S

UMMER TRAINING PROJECT REPORT

Undertaken at
ICICI Prudential Life Insurance Co. Ltd.
On
“comparative analysis of ULIPs of ICICI Prudential”
Submitted in Partial Fulfillment
Of the Requirement for the
Award of the Degree of

Master of Business Administration

By
Adil Bashir Sheikh
MBA-G (A)
Roll No. 07
Under the Supervision of
Mr. H.G Abhyankar

BHARATI VIDYAPEETH UNIVERSITY

INSTITUTE OF MANAGEMENT AND ENTERPRENEURSHIP DEVELOPMENT
PUNE

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 Certificate
This is to certify that Mr. Adil Bashir Sheikh has completed his Summer Training

Project under my direct supervision. He underwent the Summer Training on and

from 12th of May 2010 to 2nd of July 2010, during which he was assigned the task of

“Unit linked Insurance plans offered by ICICI Prudential and its comparison with

its competitors” which he has successfully completed and the same is presented in

the form of the present Project Report.

It is further certified that the project report submitted by Adil Bashir Sheikh

reflects his original work and on the work assigned to him for the Summer Training

and that the present project report has not been submitted elsewhere for award of

any degree, diploma or fellowship.

Mr. Yasir Ahmad

Agency Manager

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 DECLARATION

I, Adil Bashir Sheikh, a bonafide student of MBA (Full Time) Programme at the

IMED, Pune, hereby declare that I have undergone the Summer Training at ICICI

Prudential Life Insurance Co. Ltd. under the supervision of Mr. H.G Abhyankar on

and from 12-May to 02-July.

I also declare that the present project report is based on the above summer training

and is my original work. The content of this project report has not been submitted

to any other university or institute either in part or in full for the award of any

degree, diploma or fellowship.

Further, I assign the right to the university, subject to the permission from the

organisation concerned, use the information and contents of this project to develop

cases, case lets, case leads, and papers for publication and/or for use in teaching.

Place: Pune Adil Bashir Sheikh

Date: 21-07-2010 Roll no.: 07-MBA(G)-A

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 ACKNOWLEDGEMENT

It is with immense satisfaction that, I am completing my Summer Project Report, I therefore,

would like to wait for few moments and thank IMED, BVU, for encouraging me to take up my

Summer Project in Marketing Sector. I am also very thankful to all my faculty members for their

extensive support by imparting in us the practical approach of corporate sector, and their valuable

backing of getting ourselves involved with the functioning of the company rather than just

involve us in our projects.

I would also wish to acknowledge my profound gratitude to ICICI Prudential Life Insurance Co.

Ltd. who allowed me to do Summer Training and helped me in the completion of this project. I

am extremely grateful to all the concerned employees for their full support and guidance despite

their tight and busy schedules.

I would like to express my special and sincere thanks to Mr. Yasir Ahmad (Agency Manager)

who happened to be my industry guide for rendering valuable guidance and necessary

suggestions in bringing out this project report.

Last but not the least; I shall fail in my duty, if I don’t thank all those concerned people who have

directly or indirectly contributed in the completion of this entire Summer Internship Project.

Adil Sheikh
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 S.NO CONTENTS PAGE NO.
1 SYNOPSIS
1.1 Introduction 9
1.2 Statement of problem 9
1.3 Objective of study 10
1.4 Research methodology
1.41 Type of research 10
1.41 Sampling design 10
1.43 Sampling size 10
1.44 Sampling description 11
1.45 Actual data collection 11
1.46 Other software used for analyzing the data 11
1.47 Limitations of the study 11

2 INTRODUCTION, AN OVERVIEW
OF INSURANCE SECTOR IN
INDIA
2.1 What is insurance 13
2.2 Need for insurance 13
2.3 History of insurance 14
2.4 Life insurance in India
2.41 Introduction 15
2.42 Brief History 16

3 COMPANY PROFILE
3.1 Entry of private players 18
3.2 The Company
3.21 Distribution 20
3.22 Our presence 20
3.23 About Promoters 20

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 3.3 Competitors of ICICI
3.31 BAJAJ ALLIANZ an Overview 21
3.32 LIFE INSURANCE CONPANY an Overview 22
3. RELIANCE LIFE INSURANCE an Overview 22
33
3.4 Policies
3.41 ICICI Prudential 22
3.42 BAJAZ ALLIANZ 23
3.43 LIFE INSURANCE COMPANY 24
3.44 RELAINCE LIFE INSURANCE 24

4 UNIT LINK INSURANCE PLAN

4.1 Unit Link Insurance Plans Meaning & 27
Definition
4.2 Working of ULIPS 27
4.3 ULIPS of ICICI Prudential & its Competitors
4.31 ULIPS of ICICI Prudential 27
4.32 ULIPS of BAJAJ ALLIANZ 28
4.33 ULIPS of Life Insurance Company 28
4.34 ULIPS of Reliance Life Insurance 29

5 RESEARCH METHODOLOGY
5.1 Type of Research 31
5.2 Sampling Design 31
5.3 Sampling Size 31
5.4 Sampling Distribution 31
5.5 Actual Data Collection 31
5.6 Other Software used for data Analysis 32

6 DATA PRESENTATION,
ANALYSIS AND
INTERPRETATION
6(a) comparative analysis of ULIPs of 34
ICICI Prudential
6(b) Details of Minimum and Maximum Entry 35
Age
6(c) Details of the minimum premium 36

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6(d) Table showing the details of the single 37
premium
6(e) Table showing the details of the switching 38
facility in single premium
6(f) Table shows the Respondents Age 39

6(g) Profession of the Respondents 40

6(h) Respondents monthly income 41

6(i) Life Coverage of the Respondents 42

6(j) Respondent Insurer 43

6(k) Awareness about Policy Function 44

6(l) Type of Insurance Policy Holding 45

6(m) ULIP features provided by existing 46

companies to the respondents
6(n) Type of investment preferred in ULIP 47

6(o) Traditional Plan Respondent 48

6(p) Factors influencing to invest in insurance 49

plan
6(q) Factors influencing the respondents to 50
continue the services offered by their
existing insurer
6(r) Satisfaction level of insurance customers
A Satisfaction level on high returns 51

B Satisfaction level on tax benefit 52

C Satisfaction level on insurance cover 53

D Satisfaction level on partial & full withdrawal 54

6(s) Respondent to insure their life those who are 55

not insured
6(t) Respondents to insure in ICICI prudential 56
life insurance
6(u) Respondents to invest in the ULIPS of ICICI 57
prudential
6(v) Respondents ready to take an invest option 58

6(w) Respondents to invest in ULIPS roviding 59

companies

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7 FINDINGS AND SUGGESTIONS
7.1 Findings 61

7.2 Conclusion 62

7.3 Suggestions 63

BIBLIOGRAPHY 64

QUESTIONNAIRE 65-68

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 Chapter 1

SYNOPSIS

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 TITLE OF THE STUDY:

“comparative analysis of ULIPs of ICICI Prudential”

1.1 INTRODUCTION

Insurance is legal contract that protects people from the financial costs that result from loss

of life, loss of health, lawsuits, or property damage. Insurance provides a means for

individuals and societies to cope with some of the risks faced in everyday life. People

purchase contracts of insurance, called policies, from a variety of insurance organizations.

