PROJECT REPORT

ON

STUDY ON PERFORNANCE
OF ADVISORS
FOR LAST ONE YEAR
ICICI Prudential Life Insurance
Company

Submitted By

Niranjan Bose

Pondicherry University

Submitted to
Faculty Guide:
 STUDY
ON
PERFORMANCE
OF
ADVISORS FOR
LAST
ONE YEAR
By
Niranjan Bose
(M.B.A.-:2007-2009)

SUBMITTED TO
Faculty Guide-:
PONDICHERRY UNIVERSITY
CONTENTS
COVERPAGE -------------------------------------------------------

Certificate from Organization ----------------------------------------

Certificate from Organization----------------------------------------

PREEFACE ----------------------------------------------- --------------

Introduction to
Insurance---------------------------------------------

Purpose and Need for

Insurance------------------------------------

Role of Insurance in Economic

Development---------------------

Classification of
Insurance---------------------------------------------

LEGISLATIVE AND REGULATORY MATTERS----------------

IRDA Act,
1999---------------------------------------------------------

Constitution of
IRDA--------------------------------------------------

Functions of
IRDA-----------------------------------------------------

Life Insurance Corporation of India Act,

1956--------------------

REPORT CARD OF LIFE INSURANCE SECTOR-------------

Report Card: The Current

Scenario----------------------------------

ACKNOWLEDGEMENT----------------------------------------------

COMPANY’S PROFILE------------------------------------------------
 ICICI Prudential Life Insurance Co. Ltd.
---------------------------

Distribution------------------------------------------------------------
--

Products----------------------------------------------------------------
--

About the
Partners----------------------------------------------------

High probability of
success-------------------------------------------

INTRODUCTION OFPROJECT REPORT ASSIGN

--------------------------------------------------------

OBJECTIVES OF THE STUDY--------------------------------------

Main
Objective---------------------------------------------------------

Sub
Objectives--------------------------------------------------------

CHARACTERISTICS OF A GOOD INSURANCE SALES

PERSON

RESEARCH METHODOLOGY-------------------------------------

Research
Process-------------------------------------------------------

Data
Collection---------------------------------------------------------

Survey------------------------------------------------------------------
--

FINDING AND DATA ANALYSIS----------------------------------

Graphical
representation---------------------------------------------
 Reasons of
deviations-------------------------------------------------

CONCLUSION--------------------------------------------------------------

SUGGESTIONS-------------------------------------------------------------

SWOT ANALYSIS-----------------------------------------------------------

REFERENCES-----------------------------------------------------------

APPENDICES----------------------------------------------------------------

DISCLAIMER

We declare that this assignment to be the result of our own individual efforts and that
it confirms to Pondicherry University, Puduchery and course regulations regarding
cheating and plagiarism. No material contained within this assignment has been used
in any other submission, by the authors, for an academic award.
DATE: STUDENT NAME

Niranjan Bose

PREEFACE
The main objective of this project is to assist ICICI Prudential Life Insurance,
expanding their channel by recruiting financial Agents for the company. The
company needs to undergo change to successfully continue its operations to get
some new customers and to get some fresh ideas. Radically insurance is such a
growing sector that it has all the potential to have new customers. So it is
essential to have new people in the system who can add new customers for the
company.

This objective may be achieved through a three pronged efforts.

1. The first aspect relates to the study, to look for different segments of the
people.
2. The second objective of the project is to analyze the person to find, whether
he is fit for doing insurance.

3. The third objective of the project is to finally introduce some people, to the
system by recruiting them as advisors of the company.

The research methodology consisted of a survey using simple Questionnaires

and personal interviews with the public in general at sites mostly based in and
Lucknow which included both urban and rural settings. The questionnaire used
is given at the end of report.

I would like to thank my mentor who provided me the opportunity to do some

sales for the company which had given me a lot of new experience which will
help me in my future.

LITERATURE REVIEW

INTRODUCTION TO INSURANCE
WHAT IS INSURANCE?
INSURANCE IS A CONTRACT BETWEEN 2 PARTIES WHEREBY 1 PARTY CALLED INSURER
UNDERTAKES IN EXCHANGE FOR A FIXED SUM CALLED PREMIUM TO PAY THE OTHER PARTY CALLED
INSURED A FIXED AMOUNT OF MONEY ON THE HAPPENING OF A CERTAIN EVENT.

• Insurance is the method of spreading and transfer of risks.

 • Loss of unfortunate few are shared by and spread over to many
exposed to the same risk.
• Insurance is a mechanism that helps to reduce the adverse
consequences due to loss of assets.

PURPOSE AND NEED FOR INSURANCE

• Assets are likely to be destroyed or made non-functional due to
perils like fire, floods, breakdowns, lightning and earthquake.
• Damage to assets caused by any peril is the risk that assets are
exposed to.
• Insurance becomes relevant only if there are uncertainties of
occurrence of event which may lead to loss of any form.
• Human life is an income generating asset which may be lost on
account of early death or disabilities caused by accidents.
• Insurance never protects the assets but only compensates the
economic or financial loss.

Life’s Greatest Risks

A FIN 230 Honors Project
“Introduction to Insurance”
WHAT ARE THE ODDS?

IN THE NEXT HOUR:

194 PEOPLE WILL BE INJURED IN CAR ACCIDENTS

57 HOMES WILL CATCH FIRE
230 PEOPLE WILL DIE
1,027 PEOPLE WILL BECOME DISABLED

SO THE QUESTION IS…

HOW CAN YOU AS AN INDIVIDUAL PLAN AHEAD IN ORDER
TO PROTECT YOURSELF AGAINST THESE THINGS THAT YOU
POTENTIALLY HAVE NO CONTROL OVER?

HOW SHOULD YOU MANAGE ALL THESE RISKS IN YOUR

EVERYDAY LIFE?

THE ANSWER IS INSURANCE!

 1. LIFE INSURANCE

Life insurance protects your families in case we die of unexpected

circumstances. It can provide financial help in your absence,
cover funeral costs, and provide an income for your family, if you
were the primary breadwinner prior to your death. These are
some of the reasons that support as to why an individual should
definitely plan on buying a life insurance policy, so that someone
else would not incur a financial loss if they died.
How many people are expected to die at a certain
age?

*numbers are out of 1000 people per year at the specified age.

