AN EXPLOTARY STUDY ON ANALYZING INDIVIDUALS ATTITUDE TOWARDS JOB

PREFERANCES FOR FINANCIAL ADVISOR WITH SPECIAL REFERANCE TO ICICI

PRUDENTIAL LIFE INSURACE COMPANY

By
ARINDAM GHOSH

DEPARTMENT OF BUSINESS ADMINISTRATION

MANAGEMENT INSTITUTE OF DURGAPUR
DURGAPUR-12
(WEST BENGAL)
2010

AN EXPLOTARY STUDY ON ANALYZING INDIVIDUALS ATTITUDE TOWARDS

JOB PREFERANCES FOR FINANCIAL ADVISOR WITH SPECIAL REFERANCE TO
ICICI PRUDENTIAL LIFE INSURACE COMPANY
1
 PROJECT REPORT
SUBMITTED IN PARTIAL FULFILLMENT OF THE
REQUIREMENTS FOR THE MASTER DEGREE IN BUSINESS
ADMINISTRATION UNDER WEST BENGAL UNIVERSITY OF
TECHNOLOGY, KOLKATA

BY

NAME: ARINDAM GHOSH

ROLL NO.:09167009023
REGISTRATION NO.:091670710015 OF
2009 -10
SPECIALIZATION: MARKETING (MAJOR)

SUPERVISED BY

MR. SUMANTRA BHATTACHARYA

(Sr. Faculty of MBA, MID)

DEPARTMENT OF BUSINESS ADMINISTRATION

MANAGEMENT INSTITUTE OF DURGAPUR
DURGAPUR-12
(WEST BENGAL)
2010

2
 CERTIFICATE
This is to certify that the Project entitled “AN EXPLOTARY STUDY ON
ANALYZING INDIVISUALS ATTITUDE TOWARDS JOB
PREFERANCES FOR FINANCIAL ADVISOR WITH SPECIAL
REFERANCE TO ICICI PRUDENTIAL LIFE INSURACE CO. ”
submitted by ARINDAM GHOSH (Roll No.09167009023) to the
Management Institute of Durgapur, West Bengal, India, for the award
of the degree of Master of Business Administration in West Bengal
University of Technology, is a bona fide work carried out by him under
my supervision and guidance.

I am satisfied with the contents of his Project Report and I do mention

that he has undertaken the project work systematically, meticulously
and having thorough grasped over the subject concerned.

In my opinion, the project report has fulfilled all the requirements as

per the Course Curriculum. To the best of my knowledge, the results
embodied in this report have not been submitted to any other
University or Institute for award of any degree or diploma.

Mr. Sumantra Bhattacharya

Place: Rajbandh, Durgapur

Date: 10th August’2010.

3
 DECLARATION
I hereby declare that this project titled “ AN EXPLOTARY STUDY ON
ANALYZING INDIVISUALS ATTITUDE TOWARDS JOB
PREFERANCES FOR FINANCIAL ADVISOR WITH SPECIAL
REFERANCE TO ICICI PRUDENTIAL LIFE INSURACE CO.” is
submitted for the partial fulfillment of the course MBA (Master of
Business Administration), under West Bengal University of Technology
(W.B.U.T). This is an original piece of work done by me under the
guidance of Mr. Sumantra Bhattacharya (Faculty of MBA, MID,
Durgapur) & Dr. Bibhas Chandra (HOD of MBA, MID, Durgapur) & Mr.
Naveen Pradhan Unit Manager of ICICI Prudential Life Insurance Co.
(Gangtok) & Mr. Abhijit Nandi Unit Manager of ICICI Prudential Life
Insurance Co.(Siliguri) and it has not been submitted for the award of
any other degree elsewhere in full or part.

ARINDAM GHOSH

Place: Rajbandh, Durgapur

Date: 10th August, 2010.

ACKNOWLEDGEMENTS
4
 I express my sincere thanks and deep sense of gratitude, to my
project guide Mr. Naveen Pradhan Unit Manager ICICI prudential Life
Insurance Co. (Gangtok) & Mr. Abhijit Nandi Unit Manager ICICI
prudential Life Insurance Co. (Siliguri) for his meticulous guidance,
valuable advice, valuable advice, worthwhile discussion, technical
ideas, and important suggestions.
I take the privilege to express my esteem and profound sense of
gratitude to director Prof. Dr. N.C. Ghosh Management Institute of
Durgapur. Principal Prof. Dr. Anup Kr. Ghosh Management Institute
of Durgapur, without his valuable guidance the completion of this
project would have been an immensely difficult task. I am also thankful
to the Head of the Department Dr. Bibhas Chandra & the Training
and Placement Officer Mr. Sanjay Chattaraj, faculty members of this
Institute for their valuable guidance and support at every step of this
project.
Constructive criticism and co-operation help me for developing the
project. Hence I convey my due regards to my guide Mr. Sumantra
Bhattacharjee & Dr. Bibhas Chandra, for whom this project
becomes feasible and successful.
I whole heartedly express my thankfulness, deep gratitude to all
the members of ICICI Prudential Life Insurance Co. Siliguri & Gangtok,
for their kind Co-operation, timely help, technical suggestions and
contribution for achieving success for this project.
Although I have expressed my gratitude to every person, who
helped me in reaching at the stage but there might be few who had
been left out, who helped me a lot, I would like to thank all of them.

5
 PREFACE

With new competitors coming every now and then in the

field of business, the company positioning should be strong
enough to retain its position in business. ICICI PRUDENTIAL LIFE
INSURANCE COMPANY LIMITED has positioned itself strongly with
high-class advisors, unit manager, and technical persons.

The study that is being made is that “TO UNDERSTAND THE

ADVISORS RECRUITMENT PROCESS OF ICICI LIFE
INSURANCE AND THEIR ROLE IN SALES.” To make this
research mostly Primary data is being used, taking a sample size
of 65 peoples. The areas covered up in this survey were Siliguri
and Gangtok. The Research Methodology that is being
implemented in this study is Sampling Method. The company is
having the largest sales force after Life Insurance Corporation of
India, follows a strict code of recruitment as the advisors or the
sales persons as they are going to be company’s advisor’s or
ambassadors.
The result which was found from this research clearly shows a
company should be more flexible to the training program they
organized for the high profile advisor. The project undertaken is
the thorough study of the service & activities, which the company
is willing to give each advisor. From the survey it was revealed
that ICICI PRUDENTIAL is doing quite well in all the sections of its
operation.

6
 CONTENT

Page No

CHAPTER – 01
01 - 13
INTRODUCTION
1.1 GROWTH OF INDIAN LIFE INSURANCE.

1.2 INTRODUCTION TO THE PROJECT.

1.3 OBJECTIVE OF THE STUDY.

1.4 SCOPE & SIGNIFICANCE OF THE STUDY.

1.5 LIMITATION OF THE STUDY.

CHAPTER – 02
14 - 20
REVIEW OF LITERATURE

CHAPTER – 03
21 - 40
COMPANY PROFILE
3.1 ABOUT THE COMPANY.
7
3.2 BOARD OF DIRECTORS& MANAGEMENT TEAM
3.3 AWARDS & CERTIFICATE OF THE COMPANY.
3.4 PRODUCTS.
3.5 VISION OF THE COMPANY.
3.6 MISSION OF THE COMPANY.

