Marketing of Insurance in ICICI Prudential Life Insurance

A study on ‘Marketing of Insurance’.
ACKNOWLEDGEMENT
I would like to express my sincere thanks to Mr. Anuj Jindhal Sales
Manager of ICICI Prudential Life Insurance Company Limited, for permitting me
to do my project work in their esteemed organization.
I respectively express my indebtedness for this encouragement and keen
interest throughout the course of project work.
I am grateful to ICICI Prudential Life Insurance Company Limited, Bijnor
and my Project guides for their support and constant source of help during the
project.
I finally extend my whole hearted thanks to all my family members and
friends for their kind co-operation and contribution during the course of my project
work.
Arvind Kumar
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CONTENTS
INTRODUCTION & HISTORY OF ICICI PRUDENTIAL LIFE INSURANCE
CHAPTER-1 Introduction Of Study:
1.1 Objectives of the study.
1.2 Research methodology.
1.3 Scope of the study.
1.4 Limitation of the study.
CHAPTER-2 Introduction Of ICICI Prudential Life Insurance:
2.1 Overview of the Life Insurance Sector in India.
2.2 Principles and Types of Insurance.
2.3 IRDA- the Watch dog.
2.4 Insurance Marketing.
CHAPTER-3 Industry Profile:
3.1 Company Profile.
3.2 Company Promoters.
3.3 Company Vision & Mission Statement.
3.4 Board of Directors.
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3.5 Awards and Recognitions.
3.6 Organization Structure.
3.7 Various Players in Indian Market.
3.8 History
CHAPTER-4 Product Profile:
 Various ICICI Life Insurance Plans.
CHAPTER 5 5.1 Swot Analysis
5.2 Data Analysis and Interpretation
CHAPTER-6 Financial Statements
CHAPTER-7 Findings and Suggestions
4.1 Findings.
4.2Suggestions.
CHAPTER-8 Conclusion:
Questionnaire & Bibliography
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INTRODUCTION Of ICICI Prudential Life Insurance:
Marketing is an assessment, ascertainment, and fulfillment of consumer
needs and desire into products and services through planning and creating demand
for companies products, serving the consumer demand through planned physical
distribution with the for help of marketing channels expanding the marketing even
in the face of keen competition.
As a corporate state of mind which insists integration and co-ordination of
all marketing functions in welded with all co-operative functions, with a basic
objective of maximizing long range corporate profits and satisfy the customer
needs and wants.
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank, India's foremost financial services companies, and Prudential plc, a leading
international financial services group headquartered in the United Kingdom. While
ICICI retains 74% stake in the joint venture, Prudential plc has the remaining 26%
stake. ICICI Prudential began its operations in December 2000. Today, this
company has over 1,900 branches (inclusive of 1,074 micro-offices), over 210,000
advisors and 6 branch assurance partners. ICICI Prudential Life Insurance
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Company is the first life insurer in India that received a National Insurer Financial
Strength rating of AAA (Ind) from Fitch ratings. ICICI Prudential has been voted
as India's Most Trusted Private Life Insurer for three consecutive years. This
company provides various insurance plans that have been designed for different
individuals, as every individual has different insurance needs. It celebrated its 10th
anniversary on 12th December 2010. Given below is a list of plans provided by
ICICI Prudential Life Insurance Company:
All ULIPs
Unit linked insurance plans (ULIPs) are a category of goal-based financial
solutions that combine the safety of life insurance protection and long term wealth
creation opportunities. In ULIPs, a part of the premium goes towards providing
you with life cover while the remaining portion is invested in fund(s) which, in
turn, are invested in stocks or bonds.
 Retirement
 Wealth
 Child
 Health
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Life Insurance Plans
Term Plans Term insurance is the simplest and most fundamental insurance
product available at extremely affordable prices. In this type of a policy, an
individual pays a fixed amount of money periodically and in the unfortunate event
of death of the policyholder, the entire amount paid, along with some other benefits
and interest, is paid back to the deceased's family.
 ICICI Pru iProtect
 ICICI Pru Pure Protect
 ICICI Pru LifeGuard
 ICICI Pru Home Assure
Wealth Plans
Wealth insurance plans are essentially long term savings plans which are designed
to help you save enough for your long term goals, like owning a house or a car etc,
along with providing you the benefit of life cover and protection for your family.
ULIP Wealth Plans
 ICICI Pru LifeStage Wealth II
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 ICICI Pru Pinnacle II
 ICICI Pru LifeTime Premier
 ICICI Pru Life Link Wealth SP
 ICICI Pru Pinnacle Super
Traditional Wealth plans
 ICICI Pru Future Secure
 ICICI Pru Guarenteed Savings Insurance Plan
 ICICI Pru Whole Life
 ICICI Pru Save’n’Protect
 ICICI Pru CashBak
Child Plans
Regardless of the rising cost of education in modern times, a parent never
compromises on the expenditure that goes into his/her child's bright career. A
saving's plan that is designed to provide money at key educational milestones and
take care of your loved ones future even if you are not around, is a wise decision to
make. In this plan, you pay premium periodically, or in lump sum, and during the
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key educational milestones of your child, you can withdraw the money partially.
Traditional Child Plans
 ICICI Pru SmartKid Regular Premium
Unit Linked Child Plans
 ICICI Pru SmartKid Premier
Health Plans
Predicting unfortunate medical emergencies is difficult. Bearing the expenses of
the costly treatment is not at all easy and therefore, ICICI Prudential has come up
with health insurance plans that insure you and your family against expenses
arising due to medical emergencies and uncertainties such as hospitalisations or
onset of critical illnesses.
Hospitalisation Plans
 ICICI Pru Health Saver
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 ICICI Pru Hospital Care II
Critical Illness Plans
 ICICI Pru Crisis Cover
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. This
increases the scope of your policy, at a nominal cost.
 Critical Illness Benefit Rider
 Accident & Disability Benefit Rider
 Income Benefit Rider
 Waiver of Premium Rider (WOP)
 Waiver Of Premium On Critical Illness Rider
Retirement Plans
Financial independence at all times is important but its importance is the most in
the post-retirement phase of life. After being self-dependant for a lifetime, the idea
of depending upon your children can be quite putting off. Retirement plans from
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ICICI Prudential Life Insurance, ensure that you have enough flexibility to choose
your retirement date and the manner in which you receive the pension.
ULIP Retirement Plans
 ICICI Pru LifeLink Pension Sp
Traditional Retirement Plans
 ICICI Pru ForeverLife
 ICICI Pru Immediate Annuity
Group Plans
Group Insurance Plans from ICICI Prudential enable the employer to effortlessly
provide his/her employees with both, savings and security, so they can pass on the
benefits to their loved ones.
Retirement Solution
 Group Gratuity Plan
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 Group Leave Encashment Plan
Protection Solution
 Annuity Solutions
 Group Term Insurance Plans
 Group Term in lieu of EDLI Scheme
 Credit Assure Utility
Rural Plans
ICICI Prudential's rural business initiative has covered more than 2.5 million lives
across as many as 16 states in India. The plans offer Life cover, low and affordable
premiums and hassle free procedure.
 ICICI Pru Sarv Jana Suraksha
 ICICI Pru Anmol Nivesh
The Creation of customer implies three things:-
1) Development of product through technical and market research on which
afford sales opportunities.
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2) Persuading the customer to buy through advertisement and sales
promotion.
3) Making the product available in a form at a price, time and place the
customer want.
Marketing research is the function, which links the consumer / customer and
public to the marketer through information used to identify and define marketing
opportunities and problems.
Objective of marketing research may be primary to gather information from
different customer attitudes and opinions.
The insurance sector in India has come a full circle form being an open
competitive market to nationalization and back to a liberalized market again.
Tracing the developments in the Indian insurance sector reveals the 360 degree
turn witnessed over a period of almost two centuries.