AGE IN 1990 TOTAL U.S. WHITE MALE WHITE FEMALE BLACK MALE BLACK FEMALE
0 8.35 7.55 6.03 18.27 14.64
5 0.26 0.24 0.20 0.43 0.42
10 0.14 0.15 0.12 0.16 0.23
15 0.62 0.76 0.35 1.50 0.39
20 1.02 1.28 0.45 3.07 0.74
25 1.13 1.41 0.47 3.42 1.15
30 1.39 1.77 0.61 4.01 1.61
35 1.80 2.22 0.85 5.11 2.32
40 2.30 2.73 1.19 6.67 3.06
45 3.01 3.46 1.82 8.18 4.19
50 4.35 4.97 2.92 10.31 5.87
55 6.66 7.67 4.72 13.57 8.29
60 10.14 11.91 7.56 17.07 11.41
65 14.35 17.25 11.08 19.90 15.21
70 19.21 22.58 15.84 23.18 19.91
75 24.52 27.91 21.99 23.31 23.41
80 29.38 31.35 29.20 21.69 26.60
85 AND OVER 324.28 239.75 425.13 131.98 300.96

**The source for this table is the Statistical Abstract of the United States 1996, 116th
edition, published by the Department of Commerce (page 89).

What are the chances of death from one of the following causes:

Chances of dying from selected causes (USA)

Probability
Cause of Death
Motor Vehicle Accident 1 in 100
Homicide 1 in 300
Fire 1 in 800
Firearms Accident 1 in 2,500
Electrocution 1 in 5,000
Asteroid/Comet Impact 1 in 20,000
Passenger Aircraft Crash 1 in 20,000
Flood 1 in 30,000
Tornado 1 in 60,000
VENOMOUS BITE OR STING 1 IN 100,000
FIREWORKS ACCIDENT 1 IN 1 MILLION
 Disability

The main reason for going in for a disability insurance is to ensure that
when a working person gets an illness or disability, he/ she will still have
a monthly income. Many people do not realize how high their chances
are of incurring a disability at some point in their life, and how their
income alone may not be able to cover their expenses.

“A Census Bureau studying US found that a typical 35-year-old making

$50,000 a yea will have enough savings on hand to cover only two
months of expenses. Yet most disabilities last much longer, than that and
more than 2.1 million Americans are considered permanently disabled
and unlikely ever to return to work.”
What is the probability of a person having at least one long term
disability that lasts three months or longer before that person reaches the
age of 65?

AGE (YEAR) PROBABILITY (%)

25 45

30 42

35 41

40 39

45 36

50 33

55 27

How many people have recovered, died, or are still disabled for five years
after incurring a disability?

RECOVERED (%) DIED (%) STILL DISABLED

AGE AT ONSET OF
(%)
DISABILITY
25 44.1 9.7 46.2
35 34.0 12.3 53.7
45 21.5 19.9 58.6
55 11.8 28.5 59.7
 2. FIRE

Most people usually do not think of fires, when they consider catastrophes that
could occur to their home and belongings. People area more concerned
with tornados and hurricanes and other things of that nature. However, fire
is still a very real and dangerous threat that could wipe out your home and
all of your possessions. You need to make sure that you protect yourself
against this kind of loss, because otherwise your entire future could be
significantly be affected , should your home and possessions burn down.

 Out of 100,000 Homes, how many would burn down or be damaged from
fire annually?
12 out of 100,000 homes would burn down in 1 year.
 Number of acres burned. Therefore, the upper west coast of the United
States is the most prone to fires.
 3. AUTOMOBILES

Automobile accidents are usually very common, because there are a lot of
drivers on the road, may not be as conscientious as you are. Even if
you are careful and abide by the rules of the road, the person next to
you may have total disregard for them and then you’ll both end up in
an accident whether you planned on it or not. Car Insurance is a
complete necessity for anyone who sits down behind the wheel of a
car or considers owning a vehicle.

 Out Of 100,000 Automobiles, How Many Are Involved In Claims

Annually?
1,163 Out Of 100,000 Are Involved In Bodily Injury Claims Annually.
3,846 Out Of 100,000 Are Involved In Property Damage Claims
Annually.

 In 2004, About One In 86 Automobile Liability Policyholders Made A

Bodily Injury Claim; Approximately One In 26 Made A Property Damage
Claim.

 The Average Cost Of Car Insurance in US is $684.09

 Would you like where it will be most expensive to drive and insurance your
car? Can You Get Car Insurance For Less Based On Where You Live? Below
Are The Top 5 Most Expensive And Least Expensive Places To Have Drive
And Have Car Insurance in US.
MOST EXPENSIVE CITES FOR AUTO INSURANCE

RANKIN CITY AVERAGE AUTO PREMIUM

G
1 DETROIT, MI $5,162
2 PHILADELPHIA, PA $4,142
3 NEWARK, NJ $3,482
4 LOS ANGELES, CA $3,225
5 NEW YORK CITY, NY $3,127

Least Expensive Cities for Auto Insurance

RANKIN CITY AVERAGE AUTO PREMIUM
G
1 ROANOKE, VA $758
2 WAPAKONETA, OH $871
3 CHATTANOOGA, TN $911
4 GREEN BAY, WI $948
5 RALEIGH, NC $949
** DATA IN THE GRAPHS ARE FROM THE INSURANCE INFORMATION INSTITUTE WEBSITE.
 5. LIABILITY

Liability suits usually become one of the most costly financial tragedies that
you can incur in your lifetime. A liability lawsuit can completely
deplete all of your wealth if you do not have some form of liability
insurance. Liability insurance is extremely useful to firms because
they can incur much larger liability suits that could bankrupt their
company. This is also known as “third party insurance”.

 Liability premiums must be large enough to cover the damages that the
company would incur as a result of the lawsuit, as well as the defense
charges by their attorney. Firms need to determine what the maximum loss
that they could possibly incur would be, and the premium is determined by
the insurance company based on this. Obviously as the possible maximum
loss grows, so will the company’s premium.

 If you already have any of the following then you probably already have
liability insurance!
♦ Automobile Insurance
♦ Homeowners Insurance
It is not unlikely to see liability claims arise that are in the range of $1-10
million! The average individual can’t cover this on their own, so it would be
very wise to purchase liability insurance in addition to your other personal
policies as mentioned above.

 So you’re probably still asking yourself: Why would I need liability

insurance? Well see how many of these questions you answer yes to, and
then you may start to see the big picture of why liability insurance is so
important in today’s crazy world:
 Do you entertain often? (Having guests in your home, serving alcohol,
etc., can open the door to potential liability claims.)
 Do you operate a home-based business that is covered under your home
owners policy?
 Do you have a long commute to work?
 Do you take frequent auto trips?
 Do you have teenage children? Do they drive?
 6. LONG TERM CARE

Once you start reaching old age, the prospect of living in a nursing home or
another full-time care facility becomes more realistic and the probability of you
needing long term care increases. To protect against the high costs a family can
incur from placing a family member in a long term care facility, there is long
term care insurance. On average, long term care costs Rs 4000 a month, or
about Rs 84,000 a year. This is a lot of money for a family to incur and that is
why there is long term care insurance to protect against this kind of financial
liability.

 If you are age 65, what is the probability of needing long term care in a
nursing home and for what period of time over the course of your lifetime?

