ABSTRACT

This project is a part of our course. I have done a market research on awareness of the brand ICICI Prudential Life Insurance Company.. This market research has been done on behalf of ICICI Prudential Life Insurance Company Limited. The main focus of this research is to measure the awareness of ICICI brand and life insurance. My project profile was divided in Market Research through Questionnaire method. This project report will be helpful for one who is looking for potential market in Bhagalpur for ICICI Prudential products. It will also give information about awareness level of the company and its products. This information will be helpful for the company to increase the satisfaction level.

INTRODUCTION PROFILE OF GENERAL INSURANCE INDUSTRY

History of Indian Insurance Market Insurance in India goes back to the time of the British. The first life insurance company to operate in India the Oriental Life Insurance Company was established in 1818 in Calcutta. It was, however, a British company. The first Indian insurance company, the Bombay Mutual Life Assurance Society started its operations in1871. In 1956 the Indian life insurance industry was made up of 154 domestic life insurers, 16 foreign life insurers and 75 provident funds, and was still governed by the Insurance Act of 1938.In 1956 all life insurance companies were nationalized, the story of non-life insurance in India is no different. Though Lloyd. Insurance pioneered general insurance way back in 1688, the first non-life insurance company to set up shop in India was the Triton Insurance Company of Calcutta. In1907, the first Indian general insurer, the Indian Mercantile Insurance Company started its operations. The New India Assurance Company Ltd. was incorporated in1919. In 1972, the non-life insurance business in the country was nationalized and the GIC (General Insurance Corporation of India) was formed as a holding company with four subsidiaries: The National Insurance, Oriental Insurance, United India Insurance and the New India Assurance Company Ltd.Since then, insurance in India had a protective wall built around it, to keep it local players Market. The above companies controlled the insurance industry for nearly 30 years or so. Current Insurance Market Structure General Insurance business in India was under complete control of four Governments insurance companies for nearly three decade. After much deliberation finally the market was opened for competition from December2000 and also Government has de-linked four Public sector companies from holding company GIC to operate as independent company. In addition to four Public Sectors insurance companies the Insurance Regulatory and Development Authority (.IRDA.)Has issued licenses to the eight Private.

COMPANY PROFILE
ICICI Prudential Life Insurance Company Limited ICICI Prudential is a joint venture between ICICI Bank and Prudential plc engaged in the business of life insurance in India.ICICI Prudential is the largest private insurance company and second largest insurance in India after LIC. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA).ICICI Prudential Life's capital stands at Rs. 37.72 billion (as on March, 2008) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the year ended March 31, 2008, the company garnered Retail New Business Weighted premium of Rs. 6,684 crores, registering a growth of 68% over the last year and has underwritten nearly 3 million retail policies during the period. The company has assets held over Rs. 30,000 crore as on April 30, 2008.ICICI Prudential Life is also the only private life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating is the highest rating, and is a clear assurance of ICICI Prudential's ability to meet its obligations to customers at the time of maturity or claims.For the past seven years, ICICI Prudential Life has retained its leadership position in the life insurance industry with a wide range of flexible products that meet the needs of the Indian customer at every step in life. Since the liberalization of Indian Insurance sector, ICICI Prudential Life Insurance has been one of the earliest private players. Since the time, ICICI Pru Life has been the leader in terms of market share as indicated by the IRDA (Insurance Regulatory and Development Authority, the regulator for Indian Insurance Industry) at its website. Arguably the most innovative Indian Life insurer in terms of customer services and products, ICICI Prudential has one of the largest distribution and servicing network with over 2,000 proprietary offices & customer touch points across India. The 30,000 employee strong organization has one of the largest agency distribution in the industry. With a growing product

range to match the complex needs of the demanding customers in a growing economy, the organization also has a history of successful. During 2007-08, the organization's focus on rural business has proved its complex project execution capability and strong partnerships for customer servicing. In June, 2009 ICICI Prudential Life Insurance has decided to snap its tie up with TTK Healthcare to settle insurance claims of its user. GROUP COMPANIES Domestic subsidiaries ICICI Prudential Life Insurance Company Limited o ICICI Venture Funds Management Company Limited o ICICI Securities Limited o ICICI Lombard General Insurance Company Limited o ICICI Home Finance Company Limited o ICICI Investment Management Company Limited o ICICI Trusteeship Services Limited o ICICI Brokerage Services Limited o ICICI Distribution Finance Private Limited International subsidiaries o ICICI Bank UK Limited o ICICI Bank Canada o ICICI Securities Holdings Inc o ICICI Securities Inc o ICICI International Limited Insurance Plans ICICI Prudential has a wide array of insurance plans that have been designed with the philosophy that different individuals are bound to have differing insurance needs. The ideal insurance plan is one that addresses the exact insurance needs of the individual that will depend on the age and life stage of the individual apart from a host of other factors.

1.3 Life Insurance Plans

Life insurance products assure your family will receive financial support, even in your absence. Put simply, when you buy insurance you provide your family with a sum of money, should something happen to you. It thus permanently protects your family from financial crises. In addition to serving as a protective cover, when you buy insurance you create a flexible money-saving scheme, which empowers you to accumulate wealth to buy a new car, get your children educational solutions, and even retire comfortably. Today, there is no shortage of investment options for a person to choose from. Given the plethora of choices, it becomes imperative to make the right choice when investing your hard-earned money, and online insurance is an ideal choice in todays technology driven world. Buying Life insurance online is a way to make a unique investment that helps you to meet your dual needs - saving for life's important goals, and protecting your assets. From an investor's point of view, an investment can play two roles - asset appreciation or asset protection. While most financial instruments have the underlying benefit of asset appreciation, buying life insurance online gets you the