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WHAT IS LIFE INSURANCE?
All assets have economic value. The asset would have been created through
the efforts of the owner, in the expectation that, either through the income
generated there from or some other output, some of his needs would be met. In the
case of a motor car, it provides comfort & convenience in transportation. There is
no direct income. There is a normally expected life time for the assets during
which time it is expected life time for the assets during which time it is expected to
perform. The owner, aware of this, can so manage his affairs that by the end of that
life time, a substitute is made available to ensure that the value or income is not
lost.
However if the asset gets lost earlier, being destroyed or made non-
functional, through an accident or other unfortunate event, the owner & those
deriving benefits there from suffer. Hence Insurance is a tool which helps to reduce
effects of such adverse events.
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A History Of The Insurance Sector
Insurance has been around since ancient times. The Babylonians and
Phoenicians had ocean marine insurance to protect a merchant against losses
incurred when a ship did not reach its intended destination with its load of goods or
did not return with payment. This form of insurance, called respondent a, evolved
because the goods on board often were used as collateral for a loan. The lender
charged the borrower interest on the loan and levied an additional sum, the
premium, to cover the cost of the respondentia contract. If the ship reached its
destination and returned, the merchant received payment for the goods and in turn
paid the moneylender. If the ship failed to return, the debt was cancelled. This
system was profitable to lenders because many respondents a contract were sold,
and debts were paid more often than cancelled.
Marine Insurance: Marine insurance is the oldest form of insurance
followed by life insurance and fire insurance. The oldest and the earliest records of
marine policy relates to a Mediterranean voyage in 1347. In the year 1400, a book
written by a merchant of Florence, indicates premium rates charged for the
shipments by sea from London to Pisa.
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Fire insurance: It has its origin in Germany where it was introduced in
municipalities for providing compensation to owners of the property, in return for
an annual contribution, based on the rent of those premises. The fire insurance in
its present form started after the most disastrous fire in human history known as the
'Great Fire' in London, which had destroyed several buildings.
Due to the increasing demands of the time, different forms of insurance have
been developed. Industrial Revolution of 19th century had facilitated the
development of accidental insurance, theft and dacoity, fidelity insurance, etc. In
20th century, many types of social insurance started operating, viz., unemployment
insurance, crop insurance, cattle insurance, etc. This way the business of insurance
developed simultaneously with human and social development. Today, the use of
computers in the field of insurance is frequently increasing. Insurance becomes an
inseparable part of human development.
The early developments of life insurance were closely linked with that of
marine insurance. The first insurers of life were the marine insurance underwriters
who started issuing life insurance policies on the life of master and crew of the
ship, and the merchants. The early insurance contracts took the nature of policies
for a short period only. The underwriters issued annuities and pension for a fixed
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period or for life to provide relief to widows on the death of their husbands. The
first life insurance policy was issued on 18th June 1583, on the life of William
Gibbons for a period of 12 months.
History Of Life Insurance In India
The History of Life Insurance in India dates back to 1818 when it was
conceived as a means to provide for English Widows. Interestingly in those days a
higher premium was charged for Indian lives than the non-Indian lives as Indian
lives were considered more risky for coverage. The Bombay Mutual Life Insurance
Society started its business in 1870. It was the first company to charge same
premium for both Indian and non-Indian lives. The Oriental Assurance Company
was established in 1880.
The first general insurance company- Title Insurance Company Limited, was
established in 1850. Till the end of nineteenth century insurance business was
almost entirely in the hands of overseas companies.
Insurance regulation formally began in India with the passing of the Life
Insurance Companies Act of 1912 and the Provident Fund Act of 1912. Several
frauds during 20's and 30's sullied insurance business in India. By 1938 there were
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176 insurance companies. The first comprehensive legislation was introduced with
the Insurance Act of 1938 that provided strict State Control over insurance
business. The insurance business grew at a faster pace after independence. Indian
companies strengthened their hold on this business but despite the growth that was
witnessed, insurance remained an urban phenomenon.
The Government of India in 1956, brought together over 240 private life
insurers and provident societies under one nationalised monopoly corporation
and LIC was born. Nationalisation was justified on the grounds that it would create
much needed funds for rapid industrialization. This was in conformity with the
Government's chosen path of State- led planning and development.
The (non-life) insurance business, however, continued to thrive with the
private sector till 1972. Their operations were restricted to organised trade and
industry in large cities. The general insurance industry was nationalised in 1972.
With this, nearly 107 insurers were amalgamated and grouped into four
companies- National Insurance Company Ltd., The New India Assurance
Company Ltd., The Oriental Insurance Company Ltd. and United India Insurance
Company Ltd. These were subsidiaries of the General Insurance Corporation of
India (GIC).
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Insurance companies in India
Insurance is a colossal sector in India that is growing at a speedy rate of 15-20%.
The insurance sector is approximately 450 billion yet 70 percent of the population
in India is not insured. This gives you a peek into the huge growth opportunity that
exists for this segment. The insurance business in India mainly consists of two
main players, the Life Insurance Corporation (LIC) and General Insurance
Corporation (GIC). Almost 100 divisional offices and 2000 branch offices are
functional for LIC. As LIC caters to life insurance, health insurance, property and
accident. insurance it needs an increasing number of employees. Thus insurance
companies in India are growing vertically and horizontally bringing growth and
employment opportunities.
The other player GIC undertakes motor, marine, personal accident and fire
insurance. Moreover it has four subsidiaries a) Oriental Insurance, b) United India
Insurance, c) New India Assurance, and d) National Insurance. Insurance
companies in India have a deep-rooted history. It all began in 1818 when Oriental
Life Insurance Company in Calcutta was established. From then on insurance was
scattered across the country. It was an unorganized sector. Then in 1950, the entire
insurance segment was nationalized. After achieving freedom, the insurance sector
gained momentum. In 1956 the government of India consolidated 240 private life
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insurers and provident societies and this was how LIC came to life. The
justification to the nationalization of the life insurers was that the government
would reap the necessary funds that were required for industrialization. The
general insurance industry still remained in the hands of the private sector till 1972
and was then nationalized. LIC adds about 7 percent to the country's GDP. With
IRDA's regulation not less than 15 percent of funds ftom the insurance companies
are said to fill the coffers of infrastructure and social sectors. Thus they are
providing vital funds to the country's growth. Infrastructure of the country bears
risks that are of a long-term character. They include political instability, geological
hindrances, gestation period and illiteracy. The long tern funds provided by Life
Insurance of India not only cover these risks but also help securing a brighter
future for the country.
Besides infrastructure the insurance companies in India are vital for one's saving
purpose. In the beginning insurance was looked at as a 'tax-benefit' investment.
Slowly, however the mindset of the common man is changing. Life insurance is
now looked on as investment vehicle. With the introduction of private players in
the sector there has been more transparency and flexibility in the sector. Private
players have procured almost 9 percent of the insurance segment even though the
coveted policies like endowment and money back still lay with the government.
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Better services, individual attention and pure transparency have given the private
sector an upper hand. But with a huge unorganized market in India yet to tap the
insurance companies in India have a voluminous market to explore.
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CHAPTER-1

