A

Project Report on
“Recruitment of financial advisor for selling the
financial product of ICICI Prudential Company”
As a partial fulfillment for the award of PGDM
Degree under
AICTE (2008 - 2010)

Submitted to: Submitted by:

“Mr. Sidharth Kaul” Vikash Kumar

Roll No. PGD08114

 To Whom It May Concern
This is to certify that Mr./Ms. Saurabh Kumar Roll Number PGD08093 of
PGDM III term is a bonafide regular student of this institute for the session
2007 – 2009.

Recruitment of
He/ She have completed the project report titled

financial advisor for selling the financial product of

ICICI Prudential Company under my supervision, as a part of
partial fulfillment for the award of PGDM Degree under AICTE. His/ Her report
is satisfactory and not copied from anywhere to the best of my knowledge.
Date:

Signature

Project
Supervisor

Signature
Head of the Department
 ACKNOWLEDGEMENT

I take this opportunity project to place on record my grateful thanks and sincere
gratitude to all those who gave valuable advice and inputs for my study. My study
could not have been completed if I had not been able to get the reference materials
from the company.

I am immensely grateful to my esteemed guide Mr. Navneet Mishra whose continued

and invaluable guidance can never be forgotten by me but without whom this study
could not have got present shape.

The success of this project is because of the co-operation of all. I don’t take credit for
this achievement but take the responsibility for my mistakes and inaccuracies and
finally as well as I thank god for being so kind to me and blessing me with you all.

Saurabh Kumar

PREFACE

Over a period of time markets for goods and services have undergone phenomenal
change. These changes are characterized by economical, social, and technological
advances. Along with the dynamic socio-economic conditions, business firms have
also come across problems and threats of increasing competitions, rapid
obsolescence of machines and technology, changing customer tastes and
preferences, government intervention etc.
The importance of management is being realized in industrial and non
industrial organization both in India and abroad. To cater the need of those giant
business corporations, several institutes are performing the remarkable job of
imparting the education.
In the light of these changes, especially increasing competition and policy of
protection for certain sectors and markets by various governments. The opportunity
of attracting the customer and retaining them is getting tough day by day. The
marketing function on which the life line of any organization is dependent on various
factors like:
• Ability to satisfy the customer demand and taste

• Meeting the deadlines

• Providing prompt after sales service

• Timely response to customer complaints

• Providing sufficient inventory in various markets

Since I got the golden opportunity to work in ICICI Prudential I came across the
various aspects. During my training, I have made a useful attempt so as to meet the
project brief as given to me and that the project would be able to deliver desired
results that can benefit ICICI Prudential Company in incorporating those results while
formulating their marketing strategies for recruiting certified financial consultant. This
will help company to reduce the cost and utilize the best practice to fulfill its
marketing goals.
Objective:-

As a leading insurance company, we are commited to providing the best

possible service for our clients. Since the establishment of the company, we have
set a number of long term strategic goals.

We are keen to achieve. On top of our goals is to build a strong loyal customer
base that we always try to enrich by providing the best services at competitive
costs. We have broadened our range of services over the years, in order to reach
out for more customers and meet their precise needs.

One of the main objectives of the company is to maintain a stable financial

position in the market along with a stable growth in capital over the years.
 HISTORY

THE COMPANY
ICICI PRUDENTIAL Life Insurance Company is a joint venture between ICICI Bank, a
premier financial powerhouse and prudential plc; a leading international financial service
group headquarters in United Kingdom. I t was the first private sector insurance
companies to begin operations in December 2000 after receiving approval from
Insurance Regulatory Development Authority .

ICICI Pru equity base stands at Rs 675 crore with ICICI Bank and prudential plc holding
74% and 26% stake respectively. In the year ended March 31, 2004 the company had
issued 4,30,000policies for a total sum assured of over Rs 8000 crore and premium
income in excess of Rs 980 crore. Today the company is the #1 private life insurers in
the country.

ICICI BANK
(NYSE:IBN) is India’ssecond largest bank with an asset base of Rs 106812 crore. It
provides a broad spectrum of financial services to individuals and companies. This
includes mortgages, car and persona 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 bondholder accounts through a multichannel access
network. This includes about 450 branches and extension centers’, 1675 ATM’s, call
centre and internet banking. ICICI Bank is the only Indian company to be rated above
the country rating by the international rating agency Monday’s and the only Indian
company to be awarded an investment grade international credit rating. The Bank
enjoys the highest AAA rating from all the leading Indian rating agencies.

PRUDENTIAL PLC
Established in 1884 prudential plc is the leading international financial services
company in the UK with around US $250 billion funds under management and more
than 16 million customers worldwide. It integrates a vast range of financial services
products that includes life assurance, pensions, mutual funds, banking, investment
management and general insurance. In Asia, prudential is the UK’s largest life
insurance company with a vast network of 22 life and mutual fund operation in twelve
countries – China. Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Philippines,
Singapore, Taiwan, Thailand and Vietnam. Since 1923 prudential has championed
customer centric products and services supported by over 60,000 staff and agents
across the region.

The ICICI Prudential Edge

The ICICI Prudential edge comes from our commitment to our customers, in all that we
do - be it product development, distribution, the sales process or servicing. Here's a
peek into what makes us leaders.