CHAPTER – 04
41 - 46
RESEARCH METHODOLOGY
4.1 RESEARCH DESIGN & RESEARCH TYPE.
4.2 BACKGROUND INFORMATION.
4.3 LOCALE OF STUDY.
4.4 SAMPLING PROCESS.
4.5 TECHNIQUE OF DATA COLLECTION.
4.6 TOOLS OF DATA COLLECTION.
4.7 QUESTIONNAIRE CHECKING / EDITING.
4.8 TYPES OF DATA SOURCE.
4.9 METHOD OF PROCESSING DATA & TOOLS USED.
4.10 PROBLEM FACED IN DATA COLLECTION

CHAPTER – 05
47 - 75
DATA ANALYSIS &INTERPRETATION

CHAPTER – 06
76 - 78

8
FINDINGS & RECOMMENDATIONS

CHAPTER – O7
79 -80
CONCLUSION & FUTHER STUDY

CHAPTER – 08
81 - 82
REFERRANCES

CHAPTER – 09
83 -88
ANNUXERE

9
 CHAPTER – 01
INTRODUCTION
1.1 GROWTH OF INDIAN LIFE
INSURANCE.
1.2 INTRODUCTION TO THE
PROJECT.
1.3 OBJECTIVE OF THE STUDY.
1.4 SCOPE & SIGNIFICANCE OF THE
STUDY.
1.5 LIMITATION OF THE STUDY.

10
1.1 GROWTH OF INDIAN LIFE
INSURANCE:

Indian insurance market size is presently estimated at US$

66-70 million. By 2011, it was expected to grow five-fold to US$ 377
million. In 2000-01 fiscal year, total premiums stood at US$ 9933
million which is 0.41 percent of total global premiums of US$ 2443.6
billion. Total premiums of Indian insurance industry in 2000-01 fiscal
was 2.32 percent of country's GDP. Per capita premium stood at US$
9.9 million. Indian insurance market potential could be gauged by the
fact that currently about 40-42million people have been brought under
insurance where as the potential is estimated at 200-250 million.
Insurance companies could tap only 5 percent of Indian middleclass
segment. Indian federal government considers insurance as one of
major sources of funds for infrastructure development. The
government has identified the following as major thrust areas:

• Timely and reliable statistical data and information about

policies and
markets to instill a degree of credibility;
• A code of good practices based on international best practices
to raise
the standard of Indian insurance sector;

11
 • Strengthening of supervision and regulation;
• Market participation in decision-making;
• High solvency standard' and Developing alternative channels.

Till end of 1999-2000 fiscal year, two state-run insurance companies,

namely, Life Insurance Corporation (LIC) and General Insurance
Corporation (GIC) were the monopoly insurance (both life and non-life)
providers in India. Under GIC there were four subsidiaries-- National
Insurance Company Ltd, Oriental Insurance Company Ltd, New India
Assurance Company Ltd, and United India Assurance Company Ltd. In
fiscal 2000-01, the Indian federal government lifted all entry
restrictions for private sector investors. Foreign investment insurance
market was also allowed with 26 percent cap.

1.2 INTRODUCTION TO THE PROJECT:

About insurance advisor:

An agent is the representative of an insurance company who

sells different policies or product to its clients. Another term used for
insurance agents is advisors; ICICI Prudential life insurance company
Ltd introduced this term.

Today in life insurance companies’ advisors are known to be

the backbone of the whole system. Advisors/agents do not work on
monthly payroll basis; they receive a certain commission on the
policies they sell to the clients. The eligibility required to become an

12
advisor/agent is that he/she should be 12th pass to operate in urban
area and 10th pass for rural areas. Before a person becomes an
advisor/agent he/she has to undergo 100 hrs training according to
IRDA norms, which is compulsory.

A person who wants to be an advisor has first to fill a

recruitment form and has to pay a fee of Rs. 1500/- in favor of ICICI
Prudential. Then, he has to pass a test, which is compiled by IRDA.
After he gets through that test he is awarded a license and then his
training starts in the company regarding the insurance business. ICICI
Prudential provides this training in 3 modes as per the suitability of the
advisors viz:-
1) Classroom training: - It is a Full Time Training with a period of 17
days regular
between 9 am to 5pm at the training centers
allotted to the advisor.

2) Online training: - It is another mode of training where the company

provides
CD’S and books to the advisor for his own
study.

FUNCTION OF ADVISORS:

Advisors provide ongoing financial advice for his /her

client/prospect. In our official term prospect is a person who can
buy life insurance from us. The advisors study the prospects needs
and persuade them to buy a policy. Complete all formalities for

13
proposal of new insurance, including filling up forms, collecting
premium, arranging medical examination, collecting proofs (of
age/income), reports and information required by the under writer.
After having sold a new insurance policy, the advisor has to ensure
that the policy continues without a lapse till it becomes a claim. For
that reason an advisor has to do the following:

1. Keep in touch with the policy holder to make sure that renewal
premiums
are paid in time.

2. Ensure that nominations are made or changed, if necessary

3. Assist in collecting claim amounts.

As an advisor you contribute in bringing in new business for the
company offer world class pre and post sales service to the clients
with the support of the organization.
But an advisor to us means much more than a salesman or a,
saleswoman, at ICICI Prudential recognize our advisors as the
ambassadors of our organization in the marketplace and we consider
the advisor force would be our biggest differentiating factor in the
coming years. That is why; we take a lot of care in recruiting and
developing our advisor force, so that we can maintain our standards of
quality in service and salesmanship.

The competition and the customer awareness have forced the times to
be a knowledge oriented marketplace. Appreciating the same we strive
to get people with reasonably good graduation background as our

14
advisors. We also acknowledge and recognize prior 11sales experience
of the persons, at the time of recruitment. The other function is to be of
assistance to the policy holder in case he/she needs a loan under the
policy.

ROLE OF AN ADVISOR:

1. Identify future clients/prospect.

2. Making appointment.
3. Conduct financial review meeting with prospect.
4. Close sale.
5. Get referral
6. Provide service to clients/prospect.
7. Follow internal sales and reporting system.

After analyzing the quality (which the company is looking for), back
office service(which the company is giving to that person) functions to
be performed, role to be played .I used to describe the benefits which
the advisor can get out of his/her joining as an advisor in ICICI
Prudential Life Insurance Company.

OPPORTUNITIES:
1. No startup capital is required to becoming an advisor.
2. Flexible working environment.
3. Be his/her own boss.
4. Unlimited earning potential.
5. To be part of world class team

15
Commission Structure:
Different products will have different commission structures.
For example: Single Premium products will have a commission of 2%.
Renewal Commission is paid at the following rates:
• 2nd yr: 7.5%
• 3rd yr: 7.5%
• 4th yr: 5%
• 5th yr: 5% onward

MOST PREFERRED PROFILES TO RECRUIT AS

ADVISIORS:

• Housewives
• Income tax consultant
• Charted accountant
• Credit card co.
• Telecom
• Mutual fund
• M R’s
• Doctors
• Teachers
• VRS holders
• Advisors of other insurance companies
• Post office agents
• Businessmen

16
 • Accountants OI in an organization

RECRUITMENT AND SELECTION PROCEDURE :

Approaching the Agency

↓
Filling up the compulsory IRDA form
↓
Scheduling the training
↓
Conduction of examination
↓
Final selection as LA

The person has to pay Rs. 1000/- for becoming an Advisor. That
person is given an 8 days intensive training in which he is also given
product details. After the training is over the person has to give an
examination named as IC 33 taken by Insurance Regulatory and
Development Authority (IRDA).