Almost everyone living in modern, industrialized countries buys insurance. For instance,

laws in most states require people who own a car to buy insurance before driving it on

public roads. Lenders require anyone who finances the purchase of a home or car with

borrowed money to insure that property. Business partners take out life insurance on each

other to make sure the business will succeed even if one of the partners dies.

1.2 STATEMENT OF THE PROBLEM:

The title of the present research is

“comparative analysis of ULIPs of ICICI Prudential”.
ICICI Prudential is a leading insurance conglomerate globally and the largest asset

manager in the world, managing assets more than worth Rs 9300 crores. ICICI Prudential

Life Insurance, is the first in India to receive a National Insurer Financial Strength rating of

AAA (Ind) by Fitch Ratings

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 Private insurance companies are in the infancy stage. The impact on the insurance market

is tangible. The marketing strategies of these private operators have forced LIC to change

its gears. The market is more aware and realistic about investment and returns from

insurance products. Insurance business is more transparent as compared to the past. In this

background this study tries to analyze the investor’s behavior towards insurance products in

general and ICICI Prudential in particular.

1.3 OBJECTIVE OF THE STUDY

The study was carried with the following objectives:
➢ To obtain general awareness about the insurance sector.
➢ To compare ULIP of ICICI with its competitors.

➢ To gain an insight of ICICI Prudential and other various Insurance Companies.

➢ To do a study on customer perception about the various Insurance Companies.

➢ To identify the improvement opportunities and make appropriate suggestion.

➢ To do the market awareness about the Unit Link Insurance Plan

1.4 RESEARCH AND METHODOLOGY

1.41 Type of Research

Descriptive Research is used for the study as it helps fact finding through surveys and

enquiries. The data is collected through the primary source, which include questionnaires

personal interview and telephonic interview. Secondary data has been collected from

internet web page, magazines, insurance related books, journals newspapers etc.

1.42 Sampling Design

Stratified random sampling method is used for sampling design in which customers are

randomly selected.

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1.43 Sampling Size

The sampling size in this research is restricted to 100 and samples were collected in

different areas of Sopore.

1.44 Sample Description

The sample consists of all income groups which include employees, students , unemployed

people and self-employed people.

1.45 Actual Collection of Data

The sources of data are primary and secondary data.

1.45a Primary Data:

The primary data was collected through the questionnaire.

1.45b Secondary Data:

Secondary data was collected by:

 Browsing different website

 Referring various articles, reports, journals, magazines on insurance.

 Referring different books and previous project reports in college library.

1.46 Other Software Used For Analyzing the Data

Microsoft Word, Microsoft Excel for showing the graphs and pie charts for the purpose

of analyzing the data.

1.47 Limitation of the study

• An underlying assumption for the entire project is that the details and the feedback received
from the population is true.
• Sample of only 100 respondents is selected from the population.

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• Some of the respondents were not ready to fill the questionnaires and some of them were
not ready to come out openly.

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 Chapter 2

INTRODUCTION,
AN OVERVIEW OF INSURANCE
SECTOR IN INDIA.

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 2.1 WHAT IS INSURANCE?
• Insurance is the method of spreading and transfer of risks.

• The fortunate a many who are exposed to same or similar risk shares loss of the unfortunate

few.

• Loss of assets deprives the owner of the expected benefit.

• Insurance in this context is a mechanism that helps to reduce the adverse consequences due

to loss of assets.

2.2 NEED FOR INSURANCE:

• The possibility of damage to assets caused by any peril is the risk that the asset is exposed

to.

• Risk means the possibility of loss or damage that may or may not happen.

• It is because of the uncertainty about the risk that insurance becomes important.

• No uncertainty implies no insurance.

• Human life is an income generating asset that can be lost in case of early death or disability

caused by an accident.

• Insurance does not protect the assets but only compensates the economic or financial loss.

• Basically, insurance covers tangible assets but the concept can be extended to intangibles

also.

• People are exposed to risks the consequences of which are difficult to be borne by an

individual. The purpose of insurance is to protect the income of individual and provide

financial security to his family dependent on his income in the event of his premature death.

• The individual himself also needs financial security for the old age or on his becoming

permanently disabled when his income will stop.

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 • No person should be in a position to make the risk happen or occur and take unfair

advantage.

• Insurance covers the risk of dying too early or living too long.

2.3 HISTORY OF INSURANCE

The origin of insurance is very old. The time when we were not even born; man has sought

some of protection from the nature. The basic urge in man to secure himself against any

form of risk and uncertainty led to the origin of insurance.

Historians believe insurance first developed in summer and Babylonia (both in what

is now Iraq) beginning in about 3000BC. The merchants and traders of these societies

transferred and pooled their money to protect themselves from losses of cargo to thieves

and pirates.

In the 18th century BC, Babylonian king Hammurabi developed a code of law,

known as the code of Hammurabi, which codified many specific rules governing the

practices of early risk-sharing activities. For instance, the code dictated that traders had to

repay merchants who financed trading voyages unless thieves stole goods in transit, in

which case debts would we cancelled.

Seagoing merchants from Phoenicia (in and around present-day Lebanon) began

using a system of insurance known as bottom about 1200 BC. In this system. Backer’s

loaned money to merchants to finance voyages. Merchants offered their ships (the hull was

known as the ship’s ‘bottom’) as collateral for such loans.

When a trip succeeded, the merchant would pay the trip’s backer the original loan plus

interest, the equivalent of a premium. If a shop went down on its voyage, the trip’s backer

would cancel the merchant’s loan. Forms of insurance resembling bottomry had spread to

other parts of Asia and the Mediterranean by 400 BC.

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 In the last several centuries BC the societies of Greece and Rome developed some

of the earliest systems of life insurance. Greek and roman citizens formed benevolent

societies; organizations in which members paid dues that went toward paying for the burial

of members who died. Sometimes these societies also paid for the living expenses of

deceased members’ families. During the Middle Ages (5th to 15th centuries AD), workers

joined together in craft. Many guilds, particularly in England and Italy, provided benefits to

workers and their families in the events of illness or death.

2.4 LIFE INSURANCE IN INDIA:

2.41 INTRODUCTION:

With such a large population and the untapped market area of this population

insurance happens to be a very big opportunity in India. Today it stands as a business

growing at the rate of 15-20 per cent annually. Together with banking services, it adds

about 7 percent to the country’s GDP. In spite of all this growth the statistics of the

penetration of the insurance in the country is very poor. Nearly 80% of Indian populations

are without Life insurance cover and the health insurance. This is an indicator that growth

potential for the insurance sector is immense in India, It was due to this immense growth

that the regulations were introduced in the insurance sector and in continuation the

government in 1993 to examine the various aspects of the industry constituted “Malhotra

Committee”. The key element of the reform process was participation of overseas insurance

companies with 26% capital. Creating a more efficient and competitive financial system

suitable for the requirements of the economy was the main idea behind this reform. Since

then the insurance industry has gone through many sea changes.

The competition LIC started facing from these companies were threatening to the existence

of LIC. Since the liberalization of the industry the insurance industry has never looked back

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and today stand as the one of the most competitive and exploring industry in India. The

entry of the private players and the increased use of the new distribution are in the limelight

today. The use of new distribution techniques and the IT tools has increased the scope of

the industry in the longer run.