1. Our products have been developed after a clear and thorough understanding of
customers' needs. It is this research that helps us develop Education plans that offer the
ideal way to truly guarantee your child's education, Retirement solutions that are a
hedge against inflation and yet promise a fixed income after you retire, or Health
insurance that arms you with the funds you might need to recover from a dreaded
disease.

2. Having the right products is the first step, but it's equally important to ensure that our
customers can access them easily and quickly. To this end, ICICI Prudential has an
advisor base across the length and breadth of the country, and also partners with
leading banks, corporate agents and brokers to distribute our products .

3. Robust risk management and underwriting practices form the core of our business.
With clear guidelines in place, we ensure equitable costing of risks, and thereby ensure
a smooth and hassle-free claims process.

4. Entrusted with helping our customers meet their long-term goals, we adopt an
investment philosophy that aims to achieve risk adjusted returns over the long-term.

5. Last but definitely not the least, our team is given the opportunity to learn and grow,
every day in a multitude of ways. We believe this keeps them engaged and enthusiastic,
so that they can deliver on our promise to cover you, at every step in life.
It has become an increasing trend for younger generations to travel overseas in order to
earn and save money. At ICICI Prudential, we understand this trend, and provide a full
range of NRI insurance for your loved ones back in India.

Investing in NRI insurance means you never have to compromise the safety and
security of your family back home; your savings from your time overseas can be easily
channeled to meet your family's needs, both now and for the future. Whether it's your
dream to retire in your hometown, to secure funds for your children's education, or just
to build assets to ensure your family’s continued happiness, ICICI Prudential has a
range of NRI insurance solutions that can be customized to meet your needs.

• Life Insurance
• Retirement Solutions
• Health Solutions

VISION

Our vision
To make ICICI Prudential the dominant life insurance and pension player built on trust
by world class people and service.

This we hope to achieve by:-

• Understanding the needs of customers and offering them superior products and
services
• Leveraging technology to service customers quickly, efficiently and conveniently.
• Developing and implementing superior risk management and investment.
• Providing and enabling environment to grow faster and learning for our
employees.
• Building transparency in all our dealings

We do believe that we are on the threshold of an exciting new opportunity where we can
play a significant role in defining and reshaping the sector. Given the quality of our
parentage and the commitment of our team there are no limits to our growth.

MAJOR PLAYERS

 ICICI PRUDENTIAL LIFE INSURANCE

 LIFE INSURANCE CORPORATION

 HDFC LIFE INSURANCE

  MAX NEW YORK LIFE

 AVIVA LIFE INSURANCE

 BAJAJ ALLIANZ

 ACE INSURANCE

 SBI LIFE

 OM KOTAK

Of Parents and Partners :-

The industry believes ICICI Prudential has a big advantage in that it can leverage the
customer base of its parent ICICI Bank. Says a competitor, "ICICI Bank is the largest
private sector bank in the country and they have strong relationships with customers."

Bajaj Allianz, for instance, didn't have that advantage. Bancassurance today fetches
about 27 per cent of ICICI's premium; apart from ICICI Bank, the insurer sells through
Bank of India, Federal Bank , South Indian Bank and some co-operative and rural
banks.

According to Saurabh Tripathi, partner and director, The Boston Consulting Group, it is
distribution that is the key to getting volumes across the spectrum of retail products.
Says he, "Companies that have focused on distribution have been the winners because
product differentiation is difficult in a market where it is easy to copy."

If ICICI's parent has played a key role in its success, so has its partner. Says KPMG's
Aggarwal, "There aren't too many joint ventures that work well but in this instance, each
of the partners appears to have managed to leverage the strength of the other and work
as a team."

Adds Seshadri Sen, strategist at Macquarie Securities, "Prudential has built up a

successful business in Asia and is committed to India. Moreover, ICICI is aggressive, so
the marriage has worked well." ICICI, for instance, has drawn on Prudential's
experience in the area of products and actuarial knowledge

COMPANY NETWORK

DISTRIBUTION
ICICI Prudential has one of the largest distribution networks among private life insurers
in India having commenced operations in 58 cities and towns in India. These are –
Agra,Ajmer,Allahabad, Amritsar, Aurangabad, Banglore, Bhatinda, Bhopal,
Bhubhaneshwar, Calicut, Chandigarh, Chennai, Coimbatore, Dehradun, Goa, Guntur,
Gurgaon, Hyderabad, Hubli, Indore, Jaipur,Jalandhar, Jamnagar, Jaipur, Kanpur,
Karnal, Kota, Kolkata, kottayam, Lucknow, Ludhiana, Madurai, Manglore, Meerut,
mumbai, Nasik, Noida, New delhi, Patna, Raipur, Rajkot, Ranchi, Surat, Thane,
Thrissur, Trichy, Trivandrum, Udaipur, Vadodra, Vashi, Vijaywada, vizag.
The company has 11 bank assurance tie ups having agreements with ICICI Bank,
Federal Bank, South Indian Bank of India, Lord Krishna Bank and Punjab and
maharashtra Co-operative Bank, Paraspar Sahakari Bank, Manipal State Co-operative
Bank, Shamrao Vithal Co-operative Bank and Jalgaon People’s Co-operative Bank as
well as some corporate agents. It has tied up with the organisations like Dhan for
disrtibution of Salaam Zindagi, a policy for the socially and economically
underpriviledged sections of the society.
ICICI Prudential has recruited and trained over 32,000 insurance advisor to interface
with and advise customer further, it leverages its state of the art infrastructure to provide
superior quality of service to customers.

