Organization Study at ICICI Prudential
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AN ORGANIZATION STUDY
AT
ldquoICICI Prudential Life Insurancerdquo
1
CONTENTS
Sl No DESCRIPTION PAGE NO
1
I1
I2
I3
CHAPTER I
INTRODUCTION
INDUSTRY PROFILE
COMPANY PROFILE
9
10
11
12
15
2
21
CHAPTER II
ORGANISATIONAL STRUCTURE
42
43
3
31
32
33
34
35
36
CHAPTER III
FUNCTIONAL AREAS
HUMAN RESOURCE
MARKETING
FINANCE
QUALITY CONTROL DEPARTMENT
IT AND SYSTEMS DEPARTMENT
44
46
48
4 CHAPTER IV
SWOT ANALYSIS 54
5
51
52
53
CHAPTER V
FINDINGS
SUGGESTION
57
58
59
60
2
6
CONCLUSION
BIBLIOGRAPHY
3
CHAPTER- 1
INTRODUCTION
4
11 INTRODUCTION
ICICI Prudential Life Insurance Company Limited was incorporated on July
20 2000 The authorized capital of the company is Rs2300 Million and the paid up
capital is Rs 1500 Million The Company is a joint venture of ICICI (74) and
Prudential plc UK (26)
The Company was granted Certificate of Registration for
carrying out Life Insurance business by the Insurance Regulatory and Development
Authority on November 24 2000 It commenced commercial operations on December
19 2000 becoming one of the first few private sector players to enter the liberalized
arena
The Company is now operational in Mumbai New Delhi Pune Chennai Kolkata
Bangalore Chandigarh Ahmedabad Hyderabad Lucknow Nasik Jaipur Cochin
Meerut Mangalore and Ludhiana
Till March 312002 the Company has issued 100000 polices
translating into a Premium Income of around Rs 1200 Million and a sum assured of
over Rs15000 MillionThe Company recognizes that the driving force for gaining
sustainable competitive advantage in this business is superior customer experience
and investment behind the brand The Company aims to achieve this by striving to
provide world class service levels through constant innovation in products
distribution channels and technology based delivery The Company has already taken
significant steps to achieve this goal
ICICI Prudential Life Insurance Company is a joint venture between
ICICI Bank a premier financial powerhouse and prudential plc a leading
international financial services group headquartered in the United Kingdom
5
13 INDUSTRY PROFILE
With an annual growth rate of 15-20 and the largest number of life insurance
policies in force the potential of the Indian insurance industry is huge Total value of
the Indian insurance market (2004-05) is estimated at Rs 450 billion (US$10 billion)
According to government sources the insurance and banking services contribution to
the countrys gross domestic product (GDP) is 7 out of which the gross premium
collection forms a significant part The funds available with the state-owned Life
Insurance Corporation (LIC) for investments are 8 of GDP
Till date only 20 of the total insurable population of India is
covered under various life insurance schemes the penetration rates of health and other
non-life insurances in India is also well below the international level These facts
indicate the of immense growth potential of the insurance sector
The year 1999 saw a revolution in the Indian insurance sector as
major structural changes took place with the ending of government monopoly and 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
The life insurance industry in India grew by an impressive 36
with premium income from new business at Rs 25343 billion during the fiscal year
2004-2005 braving stiff competition from private insurers This report Indian
Insurance Industry New Avenues for Growth 2012 finds that the market share of
the state behemoth LIC has clocked 2187 growth in business at Rs19786 billion
by selling 24 billion new policies in 2004-05 But this was still not enough to arrest
the fall in its market share as private players grew by 129 to mop up Rs 5557
billion in 2004-05 from Rs 2429 billion in 2003-04
6
Though the total volume of LICs business increased in the last
fiscal year (2004-2005) compared to the previous one its market share came down
from 8704 to 7807 The 14 private insurers increased their market share from
about 13 to about 22 in a years time The figures for the first two months of the
fiscal year 2005-06 also speak of the growing share of the private insurers The share
of LIC for this period has further come down to 75 percent while the private players
have grabbed over 24 percent
Vision
To make ICICI Prudential the dominant Life and Pensions 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 service
Leveraging technology to service customers quickly efficiently and
conveniently
Developing and implementing superior risk management and investment
strategies to offer sustainable and stable returns to our policyholders
Providing an enabling environment to foster growth and learning for our
employees
And above all building transparency in all our dealings
The success of the company will be founded in its unflinching commitment to 5 core
values -- Integrity Customer First Boundaryless Ownership and Passion Each of the
7
values describe what the company stands for the qualities of our people and the way
we work
We do believe that we are on the threshold of an exciting new opportunity where
we can play a significant role in redefining and reshaping the sector Given the quality
of our parentage and the commitment of our team there are no limits to our growth
Mission
ICICI Prudential Target Returns Fund (There is no guarantee or assurance of
returns) is specially designed with the objective of providing investors with trigger
options to pre-set their investment objectives by allowing them to re-balance the
investment to pre-selected debt funds once their investment objectives are met The
fund utilizes fundamental analysis for individual security selection with a view to
invest in equities of companies that are highly liquid with large market capitalization
PROMOTERS
ICICI Bank
ICICI Bank (NYSEIBN) is Indias second largest bank and largest private sector
bank with over 50 years of financial experience and with assets of Rs 181227 billion
as on 30th June 2005 ICICI Bank offers a wide range of banking products and
financial services to corporate and retail customers through a variety of delivery
channels and through its specialised subsidiaries and affiliates in the areas of
investment banking life and non-life insurance venture capital and asset
management ICICI Bank is a leading player in the retail banking market and has over
13 million retail customer accounts The Bank has a network of over 570 branches
and extension counters and 2000 ATMs
Prudential plc
8
Established in London in 1848 Prudential plc through its businesses in the UK
and Europe the US and Asia provides retail financial services products and services
to more than 16 million customers policyholder and unit holders worldwide As of
June 30 2004 the company had over US$300 billion in funds under management
Prudential has brought to market an integrated range of financial services products
that now includes life assurance pensions mutual funds banking investment
management and general insurance In Asia Prudential is the leading European life
insurance company with a vast network of 24 life and mutual fund operations in
twelve countries - China Hong Kong India Indonesia Japan Korea Malaysia the
Philippines Singapore Taiwan Thailand and Vietnam
MANAGEMENT
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 Kochar (Chairperson )
Mr NS Kannan Director
Mr K Ramkumar Director
Mr Barry Stowe Director
Management Team
Ms Shikha Sharma Managing Director amp CEO
Mr NS Kannan Executive Director
Mr V Rajagopalan Chief - Actuary
9
Mr Sandeep Batra Chief Financial Officer amp Company Secretary
Ms Anita Pai Chief - Customer Service and Operations
Mr Puneet Nanda Chief ndash Investments
Product Profile
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
10
Education Insurance Plans
Wealth Creation Plans
Premium Guarantee plans
Protection Plans
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Health Product Suite
11
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
12
Education Insurance Plans
One of your most important responsibilities as a parent is to ensure that your child
gets the best possible education that can be provided
ICICI Prudential offers a wide portfolio of education insurance plans that are
designed to provide peace of mind to you as a parent that your childs education will
be secure These plans ensure that money is made available at the crucial junctures in
a childs education - Class X Class XII graduation and post-graduation - to fund
crucial commitments for the childs future
Importantly education insurance plans ensure that in the unfortunate event of
the death of a parent the childs education continues unhampered
Under the education insurance plans platform ICICI Prudential brings the
following products to you Please click on the product name to know more about the
plans
Wealth
Creation Plans
13
Plan Name
Plan Type
SmartKid New Unit-linked Regular Premium
SmartKid New Unit-linked Single Premium
SmartKid Regular Premium
Unit Linked Unit Linked Traditional
Wealth Creation Plans give the customer the dual benefit of protection along
with the potentially higher returns of market-linked instruments The most important
benefit of ULIPs is the flexibility they give the customer in choosing the premium
amount and also choosing the underlying fund in which this money is to be invested
Wealth creation plans also offer the customer more liquidity options as compared
to traditional plans As such ULIPs are ideal for customers who want the protection
of a life cover to be allied to the returns of market linked instrument ndash giving them an
unmatched combination of benefits
Under the wealth creation platform ICICI Prudential brings the following
products to you Please click on the product name to know more about the plans
Plan Name
Plan Type
ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP
Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked
14
Why ICICI Pru Secure Save
Life is full of uncertainties and a safety net that will protect us from any fall is
what we always strive for The same is true for our investments ndash where we would
love to enjoy the upside of our investments while keeping our downside safe
Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos
hard earned savings over time with an assurance of a minimum guaranteed maturity
amount to protect you from the downside of equity markets
Features and benefits of ICICI Pru SecureSave
Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a
Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial
withdrawal or surrender
The GMB for the various policy terms offered under the policy are shown below
Premium Payment Term 5 yrs 7 yrs10
yrs
Term of the Policy10
yrs
15
yrs
20
yrs
Guaranteed Maturity Benefit
(As a of Aggregate Investment
Premium)
110
125
150
This Guarantee is on the Investment Premiums ie your annual premiums less the
Mortality charge
15
Why ICICI Pru Wealth Advantage
There are a number of things you need to do regularly to ensure that your life runs
smoothly Things like your bill payments your childrsquos school fees EMIs and so on
Keeping a track of all these is difficult indeed
And there are those things that ask for your attention only once but reward you
with returns all your life like ICICI Pru Wealth Advantage This is our first whole life
ULIP that provides a long term cover with just a single premium and allows you to
stay invested throughout your life
Features and benefits of ICICI Pru Wealth Advantage
Whole Life Plan
Single Premium
Automatic Withdrawal Plan
Automatic Transfer Strategy
Death benefit
Choice of 7 investment funds
Switch benefit
Why LifeStage Assure Well begun they say is half done This adage holds true as much
to life as to your long-term financial planning However times have changed now
markets have become volatile Everyone knows for sure that the growth story of India
is intact for a longer term Equity markets havenrsquot lost there charm as a long term
investment Yet everyone is waiting for a right time to invest Since timing the
market correctly is difficult for an average investor and capital preservation during
such volatile times is important
16
Why LifeTime Gold
Gold has alway always retained its glitter through the ages This precious yellow