Once the person clears his examination a code is generated in his

name. The person now becomes an Advisor and is ready to bring business.
There are also some criteria examined to be an Insurance Advisor:

Age above 25 Years? Yes/ No

Married? Yes/No

Are you a Graduate? Yes/ No

Living in the same city for more than 5 Yes/ No

years?

17
 House Hold Income above 2 lakhs? Yes/ No

The person who fulfills three criteria out of the above five is eligible to
become an advisor in ICICI Prudential Life Insurance co.

What does it take to be an ICICI Prudential advisor?

At ICICI Prudential, we believe that our Advisors are our

ambassadors to the customers. They are a key source of business for
the organization, and are
the continuing link with our clients. That is why; we take a lot of care in
recruiting and developing our advisor force, so that we continue to set
higher standards of quality in service and salesmanship. To cater to
the needs of the knowledge-oriented market place, we look for
graduates who are service-oriented, good communicators and enjoy
meeting new people. Prior sales experience is an added benefit.

WORKING ENVIRONMENT OF AN ADVISOR:

• To be part of world class sales team.

• Work from your own office or residence.

18
 • Work full time or part time.
• Earn commission, bonus and incentives.
• No upper limit of earning.
• Flexible career.

TRAINING:

At ICICI Prudential, we understand the importance of training in

a dynamic business environment. Our advisors go through both
generic and specific, professional programs that help them remain well
informed and knowledgeable about the company’s products in the
market. There is a further focus on soft skills such as communication,
managing long-term relationships and selling skills, which are very
relevant in a service-driven industry like life insurance.

State of the art infrastructure training facilities coupled with an

excellent faculty, guarantee an exceptional learning environment. For
advisors who might be occupied with their daily business/professional
routines, ICICI Prudential also offers convenient training options such
as online and self-learning are also provided by the organization.

19
 A 15-day training schedule covers the mandatory IRDA training
requirements and ICICI Prudential product-training module. Revision
session ensure that the candidates thoroughly understand the course
contents and are well prepared for the licensing examination.
Theoretical training is interspersed with practical appointment settings
with potential customers, giving advisors a feel of how their business
will work from the very first day. All through, the Unit Manager and the
management provide continuous support to the advisors in achieving
independence towards garnering business.

20
1.3 OBJECTIVE OF THE STUDY:

The objective may be defined as something worked toward or striven

for a goal. The objective of my study is:

• To investigate the individuals’ preferences criteria for

selection on jobs as financial advisors.

21
1.4 SCOPE & SIGNIFICANCE OF THE
STUDY.

SCOPE & SIGNIFICANCE OF THE STUDY:

The scope of this Project is to aware the different interested work

seeking peoples in Insurance sectors about how to get started their
work as a financial advisor or letting them know what they exactly
have to do if they want to start up a business as Financial advisors with
ICICI Prudential Life Insurance Co in the near future. This project will
also help me how to deal with the peoples if I get a job in insurance
sector somewhere in my life.

It also helps in analyzing the healthiness and scope to a person

within a particular company if he selects financial advising as one of
his career options, and makes the company enable to increase its
scope in terms of attaining more and more advisors which will be
beneficial for its future growth and increase its scope in open market
and trade.
The project will help me to get a better job in the field of
marketing as I am well acquainted with the advisor’s licensing in a
insurance company, how to deal with them in order of doing my
surveys and personal interviews.

Though lot of work has been done but many areas are still
remaining untouched as it is a exploratory research. This project may

22
be useful to the students of our Centre in near future for the further
development in descriptive one.

1.5 LIMITATION OF THE STUDY:

There have been a number of limitations because of which the

survey may not be indicative of the views of the target population. A
few of these have been mentioned below.

• Time is the main constraints of this study.

• The Sample size used for the research is less.

• The Target Area was limited to the nearby area.

• Consultation with Experts would have largely improved quality

of the Research.

• The Questionnaire was not extensive and more issues could

have been addressed.

• The responses obtained might be inaccurate or biased,

inadvertently or deliberately.

• The sample of the respondents chosen for the study might not
be representative.

23
Analysis of the proposed aspects might differ depending on the tools
and techniques used.

CHAPTER – 02
REVIEW OF
LITERATURE

24
 REVIEW OF LITERATURE

About Insurance:

Insurance is a contract between two parties whereby one

party called insurer under takes in exchange for a fixed sum
called premiums, to pay the other party happening of a certain
event.
Insurance is a protection against a financial loss arising on the
happening of an unexpected event. Insurance Companies collect
premium to provide for this protection. A loss is paid out of this
premium collected from the insuring public. The insurance
company act as a trustee to the amount collected through
premium.
Insurance is generally classified in three main categories:
(i) Life Insurance,
(ii) Health insurance &
(iii) General Insurance
To get insurance an individual or an organization can approach
to an insurance Company directly, through Insurance Agent of the
concerned company or through Intermediaries.
25
Overview of life insurance:
A policy that will pay a specified sum of beneficiaries upon the
death of insured person. An agreement that guarantees the payment
of stated amount monetary benefits upon the death of the insured
person.

Necessities of Insurance:

Insurance is the protection of life and assets against unforeseen

circumstances. Whether it is general accident policy, a Mediclaim
policy or a pension policy, an insurance policy helps you to cope with
uncertainty and insecurity.

Ever thought about why you should take an insurance policy. For
one, it helps you to hedge risks against unforeseen circumstances and
save more. It that’s not all, it is:
• Superior to an ordinary savings plan as it provides full
protection against the risk of death.
• Encourages and forces compulsory savings unlike other
savings instruments, where in the saved money can be easily
withdrawn.
• Provides loan to tie over a temporary difficult phase and is
also acceptable as security for a commercial loan.
• Offers tax relief to policy holder.

26
 • Hedges risk against uncertainty.
• For a policy taken under the MWP Act 1874, (Married Women’s
Property Act), a trust is created for wife and children as
beneficiaries.
• Based on the concept of sharing of losses, the society will
benefit as catastrophic losses are spread globally.

Who can buy a life insurance policy?

Any person above 18 years of age, who is eligible to enter into a

valid contract, can go for an insurance policy. Subject to certain
conditions, a policy can be taken on the life of a spouse or children.

Usefulness of life insurance policy:

Planning for the financial consequences of a premature death is

an essential part of every financial plan. Generally, the consequences
are simply too large to ignore and cannot be totally covered with your
own resources. Life insurance is nothing but contract with an insurance
company under which is insured (purchaser) pays a premium in
exchange for coverage of specified issues. Life insurance is protecting
your family against the risk of premature death of you (or your
spouse). Life insurance planning should consider your family’s short
term needs (for example, medical expenses) and long-term needs (for
example, replacing your income).

