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A PROJECT REPORT ON STUDY OF CONSUMER BEHAVIOR AND CUSTOMER SATISFACTION AT ICICI PRUDENTIAL LIFE INSURANCE

Review Of Literature ICICI Prudential Life Insurance is one of the largest Insurance network s in the country, and 2nd Life Insurance Company in India. The ICICI Group has b een in existence since 1955 when ICICI Ltd., was created. ICICI Prudential start ed in 2002 as subsidiary of ICICI Ltd., Today ICICI Life Insurance has a custome r base of 4 million with total assets exceeding Rs.1, 00,000 Cr. making it the 2 nd largest life insurance company in the country, next only to LIC. The Insurance sector, after the opening up, provides greater opportuni ties. Several global players have emerged and the market has changed significant ly. In the changed scenario, the expectation is that the low Insurance premium a s a percentage of GDP prevailing in India will improve and will offer better opp ortunities to the insurance players. Life Insurance sector is one of the key areas where enormous business potential exists. In India currently the life insurance premium as a percentage of GDP is 1.3 per cent against 5.2 per cent in the US, but in the liberalized s cenario, the life insurance premiums were projected to grow at around 18% to 20% from Rs 215 billion in 1998 - 99 to Rs 592 billion in 2004-05 and to Rs 1450 billion by 2009-10. Corporate n on-life premium was projected to grow from Rs 84 billion in 1998-99 to Rs 386 billion in 2009-10 and personal line non-life from Rs 4 billion to Rs 51 billion. In the life Insurance segment the Life Insurance Corporation of India (LIC) is the major player. The LIC has 2050 branches. It is constituted in to se ven Zones. Currently there are 5, 60,000 LIC agents in India. General Insurance is another segment, which has been growing at a faster pace.

Objective of the Proposed study The project is concerned with the STUDY ON CONSUMER BEHAVIOR AND CUSTOMER SATISFA CTION AT ICICI PRUDENTIAL LIFE INSURANCE. This study is very useful as the finan cial market become more sophisticated and complex, investor needs a financial in termediary who provides the required knowledge and professional expertise on suc cessful investing and Life insurance is a form of insurance that pays monetary p roceeds upon the death of the insured covered in the policy. Essentially, a life insurance policy is a contract between the named insured and the insurance comp any wherein the insurance company agrees to pay an agreed upon sum of money to t he insured's named beneficiary so long as the insured's premiums are current

RESEARCH METHODOLOGY Research in common parlance refers to a search for knowledge. One can also defin e research as a scientific and systematic search for pertinent information on a specific topic. The word research has been derived from French word Researcher means to search. FRANCIES RUMMER defined Research: It is a careful inquiry or examination to disco ver new information or relationship and to expand or verify existing knowledge. Research is the solution of the problem, whether created or already generated. W hen research is done, some new out come, so that the problem (created or generat ed) to be solved. RESEARCH DESIGN: Research Design is the conceptual structure within which research is conducted. It constitutes the blueprint for collection, measurement and analysis of data. T he design used for carrying out this research is Descriptive. DATA TYPE: In this research the type of Primary data Secondary data data collection is

DATA SOURCE: The sources of collection of secondary data are:

Questionnaire Books Websites Magazine Brochure

SAMPLING PLAN: It is very difficult to collect information from every member of a population .A s time and costs are the major limitation that the researcher faces. A sample of 100 was taken the sample size of 100 individuals were selected on th e basis of convenient sampling technique. The individuals were selected in the r andom manner to form sample and data were collected from them for the research s tudy. ANALYSIS AND INTERPRETATION: Data collection through questionnaire and personnel interview resulted in availa bility of the desired information but these were useless until there were analyz ed. Various steps required for this purpose were editing, coding and tabulating. Tabulating refers to bringing together similar data and compiling them in an ac curate and meaningful manner. The data collected by questionnaire was analyzed, interpreted with the help of table, bar chart and pie chart.

Scope of the study For every problem there is a research. As all the researches are based on some a nd my study is also based upon some objective and these are as follows. 1. To understand the insurance business and products of ICICI Prudential li fe insurance co ltd. 2. 3. 4. 5. 6. the Interpretation of data To find out the peoples perception about life insurance. To find out whether people were really aware of life insurance. To find out how people think about private life insurance. To find out what respondents expect from life insurance. To understand Consumer buying behavior 7. To come out with conclusion and suggestions based on the analysis and

QUESTIONNAIRE Dear Sir/Madam, I am a student of Visvesvarya Technological University Belgaum, conducting a marketing survey on CONSUMER BEHAVIOUR AND CUSTOMER SATISFACTION of ICICI Prud ential LIFE INSURANCE, IN Bangalore CITY. I request you to fill this questionnai re & I assure that this data will be used only for study purpose & it will be ke pt confidential. 1. 2. 3. a. b. 4. a. b. 5. a. b. 6. a. b. c. d. 7. a. b. c. Name Address Age Less than 25 25 35 Qualification Graduate Postgraduate Occupation Business Professional c. d. Job holder Other c. Diploma d. Other discipline c. 35-45 d. 45 and above _________________________________ _________________________________ _________________________________ _________________________________

What is your average annual income? Up to 1 lakh 1 lakh to 3 lakhs 3 lakhs to 5 lakhs 5 lakhs and more Your family size Below 5 members 5 10 members Above 10 members

7. a. b. c. d. e. 8. rance?

According to you life insurance is, A tax saving plan A saving scheme with good return A financial security for the family Risk coverage All the above Have you taken any life insurance product of ICICI Prudential Life insu YES NO

If yes 9. Which are in these? a. Unit gain plan b. Invest gain plan c. Whole life plan d. Children plan e. Pension plan f. Others __________________ 10. Are you aware of the benefits in your policy? Yes No If yes what are they? Sum assured Additional benefits Maturity date Risk coverage 11. According to you what are the disadvantages in an insurance plan? Lapsation Liquidity Fixed term Unable to decide your premium Unable to decide the sum assured High risk coverage at high premiums Other disadvantages

12.

In which of the following would you like to invest? Equity fund Debt fund Balanced fund Cash fund Mutual fund Recurring deposits Any suggestion for ICICI Prudential Life Insurance ______________________________________________________ ______________________________________________________

13.

Thank you for sparing your valuable time

BIBLIOGRAPHY Marketing Management by Philip Kotler, Pearson Education 2nd ed. Consumer Behavior by Leon G.Schiffman, Prentice-Hall India 8th ed. IRDA Journal ICICI Prudential Company magazines Newspaper and Business magazines

WEBSITES www.iciciprulife.com www.google.co.in/indian insurance industry www.irdaindia.org