EXECUTIVE SUMMARY ICICI Prudential Life Insurance is one of the largest Insurance networks in the country, and 2nd

Life Insurance Company in India. The ICICI Group has been in e istence since !"## when ICICI Ltd., was created. ICICI Prudential started in 2$$2 as subsidiary of ICICI Ltd., Today ICICI Life Insurance has a customer base of % million with total assets e ceeding &s.!, $$,$$$ Cr. making it the 2 nd largest life insurance company in the country, ne t only to LIC. The Insurance sector, after the opening up, pro'ides greater opportunities. (e'eral global players ha'e emerged and the market has changed significantly. In the changed scenario, the e pectation is that the low Insurance premium as a percentage of G)P pre'ailing in India will impro'e and will offer better opportunities to the insurance players. Life Insurance sector is one of the key areas where enormous business potential e ists. In India currently the life insurance premium as a percentage of G)P is !.* per cent against #.2 per cent in the +(, but in the liberali,ed scenario, the life insurance premiums were pro-ected to grow at around !./ to 2$/ from &s 2!# billion in !"".0 "" to &s #"2 billion in 2$$%0$# and to &s !%#$ billion by 2$$"0!$. Corporate non0life premium was pro-ected to grow from &s .% billion in !"".0"" to &s *.1 billion in 2$$"0 !$ and personal line non0life from &s % billion to &s #! billion. In the life Insurance segment the Life Insurance Corporation of India 2LIC3 is the ma-or player. The LIC has 2$#$ branches. It is constituted in to se'en 4ones. Currently there are #, 1$,$$$ LIC agents in India. General Insurance is another segment, which has been growing at a faster pace.

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INTRODUCTION
Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured co'ered in the policy. 5ssentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed upon sum of money to the insured6s named beneficiary so long as the insured6s premiums are current. 7ith a large population and the untapped market area of this population insurance happens to be a 'ery big opportunity in India. Today it stands as a business growing at the rate of !#02$/ annually. Together with banking ser'ices, it adds about 8 percent to the countries G)P. In spite of all this growth statistics of the penetration of the insurance in the country is 'ery poor. 9early .$/ of Indian populations are without life insurance co'er and the health insurance. This is an indicator that growth potential for the insurance sector is immense in India. It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation :;alhotra Committee< was constituted by the go'ernment in !""* to e amine the 'arious aspects of the industry. The key element of the reform process was participation of o'erseas insurance companies with 21/ capital. Creating a more competiti'e financial system suitable for the re=uirements of the economy was the main idea behind this reform. (ince then the insurance industry has gone through many changes. The liberali,ation of the industry the insurance industry has ne'er looked back and today stand as one of the most competiti'e and e ploring industry in India. The entry of the pri'ate players and the increased use of the new distribution are in the limelight today. The use of new distribution techni=ues and the IT tools has increased the scope of the industry in the longer run. Insurance is the business of pro'iding protection against financial aspects of risk, such as

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those to property, life health and legal liability. It is one method of a greater concept known as risk management >which is the need to mange uncertainty on account of e posure to loss, in-ury, disad'antage or destruction. Insurance is the method of spreading and transfer of risk. The fortunate many who are e posed to some or similar risk shares loss of the unfortunate. Insurance does not protect the assets but only compensates the economic or financial loss. In insurance the insured makes payment called :premiums< to an insurer, and in return is able to claim a payment from the insurer if the insured suffers a defined type of loss. This relationship is usually drawn up in a formal legal contract. Insurance companies also earn in'estment profits, because they ha'e the use of the premium money from the time they recei'e it until the time they need it to pay claims. This money is called the float. 7hen the in'estments of float are successful they may earn large profits, e'en if the insurance company pays out in claims e'ery penny recei'ed as premiums. In fact, most insurance companies pay out more money than they recei'e in premiums. The e cess amount that they pay to policyholders is the cost of float. ?n insurance company will profit if they in'est the money at a greater return than their cost of float. ?n insurance contract or policy will set out in detail the e act circumstances under which a benefit payment will be made and the amount of the premiums. Classification of insurance The insurance industry in India can broadly classified in two parts. They are. !3 Life insurance. 23 9on0life 2general3 insurance.

1) Life insurance: Life insurance can be defined as :life insurance pro'ides a sum of money if the person who is insured dies while the policy is in effect<.

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In !.!. @ritish introduced to India, with the establishment of the oriental life insurance company in Calcutta. The first Indian owned Life Insurance CompanyA the @ombay mutual life assurance society was set up in !.8$.the life insurance act, !"!2 was the first statuary measure to regulate the life insurance business in India. In !".*, the earlier legislation was consolidated and amended by the insurance act, !"*., with comprehensi'e pro'isions for detailed effecti'e control o'er insurance. The union go'ernment had opened the insurance sector for pri'ate participation in !""", also allowing the pri'ate companies to ha'e foreign e=uity up to 21/. Bollowing the opening up of the insurance sector, !2 pri'ate sector companies ha'e entered the life insurance business. Benefits f !ife insurance Life insurance encourages sa'ing and forces thrift. It is superior to a traditional sa'ings 'ehicle. It helps to achie'e the purpose of life assured. It can be enchased and facilitates =uick borrowing. It pro'ides 'aluable ta relief. Thus insurance is found to be 'ery useful in the li'es of the person both in short term and long term. Bundamental principles of life insurance contractA !3 Principle of almost good faithC :? positi'e duty to 'oluntary disclose, accurately and fully, all facts, material to the risk being proposed whether re=uested or not<. 23 Principle of insurable interestC :&elationships with the sub-ect matter 2a person3 which is recogni,ed in law and gi'es legal right to insure that person<. ") N n#!ife $%enera!) Insurance: Triton insurance co. ltd was the first general insurance company to be established in India
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in !.#$, whose shares were mainly held by the @ritish. The first general insurance company to be set up by an Indian was Indian mercantile insurance co. Ltd., which was stabili,ed in !"$8 . there emerged many a player on the Indian scene thereafter. The general insurance business was nationali,ed after the promulgation of General Insurance Corporation 2GIC3 DB India undertook the post0nationali,ation general insurance business. CONCE&TUAL BAC'(ROUND Satisfaction is defined as . . .

A persons feeling of pleasure or disappointment resulting from comparing a products perceived performance (or outcome) in relation to his or her expectations. Customer Satisfaction can be defined as supplying or gratifying all feel pleased or contented. C nsu)er Be*a+i r: Consumer beha'ior is defined as the beha'ior that consumers display in searching for, purchasing, using, e'aluating and disposing of products and ser'ices that they e pect will satisfy their needs. The study of the processes in'ol'ed when indi'iduals or groups select, purchase, use, or dispose of products, ser'ices ideas, or e periences to satisfy needs and desires Cust )er +a!ue: The ratio between the customersEs percei'ed benefits 2economic, functional and psychological3 and the resources 2momentary, time, effort, psychological3 used to obtain those benefits. Cust )er satisfacti n: Customer satisfaction is the indi'idualEs perception of the performance of the product or ser'ice in relation to his or her e pectations. ants or ishes!

fulfilling conditions or desires! or the state of the mind anything that ma"es a customer

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M ti+ati n: The processes that account for an indi'idualEs intensity, direction, and persistence of effort toward attaining a goal. &ers na!it, can be described ad the psychological characteristics that both determine and reflect how person responds to his or her en'ironment. &erce-ti n is defined as the process by which an indi'idual selects, organi,es, and interprets stimuli into a meaningful and coherent picture of the world. C nsu)er !earnin% is the process by which indi'iduals ac=uire the purchase and consumption knowledge and e perience they apply to future related beha'ior. T.E CONSUMER ADO&TION &ROCESS The consumer adoption process is the process by which customers learn about new products, try them, and adopt or re-ect them. Today many marketers are targeting hea'y users and early adopters of new products recogni,ing that specific media can reach both groups and tend to be opinion leaders. The consumer adoption process is influenced by many factors beyond the marketerEs control, including consumers and organi,ations willingness to try new products, personal influences and the characteristics of the new products or inno'ations

STA(ES O/ ADO&TION &ROCESS

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?n inno'ation refers to any good, ser'ice, or idea. That is percei'ed by someone as new. The idea may ha'e long history, but it is an inno'ation to the person who sees it as new. Inno'ation takes time to spread through the special system. The consumer adoption process focuses on the mental process through which an indi'idual passes from first hearing about an inno'ation to final adoption. ?dopters of new products ha'e mo'ed through the following fi'e stages. !. ?7?&595((C The consumer becomes aware of the inno'ation but lacks information about it. 2. I9T5&5(TC The consumer is stimulated to see the information about the inno'ation. *. 5F?L+?TID9C The Consumer considers whether to try the inno'ation or not. %. T&I?LC The consumer tries the inno'ation to impro'e his estimate of its 'alue. #. ?)DPTID9C The consumer decides to make full and regular use of the inno'ation.