1.1 STATEMENT OF THE PROBLEM:
The Project I have taken up is “MARKETING OF INSURANCE IN ICICI
PRUDENTIAL LIFE INSURANCE”, The reason why I took up this subject is
because today, insurance industry is among the fastest growing sector and it
provides wonderful business marketing, where by people can use their free time for
the purpose of not only earning money and rewards but also build meaningful
relationships.
Through this project work, I expect to come with meaningful analysis on
awareness of public on “MARKETING STRATEGIES IN ICICI PRUDENTIAL
LIFE INSURANCE”.
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1.2 OBJECTIVES OF THE STUDY:
 To know the marketing strategy in ICICI Prudential Life Insurance in
Bijnor.
 To know the public interest towards the insurance.
 To know the brand awareness towards ICICI Prudential Life Insurance Co.,
Ltd in Bijnor.
 To find out which parameter is motivating insurance advisers to join
insurance field.
 To make suggestions and recommendations to improve upon the working of
the company.
1.3 RESEARCH METHODOLOGY:
Information is collected from the primary and secondary data. Analytical
tool applied for the analysis of data or Sources of Data.
The source of information is broadly classified into 2 categories:
 PRIMARY DATA
 SECONDARY DATA.
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 PRIMARY DATA:
The present study is mostly based on the questionnaire and personnel
discussion with the respondents in Bijnor and Hospet city respectively.
 SECONDARY DATA:
Secondary data is collected through the company brochures, manuals,
periodicals, newsletters, articles, internet and other publications.
1.4 SCOPE OF THE STUDY:
The study has conducted in Bijnor city for a period of one month. It intended
to provide information about market potential for the business marketing in
insurance.
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1.5 LIMITATIONS OF THE STUDY:
 The area of study is limited to Bijnor city.
 The bias response from the respondents may have introduced errors in the
survey findings.
 The sample is limited
 Time constraint.
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CHAPTER-2
2.1 Overview Of The Life Insurance Sector In India:
With largest number of life insurance policies in force in the world,
Insurance happens to be a mega opportunity in India. It’s a business growing at the
rate of 15-20 per cent annually and presently is of the order of Rs 450 billion.
Together with banking services, it adds about 7 per cent to the country’s GDP.
Gross premium collection is nearly 2 per cent of GDP and funds available with
LIC for investments are 8 per cent of GDP.
Yet, nearly 80 per cent of Indian populations are without life insurance
cover, health insurance and non-life insurance continue to be below international
standards. And this part of the population is also subject to weak social security
and pension systems with hardly any old age income security. This itself is an
indicator that growth potential for the insurance sector is immense.
A well-developed and evolved insurance sector is needed for economic
development as it provides long term funds for infrastructure development and at
the same time strengthens the risk taking ability. It is estimated that over the next
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ten years India would require investments of the order of one trillion US dollars.
The Insurance sector, to some extent, can enable investments in infrastructure
development to sustain economic growth of the country.
With a large capital outlay and long gestation periods, infrastructure projects
are fraught with a multitude of risks throughout the development, construction and
operation stages. These include risks associated with project implementation,
including geological risks, maintenance, commercial and political risks. Without
covering these risks the financial institutions are not willing to commit funds to the
sector, especially because the financing of most private projects is on a limited or
non- recourse basis.
Insurance companies not only provide risk cover to infrastructure projects,
they also contribute long-term funds. In fact, insurance companies are an ideal
source of long term debt and equity for infrastructure projects. With long term
liability, they get a good asset- liability match by investing their funds in such
projects.
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IRDA regulations require insurance companies to invest not less than 15
percent of their funds in infrastructure and social sectors. International Insurance
companies also invest their funds in such projects.
Insurance is a federal subject in India. There are two legislations that govern
the sector- The Insurance Act- 1938 and the IRDA Act- 1999. The Government of
India liberalized the insurance sector in March 2000 with the passage of the
Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry
restrictions for private players and allowing foreign players to enter the market
with some limits on direct foreign ownership. Under the current guidelines, there is
a 26 percent equity cap for foreign partners in an insurance company. There is a
proposal to increase this limit to 49 percent. Premium rates of most general
insurance policies come under the purview of the government appointed Tariff
Advisory Committee.
The opening up of the sector is likely to lead to greater spread and deepening
of insurance in India and this may also include restructuring and revitalizing of the
public sector companies. A host of private insurance companies operating in both
life and non-life segments have started selling their insurance policies since 2001.
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2.2 Principles and Types of Insurance:
 Principles of Insurance:
Insurance is a 'risk transfer mechanism' - it transfers the financial risks of
everyday life from you to an insurance company, but only in terms of the financial
consequences of risk. Without insurance, if you car was damaged, it would cost
you a lot of money to fix it or to buy another one. It could cost you even more to
pay for compensation to someone else involved in an accident. Insurance protects
your financial interests. It cannot alleviate the emotional consequences of an
accident. It cannot provide for humanitarian ideals. It can't help you with
sentimental losses. But properly used, it will protect your financial investment in
your car and your legal obligations should you have an accident.
Insurable Interest
Before you can insure anything, you must have a legally recognised
financial interest in what you are insuring. For motor insurance, you can't take out
an insurance policy on the car driven by the latest film star in the hope that it will
crash and you can claim. That is nothing more than gambling. You have no
financial interest in the well being of the object insured and would gain by its
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destruction. But you can insure the car you own, or drive. You would suffer
financially if it is damaged or stolen and benefit from its continued existence.
Indemnity
This word is used to describe the type of payment you would receive. A
motor policy and a household policy are both a contract of indemnity. It means,
subject to the terms of the contract, you are entitled to be put back in the same
financial position after a loss as you were in before the loss. In terms of a 'new for
old' policy the measure of indemnity is agreed at the point of sale rather than the
time of claim. The term is also sometime used to indicate if your insurer will meet
the claim at all. A refusal to indemnify is a refusal to pay the claim.
Contribution
If there is more than one policy in force that you could claim on, you can't
get payment from them both that would exceed the value of your loss. So each
policy would contribute a portion of the loss. You would receive the full value of
the loss but no more and the two policies would only bear part of it each.
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Subrogation
This is the right that your insurer has to recover from someone else where
you are entitled to do so. For example, if another driver causes damage to your car,
and your insurers pay for it, subrogation gives them the legal right to 'stand in your
shoes' and reclaim their outlay from the responsible driver.
Proximate Cause
When you seek to claim from your insurers for a property or financial loss
you must show that the loss was caused as a result of a peril covered by the policy.
There must be a direct relationship of cause and effect, the cause must be
proximate in efficiency but not necessarily in point of time. There might for
example, be a chain of causes in which each cause is the natural result of the
preceding cause. It is the immediate and not the remote cause which must be
considered.
 TYPES OF INSURANCE:
General insurance
The basis for general insurance is "transfer of risk".
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This means that the insurer agrees to compensate you if you suffer a loss.
Without the insurance you would have to pay for that loss yourself. Obviously this
contract is made on the basis that the insurance company calculates the risk that
you, or the total number of people buying insurance, will cost more in payouts than
what is received in premiums. This is determined by the use of statistics and the
information you disclose on your application for insurance.
This includes:
Home contents:
It can either be "defined event" i.e. the policy covers loss or damage from a
list of "defined" events, e.g. storm or fire; or "accidental loss or damage" i.e. all
accidental loss with some exclusions.
Motor vehicle:
It can either be "comprehensive" i.e. it covers any damage to your car as
well as damage to the other car or another person's property; "third party property"
i.e. it covers damage caused by your car to another person's property. This type of
insurance will not cover you for the cost of repairs to your own car; "third party
fire and theft i.e. it covers damage partly for damage caused by your car to another
person's property, and restricted cover for damage to your car cause by theft or fire.
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Income protection:
With this type of insurance the insurer agrees to pay you a specified amount
of money, usually in monthly payments, in the event that you become disabled and
unable to work. Along the same lines you can purchase "trauma insurance" to
cover a medical trauma such as a heart attack.

