Section-A

Industry and
Company
Profile

1
 INTRODUCTION

The basic human trait is to be averse to the idea of taking risks. There is always an
urge to minimize the risks and take protection against possible future. The risk includes
fire, the perits of sea, death, accidents and burglary. Any risk may be insured against at a
premium commensurate with the risk involved. Thus collective bearing of risk is
insurance, Insurance, whether life or non-life, provides people with a reasonable degree of
security and assurance that they will be protected in the event of calamity of failure of any
sort. There are number of forces driving the service sector today. Five environmental
variables that effect all industries - customers, competitors, government technology and
globalization are forcing rapid changes in the service sector. In addition, there are four
factors in how quality is perceived, cost control, customer services and the new
definitions of the customer.

Insurance is one of the leading service sector in our country. Services are relatively
intangible, produce and consumed simultaneously and often less produced and consumed
simultaneously and often less standardized than goods. There unique characteristics of
services present special challenge and strategic marketing opportunities to the service
marketers. The real competition between the service marketers was set after globalization
of the Indian Economy. The service marketing organization has to meet the expectation of
the customers.

When it comes to organizational level, it is the financial Advisors (Agents) of the

insurance company who are the actual service marketers.
In this report an attempt has been made to discuss the key issues which are
concerned with agency recruitment and consumer behaviour pertaining to life insurance.

2
 History of insurance

Insurance in modern era originated in the Mediterranean during the

13th Century. The earliest record of insurance have been found in Babylonia
Greece and Rome. Marine Insurance is the oldest form of insurance followed
by life insurance and fire insurance. Life insurance activity in its modern
form started in India in 1818 to provide for English Widows when Oriental
life insurance company was incorporated at Calcutta followed by Bombay life
insurance company in 1823 and triton Insurance company for general
insurance in 1850. Insurance regulation formally began in India through the
passing of two Acts, the Life Insurance companies Act of 1912 and the
Provident Fund Act of 1912. However the first comprehensive legislation
was introduced with the Insurance Act of 1938 and an amendment in 1950
that provided state control over insurance business in the country.

After independence, the business of insurance, grew at a faster pace as

competitions amonst the Indian companies intensified. The decision of
nationalization of life insurance business took place in 1956 when 245 indian
and foriegn insurance provident societies were first merged and then
nationalized. It paved the way towards the establishment of life insurance, to
raise the much needed funds for rapid industrialization and self service.
General Insurance followed suit and in 1968, the Insurance Act was amended
to allow for social control over the general insurance Business
(Nationalization) Act 1972 was promulgated. The insurance sector was once
agian thrown open to the private sector in December 1999 followed by the
establishment of IRDA (Insurance Regulatory and development Authority) in
April 2000.

The Indian Insurance industry was dominated by two states insurance

i.e., the Life Insurance Corporation in Life Insurance and the General

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Insurance Corporation in General insurance before 2000 which were created
after the nationalization of the Life and Non-Life sectors in 1956 and 1972
respectively. In Dec'99, the IRDA Act was passed which limited foreign
investors to a 26% cap on equity participation, and minimum capital
requirement of $20 million. At present, more than 12 private players are in
the market and some are still in the pipeline. The advent of the new kids
poses to LIC to somewhat extent, for which LIC will have to change its
current policies regarding marketing and product management.

THE NEED OF INSURANCE

Life Insurance has come a long way from the earlier days when it was
originally conceived as a risk covering medium for short period of time,
covering temporary risk situations, such as sea voyages. As Life insurance
became more established, it was realized what a useful tool it was for a
number of situations, including—

a. TEMPORARY NEEDS/THREATS

The original purpose of life insurance remains an important element,

namely providing for replacement of income on death etc .

b. REGULAR SAVINGS

Providing for one's family and oneself, as a medium to long term

exercise (through a series of regular payments of premiums). This has become
more relevent in recent times as people seek independence for their family.

c. INVESTMENT

Put simply, the building up of saving while safeguarding it from the

ravages of inflation. Unlike regular saving products, investment products are

4
traditionally lump sum investments, where the individual makes a one off
payment.

d. RETIREMENT

Provision for later become increasingly necessary, especially in a

changing cultural and social environment. One can buy a suitable insurance
policy, which will provide periodical payments in one's old age.

LIFE INSURANCE TAXANOMY

What is life insurance ?

Life insurance is a contract between a person and an insurance

company by which a person pays in a certain agreed-upon amount regularly so
that upon that person's death, his or her family or other beneficiary will
receive a large lump sum payment which compensates loss of income caused
by the death of the policy holder thereafter or pension benefits. Different life
insurance policies may vary by frequency and amount of payments; some
policies have fixed payments amount that never changes, others will insurance
on regular basis, term of coverage, and the amount and method of final
payment of beneficiary.

What is Whole life insurance ?

Whole Life insurance also called Permanent life Insurance, is bought for
the remainder of the policy holder's life. It is typically more expensive than
Term Life insurance, but premiums do not increase with the insurance in the
age after one buy's. In the early years of the policy, when there is low risk,
one needs to pay more in annual premium than its cost to insure oneself, as
one a higher risk at an older age, the level premium eventually becomes less
than the amount it takes to insure policy taker.

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 Most of the policies are guranteed to cover one for the reminder of his or
her life, however long that may be. Whole life Insurance may also be used to
build equity and something offer additional investment options in general,
these are called participating policies.

What is Term Life insurance ?

Term Life insurance is bought for a specific period of time, often five,
ten or twenty years, Some policies can be renewed when you reach the end of
the term. The premium rate increase at each renewal date. However many
policies requires that the policy holder should present evidence of insurability
at renewal to qualify for lower rates. One benefit of buying term life
insurance is that it is typically less expensive than whole Life insurance.
However, should the policy- holder be fortunate enough to survi ve, the term
of coverage, the policy becomes worthless and all the money paid in is lost.
There are three types of term life insurance.

1) Level : In which the benefit stays the same over a period of

time.

2) Decreasing : Where the benefit decreases over time.

3) Increasing : Where the benefit Increases over time.

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 INDUSTRY PROFILE

THE ENTRY OF PRIVATE PLAYERS

The first move for the liberalization came with the Malhotra Committee
Report in 1993 which recommended the privatization of insurance, setting of
an insurance regulatory authority and restructuring the government monopoly
LIC and GIC and its subsidiaries. IRDA Act passed in November 1999 had set
ball rolling for the entry of private players in domestic sector.

The Indian Insurance sector has finally opened up and it is with much
anticipation that new players are awaiting their share of market. License have
been issued to both Indian and foreign player - Reliance, HDFC- Standard
Life, Max India- New York, Royal Sundaram Alliance, ICICI Prudential,
IFFCO-Tokyo Marine, Bajaj Allianz, Birla Sunlife, TATA AIG, AVIVA Life
Insurance, SBI Life, OM Kotak Mahindra are some of the entrants into the
newly liberalized Indian Insurance market.

ICICI Prudential and HDFC-Standard Life have issued their life policies-
the first from the private sector after 45 years.

Currently in life insurance segments there are 12 private and one public
company. Many private players that have entered the market have form joint
venture with foreign insurers. Any company with the minimum capital of Rs.
100 Crore (with a foreign capital not exceeding 26% of the equity) can apply
for license to enter market.

IMPACT OF LIBERALIZATION

The introduction of private players in the industry has added to the colours 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

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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.
As a result LIC down the years have seen the declining phase in its career.The market
share was distributed among the private players. Though LIC still holds the 75% of the
insurance sector but the upcoming natures of these private players are enough to give
more competition to LIC in the near future. LIC market share has decreased from 95%
(2002-03) to 81 %( 2004-05).The following companies has the rest of the market share of
the insurance industry.

NAME OF THE PLAYER MARKET SHARE (%)

LIC 71.3
ICICI PRUDENTIAL 7.73
BAJAJ ALLIANZ 4.96
BIRLA SUNLIFE 4.13
SBI LIFE 3.90
HDFC STANDARD 1.96
TATA AIG 1.79
MAX NEW YORK 1.38
AVIVA .93
OM KOTAK MAHINDRA .71
ING VYASA .57
AMP SANMAR .36
METLIFE .31

8
 80
70
60
50
40
30
20
10
0 ICICI
LIC

HDFC

METLIFE
BIRLA
BAJAJ

TATA AIG

AMP
SBI LIFE

OM KOTAK
NAME OF

AVIVA
MAX NEW

ING VYASA
Advantages of Liberalization

Liberalization commitment of the country to help in disciplining future

economic policies will include the insurance reforms. When world over
insurance market has been opened up. India cannot remain in isolation.
History has shown that it is difficult to prosper in isolation.

Globalization is the new economic reality, which is here to stay,

heralding a new era of insurance in India.

With the opening of the insurance industry, India stands to gain with the
following major advantages.

1. Globalization will provide opportunities to the customer for the

better production with more reasonable and affordable pricing.

2. The customer will get quicker services.

3. It will enhance the saving rate.

4. Long term funds for infrastructure development will be available to the

country.

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5. It will secure for India larger inflow of foreign capital need to sustain
our GDP growth.

6. The opening up will enable the country to save more and invest more for
the development in infrastructure.

7. With new insurance intermediaries and more distribution channels the

market is bound to develop by leaps and bounds.