STATEMENT O/ T.E &ROBLEM

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:(tudy of consumer beha'ior G customer satisfaction towards ICICI Prudential Life Insurance Products<.

OB0ECTIVE O/ T.E STUDY

Bor e'ery problem there is a research. ?s all the researches are based on some and my study is also based upon some ob-ecti'e and these are as follows. !. To understand the insurance business and products of ICICI Prudential life insurance co ltd. 2. To find out the peopleEs perception about life insurance. *. To find out whether people were really aware of life insurance. %. To find out how people think about pri'ate life insurance. #. To find out what respondents e pect from life insurance. 1. To understand Consumer buying beha'ior 8. To come out with conclusion and suggestions based on the analysis and the Interpretation of data. SI(NI/ICANCE O/ T.E STUDY The pro-ect is concerned with the :(T+)H D9 CD9(+;5& @5I?FID& ?9) C+(TD;5& (?TI(B?CTID9 ?T ICICI P&+)59TI?L LIB5 I9(+&?9C5. This study is 'ery useful as the financial market become more sophisticated and comple , in'estor needs a financial intermediary who pro'ides the re=uired knowledge and professional e pertise on successful in'esting and Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured co'ered in the policy. 5ssentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed upon sum of money to the insured6s named beneficiary so long as the insured6s premiums are current

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RESEARC. MET.ODOLO(Y &esearch in common parlance refers to a search for knowledge. Dne can also define research as a scientific and systematic search for pertinent information on a specific topic. The word research has been deri'ed from Brench word &esearcher means to search. B&?9CI5( &+;;5& defined :&esearchC It is a careful in=uiry or e amination to disco'er new information or relationship and to e pand or 'erify e isting knowledge. &esearch is the solution of the problem, whether created or already generated. 7hen research is done, some new out come, so that the problem 2created or generated3 to be sol'ed. RESEARC. DESI(N: &esearch )esign is the conceptual structure within which research is conducted. It constitutes the blueprint for collection, measurement and analysis of data. The design used for carrying out this research is Descri-ti+e1 DATA TY&E: In this research the type of data collection is &ri)ar, 2ata Sec n2ar, 2ata

DATA SOURCE: The sources of collection of secondary data areC Juestionnaire @ooks

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7ebsites ;aga,ine @rochure

SAM&LIN( &LAN: It is 'ery difficult to collect information from e'ery member of a population .?s time and costs are the ma-or limitation that the researcher faces.

? sample of 133 was taken the sample si,e of !$$ indi'iduals were selected on the basis of con'enient sampling techni=ue. The indi'iduals were selected in the random manner to form sample and data were collected from them for the research study. ANALYSIS AND INTER&RETATION: )ata collection through =uestionnaire and personnel inter'iew resulted in a'ailability of the desired information but these were useless until there were analy,ed. Farious steps re=uired for this purpose were editing, coding and tabulating. Tabulating refers to bringing together similar data and compiling them in an accurate and meaningful manner. The data collected by =uestionnaire was analy,ed, interpreted with the help of table, bar chart and pie chart.

11 INDUSTRY &RO/ILE 111 Insurance in In2ia

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The insurance sector in India has come a full circle from being an open competiti'e market to nationali,ation and back to a liberali,ed market again. Tracing the de'elopments in the Indian insurance sector re'eals the *1$ degree turn witnessed o'er a period of almost two centuries. 11" A Brief *ist r, f t*e Insurance Sect r The business of life insurance in India in its e isting form started in India in the year !.!. with the establishment of the Driental Life Insurance Company in Calcutta. (ome of the important milestones in the life insurance in India areA !"!2C The Indian Life ?ssurance Bor o'er #$ years, life insurance in India was defined and dri'en by only one company0 the Life Insurance Corporation of India 2LIC3. 7ith the Insurance &egulatory and )e'elopment ?uthority 2I&)?3 @ill !""" pa'ing the way for entry of pri'ate companies into both life and general sectors there was bound to be new0found e citement0 and new success stories. Today, -ust three years since their entry, their cumulati'e share has crossed !*/ 2sourceC I&)?3, far e ceeding e pectations. Clearly insurance is on a growth path. The percentage of premium income to G)P which was -ust 2.*/ in 2$$$0$! rose to *.*/ in 2$$20$*A and life insurance has emerged as the dominant contributor to this growth. The industry presented a huge opportunity. Life insurance penetration, for instance, was at an abysmal 22/ of the insurable population. Iowe'er, pri'ate players ha'e had to rise to many challenges. They were faced with attitudinal barriers towards the category and the perception that insurance was only a ta sa'ing tool. Insurance per se had lost it basic rationaleC protection. It wasnEt surprising then that its potential lay fro,en and une ploited. The challenge for pri'ate insurance players was to change the established category dri'er and get customers to e'aluate life insurance as an in'estment0cum0 protection tool. PREMIUM UNDERWRITTEN BY LIFE INSURERS
The life insurance industry recorded a premium income of &s..2.#%..$ crore during the financial year 2$$#0$1 as against &s.111#*.8# crore in the pre'ious financial year, recording a growth of 2%.*! per cent. The contribution of first year premium, single premium and renewal premium to the total premium was
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&s.!#..!.** crore 2!".!1 per cent3A &s.!$**1.*$ crore 2!2.%8 per cent3A and &s.#11*8.!1 crore 21..*1 percent3, respecti'ely. In the year2$$$0$!, when the industry was opened up to the pri'ate players, the life insurance premium was &s.*%,."..%. crore which constituted of &s. 1""1."# crore of first year premium, &s. 2#!"!.$8 crore of renewal premium and &s. 28%$.%# crore of single premium. Post opening up, single premium had declined from &s.", !"%.$8 crore in the year 2$$!0$2 to &s.#18%.!% crore in 2$$20$* with the withdrawal of the guaranteed return policies. Though it went up marginally in 2$$*0$% to &s.#"*1.#$ crore 2%.12 per cent growth3 2$$%0$#, howe'er, witnessed a significant shift with the single premium income rising to &s. !$**1.*$ crore showing 8%.!! per cent growth o'er 2$$*0$%.
2&s. lakh3

Insurer
LICK Pri'ate (ector T ta!