metal much coveted and valued remains a symbol of class and an ageless asset
The same attributes of gold - precious and valuable - are now yours to enjoy
with a policy thats simply pure gold ULIP
Presenting ICICI Prudentials LifeTime
Gold a regular premium unit-linked policy that offers potentially higher returns
through the Multiplier Fund that invests in the top 50 large cap companies
Features and benefits of LifeTime Gold-
Flexible policy term
choices of premium payment
investment fund
Systematic withdrawal of money
Why LifeLink Super
Well-deserved financial incentives rewarding business profits and
even ancestral money are precious amounts that you should invest immediately so
they earn you potentially higher returns in the long run
Invest in ICICI Prudentials LifeLink Super policy-a single-
premium unit-linked policy that works best for investors who have in mind long-term
financial goals such as the education of a child or the purchase of a larger home
17
Features and benefits of LifeLink Super
2 options of Sum Assured
Flexible policy term
Partial withdrawal of money
Attractive premium allocation rates
7 investment funds
Switch benefit
Maturity benefit
Death benefit
Why Life Stage
We have different priorities at different life stages With such changing
priorities it is important to adopt Asset Allocation as an investment practice It helps
to strike the right balance by distributing your investments across different asset
classes like equity and debt More importantly it should also change according to our
life stage profile ndash age risk tolerance etc However the discipline of making the right
Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise
and dedicated time of someone who can manage your money on a day-to-day basis
Features and Benefits of LifeStage RP
Option to choose a unique and personalized life-cycle based portfolio strategy to
create ideal balance between Equity and Debt
Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -
Change in Portfolio Strategy)
Additional allocation of units at regular intervals to enhance your investment
18
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the
Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the
ideal insurance-cum-investment option for customers who want to enjoy the
potentially higher returns(over the long term) of a market linked instrument but
without taking any market risk
Under the Premium Guarantee Plans platform ICICI Prudential brings to you the
following products
Plan Name Plan Type
InvestShield Life New
InvestShield CashBak
Unit Linked
Unit Linked
Why InvestShield Life New
InvestShield Life New is a one of its kind market linked policy that
gives the policyholder the chance of enjoying the potentially higher returns of a
market linked instrument The underlying investment fund in InvestShield Life New
has up to 40 investment in equities and related securities
Features and benefits of InvestShield Life New
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield Life New offers a host of benefits to the policyholder
Key Benefits
19
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
CONTENTS
Sl No DESCRIPTION PAGE NO
1
I1
I2
I3
CHAPTER I
INTRODUCTION
INDUSTRY PROFILE
COMPANY PROFILE
9
10
11
12
15
2
21
CHAPTER II
ORGANISATIONAL STRUCTURE
42
43
3
31
32
33
34
35
36
CHAPTER III
FUNCTIONAL AREAS
HUMAN RESOURCE
MARKETING
FINANCE
QUALITY CONTROL DEPARTMENT
IT AND SYSTEMS DEPARTMENT
44
46
48
4 CHAPTER IV
SWOT ANALYSIS 54
5
51
52
53
CHAPTER V
FINDINGS
SUGGESTION
57
58
59
60
2
6
CONCLUSION
BIBLIOGRAPHY
3
CHAPTER- 1
INTRODUCTION
4
11 INTRODUCTION
ICICI Prudential Life Insurance Company Limited was incorporated on July
20 2000 The authorized capital of the company is Rs2300 Million and the paid up
capital is Rs 1500 Million The Company is a joint venture of ICICI (74) and
Prudential plc UK (26)
The Company was granted Certificate of Registration for
carrying out Life Insurance business by the Insurance Regulatory and Development
Authority on November 24 2000 It commenced commercial operations on December
19 2000 becoming one of the first few private sector players to enter the liberalized
arena
The Company is now operational in Mumbai New Delhi Pune Chennai Kolkata
Bangalore Chandigarh Ahmedabad Hyderabad Lucknow Nasik Jaipur Cochin
Meerut Mangalore and Ludhiana
Till March 312002 the Company has issued 100000 polices
translating into a Premium Income of around Rs 1200 Million and a sum assured of
over Rs15000 MillionThe Company recognizes that the driving force for gaining
sustainable competitive advantage in this business is superior customer experience
and investment behind the brand The Company aims to achieve this by striving to
provide world class service levels through constant innovation in products
distribution channels and technology based delivery The Company has already taken
significant steps to achieve this goal
ICICI Prudential Life Insurance Company is a joint venture between
ICICI Bank a premier financial powerhouse and prudential plc a leading
international financial services group headquartered in the United Kingdom
5
13 INDUSTRY PROFILE
With an annual growth rate of 15-20 and the largest number of life insurance
policies in force the potential of the Indian insurance industry is huge Total value of
the Indian insurance market (2004-05) is estimated at Rs 450 billion (US$10 billion)
According to government sources the insurance and banking services contribution to
the countrys gross domestic product (GDP) is 7 out of which the gross premium
collection forms a significant part The funds available with the state-owned Life
Insurance Corporation (LIC) for investments are 8 of GDP
Till date only 20 of the total insurable population of India is
covered under various life insurance schemes the penetration rates of health and other
non-life insurances in India is also well below the international level These facts
indicate the of immense growth potential of the insurance sector
The year 1999 saw a revolution in the Indian insurance sector as
major structural changes took place with the ending of government monopoly and 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
The life insurance industry in India grew by an impressive 36
with premium income from new business at Rs 25343 billion during the fiscal year
2004-2005 braving stiff competition from private insurers This report Indian
Insurance Industry New Avenues for Growth 2012 finds that the market share of
the state behemoth LIC has clocked 2187 growth in business at Rs19786 billion
by selling 24 billion new policies in 2004-05 But this was still not enough to arrest
the fall in its market share as private players grew by 129 to mop up Rs 5557
billion in 2004-05 from Rs 2429 billion in 2003-04
6
Though the total volume of LICs business increased in the last
fiscal year (2004-2005) compared to the previous one its market share came down
from 8704 to 7807 The 14 private insurers increased their market share from
about 13 to about 22 in a years time The figures for the first two months of the
fiscal year 2005-06 also speak of the growing share of the private insurers The share
of LIC for this period has further come down to 75 percent while the private players
have grabbed over 24 percent
Vision
To make ICICI Prudential the dominant Life and Pensions 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 service
Leveraging technology to service customers quickly efficiently and
conveniently
Developing and implementing superior risk management and investment
strategies to offer sustainable and stable returns to our policyholders
Providing an enabling environment to foster growth and learning for our
employees
And above all building transparency in all our dealings
The success of the company will be founded in its unflinching commitment to 5 core
values -- Integrity Customer First Boundaryless Ownership and Passion Each of the
7
values describe what the company stands for the qualities of our people and the way
we work
We do believe that we are on the threshold of an exciting new opportunity where
we can play a significant role in redefining and reshaping the sector Given the quality
of our parentage and the commitment of our team there are no limits to our growth
Mission
ICICI Prudential Target Returns Fund (There is no guarantee or assurance of
returns) is specially designed with the objective of providing investors with trigger
options to pre-set their investment objectives by allowing them to re-balance the
investment to pre-selected debt funds once their investment objectives are met The
fund utilizes fundamental analysis for individual security selection with a view to
invest in equities of companies that are highly liquid with large market capitalization
PROMOTERS
ICICI Bank
ICICI Bank (NYSEIBN) is Indias second largest bank and largest private sector
bank with over 50 years of financial experience and with assets of Rs 181227 billion
as on 30th June 2005 ICICI Bank offers a wide range of banking products and
financial services to corporate and retail customers through a variety of delivery
channels and through its specialised subsidiaries and affiliates in the areas of
investment banking life and non-life insurance venture capital and asset
management ICICI Bank is a leading player in the retail banking market and has over
13 million retail customer accounts The Bank has a network of over 570 branches
and extension counters and 2000 ATMs
Prudential plc
8
Established in London in 1848 Prudential plc through its businesses in the UK
and Europe the US and Asia provides retail financial services products and services
to more than 16 million customers policyholder and unit holders worldwide As of
June 30 2004 the company had over US$300 billion in funds under management
Prudential has brought to market an integrated range of financial services products
that now includes life assurance pensions mutual funds banking investment
management and general insurance In Asia Prudential is the leading European life
insurance company with a vast network of 24 life and mutual fund operations in
twelve countries - China Hong Kong India Indonesia Japan Korea Malaysia the
Philippines Singapore Taiwan Thailand and Vietnam
MANAGEMENT
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 Kochar (Chairperson )
Mr NS Kannan Director
Mr K Ramkumar Director
Mr Barry Stowe Director
Management Team
Ms Shikha Sharma Managing Director amp CEO
Mr NS Kannan Executive Director
Mr V Rajagopalan Chief - Actuary
9
Mr Sandeep Batra Chief Financial Officer amp Company Secretary
Ms Anita Pai Chief - Customer Service and Operations
Mr Puneet Nanda Chief ndash Investments
Product Profile
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
10
Education Insurance Plans
Wealth Creation Plans
Premium Guarantee plans
Protection Plans
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Health Product Suite
11
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
12
Education Insurance Plans
One of your most important responsibilities as a parent is to ensure that your child
gets the best possible education that can be provided
ICICI Prudential offers a wide portfolio of education insurance plans that are
designed to provide peace of mind to you as a parent that your childs education will
be secure These plans ensure that money is made available at the crucial junctures in
a childs education - Class X Class XII graduation and post-graduation - to fund
crucial commitments for the childs future
Importantly education insurance plans ensure that in the unfortunate event of
the death of a parent the childs education continues unhampered
Under the education insurance plans platform ICICI Prudential brings the
following products to you Please click on the product name to know more about the
plans
Wealth
Creation Plans
13
Plan Name
Plan Type
SmartKid New Unit-linked Regular Premium
SmartKid New Unit-linked Single Premium
SmartKid Regular Premium
Unit Linked Unit Linked Traditional
Wealth Creation Plans give the customer the dual benefit of protection along
with the potentially higher returns of market-linked instruments The most important
benefit of ULIPs is the flexibility they give the customer in choosing the premium