2.42 BRIEF HISTORY:

The insurance came to India from UK; with the establishment of the Oriental Life

insurance Corporation in 1818. The Indian life insurance company act 1912 was the first

statutory body that started to regulate the life insurance business in India. By 1956 about

154 Indian, 16 foreign and 75 provident firms were been established in Indian. Then the

central government took over these companies and as a result the LIC was formed. Since

then LIC has worked towards spreading life insurance and building a wide network across

the length and the breath of the country.

After the liberalization the entrance of foreign players has added to the competition in

market. The general insurance business in India, on the other hand, can trace its roots to the

triton insurance company Ltd., the first general insurance company established in the year

1850 in Calcutta by the British. In 1972The General Insurance Business (Nationalization)

Act, 1972 nationalized the general insurance business in India with effect from 1st January

1973. It was after this that 107 insurers amalgamated and grouped into four companies viz.

the National Insurance Company Ltd., the new India Assurance Company Ltd. GIC

incorporated as a company.

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 Chapter 3

COMPANY PROFILE

CORPORATE INTRODUCTION ICICI PRUDENTIAL LIFE

INSURANCE
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3.1 Entry of Private Players

The introduction of private players in the industry has added to the colors in the dull
industry. The initiatives taken by the private players are very competitive and have given
immense competition to the on time monopoly of the market LIC. Since the advent of the
private players in the market the industry has seen new and innovative steps taken by the
players in this sector. The new players have improved the service quality of the insurance..
The following companies are present in the Life Insurance Industry in India.

Name of the Player

Bajaj Allianz Life Insurance Company Limited.

Birla Sun Life Insurance Co. Ltd
HDFC Standard Life Insurance Co. Ltd
ICICI Prudential Life Insurance Co. Ltd
ING Vysya Life Insurance Company Pvt. Ltd.
Life Insurance Corporation Of India
Max New York Life Insurance Co. Ltd.
Met Life India Insurance Company Pvt. Ltd
Kotak Mahindra Old Mutual Life Insurance
Limited
SBI Life Insurance Co. Ltd
Tata AIG Life Insurance Company Limited
Reliance Life Insurance Company Limited.
Aviva Life Insurance Co. India Pvt. Ltd.
Sahara India Life Insurance Co. Ltd.
Shriram Life Insurance Co. Ltd.
Bharti AXA Life Insurance Company Ltd.

3.2 The Company

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, A
premier financial powerhouse, and prudential pica 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
and Prudential plc holding 74% and 26% stake respectively. For the past five years, ICICI
Prudential has retained its position as the No. 1 private life insurer in the country, with a
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wide range of flexible products that meet the needs of the Indian customer at every step in
life. In the first quartet of financial year 2006-07, we have crossed a new milestone of
insuring the lives of more than 2.5 million policy holders.
ICICI Prudential Life Insurance is the first in India to receive a National Insurer Financial
Strength rating of AAA (Ind) by Fitch Ratings. This rating is determined after a thorough
evaluation of the company’s financial processes, risk management framework, product mix,
market share etc. After a thorough evaluation, Fitch has assigned us rating reflecting the
highest creditworthiness. Over the past five years, we have paid over 2,100 claims
amounting to more than Rs 26 crore and taken several steps to assure customers of a quick
and smooth claims process. We have a record of settling 92% of claims received within
eight working days from the date of receiving the last requirement. The AAA rating also
reflects the ongoing operational and capital support that ICICI Prudential receives from its
shareholders.
ICICI Prudential Assets under management crosses 9300 crores mark: Again we are the
no. 1 among the private Life Insurers to achieve this milestone.
We have once again maintained our leadership position with a 32% market share amongst
the private Life Insurance Companies.

3.21 Distribution
ICICI Prudential has one of the largest distribution networks amongst private life insurers
in India, having commenced operations in 95 cities and towns, with 113 branches and 20
spoke branches. We have seven bancas surance tie-ups, having agreements with ICICI
Bank, Federal Bank, south Indian Bank, Bank of India, Lord Krishna Bank and some Co-
operative banks, as well as over 150 corporate agents and brokers. We have also tied up
with NGOs, MFIs and corporate for the distribution of rural policies as well as
organizations like Dhan for distribution of Salaam Zindagi, a policy for the socially and
economically underprivileged sections of society.

3.22 Our Presence

ICICI Prudential has recruited and trained over 60,000 + insurance advisors to interface
and advise customers. Further, it leverages its state-of-the-art IT infrastructure to provide
superior quality service to customers.

3.23 About the Promoters

ICICI Bank (NYSE:IBN) is India’s second largest bank and largest private sector bank
with over 50 years of financial experience and with assets of Rs 1892.18 billion as on 30
th
September ,2005. ICICI Bank offers a wide range of banking and financial services to
corporate and retail customers. This is done through a variety of delivery channels, through
its specialized subsidiaries and affiliates in the areas of investment banking, life and non-
life insurance, venture capital and asset management. ICICI bank is a leading player in the
retail banking market and has over 13 million retail customer accounts. The Bank has a
network of over 583 branches and extension counters, and 2,000+ ATMs.
Established in London in 1848 , Prudential plc , through its business in the UK and Asia,
provides retail financial services products and services to more than 16 million customers ,
policyholder and unit holders worldwide. As of September 30, 2005, the company had over

2
 $ 180 billion in funds under management. Prudential has brought to market an integrated
range of financial services products that now includes life insurance ,pensions , mutual
funds , banking , investment management and general insurance . In Asia , Prudential is the
leading European Life insurance company with a vast network of 24 life and mutual fund
operations in twelve countries – China , Hong Kong , India , Indonesia Japan , Korea ,
Malaysia , the Philippines , Singapore , Taiwan , Thailand , and Vietnam.
3.3 COMPETITORS OF ICICI

3.31 BAJAJ ALLIANZ AN OVERVIEW

Bajaj Allianz insurance company limited is a union between Allianz AG, one of the

world’s largest insurance companies and Bajaj Auto one of the biggest 2-& 3-wheeler

manufactures in the world.

Allianz AG is a leading insurance conglomerate globally and the largest asset manager in

the world, managing assets worth over 996 billion Euros (Rs.53, 64,456 Crores). Allianz

AG has 115 years of financial experience in over 70 countries. Bajaj Auto is the most

trusted name in the Indian marker for over 55years.The Bajaj Allianz Life Insurance Co.

Ltd. has been from 4 years since this company has established its roots in India. This

company was incorporated on 12th March, 2001 and the company received IRDA

certification on 3rd August, 2001.

The Bajaj Allianz Life Insurance Co. Ltd., customer delight is there guiding principle.

Ensuring world-class solutions by offering customized products with transparent benefits,

supported by the best technology is there business philosophy. And the punch line of the

company is “JAISI ZAROORATH WAISA INSURANCE – PRODUCTS TO SUIT

YOUR NEEDS”.

3.32 LIFE INSURANCE COMPANY AN INTRODUCTION

Life Insurance Corporation of India is the largest life Insurance company in India and also

the country’s largest investor. It is fully owned by the government of India. It also funds

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 close to 24.6% of the Indian government’s expenses. It has assets estimated of 8 trillion

rupees. It was found in 1956.

Headquartered in Mumbai, which is considered the financial capital of India . The life

insurance corporation of India currently has 8 zonal offices and 101 divisional offices

located in different parts of India, at least 2048 branches located in different cities and a

town of India along with satellite offices attached to about some 50 branches and has a

network of around 1.2 million agents for soliciting life insurance business from the public.