"334#35

"335#36

/irst ,ear -re)iu) inc!u2in% Sin%!e -re)iu) !8*%81!.8% 21.*%3 2%%$8$.#. 2!#2.8%3 17899:"1:" 2!%.1.3 2$1#*$1.*1 2!".$#3 ##1%#8.*% 2!28.""3 "6"186:183 2*2.%"3

Renewal Premium
LIC Pri'ate (ector T ta! %1!.#.$."1 2!".%83 18"12.$# 2*%*.!23 469654:131 22$.8#3 Total Premium LIC Pri'ate (ector T ta! 1*#**%2.8$ 2!#.1*3 *!2$*2.1* 2!8...*3 6665:851:: 2!.."!3 8#!282..". 2!..2#3 8828#$..2 2!%8.1#3 9"95487193 22%.*!3 #%%8%22.12 2!8."#3 2!12"*.%. 22!..213 566:816113 22$..#3

11: Brief Re+ie; f Scenari < Insurance Insurance in India started without any &egulation in 9ineteenth century. It was story of a typical colonial era. ? few @ritish companies dominated

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the market mostly in large urban centers. Insurance was nationali,ed mainly on * counts Birst, Indian li'es were not insured. (econd, e'en if they were insured, they were treated as substandard li'es and e tra premium was charged. Third, there were gross irregularities in the functioning of Life insurance was nationali,ed in the year !"#1, and then general insurance was nationali,ed in the year !"82. In !""", the pri'ate insurance companies were allowed back again into insurance sector with ma imum cap of 21 percent foreign holding. !.!. The @ritish introduce to India, with the establishment of the Driental Life Insurance company in Calcutta. !.#$ 9on life insurance debuts, with Triton Insurance Company. !.8$ @ombay ;utual life ?ssurance (ociety is the first Indian0owned life insurer !"$8 Indian mercantile Insurance is the first Indian non0life insurer. !"!2 The Indian life assurance companiesE act enacted to regulate the life insurance business. !"*. The insurance act, which forms the basis for most current insurance laws, replaces earlier act. !"#1 Life insurance nationali,ed, go'ernment takes o'er 2%# Indian and foreign insurers and pro'ident societies. !"#1 Go'ernment sets up LIC !"82 9on life insurance nationali,ed, GIC set up. !""* ;alhotra committee, headed by former &@I go'ernor &.9.;alhotra, set up to draw up a blue print for insurance sector reforms. !""% ;alhotra Committee recommends re0entry of pri'ate players, autonomy ot P(+ insurers. !""8 Insurance regulator I&)? 2Insurance &egulatory and )e'elopment ?uthority3 set up. 2$$$ I&)? starts gi'ing licensed to pri'ate insurers

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 2$$! ICICI Prudential Life Insurance came into the market to sell a policy. 2$$2 @anks were allowed to sell insurance plans, as TP?s enter the scene, insurers start settling non0life claims in the cashless mode. 114 T*e Insurance Re%u!at r, an2 De+e! -)ent Aut* rit, $IRDA): &eforms in the Insurance sector were initiated with the passage of the I&)? @ill in Parliament in )ecember !""". The I&)? since its incorporation as a statutory body in ?pril 2$$$ has fastidiously stuck to its schedule of framing regulations and registering the pri'ate sector insurance companies. The other decisions taken simultaneously to pro'ide the supporting systems to the insurance sector and in particular the life insurance companies were the launch of the I&)?Es online ser'ice for issue and renewal of licenses to agents. The appro'al of institutions for imparting training to agents has also ensured that the insurance companies would ha'e a trained workforce of insurance agents in place to sell their products, which are e pected to be introduced by early ne t year. (ince being set up as an independent statutory body the I&)? has put in a framework of globally compatible regulations. In the pri'ate sector !2 life insurance and 1 general insurance companies ha'e been registered.

7ith the demographic changes and changing life styles, the demand for insurance co'er has also e'ol'ed taking into consideration the needs of prospecti'e policyholder for packaged products. There ha'e been inno'ations in the types of products de'eloped by the insurers, which are rele'ant to the people of different age groups, and suit their re=uirements. Continued inno'ations in product de'elopment has resulted in a wide range of fle ible products to meet the re=uirements for co'er at different stages of life 0today a
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'ariety of products are a'ailable ranging from traditional to +nit linked pro'iding protection towards child, endowment, capital guarantee, pension and group solutions. ? number of new products ha'e been introduced in the life segment with guaranteed additions, which were subse=uently withdrawnLtoned downA single premium mode has been populari,edA unit linked productsA and add0onLriders including accidental deathA dismemberment, critical illness, fi ed term assurance risk co'er, group hospital and surgical treatment, hospital cash benefits, etc. Comprehensi'e packaged products ha'e been populari,ed with features of endowment, money back, whole life, single premium, regular premium, rebate in premium for higher sum assured, premium mode rebate, etc., together with riders to the base products.

115 .ist rica! &ers-ecti+e &ri r t 1756 1756 "331 02%2 companies operating

09ationali,ation0 LIC monopoly player 0Go'ernment control 0Dpened up sector

116 C ntri=uti n t In2ian Ec n ),

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 Life Insurance is the only sector which garners long term sa'ings. (pread of financial ser'ices in rural areas and amongst socially less pri'ileged. Long term funds for infrastructure. (trong positi'e correlation between de'elopment of capital markets and insuranceLpension structure. 5mployment generation. 118 Insurance In2ustr, -ri r t 2e#re%u!ati n Prior to deregulation in 2$$$, market was a public monopoly. Public ;onopoly 0 2$$$ Dffices 0 D'er .$$,$$$ agents )istribution through tied agents only (ales approach primarily on a ta sa'ings platform Traditional style product offering C 5ndowment and money back plans Inade=uate and infle ible products PensionsC (mall part of product offer Limited focus on customer needs

119 I)-r +in% Ser+ice Stan2ar2s

&re Dere%u!ati n < Li)ite2 Distri=uti n

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C*anne! Access ?d'isors

Ser+ice & ints @ranch 9etwork

Use f IT Limited use of IT

& st Dere%u!ati n < Ser+ice t*r u%* Distri=uti n

Mu!ti C*anne! Access

Mu!ti-!e Ser+ice Use f IT & ints ?d'isors Call Centers (horter time around time @rokers G 5mail Claims Corporate agents 7ebsite @ancassurance Policy Issuance @ranch 9etwork

"1 COM&ANY &RO/ILE ICICI &ru2entia! Life Insurance C )-an, Li)ite2 2Mthe CompanyE3 a -oint 'enture between ICICI Ban> Li)ite2 and &ru2entia! -!c f U' was incorporated on Nuly 2$, 2$$$ as a company under the Companies ?ct, !"#1 2Mthe ?ctE3. The Company is licensed by the Insurance &egulatory and )e'elopment ?uthority 2MI&)?E3 for carrying life insurance business in India.