amount and also choosing the underlying fund in which this money is to be invested
Wealth creation plans also offer the customer more liquidity options as compared
to traditional plans As such ULIPs are ideal for customers who want the protection
of a life cover to be allied to the returns of market linked instrument ndash giving them an
unmatched combination of benefits
Under the wealth creation platform ICICI Prudential brings the following
products to you Please click on the product name to know more about the plans
Plan Name
Plan Type
ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP
Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked
14
Why ICICI Pru Secure Save
Life is full of uncertainties and a safety net that will protect us from any fall is
what we always strive for The same is true for our investments ndash where we would
love to enjoy the upside of our investments while keeping our downside safe
Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos
hard earned savings over time with an assurance of a minimum guaranteed maturity
amount to protect you from the downside of equity markets
Features and benefits of ICICI Pru SecureSave
Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a
Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial
withdrawal or surrender
The GMB for the various policy terms offered under the policy are shown below
Premium Payment Term 5 yrs 7 yrs10
yrs
Term of the Policy10
yrs
15
yrs
20
yrs
Guaranteed Maturity Benefit
(As a of Aggregate Investment
Premium)
110
125
150
This Guarantee is on the Investment Premiums ie your annual premiums less the
Mortality charge
15
Why ICICI Pru Wealth Advantage
There are a number of things you need to do regularly to ensure that your life runs
smoothly Things like your bill payments your childrsquos school fees EMIs and so on
Keeping a track of all these is difficult indeed
And there are those things that ask for your attention only once but reward you
with returns all your life like ICICI Pru Wealth Advantage This is our first whole life
ULIP that provides a long term cover with just a single premium and allows you to
stay invested throughout your life
Features and benefits of ICICI Pru Wealth Advantage
Whole Life Plan
Single Premium
Automatic Withdrawal Plan
Automatic Transfer Strategy
Death benefit
Choice of 7 investment funds
Switch benefit
Why LifeStage Assure Well begun they say is half done This adage holds true as much
to life as to your long-term financial planning However times have changed now
markets have become volatile Everyone knows for sure that the growth story of India
is intact for a longer term Equity markets havenrsquot lost there charm as a long term
investment Yet everyone is waiting for a right time to invest Since timing the
market correctly is difficult for an average investor and capital preservation during
such volatile times is important
16
Why LifeTime Gold
Gold has alway always retained its glitter through the ages This precious yellow
metal much coveted and valued remains a symbol of class and an ageless asset
The same attributes of gold - precious and valuable - are now yours to enjoy
with a policy thats simply pure gold ULIP
Presenting ICICI Prudentials LifeTime
Gold a regular premium unit-linked policy that offers potentially higher returns
through the Multiplier Fund that invests in the top 50 large cap companies
Features and benefits of LifeTime Gold-
Flexible policy term
choices of premium payment
investment fund
Systematic withdrawal of money
Why LifeLink Super
Well-deserved financial incentives rewarding business profits and
even ancestral money are precious amounts that you should invest immediately so
they earn you potentially higher returns in the long run
Invest in ICICI Prudentials LifeLink Super policy-a single-
premium unit-linked policy that works best for investors who have in mind long-term
financial goals such as the education of a child or the purchase of a larger home
17
Features and benefits of LifeLink Super
2 options of Sum Assured
Flexible policy term
Partial withdrawal of money
Attractive premium allocation rates
7 investment funds
Switch benefit
Maturity benefit
Death benefit
Why Life Stage
We have different priorities at different life stages With such changing
priorities it is important to adopt Asset Allocation as an investment practice It helps
to strike the right balance by distributing your investments across different asset
classes like equity and debt More importantly it should also change according to our
life stage profile ndash age risk tolerance etc However the discipline of making the right
Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise
and dedicated time of someone who can manage your money on a day-to-day basis
Features and Benefits of LifeStage RP
Option to choose a unique and personalized life-cycle based portfolio strategy to
create ideal balance between Equity and Debt
Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -
Change in Portfolio Strategy)
Additional allocation of units at regular intervals to enhance your investment
18
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the
Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the
ideal insurance-cum-investment option for customers who want to enjoy the
potentially higher returns(over the long term) of a market linked instrument but
without taking any market risk
Under the Premium Guarantee Plans platform ICICI Prudential brings to you the
following products
Plan Name Plan Type
InvestShield Life New
InvestShield CashBak
Unit Linked
Unit Linked
Why InvestShield Life New
InvestShield Life New is a one of its kind market linked policy that
gives the policyholder the chance of enjoying the potentially higher returns of a
market linked instrument The underlying investment fund in InvestShield Life New
has up to 40 investment in equities and related securities
Features and benefits of InvestShield Life New
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield Life New offers a host of benefits to the policyholder
Key Benefits
19
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
6
CONCLUSION
BIBLIOGRAPHY
3
CHAPTER- 1
INTRODUCTION
4
11 INTRODUCTION
ICICI Prudential Life Insurance Company Limited was incorporated on July
20 2000 The authorized capital of the company is Rs2300 Million and the paid up
capital is Rs 1500 Million The Company is a joint venture of ICICI (74) and
Prudential plc UK (26)
The Company was granted Certificate of Registration for
carrying out Life Insurance business by the Insurance Regulatory and Development
Authority on November 24 2000 It commenced commercial operations on December
19 2000 becoming one of the first few private sector players to enter the liberalized
arena
The Company is now operational in Mumbai New Delhi Pune Chennai Kolkata
Bangalore Chandigarh Ahmedabad Hyderabad Lucknow Nasik Jaipur Cochin
Meerut Mangalore and Ludhiana
Till March 312002 the Company has issued 100000 polices
translating into a Premium Income of around Rs 1200 Million and a sum assured of
over Rs15000 MillionThe Company recognizes that the driving force for gaining
sustainable competitive advantage in this business is superior customer experience
and investment behind the brand The Company aims to achieve this by striving to
provide world class service levels through constant innovation in products
distribution channels and technology based delivery The Company has already taken
significant steps to achieve this goal
ICICI Prudential Life Insurance Company is a joint venture between
ICICI Bank a premier financial powerhouse and prudential plc a leading
international financial services group headquartered in the United Kingdom
5
13 INDUSTRY PROFILE
With an annual growth rate of 15-20 and the largest number of life insurance
policies in force the potential of the Indian insurance industry is huge Total value of
the Indian insurance market (2004-05) is estimated at Rs 450 billion (US$10 billion)
According to government sources the insurance and banking services contribution to
the countrys gross domestic product (GDP) is 7 out of which the gross premium
collection forms a significant part The funds available with the state-owned Life
Insurance Corporation (LIC) for investments are 8 of GDP
Till date only 20 of the total insurable population of India is
covered under various life insurance schemes the penetration rates of health and other
non-life insurances in India is also well below the international level These facts
indicate the of immense growth potential of the insurance sector
The year 1999 saw a revolution in the Indian insurance sector as
major structural changes took place with the ending of government monopoly and 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
The life insurance industry in India grew by an impressive 36
with premium income from new business at Rs 25343 billion during the fiscal year
2004-2005 braving stiff competition from private insurers This report Indian
Insurance Industry New Avenues for Growth 2012 finds that the market share of
the state behemoth LIC has clocked 2187 growth in business at Rs19786 billion
by selling 24 billion new policies in 2004-05 But this was still not enough to arrest
the fall in its market share as private players grew by 129 to mop up Rs 5557
billion in 2004-05 from Rs 2429 billion in 2003-04
6
Though the total volume of LICs business increased in the last
fiscal year (2004-2005) compared to the previous one its market share came down
from 8704 to 7807 The 14 private insurers increased their market share from
about 13 to about 22 in a years time The figures for the first two months of the
fiscal year 2005-06 also speak of the growing share of the private insurers The share
of LIC for this period has further come down to 75 percent while the private players
have grabbed over 24 percent
Vision
To make ICICI Prudential the dominant Life and Pensions 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 service
Leveraging technology to service customers quickly efficiently and
conveniently
Developing and implementing superior risk management and investment
strategies to offer sustainable and stable returns to our policyholders
Providing an enabling environment to foster growth and learning for our
employees
And above all building transparency in all our dealings
The success of the company will be founded in its unflinching commitment to 5 core
values -- Integrity Customer First Boundaryless Ownership and Passion Each of the
7
values describe what the company stands for the qualities of our people and the way
we work
We do believe that we are on the threshold of an exciting new opportunity where
we can play a significant role in redefining and reshaping the sector Given the quality
of our parentage and the commitment of our team there are no limits to our growth
Mission
ICICI Prudential Target Returns Fund (There is no guarantee or assurance of
returns) is specially designed with the objective of providing investors with trigger
options to pre-set their investment objectives by allowing them to re-balance the
investment to pre-selected debt funds once their investment objectives are met The
fund utilizes fundamental analysis for individual security selection with a view to
invest in equities of companies that are highly liquid with large market capitalization
PROMOTERS
ICICI Bank
ICICI Bank (NYSEIBN) is Indias second largest bank and largest private sector
bank with over 50 years of financial experience and with assets of Rs 181227 billion
as on 30th June 2005 ICICI Bank offers a wide range of banking products and
financial services to corporate and retail customers through a variety of delivery
channels and through its specialised subsidiaries and affiliates in the areas of
investment banking life and non-life insurance venture capital and asset
management ICICI Bank is a leading player in the retail banking market and has over
13 million retail customer accounts The Bank has a network of over 570 branches
and extension counters and 2000 ATMs
Prudential plc
8
Established in London in 1848 Prudential plc through its businesses in the UK
and Europe the US and Asia provides retail financial services products and services
