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Submitted to the
SCHOOL OF MANAGEMENT
In partial fulfillment of the requirements for the award of the degree
Of MASTER OF BUSINESS ADMINISTRATION (M.B.A) By MD SHAKIR HOSSAIN (Reg. no- 35080313) Under the guidance of Mrs.R.Srividhya Asst.Professor SRM SCHOOL OF MANAGEMENT SRM UNIVERSITY KATTANKULATHUR 603203 MAY 2010
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BONAFIDE CERTIFICATE
Certified that this project report titled A STUDY ON Awareness of the brand ICICI Prudential Life Insurance Company in Bhagalpur is the bonafide work of Mr. MD.SHAKIR HOSSAIN (Reg. No- 35080313), who carried out the research under my supervision. Certified further, that to the best of my knowledge the work reported herein does not form part of any other Project report or dissertation on the basis of which a degree or award was conferred on an earlier occasion on this or any other candidate. Mrs.R.Srividhya
Dr. JAYASHREE SURESH Internal Guide Dean, MBA Department
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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 in Bhagalpur.. 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.
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LIST OF TABLES
Table No. TITLE PAGE NO. 1 Gender of the respondents 22 2 Age of the respondents 24 3 Occupation of the Respondents 26 4 Annual Income of the Respondents 28 5 Company recognition through logo and influence of advertising media 30 6 Awareness level of the types of insurance 33 7 Relative importance of types of insurance policy 36 8 Awareness about insurance companies providing life insurance 38 9 Extent of knowledge of life insurance 40 10 Opinion about need for life insurance 42 11 Reasons why life insurance is not necessary 44 12 Perception about life insurance 46
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LIST OF FIGURES
FIGURE NO. TITLE PAGE NO. 1 Gender of the respondents 23 2 Age of the respondents 25 3 Occupation of the Respondents 27 4 Annual Income of the Respondents 29 5 Company recognition through logo and influence of advertising media 32 6 Awareness level of the types of insurance 35 7 Relative importance of types of insurance policy 37 8 Awareness about insurance companies providing life insurance 39 9 Extent of knowledge of life insurance 41 10 Opinion about need for life insurance 43 11 Reasons why life insurance is not necessary 45 12 Perception about life insurance 47
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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
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8 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 delinked 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
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9 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.
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10 HIGHLIGHTS OF ICICI Prudential Life Insurance India 's number one private Life Insurance Company. First general insurance company in India to be ISO 9001:2000 certified Highest brand recall Simple and fast documentation Lightning fast claims settlement Instant online policy issuance Comprehensive product line Highest security level offered through 128-bit encryption in case of online data exchange. First company to provide digitally signed documents through an online interface. Achieved financial breakeven in first full year of operations Achieved underwriting breakeven in second year of operations ABOUT ICICI Bank Second largest bank in India with asset size of over US $ 24 billion A network of 540 branches /offices and over 1,700 ATMs Presence across all financial products Only FI in India to pierce sovereign rating Listed at the NYSE, around 72% of the companys equity is held by foreign investors Technology-enabled products and processes
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11 GROUP COMPANIES Domestic subsidiaries
ICICI Prudential Life Insurance Company Limited ICICI Venture Funds Management Company Limited ICICI Securities Limited ICICI Lombard General Insurance Company Limited ICICI Home Finance Company Limited ICICI Investment Management Company Limited ICICI Trusteeship Services Limited ICICI Brokerage Services Limited 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
o o o o o o o o o
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12 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.
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13 unique reassurance of asset protection, along with a strong element of asset appreciation. When you buy life insurance online the core benefit is that the financial interests of ones family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Simultaneously, buying life insurance online gives a strong inbuilt wealth creation proposition. The customer therefore benefits on two counts and online insurance products occupy a unique space in the landscape of investment options available to a customer. As your life stage and therefore your financial goals change, the instrument in
which you invest should offer corresponding benefits pertinent to the new life stage. Online insurance products are the only investment option that offer specific products tailor-made for different life stages. You are thus ensured that the benefits offered to the customer reflect the needs of the customer at that particular life stage, and hence ensures that the financial goals of that life stage are met. On the basis of which life stage you are in and the corresponding insurance needs, ICICI Prudential plans can be categorized into the following three types: Education Insurance Plans Wealth Creation Plans Protection Plans Education Insurance Plans One of your most important responsibilities as a parent is to ensure that your child gets the best possible education that can be provided.