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ICICI &ru2entia! Life Insurance C )-an, is a -oint 'enture between ICICI @ank, a premier financial powerhouse and -ru2entia! -!c, a leading international financial ser'ices group head=uartered in the +nited Oingdom 2+O3. The company brings together the local market e pertise and financial strength of ICICI @ank and PrudentialEs International life insurance e perience. The company was granted a certificate of &egistration by the I&)? on 9o'ember 2%, 2$$$ and eighteen days later, issued its first policy on )ecember !2. ICICI Prudential was amongst the first pri'ate sector insurance companies to begin operations in )ecember 2$$$ after recei'ing appro'al from Insurance &egulatory )e'elopment ?uthority 2I&)?3. Brom its early days, ICICI Prudential seemed to ha'e the wherewithal for a large0scale business. @y ;arch *!, 2$$2, a little o'er a year since its launch, the company had issued !$$,$$$ policies translating into premium income of appro imately &s. !,2$$ million on a sum assured of o'er &s.2* billion. 7hen the company began its operations, the need was to build a brand that was relatable to, symboli,ed trust and was easily recogni,ed and understood. It launched a corporate campaign ICICI Prudential also made using the theme of M(indoorE to epitomi,e protection, trust, togetherness and all that is IndianA endearing itself to the masses. The success of the campaign, Mthe calling card of the companyE saw the brand awareness scores almost at par with its %$ year old competitor. The theme of protection was also e tended to subse=uent product and category specific campaigns >from child plans to retirement solutions >which highlight how the company will be with its customers at e'ery step of life. Brom day one, the company has unflinchingly focused on being mass0market player, de'eloping products, creating a distribution network and deploying resources that would further its goal. ?part from ramping up thoroughly training its ad'isors, the company has twel'e M@ancasuranceE partners >the largest in the country. It swiftly re'ised and added to its initial range of products, pioneering market0linked products and pension plans, to offer customers the most fle ible life insurance policies in the country. In Bebruary 2$$%, ICICI Prudential increased its capital base by &s. #$$ million, its ninth capital hike, bringing the total paid >up e=uity capital to &s. 1,8#$ million. 7ith the authori,ed capital
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of the company standing at &s. !2 billion, ICICI Prudential continues to ha'e the highest capital base amongst all life insurers in the country. The challenge ICICI Prudential now faces is to retain its top0notch position and continue to deli'er the finest life insurance and pension solutions to its e'er0growing customer base. ICICI PrudentialEs e=uity base stands at &s. !!.# crore with ICICI @ank and Prudential plc holding 8%/ and 21/ stake respecti'ely. Bor the year ended ;arch *!, 2$$1, the company garnered &s.2, %!2 crore of weighted new business premium and wrote .*8,"1* policies. The sum assured in force stands at &s.%#, ... crore. The company has a network of o'er 82,$$$ ad'isorsA as well as " bancasurance partners and o'er 2$$ corporate agent and broker tie0ups. ICICI Prudential is also the only pri'ate life insurer in India to recei'e a 9ational Insurer Binancial (trength rating of ??? 2Ind3 from Bitch ratings. The ??? rating is the highest credit rating, and is a clear assurance of ICICI PrudentialEs ability to meet its obligations to customers at the time of maturity or claims. Bor the past fi'e years, ICICI Prudential has retained its position as the 9o.! pri'ate insurer in the country, with a wide range of fle ible products that meet the needs of the Indian customer at e'ery step in life. @eginning operations in )ecember 2$$$, ICICI PrudentialEs success has been meteoric, becoming the number one pri'ate life insurer within months of launch. Today, it has one of the largest distribution networks amongst pri'ate life insurers in India, with branches in #% cities. The total number of policies issued stands at more than 8.$,$$$ with a total sum assured in e cess of &s.!1$ billion. ICICI Prudential closed the financial year ended march *!, 2$$% with a total recei'ed premium income of &s. "." billionA up !*#/ last years total premium income of &s.%.2$ billion. 9ew business premium income shows a !$1/ growth at &s. 8.# billion, dri'en mainly by the companyEs range of uni=ue unit0linked policies and pension plans. The companyEs retail market share amongst pri'ate companies stood at *1/, making it clear
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leader in the segment. To add to its achie'ements, in the year 2$$*L$% it was ad-udged ;ost Trusted Pri'ate Life Insurer 25conomic Times M;ost Trusted @rand (ur'eyE by ?C 9ielsen D&G0;?&G3. It was also conferred the MDutlook ;oney0@est Life InsurerE award for the second year running. The company is also proud to ha'e won (il'er at 5BBI5( 2$$* for its M&etire from work, not lifeE campaign. 9otably, ICICI Prudential was also short0listed to the final round for its M(indoor campaign in 5BBI5( 2$$2. ICICI PrudentialEs success is rooted in its philosophy to always offer the customer a choice. This has been the dri'ing force behind its multi0channel distribution strategy, which includes ad'isors, banks, direct marketing and corporate agents. In fact, ICICI Prudential was the first life insurer to in'est in multiple channels and offer the customer choice and accessA thus reducing dependency on any one channel, great strides in the retirement solutions and pensions market. The CompanyEs penetration of the retirement market was dri'en by the focused approach towards creating awareness through sustained campaignA M&etire from work, not lifeE. 7ithin si months, the campaign rewarded ICICI Prudential with an increased share of 2*/ of the total pensions market and 8./ amongst pri'ate players. ICICI Prudential has one of the largest distribution networks amongst pri'ate life insurers in India, ha'ing commenced operations in !*2 cities and towns in India, stretching from @hu- in the west to Guwahati in the east, and Nammu in the north to Tri'andrum in the south. The company has " bank partnerships for distribution, ha'ing agreements with ICICI @ank, @ank of India, Bederal @ank, (outh Indian @ank, Lord Orishna @ank, and some co0operati'e banks, as well as o'er 2$$ corporate agents and brokers, it has also tied up with 9GDs, ;BIs and corporates for the distribution of rural policies. ICICI Prudential has recruited and trained more than 82,$$$ insurance ad'isors to interface with and ad'ise customers. Burther, it le'erages its state0of0the0art IT infrastructure to pro'ide superior =uality of ser'ice to customers. A= ut t*e &r ) ters
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ICICI Ban> 29H(5CI@93 is IndiaEs second largest bank with an asset base of &s.2#!*.." billion as on ;arch *!, 2$$1. ICICI @ank pro'ides a broad spectrum of financial ser'ices to indi'iduals and companies. This includes mortgages, car and personal loans, credit and debit cards, corporate and agricultural finance. The @ank ser'ices a growing a customer base of more than !8 million customers through a multi channel access network which includes o'er 12$ branches and e tension counters, 22$$ ?T;s, call centers and internet banking 2www.icicibank.com3 &RUDENTIAL -!c? 5stablished in London in !.%., through its business in the +O and 5urope, the +( and ?sia, pro'ides retail financial ser'ices products and ser'ices to more than !1 million customers, policy holder and unit holders world wide. ?s of )ecember *!, 2$$#, the company had o'er +(P %$$ billion in funds under management. Prudential has brought to market an integrated range of financial ser'ices products that now includes life assurance, pensions, mutual funds, banking, in'estment management and general insurance. In ?sia, Prudential is the leading 5uropean life insurance company with a 'ast network of 2* life and mutual fund operations in twel'e countries >China, Iong Oong, India, Indonesia, Napan, Oorea, ;alaysia, the Philippines, (ingapore, Taiwan, Thailand and Fietnam. Ac*ie+e)ents @eginning operations in )ecember 2$$$, ICICI PrudentialEs success has been meteoric, becoming the number one pri'ate life insurer within months of launch. Today, it has one of the largest distribution networks amongst pri'ate life insurers in India, with branches in #% cities. The total number of policies issued stands at more than 8.$,$$$ with a total sum assured in e cess of &s.!1$ billion. ICICI Prudential closed the financial year ended march *!, 2$$% with a total recei'ed premium income of &s. "." billionA up !*#/ last years total premium income of &s.%.2$
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billion. 9ew business premium income shows a !$1/ growth at &s. 8.# billion, dri'en mainly by the companyEs range of uni=ue unit0linked policies and pension plans. The companyEs retail market share amongst pri'ate companies stood at *1/, making it clear leader in the segment. To add to its achie'ements, in the year 2$$*L$% it was ad-udged ;ost Trusted Pri'ate Life Insurer 25conomic Times M;ost Trusted @rand (ur'eyE by ?C9eilsen D&G0;?&G3. It was also conferred the MDutlook ;oney0@est Life InsurerE award for the second year running. The company is also proud to ha'e won (il'er at 5BBI5( 2$$* for its M&etire from work, not lifeE campaign. 9otably, ICICI Prudential was also short0listed to the final round for its M(indoor campaign in 5BBI5( 2$$2. In Oeeping with its belief that a happy customer is the best endorsement, ICICI Prudential has embraced the M(IQ (IG;?E approach to =uality, an e ercise that begins and ends with the customer from capturing his 'oice to measuring and responding to his e periences. This initiati'e is currently helping the company impro'e processes, turnaround times and customer satisfaction le'els. ?nother 9o'el introduction is the ICICI Prudential Lifestyle &ewards Club, IndiaEs first rewards programme for Life ?d'isorsA it allows ICICI Prudential ?d'isors to redeem points for items ranging from kitchenware to gold, white goods, and e'en international holidays. &r ) ti n ICICI Prudential is a case study in how ad'ertising and marketing can play a 'ital role in re0shaping an industry. It has demonstrated how an industry where the customer was nothing more than a policy number has changed to one where Mcustomer preferenceE rules the roost. @rand0building in a comple category like life insurance is an uphill and multi0faceted task. ?t the time of launching operations, the communications task was to build credibility, so as to gi'e the customer the confidence that it was Ma company that could be trusted to in'est funds withE. The aim was to encourage people to 'iew insurance not as a compulsory ta sa'ing instrument, but as a means to lead a worry0free, secure life and in the process, create the differentiator for brand ICICI Prudential.
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The brand proposition for all the campaigns was reflected in the lineC M(urakshaC 4indagi ke har kadam parE. The campaign featured a significant competiti'e ad'antage, the sound financial backing and credentials of ICICI Prudential, and showcased products from different segments. The ad'ertising idea was encapsulated in the symbol of protection > the M(indoorE. This campaign contributed e tensi'ely to raising brand awareness and creating a distincti'e identity for the company. The Company recently tied up with the Borbes (i (igma rated )abbawalla organi,ation in ;umbai for a direct marketing e ercise. In a +ni=ue effort to create awareness about a ta sa'ing product, the company attached a creati'e of a bitten apple to ;umbaiEs ubi=uitous lunchbo es. It worked wonderfully with ;umbaiEs office0goers and one that translated into substantial business for the company.