to more than 16 million customers policyholder and unit holders worldwide As of
June 30 2004 the company had over US$300 billion in funds under management
Prudential has brought to market an integrated range of financial services products
that now includes life assurance pensions mutual funds banking investment
management and general insurance In Asia Prudential is the leading European life
insurance company with a vast network of 24 life and mutual fund operations in
twelve countries - China Hong Kong India Indonesia Japan Korea Malaysia the
Philippines Singapore Taiwan Thailand and Vietnam
MANAGEMENT
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 Kochar (Chairperson )
Mr NS Kannan Director
Mr K Ramkumar Director
Mr Barry Stowe Director
Management Team
Ms Shikha Sharma Managing Director amp CEO
Mr NS Kannan Executive Director
Mr V Rajagopalan Chief - Actuary
9
Mr Sandeep Batra Chief Financial Officer amp Company Secretary
Ms Anita Pai Chief - Customer Service and Operations
Mr Puneet Nanda Chief ndash Investments
Product Profile
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
10
Education Insurance Plans
Wealth Creation Plans
Premium Guarantee plans
Protection Plans
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Health Product Suite
11
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
12
Education Insurance Plans
One of your most important responsibilities as a parent is to ensure that your child
gets the best possible education that can be provided
ICICI Prudential offers a wide portfolio of education insurance plans that are
designed to provide peace of mind to you as a parent that your childs education will
be secure These plans ensure that money is made available at the crucial junctures in
a childs education - Class X Class XII graduation and post-graduation - to fund
crucial commitments for the childs future
Importantly education insurance plans ensure that in the unfortunate event of
the death of a parent the childs education continues unhampered
Under the education insurance plans platform ICICI Prudential brings the
following products to you Please click on the product name to know more about the
plans
Wealth
Creation Plans
13
Plan Name
Plan Type
SmartKid New Unit-linked Regular Premium
SmartKid New Unit-linked Single Premium
SmartKid Regular Premium
Unit Linked Unit Linked Traditional
Wealth Creation Plans give the customer the dual benefit of protection along
with the potentially higher returns of market-linked instruments The most important
benefit of ULIPs is the flexibility they give the customer in choosing the premium
amount and also choosing the underlying fund in which this money is to be invested
Wealth creation plans also offer the customer more liquidity options as compared
to traditional plans As such ULIPs are ideal for customers who want the protection
of a life cover to be allied to the returns of market linked instrument ndash giving them an
unmatched combination of benefits
Under the wealth creation platform ICICI Prudential brings the following
products to you Please click on the product name to know more about the plans
Plan Name
Plan Type
ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP
Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked
14
Why ICICI Pru Secure Save
Life is full of uncertainties and a safety net that will protect us from any fall is
what we always strive for The same is true for our investments ndash where we would
love to enjoy the upside of our investments while keeping our downside safe
Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos
hard earned savings over time with an assurance of a minimum guaranteed maturity
amount to protect you from the downside of equity markets
Features and benefits of ICICI Pru SecureSave
Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a
Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial
withdrawal or surrender
The GMB for the various policy terms offered under the policy are shown below
Premium Payment Term 5 yrs 7 yrs10
yrs
Term of the Policy10
yrs
15
yrs
20
yrs
Guaranteed Maturity Benefit
(As a of Aggregate Investment
Premium)
110
125
150
This Guarantee is on the Investment Premiums ie your annual premiums less the
Mortality charge
15
Why ICICI Pru Wealth Advantage
There are a number of things you need to do regularly to ensure that your life runs
smoothly Things like your bill payments your childrsquos school fees EMIs and so on
Keeping a track of all these is difficult indeed
And there are those things that ask for your attention only once but reward you
with returns all your life like ICICI Pru Wealth Advantage This is our first whole life
ULIP that provides a long term cover with just a single premium and allows you to
stay invested throughout your life
Features and benefits of ICICI Pru Wealth Advantage
Whole Life Plan
Single Premium
Automatic Withdrawal Plan
Automatic Transfer Strategy
Death benefit
Choice of 7 investment funds
Switch benefit
Why LifeStage Assure Well begun they say is half done This adage holds true as much
to life as to your long-term financial planning However times have changed now
markets have become volatile Everyone knows for sure that the growth story of India
is intact for a longer term Equity markets havenrsquot lost there charm as a long term
investment Yet everyone is waiting for a right time to invest Since timing the
market correctly is difficult for an average investor and capital preservation during
such volatile times is important
16
Why LifeTime Gold
Gold has alway always retained its glitter through the ages This precious yellow
metal much coveted and valued remains a symbol of class and an ageless asset
The same attributes of gold - precious and valuable - are now yours to enjoy
with a policy thats simply pure gold ULIP
Presenting ICICI Prudentials LifeTime
Gold a regular premium unit-linked policy that offers potentially higher returns
through the Multiplier Fund that invests in the top 50 large cap companies
Features and benefits of LifeTime Gold-
Flexible policy term
choices of premium payment
investment fund
Systematic withdrawal of money
Why LifeLink Super
Well-deserved financial incentives rewarding business profits and
even ancestral money are precious amounts that you should invest immediately so
they earn you potentially higher returns in the long run
Invest in ICICI Prudentials LifeLink Super policy-a single-
premium unit-linked policy that works best for investors who have in mind long-term
financial goals such as the education of a child or the purchase of a larger home
17
Features and benefits of LifeLink Super
2 options of Sum Assured
Flexible policy term
Partial withdrawal of money
Attractive premium allocation rates
7 investment funds
Switch benefit
Maturity benefit
Death benefit
Why Life Stage
We have different priorities at different life stages With such changing
priorities it is important to adopt Asset Allocation as an investment practice It helps
to strike the right balance by distributing your investments across different asset
classes like equity and debt More importantly it should also change according to our
life stage profile ndash age risk tolerance etc However the discipline of making the right
Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise
and dedicated time of someone who can manage your money on a day-to-day basis
Features and Benefits of LifeStage RP
Option to choose a unique and personalized life-cycle based portfolio strategy to
create ideal balance between Equity and Debt
Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -
Change in Portfolio Strategy)
Additional allocation of units at regular intervals to enhance your investment
18
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the
Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the
ideal insurance-cum-investment option for customers who want to enjoy the
potentially higher returns(over the long term) of a market linked instrument but
without taking any market risk
Under the Premium Guarantee Plans platform ICICI Prudential brings to you the
following products
Plan Name Plan Type
InvestShield Life New
InvestShield CashBak
Unit Linked
Unit Linked
Why InvestShield Life New
InvestShield Life New is a one of its kind market linked policy that
gives the policyholder the chance of enjoying the potentially higher returns of a
market linked instrument The underlying investment fund in InvestShield Life New
has up to 40 investment in equities and related securities
Features and benefits of InvestShield Life New
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield Life New offers a host of benefits to the policyholder
Key Benefits
19
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
CHAPTER- 1
INTRODUCTION
4
11 INTRODUCTION
ICICI Prudential Life Insurance Company Limited was incorporated on July
20 2000 The authorized capital of the company is Rs2300 Million and the paid up
capital is Rs 1500 Million The Company is a joint venture of ICICI (74) and
Prudential plc UK (26)
The Company was granted Certificate of Registration for
carrying out Life Insurance business by the Insurance Regulatory and Development
Authority on November 24 2000 It commenced commercial operations on December
19 2000 becoming one of the first few private sector players to enter the liberalized
arena
The Company is now operational in Mumbai New Delhi Pune Chennai Kolkata
Bangalore Chandigarh Ahmedabad Hyderabad Lucknow Nasik Jaipur Cochin
Meerut Mangalore and Ludhiana
Till March 312002 the Company has issued 100000 polices
translating into a Premium Income of around Rs 1200 Million and a sum assured of
over Rs15000 MillionThe Company recognizes that the driving force for gaining
sustainable competitive advantage in this business is superior customer experience
and investment behind the brand The Company aims to achieve this by striving to
provide world class service levels through constant innovation in products
distribution channels and technology based delivery The Company has already taken
significant steps to achieve this goal
ICICI Prudential Life Insurance Company is a joint venture between
ICICI Bank a premier financial powerhouse and prudential plc a leading
international financial services group headquartered in the United Kingdom
5
13 INDUSTRY PROFILE
With an annual growth rate of 15-20 and the largest number of life insurance
policies in force the potential of the Indian insurance industry is huge Total value of
the Indian insurance market (2004-05) is estimated at Rs 450 billion (US$10 billion)
According to government sources the insurance and banking services contribution to
the countrys gross domestic product (GDP) is 7 out of which the gross premium
collection forms a significant part The funds available with the state-owned Life
Insurance Corporation (LIC) for investments are 8 of GDP
Till date only 20 of the total insurable population of India is
covered under various life insurance schemes the penetration rates of health and other
non-life insurances in India is also well below the international level These facts
indicate the of immense growth potential of the insurance sector
The year 1999 saw a revolution in the Indian insurance sector as
major structural changes took place with the ending of government monopoly and 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
The life insurance industry in India grew by an impressive 36
with premium income from new business at Rs 25343 billion during the fiscal year
2004-2005 braving stiff competition from private insurers This report Indian
Insurance Industry New Avenues for Growth 2012 finds that the market share of
the state behemoth LIC has clocked 2187 growth in business at Rs19786 billion
by selling 24 billion new policies in 2004-05 But this was still not enough to arrest
the fall in its market share as private players grew by 129 to mop up Rs 5557
billion in 2004-05 from Rs 2429 billion in 2003-04
6
Though the total volume of LICs business increased in the last
fiscal year (2004-2005) compared to the previous one its market share came down
from 8704 to 7807 The 14 private insurers increased their market share from
about 13 to about 22 in a years time The figures for the first two months of the