Also in the modern day world a number of utility specific insurance policies
are being launched by the various players in the insurance market in an effort to
stay one step ahead of their competitors. Hence to make the Definition of General
Insurance more broad based and inclusive we can say that all the policies which do
not fall under “Life Insurance “ category fall under the General Insurance
category.
Life Insurance
Life insurance is insurance that will protect your family and/or specified
dependents in the event of the policy holder’s death. In general, it is an essential
component in planning for the future. There are many options with coverage,
depending on your situation. And there are three main categories of life insurance:
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term life, universal life, and whole life insurance. Term life is the simplest and
least expensive type of policy. It's pure insurance with no cash value account. A
term life policy has only one function: to pay a specific lump sum to whomever
you've designated, upon a specific event, your death.
Whole life insurance provides permanent protection for your dependents
while building a cash value account. With this type of insurance, the insurance
company manages the policies various accounts. Universal life insurance provides
permanent protection for your dependents and is more flexible than whole or
variable life.
2.3 Insurance Regulatory and Development Authority –The Watch
Dog
On 19th April 2000, the Authority has been notified in the Gazette of India
in terms of Insurance Regulatory and Development Authority Act, 1999 (IRDA
Bill). The Authority has also been constituted.
Mission: To protect the interests of the policy holders, to regulate, promote and
ensure orderly growth of the insurance industry and for matters connected there
with or incidental there to
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DUTIES, POWERS AND FUNCTIONS OF AUTHORITY
AS per the INSURANCE REGULATORY AND DEVELOPMENT
AUTHORITY ACT, 1999
14(1) Subject to the provisions of this Act and any other law for the time
being in force, the Authority shall have the duty to regulate, promote and ensure
orderly growth of the insurance business and re-insurance business.
14(2) Without prejudice to the generality of the provisions contained in sub-
section (1), the powers and functions of the Authority shall include,--
a) Issue to the applicant a certificate of registration, renew, modify, withdraw,
suspend or cancel such registration;
b) Protection of the interests of the policy-holders in matters concerning
assigning of policy, nomination by policy-holders, insurable interest,
settlement of insurance claim, surrender value of policy and other terms and
conditions of contracts of insurance;
c) Specifying requisite qualifications, code of conduct and practical training for
intermediary or insurance intermediaries and agents;
d) Specifying the code of conduct for surveyors and loss assessors;
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e) Promoting efficiency in the conduct of insurance business;
Promoting and regulating professional organization connected with the
insurance and re-insurance business;
f) Levying fees and other charges for carrying out the purposes of this Act;
calling for information from, undertaking inspection of, conducting
enquiries and investigations including audit of the insurers, intermediaries,
insurance intermediaries and other organizations connected with the
insurance business;
g) Control and regulation of the rates, advantages, terms and conditions that
may be offered by insurers in respect of general insurance business not so
controlled and of 1938 regulated by the Tariff Advisory committee under
section 64U of the Insurance Act, 1938;
h) Specifying the form and manner in which books of account shall be
maintained and statement of accounts shall be rendered by insurers and other
insurance intermediaries;
i) Regulating investment of funds by insurance companies;
(l) regulating maintenance of margin of solvency;
j) Adjudication of disputes between insurers and intermediaries or insurance
intermediaries;
k) Supervising the functioning of the Tariff Advisory committee;
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l) Supervising the percentage of premium income of the insurer to finance
schemes for promoting and regulating professional organization referred to
in clause (f);
m) Specifying the percentage of life insurance business and general insurance
business to be undertaken by the insurer in the rural or social sector; and
n) Exercising such other powers as may be prescribed.
The founder chairman of IRDA was Mr. N.Rangachary. It was under his
stewardship that the Indian Insurance industry really opened up.
2.4 Insurance Marketing:
Insurance Agents
As Life insurance is a personalized service, personal selling plays an
important role in promoting the same. Place and promotion are being highlighted
here since the agents and development officer who form the pillars of Life
Insurance market structure discharge these two important functions. Agents are PR
men of insurance companies at the grassroots’ level. The role in building up good
customer relation is crucial. They work under the guidance and direct supervision
of development officers. They together sell the right type of policies suitable to the
needs of clients for the right amount at the right time (age). The agents render
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various other services and also play a vital role in policy servicing. The
Development Officers under each Branch office beside guiding and supervising
activities of the agents are also responsible for their recruitment and training so as
to develop a stable agency force. They activate the existing agents and motivate the
new ones. Also they render all such services to the policyholders as will produce
better policies. Agents and development officers, as the intermediaries in the
distribution system of the whole, develop and increase the Life Insurance business
in a planned way.
For promoting Life Insurance business, sales promotion activities are also
carried out by the agents. Calendars, bags, diaries, etc. are also given to the
policyholders as a token of gifts. The insurance companies also trains their agents,
as they do not tend to increase or update their knowledge regularly so as to serve
better to their customers. Special training programs are held for them.
Corporate Houses and Financial Institutions:
This is a distribution network that has shot into prominence after the opening
up of the Insurance sector.
Large corporate houses and financial institutions have now entered into the
business of selling life insurance. These institutions have employed special
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employees who are trained to sell insurance. These employees are told to then tell
to target the existing customers of the corporate houses or financial institutions.
They also have a help desk / promotion desk at the places where the customer
comes into contact with the company. These centers are the effective centers where
the sales pitch is made to the prospective customers. Also sometimes the company
may use marketing tactics like sending direct mailers to the various clients or
telemarketing. This form of distribution is slowly but surely gaining prominence.
Bancassurance
With the opening up of the insurance sector and with so many players
entering the Indian insurance industry, it is required by the insurance companies to
come up with innovative products, create more consumer awareness about their
products and offer them at a competitive price. At this juncture, banking sector
with it’s far and wide reach, was thought of as a potential distribution channel,
useful for the insurance companies. This union of the two sectors is what is known
as Bancassurance. What is Bancassurance? Bancassurance is the distribution of
insurance products through the bank's distribution channel. It is a phenomenon
wherein insurance products are offered through the distribution channels of the
banking services along with a complete range of banking and investment products
and services. To put it simply, Bancassurance, tries to exploit synergies between
Page 38
both the insurance companies and banks. Bancassurance if taken in right spirit and
implemented properly can be win-win situation for the all the participants' viz.,
banks, insurers and the customers.
Page 39
CHAPTER-3
3.1 Company Profile:
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank - one of India's foremost financial services companies-and prudential plc - a
leading international financial services group headquartered in the United
Kingdom. Total capital infusion stands at Rs. 37.72 billion, with ICICI Bank
holding a stake of 74% and Prudential plc holding 26%.
We began our operations in December 2000 after receiving approval from
Insurance Regulatory Development Authority (IRDA). Today, our nation-wide
team comprises of over 954 branches in addition to 1,015 micro-offices, over
296,000 advisors; and 21 banc assurance partners.
ICICI Prudential was the first life insurer in India to receive a National Insurer
Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a
row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer,
by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted
Brands'. As we grow our distribution, product range and customer base, we
Page 40
continue to tirelessly uphold our commitment to deliver world-class financial
solutions to customers all over India.
3.2 Company Promoters:
ICICI Bank:
ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the
second largest bank in the country, with consolidated total assets of $121 billion as
of March 31, 2008. ICICI Bank’s subsidiaries include India’s leading private sector
insurance companies and among its largest securities brokerage firms, mutual
funds and private equity firms. ICICI Bank’s presence currently spans 19
countries, including India. ICICI Bank is the only Indian company to be rated
above the country rating by the international rating agency Moody's and the only
Indian company to be awarded an investment grade international credit rating. The
Bank enjoys the highest AAA (or equivalent) rating from all leading Indian rating
agencies. Bank provides a broad spectrum of financial services to individuals and
companies. This includes mortgages, car and personal loans, credit and debit cards,
corporate and agricultural finance. The Bank services a growing customer base of
more than 7 million customer accounts and 5 million bondholders' accounts
through a multi-channel access network. This includes about 450 branches and
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extension counters, 1675 ATMs, call centers and Internet banking
(www.icicibank.com).
Prudential Plc:
Established in London in 1848, Prudential plc, through its businesses in the
UK, Europe, US, Asia and the Middle East, provides retail financial services
products and services to more than 20 million customers, policyholder and unit
holders and manages over £267 billion of funds worldwide (as of December 31,
2007). In Asia, Prudential is the leading European life insurance company with life
operations in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the
Philippines, Singapore, Taiwan, Thailand, and Vietnam. Prudential is one of the
largest retail fund managers for Asian sourced assets ex-Japan. Its fund
management business has expanded into ten markets, comprising of China, Hong
Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and United
Arab Emirates.
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3.3 Vision and Mission Statement:
Their vision is to make ICICI Prudential Life Insurance Company the
dominant new insurer in the life insurance industry. This they hope to achieve
through their commitment to excellence, focus on service, speed and innovation,
and leveraging our technological expertise.
The success of the organization will be founded on its strong focus on values and
clarity of purpose. These include:
Understanding the needs of customers and offering them superior products
and service building long lasting relationships with their partners providing an
enabling environment to foster growth and learning for their employees and above
all building transparency in all our dealings.
They believe that they can play a significant role in redefining and reshaping
the sector. Given the quality of their parentage and the commitment of their team,
they feel that there will be no limits to their growth.
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3.4 Board of Directors.
The ICICI Prudential Life Insurance Company Limited Board
comprises reputed people from the finance industry both from India and abroad.
Ms.Chanda D. Kochhar, Chairperson
Mr. N. S. Kannan, Director
Mr. K. Ramkumar, Director
Mr. Barry Stowe, Director
Mr. Adrian O’Connor, Director
Mr. Keki Dadiseth, Independent Director
Prof. Marti G. Subrahmanyam, Independent Director
Ms. Rama Bijapurkar, Independent Director
Mr. Vinod Kumar Dhall, Independent Direct
Mr. V. Vaidyanathan, Managing Director & CE
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3.5 Awards And Recognitions:-
AWARDS:
1. The International Council of Customer Service Organizations (ICCSO)
recently awarded ICICI Prudential Life the International Service
Excellence Awards 2009 in the categories of Customer Charter –
Winner, Service Excellence in Large Business – Highly Commended
and Customer Service Leader awarded to Ms. Priya Nayak, VP-Service
Quality.
2. ICICI Prudential Life Insurance has won the first runner up award for the
Best Defect Elimination in Service & Transaction category at Asian Six
Sigma Excellence Summit 2009.
3. ICICI Prudential Life was awarded the Life Insurance Company of the
Year at the12th Asia Insurance Industry Awards 2008.
4. ICICI Prudential Life was awarded with two Bronze Effie's in the
services category for its Corporate campaign and Retirement Number
campaign
5. ICICI Prudential Life Insurance won the award for the Best Life Insurer-
Page 45
Runner up at the Outlook Money & NDTV Profit Awards 2008
6. ICICI Prudential Life was awarded the SAP ACE 2008 Best Business
Objects Award for its IT practice
7. ICICI Prudential Life won the Award for Brand Excellence in the
Banking and Financial services category at the Asia Brand Congress
2008
8. Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance Co.
Ltd. was adjudged the Businesswoman of the year at The Economic
Times Awards for Corporate Excellence, 2007-08.
9. ICICI Prudential Life won the ICICI Group Marketing Excellence
Award 2008 in three key categories for its marketing initiatives
10.ICICI Prudential Life was awarded the INDY’s Award for Excellence in
Mass Communication in the category of Most Creative Advertisement-
Television
11.India's Most Customer Responsive Insurance Company. Avaya Global
Connect - Economic Times. Customer Responsiveness Awards, 2007
12.Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was
adjudged as one of the 50 Most Powerful Women in Business by the
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Financial Express.
adjudged the Entrepreneur of the Year-Manager at the Ernst and Young
Entrepreneur Awards 2007
awarded the Outstanding Businesswoman of the Year at CNBC TV18's
India Business Leader Awards 2007
15.ICICI Prudential Life Insurance won the award for the Best Life Insurer-
Runner up at the Outlook Money & NDTV Profit Awards 2007
16.ICICI Prudential Life’s, retirement solutions campaign for the year
2006-07 was awarded the Bronze Effy trophy in the services category. It
also won the Brand Equity Bravery Award 2007, instituted by Ad club.
17.ICICI Prudential Life’s website, www.iciciprulife.com was awarded the
best website among private life insurers at the Web 18 and Frost &
Sullivan Genius of the Web Awards 2007 for commendable work in the
online.
18.Innovation Award for launching Diabetes Care – Prudence Award 2006.
People Award for excellence in training and people development -
Prudence Award 2006