Bran2 Va!ues ;arket &esearch re'eals that the 'alues people associate with ICICI Prudential are, indeed, those that the company hopes to pro-ectC lifelong protection and 'alue for money. The core 'alue is protecting your lo'ed ones, throughout lifeEs ups and downs. It is a powerful propositionA one, which ICICI Prudential, is taking into the market place. DISTRIBUTION SYSTEM Tie2 A%enc, Tied ?gency is the largest distribution channel of ICICI Prudential, comprising a large ad'isor force that targets 'arious customer segments. The strength of tied agency lies in an aggressi'e strategy of e panding and procuring =uality business. 7ith focus on sales G people de'elopment, tied agency has emerged as a robust, predictable and sustainable business model. Bancassurance an2 A!!iances
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ICICI Prudential was a pioneer in offering life insurance solutions through banks and alliances. 7ithin a short span of two years, and with nearly a large number of partners, @ G ? has emerged as a 'ital component of the companyEs sales and distribution strategy, contributing to appro imately one third of companyEs total business. The business philosophy at @G? is to le'erage distribution synergies with our partners and add 'alue to its customers as well as the partners. Ble ibility, adaptation and e perimenting with new ideas are the hallmarks of this channel.

CUSTOMER SERVICE AND O&ERATIONS The Dperations department oils the work processes between the customer and the company to ensure consistent and =uality ser'ice to the customer. To streamline the operations, the Dperations department interfaces between the clients and the agents, the branches and the underwriters, and manages work processes. The Fision at Customer (er'ice is to deli'er M7orld Class (er'iceE at e'ery opportunity. +nits such as the " to " contact centre, Dutbound Call Centre, Customer Care and Juery &esolution +nit are all committed to pro'iding effecti'e solutions to o'er lakhs of customers across the country. Inf r)ati n Tec*n ! %, The Information Technology function at ICICI Prudential is committed to enable business through the use of technology. It is segmented into % groups to enable highest le'els of deli'ery to the customersC Life ?sia (olutions Group that pro'ides fle ibility in

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designing better product offerings to end0users, the (olutions Group0 7eb that pro'ides real0time information to customers and is responsible for customer relationship management, IT ?rchitecture G Corporate (olutions Group is in charge of de'eloping and maintaining a blueprint for the IT architecture for the enterprise as a whole. This team works as an in house &G) (olution Group, e ploring new technological initiati'es and also caters to information needs of corporate functions in the organi,ation. IT Infrastructure group is responsible for pro'iding hardware, software, network ser'ices to the whole organi,ation. This group runs the 6)igital 9er'ous (ystem6 of the 5nterprise at the highest le'els of efficiency and pro'ide robust, scalable and highly a'ailable platform for deployment of business application.

Mar>etin% The ;arketing function at ICICI Pru co'ers an array of acti'ities 0 brand and media management, channel support, direct marketing and corporate communications. The @rand and Communications team is in charge of ad'ertising, consumer research, media planning G buying and Public &elationsA that helps de'elop and nurture ICICI Prudential6s corporate identity while effecti'ely communicating its 'aried product offerings to the customer. Channel marketing pro'ides support to the sales force by streamlining the design and de'elopment of collaterals and sales tools across distribution channels. The )irect marketing team was set up to generate high =uality leads for profitable business. The team achie'es this through target database ac=uisition and communicating customi,ed product information through e0mailers, telemarketing and inno'ati'e direct mailers. /inance Binance function in ICICI Prudential is committed to create an infrastructure that is aligned to shareholder e pectations. Binance basically comprises of four functions. .

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Corporate Planning and ;I( pro'ide feedback on business strategies. This includes dri'ing the budgeting process, pro'iding strategic inputs for decision0making and management reporting and analysis. The ?ccounts function includes preparation and maintenance of financial records, funds management, and e pense processing and treasury operations. Compliance ensures that e'ery action is within the regulatory framework. This includes re'iewing compliance re=uirements and supporting the ethical framework of ICICI Pru life. Internal audit pro'ides assurance to the management o'er the organi,ations6 control framework and includes process risk management, information security assessment and business continuity assessment.

.u)an Res urce The people strategy of ICICI Prudential is :To build a committed team with a culture of inno'ation, learning and growth. The Iuman &esource Bunction at ICICI Prudential dri'es the people strategy of the business. 7ith its initial focus on operational e cellence to deli'er benefits and ser'ices to staff members, I& is now committed to building capability through state of the art processes. ? robust performance management system, compensation system and a segmented training architecture enable it to deli'er 'alue to the organi,ation. Business E@ce!!ence The @usiness 5 cellence function is committed to building a =uality mindset across the organi,ation. ICICI Prudential is the first organi,ation in the Insurance Industry that has adopted the (i (igma ;ethodology for process efficiency and measurement. The team is also dri'ing the ;alcolm @aldrige framework across the organi,ation, an inter'ention that e amines management of key inputs for @usiness 5 cellence. Bancassurance Dne of the most significant ad'ances in the financial ser'ices sector o'er the past couple of years has been the growth of @ancassurance > which, in simplest terms,
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means the distribution of insurance products through a bankEs distribution channels. In other words, @ancassurance is a ser'ice which can fulfill both banking and insurance needs at the same time. @ancassurance as a concept first began in India with the opening up of the insurance industry to pri'ate sector participation in )ecember !""" which saw the entry of 2$ new players 0 with !2 in the life insurance sector and . in the non0life sector. @ancassurance has also seen significant rise in other ?sian markets. Bor e ample, @ancassurance accounted for 2%/ of new life insurance sales by MweightedE premium income in (ingapore in 2$$2. This is a significant increase on the e=ui'alent 2$$! statistic of !#/ and is as a result of growth in significant bank0centric @ancassurance operations. ?lthough the concept of @ancassurance looks simple enough, it is far from that in real life practice. Legislati'e differences, consumer beha'ior, impact of history and culture, product comple ity, employee work culture and many such other factors ha'e contributed to significant differences in results across countries. Bor e ample, in Brance and (pain 1$/ to .$/ of life insurance products are sold through bank branches compared to !$/ in +O and +(?. Bancassurance M 2e!s Globally we ha'e % kinds of @ancassurance business modelsC

)istribution alliance between the insurance company and the bank NF between the two ;erger between bank and insurer @ank builds or buys own insurance products

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;ost of the @ancassurance operations in India fall into the first model, which in a way is =uite a prudent decision. The Indian @ancassurance scene as of now looks as promising as perilous, being a 'ast, une plored and uncharted e panse. ?s banks are =uite risk a'erse, it is but natural for them to withhold from making any long term commitment, which would be =uite costly if the @ancassurance business runs into trouble. In terms of the present regulatory framework, one bank can tie0up with only one life and one non0life insurer, while insurers ha'e the choice to tie0up with any number of banks. 7e also ha'e e amples of -oint 'entures between the bank and insurer such as (@I Life and ICICI Prudential.

Sta%es in & !ic, Issuance 1) &r - sa! ? Proposal (tage is the Birst stage before the policy is issued at CDP(. ?t this stage, the application form is recei'ed by CDP(, but it is pending for issuance due to further clarifications re=uired from the customer. ") L %in ? proposal which is complete i.e., duly filled with all necessary documents attached to it G accepted by the @ranch ops, is called a Login :) ReAect ?n ?pplication gets re-ected at the @ranch Dps le'el due to necessary details not filled in the form or necessary documents not submitted is a &e-ect. It is then sent back to the ?d'isor for completion. 4) Issuance Issuance means a policy that is issued to the Customer by Central Dps. 5) Dec!ine Status 7hen a customer refuses to take a policy post login but before Issuance is called a
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)ecline 6) Cance!!ati n 7hen the che=ue gi'en by the customer bounces, it amounts to cancellation of the policy1 8) La-se ? policy for which the Customer fails to pay subse=uent premiums is a Lapsed Policy. 9) /ree! > Post issuance of the policy, the policyholder has the option to turn down the policy within !# days from the date of issuance. This period of !# days is called Breelook Period. 7) Surren2er: 7hen a customer wants to discontinue with the policy.