8. In the next few years it is established that the Indian insurance sector
will develop a better understanding of consumer requirement leading to
more satisfaction of consumers.

9. The world class technology will be available in the market

bringing about tremendous improvement in servicing.

10. Choice of price will be available to the customers.

11. Lead to increase in employment.

12. Social and rural obligations will also be served as IRDA has come out with
clear regulation in this regard, which makes the development in this area
mandatory.

13. Global competitors will help in building expertise with their global
practice.

Unlike west, in India, insurance is sold as the instrument of saving.

About 18% of the policies are sold as death risk consideration, Impression
about LIC is that they are not meant for the market requirements. They are
only intended to find customer. Insurance awareness is therefore low unit
linked insurance products are not available. Insurance covers are expensive
and returns are low. Turn over of the agent is high. The choice available to
the insuring public is inadequate in terms of services, products and prices.
These are the areas of weakness, which may act as opportunities for new
players who may work to offer policies to the customer with the value
additions at a competitive premium with much improved servicing.

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 WHY INSURANCE IN INDIA

India is having population of 1 Billion with a middle class population

estimated up to 300 million. It being the 5th largest economy in the world in
terms of Purchasing power Parity (PPP) has a GDP growth rate of over 6%
per year on an average for the last decade. The saving rate is estimated to be
about 26% of the GDP. In the total population, the insured population is
estimated to be about 80 million.

Insurance even more than banking is a volume game. A very exclusive

approach in view is unlikely to provide meaningful numbers. Currently,
insurance is bought for the purpose of tax-benefits. A higher percentage of
business is in the rural market. The share of rural new business insurance
total new business is 55% in terms of policies and 47% in terms of sum
assured. However, this needs to be viewed in the light of some recent issues
that have been raised regarding as to what constitutes the rural market.
Therefore, private insurers will be best served by middle market approach,
targeting the customer segments that are presently unexploited.

How many Indians are aware that LIC has more than 60 products and
GIC has more than 180 products. Not only there is a reduction in the
premiums of life insurance products have long overdue since Indian mortality
rate has decreased three folds in the last 50 years. There is also scope to
increase the yield one life insurance policies (Presently 6%) with proper risk
management in place.

It is been debated that insurance business does not produce profit in the
first five years cross subsidization is a feature of Indian market. Even the
first portfolio vote that is considered profitable, cross subsidizes the other
departments. Tariff reduction is likely to reduce profits, further insurers have
to institute proper claims management progress in order to extract
efficiencies. At present life insurance business in the country is taxed at

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12.5% of the profit in financial year. The government is soon to present a new
model of taxing life insurance companies at international rates.

Insurance is a Rs. 400 billion business in India and together with

banking services adds above 7% to India's GDP. Gross premium collected is
about 2% of GDP and is growing between 15-20 percent per annum. India has
also the highest number of Insurance policies in the world. Yet more than
fourth of India's Insurance population has no life insurance cover. The
penetration of life insurance is very low in India.

While the per capita insurance premium in developed countries is very

high, it is quite low in India. Per capita insurance premium in India 1999 was
only $ 8 while it was $ 4800 for Japan, $ 1000 for Republic of korea, $ 887
for Singapore, $ 823 for Hong Kong and $ 144 for Malaysia. The Insurance
premium as a percentage of GDP was 14% for Japan, 13% for south Africa,
12% for Korea, 9% for UK and less than 2% in india in 1999. Similarly the
Insurance premium as a percentage of GDP was 52% for UK, 35% for other
European and American 12% for Korea, 9% for India in 1999. The share of
India in world market in terms of Gross Insurance Premium is again very
less. Japan has 31% European Union 25% South Africa 2.3.%, Canada 1.7%
and for India it is only 0.3%.

Among the emerging economics, India is one the least insured countries,
but the potential for further growth is phenomenal. The demand for Insurance
is likely to increase with rising per capita incomes, rising literacy rates and
insurance of the service sector. After Korean and Taiwanese insurance sectors
were liberalized, the korean market has grown 3 times faster and in Taiwan,
it has been 4 times faster than that of its GDP. Thus insurance will have a
very crucial role in the growth of the country's economy.

Thus following points conclude about the need to promote Insurance in India:

• Only 23% of the insurance population has been extended cover. Market
penetration is low and the potential to exploit is high.

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 • Insurance premium per capita is very low.

• Lack of comprehensive social system benefit and welfare means that

demand for pension products is high.

• Huge middle class of approximately 300 million.

• Existing insurance company, score low on customer service front.

THE LIFE INSURANCE SCENARIO IN INDIA

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. 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 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.

Since 1956, with the nationalization of insurance industry, the state-run

Life Insurance Corporation of India (LIC) has held the monopoly in country's
life insurance sector. General Insurance Corporation of India (GIC), with its
four subsidiaries, was its counterpart in the casualty sector. Over the time,

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taking advantages of its monopoly and virtual prerogative in establishing
premiums, LIC has evolved into a monolith. It has agents and branches in
every nook and corner of the vast country, it has created an enviable brand
name, particularly among the rural population of the country. It has around $
40 billion as its financial sector. However, on the qualitative side, it has every
little to take pride in and there lies the potential for players to challenge this
behemoth.

As is typical with monopolies, the premium rates charged by LIC are

among the highest in the world, and its track record in customer service can at
best be called shabby. With a huge unionized, rigid workforce mostly in the
clerical category, LIC run the risk of high fixed cost, which will be the
deciding factor for productivity in the competitive scenario. While boasting
full-scale automation of its operation, the truth is that its technology is
outdated. The new players, with the state-of-the-art technology under the belt,
will be in advantageous position. 80% of LIC's business is procured by 20%
of its ill-trained agent force. The foreign player, with the domestic partner's
string band value, can test the unconventional distribution channels like
brokers, the banking distribution system etc. although foreign players may be
tempted to keep their operations in big cities for the ' cream layer' of the
society, the real market lies in rural India, which accounts for the lion's share
of LIC's present business.

Although the market was opened to primary entry some five years ago,
the real competition has started only in the last two years as it took a while
for private entrants to establish themselves. Even though the public insurance
companies still dominate the market, the fruits of competition are already
visible in terms of wide range of products, innovative bundling of insurance
with other financial services, aggressive marketing and better consumer care.

The share of life insurance in gross financial saving of household

sector shows a steady increase from 10.6% in 1998-99 to 13.9% in 2001-02.

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 Life insurance business in India have been growing at a respectable
rate. In 2003-04, in life insurance segment, the first year premium (including
single premium), which is more appropriate indicator than total premium,
grew at 10.48% over previous year. In 2002-03 the life segment grew at the
rate of 11.27%.

In this short period the private players in life sector have perfomed
admirably. The share of private insurers in the first year premium (including
single premium) business has steadily increased from 1.35% in 2001-02 to
5.66% in 2002-03 to 12.96% in 2003-04 and in 2004-05 market share of
private player has reached around 18% of total share.

LIBERALIZATION OF INSURANCE SECTOR

Perhaps of all the most critical regulation is the 26% equity Capital for
foreign insurers.this regulation bring in issues regarding management control
and one of the resons for Joint venture breaking up Cubb-Kotak, Liberty-
Dabur, All State-Dabur, Manu Life-UTI are some of the broken up alliances.

New entrants should be well advised to look ahead to the stage where
brand strength will be a competitive advantage and sketch their alliances
accordingly. In fact, we believe that alliance related to distribution rather
than to products and technology will prove most valuable.

The stages where brand strength will be competitive advantage and

sketch their world accordingly. In fact we believe that alliance related to
distribution rather than to produce or techonlogy will prove most valuable in
the long run.

Banks and financial companies will emerge as attractive distribution

channels for this insurance trend will be led by two factors, which already in
other world markets. First Banking food insurance, fund management and
other financial services companies are being to increase their profitablitiy and

15
provide maximum value to their customers. Therefore, they are themselves
looking for a range of products to distribute.

In other market notably Europe; this has resulted in bank assurance.

Bank entering into the insurance business in India to bank hope to maximize
expensive existing network by selling a range of products more of a loss
alliance between insurance and bank than a formal ownship. Some Indian
entrants like ICICI, HDFC and reliance hope to ride their existing network
and customer bases.

About I.R.D.A.

The insurance returns committee under chairmanship of R.N. Malhotra

in its April, 1993 report suggeted reforms in the insurance sector including
improving the functioning of LIC, GIC, liberalizing and developing a
strengthening the regulatory system. The committee submitted its report on
7-01-1994 to Union Finance Minister. The bill was passed regarding this in
1998.Finanlly Insurance Regulatory and Development Authority (IRDA)
gained statutory status in April 2000.

IRDA drafted the rules of the game, selected the players who would
enter the market and us here them. Having achieved all this, it now performs
referee's role of ensuring that the players play by the rules. Besides, the IRDA
is also entrusted with the task of developing the market that calls for
generating insurance awareness in the country.

IRDA's basic function is to protect consumer interest. This means ensuring

proper disclosure, Keeping prices affordable but also insisting on some
mandatory products, and most important making sure that consumers get paid
by insurers. Further, ensuring the solvency of insurer is a very important
function of regluatory authority. IRDA has evolved a set of operational
guidelines to deal with maintaining the solvency of insurers. Growth of
insurance business entails better education and production to customers,
creating better incentives for Agents and intermediaries. It has evolved

16
guidelines on the entry and functions of such intermediaries. Licensing of
agents and brokers are required to check their indulgence in activities such as
fraudulent practices, rebating, and misappropriation of funds.

