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A Synopsis on
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A Comparative Analysis Between LIC of India & Private Insurance Company

- Submitted to Rashtrasanta Tukdoji Maharaj Nagpur University, Nagpur

A detailed report submitted in partial fulfilment required for the award of Masters of Business Administration (MBA) (2009-11)
- Project Guide Dr. V.S. Ainchwar - Prepared by Dhananjay M. Kukade

Lokmanya Tilak Institute of Management Studies & Research, Nagpur

- table of contents
Companies Profiles Objective of Project Research Methodology Life Insurance Concept, Necessity, Importance, etc
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a)

b)

c)

d)

Interpretation & Analysis of Data Conclusion Suggestions Bibliography

f)

g)

h)

Companies Profiles

Life Insurance Corporation of India:

LIC continues to be the dominant life insurer even in the liberalized scenario of Indian insurance and is moving fast on a new growth trajectory surpassing its own past records. LIC has issued over one crore policies during the current year. It has crossed the milestone of issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth rate of 16.67% over the corresponding period of the previous year. Also LIC got CNBC Awaaz Consumer awards 2010, Reader Digest Trusted Brand Insurance category 2010, Outlook MoneyNDTV Profit Award 2009 in BEST LIFE INSURER CATEGORY, Loyalty Award 2009 and many more.

ICICI PRUDENTIAL Life Insurance Co. Ltd :

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services companies-and Prudential plc - a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 47.80 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. For three years in a row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As we grow our distribution, product range and customer base, we continue to

tirelessly uphold our commitment to deliver world-class financial solutions to customers all over

Objectives of Project
1.

The prime objective of the project is to study basic concepts of Life Insurance. Then to follow the in-depth of the same. analysis

2.

Also another objective is to start a comparative analysis on this topic and conclude with the findings. Though there is a vast scope of the Life Insurance, the sincere effort will be done in this Context.

Research methodology
Research means the careful investigation or enquiry done specially through search for the new facts in any branch of knowledge. Research Methodology is the systematic way of solving the Research Problem. It explains the different steps for doing the research i.e. the path of carrying out the research. Thus, Research Methodology explains the logic behind using the particular method of research & also explains why another method is not used. Research Design is the arrangement of the conditions for collection and analysis of data in a manner that aims combine relevance to the Research purpose with economy in the procedure. This project works on the Descriptive Research Design that explains the character of the particular condition.

Concept of Life Insurance

DEFINITION : 1. The life insurance is an assessment of risk. And the risk is defined as a condition where there is a possibility of an adverse deviation from a desired outcome that is expected or hoped. 2 . the life insurance is defined as the contract between two parties in which one party(customer) agrees to pay premium with replacement of this other party(i.e. insurer) agrees to cover his loss. NECESSITY: 1. Life insurance is intended to mitigate the adverse financial consequences that may follow because a person does not live long enough or because he lives too long. Every possible adverse consequence that requires to be taken care of, constitutes a need for insurance.

RESPONCES (MARKET SHARE): Life Insurance Corporation of India holds 73% of market share in Indian insurance industry. ICICI PRUDENTIAL Life Insurance Co. Ltd holds 15% of market share in Indian insurance industry. (*On the basis of first premium income.)

Importance of Life Insurance

1.

The primary function of insurance is the creation of counter balance for risk, which is security. Insurance dose not eliminate or decrease the uncertainty for the individual as to whether or not the event will occur, nr dose it alter the possibility of occurrence, but it dose reduced the extent of financial loss connected with the event. Protection of the interests of the family against loss of income due to death of the bread-winner. Provision for higher education, marriages, start-in life. Post-retirement income for self and family/dependants. Disability, accident, expenses for treatment of diseases, loss of income due to sickness etc. Avoiding the loss of wealth(assets) due to depreciation or inflation.

Analysis & Interpretation of data

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Conclusions
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Suggestions
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Bibliography
1. 2.

www.licindia.com www.iciciprulife.com