In course of our life w are accosted by risk-that of failing health,

financial losses, accidents and so on. Insurance is mean by which life’s

27
uncertainties are addressed in financial terms. It offers a monetary
compensation against those losses. Insurance is considered more as a
hedging mechanism rather than a true investment avenue. Life
insurance, in particular is essentially acknowledged as mechanism that
eliminates risk, substituting certainty for uncertainty primarily by
transferring risk from the insured to the insurer.

Is life insurance is a saving instrument:

Life insurance is mainly considered as a saving instrument rather

than an investment avenue as it promotes compulsory savings besides
reducing tax burden on the policy holder and protects the family of
policyholder in the event of on for seen happening. It is the only saving
instrument, which covers risk besides giving tax concession both at
entry (premium paid) and exit point. The section 10(D) of the income
tax act totally exempts payment of tax on any amount received as
bonus against life insurances policies.

Career Opportunities of Life Insurance:

Considering that insurance is a profession that is identified with accidents and

toward incident and those insurance officials have a poor image of over promising
and under-delivering on the insuring public, is insurance an honorable and
worthwhile profession? The answer is yes.

This profession provides a framework for learning about human nature at its
raw; makes one persistent in his efforts; provokes to rethink on revised strategies
and procedures for achieving goals. One is required to think and feel like a lawyer
28
and to make allowance for the views and feelings of others in arriving at decisions.
One is required to rapidly build up gaps in his knowledge base, should he want to
succeed in the profession. One’s ability to compromise and work with others is
continually on trial. One has an opportunity to become a complete human being
who can show care and consideration for others.

Types of Insurance Plans

Traditional or Unit Linked

Broadly, insurance plans can be distinctly divided into ULIPs and

traditional plans. A brief detail of both segments:

Unit Linked Insurance Product:

ULIPs have gained high acceptance due to attractive features they

offer. These include:
 Flexibility
 Flexibility to choose Sum Assured.
 Flexibility to choose premium amount.
 Option to change level of Premium /Sum Assured even after the
plan has started.
 Flexibility to change asset allocation by switching between funds.
 Transparency.
 Charges in the plan & net amount invested are known to the
customer.
 Convenience of tracking one’s investment performance on a daily
basis.
29
  Liquidity
 Option to withdraw money after few years (comfort required in
case of exigency).
 Low minimum tenure.
 Partial / Systematic withdrawal allowed
 Fund Options
 A choice of funds (ranging from equity, debt, cash or a
combination)
 Option to choose your fund mix based on desired asset allocation

Traditional Plans:
These are the oldest types of plans available. These plans cater
to customers with a low risk appetite. Some of the common features of
traditional plans are:
 Steady Investment
 Major chunk of investible funds are in debt instruments
 Steady and almost assured returns over the long term

Tax Benefits on Insurance and Pension:

Life insurance and retirement plans are effective ways of
saving taxes. The tax breaks that are available under our various
insurance and pension policies are described below:
1. Life insurance plans of ICICI Prudential are eligible for deduction
under
Sec 80C
2. Pension plans of ICICI Prudential are eligible for a deduction under
Sec 80CCC

30
3. Health insurance plans/riders of ICICI Prudential are eligible for
deduction under Sec 80D

4. The proceeds or withdrawals of life insurance policies of ICICI

Prudential are
exempted under Sec 10(10D), subject to norms prescribed in that
section.

CHAPTER – 03
COMPANY PROFILE
3.1 ABOUT THE COMPANY.
3.2 BOARD OF DIRECTORS& MANAGEMENT
TEAM.
3.3 AWARDS & CERTIFICATE OF THE
COMPANY.

31
 3.4 PRODUCTS.
3.5 VISION OF THE COMPANY.
3.6 MISSION OF THE COMPANY.

COMPANY PROFILE

3.1 ABOUT COMPANY:

ICICI Prudential Life Insurance Company is joint venture between

two heavy weights companies, ICICI Bank, India & Prudential Plc., U K.
The name, ICICI Bank is not a new name in the Indian finance sector. It
is India’s second largest and largest private sector bank with over 50
years of financial experience. It offers a wide range of banking
products and financial services to corporate and retail customers in
areas of investment banking, life and non-life insurance, venture
capital and asset management. It is leading player in retail Banking
and has over 13 million retail customer accounts. The bank has a
network of over 570 branches and extension customers and 2000
ATMs.

Prudential Plc. Is a London based finance company. It was

established in the year 1848. The name Prudential might not be

32
familiar along us but we have an emotional attachment with this name
and specially our previous generation. The reason, when Kapil Dev
lifted the cricket World Cup at Lords in 1983. That World Cup
sponsored by none other than Prudential Plc. It was named Prudential
Cup.

Another famous example, in the year 1998, a movie named Titanic

took all the academy awards of that year. The incidence of Titanic was
a true one. The accident took place in the year 1913. It was Prudential
Plc., which provide the ship insurance coverage. The business of
Prudential Plc. spans across the globe.
By its products and services, it has brought a revolution of sort in
finance sector. It provides retail financial services products and
services to more than 16 million customers, policyholders and unit
holders worldwide. The credit goes to the company to bring to the
market an integrated range of financial services and products that now
include life insurance, pensions, mutual funds, banking investment
management and general insurance. Since its inception, it has been
doing its business with its flag always flying high.

ICICI Prudential began its operations in India in December 2000. It

is among the first private sector insurance company to get approval
Insurance Regulatory Development Authority (IRDA). ICICI
Prudential Life is also the only private life insurer in India to receive a
National Insurer Financial Strength rating of AAA (India) from Fitch
ratings. The AAA (India) 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.

33
 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

ICICI Prudential’s equity based stands at Rs. 1185 crore with ICICI
Bank and Prudential Plc. holding 74% and 26% stake respectively. Until
sep. 2005, the company wrote 283,818 policies. In the process, it has
garnered Rs. 820 crore of new business premiums for a total sum
assured 0f Rs. 7,131 crore. For the past four years, ICICI Prudential has
been donning the No. 1 position in the private life insurance sector in
the country. It has a wide range of flexible products that meet the
need of the Indian customer at every step.
Although for the last 50 years LIC has been the only company to
cater the consumer needs in the insurance sector but the past 5 years
15 insurance companies have been emerged in this scenario.
Some these are following:

Sl.No Name of the Companies Paid up Rank

Capital
(In Crores)
1. ICICI Prudential Life RS. 925 1st

2. MAX NEW YORK LIFE RS.305 2nd

3. BIRLA SUN LIFE RS.290 3rd

4. HDFC STANDARD LIFE RS.255 4th

34
 5. BAJAJ ALLIANCE RS.250 5th

6. AVIVA LIFE RS.240 6th

7. TATA AIG LIFE RS.231 7th

8. OM KOTAK MAHINDRA RS. 203 8th

9. ING VYSYA RS.200 9th

10. SBI LIFE RS.175 10th

11. AMP SANMAR RS.160 11th
12. MET LIFE RS.120 12th

13. Reliance Life Rs.115 13th

14. AXA BHARTI Life RS. 105 14th

15. PNB Life RS. 100 15th

While competition is catching up with the life insurance after

liberalization, a look at the top line private players in terms of the key
ratios like expense ratio, efficiency of capital employed and
persistency for the financial year 2009 -2010 shows that ICICI
PRUDENTIAL LIFE INSURANCE CO. has emerged as a leader.