Perhaps of all the most critical regulation is the 26% equity Capital for
foreign Insurers. This regulation bring in issues regarding management
control and one of the reasons for joint venture breaking up Cubb-Kotak,
Liberty-Dabur, All State-Dabur, Manu Life-UTI are some of the broken.

Thus, the critical aspects of IRDA in governing insurance sector are.

 The number and role of Private sector operates including-Roman area

intermediaries.

 Regulate covering investment, solvency norms etc.

 Product range.

 Accounting practices.

 Consumer protection norms.

 Ensuring the rural and health insurance are developed.

 Fixing of license fee.

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 COMPANY PROFILE

ABOUT ICICI PRUDENTIAL

ICICI Prudential Life Insurance Company is a joint venture between

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

ICICI Prudential's equity base stands at Rs. 9.25 billion with ICICI Bank
and Prudential plc holding 74% and 26% stake repectively. In the year ended
March 31, 2005, the company had issued over 615,000 policies, for a total
sum assured of over Rs. 13780 crore and premium income in excess of Rs.
980 crore. The company has a network of about 56,000 advisors; as well as 7
bencassurance tie-ups Today the company is the number -I private life insurer
in the country.

ABOUT ICICI

ICICI Bank is India’’s second-largest bank with total assets of about Rs.112,024 crore
and a network of about 450 branches and offices and about 1750 ATMs. It offers a wide
range of banking products and financial services to corporate and retail customers through
a variety of delivery channels and through its specialised subsidiaries and affiliates in the
areas of investment banking, life and non-life insurance, venture capital, asset
management and information technology. ICICI Bank posted a net profit of Rs.1,637
crore for the year ended March 31, 2004. ICICI Bank’’s equity shares are listed in India
on stock exchanges at Chennai, Delhi, Kolkata and Vadodara, the Stock Exchange,
Mumbai and the National Stock Exchange of India Limited and its American Depositary
Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).

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ABOUT PRUDENTIAL

Established in London in 1848, Prudential plc, through its businesses in the UK and
Europe, the US and Asia, provides retail financial services products and services to more
than 16 million customers, policyholder and unit holders worldwide. As of June 30, 2004,
the company had over US$300 billion in funds under management. Prudential has
brought to market an integrated range of financial services products that now includes life
assurance, pensions, mutual funds, banking, investment management and general
insurance. In Asia, Prudential is 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.

PARTNERS

ICICI and Prudential came together in 1993 to form Prudential ICICI

Asset Management Company, which has today emerged as one of the leading
mutual funds in India. The two companies bring together two of the strongest
financial service brands in Asia, known for their professionalism, excellent
quality of service and long term commitment to the customers. Riding on the
success of this relationship, the two companies jointed hands once more in
2000, to form ICICI Prudential Life Insurance, with a commitment to provide
leading-edge life insurance solutions.

ICICI Bank has 74% stake in the company, and Prudential plc has 26%.

VISION

The vision is to make ICICI prudential the dominant Life and Pension
player built on trust by world-class people and service.

It is being hoped to achieve by :

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  Understanding the needs of customers and offering them

. superior products and service

 Leveraging technology to service customers quickly, efficiently

and conveniently

 Developing and implementing superior risk management and

investment startegies to offer sustainable and stable returns to

the polcyholders.

 Providing an enabling environment to foster growth and

learning for our employees.

 And above all, building transparency in all the dealings.

The success of the company will be founded in its unflinching commitment to 5

core values viz. Integrity, Customer First, Boundary less, Ownership and Passion.
Each of the values describe what the company stands for, the qualities of the work
force and the way of work.

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 ORGANIZATION CHART

ICICI PRU (Branch Manager)

Tide Agency Bank Assurance

Sales Manager Regional Sales

Manager

Unit Manager Financial Services

Consultant (FSC)

Advisors Customer Services

Representative (CSR)

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 MANAGEMENT

BOARD OF DIRECTORS

The ICICI Prundential Life Insurance Company Limited Board

companies reputed people from the finance industry from India and aboard.

Mr. K.V. Kamath, (Chairman)

Mr. Mark Norbom
Mrs. Lalita D. Gupte
Mrs. Kalpana Morparia
Mrs. Chandra Kochhar
Mr. Kevin Holmgren
Mr. M.P. Modi
Mr. R. Narayanan
Ms. Shikha Sharma (Managing Director)

Management Team
Ms. Shikha Sharma (Managing Director)
Mr. Sandeep Batra (Chief Financial Officer & Company Secretary)
Mr. Shubhro J.Mistra, (Chief- Human Resources)
Mr. Anita Pai, (Chief - Service and operarions)
Mr. V. Rajagopalan, (Appointed Actuary)
Mr. Puneet Nanda,(Chief- investments)
Mr. Dipan Bhattacharya - Chief Information Technology)

DISTRIBUTION

ICICI Prudential has one of the largest distribution networks amongst

private life insurers in India, having command operations in 74 cities and
towns in India. These are: Agra, Ahmedabad, Ajmar, Allahabad, Ameritsar,
Aurangabad, Bangalore, Bhatinda, Bhopal, Bhudhaneshwar, Calicut,
Chandigarh, Chennai,Coimbatore, Dehradun, Goa, Guntur, Gurgaon,
Hyderabad, Hubli, Indore, Jaipur, Jalandhar, Jamnagar, Jameshedpur,

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Jodhpur, Kanpur, Karnal, Kochi, Kolkata, Kota, Kolhapur, Kottayam,
Lucknow, Ludhiana, Madurai, Mangalore, Meerut, Mumbai, Nagpur, Nasik,
Noida, New Delhi, Patiala, Pune, Raipur, Rajkot, Ranchi, Surat, Thane,
Thrissur, Trichy, Trivandrum, Udaipur, Vadodra, Vashi, Vijayawada and
Vizag,

The company has seven banacassurance tie-ups, having agreements with

ICICI Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna
Bank,and some Co-operative banks, It has also tied up with organizaions like
Dhan for distribution of Salaam Zindagi, a policy for the socially and
economically underprivileged sections of society.
ICICI Prudential has recruited and trained over 60,000 insurance
advisors to interface with and advise customers. further. it Leverages its
state-of-the-art IT infrastructure to provide superior quality of service to
customer.

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 PRODUCTS OF ICICI PRUDENTIAL

SAVING PLAN
ICICI Prundential offers a variety of policies that give you the benefits
of protection and the opportunity to save for important assets or events, like a
home, a car or wedding.

Secure Plus
An insurance plan that gives added protection savings and multiple
options, all in one!

Cash Plus
An insurance plan that gives added protection saving, multiple, options,
Plus the power of liquidity.

Life Time II
A complete market- linked insurance plan that adapts itself to your
changing protection and investment needs, throughout a lifetime.

Save 'n' Project

A traditional endowment savings plan that offers both high returns and
protection.

CashBak
An endowment savings plan that allows you to get back substantial
survival benefits without having to wait till the maturity date.

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PROTECTION PLAN

Life Guard
ICICI Prudential Life Insurance offers Life Guard- a set of pure
protection plans. Choose from amongst three different product structures to
insure your life and provide total security to your family, at a very affordable
cost.

Level Term Assurance with return of premium

On death the entire sum assured will be paid.

On maturity, all the premiums paid will be returned.

Level Term Assurance without return of premium

On death the entire sum assured will be paid.

No Survival or maturity benefits.

You can also enhance the above two policies by adding Accident &
Disablity benefit Rider and Waiver of Premium Rider (WOP).

Level term Assurance - Single premium

On death the entire sum assured will be paid.

No survival or maturity benefits .

EDUCATION PLAN
Smart Kid
Education Guaranteed
As a responsible parent, you will always strive to ensure a hassle-free,
successful life for your child,. However, life is full of uncertainties and even
the bes-laid plans can go wrong. Here's how you can give child a 100% safe
and assured tommorrow, whatever the uncertainties. SmartKid is designed to

25
provide flexibility and safeguard your child's future education and lifestyle,
taking all possiblities into account.

1. Smart Kid regular premium

2. Smart Kid unit-linked regular premium

3. Smart kid unit-linked single premium

All these plans offer you :

Guaranteed Financial Benefits : Regular Payments at critical
stages in your child's life, like Board examinations, Graduation and Post-
graduation.

Total peace of mind Sum Assured is paid immediately :

Ensurers that your loved ones stay financially secure, Even in your absence.

All future premiums are waived : Ensuring that your family is not
financially burdened in your absence.

Policy benefits continue: The educational benefits of the policy

continue, ensuring that your child can realize his or her dreams without any
hassles.

I Development Allowance : Smart Kid guarantees regular income to

secure your child;s educational career and also ensures his or her all- round
development, for a nominal additional amount. The Income Benefit Rider
takes care of this through an annual payment of 10% of the sum assured, to
your child, till the maturity of the policy, in the unfortunate event of the death
of parent.

All Smart Kid plans can be enhanced with the accident & Disability
Benefit Rider and Income Benefit Rider. You can also an Accident Benefit
Rider to a Smart Kid Regular premium policy and a Waiver of premium Rider

26
(WOP) to Smart Kid unit-linked regular premium policy.