The joint st rengt hs

A powerful joint venture partnership with each carrying a set of strengths complementing each others

rand strength

Reputation

Infrastructure !ustomer base $ar#et Innovators

Insurance expertise

I!I!I

PR%D&'TIA"

Product Distribution

"ocal #nowledge

Operations

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"14 &RODUCTBSERVICES &RO/ILE ICICI PrudentialEs ultimate promise is financial security. ? strong brand certainly boosts sale, but without customer0friendly, inno'ati'e products, e'en the best brand would not last long. ICICI PrudentialEs product range has been de'eloped on the understanding that different people ha'e their own sets of needs at 'arious stages of their li'es. It has thus built a fle ible portfolio of products that can be customi,ed to cater to 'arying needs of people at each stage, and thus ensure protection in e'ery step of life. The companyEs philosophy has been to help customers understand their financial needs and work closely with them to customi,e a product that would meet. ?d'isors can offer a complete range of products >(a'ings plans, Child plans, ;arket0linked plans, Protection plans, and &etirement plans > and tailor a fle ible solution to meet customersE changing needs at e'ery stage of life. In fact, ICICI Prudential was the first to un0bundle product benefits, pioneering the concept of MridersE and soon after introduce comprehensi'e market0linked and retirement plans. ICICI Prudential has launched a handful of products that are analy,ed belowC ICICI Prudential6s life insurance products may be loosely categori,ed under three formsC pure life insurance products without an in'estment angle to themA a product that is a mi
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of a cumulati'e in'estment scheme and an insurance productA and, finally, standard products such as money0back and endowment policies.

Sin%!e &re)iu) B n2C The (ingle Premium @ond is the name of a policy that combines the features of an in'estment in a cumulati'e deposit scheme with that of an insurance product. Policy0holders are re=uired to pay a one0time premium based on a target sum assured. ?t maturity, the policy0holder gets the sum assured and guaranteed additions that work out to a compound return of %.# per cent the sum assured. The insurance part of the package comes in the form of death benefits that are paid in the case of the demise of the policy0holder. The si,e of the death benefit is linked to the number of years left for the policy to e pire. Dn maturity date, the maturity 'alue is also paid in addition to the death benefits that would ha'e been paid earlier. Life (uar2 - !iciesC The company offers two pure life insurance products that ha'e an umbrella name, Life Guard. Dne of them in'ol'es a one0time premium for which there are no maturity benefits. The other re=uires regular premium payments that are returned at the end of the policy. Life Guard offers absolutely no in'estment0related return and is suitable for indi'iduals looking for an unadulterated insurance package. Insurance S !uti ns f r In2i+i2ua!s ICICI Prudential Life Insurance offers a range of inno'ati'e, customer0centric products that meet the needs of customers at e'ery life stage. Its products can be enhanced with up to # riders, to create a customi,ed solution for each policyholder. Sa+in%s S !uti ns Secure Plus is a transparent and feature0packed sa'ings plan that offers * le'els of protection. Cash Plus is a transparent, feature0packed sa'ings plan that offers * le'els of protection as well as li=uidity options.

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Save n Protect is a traditional endowment sa'ings plan that offers life protection along with ade=uate returns

CashBa

is an anticipated endowment policy ideal for meeting milestone

e penses like a childEs marriage, e penses for a childEs higher education or purchase of an asset. L!"eT!#e an$ L!"eT!#e II offer customers the fle ibility and control to customi,e the policy to meet the changing needs at different life stages. 5ach offer % fund options >Preser'er, Protector, @alancer and ;a imiser. L!"eL!n Su%er is a single premium +nit Linked Insurance Plan which combines life insurance co'er with the opportunity to stay in'ested in the stock market. Pre#!er L!"e is a limited premium paying plan that offers customers life insurance co'er till age of 8#. InvestSh!el$ L!"e is a +nit Linked plan that pro'ides capital guarantee on the in'ested premiums and declared bonus interest. InvestSh!el$ Cash is a +nit Linked plan that pro'ides capital guarantee on the in'ested premiums and declares bonus interest along with fle ible li=uidity options. InvestSh!el$ &ol$ is a +nit Linked plan that pro'ides capital guarantee on the in'ested premiums and declares bonus interest along with limited premium payment terms.

&r tecti n S !uti ns

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L!"e&uar$ is a protection plan, which offers life co'er at 'ery low cost. It is a'ailable in * options >le'el term assurance with return of premium and single premium.

'o#e(ssure is a mortgage reducing term assurance plan designed specifically to help customers co'er their home loans in a simple and cost0effecti'e manner.

C*i!2 &!ans S#art)!$ education plans pro'ide guaranteed educational benefits to a child along with life insurance co'er for the parent who purchases the policy. The policy is designed to pro'ide money at important milestones in the childEs life. (martOid plans are also a'ailable in unit0linked form > both single premium and regular premium. Retire)ent S !uti ns ForeverL!"e is a retirement product targeted at indi'iduals in their thirties. SecurePlus Pens!on is a fle ible pension plan that allows one to select between * le'els of co'er. Mar et*l!n e$ ret!re#ent %ro$ucts L!"eT!#e Pens!on II is a regular premium market0linked pension plan. L!"eL!n Pens!on II is single premium market linked pension plan. InvestSh!el$ Pens!on is a regular premium pension plan with a capital guarantee on the in'estible premium and declared bonuses &ol$en Years+ is a limited premium paying retirement solution that offers ta benefits up to &s !$$,$$$ uLs .$C, with fle ibility in both the accumulation and payout stages.

.ea!t* S !uti ns

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'ealth (ssure an$ 'ealth (ssure Plus+ Iealth ?ssure is a regular premium plan which pro'ides long term co'er against 1 critical illnesses by pro'iding policy holder with financial assistance, irrespecti'e of the actual medical e penses. Iealth ?ssure Plus offers the added ad'antage of an e=ui'alent life insurance co'er

Cancer Care+ is a regular premium plan that pays cash benefit on the diagnosis as well as at different stages in the treatment of 'arious cancer conditions.

(r u- Insurance S !uti ns ICICI Prudential also offers Group Insurance (olutions for companies seeking to enhance benefits to their employees. ICICI &ru (r u- (ratuit, &!an: ICICI PruEs group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also be customi,ed to structure schemes that can pro'ide benefits beyond the statutory obligations.

ICICI &ru (r u- Su-erannuati n &!an: ICICI Pru offers a fle ible defined contribution superannuation scheme to pro'ide a retirement kitty for each member of the group. 5mployees ha'e the option of choosing from 'arious annuity options or opting for a partial commutation of the annuity at the time of retirement. ICICI &ru (r u- Ter) &!an: ICICI PruEs fle ible group term solution helps pro'ide affordable co'er to members of a group. The co'er could be uniform or based on designationLrank or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the member on hisLher death. /!e@i=!e Ri2er O-ti ns ICICI Pru Life offers fle ible riders, which can be added to the basic policy at a marginal cost, depending on the specific needs of the customer. !. (cc!$ent an$ $!sa,!l!t- ,ene"!t+ If death occurs as the result of an accident during the term of the policy, the beneficiary recei'es an additional amount
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e=ual to the rider sum assured under the policy. If the death occurs while tra'eling in an authori,ed mass transport 'ehicle, the beneficiary will be entitled to twice the sum assured as additional benefit. 2. (cc!$ent Bene"!t+ This rider option pays the sum assured under the rider on death due to accident. *. Cr!t!cal Illness Bene"!t+ Protects the insured against financial loss in the e'ent of " specified critical illnesses. @enefits are payable to the insured for medical e penses prior to death %. Inco#e Bene"!t+ This rider pays the !$/ of the sum assured to the nominee e'ery year, till maturity, in the e'ent of the death of the life assured. It is a'ailable in (martOid, (ecurePlus, and CashPlus. #. Wa!ver o" Pre#!u#+ In case of total and permanent disability due to an accident, the premiums are wai'ed till maturity. This rider is a'ailable with (ecurePlus and CashPlus.