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19.India's Most Customer Responsive Insurance Company. Avaya Global
Connect - Economic Times. Customer Responsiveness Awards

20.Most Trusted Private Life Insurer. The Economic Times - A C Nielsen
Survey of Most Trusted Brands – 2003, 2004 and 2005

21.Prudence Customer Centricity Award 2004 & 2005. Prudential
Corporation Asia
22.Best Life Insurer 2003. Outlook Money Awards 2003 & 2004
23.IMM Award for Excellence. Institute of Marketing & Management
24.Organization with Innovative HR Practices Indira Group of Institutes
Superbrand 2003-04
25.Organization with Innovative HR Practices Asia-Pacific H R Congress
Awards for HR Excellence
26.Silver Effie for Effectiveness of the ‘Retire from Work not life’
advertising campaign Effie’s 2003
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RECOGNITIONS:
 ICICI Prudential Life was recognized as the most trusted brand
amongst private life insurers in the Economic Times-Most Trusted
Brand survey 2008.
 IMM Award for Excellence. Institute of Marketing & Management
 Organization with Innovative HR Practices. Indira Group of
Institutes
 Organization with Innovative HR Practices. Asia-Pacific H R
Congress Awards for HR Excellence
Page 49
3.6 Organization Structure:
B.O.D ICICI
Prudential
C.E.O
SALES
Operation Claims Debt
H.R HEAD
HEAD
Head
Peninsular Himalayas
K.G T.N M.P