RETIREMENT PLAN

Life Expectancy has been rising rapidly and today you can expect to
live longer than your earlier generations. For you, this increase will mean a
longer retirement life, stretching into a couple of decades. ICICI Prudential
presents Retirement Solutions that combine the best of insurance and
investment. These solutions are developed to ensure your peace of mind for
the years to come. One can choose from amongst 4 retirement plans:

Life Time Pension II

A regular premium linked pension plan that gives you the freedom to
choose the amount of premium, and invest in market- linked funds, to
generate potentially higher returns.

Life Link Pension II

A single premium linked pension plan that gives you the freedom to
choose the amount of premium, and invest in market-linked funds, to generate
potentially higher returns

Secure Plus pension

A regular premium pension plan that gives you the flexiblity to choose
between 3 levels of sum assured for the same level of total annual
contribution.

Forever Life

27
 A regular premium pension plan that helps you save for your retirement
while providing you with life insurance protection.

Choose from 5 Annuity options at the time of investing

1. Life Annuity

2. Life Annuity with return of purchase price.

3. Life Annuity guaranted for 5, 10, 15 years

4. Joint Life, Last Survivor without returns of purchase price.

5. Joint Life, Last Survivor with returns of purchase price.

INVESTMENT PLAN
Life Link II is a unique plan that combines the security of a life
insurance policy with the opportunity of enjoying high returns on your
investments, without the market risk compromising on the protection of your
family!

Death Benefit: The Sum Assured under the products has 2 options,
either 500% of the intial premium or 105% of the intial premium. In the event
of an unfortunate death, the beneficiary will recieve higher of the value of
units or the intial death benefit, less any withdrawals.

Withdrawal Benefit : One can make petial withdrawals from the

accumulated value of the policy after completion of one policy year.
Flexibility : Choose from four fund options, based on your investment
objective and risk appetite. If at a later stage your financial priorities change,
you can switch the various fund options, absolutely free, 4 times a year.

GROUP SOLUTIONS
In an era of competitative parity, the only asset that makes a decisive
difference between corporate success and failure is the quality of human
capital. Employee benefits have proven to be an excellent tool to optimize the
retention of talent and improve an organisation's bottomline. The quality of an

28
organisation's employee benefits establishes and maintains a company's image
as a caring employer. Optimum care of employees is a long-term investment
that results in a sustained competitive advantage for a organisation in the
times to come.

ICICI Pru Group Solutions Advantage

An integrated basket of employee benefit soluations that offer
incomparable flexible benefits.

Sound investment management that focuses on safety, stability and

profitability of the portfolio.

Personalised financial planning for your employee that takes care of

his/her changing financial needs at every stage of life.

Quality service initiatives and transparency across all operations,

promising superlative operational efficiency.

Group Term Assurance : Helps provide affordable cover to members of a

group.

Group Gratuity Plan: Helps employees fund their statutory gratuity

obligation in a flexible and hassle- free manner.

Group Superannuation Plan: A flexible scheme (defined benefit and defined

contribution) to provide a retirement kitty for each member of the group.

Group Term Assurance

ICICI Pru's flexible group term solution helps provide affordable cover
to members of a group. The cover could be uniform or based on
designation/rank or a multiple of salary, and can be extended to all employees
between the ages of 18 and 65 years. The benefit under the policy is paid on
the event of the member's death to the beneficiary nominated by the member.
It is a one-year renewable policy where one master policy covers all proposed
employees comprising the group, with a minimum group size of 25 persons.

29
New members can join the group and outgoing members can leave the group
at any point during the policy term.

Highlights include :

Greater convenience for the employees with relaxed underwriting and

medical requirements.

"Free Cover Limits" with simplified underwriting depending upon the

number of employees in the group and the level of cover chosen.

Guaranteed benefit: On death during the term of the contract (While in

service), the sum assured will be paid to the beneficiary of the employee.

Choice of additional Coverage in form an Accident and Disablity

Benefit Rider and Critical illnes cover. Premium is viewed as a business
expense in the year of payment.

Group Gratuity Plan

ICICI Pru's group gratuity plan helps employers fund their gratuity
obligation in a scientific manner. Employers can avail of the tax benefits as
applicable to approved grautity funds. The plan can also be customized to
structure schemes that can provide benefits beyond the statutory obligations.
Highlights include.

Wider choice of investments with Market Linked Plans - to meet the

diverse financial goals. We offer 4 investment options (Short-term debt, debt
and balanced and capital gurantee plan) where investments will be made in
accordance with the fund objectives.

Transparency through Daily Disclosure of Unit Value and regular

disclosure of the portfolio of each of the investment option.

Flexibility through switching and contribution redirection option to

enable reshutffling of portfolio.

30
Greater value to the empoyee by packaging life insurance cover with the
gratuity, with mininmal amount of underwriting.

Actuarial Services to provide a scientific estimation of the gratuity

liability.

Low explicit charge structure with the conditions for exit specified
upfront.

Enhanced service levels through faster claim settlement, easier access

to information and regular statements.

Complete end to end solution in the legal and regulatory appoval process for
scheme set up or transfer.

Employee Benefits

The contribution made by the employer is not included in the value of

taxable perquisites in hands of the customer.

Gratuity received up to Rs. 350000 is exempt from Income tax under

Sec 10(10).

Employer Benefits

Annual contribution up to 8.33% of salary bill in a financial year is

allowed a deduction for the purpose of compution of profit gains of business.

Contribution towards past service liability is allowed as deduction as

per the Income tax reules.

Group Superannution plan

ICICI Pru's Superannuation Scheme (for both Defined Benfit and

Defind Contribution funds) offers substantial benefits to both employers and
employees. The employer and employee can avail of tax benefits applicable to
an approved superannuation trust. The scheme will provide for a retirement

31
fund for each participating employee. An employee would be able to choose
from various annuity options or opt for partial commutation of the annuity at
retirement.

High Lights include :

 Wider choice of investments with Market Linked plans - to meet the
diverse financial goals. We offer 4 investment options (Short-term
debt, debt, balanced, growth and capital guarantee Plan) where
investments will be made in accordance with the fund objectives.

 Each member/employer can excercise greater control over

investment by choosing one or more of the investment options.

 Complete Superannuation package with our annuity options and

open market option.

 Transparency through Daily disclosure or Unit Value and regular

disclosure of the portfolio of each of the investment option.

 Flexibility through switching and contribution redirection option to

enable reshuffling of portfolio.

Low explicit charge structure with conditions for exit specified upfront.

Enhanced service levels through faster claim settlement, easier access

to information and regular statement.

Complete end to end solution in the legal and regulatory approval

process for scheme set up or transfer.

Rural Plan

ICICI PruLife Rural Products are designed to meet the needs of the
rural consumers. These products offer the following features.

1. Low and Affordable Premiums

2. Life Cover.

32
 3. Saving Option

4. Hassle free procedure.

ICICI Prudential offers 2 specially designed rural plans.

ICICI Pru Mitr - Endowment Plan.

ICICI Pru Suraksha - Regular Premium

ICICI Pru Mitr- Endowment Plan

• Life Cover and Savings

• Regular Premiums

• Age at entry

18-45 Yrs.

• Premium Mode

Half Yearly / Yearly

• Term

5,10,15 Yrs.

• Sum Assured

Rs. 5,000 -20,000

• Premium / Year

Rs. 507-553 (SA : Rs. 10,000)

• Maturity / Death benefit

Sum Assured

ICICI Pru suraksha- Regular Premium

ICICI Pru Suraksha is a regular premium policy with the following features:

Individual policy

Only Life cover

33
 Term - 3 & 5 Yrs.

Age Independent premium

Age to entry

18-45 Years.

Sum Assured

Single

Premium/ Year

Rs. 50—200

Maturity/ Death benefit

: Rs. 5,000 - 20,000

Death Benefit

: Sum Assured

RIDERS

ICICI prudential gives you the freedom to form your very own
comprehensive insurance policy by adding the rider benefits to the basic life
insurance policy. Add from the following list of benefit to increase the scope
of your policy, at a nominal cost.

Critical illness Benefit Rider

This rider provides protection against 9 criticla illnesses, namely:

Major organ transplants, Complete renal failure, Stroke, Paralysis, Heart
attack, Valve replacement surgery, Major Surgery of the aorta, CAGS
( Bypass) and Cancer.

34
 Benefits paid on contracting the illness

• Accelerated benefits (Available with Save n' Protect and

Cashbak) : If the policyholder is diagnosed with any of the specified
illnesses, then the policyholder is paid the entire sum assured under the rider.
The policy along with all the riders (to the extent of the Rider Sum Assured)
is then terminated. However, the remainder of the base policy continues till
the end of the term. The policyholder will have to continue paying his
premiums for the remainder of the policy.

• Accelerated benefits (Available with SecurePlus, Cashplus and

SecurePlus Pension) : If the policyholder is diagnosed with any of the
specified illnesses, then the policyholder is paid the entire sum assured under
the rider. The life cover along with all the riders is then terminated. However,
the policy value accumulation continues till the end of the term or death,
whichever is earlier.

• Standalone benefits (available with Premier Life, Life Time, Life

Time II, Forever Life, and Group Term Plan) : If the policyholder is
diagnosed with any of the specified illness, he/she is paid the rider Sum
Assured and the rider terminates. However, the base policy continues till
maturity, Premium paid, under this rider are eligible for tax benefits under
Section 80D.