Even while LIFE INSURANCE CORPORATION (LIC) continues to be

the leader having a market share of 92 percentage in the life insurance
market, among the new private players.

35
 In the short span since the insurance sector was opened up, ICICI
Prudential Life Insurance has literally dictate the market’s evolution.
Catering to all age and income segments, the company started out
with the traditional insurance policies that were easy to understand.

The gap between ICICI Prudential and the second in line private
insurer is vast. In fact, this hiatus has led some analysts to wonder if
the company is not a trifle too aggressive. But others say this has more
to do with the company’s customer-centric focus, its pan-India
presence and superior risk management and investment strategies
ICICI Prudential is not, however, resting on its laurels. The company will
continue to innovate and set the standards.

3.2 BOARD OF DIRECTORS& MANAGEMENT

TEAM.

3.2.1 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. Kochhar

Chairperson of ICICI Prudential Life Insurance Company.

 Mr. N.S. Kannan.

Director ICICI Prudential Life Insurance Company.

36
  Mr. K Ramkumar
Director ICICI Prudential Life Insurance Company.

 Mr. Barry Stowe

Director ICICI Prudential Life Insurance Company

 Mr. Adrain O’ Conner

Director ICICI Prudential Life Insurance Company

 Mr. Keki Dadi Seth

Independent Director ICICI Prudential Life Insurance
Company

 Prof. Marti G. Subrahmanyam

Independent Director ICICI Prudential Life Insurance
Company

 Ms. Rama Bijapurkar

Independent Director ICICI Prudential Life Insurance
Company

 Mr. Vinod Kumar Dhau

Independent Director ICICI Prudential Life Insurance Company

3.2.2 MANAGEMENT TEAM MEMBERS:

37
 The ICICI Prudential Life Insurance Company Limited
Management team comprises reputed people from the finance industry
both from India and abroad.

 Dr. Avijit Chatterjee

Appointed Actuary ICICI Prudential Life Insurance Co.

 Mr. Puneet Nanda

Executive Vice President ICICI Prudential Life Insurance
Co.

3.3 AWARDS & CERTIFICATE OF THE

COMPANY:

38
ICICI Prudential won the award company of the year in 2008.

ICICI Prudential won the international service of excellence awards in

the year 2009.

39
ICICI Prudential Life won the ICICI Group Marketing Excellence Award 2008 in three key
categories for its marketing initiatives.

The Product excellence award won by ICICI Prudential Life Insurance Co.

40
ICICI Prudential Life was awarded the INDY’s Award for Excellence in
Mass Communication in the category of Most Creative Advertisement-
Television.

ICICI Prudential Life Insurance won the award for the Best Life Insurer-Runner up at the
Outlook Money & NDTV Profit Awards 2007.

41
 3.4 PRODUCTS OFFERED:

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 of the host of other
factors.

LIFE INSURANCE PLANS:

Under Life insurance plans, ICICI Prudential offers plans under the
following major categories:
• Education Insurance Plans.
• Wealth Plans
• Premium Guarantee Plans
• Protection Plans

RETIREMENT SOLUTIONS:
The primary objective of retirement plan is to help you provide for
your financial needs in your post retirement years.

• Forever Life

• Life Time Super Pension

• Life Link Super Pension

42
HEALTH PRODUCT SUIT:

Under Health Product Suit, ICICI Prudential offers plans under the
following major categories:
• Health Assure
• Health Assure Plus
• Hospital Care
• Cancer Care
• Cancer Care Plus
• Diabetes Care
• Diabetes Care Plus

PRODUCT PORTFOLIO

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 products can be handed with up to 4 riders, to create a
customized solution for each policyholder.

Savings & Wealth Creation Solutions:

Save 'n' Protect is a traditional endowment savings plan that offers

life protection along with adequate returns.

43
Cash Back 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. It is available for terms of 15
and 20 years.

Life Time Gold is a unit-linked plan that offers customers the

flexibility and control to customize the policy to meet the changing
needs at different life stages. It offers 7 fund options - Preserver,
Protector, Balancer, Flexi Balanced Multiplier, R .I
.C .Hand Flexi Growth.

Life Stage RP is unit linked plan that provides you with an option of
lifecycle- based portfolio strategy that continuously re-distributes your
money across various asset classes based on your life stage. This will
help you achieve the right Asset Allocation to meet your desired
financial goals.

Life Link Super is a single premium unit linked insurance plan which
combines life insurance cover with the opportunity to stay invested in
the stock market.

Premier Life Gold is a limited premium paying plan specially

structured for long-term wealth creation.

Invest Shield Life New is a unit linked plan that provides premium
guarantee on the invested premiums and ensures that the customer
receives only the benefits of fund appreciation without any of the risks
of depreciation.

44
Invest Shield Cash back is a unit linked plan that provides premium
guarantee on the invested premiums along with flexible liquidity
options.

Life Stage RP is a unique and powerful wealth creation insurance

solution, which combines the benefits of automatic asset allocation
and quarterly rebalancing along with increased protection.

Protection Solution:

Life Guard is a protection plan, which offers life cover at low cost. It is
available in 3 options - level term assurance, level term assurance with
return of premium & single premium.

Home Assure is a mortgage reducing term assurance plan designed

specifically to help customers cover their home loans in a simple and
cost- effective manner.

Education Solutions:

Smart Kid New ULRP provides 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 plans are also available in
traditional form.

Retirement Solutions:
45
 Forever Life is a traditional retirement product that offers
guaranteed returns for the first 4 years and then declares bonuses
annually.

Life Time Super Pension is a regular premium unit linked

pension plan that helps one accumulate over the long term and offers
5 annuity options (life annuity, life annuity with return of purchase
price, joint life last survivor annuity with return of purchase price, life
annuity guaranteed for 5, 10 and 15years & for life thereafter, joint life,
last survivor annuity without return of purchase price) at the time of
retirement.

Life Stage Pension is a regular premium unit linked pension

plan that provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes
based on your life stage, eventually providing you with a customized
retirement solution.

Life Link Super Pension is a single premium unit linked pension

plan.

Immediate Annuity is a single premium annuity product that

guarantees income for life at the time of retirement. It offers the
benefit of 5 payout options.

Premier Life Pension is a unique and convenient retirement

solution with a limited premium paying term of three or five years, to

46
suit professionals and businessmen, especially those who require more
flexibility and customization while planning their finances

Health Solutions:

Health Assure Plus: Health Assure is a regular premium plan

which provides long term cover against 6 critical illnesses by providing
policyholder with financial assistance, irrespective of the actual
medical expenses. Health Assure Plus offers the added advantage of
an equivalent life insurance cover.

Cancer Care: is a regular premium plan that pays cash benefit

on the diagnosis as well as at different stages in the treatment of
various cancer conditions

Cancer Care Plus : is a wellness plan that includes all the

benefits of Cancer Care and also provides an additional benefit of free
periodical cancer screenings

Diabetes Care: Diabetes Care is a unique critical illness

product specially developed for individuals with Type 2 diabetes and
pre-diabetes. It makes payments on diagnosis on any of 6 diabetes
related critical illnesses, and also offers a coordinated care approach to
managing the condition. Diabetes Care Plus also offers life cover.