fiscal year 2005-06 also speak of the growing share of the private insurers The share
of LIC for this period has further come down to 75 percent while the private players
have grabbed over 24 percent
Vision
To make ICICI Prudential the dominant Life and Pensions 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 service
Leveraging technology to service customers quickly efficiently and
conveniently
Developing and implementing superior risk management and investment
strategies to offer sustainable and stable returns to our policyholders
Providing an enabling environment to foster growth and learning for our
employees
And above all building transparency in all our dealings
The success of the company will be founded in its unflinching commitment to 5 core
values -- Integrity Customer First Boundaryless Ownership and Passion Each of the
7
values describe what the company stands for the qualities of our people and the way
we work
We do believe that we are on the threshold of an exciting new opportunity where
we can play a significant role in redefining and reshaping the sector Given the quality
of our parentage and the commitment of our team there are no limits to our growth
Mission
ICICI Prudential Target Returns Fund (There is no guarantee or assurance of
returns) is specially designed with the objective of providing investors with trigger
options to pre-set their investment objectives by allowing them to re-balance the
investment to pre-selected debt funds once their investment objectives are met The
fund utilizes fundamental analysis for individual security selection with a view to
invest in equities of companies that are highly liquid with large market capitalization
PROMOTERS
ICICI Bank
ICICI Bank (NYSEIBN) is Indias second largest bank and largest private sector
bank with over 50 years of financial experience and with assets of Rs 181227 billion
as on 30th June 2005 ICICI Bank offers a wide range of banking products and
financial services to corporate and retail customers through a variety of delivery
channels and through its specialised subsidiaries and affiliates in the areas of
investment banking life and non-life insurance venture capital and asset
management ICICI Bank is a leading player in the retail banking market and has over
13 million retail customer accounts The Bank has a network of over 570 branches
and extension counters and 2000 ATMs
Prudential plc
8
Established in London in 1848 Prudential plc through its businesses in the UK
and Europe the US and Asia provides retail financial services products and services
to more than 16 million customers policyholder and unit holders worldwide As of
June 30 2004 the company had over US$300 billion in funds under management
Prudential has brought to market an integrated range of financial services products
that now includes life assurance pensions mutual funds banking investment
management and general insurance In Asia Prudential is the leading European life
insurance company with a vast network of 24 life and mutual fund operations in
twelve countries - China Hong Kong India Indonesia Japan Korea Malaysia the
Philippines Singapore Taiwan Thailand and Vietnam
MANAGEMENT
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 Kochar (Chairperson )
Mr NS Kannan Director
Mr K Ramkumar Director
Mr Barry Stowe Director
Management Team
Ms Shikha Sharma Managing Director amp CEO
Mr NS Kannan Executive Director
Mr V Rajagopalan Chief - Actuary
9
Mr Sandeep Batra Chief Financial Officer amp Company Secretary
Ms Anita Pai Chief - Customer Service and Operations
Mr Puneet Nanda Chief ndash Investments
Product Profile
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
10
Education Insurance Plans
Wealth Creation Plans
Premium Guarantee plans
Protection Plans
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Health Product Suite
11
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
12
Education Insurance Plans
One of your most important responsibilities as a parent is to ensure that your child
gets the best possible education that can be provided
ICICI Prudential offers a wide portfolio of education insurance plans that are
designed to provide peace of mind to you as a parent that your childs education will
be secure These plans ensure that money is made available at the crucial junctures in
a childs education - Class X Class XII graduation and post-graduation - to fund
crucial commitments for the childs future
Importantly education insurance plans ensure that in the unfortunate event of
the death of a parent the childs education continues unhampered
Under the education insurance plans platform ICICI Prudential brings the
following products to you Please click on the product name to know more about the
plans
Wealth
Creation Plans
13
Plan Name
Plan Type
SmartKid New Unit-linked Regular Premium
SmartKid New Unit-linked Single Premium
SmartKid Regular Premium
Unit Linked Unit Linked Traditional
Wealth Creation Plans give the customer the dual benefit of protection along
with the potentially higher returns of market-linked instruments The most important
benefit of ULIPs is the flexibility they give the customer in choosing the premium
amount and also choosing the underlying fund in which this money is to be invested
Wealth creation plans also offer the customer more liquidity options as compared
to traditional plans As such ULIPs are ideal for customers who want the protection
of a life cover to be allied to the returns of market linked instrument ndash giving them an
unmatched combination of benefits
Under the wealth creation platform ICICI Prudential brings the following
products to you Please click on the product name to know more about the plans
Plan Name
Plan Type
ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP
Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked
14
Why ICICI Pru Secure Save
Life is full of uncertainties and a safety net that will protect us from any fall is
what we always strive for The same is true for our investments ndash where we would
love to enjoy the upside of our investments while keeping our downside safe
Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos
hard earned savings over time with an assurance of a minimum guaranteed maturity
amount to protect you from the downside of equity markets
Features and benefits of ICICI Pru SecureSave
Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a
Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial
withdrawal or surrender
The GMB for the various policy terms offered under the policy are shown below
Premium Payment Term 5 yrs 7 yrs10
yrs
Term of the Policy10
yrs
15
yrs
20
yrs
Guaranteed Maturity Benefit
(As a of Aggregate Investment
Premium)
110
125
150
This Guarantee is on the Investment Premiums ie your annual premiums less the
Mortality charge
15
Why ICICI Pru Wealth Advantage
There are a number of things you need to do regularly to ensure that your life runs
smoothly Things like your bill payments your childrsquos school fees EMIs and so on
Keeping a track of all these is difficult indeed
And there are those things that ask for your attention only once but reward you
with returns all your life like ICICI Pru Wealth Advantage This is our first whole life
ULIP that provides a long term cover with just a single premium and allows you to
stay invested throughout your life
Features and benefits of ICICI Pru Wealth Advantage
Whole Life Plan
Single Premium
Automatic Withdrawal Plan
Automatic Transfer Strategy
Death benefit
Choice of 7 investment funds
Switch benefit
Why LifeStage Assure Well begun they say is half done This adage holds true as much
to life as to your long-term financial planning However times have changed now
markets have become volatile Everyone knows for sure that the growth story of India
is intact for a longer term Equity markets havenrsquot lost there charm as a long term
investment Yet everyone is waiting for a right time to invest Since timing the
market correctly is difficult for an average investor and capital preservation during
such volatile times is important
16
Why LifeTime Gold
Gold has alway always retained its glitter through the ages This precious yellow
metal much coveted and valued remains a symbol of class and an ageless asset
The same attributes of gold - precious and valuable - are now yours to enjoy
with a policy thats simply pure gold ULIP
Presenting ICICI Prudentials LifeTime
Gold a regular premium unit-linked policy that offers potentially higher returns
through the Multiplier Fund that invests in the top 50 large cap companies
Features and benefits of LifeTime Gold-
Flexible policy term
choices of premium payment
investment fund
Systematic withdrawal of money
Why LifeLink Super
Well-deserved financial incentives rewarding business profits and
even ancestral money are precious amounts that you should invest immediately so
they earn you potentially higher returns in the long run
Invest in ICICI Prudentials LifeLink Super policy-a single-
premium unit-linked policy that works best for investors who have in mind long-term
financial goals such as the education of a child or the purchase of a larger home
17
Features and benefits of LifeLink Super
2 options of Sum Assured
Flexible policy term
Partial withdrawal of money
Attractive premium allocation rates
7 investment funds
Switch benefit
Maturity benefit
Death benefit
Why Life Stage
We have different priorities at different life stages With such changing
priorities it is important to adopt Asset Allocation as an investment practice It helps
to strike the right balance by distributing your investments across different asset
classes like equity and debt More importantly it should also change according to our
life stage profile ndash age risk tolerance etc However the discipline of making the right
Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise
and dedicated time of someone who can manage your money on a day-to-day basis
Features and Benefits of LifeStage RP
Option to choose a unique and personalized life-cycle based portfolio strategy to
create ideal balance between Equity and Debt
Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -
Change in Portfolio Strategy)
Additional allocation of units at regular intervals to enhance your investment
18
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the
Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the
ideal insurance-cum-investment option for customers who want to enjoy the
potentially higher returns(over the long term) of a market linked instrument but
without taking any market risk
Under the Premium Guarantee Plans platform ICICI Prudential brings to you the
following products
Plan Name Plan Type
InvestShield Life New
InvestShield CashBak
Unit Linked
Unit Linked
Why InvestShield Life New
InvestShield Life New is a one of its kind market linked policy that
gives the policyholder the chance of enjoying the potentially higher returns of a
market linked instrument The underlying investment fund in InvestShield Life New
has up to 40 investment in equities and related securities
Features and benefits of InvestShield Life New
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield Life New offers a host of benefits to the policyholder
Key Benefits
19
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
11 INTRODUCTION
ICICI Prudential Life Insurance Company Limited was incorporated on July
20 2000 The authorized capital of the company is Rs2300 Million and the paid up
capital is Rs 1500 Million The Company is a joint venture of ICICI (74) and
Prudential plc UK (26)
The Company was granted Certificate of Registration for
carrying out Life Insurance business by the Insurance Regulatory and Development
Authority on November 24 2000 It commenced commercial operations on December
19 2000 becoming one of the first few private sector players to enter the liberalized
arena
The Company is now operational in Mumbai New Delhi Pune Chennai Kolkata
Bangalore Chandigarh Ahmedabad Hyderabad Lucknow Nasik Jaipur Cochin
Meerut Mangalore and Ludhiana
Till March 312002 the Company has issued 100000 polices
translating into a Premium Income of around Rs 1200 Million and a sum assured of
over Rs15000 MillionThe Company recognizes that the driving force for gaining