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DATA ANALYSIS AND INTER&RETATION !. ?ge of the respondents

P?&TICT+L?&( Less than 2# 2# 0 *# *# 0 %# ?bo'e %# TDT?L

9D.DB.&5(PD9)59T !! %$ 2$ 2" !$$

P5&C59T?G5 !!/ %$/ 2$/ 2"/ !$$

Age of the Respondents

NO.OF.RESPONDENT 100 80 60 40 20 0 Less 25 - 35 35 - 45 than 25 Above 45 TOTAL PER ENTA!E

ANALYSIS: Brom the sur'ey it was found that amongst !$$ respondents a3 !!/ of the respondents are less than 2# years old. b3 %$/ of the respondents are between 2# and *# years of age. Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum. c3 2$/ of the respondents are between *# and %# years of age. d3 2"/ of the respondents0*10 are more than %# years of age.

2. Jualification of the respondents. P?&TIC+?L& Graduate Post Graduate )iploma Dther discipline TDT?L 9D.DB.&5(PD9)59T #2 2" . !! !$$ P5&C59T?G5 #2/ 2"/ ./ !!/ !$$/

Qualification of the Respondents

!"a#$ate Othe" #%s)%&'%ne 100 80 60 40 20 0 NO.OF.RESPONDENT PER ENTA!E Post !"a#$ate TOTAL D%&'o(a

ANALYSIS: Brom the sur'ey it was found that amongst !$$ respondents a3 b3 c3 d3 #2/ of the respondents were graduate 2"/ of the respondents were post graduate ./ of the respondents were diploma !$/ of the respondents were other discipline

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*3 Dccupation of the respondents P?&TIC+L?&( @usiness man Professionals Nob holders Dthers TDT?L 9D.DB.&5(PD9)59T *% !. *8 !! !$$ P5&C59T?G5 *%/ !./ *8/ !!/ !$$/

Occupation of the Respondents

*$s%ness (an Othe"s 100 80 60 40 20 0 NO.OF.RESPONDENT P"o+ess%ona's TOTAL ,ob ho'#e"s

ANALYSIS: Brom the sur'ey it was found that amongst !$$ respondents a3 b3 c3 d3 *%/ of the respondents are businessmen. !./ of the respondents are professionals. *8/ of the respondents are -ob holders. !!/ of the respondents are background.

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%3

?'erage annual income of respondents. 9D.DB.&5(PD9)59T ** %* 2$ % !$$ P5&C59T?G5 **/ %*/ 2$/ %/ !$$/

P?&TIC+L?&( +p to ! lakh ! lakh 0 * lakh * lakh 0 # lakh # lakh G abo'e TDT?L

Average annual income of respondents(

100 80 -& to 1 'a.h 1 'a.h - 3 'a.h 3 'a.h - 5 'a.h 5 'a.h / above TOTAL 60 40 20 0 NO.OF.RESPONDENT

ANALYSIS: Brom the sur'ey it was found that amongst !$$ respondents a3 **/ of the respondents ha'e an a'erage annual income up to ! lakh b3 %*/ of the respondents ha'e an a'erage annual income from ! lakh to * lakh c3 2$/ of the respondents ha'e an a'erage annual income from * lakh to # lakh d3 %/ of the respondents ha'e an a'erage annual income abo'e # lakh
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#3 Bamily si,e of respondents P?&TIC+L?&( @elow # members # 0 !$ members ?bo'e !$ members TDT?L 9D.DB.&5(PD9)59T #$ *2 2. !$$ P5&C59T?G5 #$/ *2/ 2./ !$$/

)A$I"* +I,&

280 500 be'o1 5 (e(be"s 5- 10 (e(be" above 10 (e(be" 320

ANANLYSIS: Brom the sur'ey it was found that amongst !$$ respondents a3 #$/ of the respondents are below # members. b3 *2/ of the respondents are between # to !$ members. c3 2./ of the respondents are abo'e !$ members.

Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.

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13 ?ccording to life insurance is. P?&TIC+L?&( &isk Co'erage Ta (a'ings Good return (ecurity ?ll the abo'e TDT?L 9D.DB.&5(PD9)59T !$ * % * .$ !$$ P5&C59T?G5 !$/ */ %/ */ .$/

"ife Insurance is
R%s. ove"a2e Ta3 Sav%n2s A'' the above !oo# "et$"n TOTAL Se)$"%t4 100 80 60 40 20 0 NO.OF.RESPONDENT

ANALYSIS: Brom the sur'ey it was found that amongst !$$ respondents a3 b3 c3 d3 e3 !$/ of the respondents say risk co'erage. */ of the respondents say ta sa'ings. %/ of the respondents say good returns. */ of the respondents say financial security. .$/ of the respondents say all of the abo'e.

83

?wareness of ICICI Prudential life insurance

Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.

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P?&TIC+L?&( Hes 9o TDT?L

9D.DB.&5(PD9)59T P5&C59T?G5 !8 .* !$$ !8/ .*/ !$$/

Awareness of I!I!I Pru

5es 100 80 60 40 20 0 NO.OF.RESPONDENT No TOTAL

ANALYSIS: Brom the sur'ey it was found that amongst !$$ respondents a3 .*/ of the respondents say that they are aware of ICICI Prudential life insurance co. b3 !8/ of the say that they are unaware of ICICI Prudential life insurance co

.3 ?wareness regarding insurance. P?&TIC+L?&( 9D.DB.&5(PD9)59T P5&C59T?G5

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Hes 9o TDT?L

2 ". !$$

2/ "./ !$$/

I'+%RA'!& A-AR&'&++
100 70 80 60 60 50 40 30 20 10 0

NO.OF.RESPONDENT PER ENTA!E

5es

No

TOTAL

ANALYSIS: Brom the sur'ey it was found that amongst !$$ respondents a3 "./ of the respondents say that they are aware of insurance. b3 Dnly 2/ are unaware of insurance.

"3 / of respondents who are under different plans of ICICI Prudential life insurance co. P?&TIC+L?&( In'est gain plan 9D.DB.&5(PD9)59T %! P5&C59T?G5 %!/

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+nit gain plan Child gain plan 7hole life plan Pension plan TDT?L

*1 . !# 9o !$$

*1/ ./ !#/ 9o !$$/

I'+%RA'!& P"A'+ O) I!I!I PR%D&'TIA"

150 80 410

360

8nvest 2a%n &'an -n%t 2a%n &'an h%'# 2a%n &'an 9ho'e '%+e &'an Pens%on &'an

ANALYSIS: Brom the sur'ey it was found that amongst !$$ respondents a3 b3 c3 d3 e3 %!/ of the respondents are under in'est gain plan *1/ of the respondents are under unit gain plan ./ of the respondents are child gain plan !#/ of the respondents are whole life plan 9o body under pension plan

!$3

/ of respondents benefits of choosing the particular products 9D.DB.&5(PD9)59T 1$ P5&C59T?G5 1$/

P?&TIC+L?&( &isk co'erage

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?dditional benefit ;aturity date (um ?ssured TDT?L

2$ !2 . !$$

2$/ !2/ ./ !$$/

enefits of Particular Products

100 70 80 60 60 50 40 30 20 10 0

R%s. )ove"a2e A##%t%ona' bene+%t :at$"%t4 #ate S$( Ass$"e# TOTAL

ANALYSIS: a3 *1/ of the respondents say that a benefit of choosing the particular Product is for (afety of life. b3 2$/ of the respondents say that a benefit of choosing the particular products is for additional benefit to family c3 !2/ of the respondents say that a benefit of choosing the particular products is for maturity date d3 ./ of the respondents say that a benefit of choosing the particular products is for sum assured