Major Surgical Assistance Rider

This rider provides assistance to the policyholder against 43 surgical

procedures. These surgical procedures are divided into 3 categroies and the
extent of assistance provided depends on the type of procedure.

Major Procedures - 50% of the rider sum assured is paid.

Intermediate procedures - 30% of the rider sum assured is paid.

35
 Minor procedures - 20% of the rider sum assured is paid.

This benefit is payable on more than one occasion when the life assured
undergoes surgery. However the total benefit payable in case of all the
procedures is restricted to a maximum of 50% of the sum assured.

Major Surgical Assistance rider is available with Save n' Protect,

Cashbak, Life Time, Lifetime II. Forever Life, Secure Plus, Cash Plus
and Secure Plus Pension, Premiums paid under this rider are eligible for
tax benefits under section 80D.

Accident And Disability Benefit Rider

• Benefit payable on death due to an accident .

• If the policyholder dies due to an accident, 100% of the rider sum

assured is paid in addition to the basic sum assured.

• In case the policyholder dies in a land surface, mass public transport

system wherein the policyholder was travelling as a fare-paying
passanger, then 200% of the rider sum assured is paid.

Benefits payable in case of permanent disablity due to an

accident.
• If the policyholder survives and accident but becomes permanently
disabled then the premium for the basic plan is completely waived off to
extent of the rider sum assured.

• Plus, 10% of the rider sum assured is paid for the next 10 years, which
helps in providing that extra money and takes care of sudden financial
set back that occurs after a tragic disablity.

• Accident & Disability Benefit rider is available with Save n' Protect,
Cashbak, Smart kid Child Plans, Premier Life, Life Time, Life Time II,
Life Time Pension II, Forever Life, SecurePlus, Cashplus, SecurePlus
Pension, LifeGuard, ROP, LifeGuard WROP and Group Term Plan, In
case of Lifetime II, Liftime Pension II, SecurePlus, CashPlus, Life

36
 Guard ROP and Life Guard WROP, the waiver of Premium benefit is not
available. Premium paid under rider are eligible for tax benefit under
Section 88.

Accident Benefit Rider

If the Policyholder dies due to an accident, 100% of the rider sum

assured is paid in addition to the basic sum assured.

Accident Benefit rider is available with Save n' Protect, Cashbak,

Smartkid regular premium, ForeverLife, SecurePlus, CashPlus, and Secure
Plus Pension.
Premium paid under this rider are eligible for tax benefits under
Section 88.

Income Benefit Rider

In case of death of the life assured during the term of the policy, 10%
of the rider sum assured is paid annually to the benefit, on each policy
anniversary till maturity of the rider.

Income Benefit rider is available with SmartKid Child Plans,

SecurePlus and CashPlus, Premiums paid under this rider are eligible for tax
benefits under Section 88.

Waivor Of Premium Rider (Wop)

One total and permanent disability due to an accident, all future

premiums for both the base policy and rider(s) will be waived till the end of
the term of the rider or death of the life assured, if earlier.

• Waiver of Premium rider is available with SecurePlus, CashPlus,

Life Guard ROP, Life Guard WROP, SmartKid Unit-Linked regular premium
II, Lifetime II, Life Time Pension II and SecuredPlus Pension.

37
 • Premiums paid under this rider are eligible for tax benefits under
Sections 88.

NRI PLANS

Being away from India doesn't mean you have to compromise the safety
and security of your loved ones. In fact, your savings from your time overseas
can be easily channelised to meet your family's needs- now and in the future.
So, whether its your dream to retire in your hometown; to secure funds for
your children's education; or to build assets, ICICI Prudential has a range of
solutions that can be customized to meet yours needs.

• Investment Plans
• Saving Plans
• Retirement Plans

Investment Plans

You can hedge your investments with investment like Lifelink II

vehicles that provide you with a diversified portfolio.

Saving Plans

Endowment policies are a good way of putting aside your saving today
for a future goal- whetheer it's to buy a house in India or fund your
entrepreneurial vision. Our saving- oriented policies are designed to make
your savings grow and have them available to you at the end of a fixed
number of years or through the term of the plan.

SecurePlus - an insurance plan that gives added protection savings and

multiple options, all in one!

38
CashPlus : an insurance plan that gives added protection savings, multiple
options, Plus the power of liquidity.

LifeTime II- a complete market-linked insurance plan that adapts itself to

your changing protection and investment needs, throughout a lifetime.

Save n' Protect - a traditional endowment savings plan that offers both high
returns and protection.

Cashbak- an endowment saving plan that allows you to get back substantial
survival benefits without having to wait till the maturity date.

Retirement Plans

Many of us picture ourselves enjoying the fruits of labour after

retirement - going on a dream vacation or helping our child's career take
wing. Financing all this will depend on our personal saving and investments,
so its important to save for the future form today. Our retirement plans are
designed to help you systematically save, so that you can enjoy all the things
you have dreamed of when you retire.

LifeTime Pension II : A regular premium linked deferred pension plan

that gives you the freedom to choose the amount of premium, and invest in
market- linked funds, to generate potentially higher returns.

SecurePlus Pension : A regular premium deferred pension plan that gives

you the flexibility to choose between 3 levels of sum assured for the same
level of total annual contribution.

LifeLink Pension II : A single premium linked deferred pension plan that

gives you the freedom to choose the amount of premium, and invest in
market-linked funds, to generate potentially higher returns.

ForeverLife : A regular premium deferred pension that helps you save

for your retirement while providing you with life insurance protection.

39
Child Plans

As a responsible parent, you want to ensure a hassle- free, successful

life for your child. However, life is full of uncertainties and even the best-laid
plans can go wrong. SmartKid Education Plans are designed to provide
flexibility and to safeguard your child's future education and lifestyle, taking
all possibilities into account.

SmartKid Child Plans has a bouquet of three products which can help you
secure your child's Education.

• Unit-linked Regular Premium

• Unit- linked Single Premium

• Regular Premium SmartKid

Keyman Plan

A keyman is an individual who directly affects the profitability and the

continutiy of a business and whose absence may have an adverse effect on the
health and continuity of the business. Keyman insurance is a insurance policy
taken by the company on the life of such a key person.

The objective of the keyman insurance is to provide the company with

money so that the financial losses of the company of can be protected, in
absence of the keyman. The aim is to indemnify the company of these losses
and to allow business continuity.

All premiums paid for securing a keyman life insurance policy are
treated as business expenditure u/s 37 (1).

LifeTime II, SecurePlus, Save n' Protect and Lifeguard plans are
available for the purpose of keyman insurance.

40
 AGENCY RECRUITMENT

RECRUITMENT - THE ACTUAL PROCESS

The most important responsibility of a Unit Manager is to achieve sales

growth. It is what staying in business requires for an ICICI Prudential
Manager. Part of this growth is accomplished by improving the productivity
of existing agency member. However, bringing sufficient numbers of high
quality new producers (agents or advisors) in to your sales organization each
year is an absolute must.

During the year of appointment, new Advisors usually account for a

relatively small proportion of the organization's total production. This points
to a particularly significant fact, one that simply this- the penalty for not
recruiting, or for inadquate recuriting, is a differed penalty.

Nonetheless, the penatly will be realized in due time. The Unit

Managers numbers one job is to achieve consistent production increases. The
most promising means of successfully getting this job done is to induct a
sufficient number of quality advisors each year.

The most promissing means achieving profitable production growth lies

in Unit Manager's sales organization's Capacity to give policy owners good
counsel and prompt, courteous serves- to give them value for premium paid.
The best guarantee of having that capacity comes from retaining large
numbers of productive Advisor. In turn retention and productivity of advisor
in your organization depends largely on the quality and quantity of your
recruiting efforts.

Consequently, the development needs of sales organization call for

successfull recruiting. It's a necessity. The induction of a sufficient quantity
of high potential advisor results in substantial, steady growth in production.

41
This is why manager who move to the top of ICICI Prudential honor roll and
stay there are always found to be manpower-focused.

Before we move to the " how to" of recruiting, Let's consider some
important philosophies related to recruiting.

Five Persistent Concerns

An ICICI prudential Manager is fully committed in building a high

perfoming, growing agency. It follow five concerns which must be constant in
Unit Manager's annual planning. They are:

• The SEARCH for talent

• The EVALUATION of potential advisors

• The ATTRACTION of advisors

• The RETENTION of advisors

• The PRODUCTIVITY of advisors

Any manager who attains satisfying results in these five areas will enjoy -

• Satisfying sales results

• Outstanding persitency of business
• Superior policy owner service capabilities
• An enviable reputation as a ICICI Prudential agency builder

• A momentum wich comes from the synergistic benefit of success

Obviously, the first three concerns searching, evaluating and attracting-

are vital. The other two concerns, the retention and productivity of advisor,
must be considered together. To attain success might be achieved in either
area without total or real benefits to the agnecy, the company or the client.
There is nothing short term or temporary about the challenge connected with
these recruiting concerns. They are constant. They are eternal .

ADVISOR ROLE

42
  To provide ongoing financial advice to his/her clients:
 Identify future clients
 Making appointments
 Conduct financial review meetings with clients
 Close sale
 Get referrals
 Provide service to clients.

 Follows internal sales and reporting system.

BENEFITS TO ADVISOR

 To be part of a world-class sales team.