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14 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 postgraduation - 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 ICICI Pru SmartKid Assure ICICI Pru SmartKid Maxima ICICI Pru SmartKid Regular 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
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15 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 LifeStage Wealth ICICI Pru ACE ICICI Pru Premier Wealth
ICICI Pru Assure Wealth ICICI Pru LifeTime Maxima ICICI Pru Pinnacle Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked
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16 Protection Plans The sole objective of these plans, as their name indicates, is to serve the protection needs of the customer and by doing so, safeguard ones family from the financial implications of unfortunate circumstances than one cannot foresee. Under the Protection Plans platform, ICICI Prudential brings to you the following products: Plan Name Plan Type Pure Protect LifeGuard Save'n'Protect CashBak Home Assure Traditional Traditional Traditional Traditional Traditional
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CHAPTER 2 NEED, OBJECTIVES, SCOPE AND LIMITATIONS OF THE STUDY 2.1 NEED FOR THE STUDY ICICI Prudential Life Insurance Company Limited division was
started in December 2000. Hence the company wanted to know to what extent the people were aware of ICICI Prudential Life Insurance company and their perception towards life, pension & retirement insurance products. Hence this research was undertaken. The company wanted to assess whether the present level of marketing efforts is sufficient or not and the medium of communication which was most effective in creating awareness. Hence its need for this research.
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21 ffl
To assess the relative importance of life insurance among different insurance products. ffl To assess the extent of the need for life insurance as perceived by the public and their reasons. ffl To estimate the degree of brand recall achieved through logo, slogan and Company name. ffl To assess the role of different media in generating awareness about the brand ICICI Prudential Life Insurance.
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3.2 DATA
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27 3.5.3 Ranking method This type of analysis is particularly useful when the purpose of the question is to identify the preferences of the sample among different choices. The respondents indicated the importance they assign to different types of policies. The ranking was in the order of 1 for most important and 5 for the least important. While doing the analysis the first rank was given a weightage of 5 and the least rank was given the weightage of 1.
The rank assigned by all the respondents was cumulated using the weightage. Accordingly the type of policy with the larger cumulative weightage was ranked number 1 and so on. 3.5.3 Questionnaire The questionnaire includes both open ended and closed ended questions with multiple choices, Open-ended questions enable wide range of responses. This enables the respondent to express his views in his own words.However this is difficult to tabulate and analyse. Close-ended questions offer a limited choice of response .Respondents find these easier to complete.Close-ended questions can also be tabulated and analysed more easily.
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Total Total 240 INFERENCE From the above table it is inferred that 74.6% of the respondents are male and 25.4% of the respondents are female.
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29 Male 179 75% Female 61 25% FIG. 4.1 GENDER OF THE RESPONDENTS 15
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AGE OF THE RESPONDENTS S No. 1 2. 3. 4. 5. 6. 7. Age 20-30 31-40 41-50 51-60 61-70 71-80 Above 80 Total No. of Respondents 81 69 43 14 22 6 5 240 Precentage 33.8 28.8 17.9 5.8 9.2 2.5 2.1 100.0
Average age of respondents = 39.375 INFERENCE From the above table it is inferred that, 33.8% of the respondents are in the age group of 20-30 years followed by 28.8% of the respondents who are in the age group of 31-40 years followed by 17.9% of the respondents who are in the age group of 41-50 years followed by 5.8% of the respondents who are in the age group of 51-60 years followed by 9.2% of the respondents who are in the age group of 61-70 years followed by 2.5% of the respondents who are in the age group of 71-80 years and 2.1% of the respondents who are in the age group of above 80 years.
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31 33.8% 28.8% 17.9% 5.8% 9.2% 2.5% 2.1% 0% 5% 10% 15% 20% 25% 30% 35% 40% 20-30 31-40 41-50 51-60 61-70 71-80 >80
NO O F RESPO NDENTS IN PERCENTA G E AGE
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TABLE NO. 4.3 OCCUPATION OF THE RESPONDENTS S.No. Occupation No. of Respondents Percentage 1 Salaried 121 50.4 2 Self employed professional 26 10.8 3 Self employed business 36 15.0 4 Retired 35 14.6 5 Housewife 18 7.5 6 Others 4 1.7 Total 240 100.0 INFERENCE From the above table it is inferred that 50.4% of the respondents are salaried employees, 10.8% of the respondents are self-employed professionals, 15.0% of the respondents are self-employed in business, 14.6% of the respondents are retired, 7.5% of the respondents are housewives and 1.7% of the respondents belong to others category and are Students or unemployed persons.