PRODUCTS RANGE

Insurance Solutions for Individuals

ICICI Prudential Life insurance offers a range of innovative, customer centric product
that meets the needs of the customer at every stages of life. Its 17 products can be
enhanced with up to 6 riders, to create a customized solution for each policyholder.

Savings Solutions
• Secure plus is a transparent and feature packed savings plan that offers 3 levels
of protection.
• Cash plus is a transparent, feature packed savings plan that offers 3 level
protections along with adequate returns.
• Saven protect is a traditional endowment, a saving plan that offers life protection
along with adequate returns.
• Cash back is an anticipated endowment policy ideal for meeting milestone
expenses like a child’s marriage, expenses for a child higher education or
purchase of an asset.

Protection Solution
 • Life guard is a protection plan which offers life cover at very low cost. It is
available in 3 options – level term assurance, level term assurance with return of
premium and single premium

Child Solution
• Smart kid child plans guarantee a educational benefits a child along with life
insurance cover for the parent who purchases the policy. The policy is designed
to provide money at important milestone in the child life. It is also available with in
unit linked from both single premium and regular premium.

Group superannuation plan

ICICI pru offers a flexible defined contribution superannuation scheme to provide a
retirement kitty for each member of the group. Employees has the option of choosing
the various annuity options or opting for a partial commutation of the annuity at the time
of retirement.

Group Term Plan

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 or rank or a multiple of
salary. The benefit under the policy is paid to the beneficiary nominated by the member
of his/her death.

Flexible Rider Options

ICICI Pru life offers flexible riders which can be added to the basics policy at a marginal
cost depending on the specific needs of the customer.

• Accident and disability benefit: if death occurs as the result of an

accident during the term of policy, the beneficiary receives an additional amount
equal to the sum assured under the policy. If the death occurs while travelling in
 an authorized mass transport vehicle the beneficiary is entitled to twice the sum
assured as additional benefit.

• Accident benefit: this rider option pays the sum assured under the rider on
death due to accident.

• Critical illness benefit: protects the insured against financial loss in the
event of 9 specified critical illness. Benefit are payable to the insured for medical
expenses prior to death.

• Income benefit: the rider pays the 10% of the sum assured to the nominees
every year till maturity in the event of the death of the life assured. It is available
on smart kid, secure plus and cash plus.

Market linked solution

• Life link II is a single premium market linked insurance plan which combines life
insurance cover with the opportunity to stay invested in the stock market.
• Life time II offers customers the flexibility and control to customize the policy to
meet the changing need sat different life stages. It offers 3 investment options –
growth plan, income plan and balanced plan.

Retirement Solutions
• Forever life is a retirement product targeted at individuals in there thirties.
• Secure plus pension is a flexible pension plan that allows one to select between
3 levels of cover.
Market linked retirement products
• Life time pension II is a regular premium market linked pension plan.
• Life like pension II is a single premium market linked pension plan.

ICICI prudential has launched “Salaam Zindagi” a social sector group insurance policy
targeted at the economically underprivileged sections of the society.

Group Insurance Solutions

ICICI prudential also offers group insurance solutions for the companies seeking to
enhance benefits to their employees.

Group Gratuity Plan

ICICI pru’s group gratuity plan helps employers fund their statutory gratuity obligation in
s scientific manner. The plan can also be customized to structure scheme that can
provide benefits beyond the statutory obligations.

Life Insurance:
According to the U.S. Life Management Association inc life insurance is defined as “
Life insurance provide a sum of money if the person who is insured dies whilst he
policy is in effect.”

Need of insurance:
Today the need of life insurance has raised , every one ask for a life insurance, some of
the following points throw light on the need of the insurance.

Temporary need / threats:

The original purpose of life insurance an important element, namely providing for
replacement of income on death.

Regular Saving:
Providing one’s family and oneself as a medium to long term exercise. This has
become more relevant in recent times as people seek financial independence from their
family.

Investment:
Put simply, the building up of savings while safeguarding it from the ravages of inflation.
Unlike regular saving products, investment products are traditionally lump sum
investment where the individual makes a one time payment

Retirement:
Provision for one’s owns later years become increasingly necessary, especially in a
changing cultural and social environment. One can buy a suitable insurance policy,
which will provide periodical payment in one’s old age.

It is superior to traditional saving vehicles:

As well as providing a secure vehicle to build up saving, it provides peace of mind to the
policyholder, in the event of untimely death, of say the main earner in the family, the
policy will pay out the guaranteed sum assured, which is likely to be significantly more
than the total premiums paid with more traditional savings vehicles, such as fixed
deposits, the only return would be the amount invested plus any interest accrued.
It encourages savings and forces thrift:
Once an insurance contract has been entered into, the insured has an obligation to
continue pating premiums, until the end of the term of the policy, otherwise the policy
will lapse. In other words, it become compulsory for the insured to save regularly and
spend wisely.

It provides easy settlement and protection against creditor:

Once a person is appointed to receive the benefits a claim under the life insurance
contract can be settled easily.