3.33 RELIANCE LIFE INSURANCE AN OVERVIEW

Reliance life Insurance company limited, a part of Reliance – Anil Dhirubhai Ambani

Group, Reliance capital is one of India’s leading private sector financial services

companies, which ranks among the top 3 private sector financial services and banking

companies. Reliance Life Insurance is not only one of India’s fastest growing life Insurance

companies, but also counts among the top 4 private sector insurance. In just 2 years, the

company has crossed the mark of 1.7 million policies.

Reliance Life Insurance Company launched around 600 branches in 10 months taking the

overall branch network above to 740.

3.4 POLICIES

3.41 ICICI PRUDENTIAL

3.41a Traditional Insurance Plans

This plan helps the customers to save tax and earn more interest the various options are…

➢ ICICI Pru Pure Protect - Most cost effective Life Insurance Policy and is as affordable as

your daily newspaper.

➢ ICICI Pru Life Guard SP - Single premium term plan.

➢ ICICI Pru Save n Protect - Endowment plan

➢ ICICI Pru Cash Bak - An anticipatory endowment plan

➢ Smart Kid - An anticipatory education plan for children.

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 3.41b Pension Plans

This option is helpful for retired persons – this plan helps the retired person to live worry-

free life.

➢ ICICI Pru Life Time Super Pension – regular Premium, unit-linked pension policy

➢ ICICI Pru LifeLink Super Pension – Single premium, unit-linked pension policy.

➢ ICICI Pru PremiumLife Pension – Limited premium paying unit linked pension Policy.

➢ ICICI Pru LifeStage Pension – No premium allocation charge for regular premiums

which means 100% of the money is invested.

➢ Elite Pension - Limited, six year term and three year premium payment term pension

plan.

3.42 BAJAJ ALLIANZ

3.42a TRADITIONAL PLANS

Endowment

➢ Life Time Care –A whole life plan , which provides survival benefits at the age of 80,

thereby making sure you are financially secure at the time when you need it the most.

➢ Invest Gain

➢ Save Care

3.42b MONEY BACK

➢ Cash Gain – A money back plan which guarantees 125% payout and bonuses. 5 easy

payouts which give upto 125 % + bonuses.

3.42c PENSION PLANS

Annuity
➢ Pension Guarantee
RETIREMENT
➢ New Unit Gain Easy
➢ Pension Plus RP
➢ Future Income Generator

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3.43 Life Insurance Company
Insurance Plans: Insurance plans are policies that talk to you individually and give you the
most suitable options that can fit your requirements.

3.43a CHILDREN PLANS

➢ Jeevan Anurag- It is with profits plan specifically designed to take care of the educational
needs of children. The plan can be taken by a parent on his or her own life.
➢ Jeevan Kishore
➢ Child career Plan
➢ Child Fortune Plus

3.43b PENSION PLANS

➢ Jeevan Nidhi
➢ New Jeevan Dhara-1

3.44 RELIANCE LIFE INSURANCE

3.44a PROTECTION PLANS

In today’s uncertain world, there could be calamity at every step of the life. It is up to you
to ensure that your family stays protected always.

Reliance Protection Plans helps you do exactly the same. You have a wide range of options
to choose a plan from. Right from limited period plans to lifetime protection plans, you can
opt for the one that suits your lifestyle. Various plans are :

➢ Reliance Term Plan _ Reliance Term Plan is a pure life insurance plan that offers you
comprehensive and affordable coverage for a limited period of time to suit your needs.
➢ Reliance Simple Term Plan
➢ Reliance Special Term Plan
➢ Reliance Endowment plan

3.44b RETIREMENT PLANS

➢ Total Investment Plan 11-Pension

➢ Reliance Super Golden Years Plan
➢ Reliance Wealth + Health Plan

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Chapter 4
2
 Unit Link Insurance Plans

4.1 Unit Link Insurance Plans

ULIPS are a category of goal based financial solutions that combine the safety of insurance
protection with wealth creation opportunities. In ULIPS, a part of investment goes towards
providing you life cover. The residual portion of the ULIP is invested in a fund which in
turn invests in stocks or bonds; the value of investments alters with the performance of
underlying fund opted by you.

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4.2 WORKING OF ULIPS
When you decide the amount of premium to be paid and the amount of life cover you want

from ULIP, the insurer deducts some portion of ULIP premium upfront. This portion is

known as Premium allocation change, and varies from product to product. The rest of

premium is invested in fund or mixture of funds chosen by you.

4.3 Unit Linked Insurance Plans of ICICI Prudential and its

Competitors

4.31 ICICI PRUDENTIAL

Offering insurance plans with flexibility and tax benefits. The various options for the

customers to invest in ULIP.

➢ ICICI Pru Life Stage RP : Offers a wide range opf benefits to policyholders ,

many of them are still not market savvy

➢ ICICI Pru Lifestage Assure: Offers a clear advantage by providing guaranteed returns

(maturity additions) on the 1st year premiums.

➢ ICICI Pru LifeLink Super: “Single premium “unit linked investment cum Insurance plan.

➢ ICICI Pru LifeTime Gold :Regular premium unit linked plan & offers attractive additional

allocation units at regular intervals

➢ ICICI Pru PremierLife Gold:Offers short term premium payment terms and provides

policyholder with flexible investment options.

4.32 ULIPS OF BAJAJ ALLIANZ

Market linked insurance plans invest the premium in to the equity, debt and cash
markets by the way of allocating units, which like any other mutual fund have a NAV
and the customer is free to switch between one fund class to another depending on the
risk factor he wishes to be in. Bajaj Allianz Life Insurance has developed a number of
ULIP products which range from single premium to a regular premium. Various plans
are :

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4.32a Regular Premium

UNIT GAIN PLUS GOLD

A Unique plan with the combination of protection and prospects of earning attractive
returns with investments in various mix of securities that makes a perfect plan to last you a
lifetime of prosperity and happiness.
High Allocation upto 85%.Guaranteed Life Cover with a choice of 7 Investment Funds.

➢ New Unit Gain Super

➢ New Unit Gain Plus

➢ New Unit Gain

4.32b Single Premium

➢ New Unit Gain Premier Sp

➢ New Unit Gain Plus SP

4.33 ULIPS OF LIC

Unit plans are investment plans for those who realize the worth of hard-earned money.
These plans help you see your savings yield rich benefits and help you save tax even if you
don’t have consistent income .Various plans are:

➢ Market Plus 1: This is a unit linked pension plan wherein the pension is payable after a
specified period. Though primarily a pension product, the plan has many attractive features
and options which make it an ideal retirement solution for the future.
➢ Profit Plus
➢ Fortune Plus
➢ Money Plus

4.34ULIPS OF RELIANCE LIFE INSURANCE

The plan allows you to experience the joys of life and provide for your family’s needs.

Various plans are:

➢ Reliance Premier Life

Under this plan the investment risk in the investment portfolio is borne by the policyholder.
2
 This is a regular premium, unit linked savings plan. The plan offers the twin benefit of
insurance cover along with savings, by investing in market linked securities.