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3 0% 10% 20% 30% 40% 50% 60%
NO OF RESPONDENTS IN PERCENTAGE Salaried Self emp
50.4%
ployed profes Self em
10.8% OCCUP
ssional ployed busin
15.0%
OCCU
F PATION OF
nessRetired Ho
14.6%
UPATION
7.5% SPONDENT
thers
1.7% S 3 19
O
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34 TABLE NO. 4.4 ANNUAL INCOME LEVEL OF THE RESPONDENTS S.No. Annual income No. of Respondents Percentage 1 <2Lakhs 138 57.5 2 2-4Lakhs 72 29.9 3 4-6Lakhs 19 7.9 4 6-8Lakhs 4 1.7 5 >8Lakhs 7 2.9 Total 240 100.0 INFERENCE From the above table it is inferred that, 57.5% of the respondents belong to the annual income group of less than Rs.2 lakhs, 29.9% of the
respondents belong to the annual income group of Rs.2lakhs Rs.4lakhs, 7.9% of the respondents belong to the annual income group of Rs.4lakhs Rs6lakhs, 1.7% of the respondents belong to the annual income group of Rs.6lakhs Rs.8lakhs and 2.9% of the respondents belong to above Rs.8lakhs income group.
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35 . 57.5% 29.9% 7.9% 1.7% 2.9% 0% 10% 20% 30% 40% 50% 60% 70% <2Lakhs 2-4Lakhs 4-6Lakhs 6-8Lakhs >8Lakhs
NO OF RESPONDENTS IN PERCENTA G E ANNUAL INCOME
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36 TABLE NO. 4.5 COMPANY RECOGNITION THROUGH LOGO AND INFLUENCE OF ADVERTISING MEDIA Media Company recognition Cannot identify Icici Icici Prudential Total 101 (42.08%) 101 (42.08%) Print(PR) 39 (16.25%)
10 (4.17%) 49 (20.42%) Television(TV) 49 (20.42%) 10 (4.17%) 59 (24.58%) Hoardings(HD) 9 (3.75%) 10 (4.17%) 19 (7.92%) Sales people(SP) 14 (5.83%) 19 (7.92%) 33 (13.75%) PR,TV,HD 6 (2.5%) 2 (0.83%) 8 (3.33%) PR,TV 9 (3.75%) 3 (1.25%) 12 (5.0%) TV,SP 4 (1.67%) 0 4 (1.67%) INFERENCE From the above table it is inferred that 42.08% of the respondents were not able to recall the company name with the assistance of LOGO. 57.92% of the respondents were able to recall the company name with assistance of logo. Among those who were able to recall, 16.25%were able to recall ICICI and 4.17%were able to recall ICICI Prudential and they were aware of the logo through Print media, 20.42%were able to recall ICICI and 4.17%were able to recall ICICI Prudential and they were aware of the logo through Television, 3.75%were able to recall ICICI a nd 4.17%of were able to recall ICICI Prudential and they were aware of the logo through advertisement
Hoardings, 5.83%were able to recall ICICI and 7.92%were able to recall ICICI
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37 Prudential and they were aware of the logo through Sales people, 2.5%were able to recall ICICI and 0.83%were able to recall ICICI Prudential and they were aware of the logo through Print media, Television and advertisement hoardings, 3.75%were able to recall ICICI and 1.25%were able to recall ICICI Prudential and they were aware of the logo through Print media and Television, 1.67% were able to recall ICICI and they were aware of the logo through Television and Sales people.