It helps to achieve the purpose of the life assured:

If someone receives a large sum of money, it is possible that they may spend money
unwisely or in a speculative way. To overcome this, the person taking the policy can
instruct the insurer that the claim amount is given in installment.
For e.g. - If the total amount to be received by the dependent is Rs 2,00,000 say Rs
50,000 can be taken out as a lump sum and the balance paid out is smaller installment,
say Rs 5,000 per month.

It can be encashed and dacilitated borrowing

Some contract may allow policy can be surrendered for cash amount, if a policyholder is
not in the position to pay the premium.
A loan, against certain policies, can be taken for a temporary period to tide over the
difficulty. Some lending institution will accept a life insurance policy as collateral for a
personal or commercial loan.

Tax Relief
The policyholder obtains income tax rebates by the insurance premium. The specified
forms of saving which enjoy a tax rebate, under section 88 of the income tax Act include
Life insurance premium and contribution to a recognized provident fund etc.

BENEFITS OF INSURANCE :-
Insurance is the instrument of security, saving and peace of mind. It provides several
benefits by paying a small amount of premium to an insurance company as :

• Safegaurd oneself and one’s family for future requirements

• Peace of mind in case of financial loss
• Encourage saving
• Tax rebate
• Protection from the claim made by the creditors
• Security against personal loans, housing loans or other types of loans
• Provide protection cover to industries, agriculture, women and child.

• The table below gives a general guide to the plans that are appropriate for different life stages.

Life Stage Primary Need Life Insurance Product

Young & Single Asset creation Wealth creation plans

Young & Just Wealth creation and mortgage protection

Asset creation & protection
married plans

Children's education, Asset Education insurance, mortgage protection

Married with kids
creation and protection & wealth creation plans

Middle aged with Planning for retirement & asset Retirement solutions & mortgage
grown up kids protection protection

Across all life-stages Health plans Health Insurance

Role of Insurance in the Development of the Economy

Every rupee invested in the life insurance contributes in three ways to the development
of the economy:-
(A) Firstly, it relieves those insuring from the worry and anxiety they may have
about how they or their family would meet the cost of certain events, such as
the marriage of the children, the premature death of the main income provider
or maintaining a regular income in their retirement. If an individual is free from
worries he can perform better in his job, which helps the economy.

(B) Secondly, it directs people’s savings. The insurer these funds in various
business enterprise, government bonds, and loans to public and private
projects including infrastructure and socially oriented projects. Thus, the
insurance premium provides the much needed funds for the development of
the nation’s economy.

(C) Thirdly, these savings act as an Anti inflationary force in the nation’s financial
structure. Inflation happens when price of goods go up. One of the causes is
when a lot of buying takes place, due to the spending of a major portion of
income by people.
MALHOTRA REPORT 1994

The government of India appointed a committee under the chairmanship of late R N

Malhotra, popularly known as Malhotra Committee for suggesting reforms in the
insurance sector. The committee submitted its report recommended that:-

1. Government stake in the insurance company to be brought to 50%. All the

insurance companies should be given greater freedom to operate.
2. Private companies with a minimum paid up capital of Rs 1 bn should be allowed
to enter the industry. No companies should deal in both life and general
insurance through a single entity. Foreign companies may be allowed to enter the
industry in collaboration with the domestic companies.
3. The insurance Act to changed. The committee felt the need to provide greater
autonomy to insurance companies in order to improve their performance and
unable them to act as independent companies with economic motives. For this
purpose, it proposed setting up an independent regulatory body.
Based on the above recommendations of the Malhotra Committee the Insurance
Regulatory Authority was set up in January 1996, the word “development” was added
later and the IRDA was passed.

I.R.D.A ACT
Role of IRDA: IRDA is a revolutionary peace of legislation. The IRDA was
established to regulate and promote and ensure ordely growth of the life and general
insurance industry.
The authority consists of the following members:-
1. A chairperson

2. Not more than 5 whole time members

3. Not more than 4 part time members

The members would be appointed by the central government, the tenure of the
chairperson and members would be 5 years.

Function
1. To exercise all power and function of controller of insurer

2. Protection of the interests of the policy holder

3. To issue, renew, modify, withdraw or suspend certificate of registration

.
4. To specify requisite qualifications and training for insurance intermediaries

.
5. To promote and regulate profession organizations connected with insurance.

6. To conduct inspection/investigation etc

.
7. To prescribe method of insurance accounting

8. To regulate investment of fund and margins of solvency

 9. To adjudicate upon disputes

10. To conduct inspection and audit of insurers. Intermediaries and other

organisation concerned with insurance

RESEARCH METHODOLOGY

Research is defined as a scientific and systematic search for pertinent information on a

specific topic. The function of marketing research is to provide information, which assist
marketer in recognizing and reacting to the marketing oppurtunities and problems in
researchers mix managers to take the better decisions.
Research methodology is a way to systematically solve the research problem. It has
many dimensions and methods which constitute a part of reseach methodology
When we talk of research methodology we do not only talk of research methods but
also consider the logic behind these methods we use in the context of our research
study. This we explain by using a particular method or technique. The knowledge of
research study provide good training to new reseach worker and enables to do
betterdecision. The study of the research methodology give the student the necessary
training in the techniques for the collection of data to particular problems. Research
methodology helps in the use of questionnaire and controlled experimentation and in
recording evidence and interpreting it.