 56% won’t need any long term care in nursing home

 12% will need long term care for less than 3 months

 9% will need long term care for 3 months to 1 year

 15% will need to be in a nursing home for 1 to 5 years

 8% will need long term care for more than 5 years over the course of
their lifetime.
 Is there a chance that you will need long term care before the age of 65?
How rare is this?

Yes…unfortunately, however the possibility is quite small. Information

from various Insurance companies shows that there were over 5 million
individuals last year that needed long term care and they were all
between the ages of 18 and 64. Although this is not large number
compared to the number of individuals in nursing homes that are over
65, it is still something to consider when thinking about getting long
term care insurance.
 7. RISK OF LIVING TOO LONG AND RUNNING OUT OF
ASSETS

Compared to earlier generations, our population has a much greater life

expectancy. This has a direct correlation with the amount of money you need
to save for retirement. Since earlier generations did not live long after
retirement, they did not require a huge amount of saved funds and assets to
sustain their lifestyle after retirement. Nowadays, since the life expectancy of
the average individual is increasing, people should be planning on saving more
money earlier in their career, in order to accommodate for the possibility of
living longer.

 What is the life expectancy of a female or male reaching age 65?

Female 19.5 years left
Male 16.6 years left

 If you are already age 70 and you have never smoked, then you have a 33%
chance of living until you reach age 90. However, if you were a smoker,
then you only have a 7% chance of living to 90.
 Why should I start saving for retirement as early in my life as possible?
You can save a lot more money that way, because your pension and
Provident fund may not be enough to cover all of your expenses after
retirement should you live longer average life expectancy.

 How much money can you save for retirement at age 65, just by putting
away Rs1,000 a year into different banking accounts with different rates of
interest?

Compound Interest - Start saving Rs1,000 annually at the following ages to age
65.
INTEREST RATE 4% 6% 8%
AGES
25 Rs 95,025.52 Rs 154,761.97 Rs 259,056.52
35 Rs 56,084.94 Rs 79,058.19 Rs 113,283.21
45 Rs 29,778.08 Rs 36,785.60 Rs 45,761.96
55 Rs 12,006.12 Rs 13,280.79 Rs 14,486.56
 8. HEALTH RISKS

People get sick. It’s a basic life fact. And unfortunately if you or one of your
family members gets sick enough, the medical bills can get really astronomical.
Health Insurance helps protect you against these exorbitant costs that doctors,
hospitals and other practitioners are charging in today’s growing medical
industry. Should you get into a mishap and need immediate emergency health
care or just get really sick with the flu one day, health insurance will help to off
set the costs that you will be charged in order to determine and cure your
illnesses.

 The average annual growth rate in inpatient expenditures per health plan
member is 5.9%. Also, there was a slight decline in hospital costs in the
1990s, but they are now currently rising at 6-7% each year. What is
interesting though is that the costs are increasing while the length of
hospital stays is decreasing.

 Causes for the increase in hospital costs:

♦ Hospital payrolls are increasing at a galloping rate.
♦ Shortage of trained nursing staff.
♦ Increases in the quantity of services used
♦ Rising number of outpatient visits
 9. Home owners Claims

Homeowners Insurance is extremely vital to have because no one really knows

when a tragedy can happen that will wipe out your home and all of your
possessions. The typical home owners policies covers property damage as well
as liability issues that may arise as a result of owning property.

 How many home owners claims are filed per year out of 100,000 policies
held?
7330 out of 100,000 homeowners polices file claims each year. This
includes everything from fire, lightning, debris removal, theft and
random damage or destruction to your house and possessions.

 So you may be asking yourself what the probability of certain events

happening that would cause you to need Homeowners Insurance. Below is
a chart of the various possibilities that a typical Homeowners policy would
cover.
Percent of Losses Incurred on Home owners Policies
Type of Damage/Year 2000 2001 2002 2003 2004
Property Damage
Fire, Lightning, Debris 32.82% 31.03% 32.72% 32.92% 22.49%
Removal
Wind and Hail 20.45% 21.69% 20.81% 25.56% 48.61%
Water Damage, Freezing, 22.6% 22.14% 21.71% 22.01% 16.62%
Mold
Theft 4.91% 4.65% 4.53% 3.29% 2.35%
Other Property Damage, 11.63% 13.11% 12.23% 10.62% 6.01%
(Vandalism and Mischief)
Liability
Bodily Injury and Property 6.43% 6.47% 7.00% 5.29% 3.17%
Damage
Medical Payments 1.13% 0.88% 0.98% 0.94% 0.74%
Credit Card Fraud (forgery 0.03% 0.03% 0.01% 0.00% 0.00%
and counterfeit currency)

 The average premium for Homeowners insurance is Rs 5000.

 Recent data shows that out of all the money that gets paid out for
homeowners claims, 84% of this goes towards property damage (which
includes theft) claims, and only 4% goes towards paying liability suits. The
remaining 12% of the costs of the homeowners’ claims covers the costs of
settling these home owners claims.
 In a recent insurance survey done in 2003, less than about 5% of homeowners
have insurance for their home and belongings. This shows that a significant
portion of the population realizes what kind of risk they have in owning their own
property and how to insure their possessions.

ROLE OF INSURANCE IN

ECONOMIC DEVELOPMENT
• Investments are necessary for economic development.
 • Life insurance plays a major role in mobilization of public
savings.
• Savings out of life insurance funds are utilized in investments for
growth.
• Looking to general insurance business, industry, trade would be
seriously handicapped in the absence of insurance cover relating to fire
and engineering risks.

CLASSIFICATION OF INSURANCE

Life is full of uncertainty. Trials and tribulations abound in each and every
aspect of life. No one can truly predict or even estimate what the future has in
store for him. Life offers no guarantees by itself, except the incidences of death
and taxation.

This lack of security present throughout life can be overcome partially with the
help of insurance. Insurance can never replace or repair a loss. But the
monetary value offered by insurance helps in adjusting to the new
circumstances.

Despite offering innumerable options and immense scope, insurance can be

classified into four main categories.

• Insurance of Person
• Insurance of Property
• Insurance of Interest
• Insurance of Liability

Insurance of Person
Under the purview of this class of insurance, the risks associated with human
life in general can be covered up to the limit specified. A person can insure his
or her life and his health against any unplanned contingencies.

In event of his death, his dependants will be reimbursed the full amount that he
was insured for. Or if the insured person meets with an accident or suffers from
an illness that cripples him forever, he will be compensated with the complete
sum assured anyway since he may not be able to lead a normal life again.

In case, the accident is not that severe, he should be able to recover after
medical treatment and rehabilitation. If he has opted for medical cover, then his
medical expenses, treatment and medication will be paid for by his insurance
policy.

Insurance of Property

Everyone possesses material value in the form of tangible assets. Assets can be
in the form of a landed estate or a vehicle, share holdings or plain old paper
money.