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0 10 20 30 40 50 4
NO. OF RESPONDENT S IN PERCENTAG E
COMPAN
42.8 16.25 4
NY RECOGN
5 20.42 3. 4.17 10
FIG. ITION THRO . ADVERTISI 4.5 UGH LOGO AND INFLUENCE OF ING MEDIA
Canno
28
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39 TABLE NO.4.6 AWARENESS LEVEL OF THE TYPES OF INSURANCE S.No. Types No. of Respondents Percentage 1 Not aware 15 6.3 2 Pension(P) 142 59.17 3 Health(H) 139 57.91 4 Life(L) 90 37.5 5 Home(Ho) 134 55.83 6 P, H, L, Ho 65 27.1 7 P, H, Ho 13 5.4 8 P,H,L 8 3.3 9 H,L, Ho 6 2.5 10 P,H 22 9.2 11 P,L 2 .8 12
P, Ho 6 2.5 13 H, Ho 2 .8 14 L, Ho 1 .4 INFERENCE From the above table it is inferred that 27.1% of the respondents are aware of all types of general insurance namely Pension, health, life and home insurance. On the other hand 6.3% of the respondents are not aware of any of the general insurance products. The remaining 66.6% of the sample have
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40 varying degrees of awareness about the various general insurance products as detailed below. 55.83% of the respondents are aware of home insurance, 59.17% of the respondents are aware of Pension insurance,57.91% of the respondents are aware of health insurance, 37.5% of the respondents are aware of life insurance,9.2% of the respondents are aware of automobile and health insurance,5.4% of the respondents are aware of Pension, health and home insurance,3.3% of the respondents are aware of Pension, health and life insurance, 2.5% of the respondents are aware of Pension and home insurance, 2.5% of the respondents are aware of health, life and home insurance, 0.8% of the respondents are aware of Pension and life insurance and 0.8% of the respondents are aware of health and home insurance.
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42 TABLE NO. 4.7 RELATIVE IMPORTANCE OF TYPES OF INSURANCE POLICY S No. Policy Types Weightage Score 1 Pension 632 2. Health 761 3. Retirement 344 4. Home 617 5. Life 1040 INFERENCE From the above table the relative importance assigned by the respondents to different types of insurance can be clearly inferred. Life insurance occupies Ist rank with the highest score of 1040 points. Health insurance occupies IInd rank with the score of 761 points. Pension insurance occupies IIIrd rank with the score of 632 points.
Rank III II V IV I
Home insurance occupies IVth rank with the score of 617 points. Retirement insurance occupied Vth rank with the low score of 344 points.
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44 TABLE NO.4.8 AWARENESS ABOUT INSURANCE COMPANIES PROVIDING LIFE INSURANCE S.No. Companies No. of Respondents Percentage 1 Bajaj Allianz 84 35.0 2 Kodak Securities 50 25.8 3 HDFC-Chubb 67 27.9 4 Iffco-Tokyo 18 7.5 5 ICICI Prudential 168 70 6 Birla Sun life 122 50.8 7 Reliance 63 26.3 8 Tata AIG 95 39.6 9 L.I.C 159 68.8 INFERENCE From the above table it is inferred that, out of the respondents who
were aware of various companies providing home insurance with the assistance of the company name, (35.0%) of the respondents were able to recall the company Bajaj Allianz, (27.9%) of the respondents were able to recall the company HDFC-Chubb,(7.5%) of the respondents were able to recall the company Iffco-Tokyo, (70%) of the respondents were able to recall the company name ICICI Prudential, (50.8%) of the respondents were able to recall the company Birla Sun life, , (26.3%) of the respondents were able to recall the company Reliance, (39.6%) of the respondents were able to recall the company Tata AIG, (68.8%) of the respondents were able to recall the company L.I.C.
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46 TABLE NO. 4.9 EXTENT OF KNOWLEDGE OF LIFE INSURANCE S.No. Opinion No. of Respondents Percentage 1 Good 125 52.1 2 Fair 108 45.0 3 Poor 7 2.9 Total 240 100.0 INFERENCE From The above table it is inferred that, 52.1% of the respondents opined that their knowledge of life insurance as good, 45.0% of the respondents opined that they had fair knowledge and 2.9% of the respondents stated that their knowledge of life insurance was poor.
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1 2 3 4 5 6
NO OF RESPONDENTS IN PERCENT A G E
EEXTENT O
Fair
45.0%
OF KNOWL
Po
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48 TABLE NO. 4.10 OPINION ABOUT NEED FOR LIFE INSURANCE S.No. Opinion No. of Respondents Percentage 1 Necessary 200 83.3 2 Not necessary 21 8.8 3 No idea 19 7.9 Total 240 100.0 INFERENCE From The above table it is inferred that, (83.3%) of the respondents opined that life insurance is Necessary, (8.8%) of the respondents opined that life insurance is Not Necessary, (7.9%) of the respondents had no clear opinion about the need for life insurance.