RESEARCH PROCESS
The research process consists of seriesof actions and steps necessary to effectively
carry out research and the desired sequencing of these steps. The research process
consists of eight steps.

RESEARCH DESIGN
The efforts were to inculcate a many agent or financial advisor of various company as to
evince the deep information and facts regarding the market mechanism and financial
consultant perception about ICICI prudential company available in the market.

DATA COLLECTION METHOD

Primary sources:-
(a) Direct integration with different agents
(b) Integration with company distributors and company personnel
(c) Integration with various customers

Secondary data:-
(a) From the company website, brochures of various products available in the
market
(b) From the competitors website
(c) From various newspapers and magazines

SAMPLING:-
This method is used to know the opinion of the financial advisor regarding company and
what are the changes they want in the company.

SAMPLE SIZE DISTRIBUTION :-

A sample size of 100 individual was determined on a random basis, which existed in
Delhi & NCR.

FIELD WORK:-
It includes the following –

(a) ROUTE RIDING :- I spent the time in market and different insurance
company’s office for collecting the information of the company at different
ICICI Prudential company offices and knowing the opinion of the financial
advisor.
(b) DATA COLLECTION: - I covered the different offices in Delhi and NCR
interactions with the financial advisor provide me experience and knowledge.
It also helped me to get information regarding customer choice and their
taste. It helped me out in making my report regarding the customer perception
and their satisfactionlevel and also about their taste and preferences and
what should be done to overcome those problems.

DIRECT INVOLVEMENT:-
It helped me knowing the problem of the financial advisor and market which helped the
company to know it’s strength and weaknesses.

RESEARCH INSTRUMENTS:-
(a)Observation:- Careful observation of all the offices were done where ICICI
Prudential Company financial advisor are taking liscences along with other companies
and questions were asked form financial advisor why they prefer to take liscences form
other companies.
(b) Questionnaire: - Structure non disguised questionnaire and structured
disguised questions has been asked from the respondents to collect information about
company products and their performance level.
The questions were asked to achieve the dedired objectives –

• Who are the competitors of the company?

• Are products of the company satisfactory?
• What is the customer perception regarding the products of the company and it’s
brand image?
• Does company solve their complains completely?

Filling the Questionnaire :-

Filling of the questionnaire by various individuals from the age group of 15-35.
The commencement of the field work included the process of getting the questionnaire
filled up and also getting all the relevant information regarding the visibility of ICICI
Prudential Company for future business decisions,
Data Analysis and interpretation

Q1. Are you an existing license holder of ICICI Prudential ?

Ans:

Q2.Are you interested to join the ICICI Company as a financial advisor?

Ans:
Q3.If yes, then what factor do you consider to join ICICI Prudential company ?
Ans:

Q4. If no, then what factor do you consider to not joining the ICICI Prudential
Company ?
Ans:
Q5.Do you think that the existing product of ICICI prudential can compete with other
company?
Ans:

Q6. Which among the following product lines of ICICI Prudential is known to you?
Ans:
Q7.Do you think that you can convince the customer to take the product of ICICI
Prudential Company?
Yes:

Q8.Whom do you think to be the toughest competitor for ICICI Prudential Company?
Yes:
Q9.From where did you come to know about ICICI prudential company?
Yes:
Q10.How do you rate to ICICI Prudential Company?

{A}PRODUCT LINE

{B} CUSTOMER SERVICE

{C} BRAND IMAGE

{D} COMMISSION RATES

{E} OTHER BENEFITS

LIMITATIONS :-
As we all know thatfor every good work there should be some leakage also. Here
leakage means some drawbacks. What I found in my quest summer training which are
expected to be as follows :-

• Lack of proper advertisement over market

• Growing awareness is very low
• Segmented area is very specific
• Database is always dependable
• Network over the work is very exhaustive
• Company always believes their own channel
• All advisors are not equal in nature
• To some extent show off strategy is going on
• Flow of information moves very slow
• No one has supreme authority for making any kind of decision
FINDINGS
• Most of the people believe in LIC because it is a semi government corporation
• People do not believe in private sector company so that they are not interested
to invest their money in private insurance company.
• To motivate people for doing a job as a financial advisor in ICICI
PrudentialCompany is very complicated.
• There is lack of branches in rural areas
• The rate of commission for financial advisor is less than other company.
• Influence of media is low on ICICI Prudential Company.
• It can do better improvement in future.
• Management of ICICI is better than LIC
• People believe that ICICI Co has average product line to keep in mind the
customer satisfaction.
• Customer service of ICICI Pru is excellent.
• People believe that LIC is the toughest competitor of ICICI Pru.

RECOMMENDATIONS
 • Company’s sale executives should have constant touch with the financial
advisor in customers to get the direct information about the latest market
development.
• The company should advertise more through print media and television media.
This can be costly for them, but it helps to increase the awareness of the
company.
• Company should open more branches in Delhi and other regions especially rural
areas.
• Product and policies of the company should me more customer centric and
flexible.
• Commission rates for the advisor should be increased.
• Bonuses should be provided to the customer within time.
• The company should offer higher margin to the dealers to motivate them.
• The company should offer higher margin to the dealers to motivate them.
• The company should increase its producr range and include some new and
innovative products.
• Company should keep pace wih the changing taste of customers.
• The company should go for more aggressive marketing strategy.