Diabetes Care Plus: is a unique insurance policy that provides

an additional benefit of life cover for Type 2 diabetics and pre-diabetics

47
 Hospital Care: is a fixed benefit plan covering various stages of
treatment - hospitalization, ICU, procedures & recuperating allowance.
It covers a range of medical conditions (900 surgeries) and has a long
term guaranteed coverage up to 20 years.

Crisis Cover: is a 360-degree product that will provide long-term

coverage against 35 critical illnesses, total and permanent disability,
and death.

Group Insurance Solutions:

ICICI Prudential Life also offers Group Insurance Solutions for

companies seeking to enhance benefits to their employees.

Group Gratuity Plan: ICICI Prudential Life's group gratuity

plan helps employers fund their statutory gratuity obligation in a
scientific manner and also avail of tax benefits as applicable to
approved gratuity funds.

Group Superannuation Plan: ICICI Prudential Life offers a

flexible market linked scheme that provides substantial benefits to
both employers and employees. Both defined contribution (DC) and
defined benefit (DB) schemes are offered to optimize returns for
members of the trust and rationalize cost. Members have the option of
choosing from various annuity options or opting for a partial
commutation of the annuity at the time of retirement.

48
 Group Immediate Annuities: ICICI Prudential Life realizes
the importance of prudent retirement planning. With this in mind, we
have developed a suite of annuity products that not only give you an
income for life but also provide you options to match your needs. In
addition to the annuities offered to existing superannuation customers,
we offer immediate annuities to super annotations funds not managed
by us.

Group Term Plan: ICICI Prudential Life's flexible group term

solution helps provide an 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 Prudential 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 rider sum assured under the policy.
If an accident results in total and permanent disability, 10% of rider
sum assured will be paid each year, from the end of the1st year after
the disability date for the remainder of the base policy term or
10years, whichever is lesser. If the death occurs while traveling in an

49
authorized mass transport vehicle, the beneficiary will be entitled to
twice the sum assured as additional benefit.

2. 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

3. Waiver of Premium: In case of total and permanent

disability due to an accident, the future premiums continue to be paid
by the company till the time of maturity. This rider is available
with Smart Kid, Life Time Plus, Life Time Super and Life Time
Super Pension.

4. Income benefit rider: In case of death of the life

assured during the term of the policy, 10% of the sum assured is paid
annually to the nominee on each policy anniversary till the maturity of
the rider.

3.5 VISION OF THE COMPANY:

To be the dominant Life, Health 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

50
 • 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.

We do believe that we are on the threshold of an exciting new

opportunity, where we can play a significant role in redefining and
reshaping the sector. Given the quality of our parentage and the
commitment of our team, there are no limits to our growth.

3.6 VALUES OF THE COMPANY:

Every member of the ICICI Prudential team is committed to 5

core values: Integrity, Customer First, Boundary less, Ownership, and

51
Passion. These values shine forth in all we do, and have become the

keystones of our success.

CHAPTER – 04
RESEARCH METHODOLOGY
4.1 RESEARCH DESIGN & RESEARCH TYPE.
4.2 BACKGROUND INFORMATION.
4.3 LOCALE OF STUDY.

52
 4.4 SAMPLING PROCESS.
4.5 TECHNIQUE OF DATA COLLECTION.
4.6 TOOLS OF DATA COLLECTION.
4.7 QUESTIONNAIRE CHECKING / EDITING.
4.8 TYPES OF DATA SOURCE.
4.9 METHOD OF PROCESSING DATA & TOOLS
USED.
4.10 PROBLEM FACED IN DATA COLLECTION.

RESEARCH METHODOLOGY

4.1RESEARCH DESIGN & RESEARCH

TYPE:

The study of research methodology gives the student the

necessary training in gathering material, participation in field work
when required, and also training in techniques for the collection of data
appropriate to particular problem, in the use of statistics,
questionnaires and controlled experimentation and in recording
evidences, sorting it out and interpreting it. Knowledge of research
methodology plays a key role in project work. It consists of series of
actions or steps necessary to effectively carry out research and the

53
desired sequencing of these steps. And after the interpretation and
analysis of those data the conclusion and recommendation is drawn
that what is the actual problem and where to improve.

4.2 BACKGROUND INFORMATION:

This phase involved preliminary investigation of the interest in

performing job as an advisor in the ICICI prudential life insurance co.
The Secondary data gathered was analyzed to understand the current
scenario of recruiting process of advisors. The analysis of the
secondary data also helped us find different attributes which affect the
recruitment process of an advisor.

4.3 LOCALE OF STUDY:

As the time and the cost are the two main constraints in this
research so it is not possible to consider the whole advisor market so
the survey was conducted in Siliguri & Gangtok only.

4.4 SAMPLING PROCESS:

54
 Within the stipulated time it is not possible to collect data from all
persons of the locality. So I have chosen the sampling process.

i. Sampling technique: The data collected from the samples in

Random sampling process. It is the process of selection of a group of
units in such a manner that every unit of population has an equal
chance of being included in the sample.

ii. Sample size: It denotes the number of elements to be included

in the study. Due to time constraints the sample size chosen is very
small. The total no of sample is 65 (sixty five).

4.5 TECHNIQUE OF DATA COLLECTION:

Once sampling plan has been determined, the marketing

researcher must decide how the subject should be conducted. In this
survey the PERSONAL INTERVIEW METHOD is adopted as a technique
of data collection as it is a versatile method. And through it more
questions can be asked and records of additional observations become
easier from the respondents.

Personal interview takes two forms one is ARRANGED and the

other one is INTERCEPT INTERVIEWS. In time of this survey the
intercept interview process is chosen as the data are collected from
the respondents’ residence and from the college students after
requesting an interview.

55
4.6 TOOLS OF DATA COLLECTION:

In this survey the main tool of collecting primary data from the
respondents’ is QUESTIONNAIRE as this is the most common
instrument used to collect data and the form of question can influence
the response. The questions were then prepared in order to fulfill the
information requirements as identified earlier in the study objectives.

All the questions in the questionnaire are close-ended. In the

questionnaire there are two parts. First part is the profile of the
respondent. Second part is the questions that have to fulfill the
respondents according to their consent.

4.7 QUESTIONNAIRE CHECKING /

EDITING:

The questionnaire is checked for completion and interviewing

quality. Editing is the review of the questionnaire with the objective of

increasing accuracy and precision.

4.8 TYPES OF DATA SOURCE:

A researcher can gather primary data, secondary data or both.

PRIMARY DATA are data freshly gathered for a specific purpose.

56
SECONDARY DATA are data that were collect for other purpose and
already exist somewhere.

i. Primary data: In this research the primary data are collected

from the respondents through the survey conducted. These data are
collected for analyses purpose and from the analysis of those data the
inferences is drawn.

ii. Secondary data: In this research the secondary data are those
data which are collected from the Internet, different books, journals,
literature survey, etc. These data are collected for the purposes that
which are the key variables that can influence the people to join as a
financial advisor in the ICICI Prudential Life insurance co.
4.9 METHOD OF PROCESSING DATA & TOOLS USED:

After the data collection the very next step is the processing of
data. For that the data are tabulated in the particular form of the
questionnaire. Then with the help of different chart representation the
inferences is drawn the inferences based on each question. Mainly the
Statistical tools are used here are:

1) Pie Chart.