Since tangible property has a physical shape and consistency, it is subject to

many risks ranging from fire, allied perils to theft and robbery. An individual's
lifetime of hard work can be wiped out in a blink of an eye.

But if a person judiciously invests in insurance for his property prior to any
unexpected contingency then he will be suitably compensated for his loss as
soon as the extent of damage is ascertained.

Insurance of Interest
Every individual has to discharge certain specific duties. Everyone is expected
to maintain a standard of conduct. But then, it is an intrinsic part of human
nature to err. No one is infallible and no one will ever be.

Owing to an occasional error or omission committed by us, our clients or

customers might suffer a loss. In turn we might have to pay those damages or
compensation out of our own personal resources.

However, if our chosen profession qualifies for insurance of interest, then our
insurance policy will more than suffice in arranging for the funds and court
formalities that might ensue in the aftermath of legal libel.

Insurance of Liability

Every person has to regulate his actions and behavior so as not to cause injury
or damage to other people and their property. Everyone is personally
responsible and liable for his actions.

If due to lack of control over his actions or prejudiced behavior, a person incurs
any liability then he has to provide compensation out of his personal resources.
Liabilities: legal, civil or criminal can have severe repercussions on social
standing and prestige besides the financial status.
By investing in liability insurance, an individual can ward off any liabilities he
might incur due to his actions and behavior. Besides, the premiums payable on
liability insurance are fairly minimal when compared to the damages that have
to be compensated in the long run.
 LEGISLATIVE
AND
REGULATORY MATTERS

INSURANCE REGULATORY & DEVELOPMENT

AUTHORITY (IRDA) ACT, 1999.
 • Under this Act an authority called IRDA has been set up.
• This is a corporate body established for the purpose and objects
as set out in the explanation to the title.
• The Authority replaces “Controller” under Insurance Act 1938.
• The first schedule amends Insurance Act 1938.
• It states that if Authority is superseded by Central Government,
the Controller of Insurance may be appointed till such time as
“Authority”

CONSTITUTION OF IRDA.

The Insurance Regulatory and Development Authority consist of the

following members:

1. Chairperson.
2. Less than five whole time members.
3. Less than four part time members.
4. Members should be persons of Ability, Integrity & Standing.
• They should have experience in the fields of
1. Life Insurance
2. General Insurance
3. Actuarial Science
4. Finance
5. Economics
6. Law
7. Accountancy
8. Administration

Chairperson, members, officers and other employees of Authority shall be

public servants.
FUNCTIONS OF IRDA

1. To issue certificate of registration, renew, withdraw, suspend or

cancel such registration.
2. To protect the interest of policyholders/insured in the matter of
insurance contract with the insurance company.
3. To specify requisite qualification, code of conduct and training
for insurance intermediaries and agents.
4. To specify code of conduct for surveyors/loss assessors.
5. To promote efficiency in the conduct of insurance business.
6. To promote and regulate professional organizations connected
with the insurance and reinsurance business.
7. To undertake inspection, conduct enquiries and investigations
including audit of insurers and insurance intermediaries.
8. To control and regulate the rates, terms and conditions to be
offered by the insurer regarding general insurance business not so
controlled by Tariff Advisory Committee u/s 604 of Insurance Act,
1938.
9. To regulate investment of funds by the insurance companies.
10. To adjudicate dispute between insurers and intermediaries of
insurance.

LIFE INSURANCE CORPORATION OF INDIA ACT,

1956
 • Life insurance business was nationalized in India with effect from 19th
January 1956.
• The life insurance business of 154 Indian life offices constituted by 16
non-Indian insurers operation in India and 75 Provident Societies was
taken over by the Government of India.
• LIC of India Act was passed by the Parliament on 18th June 1956 and it
came into effect from 1st July 1956.

REPORT CARD OF LIFE INSURANCE

SECTOR

REPORT CARD: THE CURRENT SCENARIO

During the first half of the last financial year, the 16 life insurers have
underwritten first year premium of Rs.5,43,595.87 towards 87,38,024 policies.
Of this individual business accounted for Rs.4 41,760.09 for 87 32,435
policies. The group business accounted for Rs.1 01,835.78 for 5,589 policies.

Interestingly about 60% of the business done by the life insurers during
the current financial year has been in the second quarter. Correspondingly 63%
of the policies underwritten during the six month period have been accounted
for in July to September 2008.
 Analysis of individual business statistics shows that LIC accounted 88%
of the business in the terms of premium. As against this the private insurers
captured 12% of the premium. In terms of group business LIC captured 93.63%
of the premium. The twelve private insurers captured only 6.37% of the
premium in the total group business.

A review of the performance of the private players further reveals a

rapid business expansion. The latest quarterly figures released by the Insurance
Regulatory Development Authority (IRDA) show that ICICI Prudential Life
Insurance Company continues to lead with a premium income of Rs.70.2 Crore
in the first quarter of this year followed by HDFC Standard Life Insurance.
“The maximum growth in the first quarter has come from unit-linked products
(ULIP’s) which contributed over 60% of business, along with retirement
products,” said Saugata Gupta, head of marketing at ICICI Prudential Life
Insurance. She added, “In fact we have identified retirement solutions and child
plans as two growth areas and have decided to invest the

Resources necessary to raise awareness and build brand recognition and loyalty
in these four segments.”

2006- 2007
Sr. Industry May Up To No. Of Growt Mkt.
h
No. May Policie Share
 s

2005-
06
1 L.I.C. 11,78, 1,67,5 20,30, -8.02 86.25
458 13 354
2 ICICI Pru. 33,226 70,733 64,181 10.21 3.27
3 Bajaj 24,988 39,106 18,253 114.2 1.81
Allianz 4
4 S.B.I. Life 18,911 21,458 10,639 101.6 0.99
9
5 Tata AIG 18,356 41,062 33,149 23.87 1.90
6 HDFC 15,757 28,238 17,019 65.92 1.30
Standard
7 Birla Sun 9,426 16,741 14,416 16.13 0.77
Life
8 Max New 18,954 38,314 14,059 172.5 1.77
York 2
9 Aviva 6,906 10,880 9,916 9.72 0.50
10 ING 4,979 5,697 8,710 -34.59 0.26
Vysya

180000
160000
140000

120000
100000
80000
60000
40000

20000
0
-20000 Sr. No. 1 2 3 4 5 6 7 8 9 10
COMPANY’S PROFILE
ICICI PRUDENTIAL LIFE INSURANCE CO.

ICICI Prudential Life Insurance Company is a joint venture between ICICI, a

premier financial powerhouse and Prudential, a leading international financial
services group headquartered in the United Kingdom. ICICI Prudential was
amongst the first private sector insurance companies to begin operations in
December 2000 after receiving approval from Insurance Regulatory
Development Authority (IRDA).