SOLUTIONS AS PER THE PROBLEMS :-

• Try to know the reason for being not interested.

• Tell them it is quite possible any of his/her relatives can take that liscence and
that eligible person will actually work on behalf of his/her.
 • Try to make them aware as much as possible regarding product life, which is
best in the market like lifetime pension, smart kids
• Convince them by saying that we also have an evening classes or online training
programme.
• If a personwill make one policy he/she will be able to earn that much of money by
means of commission not only that during period of IRDA.
• Through this a person can earn a good initiative price increasing with the addition
of more under one.

CONCLUSION

Market Expansion:-
There has been an all over expansion in the market. This has been possible due to
improved awareness levels thanks to the large number of advertising companies
launched by the player. The scope of expansion is still unlimited as virtually all the
players are concentrating on large cities and towns except by LIC to an extent there
was no significant attempt to tap the rural market.

New Product Offering:-

There has been a plethora of new and innovative products offered by the new players,
mainly for the stable of their international partners. Customer is offered unbundled
products with a variety of beneits as riders from which they are choose. More
customers are buying products and services based on their need and not just long term
protection and saving. However, there are still some key products yet to be introduced
like Health products.

CHANNELS OF DISTRIBUTION :-

Till two years back, the only mode of distribution of life insurance products through
agents. While agents continue to be the predominant distribution channel, today a
number of innovative alternatives channels are being offered to consumers. Some of
them are bank assurance, broker, the interest and the direct work in India could lea to
bak assurance emerging as a significant distribution channel mechanism.
Insurance Plans

ICICI Prudential has a wide array of insurance plans that have been designed with the philosophy that
different individuals are bound to have differing insurance needs.

The ideal insurance plan is one that addresses the exact insurance needs of the individual that will depend
on the age and life stage of the individual apart from a host of other factors.
Life Insurance Plans:
Under Life insurance plans, ICICI Prudential offers plans under the following major need categories:

• Education Insurance Plans

• Wealth Creation Plans

• Premium Guarantee plans

• Protection Plans

Pension & Retirement Solutions:

The primary objective of a pension plan is to help you provide for your financial needs in your post
retirement years. You will find a Pension Planning Calculator on the site, meant to make your pension plan
review as simple as possible. The calculator is the first step in your Pension Plan scheme, there are othe
steps towards getting the Indian pension policy

Health Product Suite:

Under Health Product Suite, ICICI Prudential offers plans under the following major need categories:

Hospitalisation Plans

• MediAssure
 • Hospital Care

Critical Illnessl Pans

• Crisis Cover

Cancer Products

• Cancer Care

Diabetes Products

• Diabetes Care Active

• Diabetes Assure

PROCEDURE :-
The whole procedure of my job has been described in following steps. They are-
1. Firstly, we were provided with the database. It is also called lead of the
customers.
2. Then we have to pick one from the database randomly who were more
keen towards the policy.
3. We then use to give a call to them and fix an appointment for the meeting.
4. Then we use to approach that person.
5. To sell the policy it is a task of winning the heart of the customer.
6. When the person is ready we give me the form to fill it with necessary
information.
7. When he is done with the form and after submission , I took a reference
from them .
8. Then the call is closed and one lead has been made.
FINANCIAL ADVISOR:-
They are the investment advisers or the and financial planners who take a
holistic view of the client’s financial needs and goals. Some financial advisors
specialize in serving individual clients and others concentrate on business clients.
Business clients who require additional and specialized advice and service may
prefer financial advisor of detailed knowledge in these areas.

Qualification:-
A bachelor’s degree is required for a financial advisor. However, a course work
in finance , economics and accounts is an added boost.

Duties and Responsibilities :-

Financial advisorscounsel clients on investment opportunities, consonant with
the latter’s needs, goals and tolerance for risk. The job requires keeping abreast
of the financial markets, constantly monitoring the specific investments in clients’
portfolios, and being on top of new investment strategies and investment vehicles.
Financial advisors must be confident about decision-making under uncertainty and
under extreme time pressure, have excellent people and communication skills, and
know how to deal with failure and with dissatisfied clients. Success is highly
dependent on sales ability, both in the acquisition of new clients and in the pitching
of investment ideas to existing clients.

FUNCTIONS OF ADVISOR :-
Advisors provide ongoing financial advice for his client or prospect. In
our official term a prospect is a person who can buy life insurance from
 us . The advisors study the prospects need and persuade them to buy a
policy. Complete all formalities for proposal of new insurance, including
filling up forms. Arranging medical examination , collecting proofs,
reports and information required by the under writer.
After having sold a new policy, the advisor has to ensure that the
policy continues. Without laps till it becomes a claim. As an advisor you
contribute in bringing new business for the company offer world pre and
post sales service to the clientswith support of the organisation.

MY TASK :-
I have done the work to analyse all these functions to the advisors. I
discussed these with the advisors so that he can understand what they
are supposed to do after becoming an advisor.

