Market-linked Solutions LifeLink is a single premium Market Linked Insurance Plan, which combines life insurance cover with the opportunity to stay, invested in the stock market. Life Time offers customers the flexibility and control to customize the policy to meet the changing needs at different life stages. It offers 3 investment options Growth Plan, Income plan and Balance plan.

Retirement Solutions Forever Life is a retirement products targeted at individual in there thirties. Secure Plus Pension is a flexible pension plan that allows one to select between 3 levels of cover. Market-linked retirement products Life Time Pension is a regular premium market-linked pension plan. Life Link Pension is a single premium market linked pension plan. ICICI Prudential also launched Salaam Zindagi, a social sector group insurance policy targeted at the economically underprivileged sections of the society. Group Insurance Solutions ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees.

Group Gratuity Plan ICICI Prus group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also customize to structure schemes that can provide benefits beyond the statutory obligations. Group Superannuation Plan ICICI Bank offers flexible defined contribution superannuation scheme to provide a retirement kitty for each member of the group. Employees have the option of choosing from various annuity options or opting for partial commutation of the annuity at the time of retirement.

Group Term Plan

ICICI Prus flexible group term solution helps provides affordable cover to members of group. The cover could be uniform or based on designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death. Flexible Rider Options ICICI Pru Life offers flexible riders, which can be added to the basic policy at marginal cost, depending on the specific of the customer. Accident & disability benefit: If death occurs as the result of an accident during the term of the policy, the beneficiary receives an additional amount equal to the sum assured under the policy. If the death occurs while traveling in an authorized mass transport vehicle, the beneficiary will be entitled to twice the sum assured as additional benefit. Accident benefit: This rider option pays the sum assured the rider on death due to accidents. Critical Illness Benefit: protects the insured against financial loss in the event of 9 specified critical illnesses. Benefits are payable to the insured for medical prior to death. Major Surgical Assistance Benefits: provides financial support in the event of medical emergencies, ensuring that benefits are payable to the life assured for medical expenses Incurred for surgical procedures. Cove is offered against 43 different surgical procedures. Income Benefit: This rider pays the 10% of the sum assured to the nominee every year, till maturity, in the event of the death of the life assured. It is available on SmartKid, SecurePlus and Cashplus.

1.6

Layout and Quality Control

ICICI Prudential Life was awarded the Life Insurance Company of the Year at the 12 th Asia Insurance Industry Award 2008.

. ICICI Prudential Life won the Award for Brand Excellence in the Banking and Financial services category at the Asia Brand Congress 2008.

. ICICI Prudential Life won the ICICI Group Marketing Excellence Award 2008 in three key categories for its marketing initiative

ICICI Prudential Lifes, retirement solutions campaign for the year 2006-07 was awarded the Bronze Effy trophy in the services category. It also won the Brand Equity Bravery Award 2007, instituted by Ad club.

Best Life Insurer 2003. Outlook Money Awards 2003 & 2004 IMM Award for Excellence.Institute of Marketing & Management Organization with Innovative HR Practices Indira Group of Institutes.

1.7 Marketing
MARKETING AND SALES DEPARTMENT:
A product is anything that can be offered to satisfy a need or want. So, asocial and managerial process by which individuals and groups obtain what they need and want through creating, offering and exchanging products of value with others that is called marketing. Marketing starts with human needs, wants, demands and human satisfaction. People satisfy their needs and wants withproducts.Actually, selling is preoccupied with the sellers need to convert his product into cash, but marketing is the idea of satisfying the needs of the customer by means of the product and the whole cluster of things associated with creating, delivering and finally consuming it. STRUCTURE OF MARKETING DEPARTMENT:

GENERAL MANAGER MANAGER (MARKETING) ASSISTANT MANAGER MARKETING OFFICER ASSISTANT MARKETING OFFICER

MARKETING ASSISTANTS
MARKETING ORGANIZERS

4.3.4Relationship Marketing in Insurance:

It is five times more expensive to acquire a new customer then to retain an old one. Relationship Marketing is the practice of building long term satisfying relationship with key parties, customers and suppliers. They accomplish this by promoting and delivering high quality goods services and fair prices to other parties. Relationship marketing results in strong economic, technical and social ties among the parties. The important objectives of relationship marketing is to acquire new customers, maintain and enhance relationship with existing customers, re-activities of ex-customers and handling of customers terminations. The key objective of relationship marketing is to establish one to one relationship with all customers.

How to add value through relationship Marketing Identify loyal customers Recognize their special needs Provide special reward for loyalty Establish continuing relationship Ensure increase in customer value

Relationship marketing is one of the hottest trends in the present marketing scenario. Satisfied customers not only stay with a company but they are also walking talking advertisement for the companys product

1.8 Strength and Weakness

Strengths 1. 200 years record of profitability 2. Entire range of products for corporate and retail customers 3. Market segmentation and products for niche segment 4. Significant presence in Credit cards, Insurance, Mutual funds, Investment banking, Personal loans and SME sector 5. 54 overseas offices spanning 28 countries 6. 21 banking and non-banking subsidiaries and associates 7. Over 80% of top corporate in India have strong relationships with SBI 8. Largest individual customer base in the country 9. Leading provider of financial services across retail and wholesale segments Weaknesses 1. Constrained by the norms of public sector status 2. Large size has its impact on swiftness of response 3. Comparatively large number of employees 4. Lack of innovation 5. Inability to implement proper individual reward schemes to motivate and enhance productivity due to industry wide implications Opportunities 1. Improvement in the economic conditions 2. Increasing purchasing power of large number of middle class ------------3. Indias stature as leading IT power 4. Retail finance and insurance sector 5. Low penetration of credit cards 6. Cross-selling 7. Infrastructure development

Threats 1. Asset Quality 2. Interest Rate risk 3. Operations risk in view of increasing use of technology in day to day operations 4. Fleet-footed foreign banks and private banks 5. Pressure on margins

1.9 Special Points

CHAPTER -1 INTRODUCTION

CHAPTER -2 OBJECT OF THE STUDY

OBJECTIVE OF THE STUDY

For every problem there is a research. As all the researches are based on some and my study is also based upon some objective and these are as follows. 1. To understand the insurance business and products of ICICI Prudential life insurance co ltd. 2. To find out the peoples perception about life insurance. 3. To find out whether people were really aware of life insurance. 4. To find out how people think about private life insurance. 5. To find out what respondents expect from life insurance. 6. To understand Consumer buying behavior 7. To come out with conclusion and suggestions based on the analysis and the Interpretation of data.