ICICI Prudential’s equity base stands at Rs.1185 Crore with ICICI Bank and
Prudential holding 74% and 26% stake respectively. As of march 31, 2007, the
company had issued over 10,37,963 policies, with a sum assured exceeding
Rs.65,888 Crore and premium income of nearly Rs.4,412 Crore. The
company has a network of over 105,000 advisors; as well as 29 bank assurance
partners and more than 270 corporate agent and broker tie-ups. Today the
company is the #1 private life insurer in the country. Strength rating of AAA
(lnd) from fitch ratings. The AAA rating is the highest credit rating, and is a
clear assurance of ICICI Prudential’s ability to meet its obligations to
customers at the time of maturity or claims.

DISTRIBUTION
ICICI Prudential has one of the largest distribution networks
amongst private life insurers in India, having commenced
operations in 61 cities and towns in India. These are:
Ahmedabad, Bangalore, Bhopal, Bhubhaneshwar, Chandigarh,
Chennai, Coimbatore, Dehradun, Goa, Guntur, Gurgaon,
Hyderabad, Indore, Jaipur, Jalandhar, Jodhpur, Kanpur, Karnal,
Kochi, Kolkata, Kottayam, Lucknow, Ludhiana, Madurai,
Mangalore, Meerut, Mumbai, Nagpur, Nasik, Noida, New Delhi,
Patiala, Pune, Rajkot, Surat, Thane, Thrissur, Vadodara, Vashi,
Vijayawada and Vizag. And many more.

The company has nineteen bank assurance tie-ups, having

agreements with ICICI Bank, Allahabad Bank, Federal Bank,
South Indian Bank, Bank of India, Lord Krishna Bank, and
Punjab & Maharashtra Co-operative Bank, Goa State Co-
operative Bank, Indoor Paraspar Sahakari Bank, Manipal State
Co-operative Bank and Jalgaon People’s Co-operative Bank, as
well as some corporate agents. It has also tied up with
organizations like Dhan for distribution of Salaam Zindagi, a
policy for the socially and economically underprivileged
sections of society.

ICICI Prudential has recruited and trained over 35,000

insurance agents to interface with and advice customers.
Further, it leverages its state-of-the-art IT infrastructure to
provide superior quality of service to customers.

PRODUCTS
Insurance Solutions for Individuals
ICICI Prudential Life Insurance offers a range of innovative, customer-centric
products that meet the needs of customers at every life stage. Its 21 products
can be enhanced with up to 6 riders, to create a customized solution for each
policyholder.

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

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

-
Child Solutions
SmartKid child plans provide guaranteed educational benefits to
a child along with life insurance cover for the parent who
purchases the policy. The policy is designed to provide money at
important milestones in the child’s life. Smart Kid child planed
are also available with in unit-linked form - both single premium
and regular premium.

Market-linked Solutions
- LifeLink is a single premium Market Linked Insurance Plan which combines
life insurance cover with the opportunity to stay invested in the stock market.
- LifeTime offers customers the flexibility and control to customize the policy
to meet the changing needs at different life stages. It offers 3 investment
options - Growth Plan, Income Plan and Balanced Plan.

Life stage New fund offer in August, 24, 2007 At NAV Rs10
As per market value I am expressing the feature of most popular product of
ICICI PRUDETNTIAL Life insurance company that is ICICI Life Stage wise
is newly introduce by ICICI Pru and ICICI Life Time Supper .
Feature of LIFE TIME SUPPER
Group Insurance Solutions
ICICI Prudential also offers Group Insurance Solutions for companies seeking
to enhance benefits to their employees.

Group Gratuity Plan: ICICI Pru's group gratuity plan helps employers fund
their statutory gratuity obligation in a scientific manner. The plan can also be
customized to structure schemes that can provide benefits beyond the statutory
obligations.

Group Superannuation Plan: ICICI Pru offers a flexible defined contribution

superannuation scheme to provide a retirement kitty for each member of the
group. Employees have the option of choosing from various annuity options or
opting for a partial commutation of the annuity at the time of retirement.

Group Term Plan: ICICI Pru’s flexible group term solution helps provide
affordable cover to members of a group. The cover could be uniform or based
on designation/rank or a multiple of salary. The benefit under the policy is paid
to the beneficiary nominated by the member on his/her death.

Flexible Rider Options

ICICI Pru Life offers flexible riders, which can be added to the basic policy at a
marginal cost, depending on the specific needs of the customer.
1. Accident & Disability benefit: If death occurs as the result of an accident
during the term of the policy, the beneficiary receives an additional amount
equal to the sum assured under the policy. If the death occurs while traveling in
an authorized mass transport vehicle, the beneficiary will be entitled to twice
the sum assured as additional benefit.
2. Accident benefit: This rider option pays the sum assured under the rider on
death due to accident.
3. Critical Illness Benefit: protects the insured against financial loss in the
event of 9 specified critical illnesses. Benefits are payable to the insured for
medical expenses prior to death.

4. Income Benefit: This rider pays the 10% of the sum assured to the
nominee every year, till maturity, in the event of the death of the life assured. It
is available on SmartKid, SecurePlus and CashPlus.
5. Waiver of Premium: In case of total and permanent disability due to an
accident, the premiums are waived till maturity. This rider is available with
SecurePlus and CashPlus
ABOUT THE PARTNERS
ICICI Bank (NYSE:IBN) is India’s second largest bank with an asset base of
Rs. 2513.89 Crore. ICICI Bank provides a broad spectrum of financial
services to individuals and companies. This includes mortgages, car and
personal loans, credit and debit cards, corporate and agricultural finance. The
Bank services a growing customer base of more than 17 million customer
accounts and 5 million bondholders’ accounts through a multi-channel access
network. This includes about 620 branches and extension counters, 2200
ATMs, call centres and Internet banking (www.icicibank.com).

ICICI Bank posted a net profit of Rs.1, 206 Crore for the year ended March 31,
2006. ICICI Bank is the only Indian company to be rated above the country
rating by the international rating agency Moody’s and the only Indian company
to be awarded an investment grade international credit rating. The Bank enjoys
the highest AAA (or equivalent) rating from all leading Indian rating
agencies.

Established in 1848, Prudential is a leading international financial services

company in the UK, with some US$400 billion funds under management and
more than 16 million customers worldwide. Prudential has brought to market
an integrated range of financial services products that now includes life
assurance, pensions, mutual funds, banking, investment management and
general insurance. In Asia, Prudential is UK’s largest life insurance company
with a vast network of 23 life and mutual fund operations in twelve countries -
China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Philippines,
Singapore, Taiwan, Thailand and Vietnam.