➢ Reliance Super Invest assure Plan

➢ Reliance Wealth + Health Plan
➢ Reliance Cash Flow Plan

1
 Chapter 5

RESEARCH METHODOLOGY

1
5.1 Type of Research
Descriptive Research is used for the study as it helps fact finding through surveys and

enquiries. The data is collected through the primary source, which include questionnaires

personal interview and telephonic interview. Secondary data has been collected from

internet web page, magazines, insurance related books, journals newspapers etc.

5.2 Sampling Design

Stratified random sampling method is used for sampling design in which customers are

randomly selected.

5.3 Sampling Size

The sampling size in this research is restricted to 100 and samples were collected in

different areas of Sopore.

5.4 Sample Description

The sample consists of all income groups which include employees,

students, unemployed people and self-employed people.

5.5 Actual Collection of Data

The sources of data are primary and secondary data.

5.51 Primary Data:

The primary data was collected through the questionnaire.

5.52 Secondary Data:

Secondary data was collected by:

 Browsing different website

 Referring various articles, reports, journals, magazines on insurance.

1
  Referring different books and previous project reports in college library.

5.6 Other Software Used For Analyzing the Data

Microsoft Word , Microsoft Excel for showing the graphs and pie charts for the purpose of

analyzing the data.

1
 Chapter 6

DATA PRESENTATION, ANALYSIS AND

INTERPRETATION

1
 “comparative analysis of ULIPs of ICICI Prudential”
UNITLINK PRODUCTS

6(a) Table showing the Unit Link Products of ICICI Prudential Life Insurance and it’s
comparison with its competitors.

ICICI Bajaj Allianz Life

Prudential Insurance Reliance Life
Features Life LIC company Insurance
Insurance

Name Of The LifeTime Market Return

Bimaplus Capital Unit gain
Policy Gold Plan
Entry Age
Min Age
0 12 0 30 days
(Years)
Max Age
65 55 60 65
(Years)
Maximum
Policy 75 10years 60 40years
Term
Premium
Min 20,000 5,000 10,000 10,000
single
25,000 50,000 25,000 25,000
premium
Sum Assured
Min 1,00,000 50,000 1,00,000 50,000
Max Unlimited 10,00,000 unlimited unlimited
Top-ups 2,500 5,000 5,000 2,500
Switches 4times 2times 3times 1time
Loan No No No No
Riders
Accident
Yes Yes Yes Yes
Benefit
Critical illness
Yes No Yes Yes
Benefit
Hospital cash No No Yes No
Allocation 80% 74% 95% 76%
Table No. 1:

1
6(b) Table showing the details of Minimum and Maximum Entry Age.

Chart no.1

Bajaj Allianz Reliance Life

Particular ICICI LIC Insurance
Min Age 0 12 0 30 Days
Max Age 65 55 60 65

E n tr y A g e fo r th e P o lic y

80
60
M in A g e
40
M ax Age
Age in Years

20
0
1 2 3 4
C om pany N am es

Analysis:
➢ From the above data it is observed that a person with an age of 0 years can take this policy
in ICICI Prudential and Bajaj Allianz, in LIC it is 12 years and Reliance Life Insurance
entry age is 30 days.
➢ In ICICI Prudential and Reliance Life Insurance a person can take policy up to the age of
65 years while in Bajaj Allianz 60 years and LIC 55 years.
Inference:
➢ From the above data it’s clear the LIC Bimaplus policy is better than the other insurance
companies on the basis of entry age.

2
 ➢ Reliance Life insurance is better than all the insurance companies on the basis of maximum
entry age in order to hold the policy for 65 years.

6(c) Table showing the details of the minimum premium

ICICI
Particular LIC Reliance Life
Prudential Bajaj Allianz
Insurance
Min Premium 20,000 5,000 10,000 10,000

Chart no.2

Analysis:
From the above table it is clear that the lowest premium is paid by LIC customers,
maximum premium paid in ICICI Prudential. So most of the customers are ready to pay
High premium, but the Sopore market prefer a policy with low premium.

Inference:
From the above data it is clear that the LIC policy is better than the policies of other
insurance companies in comparison with the minimum premium.

1
2
6(d) Table showing the details of the single premium.

Particula ICICI LIC Bajaj Reliance

r Prudential Allianz Life
Insurance
Single 25,000 50,000 25,000 25,000
Premium

Chart no.3

Analysis:
The above data shows that the policy holder can take the single premium of Rs.25, 000 in
ICICI Prudential, Bajaj Allianz and Reliance Life Insurance but in LIC it is Rs. 50,000.

Inference:
From the above data it is clear that the ICICI Prudential, Bajaj Allianz and Reliance Life
Insurance policy is better than LIC when comparing the entry age.

1
6(e) Table showing the details of the switching facility in single
premium.
ICICI Reliance Life
Particular LIC Bajaj Allianz
Prudential Insurance
Switches 4times 2times 3times 1time

Chart no.4

Analysis:

From the above table it is clear that maximum switching facilities provided by the company
is ICICI. If any policyholders want to switch more times as mentioned above than they
have to pay some charges as per the company rules and regulations.

Inference:

From the above data it’s clear that ICICI Prudential policy good in comparison to other
insurance sector on the basis of switching facilities.

6(f) Table shows the Respondents Age

2
 Age No. Of % Of
(Years) Respondents Respondents
12 – 23 08 08%
24 – 34 76 76%
35 – 44 04 04%
45 – 54 12 12%
Total 100 100%

Chart no.5
Respondents Age
% of Respondents

80%

60%

40% 76%

20%
8% 4% 12%
0%
12 – 23 24 – 34 35 – 44 45 – 54
Respondents Age

Analysis:

The above table reveals that from the sample size 100, 76% of respondents are 24 – 34
Years, 12% of respondents are 45 – 54 Years, 8% of respondents are 12 – 23 Years, and
remaining 4% respondents are 35 – 44 Years. So the 76% of respondents will affect the
total survey.

Inference:

From the above table it is clear that the respondents who are between the ages of 24 to 34
insure their life.

2
6(g) PROFESSION OF THE RESPONDENTS

Profession No. Of Respondents % Of Respondents

Self Employed 12 12%
Salaried 84 84%
Other 04 04%
Total 100 100%

Chart no.6

Professio of the Respondents

100%
% of Respondents

84%
80%
60%
40%
20% 12%
4%
0%
Self Employed Salaried Other
Profession

Analysis:

From the above table it is clear that among 100% of the sample population, 84% are from
salaried class, 12% from self employed and 4% me time only 4% include other categories
such as Financial Advisors, Housewives, etc .So the opinion of the salaried people will
affect the total survey.

Inference:

The above table shows that most of the salaried employed have insured in various
insurance companies.

1
6(h) RESPONDENTS MONTHLY INCOME

Income (Rs.) No. Of Respondents % Of Respondents

10,000 – 15,000 16 16%
15,001 – 20,000 40 40%
20,001 – 25,000 04 04%
25,001 – Above 40 40%
Total 100 100%

Chart no.7

Respondents Monthly Income

% of Respondents

50% 40% 40%

40%
30%
20% 16%
10% 4%
0%
10,000 – 15,001 – 20,001 – 25,001 –
15,000 20,000 25,000 Above
Income

Analysis:
1
The above table shows that 40% of the respondents who are earning Rs.15001 – 20,000 &
Rs.25001 & Above invest in insurance companies, 16% in the income group of Rs.10000 –
15,000 and only 4% in the income group of Rs.20001 – 25000 .