2) Bar Chart.

4.10 PROBLEM FACED IN DATA COLLECTION:

57
 Due to lack of consumers experience for interviews
created problem in collecting the data from the respondents. In some
cases poor quality of interviews created problem. Due to this some
incomplete records existed. But in time of final analysis the incomplete
records are removed.

CHAPTER – 05
DATA ANALYSIS
58
 &
INTERPRETATION

DATA ANALYSIS & INTERPRETATION

ANALYSIS – 01:

Age of the Respondent: The following are the distribution of

the age of
the respondent. The sample size is 65 (sixty
five).

TABLE NO. – 5.1

Percen Valid
No. of tage Percentage
Age
Respond (%) (%)
ent
59
 Below
25 38 38
25 Years

Between 18 28 28
25 – 35
Years

Between 15 23 23
35 – 45
Years

Above 07 11 11
45 Years

Total 65 100 100

60
 Ageof Respondents

25

20

15

Age of Respondents
10

0
Below 25 Years Between 25 - Between 35 - Above 45 Years
35 Years 45 Years

Interpretation:
As we can see from the figure itself that 38 % of the respondent
are belonging from the age below 25 years.

ANALYSIS – 02:

61
Gender of the Respondents: The following are the
distribution shows the
gender of the respondent. The
sample size is 65 (sixty five).

TABLE NO. - 5.2

No. of Percentage Valid

Gender Respondents (%) Percentage
(%)

Male 45 69 69

Female 20 31 31

Total 65 100 100

62
 Gender of the Respondents

31%

Male

69% Female

Interpretation:

As we can see from the figure itself that there is a sex ratio
difference between males and females is 69% & 31% in the insurance
industry. It is mainly because advisor’s job is demanding in terms of
rigorous fieldwork and hence women finds difficult to cope up with it

ANALYSIS – 03:

63
Marital Status of Respondents: The following are the
distribution shows .
the marital status of the respondent. The
sample size is 65 (sixty five).

TABLE NO. – 5.3

Marital No. of Percent Valid

Status Respondent age Percent
(%) age
(%)

Married 50 77 77

Un Married 15 23 23

Total 65 100 100

64
 Marital status of the respondent

23%

Married
Un Married
77%

Interpretations:

As we can see from the figure itself that the ratio difference
between married and unmarried is 77% & 23% in the insurance
industry. It is mainly because advisor’s job is demanding married
people.

65
ANALYSIS – 04:

Education of the Respondents: The following are the

distribution
shows the education
status of the respondent. The sample size is 65 (sixty five).

TABLE NO. – 5.4

Graduate No. of Percentage Valid

Respond (%) Percentag
ent e (%)

Yes 50 77 77

No 15 23 23

Total 65 100 100

66
 Graduate

23%

Yes
No

77%

Interpretation:

As we can see from the figure itself that the ratio difference
between a graduate and under graduate is 77% & 23%. It is mainly
because advisor’s job is demanding graduate people for the job.

ANALYSIS – 05:
67
Occupation of the Respondent: The following are the
distribution
shows the occupation
status of the respondent. The sample size is 65 (sixty five).

TABLE NO. – 5.5

Occupati No. of Percentag Valid

on Respond e (%) Percentage
ent (%)

Student 25 38 38

Pvt.
Service 17 26 26

Govt.
Service 15 24 24

Others 08 12 12

Total 65 100 100

68
 Occupation of the Respondents
Student Pvt. Service Govt. Service Others

12%

38%

24%

26%

Interpretation:

As we can see from the figure itself that the 38% of the main
population are the student.

ANALYSIS – 06

69
Resident ship status of the Respondents: The
following are the
distributi
on shows the resident ship status of the respondent for more than 5
years. The sample size is 65 (sixty five).

TABLE NO. – 5.6

Residen
t for No. of Percentag Valid
more Responden e (%) Percentag
than 5
t e (%)
years

Yes 60 92 92

No 05 08 08

Total 65 100 100

70
 Residentof the Respondent

8%

Yes
No

92%

Interpretation:

As we can see from the figure itself that the 92 % of the main
population are in the city for more than 5 years.

ANALYSIS – 07:
71
Career oriented for Respondents: The following are
the
distribution
shows the insurance agency for the respondent is career oriented or
not. The sample size is 65 (sixty five).

TABLE NO. – 5.7

No. of Percentage Valid

Respond (%) Percentage
ent (%)

Yes 28 43 43

No 17 26 26

Don’t 12 18 18
Know

Can’t 08 12 12
Sat

Total 65 100 100

72
 InsuranceisCareer Oriented

12%

19% 43%
Yes
No
Don't Know
Can't Say

26%

Interpretation:
As we can see from the figure itself that the 43 % of the main
population are likes the insurance job is career oriented.

ANALYSIS – 08:

73
 1. Knowledge regarding insurance agent for the
respondent: The following distribution shows weather the
respondent has any knowledge as an insurance agent. The sample size
is 65 (sixty five).

TABLE NO. – 5.08.1

No. of Percentag Valid
Knowledg Responde e (%) Percentag
e nt e (%)

Yes 21 32 32

No 44 68 68

Total 65 100 100

74
 KnowledgeRegarding Insurance

32%

YES
NO

68%

Interpretation:

As we can see from the figure itself that the 68 % of the main
population does not have an knowledge in the insurance job.

75
2. Experience regarding insurance agent for the
respondent: The following distribution shows weather the
respondent has any experience as an insurance agent. The sample size
is 65 (sixty five).

TABLE NO. – 5.08.2

Experienc No. of Percentag Valid

e Responde e (%) Percentag
nt e (%)

Yes 12 19 19

No 53 81 81

Total 65 100 100

76
 ExperienceregardingInsurance

18%

YES
NO

82%

Interpretation:

As we can see from the figure itself that the 82 % of the main
population does not have any experience regarding the insurance
agent.

ANALYSIS – 09:
77
Respondents willingness to join with ICICI: The following
distribution
shows
weather the respondent are willing to join ICICI. The sample size is 65
(sixty five).

TABLE NO. – 5.09

Perce
Respondent No. Of ntage Valid
s Respondent (%) percenta
Willingness ge (%)

Yes 40 62 62

No 17 26 26

Don’t 08 12 12
Know

Total 65 100 100

78
 BusinessOppurtunity with ICICI Prudential

12%

Yes

26% No
Don't Know

62%

Interpretations:
As we can see from the figure itself that the 62 % of the main
population have shown their interest to do business with the ICICI
prudential co.

79
ANALYSIS – 10:
Time dedicated by the respondent daily: The following
distribution
shows
weather the respondent will dedicated how many hours daily as an
advisor. The sample size is 65 (sixty five).

TABLE NO. – 5.10

Daily No. of Percenta Valid

Time Respond ge (%) percentag
ent e (%)

½ Hours 4 06 06

3-5 Hours 37 57 57

5 Hours 14 22 22

>5 Hours 10 15 15

Total 65 100 100

80
 DedicatedTime for the dutydaily

6%
15%

22% 1/2 Hours

3 - 5 Hours

57% 5 Hours
>5 Hours

Interpretation:
As we can see from the figure itself that the 57 % of the main
population are willing to spend 3 – 5 hours daily for the advisor duty.