Current view about Life insurance in

INDIA
Life insurance corporation achieved a growth rate of over 40 per cent to
garner Rs 18,834 crore premium income while ICICI PRU life and BAJAJ
ALLIANZ LIFE logged 69 per cent and 292 per cent growth respectively over
last year.
The debut of Sriram life saw the number of players going up to 15, who
together collected Rs 26,286 crore in premium in the first 11-months of 2005-
06, according to data compiled by insurance regulatory and development
authority.
LIC continued with its recent high growth rate of over 40 per cent to mop up
Rs 18,834 crore in first year premium by selling 2.09 crore policies in April
February of last fiscal.
Though, country's largest life insurer LIC was expanding business
handsomely, its market share fell slightly to 71.65 per cent from 72.2 per cent
a month back as most of the private players are going at a faster rate.
In the private space competition has further intensified after entry of Chennai-
based Sriram life, which collected Rs 18.76 lakh premium in its first month of
operation. the 14 private players increased their market share to 28.35 per cent
from 27.8 per cent a month ago by collecting rs 7,451 crore in premium till
February.
ICICI PRUDENTIAL regained its number one position among private
insurers by logging 69 per cent growth to collect rs 1,956 crore in premium
and a market pie of 7.44 per cent.
Bajaj Allianz Life insurance was close behind ICICI Prudential, by clocking
292 per cent growth in business at Rs 1,940 crore and a market share of 7.38
per cent.

HDFC Standard collected Rs 778 crore in premium income, followed by SBI

Life (Rs 512 crore), Birla Sunlife (Rs 478 crore), Tata AIG (Rs 405 crore),
Max New York Life (Rs 363 crore), AVIVA (Rs 309 crore).

Kotak Mahindra collected Rs 234 crore, ING Vysya Rs 200 crore, Reliance
life Rs 150 crore, Met Life Rs 107 crore and Sahara Life Rs 15 crore.
VISION
To make ICICI Prudential the dominant Life and Pensions player built on
trust by world-class people and service.

This we hope to achieve by :

• Understanding the needs of customers and offering them

superior products and service.

• Leveraging technology to service customers quickly,

efficiently and conveniently.

• Developing and implementing superior risk management and

investment strategies to offer sustainable and stable returns to our
policyholders.

• Providing an enabling environment to foster growth and

learning for our employees.

• And above all, building transparency in all our dealings.

The success of the company will be founded in its unflinching commitment
to 5 core values – Integrity, Customer First, Boundary less, Ownership and
Passion. Each of the values describes what the company stands for, the
qualities of our people and the way we work.

Management
Board of Directors:--
The ICICI Prudential Life Insurance Company Limited Board comprises
reputed people from the finance industry both from India and abroad.

Ms Chanda D Kochar, Chairperson

Mr. N S Kannan

Mr. K Ramkumar

Mr. Barry Stowe

Mr. Adrian O’Connor

Mr. Keki Dadiseth

Prof. M G Subramanium

Ms. Rama Bijpurkar

Mr Vinod Kumar Dhall

Mr. V Vaidynathan Managing Director and CEO

Management Team :

Mr V Vaidyanathan Managing Director and CEO

Ms. Anita Pai Executive Vice President -- CUSTOMER SERVICE, TECHNOLOGY

& MARKETING

Dr Avijit Chaterjee APPOINTED PPPPOINTED ACTUARY

Mr. Puneet Nanda Executive Vice President

Achievements
• No 1 private life insurance company.
• Nominated in New York stock exchange.
• Enlisted in fortune 500 lists.
• Got AAA rating.
• Largest premium income.
 • Biggest pension player.
• Maximum number of policies sold, more than
1 million.
• Highest capital base of 925 Rs.
• Office in 69 locations & 101 branches.

Largest agency force i.e. above 56,300 well trained world class
Leader:-

• Leader in market share(Apr 04-March-05)

• Highest share of a private player in the overall Insurance market:
7.3%
• Highest share of the private insurance market: over 31.6%

• Highest Share of the unit Linked Market: 49%(Sept 2004)

• Dominant player in pensions –overall market (31%) private
market (70%) - Sept 2004 figures.
• 16.5% of the group insurance market.
• Largest AD business in value terms.

LIMITATION:
1- L.I.C. is a big hurdle for insurance sector
with all competitors.
2- Customer’s perception about private sector
(ICICI Service)
3- Training time is long so business man and
government employees do not take interest.
 4- Due to Procrastination
5- Training fees
6- Space Problem
7- Phone Problem
8- Own conveyance problem

Learning of the project

1 Selling Skills
2 Communication Skills
3 Never ignore single prospect from market
4 Have more patience
5 Ability to work under pressure
6 Atmosphere of the corporate
7 Adjusting nature according to situation
8 Always focus on target with preplanning
9 Knowledge of share market
10 Never interfere in the office politics
High probability of success
• Tax/ financial consultants, C.A.’s
• Bond / mutual fund agents
 • Small business owner
• House wives
Avoidable profiles
• New to the city
• Income profile – approx Rs. 1 lac p.a.
• People who do not own their transport.
Company Structure Of Sitapur Branch

The Sitapur branch of ICICI Prudential Insurance started its operation

from June 2006.
It is situated at ground floor in 480 Gajanand complex II Floor ButtsGanj
Near Daramkata LAL BAG, G.T. Road SITAPUR 261001
.The hierarchal structure is being given below
Branch Manager

êê
Marketing manager

êê
Unit manager

êê
Insurance Advisors

Employees’ structure
(As on 30th of June 2007)
In Sitapur branch we have got Branch head, Marketing
Manager, 06 Agency Managers, three back office employees,
RTC, FOE, I T Man, office boy and three-four house keeping
boys.

Advisors
In Lucknow Branch we have got 170 advisors working as part
time or full time (as on 30th 0f June 2007).
PROJECT REPORT

STUDY ON
PERFORMANCE OF
ADVISORS FOR
LAST
ONE YEAR

Objectives of the
study
Main Objective –
O Recruitment of Financial
Advisors for the company.
Sub Objective –
O To look for all segments of people so that
they can be introduced in the system.
o To make Suggestions about
A. Improvements in recruitment methods.
B. Making convenient recruitment both for
the company and the recruiter.
Characteristics of a good insurance
sales person
• He should be speedy, needy and Greedy
• He should be presentable.
• He should have good Communication Skills.
• He should be ready to serve with a smiling
face.
RESEARCH
METHODOLOGY

Research Methodology

Research methodology is a way to systematically solve the research problem. It

may be understood as a science of studying how research is done scientifically.
In it we study the various steps, the research process that is generally adopted
to study the research problem and basic logics behind them. The basic steps in
this research are shown in the chart below in this research we are using the
questionnaire with question with open ended and close ended both.
Questionnaire has made under the instruction of company guide

The Research Process

The research consisted of two stages. In the first stage, a survey was conducted
to collect the data about the people. The second stage involved analysis of the
data collected in the first stage.