Inference:
The above table shows that respondents who are earning Rs.15, 001 to 20,000 and 25, 0001 and
above insure their life in various insurance companies.

6(i) LIFE COVERAGE OF THE RESPONDENT

Insured No. Of Respondents % Of Respondents

Yes 96 96%
No 04 04%
Total 100 100%

Chart no.8
Life Coverage Of The Respondents

4%

Yes
No

96%

Analysis:
It is quite evident that around 96% of the total population insure their life and only 4%
are yet to insure. But by research it has proved that “Only 20% of the Indian population

1
has been insured”, so there is good opportunity for the insurance companies to exploit the
market.

Inference:

The above table shows that 96% of sample populations insure their life with various
insurance companies.

2
6(j) RESPONDENT INSURER

Insurer Name No. of Respondents % of Respondents

ICICI 29 29%
LIC 42 42%
Bajaj Allianz 8 8%
Other 21 21%
Total 100 100%

Chart no.9

Analysis:
The above table reveals that 42% of population insure in Government Sector and 58% of
population with Private Sector. We can easily infer that majority of the population trusts
private sector as there is maximum growth for the Private Sector in comparison with Govt.
Sector. In private sector 29% of population is covered by ICICI Prudential Life Insurance ,
8% by Bajaj Allianz, and 21% is covered by other insurance companies (i.e. Reliance
Life Insurance, MetLife Insurance etc.).
Inference:
From the above table it is clear that from the sample population maximum people are
holding LIC policy.

6(k) AWARENESS ABOUT POLICY FUNCTIONING

Awareness No. of % of
Respondents Respondents
Yes 88 88%
No 12 12%
Total 100 100%

Chart no.10
1
N
Y
A
e
o
w
,s
a
,
r
1
8
2
e
8
%
n
%
e
s
s

a
b
o
u
t

P
o
l
i
c
y

F
u
n
c
t
i
o
n
i
n
g

2
Analysis:

The above table shows that 88% of population know the policy functioning and 12% have
no knowledge about the policy functioning.

Inference:
From the above table it is clear that most of the policy holders know the policy functioning.

3
6(l) TYPE OF INSURANCE POLICY HOLDING

Policy No. of Respondents % of Respondents

Traditional 48 48%
ULIP 52 52%
Total 100 100%

Chart no.11

T y p e O f In s u r a n c e P o lic y H o ld in g

53% 52%
52%
51%
50%
% of

49%
Respondents

48%
48%
47%
46%
T ra d itio n a l U L IP
T y p e o f P o lic y

Analysis:

The above table reveals that after the launching of ULIP like an investment cum insurance
product 52% of the sample population have opted for the policy .Thus, ULIP is better than
any insurance product in present market. So the company can exploit it in a better way.
1
Inference:
The above table shows that most of the sample population know about the ULIP and are
holding ULIP plan in comparison with Traditional plan.

6(m) ULIP FEATURES PROVIDED BY EXISTING

COMPANIES TO THE RESPONDENTS.

ULIP Features No. of Respondents % of Respondents

High Returns 29 29%
Insurance Cover 25 25%
Tax benefit 18 18%
Partial & Full Withdrawals 23 23%
Other 5 5%
Total 100 100%

Chart no.12

2
 O
1
2
5
HR
B
IT
P
W
9
5
8
3
%
n
tia
e
y
%
trsxg
h
s
tu
h
e
Ip
iB
rd
R
eo
n
ra
e
ln
a
n
s
t
ce
w
d
u
fu
e
&
a
re
lir
n
e
tn
C
sF
sr
t
o
u
lvs
le
r
U
L
I
P

F
e
a
t
u
r
e
s

O
f
f
e
r
e
d

Analysis:

The above table shows that 29% of sample population are getting the High Returns from their
existing insurer, 25% are getting Insurance Cover from their existing insurer, 23% are getting
Partial & full Withdrawals Facilities from their insurer , 18% are getting Tax Benefit , and only
5% are getting other benefits like Flexibility, Liquidity, Savings etc.,

Inference:
The above table shows that most of them are holding a policy or opted to insure because of High
Return on their investment.

2
6(n) TYPE OF INVESTMENT PREFERRED IN ULIP

Type of Investment No. of Respondents % of Respondents

R.I.C.H. 73 73%
Flexi Growth 18 18%
Flexi Balanced 0 0
Balancer 0 0
Protector 0 0
Preserver 9 9%
Total 100 100%

Chart no.13
Investment preferred in ULIP

9%
0%

R.I.C.H.
18%
Flexi Growth
Flexi Balanced
Balancer
Protector
Preserver
73%

Analysis:

It is quite clear that around 73% of the sample population like to invest in R.I.C.H. which is
an Equity Fund Investment option. So ULIP like Equity Fund Investment has a good
opportunity in the future. 18 % of sample population invests in Flexi Growth, and only 9%
invest in Preserver.

Inference:
The above table shows that most of the sample population like to opt for R.I.C.H. which is
an Equity Fund invest option.

6(o) TRADITIONAL PLAN RESPONDENT.

1
 Policy Name No. of Respondents % of Respondents
Life Guard SP 5 5%
Cash Bak 40 40%
Save n Protect 5 5%
Life Guard ROP 5 5%
Smart Kid 45 45%
Total 100 100%

Chart no.14
Traditional Plan Respondents

5%

Life Guard SP
Cash Bak
45%
40% Save n Protect
Life Guard ROP
Smart Kid

5% 5%

Analysis:

The above table of traditional plan reflects 45% of sample population invest in Smart Kid and
40% invest in Cash Bak policy.

Inference:
The above table shows that most of the respondents who have taken traditional policy opted for
Smart Kid .

6(p) FACTORS INFLUENCING TO INVEST IN INSURANCE

PLAN
2
 Investment Option No. of Respondents % of Respondents
Premium Payment Mode 6 6%
Partial & Full Withdrawals 10 10%
Tax Benefit 24 24%
Life Risk Cover 33 33%
High Return 27 27%
Total 100 100%

Chart no.15
H
6
1
3
2
P
W
T
L Motivational Factors for Investment
%
0
4
3
r7
ia
%
fxtrye
g
tm
e
h
ie
d
B
u
n
ra
e
R
ltm
a
in
e
w
tse
M
&
kfa
u
rilo
d
tsF
C
n
e
u
o
vl
l
e
r

Analysis:
The above table reveals that around 33% of sample population are motivated to invest because
of Life Risk Coverage , 27% invest because of High Returns , 24% because of Tax Benefit ,
10% because of Partial and Full Withdrawal facility , and only 6% of sample population are
motivated because of Premium Payment Mode
Inference:
The above table shows that the main factor for the sample population to invest on the insurance
plan is Life Risk Coverage to secure their family in future if any untoward happen.

2
6(q) FACTORS INFLUENCING THE RESPONDENTS TO
CONTINUE THE SERVICES OFFERED BY THEIR EXISTING
INSURER.

Factors No. of Respondents % of Respondents

Brand Image 13 13%
Customized Products 8 8%
High Returns 25 25%
Comprehensive Coverage 6 6%
Customer Care 8 8%
Insurance Cover 23 23%
All the Above Factors 17 17%
Total 100 100%

Chart no.16

Customers Influencing Factors

Brand Image

Customized Products
17% 13%

High Returns
8%

Comprehensive
Coverage
23% Customer Care
25%
Insurance Cover
8% 6%
All the Above Factors

Analysis:

We can infer that 25% of sample population are continuing their service because of High
Returns , 23% because of Insurance Cover , 17 % because of All the factors like Brand
Image, Customized Products , High Returns , Comprehensive coverage, Customer Care,
Insurance Cover, 13% because of Brand Image, 8% because of customized Products &
Customer Care, and only 6% because of comprehensive Coverage.