 No start-up capital required.
 Work full time or part time.
 Earn commission, bonus & incentives.
 Unlimited earning potential.
 Be your own boss.
 Flexible career.

SUPPORT REQUIRED TO MAKE A SUCCESSFUL

ADVISOR

 High quality management support.

 Extensive training.
 Superior products.
 Attractive payments and benefits.
 Strong reputation.
 Exellent customer service.

43
FLOW CHART SHOWING HOW TO GET
POTENTIAL ADVISOR

SEARCH
(Where to look for)

ATTRACT
(How to attract towards life insurance)

EVALUATE
(How to evaluate)

PRODUCTIVITY

RETENTION

44
COMPANY'S GUIDELINES TO UNIT MANAGERS FOR
AGENCY RECRUITMENT

 Philosophy of high standards

 Atmosphere of Success

 Attraction Power

 Decide on the profile of the Constant need of advisors at ICICI

Pru.

 Thread of profile of the advisor Constant need to advisors at

ICICI Pru.

 Thread of Discontent (TOD)

 Success determined by past performance.

 Build a weekly recruiting success formula

Recruiting Success Formula

This strategy will help to keep focused on recruiting enough of the

right kind each year. The Number is an indicative and can be developed by
the recruiter.

Recruiting success formula

25 contants 8 for interview 2 selected

Before moving to search it is important to know the profile of the advisor.

The general profile would be :-

 Age - 25 - 45 years

 Smart appearance and should health

 Good market

 High I Q and common sense

45
  Ability to work under pressure

 Prior sales experience

 Integrity and character

 Money motivation

 Drive and ambition

STRATEGIES INVOLVED IN SEARCHING POTENTIAL

ADVISORS

Your search for prospective advisors must be continuous and

systematic- Just like prospecive for sales, you must search among several
sources on a regular basis sources are broadly classified as primary source
and secondary source.

 Personal observation

 Present Advisor recommendation.

 Client referrals

 College campuses

 Seminars

 Newspaper advertisement

 Direct Mail

THE METHOD ADOPTED

Following method was adopted by us for the purpose of recruiting Financial

Advisors to the company :

• The first activity that was being done was to find/ develop a
market for the purpose of getting Financial Advisors. For this we
followed prospecting- prospecting is looking, judging, scanning

46
 people in our surrounding who can join as Financial Advisors and
can be of any worth to the company. A prospect is a person who
possess the essential requirements to become Finanacial Advisors.

• We began with the people we know which constituted our

Natural Market. It consisted of relatives, friends, neighbours, co-
workers and anyone whom we know or are familiar with.

• A self indicative booklet, "My Market-100" was being filled by

us as per instructions mentioned in it. There were separate
categories like my relatives, My friends, My neighbours, My
colleagues, etc. Under the above mention categories we filled
Name, Location and Contact Numbers in respective column. This
helped us in identifying our Natural Market and it served as a ready
reference. Once we have done with the filling of my Market 100 we
proceeded by making Telephonic Calls and making Appointments.
The appointment venue was the company's meeting room. Those
who turn to appointment were given a presentation by us.

THE PRESENTATION

The aim of presentation was :

1. To make the prospect familiar with the company's profile.

2. To make the prospect understand the requirement on the part of

Financial Advisors.

3. To make the prospect aware of earning and carrier growth prospects

associated with the company.

4. To motivate the prospects to join the company as Financial

Advisors.

47
 Section-B

The Research Profile

WHY THIS RESEARCH WAS UNDERTAKEN

48
 A new functional department was formed last year at the company's
head office in U.P. by the name Channel Development. Since, the department
was new in U.P. he felt the need of acknowledging the awareness and
perception level of customers in the same geographical area.

The other point was to know the standing of ICICI PRU in the U.P.
region because it was felt that all the data available was the result of analysis
on a national basis which may not be true for the U.P. region.

For example :

1) The market share of I -Pru on a national level in 32% and this

may not be the case with U.P.

2) The perception of people about life insurance in different regions

of India is not the same because some regard it merely as a tool to tax rebate
while others percieve it as an investment plan.

PROBLEM ENVIRONMENT

The environment under study is Lucknow . The other players or competitors

playing in the same market are - L.I.C. Birla Sunlife, HDFC Standard Life,
TATA- AIG, SBI Life, OM Kotak Mahndra, Dabur Aviva, Bajaj Allianz, etc.

THE PROBLEM BEING FACED

49
The main problems faced by the company under the above mentioned
environment are as follows -

1) A tough competition with LIC who was enjoying a monopoly until

the advent of private players in the Market.

2) Poor number of agent force in comparison to LIC.

3) Returns are varying. Market share slightly gone down from in the
last financial year.

4) Difficulties and complexities in the recruitment procedure.

5) Qualifying ratio of the IRDA examination has gone due to the

centralization of the insurance industry.

WHAT DOES COMPANY EXPECT TO DO BY SOLVING THE

PROBLEM

The expectations of the company are high from this project. They intend to
solve the persisting problems by knowing the reasons/ causes to the above
problems and planning strategics in various functional units so as to integrate
the various management functions in a much better and cordinated way-

The company expects the following by solving the problem :

1) Give a tough competition to LIC and other private players.

2) Increase its agent force by recruiting potencial advisors.

50
3) Expand the productivity and customer base through its competent
agent force and gaining maximum of customer's satisfaction.

4) Redesigning its old products and developing new to meet the needs
and pocket of the customers.

5) To provide a better and healthy working environment which can

attract and retain competent and potential professionals.

51
 Section-C

Research
Methodology

RESEARCH PROBLEM

52
 How to define a research problem was undoubtedly a Herculean Task.
However it was a task that required effective guidance to aviod the perplexity
encountered in a research/ project operation.

Our term followed the usual approach by posing questions to ourselves

(on behalf of company) and setting techniques for throwing light on question
in consecutive steps.

Initially we began with-

"What is the perception and awareness of people about life

insurance ?"

This problem was later recognized as comprising of no. of ambiguities

such as: Whose perception is being referred to ? What period of time, the
perception is being talked about? What is the environment, which is being
considered?

Rethinking, discussions and rephrasing by our team placed the problem

on a still better operational basis after no. of steps —

"What is the customer's perception and awareness level about life

insurance in Lucknow for various players in the market including ICICI
Prudential ?"

In Such a fashion, the ambiguities were resolved. Thinking and

rethinking resulted in a more specific problem so that it might be realistic
one in terms of available data and resourse and is also analytically
meaningful.

The outcomes were not only meaningful from an operational point of

view but were equally capable of paving the way for solving the problem
itself.

53
 RESEARCH OBJECTIVE & SUB OBJECTIVES

The purpose of our project was to discover answers/solutions to

questions/Problems through the application of scientific procedures. Our main
aim was to find out the truth which was hidden .

The objective was to search and hunt for the solution to our research
problem so that the company might use the same in overcoming its
weaknesses (if any) and assist the company in planning future startegies.

OBJECTIVE-

"Expanding the customer base for ICICI Pru in

Lucknow".

RELATED SUB- OBJECTIVES

Besides attaining the above objective efficiently, a no. of related sub-

objectives were also involved,viz.

(1) Acknowledging Brand Awareness of I- Pru.

(2) The purpose of insurance (life).

(3) Analyzing competitors work environments and their satisfaction

level.

(4) Analyzing competitor's business seeking approach and earning

potential.

54
 RESEARCH DESIGN

For an project purpose, we selected, "Descriptive Research Design" to

describe the characteristics of a particular individual, or of a group (In our
case, customers and competitors).

Our aim was to obtain complete and accurate information, which

required a carefully planned procedure to be, used such a design provided
enough provisions for protection against bias and to maximize reliability. The
design was rigid and focused attention on the following points :

1. Formulation of objective of study

2. Designing method of data collection.

3. Selecting the sample

4. Collecting the data

5. Processing and analyzing the data

6. Reporting the findings

Form amongst the alternative research design, we made the above

choice since the problem was clearly defined and we were specific
on what we want to measure. The requirements were adequate
methods for measurement and clear-cut definition of " population"
under study. Descriptive Research Design was the best among
alternatives for our study.

RESEARCH INSTRUMENT USED

55
For our research purpose, instruments used were sample surveys, extensive
literature survey and Internet surfing. The idea was to gain enough insight
into the insurance phenomenon and analyze the charactersitics of population
under study.

We adopted sample survey because it was not possible to examine every item
in the population. It was possible to obtain sufficiently accurate results by
studying only a part of total population, which is the true representative of the
population under study.

The sample survey was further divided into two phases viz,

(1) Insurance Market Survey/ Competitors Survey.

(2) Customer Survey.

INSURANCE MARKET SURVEY

This phase of our study refers to collection of data from Insurance Agents of
our competitors (Who are in a better personal contact with Customers), so as
to analyze the demand of customers, their working environment and
satisfaction level with their respected companies.

CUSTOMER SURVEY

The objective of conducting this survey is to acknowledge brand awareness of

I-pru, to analyze exactly why they are interested in investing in
other insurance companies so that the company may recognize its
weaknesses and improve upon them.

SAMPLING TECHNIQUE USED & SAMPLE SIZE

56
Simple Random Sampling technique was used to collect data from the
population. This technique gave each item an equal probability of being
selected.