Data Collection

`Data has been collected both from primary as well as secondary sources as
described below.

Sample size

The sample size for the survey was 100. It consisted of 30 Businessmen, 17
Professionals, 18 HNI and 35 Students. In addition, data about ICICI’s services
was collected through discussions with the ICICI employees.

Primary sources

The primary source of data was Questionnaire filled by people at

different places of Lucknow, Kanpur and Sitapur. After the collection
of data it was arranged and the people who were found suitable and
interested were interviewed which consisted of 53 people.

Field work
Since the task was to recruit some people for the company. So the first thing
was to look for the people in the field and various offices. Various CA,
Lawyers and other professionals were interviewed for the recruitment purpose.

Secondary sources

The secondary sources of data were the various websites and insurance
manuals. This mainly provided information about the insurance sector and the
company’s profile. These helped in gaining knowledge about the industry.
These sources are listed in References.

Research design

The methodology consisted of Descriptive research. The problem was solved

by recruiting people into the system. The information was collected through

Questionnaire is as follows-

• General Information
• Time that can be devoted for this profession
• To know the awareness about ICICI PRUDENTIAL.
• To know about their interest in becoming advisors.
• To fix an interview if interested.
 FINDINGS
&
DATA ANALYSIS

AGE COMPOSITION: In this market survey most of the people are between
the age group of 20-55yrs which indicates that this report has most of the
emphasis (84%) on those people who are well established in their related field
i.e. business, profession, job, etc...

AGE NO. OF PEOPLE

COMPOSITION
<25Y 16
26Y-35Y 25
 36Y-45Y 30
46Y-55Y 19
>55Y 10
TOTAL 100

NO. OF PEOPLE

>25Y
26Y-35Y
36Y-45Y
46Y-55Y
<55Y
TOTAL

Above graph shows that most of the people belong between 18 years to
55 years.

Do you have any side business Along

with your occupation?

Yes 30
No 70
 SIDE BUSINESS INFORMATION

YES
NO

The above graph shows that there is good number of

people can be looking for some kind of extra
business.

How long you are working in this

company?
1 Year 6 Months 4 Months
20 60 20
 70

60

50

40

30

20

10

0
one year six month four month

Above graph shows that more than half of people has

joined the company last 6 months.

What are your expectations

from the company?
Top Commissions Unit Manager
Recognition
Advisor
20 50 25 5

Top Advisor
Commission
Unit manager
Recognition

Above graph shows that 50% are interested in

commissions in comparison of other choices.

What was the company commitment when you join

it?

Rewards Motivation Growth

Guidance
20 40 30 10

Rewards
Motivation
Growth
Guidance

Above graph shows that due to motivation and

growth advisors are more interested in this job.

You want any changes in your working

criteria?
Phone Problem Space Problem
30 70

Phone Problem
Space Problem

Above Graph shows that due to space

problem, advisors are unable to do work
properly.

Is there any stress in your working life?

Yes No Little Bit Due To
Business
5 80 15

90
80
70
60
50
40
30
20
10
0
Yes No Little Bit Due To Business

Above graph shows that there is no

stress in this job, every body can do as
a side business.
Are you getting any additional benefits?
Phone Meeting Room Fax/Photostat

Yes -: 90

No-: 10

100
90
80
70
60
50
40
30
20
10
0
Yes No

Above graph shows that company is

providing all benefits, which is required
for advisors.
How many policies you have given till now?

Sr. No. No. Of No. Of

policies Advisors
1 0-5 15
2 5-15 30
3 15-30 40
4 Above 30 15

40
35
30
25
20
15
10
5
0
Sr. No. 1 2 3 4

Above graph shows that 40% Advisors

are able to give minimum 30 policies in
a year.
What is the mode of premium mostly?
Monthly Half Yearly Yearly
30 55 15

Monthly
Half yearly
Yearly

Above graph shows that more than 50 %

customers prefer HALF YEARLY mode for
depositing the premium.
Which types of customers are engage in
policies and investment?
Businessman Service Industrialist
Property
Class
Dealers
30 45 10 15

50
45
40
35
30
25
20
15
10
5
0
Businessman Service Class Industrialist Property
Dealers

Above graph shows that SERVICE CLASS are more

interested for saving money.
How much amount you have given till
now by policies and investment?

Sr. Amount No. Of

No. Advisors
1 0-50,000 19
2 50,000- 21
2lakh
3 2lakh- 40
4lakh
4 Above 20
4lakh

45
40
35
30
25
20
15
10
5
0
0 1 2 3 4 5 6 7
 Above Graph Shows that 40% Advisors are able to
give business between 2 lakh to 4 lakh.

What is your quality score?

Sr.No. Quality No.of
Score customers
1 2 10
2 3 60
3 4 19
4 5 11

Sr.No.
1
2
3
4
Above graph shows that minimum 3 quality score is
necessary for filling the form.

Have you good contacts and links for

this work?
Yes-: 80

No-: 20

YES
NO
Above graph shows that 80% advisors
have good contacts.

Why you join this work?

Sr. No. No. Of Advisors
1 Brand Name/Side 70
Business
2 Willingness 20
3 Interest in this field 5
4 By any Reference 5

No. Of Advisors

1 Brand Name/Side
Business
2 Willingness

3 Interest in this field

4 By any Reference
Above graph shows that most of the people join ICICI
Pru. Due to Brand Name and for Side Business.

What is your Qualification?

Sr. No. Qualification No. Of

Advisors
1 Post 20
Graduate
2 Graduate 55
3 Intermediat 15
e
4 High school 10
No. Of Advisors

1 Post Graduate
2 Graduate
3 Intermediate
4 High school
Above graph shows that graduate
persons are more interested in this job.

REASONS FOR DEVIATIONS

I collected the 4 candidate’s names those have been
terminated from company due to deviations.
• Change in priority
• L.I.C. Dominance
• Lack of patience
• Lack of experience
• Incapability to understand financial product
• Convince problem
• Agent Problem
• Lack of contacts
• Gender problem
• Attitude problem(Hesitation ,Ego Problem)
 • Lack of time

TERMINATE CANDIDATES

Name Quality Score Business

1 Parminder 4 1 lakh
2 Harpreet Singh 3 2.50 lakh
3 Atul 3 2 lakh
4 Thirumul 5 Nil
* Point 4-: Mutual Fund Agent not interested in
insurance sector.
With in 6 months gives business.