Inference:
The above table shows that the main factor for the sample population to continue their
service offered by various insurance companies is High Returns on their investment.

6(r) SATISFACTION LEVEL OF INSURANCE CUSTOMERS

2
 A. SATISFACTION LEVEL ON HIGH RETURNS

Factors Extremely Good Good Average Below Average Inadequate

Higher Returns 35% 5% 15% 20% 25%

Chart no.17

I
S
3
5
1
2
E
G
A
B
a
%
0
5
x
o
v
e
n
t%
o
le
a
ri
o
d
s
a
w
e
f
m
g
q
a
e
A
u
lc
v
a
y
te
ri
e
o
G
a
n
o
g
o
e
L
d
e
v
e
l

o
n

H
i
g
h
e
r

R
e
t
u
r
n
s

Analysis:

The above table shows the satisfaction level on High Return . Here 35% of sample population
are rated in the scaling of Extremely Good , 5% Good , 15% Average , 20% Below Average ,

1
and remaining 25% as inadequate . So from the above interpretation we can conclude that most
of the sample population are satisfied with their High Returns in the rating scale of Extremely
Good.

Inference
The above table shows that 35% of sample population responded satisfaction level as Extremely
Good on the factor of High Return.

2
B. SATISFACTION LEVEL ON TAX BENEFIT.

Factors Extremely Good Good Average Below Average Inadequate

Tax Benefit 35% 6% 6% 24% 29%

Chart no.18

I
T
3
6
2
E
G
A
B
a
5
%
4
9
x
o
v
e
n
x
t%
o
le
a
r
o
d
B
a
w
e
e
m
g
q
n
e
A
u
le
v
a
f
y
te
ri
e
t
G
a
s
o
g
o
e
d

Analysis:

The above table shows the satisfaction level on Tax Benefit .Here 35% of sample population
respond in the scaling of Extremely Good , 6% Good , 6% Average , 24% below average , and
29% inadequate .
Inference:
The above table shows that 35% of sample population responded satisfaction level as Extremely
Good on the factor of Tax Benefit.

1
C. SATISFACTION LEVEL ON INSURANCE COVER

Factors Extremely Good Good Average Below Average Inadequate

Insurance Cover 28% 11% 11% 11% 39%

Chart no.19

I
2
1
3
E
G
A
B
8
1
9
x
o
v
e
n
s
t%
o
le
a
ru
o
d
r
a
w
e
a
m
g
q
n
e
A
u
lc
v
a
y
te
r
e
C
G
a
o
g
v
o
e
e
d
r

Analysis:

The above table shows the satisfaction level on Insurance Cover. Here 28%of sample population
responded in the scaling of Extremely Good, 11% Good , 11% Average , 11% Below
Average, and for remaining 39% inadequate . So from the above interpretation we can conclude
that most of the sample population are not satisfied with Insurance Cover.

Inference:
The table shows that 39% of sample population are not satisfied on the factor of their Insurance
Coverage.

1
D. SATISFACTION LEVEL ON PARTIAL & FULL WITHDRAWAL
Factors Extremely Good Average Below Inadequate Total
Good Average
Partial & 25% 6% 25% 31% 13% 100%
Full
Withdrawal

Chart no.20
I
P
6
2
3
1
E
G
A
B
a
%
5
1
3
x
o
v
e
n
r
t%
o
le
a
rt
o
d
i
a
w
e
a
m
g
q
l
e
A
u
l
v
a
&
y
te
r
e
F
G
a
u
o
g
l
o
e
l
d

W
i
t
h
d
r
a
w
a
l

Analysis:
The above table shows the satisfaction level on Partial & Full Withdrawal . Here 25% of sample
population responded in the scaling of Extremely Good 6% Good, 25% average , 31% below
average , only 13% as inadequate . The interpretation shows that most of sample population
have satisfaction level below average on the factor of Partial & Full Withdrawal.

1
Inference:
The table shows 31%of sample population responded satisfaction level as Below Average on the
factor of their Partial and Full withdrawal facility.

6(s) RESPONDENT WANT TO INSURE THEIR LIFE THOSE

WHO ARE NOT INSURED.

Want to Insure No. of Respondents % of Respondents

Yes 60 60%
No 40 40%
Total 100 100%

Chart no.21

1
 R
4
Y
6
N
e
o
0
e
s
%
s
p
o
n
d
e
n
t
s

P
r
o
m
i
s
e
d

t
o

I
n
s
u
r
e

Analysis:

The above table shows that 60% of sample population insure their life with different insurance
companies and 40% have not insured their life . So it clearly shows that their is a demand for
insurance products to exploit in the market.

1
Inference:
It is clear that 40% of sample population still have to insure their life and there is a huge
market for insurance companies to explore .

6(t) RESPONDENTS READY TO INSURE IN ICICI Prudential

Life Insurance.

Want to Insure with No. of Respondents % of Respondents

ICICI Prudential
Yes 42 42%
No 58 58%
Total 100 100%

Chart no.22

Analysis:

The above interpretation shows that 42% of sample population promised to insure their life
with ICICI Prudential and remaining 58% are not interested to invest with ICICI
0Prudential. Thus, the company has to create the awareness among the masses in the
market in order to increase the sales.

1
 Inference:
It is clear that 42% of sample population is interested to insure the life with ICICI
Prudential Life Insurance.

6(u) RESPONDENTS READY TO INVEST IN THE ULIP OF

ICICI Prudential

Ready to Invest in the No. of Respondents % of Respondents

ULIP of ICICI Prudential
Yes 40 40%
No 60 60%
Total 100 100%

Chart no.23

Respondents Ready To Invest In The ULIP Of

ICICI Prudential

40%
Yes
No
60%

Analysis:

The above interpretation shows that 40% of sample population is ready to insure their life
with ULIP of ICICI Prudential and remaining 60% are not ready to invest with ULIP of
ICICI Prudential. It is clear that the company has to create the awareness about the ULIP in
the market in order to increase the sales.

Inference:

1
 The table shows that 40% of sample population is ready to invest on ULIP of ICICI
Prudential.

6(v) RESPONDENTS READY TO TAKE AN INVEST OPTION

Type of Investment No. of % of

Respondents Respondents
R.I.C.H. 25 25%
Flexi Growth 50 50%
Flexi Balancer 25 25%
Total 100 100%

Chart no.24
Analysis:
The above table of the sample population who are ready to invest in ULIP of ICICI
Prudential .The preferred option of 50% of sample population is ready to invest in the Flexi
Growth, 25% in R.I.C.H., and 25% in Flexi Balancer in the future. So it is clear that most
of the sample population want to invest in Flexi growth.

Inference:
The table shows that 50% sample population is interested to invest in Flexi Growth.