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83.3%
8.8% 7.9%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% Necessary Not necessary No idea
NO O F RESPO NDENTS IN PERCENT A G E
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50 TABLE NO. 4.11 REASONS WHY LIFE INSURANCE IS NOT NECESSARY S.No. Reasons No. of Respondents Percentage 1 Nothing will happen to life 5 25.0 2 Waste of money 9 45.0 3 Lack of knowledge 5 25.0 4 Distrust about honoring Claims 1 5.0 Total 20
100.0 INFERENCE From The above table it is inferred that among the 20 respondents who felt life insurance is not necessary, (25.0) % of the respondents opined that life insurance is Not Necessary because of the reason Nothing will happen to life, (45.0%) of the respondents opined that taking life insurance is Waste of money, (25.0%) of the respondents opined that they do not have the adequate knowledge about life insurance, (5.0%) of the respondents opined that they dont trust general insurance companies to honor the claims in time.
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NO OF RESPONDENTS IN PERCENTAGE
REASO
o home Waste of mo
45
ONS WHY L
oneyLack of kDis
5% REASONS
G. 4.11 RANCE IS
bout honor
5%
NOT NEC 5
ing Claims
ESSARY) 1
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52 TABLE NO. 4.12 PERCEPTION ABOUT LIFE INSURANCE
S.No. Statements Strongly agree Agree some what Neutral Disagree some what Disagree completely 1 Becoming popular these days 134 (55.8) 69 (28.8) 29 (12.1) 3 (1.3) 5 (2.1) 2 Willing to be approached by sales people 63 (26.3) 40 (16.7) 40 (16.7) 34 (14.2) 63 (26.3) 3 Not aware of various companies providing. 98 (40.8) 55 (22.9) 32 (13.3) 33 (13.8) 22 (4.2) 4
There is not enough advertisement done 120 (50.0) 47 (19.6) 39 (16.3) 19 (7.9) 15 (6.3) INFERENCE From the above table it is cleared that maximum (55.8%) of the respondents strongly agreed that life insurance is becoming popular these days, (26.3%) of the respondents strongly agreed that they are willing to be approached by a sales people and equally disagreeing to be approached, (40.8%) of the respondents strongly agreed that they are not aware of the various companies providing home insurance and (50.0%) of the respondents strongly agreed that there is not enough advertisement done for life insurance.
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55.8 28.8 12.1 1.3 2.1 26.3 16.7 16.7 14.2 26.3 40.8 22.9 13.3 13.8 4.2 50 19.6 16.3 7.9 6.3
0 10 20 30 40 50 60
Strongly agree Agree some what Neutral Disagree some what Disagree completely
NO .O F RESPO NDENTS IN PERCENTA G E
Not aware of various companies providing. There is not enough advertisement done
52
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55 insurance as number 2, Pension insurance as number 3 and Home insurance was ranked 4th. When opinion about the necessity of life insurance is studied, majority of them (i.e.) 200 out of 240 respondents opined that it is necessary, but still when the preference among the various insurance products is studied home insurance was ranked at 4th place. When respondents who did not have a home insurance policy were asked whether they were willing to be approached by sales personnel, equal number of respondents replied affirmatively and negatively. When the awareness level of various companies providing life insurance was studied, majority of the respondents (i.e.) 70% of them, were aware of ICICI Prudential Next to it around 50% of them were aware of L.I.C and almost 40% of them are aware of TATA AIG. Most of the respondents expressed that they have good or fair knowledge about life insurance. Almost 90% of the respondents opined that home insurance is Necessary. Responding to the question as to why home insurance was necessary, 42.5% stated Burglary as the cause and 27.5% stated natural disaster as the reason Among the total respondents, 10% opined that home insurance is Not Necessary and among them (45%) fell it is a waste of money.
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56 Brand awareness Only (30%) of the total respondents were able to recall ICICI Prudential without any assistance, However, among the various insurance companies, the recall of ICICI Prudential was the highest (i.e.) 72 out of 240 respondents could
name ICICI Prudential. Many of respondents (20.42%) who identified ICICI through the LOGO were influenced by television and (8%) of them who identified ICICI Prudential were influenced by the sales people. Most of respondents (5.42%) who identified ICICI through the SLOGAN were influenced by sales people and most of the respondents (10%) who identified ICICI Prudential were also influenced by the sales people. Majority of respondents (72.5%) identified ICICI Prudential through the assistance of the company name, logo and slogan and were able to recognize the industry with which the company is associated. Among those respondents (48.33%) of them recognized it is a general insurance company, (15%) of them recognized it as a home insurance company.