sustainable competitive advantage in this business is superior customer experience
and investment behind the brand The Company aims to achieve this by striving to
provide world class service levels through constant innovation in products
distribution channels and technology based delivery The Company has already taken
significant steps to achieve this goal
ICICI Prudential Life Insurance Company is a joint venture between
ICICI Bank a premier financial powerhouse and prudential plc a leading
international financial services group headquartered in the United Kingdom
5
13 INDUSTRY PROFILE
With an annual growth rate of 15-20 and the largest number of life insurance
policies in force the potential of the Indian insurance industry is huge Total value of
the Indian insurance market (2004-05) is estimated at Rs 450 billion (US$10 billion)
According to government sources the insurance and banking services contribution to
the countrys gross domestic product (GDP) is 7 out of which the gross premium
collection forms a significant part The funds available with the state-owned Life
Insurance Corporation (LIC) for investments are 8 of GDP
Till date only 20 of the total insurable population of India is
covered under various life insurance schemes the penetration rates of health and other
non-life insurances in India is also well below the international level These facts
indicate the of immense growth potential of the insurance sector
The year 1999 saw a revolution in the Indian insurance sector as
major structural changes took place with the ending of government monopoly and 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
The life insurance industry in India grew by an impressive 36
with premium income from new business at Rs 25343 billion during the fiscal year
2004-2005 braving stiff competition from private insurers This report Indian
Insurance Industry New Avenues for Growth 2012 finds that the market share of
the state behemoth LIC has clocked 2187 growth in business at Rs19786 billion
by selling 24 billion new policies in 2004-05 But this was still not enough to arrest
the fall in its market share as private players grew by 129 to mop up Rs 5557
billion in 2004-05 from Rs 2429 billion in 2003-04
6
Though the total volume of LICs business increased in the last
fiscal year (2004-2005) compared to the previous one its market share came down
from 8704 to 7807 The 14 private insurers increased their market share from
about 13 to about 22 in a years time The figures for the first two months of the
fiscal year 2005-06 also speak of the growing share of the private insurers The share
of LIC for this period has further come down to 75 percent while the private players
have grabbed over 24 percent
Vision
To make ICICI Prudential the dominant Life and Pensions 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 service
Leveraging technology to service customers quickly efficiently and
conveniently
Developing and implementing superior risk management and investment
strategies to offer sustainable and stable returns to our policyholders
Providing an enabling environment to foster growth and learning for our
employees
And above all building transparency in all our dealings
The success of the company will be founded in its unflinching commitment to 5 core
values -- Integrity Customer First Boundaryless Ownership and Passion Each of the
7
values describe what the company stands for the qualities of our people and the way
we work
We do believe that we are on the threshold of an exciting new opportunity where
we can play a significant role in redefining and reshaping the sector Given the quality
of our parentage and the commitment of our team there are no limits to our growth
Mission
ICICI Prudential Target Returns Fund (There is no guarantee or assurance of
returns) is specially designed with the objective of providing investors with trigger
options to pre-set their investment objectives by allowing them to re-balance the
investment to pre-selected debt funds once their investment objectives are met The
fund utilizes fundamental analysis for individual security selection with a view to
invest in equities of companies that are highly liquid with large market capitalization
PROMOTERS
ICICI Bank
ICICI Bank (NYSEIBN) is Indias second largest bank and largest private sector
bank with over 50 years of financial experience and with assets of Rs 181227 billion
as on 30th June 2005 ICICI Bank offers a wide range of banking products and
financial services to corporate and retail customers through a variety of delivery
channels and through its specialised subsidiaries and affiliates in the areas of
investment banking life and non-life insurance venture capital and asset
management ICICI Bank is a leading player in the retail banking market and has over
13 million retail customer accounts The Bank has a network of over 570 branches
and extension counters and 2000 ATMs
Prudential plc
8
Established in London in 1848 Prudential plc through its businesses in the UK
and Europe the US and Asia provides retail financial services products and services
to more than 16 million customers policyholder and unit holders worldwide As of
June 30 2004 the company had over US$300 billion in funds under management
Prudential has brought to market an integrated range of financial services products
that now includes life assurance pensions mutual funds banking investment
management and general insurance In Asia Prudential is the leading European life
insurance company with a vast network of 24 life and mutual fund operations in
twelve countries - China Hong Kong India Indonesia Japan Korea Malaysia the
Philippines Singapore Taiwan Thailand and Vietnam
MANAGEMENT
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 Kochar (Chairperson )
Mr NS Kannan Director
Mr K Ramkumar Director
Mr Barry Stowe Director
Management Team
Ms Shikha Sharma Managing Director amp CEO
Mr NS Kannan Executive Director
Mr V Rajagopalan Chief - Actuary
9
Mr Sandeep Batra Chief Financial Officer amp Company Secretary
Ms Anita Pai Chief - Customer Service and Operations
Mr Puneet Nanda Chief ndash Investments
Product Profile
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
10
Education Insurance Plans
Wealth Creation Plans
Premium Guarantee plans
Protection Plans
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Health Product Suite
11
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
12
Education Insurance Plans
One of your most important responsibilities as a parent is to ensure that your child
gets the best possible education that can be provided
ICICI Prudential offers a wide portfolio of education insurance plans that are
designed to provide peace of mind to you as a parent that your childs education will
be secure These plans ensure that money is made available at the crucial junctures in
a childs education - Class X Class XII graduation and post-graduation - to fund
crucial commitments for the childs future
Importantly education insurance plans ensure that in the unfortunate event of
the death of a parent the childs education continues unhampered
Under the education insurance plans platform ICICI Prudential brings the
following products to you Please click on the product name to know more about the
plans
Wealth
Creation Plans
13
Plan Name
Plan Type
SmartKid New Unit-linked Regular Premium
SmartKid New Unit-linked Single Premium
SmartKid Regular Premium
Unit Linked Unit Linked Traditional
Wealth Creation Plans give the customer the dual benefit of protection along
with the potentially higher returns of market-linked instruments The most important
benefit of ULIPs is the flexibility they give the customer in choosing the premium
amount and also choosing the underlying fund in which this money is to be invested
Wealth creation plans also offer the customer more liquidity options as compared
to traditional plans As such ULIPs are ideal for customers who want the protection
of a life cover to be allied to the returns of market linked instrument ndash giving them an
unmatched combination of benefits
Under the wealth creation platform ICICI Prudential brings the following
products to you Please click on the product name to know more about the plans
Plan Name
Plan Type
ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP
Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked
14
Why ICICI Pru Secure Save
Life is full of uncertainties and a safety net that will protect us from any fall is
what we always strive for The same is true for our investments ndash where we would
love to enjoy the upside of our investments while keeping our downside safe
Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos
hard earned savings over time with an assurance of a minimum guaranteed maturity
amount to protect you from the downside of equity markets
Features and benefits of ICICI Pru SecureSave
Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a
Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial
withdrawal or surrender
The GMB for the various policy terms offered under the policy are shown below
Premium Payment Term 5 yrs 7 yrs10
yrs
Term of the Policy10
yrs
15
yrs
20
yrs
Guaranteed Maturity Benefit
(As a of Aggregate Investment
Premium)
110
125
150
This Guarantee is on the Investment Premiums ie your annual premiums less the
Mortality charge
15
Why ICICI Pru Wealth Advantage
There are a number of things you need to do regularly to ensure that your life runs
smoothly Things like your bill payments your childrsquos school fees EMIs and so on
Keeping a track of all these is difficult indeed
And there are those things that ask for your attention only once but reward you
with returns all your life like ICICI Pru Wealth Advantage This is our first whole life
ULIP that provides a long term cover with just a single premium and allows you to
stay invested throughout your life
Features and benefits of ICICI Pru Wealth Advantage
Whole Life Plan
Single Premium
Automatic Withdrawal Plan
Automatic Transfer Strategy
Death benefit
Choice of 7 investment funds
Switch benefit
Why LifeStage Assure Well begun they say is half done This adage holds true as much
to life as to your long-term financial planning However times have changed now
markets have become volatile Everyone knows for sure that the growth story of India
is intact for a longer term Equity markets havenrsquot lost there charm as a long term
investment Yet everyone is waiting for a right time to invest Since timing the
market correctly is difficult for an average investor and capital preservation during
such volatile times is important
16
Why LifeTime Gold
Gold has alway always retained its glitter through the ages This precious yellow
metal much coveted and valued remains a symbol of class and an ageless asset
The same attributes of gold - precious and valuable - are now yours to enjoy
with a policy thats simply pure gold ULIP
Presenting ICICI Prudentials LifeTime
Gold a regular premium unit-linked policy that offers potentially higher returns
through the Multiplier Fund that invests in the top 50 large cap companies
Features and benefits of LifeTime Gold-
Flexible policy term
choices of premium payment
investment fund
Systematic withdrawal of money
Why LifeLink Super
Well-deserved financial incentives rewarding business profits and
even ancestral money are precious amounts that you should invest immediately so
they earn you potentially higher returns in the long run
Invest in ICICI Prudentials LifeLink Super policy-a single-
premium unit-linked policy that works best for investors who have in mind long-term
financial goals such as the education of a child or the purchase of a larger home
17
Features and benefits of LifeLink Super
2 options of Sum Assured
Flexible policy term
Partial withdrawal of money
Attractive premium allocation rates
7 investment funds
Switch benefit
Maturity benefit
Death benefit
Why Life Stage
We have different priorities at different life stages With such changing
priorities it is important to adopt Asset Allocation as an investment practice It helps
to strike the right balance by distributing your investments across different asset
classes like equity and debt More importantly it should also change according to our