ROLE OF AN ADVISOR :-
• Identify future plans and prospects

• A aMaking appointment

• Conduct financial review meeting with the prospect

• Close sale

• Get referral

• Provide service to client and prospect

• Follow internal sales and reporting system

OPPORTUNITIES :-
• No start up capital is required to becoming a advisor

• Flexible working environment

• Be his or her own boss

 • Unlimited earning potential

• To be part of the world class team

ICICI Pru has given the following benefits to the individual who are willing
to join as an advisor in our company.
• MONEY

• ENDOWMENT

• UNIT LINK

• PENSION

In ICICI Pru each point is recognized by equal amount of rupees and this
quality is determined at the begening of the year of the company. This
year one point is amounted to twelve rupees. Before the year ending total
points multiplied by the rupee and the amounted sum is used to buy the
gift for that advisor.

Most preffered profiles to recruit as advisors/agents :-

• Housewives

• Income tax consultants

• Chartered Accountants

• Automobile dealership

• Credit and company

• Telecom

• Mutual fund

• Doctors
 • Teachers

• VRS Holders

• Post office agents

• Businessman

• Stock brokers

People from these profiles usually have a good network of communication

and do not face much problem in finding clients and selling different
products. That’s why almost every insurance company tries to recruit
people as advisors belonging to this group

Overvie regarding the advisors :-

One Sure Shot Way For An Employer To Retain His Team

Employees these days are constantly on the prowl for "better opportunities". How then do you get them to
focus on your job and stay committed for long tenures?

Human Resource experts agree that employees work with utmost dedication when they believe their
organization truly cares about their wellbeing.

One way of showing your concern for your employees is to shoulder the two responsibilities they worry
about most: Security of and Savings for their families.

Group Insurance Plans from ICICI Prudential enable you to effortlessly provide your employees with both,
savings and security, so they can pass on the benefits to their loved ones.

Your kind gesture to safeguard their family's future will undoubtedly serve as great encouragement for your
employees, and they will gladly offer you their whole-hearted commitment.

Top 3 Reasons Why You Should Invest In ICICI Prudential's Group Insurance Plans

With ICICI Prudential's Group Insurance Plans your employees get:

• Incomparable financial benefits that guarantee their safety and financial stability.
• Sound financial planning that empowers them to meet their changing financial objectives.
• Quality service initiatives and transparency across all operations.
STRENGTH
• ICICI Prudential is the largest player in the insurance industry in India
.
• It is the largest financial institute in India.

• ICICI Bank is the largest private sector bank in India

.
• Prudential is 154 year old company founded in year 1848.

• ICICI was the first company to be listed on NYSE.

• ICICI was the first company to pierce the sovereign rating given by Moody
.
• ICICI enjoys the highest AAA credit rating , which ensures highest safety of
money
.
• ICICI has been awarded the best presented accounts award by ICAI for the
last three years.
 WEAKNESS
• Some customers are not satisfied with the service of ICICI Pru.

• Only 28 branches all over in India

• High period insurance duration

• High premium

• Low awareness in the rural areas

• It targets only high income group

OPPORTUNITY

• Huge opportunity in the insurance market

• ICICI prudential fist implemented ULIP pension plan

• First company to launch on line premium payment

• Due to increase in literacy rate, literate people prefer ICICI pru

• Better products as compared to other companies

• ICICI pru give opportunity to other business to grow in market.

THREATS

• Tough competition for LIC.

• Tough competition for private companies like HDFC

• Due to low premium rural market is with LIC

 • Threat for ICICI Pru, pension plans, 12 new pension companies are entering
in to the market

• Current ICICI Pru is the #1 private player and the major threat is to sustain the
position

SCOPE

• The respondents have to be visited more than once to contact as the person
in concern was busy or was some time unavailable . This paves a scope for
the company to manage its customer service.

• The respondents should come out with their accurate contact numbers for
calling
.
• The company should try to come with better awareness programmes as many
of the respondents are attached with different insurance companies , so they
don’t want to talk to us
.
• The company should try to come up with better satisfaction level for their
customers as per their contemporaries
 .
• The company has wider scope in coming up with more flexible policies to
attract more customers.

• Themajor area for scope is opening of more branches in rural areas.

IMPORTANCE OF STUDY

The project regarding the ICICI Pru helped in gaining valuable insight
regarding the company. It helped in getting to know about the major players
functioning in the market and their rival actions and plans. ICICI Pru has the
wider network coverage and has the better customer oriented products and
policies. The company has the tie ups with 11 major banks. It leverages its
state of the art infrastructure to provide superior quality of service to customer.
The study helped in knowing the various segments of the society like to
go for which type of policy and thus are tend to more towards those products
that are more compatible in meeting their needs. The study helped in getting
to the deep roots of the company and knowing the positive and negative
aspects of the company. Recruitment of financial advisor thus has the task of
getting and delivering valuable information regarding the financial product and
satisfying their customers.