A.P
Karnataka and
Kerala
Goa
R. M R. M R. M
A.R.
B. M
M
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S.M
S. M S. M Hubli S. M Bidar S. M
Bijnor
Hospet Haveri
Advisor Advisor
Advisor Advisor Advisor
Page 51
3.7 Various Players in Indian Market:
1. ICICI Prudential Life Insurance Company Limited
2. SBI Life Insurance Company Ltd.
3. AMP Sanmar Assurance Company Limited
4. Birla Sun Life Insurance Co. Ltd.
5. Dabur Cgu Life Insurance Company Pvt. Ltd
6. HDFC Standard Life Insurance Co. Ltd.
7. Bajaj Allianz Life Insurance Co.
8. ING Vysya Life Insurance Co. Pvt. Ltd.
9. Life Insurance Corporation Of India
10. Max Newyork Life Insurance Co. Ltd.
11. Metlife India Insurance Company
12. Om Kotak Mahindra Life Insurance Co. Ltd.
13.Tata Aig Life Insurance Co. Ltd
14. Aviva Life Insurance
15. Reliance Life Insurance
16. Sahara India Life Insurance
Page 52
3.8 HISTORY OF ICICI
1955:
The Industrial Credit and Investment Corporation of India
Limited (ICICI) incorporated at the initiative of the World
Bank, the Government of India and representatives of Indian
industry, with the objective of creating a development
financial institution for providing medium-term and long-term
project financing to Indian businesses. Mr.A.Ramaswami
Mudaliar elected as the first Chairman of ICICI Limited.
ICICI emerges as the major source of foreign currency loans
to Indian industry. Besides funding from the World Bank and
other multi-lateral agencies, ICICI was also among the first
Indian companies to raise funds from international markets.
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1956:
ICICI declared its first dividend of 3.5%.
1958:
Mr.G.L.Mehta appointed the second Chairman of ICICI Ltd.
1960:
ICICI building at 163, Backbay Reclamation, inaugurated.
1961:
The first West German loan of DM 5 million from
Kredianstalt obtained.
1967:
ICICI made its first debenture issue for Rs.6 crore, which
was oversubscribed
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1969:
The first two regional offices in Calcutta and Madras set up.
1972:
The second entity in India to set up merchant banking
services.
Mr. H. T. Parekh appointed the third Chairman of ICICI.
1977:
ICICI sponsored the formation of Housing Development
Finance Corporation. Managed its first equity public issue
1978:
Mr. James Raj appointed the fourth Chairman of ICICI.
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1979:
Mr.Siddharth Mehta appointed the fifth Chairman of ICICI.
1982:
ICICI became the first ever Indian borrower to raise
European Currency Units. ICICI commences leasing
business.
1984:
Mr. S. Nadkarni appointed the sixth Chairman of ICICI.
1985:
Mr. N.Vaghul appointed the seventh Chairman and
Managing Director of ICICI.
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1986:
ICICI became the first Indian institution to receive ADB
Loans.
ICICI, along with UTI, set up Credit Rating Information
Services of India Limited, India's first professional credit
rating agency. ICICI promotes Shipping Credit and
Investment Company of India Limited.
1987:
The Corporation made a public issue of Swiss Franc 75
million in Switzerland, the first public issue by any Indian
entity in the Swiss Capital Market
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1988:
ICICI signed a loan agreement for Sterling Pound 10 million
with Commonwealth Development Corporation (CDC), the
first loan by CDC for financing projects in India.
1993:
Promoted TDICI - India's first venture capital company.
1996:
ICICI Asset Management Company set up. ICICI Bank set
up. ICICI Ltd became the first company in the Indian
financial sector to raise GDR.
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1998:
The name The Industrial Credit and Investment Corporation
of India Ltd changed to ICICI Ltd. ICICI Ltd announced the
takeover of ITC Classic Finance.
1999:
Introduced the new logo symbolising a common corporate
identity for the ICICI Group. ICICI announced takeover of
Anagram Finance.
2000:
ICICI launched retail finance - car loans, house loans and
loans for consumer durables. ICICI becomes the first Indian
Company to list on the NYSE through an issue of American
Depositary Shares.
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2001:
ICICI Bank became the first commercial bank from India to
list its stock on NYSE.
ICICI Bank announces merger with Bank of Madura.
The Boards of ICICI Ltd and ICICI Bank approved the
merger of ICICI with ICICI Bank. 2002: ICICI Ltd merged
with ICICI Bank Ltd to create India's second largest bank in
terms of assets.
ICICI assigned higher than sovereign rating by Moody's. :
ICICI Bank launched India's first CDO (Collateralised Debt
Obligation) Fund named Indian Corporate Collateralised
Debt Obligation Fund (ICCDO Fund). "E Lobby", a self-
service banking centre inaugurated in Pune. It was the first
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of its kind in India. ICICI Bank launched Private Banking.
1100-seat Call Centre set up in Hyderabad ICICI Bank
Home Shoppe, the first-ever permanent aggregation and
display of housing projects in the county, launched in Pune,
ATM-on-Wheels, India's first mobile ATM, launched in
Mumbai.
2003:
The first Integrated Currency Management Centre launched
in Pune. ICICI Bank announced the setting up of its first
ever offshore branch in Singapore. The first offshore
banking unit (OBU) at Seepz Special Economic Zone,
Mumbai, launched. ICICI Bank's representative office
inaugurated in Dubai. Representative office set up in China.
ICICI Bank's UK subsidiary launched. India's first ever "Visa
Mini Credit Card", a 43% smaller credit card in dimensions
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launched.
ICICI Bank subsidiary set up in Canada. Temasek Holdings
acquired 5.2% stake in ICICI Bank. ICICI Bank became the
market leader in retail credit in India.
2004:
Max Money, a home loan product that offers the dual benefit
of higher eligibility and affordability to a customer,
introduced.
Mobile banking service in India launched in association with
Reliance Infocomm. India's first multi-branded credit card
with HPCL and Airtel launched. Kisaan Loan Card and
innovative, low-cost ATMs in rural India launched.
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2005:
ICICI Bank and CNBC TV 18 announced India's first ever
awards recognising the achievements of SMEs, a
pioneering initiative to encourage the contribution of Small
and Medium Enterprises to the growth of Indian economy.
ICICI Bank opened its 500th branch in India. ICICI Bank
introduced partnership model wherein ICICI Bank would
forge an alliance with existing micro finance institutions
(MFIs). The MFI would undertake the promotional role of
identifying, training and promoting the micro-finance clients
and ICICI Bank would finance the clients directly on the
recommendation of the MFI. ICICI Bank introduced 8-8
Banking wherein all the branches of the Bank would remain
open from 8a.m. to 8 p.m. from Monday to Saturday.
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ICICI Bank introduced the concept of floating rate for home
loans in India. First rural branch and ATM launched in Uttar
Pradesh at Delpandarwa, Hardoi. "Free for Life" credit cards
launched wherein annual fees of all ICICI Bank Credit Cards
were waived off. ICICI Bank and Visa jointly launched mChq
– a revolutionary credit card on the mobile phone.
Private Banking Masters 2005, a nationwide Golf
tournament for high networth clients of the private banking
division launched. This event is the largest domestic
invitation amateur golf event conducted in India.
First Indian company to make a simultaneous equity offering
of $1.8 billion in India, the United States and Japan.
Acquired IvestitsionnoKreditny Bank of Russia. ICICI Bank
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became the largest bank in India in terms of its market
capitalisation.
2010:
Introduced a new product - 'NRI smart save Deposits' – a
unique fixed deposit scheme for nonresident Indians.
Representative offices opened in Thailand, Indonesia and
Malaysia.
ICICI Bank became the largest retail player in the market to
introduce a biometric enabled smart card that allow banking
transactions to be conducted on the field. A low-cost
solution, this became an effective delivery option for ICICI
Bank's micro finance institution partners. Financial
counseling centre Disha launched. Disha provides free
credit counseling, financial planning and debt management
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services.
Bhoomi puja conducted for a regional hub in Hyderabad,
Andhra Pradesh. ICICI Bank's USD 2 billion 3-tranche
international bond offering was the largest bond offering by
an Indian bank. Sangli Bank amalgamated with ICICI Bank.
ICICI Bank raised Rs 20,000 crore (approx $5 billion) from
both domestic and international markets through a follow-on
public offer. ICICI Bank's GBP 350 million international bond
offering marked the inaugural deal in the sterling market
from an Indian issuer and also the largest deal in the sterling
market from Asia. Launched India's first ever jewellery card
in association with jewelry major Gitanjali Group.
ICICI Bank became the first bank in India to launch a
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premium credit card -- The Visa Signature Credit Card.
Foundation stone laid for a regional hub in Gandhinagar,
Gujarat.
Introduced SME Toolkit, an online resource centre, to help
small and medium enterprises start, finance and grow their
business.
ICICI Bank signed a multi-tranche dual currency US$ 1.5
billion syndication loan agreement in Singapore.
ICICI Bank became the first private bank in India to offer
both floating and fixed rate on car loans, commercial
vehicles loans, construction equipment loans and
professional equipment loans. In a first of its kind, nation
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wide initiative to attract bright graduate students to pursue a
career in banking, ICICI Bank launched the "Probationary
Officer Programme". Launched Bank@home services for all
savings and current a/c customers residing in India
ICICI Bank Eurasia LLC inaugurated its first branch at St
Petersburg, Russia.
2011:
ICICI Bank enters US, launches its first branch in New York.
ICICI Bank enters Germany, opens its first branch in
Frankfurt.
ICICI Bank launched iMobile, a breakthrough innovation in
banking where practically all internet banking transactions
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can now be simply done on mobile phones. ICICI Bank
concluded India's largest ever securitisation transaction of a
pool of retail loan assets aggregating to Rs. 48.96 billion
(equivalent of USD 1.21 billion) in a multi-tranche issue
backed by four different asset categories. It is also the
largest deal in Asia (ex-Japan) in 2008 till date and the
second largest deal in Asia (ex-Japan & Australia) since the
beginning of 2010.
Page 69
CHAPTER-4
Product Profile:
 Various ICICI Life Insurance Plans.
Education Insurance Plans:
 Smart Kid New Unit-linked
 Regular Premium
 Smart Kid New Unit-linked
 Single Premium
 Smart Kid Regular Premium
Wealth Creation Plans:
 Wealth Advantage
 LifeStage Assure
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 LifeTime Gold
 LifeLink Super
 LifeStage RP
Premium Guarantee Plans:
 Invest Shield Life New
 Invest Shield CashBank
Protection Plans:
 Pure Protect
 Life Guard
 Save 'n' Protect
 Cashbook
 Home Assure
Retirement Solutions:
 Life Stage Pension
 LifeTime Super Pension
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 LifeLink Super Pension
 ForeverLife Plan
 Immediate Annuity
Health Coverage Plans
 Health Saver
 Medi Assure
 Hospital Care
 Crisis Cover
 Cancer Care
 Diabetes Care Active
 Diabetes Assure
ICICI Pru Group Solutions Advantage
 Group Super Annuation
 Group Gratuity Plan
 Annuity Solutions
 Group Term Insurance Plan
 Group Term Insurance in lieu of EDLI
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Rural Plans
 ICICI Pru Suraksha
 ICICI Pru Suraksha Kavach
Micro Insurance Plans
 ICICI Pru Sarv Jana Plan
Page 73
CHAPTER-5
5.1 S.W.O.T Analysis of ICICI Prudential Life Insurance:
 Strength:
 ICICI Prudential is One of the largest financial institutions of
India.
 Money power, which makes them ignorant about the gestation
period.
 Motivation factors provided by the Company.
 Service quality, which is the crux of their mission.
 A huge data base of corporate clients, retail customer, and bank
customers of ICICI.
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 Highest paid up capital deposited in IRDA, in comparison to all
players.
 Training provided to all people associating with ICICI
Prudential.
 Weakness:
 High targets for financial advisors and for the sales
departments.
 Many competitors in the market offer same product by the title
difference in the premium and offerings.
 Very huge premium of policies.
 Problematic to advisors also.
 Sustainable to risk associated with investments in money
market.
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 Opportunities:
 Health insurance and pension schemes, an estimated market
potential of approximately $15 billion.
 Tie up with more corporate agents all over India. And Tie up
with broker (agent) also.
 Strong brand of company helps to boost sales in market.
 Attract more people of providing customer centric products.
 Threats:
 Players like Bajaj and Birla Sun life with low premium for the
similar plans.
 People are not aware of different distribution channels.
 Threat from existing insurance players.
 Threat from new entrants.
 Changes in the policy of IRDA.
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5.2 Data Analysis And Interpretation:
Data Analysis:
Table showing classification of respondents according to occupation.