life stage profile ndash age risk tolerance etc However the discipline of making the right
Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise
and dedicated time of someone who can manage your money on a day-to-day basis
Features and Benefits of LifeStage RP
Option to choose a unique and personalized life-cycle based portfolio strategy to
create ideal balance between Equity and Debt
Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -
Change in Portfolio Strategy)
Additional allocation of units at regular intervals to enhance your investment
18
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the
Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the
ideal insurance-cum-investment option for customers who want to enjoy the
potentially higher returns(over the long term) of a market linked instrument but
without taking any market risk
Under the Premium Guarantee Plans platform ICICI Prudential brings to you the
following products
Plan Name Plan Type
InvestShield Life New
InvestShield CashBak
Unit Linked
Unit Linked
Why InvestShield Life New
InvestShield Life New is a one of its kind market linked policy that
gives the policyholder the chance of enjoying the potentially higher returns of a
market linked instrument The underlying investment fund in InvestShield Life New
has up to 40 investment in equities and related securities
Features and benefits of InvestShield Life New
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield Life New offers a host of benefits to the policyholder
Key Benefits
19
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
13 INDUSTRY PROFILE
With an annual growth rate of 15-20 and the largest number of life insurance
policies in force the potential of the Indian insurance industry is huge Total value of
the Indian insurance market (2004-05) is estimated at Rs 450 billion (US$10 billion)
According to government sources the insurance and banking services contribution to
the countrys gross domestic product (GDP) is 7 out of which the gross premium
collection forms a significant part The funds available with the state-owned Life
Insurance Corporation (LIC) for investments are 8 of GDP
Till date only 20 of the total insurable population of India is
covered under various life insurance schemes the penetration rates of health and other
non-life insurances in India is also well below the international level These facts
indicate the of immense growth potential of the insurance sector
The year 1999 saw a revolution in the Indian insurance sector as
major structural changes took place with the ending of government monopoly and 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
The life insurance industry in India grew by an impressive 36
with premium income from new business at Rs 25343 billion during the fiscal year
2004-2005 braving stiff competition from private insurers This report Indian
Insurance Industry New Avenues for Growth 2012 finds that the market share of
the state behemoth LIC has clocked 2187 growth in business at Rs19786 billion
by selling 24 billion new policies in 2004-05 But this was still not enough to arrest
the fall in its market share as private players grew by 129 to mop up Rs 5557
billion in 2004-05 from Rs 2429 billion in 2003-04
6
Though the total volume of LICs business increased in the last
fiscal year (2004-2005) compared to the previous one its market share came down
from 8704 to 7807 The 14 private insurers increased their market share from
about 13 to about 22 in a years time The figures for the first two months of the
fiscal year 2005-06 also speak of the growing share of the private insurers The share
of LIC for this period has further come down to 75 percent while the private players
have grabbed over 24 percent
Vision
To make ICICI Prudential the dominant Life and Pensions 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 service
Leveraging technology to service customers quickly efficiently and
conveniently
Developing and implementing superior risk management and investment
strategies to offer sustainable and stable returns to our policyholders
Providing an enabling environment to foster growth and learning for our
employees
And above all building transparency in all our dealings
The success of the company will be founded in its unflinching commitment to 5 core
values -- Integrity Customer First Boundaryless Ownership and Passion Each of the
7
values describe what the company stands for the qualities of our people and the way
we work
We do believe that we are on the threshold of an exciting new opportunity where
we can play a significant role in redefining and reshaping the sector Given the quality
of our parentage and the commitment of our team there are no limits to our growth
Mission
ICICI Prudential Target Returns Fund (There is no guarantee or assurance of
returns) is specially designed with the objective of providing investors with trigger
options to pre-set their investment objectives by allowing them to re-balance the
investment to pre-selected debt funds once their investment objectives are met The
fund utilizes fundamental analysis for individual security selection with a view to
invest in equities of companies that are highly liquid with large market capitalization
PROMOTERS
ICICI Bank
ICICI Bank (NYSEIBN) is Indias second largest bank and largest private sector
bank with over 50 years of financial experience and with assets of Rs 181227 billion
as on 30th June 2005 ICICI Bank offers a wide range of banking products and
financial services to corporate and retail customers through a variety of delivery
channels and through its specialised subsidiaries and affiliates in the areas of
investment banking life and non-life insurance venture capital and asset
management ICICI Bank is a leading player in the retail banking market and has over
13 million retail customer accounts The Bank has a network of over 570 branches
and extension counters and 2000 ATMs
Prudential plc
8
Established in London in 1848 Prudential plc through its businesses in the UK
and Europe the US and Asia provides retail financial services products and services
to more than 16 million customers policyholder and unit holders worldwide As of
June 30 2004 the company had over US$300 billion in funds under management
Prudential has brought to market an integrated range of financial services products
that now includes life assurance pensions mutual funds banking investment
management and general insurance In Asia Prudential is the leading European life
insurance company with a vast network of 24 life and mutual fund operations in
twelve countries - China Hong Kong India Indonesia Japan Korea Malaysia the
Philippines Singapore Taiwan Thailand and Vietnam
MANAGEMENT
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 Kochar (Chairperson )
Mr NS Kannan Director
Mr K Ramkumar Director
Mr Barry Stowe Director
Management Team
Ms Shikha Sharma Managing Director amp CEO
Mr NS Kannan Executive Director
Mr V Rajagopalan Chief - Actuary
9
Mr Sandeep Batra Chief Financial Officer amp Company Secretary
Ms Anita Pai Chief - Customer Service and Operations
Mr Puneet Nanda Chief ndash Investments
Product Profile
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
10
Education Insurance Plans
Wealth Creation Plans
Premium Guarantee plans
Protection Plans
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Health Product Suite
11
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
12
Education Insurance Plans
One of your most important responsibilities as a parent is to ensure that your child
gets the best possible education that can be provided
ICICI Prudential offers a wide portfolio of education insurance plans that are
designed to provide peace of mind to you as a parent that your childs education will
be secure These plans ensure that money is made available at the crucial junctures in
a childs education - Class X Class XII graduation and post-graduation - to fund
crucial commitments for the childs future
Importantly education insurance plans ensure that in the unfortunate event of
the death of a parent the childs education continues unhampered
Under the education insurance plans platform ICICI Prudential brings the
following products to you Please click on the product name to know more about the
plans
Wealth
Creation Plans
13
Plan Name
Plan Type
SmartKid New Unit-linked Regular Premium
SmartKid New Unit-linked Single Premium
SmartKid Regular Premium
Unit Linked Unit Linked Traditional
Wealth Creation Plans give the customer the dual benefit of protection along
with the potentially higher returns of market-linked instruments The most important
benefit of ULIPs is the flexibility they give the customer in choosing the premium
amount and also choosing the underlying fund in which this money is to be invested
Wealth creation plans also offer the customer more liquidity options as compared
to traditional plans As such ULIPs are ideal for customers who want the protection
of a life cover to be allied to the returns of market linked instrument ndash giving them an
unmatched combination of benefits
Under the wealth creation platform ICICI Prudential brings the following
products to you Please click on the product name to know more about the plans
Plan Name
Plan Type
ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP
Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked
14
Why ICICI Pru Secure Save
Life is full of uncertainties and a safety net that will protect us from any fall is
what we always strive for The same is true for our investments ndash where we would
love to enjoy the upside of our investments while keeping our downside safe
Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos
hard earned savings over time with an assurance of a minimum guaranteed maturity
amount to protect you from the downside of equity markets
Features and benefits of ICICI Pru SecureSave
Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a
Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial
withdrawal or surrender
The GMB for the various policy terms offered under the policy are shown below
Premium Payment Term 5 yrs 7 yrs10
yrs
Term of the Policy10
yrs
15
yrs
20
yrs
Guaranteed Maturity Benefit
(As a of Aggregate Investment
Premium)
110
125
150
This Guarantee is on the Investment Premiums ie your annual premiums less the
Mortality charge
15
Why ICICI Pru Wealth Advantage
There are a number of things you need to do regularly to ensure that your life runs
smoothly Things like your bill payments your childrsquos school fees EMIs and so on
Keeping a track of all these is difficult indeed
And there are those things that ask for your attention only once but reward you
with returns all your life like ICICI Pru Wealth Advantage This is our first whole life
ULIP that provides a long term cover with just a single premium and allows you to
stay invested throughout your life
Features and benefits of ICICI Pru Wealth Advantage
Whole Life Plan
Single Premium
Automatic Withdrawal Plan
Automatic Transfer Strategy
Death benefit
Choice of 7 investment funds
Switch benefit
Why LifeStage Assure Well begun they say is half done This adage holds true as much
to life as to your long-term financial planning However times have changed now
markets have become volatile Everyone knows for sure that the growth story of India
is intact for a longer term Equity markets havenrsquot lost there charm as a long term
investment Yet everyone is waiting for a right time to invest Since timing the
market correctly is difficult for an average investor and capital preservation during
such volatile times is important
16
Why LifeTime Gold
Gold has alway always retained its glitter through the ages This precious yellow
metal much coveted and valued remains a symbol of class and an ageless asset
The same attributes of gold - precious and valuable - are now yours to enjoy
with a policy thats simply pure gold ULIP
Presenting ICICI Prudentials LifeTime
Gold a regular premium unit-linked policy that offers potentially higher returns
through the Multiplier Fund that invests in the top 50 large cap companies
Features and benefits of LifeTime Gold-
Flexible policy term
choices of premium payment
investment fund
Systematic withdrawal of money
Why LifeLink Super