Sample Size -

Phase (1) A random sample of 175 items was decided to get the required
information from the customer. The sample comprised items of all profiles in
a well-defined ratio.
Phase (2) For Insurance market survey, the same technique was adopted to
collect information from 100 Insurance Advisors (Agents) in Lucknow
working in different Private life insurance Cos. and also LIC.

FIELD WORK DONE

The task of data collection began just after research problem has been
defined and research design chalked out. While deciding about the method of
data collection to be used, we kept in mind two types of data, viz, primary
and secondary.

We collected primary data during the course of our study by performing

surveys of competitiors and customers. The group (team) was divided into 4
parts of 2 each to survey ten different branches of LIC and head branches of
other competitors/players.

Customer's survey data was done one the individual basis information
was collected through schedules and direct interviews. Regarding secondary
data, company's website was surfed, competitors brochures were collected and
consulted, monthly performance reports were analyzed, trade journals,
magazines and newspapers inserts, publication of various association
connected with the business and industry.

57
 ANALYTICAL TOOLS USED

The data, after collection, need to be processed and analyzed in

accordance with the outline laid for the purpose at the time of developing
research plan. This was essential for a scientific study and for insuring that
we have all relevent data for making contemplated comparisons and analysis.

Processing operations included the following

1) Editing of data collected to detect errors and omissions and to

correct these when possible.

2) Coding of responses by assigning numerals or symbols so that the

same can be put into a limited no. of categories or classes.

3) Classification on the basis of attributes like (Brand Awareness,

preferred Brands, Satisfaction Level, Purpose of life insurance etc)
and on the basis of class interval (like age grand income etc.)

4) Tabulation of classified data for comparison and various

statistically computations.

By analysis we mean the computation of certian indices or measures along

with searching for patterns of relationship that exist among the data groups.
Analysis was categorized into Descriptive Analysis and Inferential Analysis
(Statistical Analysis).
In order to analysis the data collected, we used scale construction technique.
This technique helped to draw inferences.
The analysis tool used was Casual Analysis.

58
 Section-D
Findings & Analysis

Analysis

59
 Grouping of customer
according to their
occupation
1 0 0

8 0

6 0

4 0

2 0

0
g o v t b u s in e s s m a n s e r v ic e r e t ir e d s e lf
e m p lo y e e e m p lo y e d

The customer’s survey was majorly conducted on

govt. employees.The second group was
businessmen followed by private service retired
& self employed respectively.

60
 Grouping of customer under
different age group

7 0

6 0
b e lo w 2 0
5 0
2 0 -3 0
4 0 3 0 -4 0
4 0 -5 0
3 0
5 0 -6 0
2 0 6 0 -7 0

1 0

The maximum number of people

surveyed belong to the age group 30-
40 next being age group 20-30 and
40-50

61
Grouping of customer according
to their income

70

60

50

40

30

20

10

0
b e lo w 50 0 0 0 - 10 0 0 0 0 - 2 0 0 0 0 0 - a b o ve
50 0 0 0 10 0 0 0 0 2 0 0 0 0 0 3 0 0 0 0 0 3 0 0 0 0 0

The income group 100000-200000

possessed the maximum frequency of 78
followed by the income group 50000-
100000 with frequency 45

62
 Grouping of customer according
to their qualification

5 5 i n te r m e d ia te
2 3 3 7
g r a d u a te
p o s t g r a d u a te
d o c to r a te
1 0 5
b e lo w in te r m e d ia te

The major population covered under the customer

survey belonged to the graduate segment. Next
group being of post graduates and then
intermediates.

63
 Efforts of intensifying
awareness
m e d ia a d s

8 0 a g e n ts

6 0
n e w s p a p e r s

4 0
e v e n ts
2 0 s p o n s o r s h ip
b a n n e r s
0

h o a r d in g s

According to the customers , awareness can

be intensified mainly by the agents ,
followed by the electronic media ads and
news papers.

64
 Major purposes for
taking a life insurance
policy

2 1 2 0 in v e s tm e n t
2
p r o te c t io n
4 7
s a vin g
ta x r e b a te
5 8
r e tir e m e n t
3 0 c h i ld fu tu r e

The above graph shows that the major

purpose behind purchasing an insurance
policy is tax rebate followed by
protection and saving.

65
 Brand Awareness of life
insurance company among the
customers

2 0 0

1 5 0

1 0 0

5 0

0
L IC I C I C I P B R I RU L HA D F C O ST TH E R S
S U N

The customer survey indicates that

the brand awareness among people is
maximum for LIC. The second in the
race being I-pru and third HDFC SL.

FINDINGS

66
 The main purpose of taking life insurance policy was to seek protection
against uncertain future and tax saving. Very few people took policies
with the purpose of retirement benefits, Child future investment .

 In response to our survey work we found that the Agents are still the
intitiator in consumers buying decision process. Customer purchases
policy on the recommedation of the Agents.

 Amount of premium emerged to be the prominent factor guiding the

customer in policy purchase. Nearly 73% of the customer considered the
premium amount, followed by quality of service (10%), 9% purchase on
advice and advertisment was only able to initiate and influence 6% of
customers.

 LIC emerged to be the most soughted brand among the customers,LIC

was ranked at first position followed by ICICI Prudential, Birla Sun life,
HDFC Stan.,BAJAJ Allianz, Om Kotak Life at second, third, fourth,
fifth and sixth place respectively, players like met life, New York Life,
SBI life was also mentioned by some respondents.

 Quality was ranked, as No.1 parameter to what customer demands other

parameters that customer demand in order of preference were service,
product Feature Brand and Price. Quality and service are the two major
concerns that govern consumers buying behaviour and the customer
seems not to do compromise on price for the sale of Quality and service.

 In regards to the Qualification majority of the customers (75%) are

graduate. 19% are post Graduate. It brings an image that the population
surveyed was fairly educated

 LIC emerged as the most popular brand. Out of the total sample
surveyed, 100% of the population was aware of LIC, followed by ICICI
Prudential with 72.35% brand awareness. Birla Sun Life stood third and
HDFC Life stood fourth in terms of brand awareness. In life insurance
sector-2.94% customers also mentioned the name of other life insurance

67
 companies which have recently entered the market, like - Met Life, New
York Life, SBI Life.

 Majority of the customers (50.5%) prefered to have annual premium

deposite, less than Rs. 6000. 36.4% preferred annual premium between
Rs. 6000 to 10,000.

 Mojority of the customers (nearly 84%) had opinion that ICICI

Prudential had market share between 5-15%. This concludes that the
customers are well aware and rightly considered LIC as a market giants.

 In response to the efforts required to increase awareness amongst people

nearly 40% of the people preferred Media Ad.followed by Agents (22%).
Very few people preferred Banner (12%) and Event Sponsorship (5.8%) .
 In response to another question focusing on the efforts needed to
increase the market share of ICICI Prudential 76% emphasized on
keeping a widely acceptable/affordable price. 32% believed
advertising could increase makert share, following it were quality
(15%), service (12%).

ANALYSIS

68
A Current Scenario indicate a failure to create a market for insurance
products where 60% of I-Pru products were sold for tax benefit under section
88 of IT, which is expected to reverse in the coming years.

Though the performance of new player is impressive, Life Insurance

Corporation still is on the leading side with both in no. of policies said and in
first premium income earned.

As a typical with monopoly the premium rates charged by LIC are

among the highest in the world, and its track record in customer service can at
best be called "Shabby" . This is how the private players dominate the new
player with the state of the art technology under their belt are in advantageous
position.

A number of factors are responsible for the performance differentiation

between the companies. That can be understood under the following heads—

AGE OF COMPANY

Under the Life Insurance Companies Act, 1956, the Life Insurance
Corporation of India (LIC) was setup on Ist September 1956. Since then, the
corporation was enjoying monopoly in the insurance sector until the advent of
private players in the sector. The private companies in their 5 years of
operation had continuously suffered by the established leadership and
monopoly of LIC.

GOVERNMENT ORGANIZATION

When LIC came, the capital of the corporation, which was Rs. 5 crores,
was provided by the central govt. LIC being a govt. banked organization,
enjoyes a vital customers patronage, continuously threatening the private
players in the market.

CUSTOMER 'PERCEPTION

69
 The Indian customers since the decades have been suffering from an
orthodox perception that the private companies would be profit oriented and
not that the pru customers as a govt. organization.

MARKETING BLITZ

The marketing strategy by the LIC not being focused on risk product claim
An advantages for the private player.

Both HDFC Standard life and I-pru entered the nearly in the same year
yet, I-pru get the advantage of the product promotion on a mass scale through
Media advertising and well- trained sales force.

LOSS CONTROL RISK MANAGEMENT

IRDA has recommended every private insurance company to set up a loss

control and risk management unit (which would be an external department of
experts) to manage the losses and risk. I- Pru was the first and only company
in the private sector after LIC to have a RCU (Risk Control Unit) which
checks the insurance of sub standard lives and helps to control losses. This is
an advantage to I-Pru over the other private players.

The successful accomplishment of the sub subject also plays a major

role in shaping company's marketing HR Policies in future.

For Example :

Acknowledging brand awareness of I-Pru will provide an aggregate/average

position of co. among several competitors in a particular environment (i.e.
Lucknow). Further the data may be fruitful in designing promotional
advertising also positioning strategy in coming time period.