6(w) RESPONDENTS READY TO INVEST IN ULIP PROVIDING

COMPANIES

Insure No. of Respondents % of Respondents

Yes 45 45%
No 55 55%
Total 100 100%

1
 Chart No.25

5
Y
4
N
W
e
o
5
sa
%
n
t

I
n
s
u
r
e

Analysis:
The above analysis reveals the fact that 45% of sample population is ready to invest in the ULIPs
of different companies . So there is a huge market which ICICI Prudential can easily capture.

Inference:
The table shows that 45% of sample population is ready to invest in ULIP providing
companies.

2
 Chapter 7

FINDINGS AND SUGGESTIONS

1
7.1 Survey Findings
1. There is a common opinion that ULIP has a good future as it will satisfy all the wants of an
investor including return.
2. Around 29% of sample population is ready to invest if they get High Returns, apart from
Tax Benefit & Partial & Full Withdrawal Facilities.
3. 42% of the sample population is ready to invest in ULIP.
4. Around 58% like to invest in private life insurance companies.
5. Even though majority of the people have a good awareness but still they have a negative
attitude towards investing in insurance and related securities.
6. 25% of sample populations are not satisfied with their High Returns from the Existing
Insurer.
7. 35% of sample population is satisfied with Tax Benefits provided by the existing insurance
companies.
8. About 39% of sample population is not satisfied with the insurer regarding Insurance
Coverage.
9. 31% of sample population is Below Average in their satisfaction level regarding Partial
and Full Withdrawal facilities provided by the existing insurer.
10. Investments in insurance related options are given the least priority than ever before.
11. 45% of sample population is ready to invest in the ULIP of ICICI Prudential and the
remaining 55% are ready to invest in other ULIP providing insurance companies.
12. 40% of sample population are ready to insure the life with ULIP of ICICI Prudential
Insurance Company
13. 60% of sample population are not ready to invest with ULIP of ICICI Prudential Insurance
Company
14. 60% of sample population insure their life with different insurance companies
15. 40% of sample population still has not insured their life. So there is a huge demand for
insurance products to exploit the market

1
 CONCLUSION

The size of the market has grown and the size of the insurable population in India is really
huge and the existing player has managed to cover about one-fourth of it. The opportunities
before the players are, therefore, huge in terms of target audience. The falling interest rates,
the collapse of many small-time financial institutions, the scope for entering related areas
like banking and pensions in a bid for synergy and the promise of E-Commerce provide
opportunities for the new products like ULIP’s in the insurance market as it gives high
returns and insurance coverage to the customers. As it provides benefits of mutual funds
and endowment plans most of the people like to take a policy. Life insurance has today
become a core of market economy since it offers plenty of scope for generating large sum
of money with the time by offering its customers perfect products to satisfy their financial
need. It is, therefore, essential to invest in insurance sector if we want to have a worry-free
future.

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 SUGGESTIONS
After analyzing the customer feedback it is clear that at present at ICICI Prudential is

having an edge over other various life insurance companies. There are a few areas where

ICICI Prudential could rework on its strategies to outperform its competitors in the future.

ICICI Prudential could introduce more customer friendly feature on its policies like
➢

unlimited free switches, lower administration charges, more allocation to the units in the

first year etc.

➢ ICICI Prudential can unquestionably make good use of more advertisement to promote its

products and to improve its brand awareness and brand image.

Company can give more importance to the new age insurance solutions.
➢

Company should introduce more innovative pension and child ULIP plans as they have
➢

more demand.

From the customer’s point of view, ICICI Prudential is just another private insurer trying to
➢

sell whatever they have. Instead the company must modify its product range in such a way

that the company could clearly distinguish its products from that of its competitors.

ICICI Prudential must exploit its reputation as successful banking and insurance company.
➢

Even today many people don’t know that ICICI and Prudential plc is the same company

they trust as banking and insurance company.

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➢ ICICI must clearly introduce ULIP products with low premium because the low profile

customers who want to invest in ICICI Prudential have no option other than going to other

private players.

If all these factors are addressed properly, there is a very high probability for the company

to be the best and the biggest private life insurance company in Indian life insurance

industry in future.

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 BIBLIOGRAPHY

BOOKS:
Marketing Research
-------------by Prof: Kotler
Research Methodology (Methods & Techniques)
-------------by C.R Kothari, Second Edition

MAGAZINES:
Business Journals
India Today
Outlook Money

NEWS PAPERS:
Times of India
Hindu
The Indian Express
Economic Times
Greater Kashmir

The Kashmir Times

WEBSITES:
www.allianzbajaj.co.in
www.lic.com
www.iciciprulife.com
www.irda.com
www.goolge.com
www.relianceinsurance.co.in

OTHERS:
Companies Broachers and other product detail books

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 QUESTIONNAIRE
Dear Sir / Madam,

I Adil Bashir Sheikh student of ‘INSTITUTE OF MANAGEMENT AND

ENTERPRENEURSHIP DEVELOPMENT PUNE’ pursuing my 3rd SEM MBA- FM from
BVP University has to submit a project on “comparative analysis of ULIPs of ICICI
Prudential.” I will be very thankful if you spare few moments of your precious time to give your
valuable answer for the following questions, which will be of a great help to me.

Name Mr. / Ms :

Address :

Age : Contact No :

Email ID :

1. Your Profession:

Self Employed Salaried Others ______________

2. Specify your Family Income?

Rs. 2,500 – 5,000 Rs. 5001 – 10,000

Rs. 10,001 – 15,000 Rs. 15,001 – 20,000

Rs. 20,001 – 25,000 Rs. 25,001 – Above

3. Have you ever insured for yourself or your Family members?

Yes No

4. If yes please specify your Insurer?

ICICI LIC
Bajaj Allianz MetLife Insurance

Other _________________

5. Are you aware about policy functioning?

Yes No

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6. Which type of insurance policy you are having?

Traditional Unit Link Insurance Plan (ULIP)

7. If ULIP, What are the features of the ULIP that existing company is providing from the
following features?

Higher Return Tax benefits

Insurance Cover Partial and Full Withdrawals

Other _____________

8. Which Investment Option you opted for?

R.I.C.H. Flexi Growth

Flexi Balanced Balancer

Protector Preserver

9. If Traditional, in which plan from the following have you invested in?

ICICI Pru Pure Protect ICICI Pru Life Guard SP

ICICI Pru Save n Protect ICICI Pru Cash Bak

ICICI Pru Life Guard ROP Smart Kid

10. What made you to Invest?

Premium Payment Mode Partial and Full Withdrawals

Tax Benefit Withdrawal Option

Life Risk Cover Higher Return

11. What are the main factors that influence you to continue the services offered by your
existing insurer?

Factors Tick Factors Tick

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Brand Image
Customer
Care
Customized Products Tax Benefits
Higher Returns All of the
above
Comprehensive Other
Coverage specific

12. Are you satisfied with the facilities provider by your existing insurer with respect to
ULIP? Rate them on scale of 1 to 5.

1 2 3 4 5
Facilities

Higher Return

Tax benefits

Insurance Cover
Partial and Full Withdrawals

13. Would you like to insure your life?

Yes No

14. If yes, would you insure yourself or your family member’s life with ICICI Prudential?

Yes No

15. If yes, would you like to invest in the ULIP of ICICI Prudential?

Yes No

16. If Yes, Which Investment Option you want to opt for?

R.I.C.H. Flexi Growth

Flexi Balanced Balancer

Protector Preserver

17. If not ICICI Prudential, would you like to invest in ULIP providing companies?

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Yes No

Thank you.