Particulars No. of Respondents Percentage
Job Holders 9 36%
Business Peoples 11 44%
Govt. Employer 5 20%
TOTAL 25 100
Graphical representation:
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Balance sheet Mar ' 2011 Mar ' 2010 Mar ' 2009
Owner's fund
Equity share capital 1,113.29 1,112.68 899.34
Share application
- - -
money
Preference share
350.00 350.00 350.00
capital
Reserves & surplus 48,419.73 45,357.53 23,413.92
Loan funds
Secured loans - - -
Unsecured loans 2,18,347.82 2,44,431.05 2,30,510.19
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Balance sheet Mar ' 2011 Mar ' 2010 Mar ' 2009
Total 2,68,230.84 2,91,251.26 2,55,173.45
Uses of funds
Fixed assets
Gross block 7,443.71 7,036.00 6,298.56
Less : revaluation
- - -
reserve
Less : accumulated
3,642.09 2,927.11 2,375.14
depreciation
Net block 3,801.62 4,108.90 3,923.42
Capital work-in-
- - 189.66
progress
Investments 1,03,058.31 1,11,454.34 91,257.84
Net current assets
Current assets, loans
34,384.06 31,129.77 23,551.85
& advances
Less : current
liabilities & 43,746.43 42,895.38 38,228.64
provisions
Total net current
-9,362.37 -11,765.62 -14,676.78
assets
Miscellaneous
- - -
expenses not written
Total 97,497.56 1,03,797.62 80,694.15
Page 79
CHAPTER-6
Financial Statements
6.1 Findings:
 Majority of the respondents believed that larger risk coverage of their policy
was the main feature that attracted them to buy that policy, low premium
was the next important feature.
 ICICI Prudential is the largest private player in the insurance industry in
India.
 Due to the increasing concern of people towards their health/life the life
insurance business has good prospects.
 There are few short term plans which are not known to the public.
 Company has high policy charges which are not affordable by the lower
middle and lower class people.
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 Out of total population of 1 billion of country, only 22% have insurance
cover.
So we can say that there is still large potential for both the public and
private companies. Private companies have to give varied customized
product to compete with the LIC which is holding about 97% of the total
market.
6.2 Suggestions:
 Most of the people are interested on Sum Assured and Additional benefits
and some people are interested in minimum premium, hence company has to
formulate those policies which are mostly preferred by customers and
prospects.
 Rural people are not interested and they are not understanding about life
insurance. So, if the company concentrates on rural area and to make
awareness of them, then they can assure their life of benefit.
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 Company should make their products flexible for the convenience of their
customer and the companies should now try to identify the gap between
current level of customer service and customer expectations..
 ICICI Prudential must recruit more of students and retired Advisors as they
are able to give sufficient amount of time for the work.
 The company must make efforts to remove the misconceptions that people
have about private insurance companies.
 The company should have a proper payment structure for Advisors.
 The company should make efforts to have a correct database to recruit
advisors.
 The company should preferable recruit advisors who have atleast 2-3 years
of experience in selling financial products.
 The recruitment policy must be similar to that of recruiting permanent
employees.
 The company should devote sufficient time towards training and
development of the advisors.
 Simplify documents wherever necessary, without loosing control.
 Enhance post sales services in such areas as sending all renewal notice in
time, expeditious settlement of claims and refunds etc. customize products to
cater to the needs of each individual.
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 Emphasize with the customer. Employees coming in contact with customers
must
 show courtesy and good behavior
Page 83
CHAPTER-7
7.1 QUESTIONNAIRE:
1. Name:
________________________________________________________________
Address:
__________________________________________________________________
__________________________________________________________________
__________________________________________________________________
Contact No: _________________________________
1. Age
A. Less than 25 B. 25 – 35
C. 35-45 D. 45 and above
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2. Occupation
A. Business B. Job holder
C. Professional D. Other