70
 Purpose of life insurance will provide the company with the need and
requirement of existing and potential customers. Any good company
practicing marketing concept should always "think customer and act
customer". It proclaims that the entire business has to be seen from the point
of view of the customer. This would help the company to recognize customer
wants, create and deliver want satisfying product and enjoy the best of
customer's patronage in the chosen target markets.

Analyzing competitor's work environment would be beneficial for the

company by HR prospective since the company could now under cover its
weakness/shortcomings and can provide a better and healthy job environment
to the employees which can attract and retain competent and potential
professional.

After solving the problem that has been undertaken I analyzed that the
inhabitants of Lucknow have the same mind set up.

I came to the conclusion that the strategies we have followed would be

more beneficial if same would be implemented in the rural areas. The
inhabitants of the rural areas were more than the inhabitants of urban areas
but they are not aware of benefits of the policies. In ICICI PRUNDENTIAL
we have beifurcated the present human race in accordance with age i.e. infant
to old age literally infant, student, service man, married, couple, retired than
old but the person cannot escape from his liabilities which is a regular
process of nature. Therefore, to quench the needs and liabilities in due course
of time certain measures are essential to implement so that he should not face
the adversities. Morover, the customers perceive insurance plans as a tool to
tax rebate and savings and they are not much aware of other benefits. Thus,
aggressive steps should be taken to make the people aware of such benefits
through Agents and media ads so that they may understand human life value
(HLV) and make use of such benefits.

In the end, I insist that in ICICI Prudential, we promote more gain by less
investment through recruitment of advisors and then promoting the cream out

71
of them to perform as unit managers. This would act as an incentive and
increase competition among the agents.

LIMITATIONS OF THE PRESENT STUDY

72
The following challenges and limitation were found to be closely associated
with the insurance industry.

 Insurance is a subject matter of solicitation. It is a people's driven

industry. In case of insurance, the intangibility of the product is high.
People don't see any immediate benefit out of it. It is very much like
selling a product top someone who hopes never to use it.

 Insurance is assurance to uncertainties. In an ordinary course of

investment, a person is interested in the return that he would be getting
on his investment in due course of time, which is looked is upon in
monetary terms. The challenge here is to sell insurance as an investment
option and to create importance of insurance in life. People should be
made to realize that insurance is not a business to make quick money but
an investment to secure future people in the developed countries take
insurance as an investment.

 Indians are very emotional when it comes to insurance. As there is not

any social security for the aged to rely on, people opt for pension
schemes. Young parents look at insurance product for children's
education and support for spouse after oneself.

 Till very recently LIC was something that people used to consider
synonymous with life insurance, which had a very dull appearance. The
outlook and the people's perception regarding insurance needs to be
changed. With the recent entry of many player's in the field the idea now
is to change people's perception and seep into their mind set sensitivety
and rationality association ship.

 Many people consider insurance as all about getting discount in tax.

People should be made to realize that it is a great way of saving too. It
is the saving for the future, Which no one knows. From making point of
view, insurance is all about selling of trust. It is particularly true for life
insurance, which is a long-term promise. From the surveys conducted, it

73
 is clear that the large segment of society trust in LIC, as it is a public
sector Corporation. People are not sure about the future of private
insurance players. Despite of IRDA control in regulation development of
these companies people still prefer LIC when it comes to trust. Trust
shall be the deciding factor for the success of private insurance over
LIC. The limitation here is how to win the trust when so many
companies are offering the same promise/product. For all the Private
insurances, the only challenge is to break the jinx of LIC in life
Insurance and GIT, New India assurance in non life insurance.

 Insurance is a topic, which needs the most delicate of all calculations.

Anyone and everyone will not jump into insurance without first
calculating the gain, risks and the initial investment to be made. Here the
limitation is of having limited potential customers factor like age,
education, health, earning, status, dependent and commitment towards
dependents are some crucial parameters, which limit the potential
customers.

 Apart from LIC which enjoys the biggest share in life insurance. The
recent entry of many privates in the field are facing the challege of how
to protect themselves as being different when everyone has a single
preposition: " saving a fragile things called life" , the solution to this
limitation is that insurance players need to differentiate themselves by
making attractive and customized product which suit the specific
requirement of the prospective policy buyers this can be done to a great
extent by giving totally tailored policy according to a customized
product which suit the specific requirement of the prospective policy
buyers. This can be done to a great extent by giving totally tailored
policy -according to a customer's requirement, the way it affected the
consumer's purchasing behaviour would be instrumental in building the
brand of an insurance company.

CONCLUSION

74
 Life Insurance is a long term promise between the company and the
customer. Therefore what is most important is the 'trust'. Every step of the
company to increase its marketability should focus on building trust among
the present and the future customer. The key factors indentified were :
1. To expand and strengthen the companies reach out-
2. To enlarge and improve the quality of existing sales force
(Agent)
3. To develop new products suited to specific requirements of the
customers with added features.

4. To improve quality of service and after sales service.

5. To increase its customer base by focusing on rural areas and
middle-middle and lower middle segments of the society.
6. To develop promotion strategies to increase awareness about
Life Insurance and the company among masses.

From the present work on ' Agency recruitment and Perception

and Awareness level of the customers for life insurance' it can be concluded
that private companies have posed a challenge to the public sector. It all has
been possible because of the effective marketing strategies and products
innovation by the private players. Through LIC still enjoys a huge market
share of about 81%, it has been established by eminent economicsts thath by
the year 2008 it can be loose its market share by 50%.

The private companies have not penetrated the rural market therefore
they are not in position to compete in the well established rural market of LIC
with that ease. In order to take a ride over LIC, they should emphasize on the
rural sector as well.
The needs for life insurance is to cover three contigencies i.e. fear of
death, fear of living too long and critical illness and disability. However, life
insurance in India has traditionally been thought for tax benefits and as a tool
against uncertainties. The need is to make the customers aware of other
benefits by making them understand human life value(HLV) and to look upon
life insurance as an investment option.

75
 The private sector has emerged very fast on the success charts, in
which ICICI Pru leaving the rest market for remaining nine private
companies. The Proposed hike in stake of foreign partners (FDI) in life
insurance companies up to 49% will help the company to further expand and
consolidate its position in India. This requires passing of necessary
legislation in the parliament by the government, Since the IRDA Act caps
foreign capital at 26% presently.

BIBLIOGRAPHY

76
Books :

Research Methodology - C.R. Kothari

Principles and Practice of Insurance - M. Azim Khan
Quarterly Reviews - ICICI Prudential

Websites :

www.iciciprulife.com
www.icicibank.com
www.google.com
www.licindia.com

APPENDICES

Questionaire

77
Name:..................................................................................................................................
Address:.............................................................................................................................
...............................................................................................................................................
Tel No.:....................................... Mobile No.......................................................................

1. Age Group:
below 20 21 - 30 31-40 41-50 51-60
61 & above

2. Educational Qualification:
Below Inter Inter Graduate Post Graduate
Technical/Vocational

3. Annual Income:
Below 50,000 50,001 – 100000 100001 - 20000
 200001 - 300000  300001 & above

4. Occupation :
Pvt. Service Govt. Job Business
Self-employed  Defence

5. Which according to you is the best investment option available in the market:
Banks  Insurance Post Office
Share & Debentures Real Estate

6. Which Insurance Brands available in the Market are you aware of (Place  for as
many you know)
 LIC ICICI Prudential HDFC Standard Life
Birla Sun Life  Om Kotak Allianz Bajaj
 AVIVA Life Any Other

7. On whose recommendation do people normally invest:

 Advertising Agent Word of mouth
Any Other

8. What people demand : (Give ranks in 1-4)

78
 S.No. PARAMETERS ORDER OF
PREFERENCE
a) Service
b) Product feature
c) Price
d) Brand

9. Purpose of Insurance : (Give ranks in 1-6)

 Protection  Savings Child Retirement
Investment  Tax Saving  Future expenses
Rank

10. Which Brand is first sought by the customer: (Give ranks 1-8)
S.NO. BRANDS ORDER OF
PREFERENCE
a) LIC
b) ICICI Prudential Life Insurance
c) HDFC Standard Life
d) Birla Sun Life
e) Om Kotak Life
f) Allianz Bajaj
g) AVIVA Life
h) Any other (please specify)

11. What factors guide to purchase a policy:

Amount of Premium Quality of Service Aesthetics
Advertisement Advice Any other

12. What usage premium in (Rs. p.a.) is more prevalent:

below 6000 6001-10000 10001 - 18000
18001 – 25000 25001 - 50000 50001 - 100000
100001 & above

13. Are you or your family insured for future:

79
 Yes No
• If yes then which company ..............................................................................
• Are you satisfied with the service of the aforesaid company:
Highly Sastisfied Satisfied  Moderately Satisfied
 Not Satisfied
• What is the scope for improvement.................................................................

14. Nature of product offering of ICICI Prudential :

Excellent Good Satisfactory  Not
sastisfactory
• if not satisfactory then why ..............................................................................

15. What efforts can be made to bring about more awareness amongst people:
Media Ads Banners Newspaper inserts
Event Sponsorships Agents

16. What is the market share of ICICI Prudential according to you:

Below 5% 5-10% 10-20% 15-20%
 20-25%

17. What efforts can be made to increase the Market Share of ICICI Prudential:
Advertisement Price Quality  Service
Work Force

Date: Signature

80