NAME OF THE TERMINATED

CANDIDATES AND
PERFORMANCE
1. Par minder

Quality score: - 4
No of polices: - 8
Business: - 1 lakh
Time duration: - with in six months
Reason for switching: - Selected in Air force
Month of termination: - February 2006
2. Harpreet singh

Quality score:- 3
No of polices:- 18
Business:- 2.50 lakh
Time duration:- with in six months
Reason for switching:- Got a job in HDFC
Month of termination: January 2006

3. Atul Kumar

Quality score:- 3
No of polices:- 12
Business:- 2 lakh
Time duration:- with in a month
Reason for switching:- Got another job
Month of termination:- may 2006
 4. Thirumul

Quality Score: - 5
No. of Policies: - nil
Business: - nil
Time Duration: - 6 months
Reason for switching: - Not interested in this field
Month of termination: - July 2005

CONCLUSION
• Always try to make
advisors from rich families.
• Always try to get those
customers, who have good
contacts.
• Try to pay attention on
loan providers, tax
consultants, advocates,
c.a.’s
 • Quality score lies
between 4 and 5

SUGGESTIONS
• Training period should be less.
• Training fees also should be less.
• Product training should be long.
• Improve the service of telephones.
• Space is less according to strength.
• Internet facilities should be provided for
advisors.
• There should be a fixed salary and fixed
target.

STRENGTHS
 WEAKNESSES
OPPORTUNITIES
THREATS
ANALYSIS

SWOT ANALYSIS
ICICI Prudential is one of the most powerful, world class Life Insurance Co.,
gaining appreciation for their strong work ethics, excellent performance,
professionalism and team work which led them to progress in today’s
challenging environment. Though with its excellence performance and every
efforts has been made to present the most authentic and truly representative
findings, but some uncontrollable factors do affect the performance and thus
bring about some deviations and hurdles in progress. So, with its strengths and
good quality, the company is having some weaknesses, and threats and
opportunities. Its SWOT analysis is as below:

Strengths
• ICICI Prudential is the largest private player in the insurance
industry in India.
• Excellent services.
• Customization of Products as per customer’s needs.
• Brand Image.
• Business Experience.
• Strong Financial Base.
• Innovative products, Technology, organization culture and
climate.
• The company has a large network of branches which is helpful to
customer for the payment.

Weaknesses
• Lot of competitors are in the market offer same product by the
title difference in the premium and offerings.
• Target only higher income group whereas other companies are
trying to catch middle-lower level people.
 • Higher premiums as compared to the other companies
• Clients face problems to get insured due to large number of
formalities.
• High targets for financial advisors and for the sales
department.

Opportunities
• Huge market is literally untapped. Out of estimated 320 million
insurable markets only 20% of the population is insured.
• In a conservative society of India where people are more inclined
towards risk free investments such as Bank FD’s and savings rather
than equity and high risk investments insurance offers the best of both
worlds – The security with high returns. So there exists high potential
for insurance company like ICICI prulife
• In the pension field where people want good life after their
retirement.
• Indian people are more emotional towards their child that’s why
children plans are selling like hot cakes.
• Health insurance and pension Schemes, an estimated market
potential of approximately $15 billion.

Threats
 • Weak perception of private players in the minds of Indian people
due to frequent financial scams
• Large number of insurance players
• Existing wrong business practices of companies like – LIC First
premium is paid by their agents where – as IRDA suggests that even
forms to be filled by the clients themselves
• Players like Allianz Bajaj and Birla sun life with low premium
for the similar plans
• Entry of many other private companies with equally strong
experience and financial strength of foreign partners making the
competition difficult and saturating the urban markets.
• LIC has woken up from sleep and is following competitive
strategies. Its huge surplus in Life Fund gives a capability to lodge
Price war.
• Current Government policies do not encourage Gross Domestic
Savings. If the Tax Liability of the service class rises, the customer will
have little money to invest.
• For the Insurance sector Government set the authority that is
IRDA (Insurance Regulatory and Development Authority) which is
undertaken to track record of all the companies and change rules day
by day more rigid which is very difficult for the companies.

--------
Recommendations
• There should be a weekend batch for training of people who can
not take time off full six days from their busy schedule.
• There should be some fixed salary with some fixed targets as
other companies are doing.
• Advertising should be given in the newspapers so that more
number of people can come for the interview.
• Various MBA institutes should be targeted to get people with
good marketing as well as interpersonal skills.
• Presentation about advisor as a career opportunity should be
given in the various seminars an get together.

The Indian economy has demonstrated its resilience with the GDP growing by
4.3% in the last year, which compares quite favorably with most countries
round the world. This was despite poor monsoons, global economic slowdown
and heightened geo-political uncertainty due to Iraq war, high oil prices and
border tensions. Inflation which arouse to round about 6.5%, has come of o a
most stable 5%. This bodes well for the Indian economy which is expected to
post GDP growth in excess of 5.5% in financial year 2004. Growth is likely to
be boosted by large infrastructural projects and high retail credit along with
positive trends in various macro variable trends like appreciating Rupee, strong
forex reserves, benign inflation and stable interest rates.
The equity outlook is positive with the Indian corporate sector looking
fundamentally strong on account of operational efficiency improvements
achieved in recent years. Companies are expected to build on recent gains
as economic recovery picks up steam especially with a good start to
monsoons. However, it would also be prudent to recognize the inherent
risks if there is a second consecutive monsoons failure in an agriculture
dependant economy like India. Also, with elections looming large we
could see some slackening in the pace of reforms which is another
downside risk.

The fixed income outlook is stable. A lot income outlook is stable. A lot
depends on the inflation and monsoon trends going forward. While
economic recovery and credit overtake could gap the upside, liquidity in
the system is likely to protect the downside resulting in fairly flat market

----------
REFERENCES
1. www.iciciprulife.com
2. www.financialexpress.com
3. www.insuranceguide.com
4. www.rncosindia.com
5. www.google.com
 APPENDICES
QUESTIONNEAR FOR DEVIATION
PROFILE OF CANDIDATE:-

NAME:-

ADDRESS:-

MOBILE. NO.:-

ANY EXPERIENCE: -

Q-1:-How long you are working in this company?

Q-2:-What’s yours expectations from company?

Q-3:-Are you getting any benefits?

Q-4:-What was the company commitment when you join it? Are they
full filling or not?

Q-5:-If not then why? What are the reasons behind it?

Q-6:-You want any changes / flexibility in your working criteria?

Q-7:-Is there any stress in your working life?

Q-8:-According to you “recruitment process” is good or not?

Q-9:-If not, then what should be changes?

Q-10:- Are you getting any additional benefits?

(Phone, Meetings, Fax Machine, Photostat)

QUALITY OF ADVISORS

Q-1:-How many policies you have given till now?

Q-2:- What is a mode of premium mostly?

Q-3:-Which types of customers are engage in policies and investment?

Q-4:-how much amount you have given till now by policies and
investment separately?

Q-5:-What is your quality score?

Q-6:-Have you good contacts and links for this work?

Q-7:-Why you join this work?

A. Brand name
B. Side business
C. Willingness
D. Interest in this field
E. By any reference

Q-8:-What is your qualification?

Q-9:-What is your age?

Student undertaking

---------------s-