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5.2 SUGGESTIONS
Below given are a few suggestions to enhance the awareness and preferences for life insurance product and ICICI Prudential in general. The attractiveness of the offering can be communicated more clearly. The attractiveness includes communicating the product attributes (less premium, easy settlements, and brand credibility), benefits (emotional benefit, security and peace) and value (low premium but high value and worth). The core need that underlines the existence of the product, the essence of the brand (relates to the deeper and abstract goals that the customers are willing to satisfy with the brand) must reach the man to create awareness and preference. Life insurance is classified under the category of unsought goods (these are goods which the customer does not know about (or) does not normally think of buying). Hence it cannot do well without personal selling effort and oneto-one marketing efforts. At the same time many consider sales people as a nuisance. So the company must improve the level of awareness and also create a perceived need for life insurance. Once this b ackground has been created, then the customer resistance to sales call by insurance counselors will be reduced. The number of companies providing home insurance is continually on the rise. Hence positioning and differentiation are of prime importance.
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58 All the above stated suggestions would build more awareness and the brand would be retained at the top of the mind by the consumers.
5.3 CONCLUSION
The study could be concluded by saying that life insurance is deemed to be a great necessity today, especially after natural disasters like Tsunami took place. However priority wise, it has a lower priority when compared with other forms of insurance like life, health and home. ICICI Prudential has fairly good recall levels. The need, awareness and preferences for life insurance can be enhanced by communicating the core need of the product consciously.
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REFERENCES
1. Umasekaran (2002), ' Research Methods for Business', John Wiley & Sons, Inc. 4th edition. 2. Richard I. Levin, David S. Rubin (2002), 'Statistics for Management', Prentice Hall of India Private Limited, New Delhi, 7th edition. 3. Kothari C.R (2002), 'Research Methodology', Wishwa Prakashan, New Delhi, 2nd edition. 4. Philip Kotler (2003), Marketing Management, Pearson Education Limited, Singapore, 11th edition. 6. Websites: www.irda.com www.iciciprolife .com www.google.com
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APPENDIX - I
Dear sir/madam, I am Md Shakir Hossain pursuing final year MBA in SRM School of Management and I am conducting a research as a part of my MBA curriculum. I request your honest and sincere co-operation. I assure you that the information collected will be used only for curriculum purpose. QUESTIONNAIRE: Name :_____________________________________ Address :_____________________________________ Phone No :_____________________________________ email-id :_____________________________________ Occupation: Salaried Self employed professional self employed business Retired House wife Gender: Male Female Age: 20-30 31-40 41-50 51-60 61-70 71-80 80 and above Total annual income: <200000 200001-400000 400001-600000 600001-800000 >800001
1)Other than Life Insurance ,which are the Insurance types you are aware of ? Pension Health Retirement Home Others please specify____________________________. 2)When it comes to Pension , Health , Retirement and Home Insurance ,Which are the insurance companies comes to your mind? ________________________________________________________________. 3) Have you insured any of the following YES NO if yes ,through which company? Pension ____________________ Health ____________________ Retirement ____________________ Home ___________________ Others please specify_______________________________________. 4) Please rank the following insurance types from 1- 5 based on the importance you give
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to them ? Pension Health Retirement Home Life 5)Can you identify this logo? (Refer appendix II) Yes No If yes , i. Name the company_______________________________. ii. How did you come to know about the company Through print advertisement Through TV advertisement Through advertisement hoarding Sales people Others please specify_________________________. 6) Life Insurance is becoming popular these days .How would you rate your knowledge level about home insurance ? Good Fair Average Poor 7)Do you think Life Insurance is necessary? It is necessary It is not necessary I have no idea about it 8) Please indicate whether you agree or disagree with the following statements ?
Strongly Agree Neither Disagree Disagree Agree some what Agree nor some what completely
Disagree
a) Life Insurance is becoming popular these days b) I am willing to be approached by sales people regarding Life Insurance. c) I am not aware about the various Companies providing Life Insurance. 9) Please tick all the companies you have heard of as for as Life Insurance is Concerned? Bajaj Allianz HDFC-Chubb Iffco-Tokyo
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ICICI Prudential Birla Sun life L.I.C Reliance Tata AIG 10) Do you know this company? (Refer appendix III) Yes No 16) Are you a client of ICICI Prudential? Yes No If yes, Go to Question No 17; else Go to question No 18. 17) What kind of Insurance you have taken? Life Insurance Health Pension Retirement Others specify ____________________________________________. 18) Would you like to be approached by ICICI Prudential life insurance sales people? Definitely yes Probably Probably not Definitely not Thank you very much for your assistance and cooperation in the survey
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APPENDIX III COMPANY NAME WITH LOGO AND SLOGAN