Thus, the project undergone helped in finding out the major players playing
their innings and where ICICI Pru stands among them. It helped in doing the
SWOT analysis of the company thus acquainting the company where its
running ahead and where it needs some stimulation.
SURVEY FOR
AWARENESS
OF LIFE
INSURANCE
(URBAN)
 CONTENTS OF SURVEY (RURAL)
➢ Awareness on different Age Group

Group No. of Sample

25-35 (Age) 50

35-45 50

45-55 50

50-above 50

➢ Purpose of insurance

Group No. of Sample

FARMER 100
GOVERNMENT 50
SELF-EMPLOYED 50

➢ Degree of Awareness in Different gender of Society

Male 150
Female 50
Total no. of sample : 50
Area of survey:- Urban
Finding:
➢ This age group is having low no. of policyholders among all age group.
➢ Low awareness of insurance among people.
PEOPLE FEEDBACK

K.I.N.P:- know about insurance but not taken the policy

T.P:- taken policy
N.K.I:- not aware of insurance
U.T:- useless thing

Total no. of sample : 50

Area of survey:- Urban
Finding:
➢ This age group is having low no. of policyholders among all age group.
➢ Highest awareness of insurance among people.

PEOPLE FEEDBACK

K.I.N.P:- know about insurance but not taken the policy

T.P:- taken policy
N.K.I:- not aware of insurance
U.T:- useless thing
Total no. of sample : 50
Area of survey:- Urban
Finding:
➢ This age group is having low no. of policyholders among all age group.
➢ Second highest awareness of insurance among people.

PEOPLE FEEDBACK

K.I.N.P:- know about insurance but not taken the policy

T.P:- taken policy
N.K.I:- not aware of insurance
U.T:- useless thing
Total no. of sample : 50
Area of survey:- Urban
Finding:
➢ This age group is having low no. of policyholders among all age group.
➢ Lowest awareness of insurance among people.

PEOPLE FEEDBACK

K.I.N.P:- know about insurance but not taken the policy

T.P:- taken policy
N.K.I:- not aware of insurance
U.T:- useless thing
Total no. of sample: 100
Area of survey: - Urban
FINDINGS
The major finding of this part of study is that business class mainly looks insurance as
tool of investment & tax savings.
They spend less on pension & life plans.
Total no. of sample : 50
Area of survey:- Urban
FINDINGS
The major finding of this part of study is that Private employees mainly use insurance as
an old age security & they spend equally on child life, their life, & tax savings,
investment.
Total no. of sample : 50
Area of survey:- Urban
FINDINGS
The major finding of this part of study is that Government employees spend more on
their life & child life compare to other section of society.

DEGREE OF AWARENESS AMONG DIFFERENT GENDER OF SOCIETY

MALE
No. of sample:-150
Area of survey:- Urban

FEMALE

No. of sample: - 50
Area of survey: - Urban
SURVEY FOR
AWARENESS
OF LIFE
 INSURANCE
(RURAL)
CONTENTS OF SURVEY (RURAL)
➢ Awareness on different Age Group

Group No. of Sample

25-35 (Age) 25

35-45 25

45-55 25

50-above 25

➢ Purpose of insurance

Group No. of Sample

FARMER 50
GOVERNMENT 25
 SELF-EMPLOYED 25

➢ Degree of Awareness in Different gender of Society

Male 75
Female 25

Total no. of sample : 25

Area of survey:- Rural
Finding:
➢ This age group is having lowest no. of policyholders among all age group.
➢ Lowest awareness of insurance among people.
➢ High percentage of people saying useless thing.
PEOPLE FEEDBACK

K.I.N.P:- know about insurance but not taken the policy

T.P:- taken policy
N.K.I:- not aware of insurance
U.T:- useless thing

Total no. of sample : 25

Area of survey:- Rural
Finding:
➢ This age group is having highest no. of policyholders among all age group.
➢ Lowest awareness of insurance among people.
➢ High percentage of people saying useless thing.
PEOPLE FEEDBACK

K.I.N.P:- know about insurance but not taken the policy

T.P:- taken policy
N.K.I:- not aware of insurance
U.T:- useless thing
Total no. of sample : 25
Area of survey:- Rural
Finding:
➢ This age group is having lowest no. of policyholders among all age group.
➢ Low awareness of insurance among people.
➢ High percentage of people saying useless thing.
PEOPLE FEEDBACK

K.I.N.P:- know about insurance but not taken the policy

T.P:- taken policy
N.K.I:- not aware of insurance
U.T:- useless thing
Total no. of sample : 25
Area of survey:- Rural
Finding:
➢ This age group is having lowest no. of policyholders among all age group.
➢ Good awareness of insurance among people but they are reluctant to have life
insurance.
➢ High percentage of people saying useless thing.
PEOPLE FEEDBACK

K.I.N.P:- know about insurance but not taken the policy

T.P:- taken policy
N.K.I:- not aware of insurance
U.T:- useless thing
Total no. of sample : 25
Area of survey:- Rural

FINDINGS
➢ The major finding of this part is that farmers are mainly not aware of
life insurance & preferred to purchase policy of their children and for
them self.

Total no. of sample : 25

Area of survey:- Rural
FINDINGS
➢ The major finding of this part is that SELF-EMPLOYED are mainly not
aware of life insurance & preferred to purchase policy of their children
and for them self.

Total no. of sample: 25

Area of survey: - Rural

FINDINGS
 ➢ The major finding of this part is that GOVT.-EMPLOYED are mostly
aware of life insurance & preferred to purchase policy of their children
and for them self.
➢ They have more inclination towards Investment.

DEGREE OF AWARENESS AMONG DIFFERENT

GENDER OF SOCIETY
MALE

No. of sample:-75; Area of survey: - Rural

FEMALE
NO. OS SAMPLE:- 25

AREA OF SURVEY:- RURAL