3. What is your average annual income?
A. Up to 1 lakh C. 3 lakhs to 5 lakhs
B. 1 lakh to 3 lakhs D. 5 lakhs and more

4. Your family size

A. below 5 members
B. 5 – 10 members
C. above 10 members

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5. According to you, life insurance is,
A. A Tax Saving Plan U/S 80 C or 80 D
B. A saving scheme with good return
C. A financial security for the family
D. Risk coverage
E. All the above
F. Any Other _____________________
6. Have you taken any life insurance product of ICICI Prudential Life
insurance?
YES / NO If YES

Which are in these?
A. Unit Linked Insurance Plan
B. Endowment / Cash Plus / Cash Back Plan
D. Children Educational Plan
Page 86
E. Pension / Annuity Plan
F Health Plans
G. Others __________________

7. Are you aware of the benefits in your policy?
Yes / No
If YES, what are they? A. Sum assured B. Additional
benefits
C. Maturity date D. Risk coverage
8. Any suggestion for ICICI Prudential Life Insurance?
Thank you for sparing your valuable time.
Signature:
Date:
Page 87
CHAPTER -8
8.1 BIBLIOGRAPHY:
1. http://www.iciciprulife.com
2. http://www.google.com
3. http://www.wikipedia.com
Page 88
8.2 CONCLUSION:
There is no equivalent way to learn things than learning it practically.
Everyone learns from his mistakes, on experience. The practical experience is an
entirely different aspect when considered about what we learnt in classroom. This
summer training report would reveal the various learning process. I have learned
some of the key things like how to behave in the organization? , How to talk with
customers? , how to communicate with senior officials?
I would like to convey my regards and sincere thanks to Mr. Anuj Jindhal (Sales
Manager) of ICICI Prudential Life Insurance, guidance throughout my internship
period and also for helping me to complete my internship training successfully.
I would like Conclude that ICICI Prudential Life Insurance provided me
with a very good friendly learning environment; they are equipped with high
quality infrastructure, pantry Facilities combined with neat and clean environment.
____________________________________
Page 89

Marketing of Insurance in ICICI Prudential Life Insurance

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Marketing of Insurance in ICICI Prudential Life Insurance

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A study on ‘Marketing of Insurance’.

I would like to express my sincere thanks to Mr. Anuj Jindhal Sales

Manager of ICICI Prudential Life Insurance Company Limited, for permitting me

to do my project work in their esteemed organization.

I respectively express my indebtedness for this encouragement and keen

interest throughout the course of project work.

I am grateful to ICICI Prudential Life Insurance Company Limited, Bijnor

I finally extend my whole hearted thanks to all my family members and

INTRODUCTION & HISTORY OF ICICI PRUDENTIAL LIFE INSURANCE

CHAPTER-1 Introduction Of Study:

1.1 Objectives of the study.

1.2 Research methodology.

1.3 Scope of the study.

1.4 Limitation of the study.

CHAPTER-2 Introduction Of ICICI Prudential Life Insurance:

2.1 Overview of the Life Insurance Sector in India.

2.2 Principles and Types of Insurance.

2.3 IRDA- the Watch dog.

2.4 Insurance Marketing.

CHAPTER-3 Industry Profile:

3.1 Company Profile.

3.2 Company Promoters.

3.3 Company Vision & Mission Statement.

3.4 Board of Directors.

3.5 Awards and Recognitions.

3.6 Organization Structure.

3.7 Various Players in Indian Market.

CHAPTER-4 Product Profile:

 Various ICICI Life Insurance Plans.

CHAPTER 5 5.1 Swot Analysis

5.2 Data Analysis and Interpretation

CHAPTER-6 Financial Statements

CHAPTER-7 Findings and Suggestions

Questionnaire & Bibliography

INTRODUCTION Of ICICI Prudential Life Insurance:

Marketing is an assessment, ascertainment, and fulfillment of consumer

in the face of keen competition.

As a corporate state of mind which insists integration and co-ordination of

needs and wants.

ICICI Prudential Life Insurance Company is a joint venture between ICICI

international financial services group headquartered in the United Kingdom. While

advisors and 6 branch assurance partners. ICICI Prudential Life Insurance

anniversary on 12th December 2010. Given below is a list of plans provided by

ICICI Prudential Life Insurance Company:

Unit linked insurance plans (ULIPs) are a category of goal-based financial

creation opportunities. In ULIPs, a part of the premium goes towards providing

turn, are invested in stocks or bonds.

Life Insurance Plans

product available at extremely affordable prices. In this type of a policy, an

and interest, is paid back to the deceased's family.

 ICICI Pru iProtect

 ICICI Pru Pure Protect

 ICICI Pru LifeGuard

 ICICI Pru Home Assure

ULIP Wealth Plans

 ICICI Pru LifeStage Wealth II

 ICICI Pru Pinnacle II

 ICICI Pru LifeTime Premier

 ICICI Pru Life Link Wealth SP

 ICICI Pru Pinnacle Super

Traditional Wealth plans

 ICICI Pru Future Secure

 ICICI Pru Guarenteed Savings Insurance Plan