!!3

/ of disad'antages in insurance plan 9D.DB.&5(PD9)59T *# 2$ !" !% !2 !$$ P5&C59T?G5 *#/ 2$/ !"/ !%/ !2/ !$$/

P?&TIC+?L&( Li=uidity Lapsation +nable to decide premium Iigh risk co'erage Bi ed Term TDT?L

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Disadvantages in Insurance Plans

100 80 60 40 20 0 NO.OF.RESPONDENT La&sat%on <%2h "%s. )ove"a2e TOTAL

L%;$%#%t4 -nab'e to #e)%#e &"e(%$( F%3e# Te"(

ANALYSIS: Brom the sur'ey it was found that amongst !$$ respondents a3 *#/ of the respondents say that disad'antages in insurance plan are li=uidity. b3 2$/ of the respondents say that disad'antages in insurance plan are lapsation. c3 !"/ of the respondents say that disad'antages in insurance plan is unable decide premium. d3 !%/ of the respondents say that disad'antages in insurance plan are high risk co'erage at high premium. e3 !2/ of the respondents say that disad'antages in insurance plan is fi ed term

!23

/ of respondents who want to in'est in these different a'enues. 9D.DB.&5(PD9)59T %$ 2# !$ !! # " P5&C59T?G5 %$/ 2#/ !$/ !!/ #/ "/

P?&TIC+?L&( &ecurring )eposit 5=uity Bund @alanced Bund ;utual Bund )ebt Bund Cash Bund

Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.

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TDT?L

!$$ I'.&+T$&'T A.&'%&+

70

!$$/

50 110

400

R.D E;$%t4 *a'an)e# +$n# :$t$a' F$n#

100 250

Debt F$n# ash F$n#

ANALYSIS: Brom the sur'ey it was found amongst !$$ respondents a3 b3 c3 d3 e3 f3 %$/ of respondents say that they want to in'est in &.) 2#/ of respondents say that they want to in'est in e=uity !$/ of respondents say that they want to in'est in balanced fund !!/ of respondents say that they want to in'est in mutual fund #/ of respondents say that they want to in'est in debt market "/ of respondents say that they want to in'est in cash

/INDIN(S Dn an analysis and e'aluation of the data collected from the respondents the following findings were found. @efore establishment of pri'ate concerns the share of LIC was 22/ hence there is a wide scope for pri'ate concerns to enter in to market.

Visvesvaraya Technological University, Jnana Sangama PG Centre, Belgaum.

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Total !$$ respondents ha'e been approached out of which 8# are the potential respondents who ha'e shown interest for in'estment and finance plan ?bo'e 2$/ of respondents are shown interest for in'estment and financial plan ?bout **.**/ of respondents are not interest to gi'e their personal records. ?bout !2.18/ of respondents ha'e already been co'ered by other insurance companies. ?bout !$/ of respondents ha'e gi'en in'alid records. ?bout !$/ of respondents are newly employed or trainees. ?bout !$/ of respondents interested for in'estment plan after knowing ICICI P&+)59TI?L LIB5 I9(+&?9C5 products.

RECOMMENDATIONS TO COM&ANY: (ince ICICI Prudential Life Insurance co. ltd is the largest in terms of B)I in'ested, in terms of work force, in terms of market share, in terms of no. of customers. ?ll these positi'e stands of the company place at the number one position. Dn second aspect whate'er amount of money ICICI Prudential sa'e, can be used to increase the no. of policies, which will helpful to increase the market share of the company. (ince the customers think about the companies in the industry, when they in'est money in the life insurance industry. (o itEs necessary to increase the market share of the company. There are some recommendations.

O-en s )e ) re =ranc*es in se)i ur=an an2 rura! area1 ICICI Prudential has almost its branches in urban area or metros. (o in order to increase the no. of customer, ICICI Prudential should increase the approach towards potential customers. Bor that it has to increase the branches in the semi

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urban cities like C, ) grade cities. ?nd the rural marketing is the best option for ICICI Prudential to increase its base in the market I)-r +e cust )er ser+ices1 In order to take the ad'antage of being industry leader in pri'ate sector, ICICI Prudential has to impro'e its customer ser'ices. ?ccording to my e perience in the company, a good number of customers forget to pay their premium at time so it causes a big loss to the company. ICICI Prudential has already collaborated with the ICICI bank for its @ancassurance facility and then can include another feature in it. ICICI bank can offer a bank account with the life insurance policy in which an ?T; card will be pro'ided. This card will ha'e all the information regarding the policy as like future premium payment dates, payment made, money 'alue of the policy at that date, 'alue of the unit linked plan and all other information what the customer want. This will help the customer to pay premium on time and sa'e their losses. This will be mutually helpful for both sister companies, ICICI bank will get new account and ICICI prudential will be able to more efficient ser'ices to their customers. Brin% s )e unit !in>e2 !ife insurance -!ans in t*e )ar>et1 @eing a market leader doesnEt ensure the leadership in the future. (ince after increment in B)I from 21/ to %"/ all player will ha'e the opportunity to capture the market share. (o in order to maintain its position ICICI Prudential should

0Introduce some new market linked insurance plan, which will gi'e a competiti'e ad'antage to the ICICI Prudential against its competitors. Traine2 t*e financia! a2+is rs ) re efficient!,1 In the changed scenario, more efficient training will be needed, so ICICI Prudential should pro'ide good and efficient training to their financial ad'isors.
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@ecause they are the one who interact directly with the customers. (o good training will gi'e them the right way to deal with the potential customers.

CUESTIONNAIRE )ear (irL;adam, I am a student of Fis'es'arya Technological +ni'ersity @elgaum, conducting a marketing sur'ey on C#$S%&'( )'*A+,#%( A$- C%S.#&'( SA.,S/AC.,#$ of ,C,C, 0rudential 1,/' ,$S%(A$C'! ,$ )angalore C,.2. I re=uest you to fill this =uestionnaire G I assure that this data will be used only for study purpose G it will be kept confidential. !. 9ame RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR

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2. *. ?ge

?ddress

RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR c. *#0%# d. %# and abo'e

a. Less than 2# b. 2# > *# %. Jualification a. Graduate b. Postgraduate #. Dccupation a. @usiness b. Professional 1.

c. )iploma d. Dther discipline

c. Nob holder d. Dther

7hat is your a'erage annual incomeS a. b. c. d. +p to ! lakh ! lakh to * lakhs * lakhs to # lakhs # lakhs and more

8. Hour family si,e a. @elow # members b. # > !$ members c. ?bo'e !$ members

8.

?ccording to you life insurance is, a. ? ta sa'ing plan b. ? sa'ing scheme with good return c. ? financial security for the family d. &isk co'erage e. ?ll the abo'e Ia'e you taken any life insurance product of ICICI Prudential Life insuranceS

..

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H5(

9D

If yes ". 7hich are in theseS a. +nit gain plan b. In'est gain plan c. 7hole life plan d. Children plan e. Pension plan f. Dthers RRRRRRRRRRRRRRRRRR !$. ?re you aware of the benefits in your policyS Hes 9o If yes what are theyS (um assured ?dditional benefits ;aturity date &isk co'erage !!. ?ccording to you what are the disad'antages in an insurance planS Lapsation Li=uidity Bi ed term +nable to decide your premium +nable to decide the sum assured Iigh risk co'erage at high premiums Dther disad'antages

!2. In which of the following would you like to in'estS 5=uity fund )ebt fund @alanced fund Cash fund ;utual fund &ecurring deposits

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!*.

?ny suggestion for ICICI Prudential Life Insurance RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR RRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRRR Thank you for sparing your 'aluable time

BIBLIO(RA&.Y
Mar et!n. Mana.e#ent by Philip Ootler, Pearson 5ducation 2nd ed. Consu#er Behav!or by Leon G.(chiffman, Prentice0Iall India .th ed. IRD( /ournal ICICI Pru$ent!al Co#%an- #a.a0!nes
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 Ne1s%a%er an$ Bus!ness #a.a0!nes DEBSITES .iciciprulife.com .google.co.in3indian insurance industry .irdaindia.org

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