81
ANALYSIS – 11:
Choice of extra money for respondents: The following
distribution
shows
weather the respondent will do extra business other than this. The
sample size is 65 (sixty five).

TABLE NO. – 5.11

82
 No. of Percentag Valid
Responden e (%) percentage
ts (%)

Yes
37 56 56

No
06
04 06

Don’t
24 38 38
Know

Total
65 100 100

83
 Chooseof extra moneyfor Respondents

37%

YES
57%
NO
DON'T KNOW
6%

Interpretations:
As we can see from the figure itself that 57 % of the
respondent are willing to choose extra money from the other business.

ANALYSIS – 12:
84
Time spend on a day by the respondent for training:
The following distribution shows weather the respondent will spent ½
day on training. The sample size is 65 (sixty five).

TABLE NO. – 5.12

No. of Percentag Valid

Responde e (%) percentag
nt e (%)

Yes 69 69
45

No 06 09 09

Don’t 14 21 21
Know

Total 65
100 100

85
 1/2spend on training

22%

YES
NO
9%
DON'T KNOW

69%

Interpretation:

As we can see from the figure itself that the 69 % respondent are
willing to spend ½ day on the training procedure.

86
ANALYSIS – 13:

Brand ICICI known by Respondents: The following

distribution shows weather the respondent known the brand ICICI
Prudential. The sample size is 65 (sixty five).

TABLE NO. – 5.13

Per
No. of centage Valid
Respond (%) Percentag
ent e (%)

Yes 58 89 89

No 07 11 11

Total 65 100 100

87
 KnowThe Brand ICICI Prudential

11%

Yes
No

89%

Interpretation:
As we can see from the figure itself that the 89% of the respondent
are aware from the brand name ICICI prudential .

88
CHAPTER – 06
FINDINGS &
RECOMMENDATIONS

89
 FINDINGS &
RECOMMENDATIONS

FINDINGS:
The findings are based on the survey undertaken and interview of
individuals and I came across that although the training process was
beneficial to advisors but they still lack.
Confidence in this business and mostly take it as part time
business. The other findings are summarized as follows:

 People don’t show interest in class room training trainings.

 People can have only one license which also restricts them to
become an agent.

 People do not afford the training period for more than ½ day.

 People are not interested to invest Rs1000 for an agent’s job.

 People like to have a fixed salary job.

 People are interested to join the Business.

 People does not know much about the products.

90
RECOMMENDATIONS:
During the exposure of 1.5 months training period I had in the
insurance industry via ICICI Prudential. It helped me to develop the
basic understanding of how this industry works and the work
experience & knowledge gained has also helped me to give the
recommendations as stated below:

1. An insurance policy is a product, which needs a lot of

convincing before it can be sold because what I analyzed in
this internship that there are very few people who have a basic
knowledge about life insurance especially the lower middleclass
society. So, it is essential for the advisor to know what the
customer actually needs and then letting the customer know
what benefits he will get out of it.

2. The limitation here is how to win the trust of people when so

many companies are offering the same product range. Here,
ICICI Prudential need to en cash brand name because after the
survey I conducted what I concluded is that after LIC if people
know any other insurance company is then it is ICICI Prudential.

3. During the calls where I went along with the Unit manager, I
observed that people in general have the perception that
insurance is all about getting discounting tax. People should be
made realize that it is a great way of saving for the future too.

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 CHAPTER – 07

CONCLUSION

&

DIRECTION FOR FUTHER

STUDY

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CONCLUSION:
As it is to be concluded that the project on the study of the
recruitment of the financial advisor in the ICICI prudential life insurance
co is made that through this study it is to be concluded that the people
are want to join the company as an advisor. But they have to more
career oriented that should be more active as an advisor for the
company.

DIRECTIONS FOR FURTHER STUDY:

As this is the explotary study done in ICICI prudential the following
suggests a number of avenues for further study and investigation:

1) The comparative analysis among the ICICI Prudential life insurance

co. & other companies.

2) This study will help in developing new distribution channel for

recruitment method.

3) The brand ICICI prudential should develop a new sence of

belongning ness for their fellowship customer.

4) In measuring the changing consumer demands or needs for

recruitment this data will help a lot.

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 CHAPTER – 08

REFERRANCES

94
BOOKS:

I. Kotlar. Philip “Marketing

Management”
Saxsena. Rajan “Marketing
Management”

II. KOTHARI. C.R.” Research

Methodology”

COMPANY BROUCHER:

INTERNET:

I. www.wikipedia.com

II. www.bima.com

III. www.iciciprulife.com

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CHAPTER – 09
APPENDICES

ANNUXARE –I
96
 Questionnaire towards the job
preferences as a financial advisor in
the ICICI Prudential co.
Hi. I am the student of MID. You are invited to participate in
a survey to find out consumer perception towards the job
preferences as a financial advisor in the ICICI prudential life
insurance co. This questionnaire is based on your experience and
view for an advisor. It will take approximately 3 minutes to fill this
questionnaire.

Your participation in this study is voluntary. There are no force

seeable risks associated with this project. However, if you feel
uncomfortable answering any questions, you may withdraw from
the survey at any point in time. It is very important for us to learn
your opinions. Your survey responses will be coded, remain
strictly confidential and be reported only in the aggregate.

YOUR PROFILE:
Name:
Address:
Contact No.:
Email id:

Q1. What is your age?

Ans: A) < 25 Years.

97
 B) Between 25 – 35 years.
C) Between 35 – 45 years.
D) > 45 years.

Q2. What is your Sex?

Ans: A) Male.
B) Female.

Q3. Are you married?

Ans: A) Yes.
B) No.

Q4. Are you Graduate?

Ans: A) Yes.
B) No.

Q5. What is your current occupation?

Ans: A) Student
B) Service
C) Business
D) Others

Q6. Are you living in this city for more than 5 years?
Ans: A) Yes.
B) No.

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Q7. Do you think that the Insurance Agency Business is Career
Oriented?
Ans: A) Yes.
B) No.
C) Can’t Say.
D) Don’t Know.

Q8. Do you have any knowledge or experience in Insurance agency?

Ans: Knowledge:
A) Yes.
B) No.

Experience:
A) Yes.

B) No.

Q9. Would you like to have to have a business opportunity with ICICI
Prudential Life Insurance Co.?
Ans: A) Yes.
B) No.

Q10. How much time would you dedicate per day for this activity?
Ans: A) ½ Hour.
B) 1 – 2 Hours.

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 C) 3 -5 Hours.

D) 5 Hours

E) Above 5 Hours.

Q11. Given you a chance would you like to make extra money from
the other business?
Ans: A) Yes.
B) No.

C) Can’t Say

D) Don’t Know

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Q12. Can you spend ½ day on training to understand the product &
how can you introduce to yours customers?
Ans: A) Yes.
B) No.
C) Can’t Say.
D) Don’t Know.

Q13. Do you know the brand ICICI Prudential

Ans. A) Yes.
B) No.
C) Don’t Know

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THE END

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