Well-deserved financial incentives rewarding business profits and
even ancestral money are precious amounts that you should invest immediately so
they earn you potentially higher returns in the long run
Invest in ICICI Prudentials LifeLink Super policy-a single-
premium unit-linked policy that works best for investors who have in mind long-term
financial goals such as the education of a child or the purchase of a larger home
17
Features and benefits of LifeLink Super
2 options of Sum Assured
Flexible policy term
Partial withdrawal of money
Attractive premium allocation rates
7 investment funds
Switch benefit
Maturity benefit
Death benefit
Why Life Stage
We have different priorities at different life stages With such changing
priorities it is important to adopt Asset Allocation as an investment practice It helps
to strike the right balance by distributing your investments across different asset
classes like equity and debt More importantly it should also change according to our
life stage profile ndash age risk tolerance etc However the discipline of making the right
Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise
and dedicated time of someone who can manage your money on a day-to-day basis
Features and Benefits of LifeStage RP
Option to choose a unique and personalized life-cycle based portfolio strategy to
create ideal balance between Equity and Debt
Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -
Change in Portfolio Strategy)
Additional allocation of units at regular intervals to enhance your investment
18
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the
Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the
ideal insurance-cum-investment option for customers who want to enjoy the
potentially higher returns(over the long term) of a market linked instrument but
without taking any market risk
Under the Premium Guarantee Plans platform ICICI Prudential brings to you the
following products
Plan Name Plan Type
InvestShield Life New
InvestShield CashBak
Unit Linked
Unit Linked
Why InvestShield Life New
InvestShield Life New is a one of its kind market linked policy that
gives the policyholder the chance of enjoying the potentially higher returns of a
market linked instrument The underlying investment fund in InvestShield Life New
has up to 40 investment in equities and related securities
Features and benefits of InvestShield Life New
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield Life New offers a host of benefits to the policyholder
Key Benefits
19
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Though the total volume of LICs business increased in the last
fiscal year (2004-2005) compared to the previous one its market share came down
from 8704 to 7807 The 14 private insurers increased their market share from
about 13 to about 22 in a years time The figures for the first two months of the
fiscal year 2005-06 also speak of the growing share of the private insurers The share
of LIC for this period has further come down to 75 percent while the private players
have grabbed over 24 percent
Vision
To make ICICI Prudential the dominant Life and Pensions 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 service
Leveraging technology to service customers quickly efficiently and
conveniently
Developing and implementing superior risk management and investment
strategies to offer sustainable and stable returns to our policyholders
Providing an enabling environment to foster growth and learning for our
employees
And above all building transparency in all our dealings
The success of the company will be founded in its unflinching commitment to 5 core
values -- Integrity Customer First Boundaryless Ownership and Passion Each of the
7
values describe what the company stands for the qualities of our people and the way
we work
We do believe that we are on the threshold of an exciting new opportunity where
we can play a significant role in redefining and reshaping the sector Given the quality
of our parentage and the commitment of our team there are no limits to our growth
Mission
ICICI Prudential Target Returns Fund (There is no guarantee or assurance of
returns) is specially designed with the objective of providing investors with trigger
options to pre-set their investment objectives by allowing them to re-balance the
investment to pre-selected debt funds once their investment objectives are met The
fund utilizes fundamental analysis for individual security selection with a view to
invest in equities of companies that are highly liquid with large market capitalization
PROMOTERS
ICICI Bank
ICICI Bank (NYSEIBN) is Indias second largest bank and largest private sector
bank with over 50 years of financial experience and with assets of Rs 181227 billion
as on 30th June 2005 ICICI Bank offers a wide range of banking products and
financial services to corporate and retail customers through a variety of delivery
channels and through its specialised subsidiaries and affiliates in the areas of
investment banking life and non-life insurance venture capital and asset
management ICICI Bank is a leading player in the retail banking market and has over
13 million retail customer accounts The Bank has a network of over 570 branches
and extension counters and 2000 ATMs
Prudential plc
8
Established in London in 1848 Prudential plc through its businesses in the UK
and Europe the US and Asia provides retail financial services products and services
to more than 16 million customers policyholder and unit holders worldwide As of
June 30 2004 the company had over US$300 billion in funds under management
Prudential has brought to market an integrated range of financial services products
that now includes life assurance pensions mutual funds banking investment
management and general insurance In Asia Prudential is the leading European life
insurance company with a vast network of 24 life and mutual fund operations in
twelve countries - China Hong Kong India Indonesia Japan Korea Malaysia the
Philippines Singapore Taiwan Thailand and Vietnam
MANAGEMENT
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 Kochar (Chairperson )
Mr NS Kannan Director
Mr K Ramkumar Director
Mr Barry Stowe Director
Management Team
Ms Shikha Sharma Managing Director amp CEO
Mr NS Kannan Executive Director
Mr V Rajagopalan Chief - Actuary
9
Mr Sandeep Batra Chief Financial Officer amp Company Secretary
Ms Anita Pai Chief - Customer Service and Operations
Mr Puneet Nanda Chief ndash Investments
Product Profile
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
10
Education Insurance Plans
Wealth Creation Plans
Premium Guarantee plans
Protection Plans
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Health Product Suite
11
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
12
Education Insurance Plans
One of your most important responsibilities as a parent is to ensure that your child
gets the best possible education that can be provided
ICICI Prudential offers a wide portfolio of education insurance plans that are
designed to provide peace of mind to you as a parent that your childs education will
be secure These plans ensure that money is made available at the crucial junctures in
a childs education - Class X Class XII graduation and post-graduation - to fund
crucial commitments for the childs future
Importantly education insurance plans ensure that in the unfortunate event of
the death of a parent the childs education continues unhampered
Under the education insurance plans platform ICICI Prudential brings the
following products to you Please click on the product name to know more about the
plans
Wealth
Creation Plans
13
Plan Name
Plan Type
SmartKid New Unit-linked Regular Premium
SmartKid New Unit-linked Single Premium
SmartKid Regular Premium
Unit Linked Unit Linked Traditional
Wealth Creation Plans give the customer the dual benefit of protection along
with the potentially higher returns of market-linked instruments The most important
benefit of ULIPs is the flexibility they give the customer in choosing the premium
amount and also choosing the underlying fund in which this money is to be invested
Wealth creation plans also offer the customer more liquidity options as compared
to traditional plans As such ULIPs are ideal for customers who want the protection
of a life cover to be allied to the returns of market linked instrument ndash giving them an
unmatched combination of benefits
Under the wealth creation platform ICICI Prudential brings the following
products to you Please click on the product name to know more about the plans
Plan Name
Plan Type
ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP
Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked
14
Why ICICI Pru Secure Save
Life is full of uncertainties and a safety net that will protect us from any fall is
what we always strive for The same is true for our investments ndash where we would
love to enjoy the upside of our investments while keeping our downside safe
Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos
hard earned savings over time with an assurance of a minimum guaranteed maturity
amount to protect you from the downside of equity markets
Features and benefits of ICICI Pru SecureSave
Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a
Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial
withdrawal or surrender
The GMB for the various policy terms offered under the policy are shown below
Premium Payment Term 5 yrs 7 yrs10
yrs
Term of the Policy10
yrs
15
yrs
20
yrs
Guaranteed Maturity Benefit
(As a of Aggregate Investment
Premium)
110
125
150
This Guarantee is on the Investment Premiums ie your annual premiums less the
Mortality charge
15
Why ICICI Pru Wealth Advantage
There are a number of things you need to do regularly to ensure that your life runs
smoothly Things like your bill payments your childrsquos school fees EMIs and so on
Keeping a track of all these is difficult indeed
And there are those things that ask for your attention only once but reward you
with returns all your life like ICICI Pru Wealth Advantage This is our first whole life
ULIP that provides a long term cover with just a single premium and allows you to
stay invested throughout your life
Features and benefits of ICICI Pru Wealth Advantage
Whole Life Plan
Single Premium
Automatic Withdrawal Plan
Automatic Transfer Strategy
Death benefit
Choice of 7 investment funds
Switch benefit
Why LifeStage Assure Well begun they say is half done This adage holds true as much
to life as to your long-term financial planning However times have changed now
markets have become volatile Everyone knows for sure that the growth story of India
is intact for a longer term Equity markets havenrsquot lost there charm as a long term
investment Yet everyone is waiting for a right time to invest Since timing the
market correctly is difficult for an average investor and capital preservation during
such volatile times is important
16
Why LifeTime Gold
Gold has alway always retained its glitter through the ages This precious yellow
metal much coveted and valued remains a symbol of class and an ageless asset
The same attributes of gold - precious and valuable - are now yours to enjoy
with a policy thats simply pure gold ULIP
Presenting ICICI Prudentials LifeTime
Gold a regular premium unit-linked policy that offers potentially higher returns
through the Multiplier Fund that invests in the top 50 large cap companies
Features and benefits of LifeTime Gold-
Flexible policy term
choices of premium payment
investment fund
Systematic withdrawal of money
Why LifeLink Super
Well-deserved financial incentives rewarding business profits and
even ancestral money are precious amounts that you should invest immediately so
they earn you potentially higher returns in the long run
Invest in ICICI Prudentials LifeLink Super policy-a single-
premium unit-linked policy that works best for investors who have in mind long-term
financial goals such as the education of a child or the purchase of a larger home
17
Features and benefits of LifeLink Super
2 options of Sum Assured
Flexible policy term
Partial withdrawal of money
Attractive premium allocation rates
7 investment funds
Switch benefit
Maturity benefit
Death benefit
Why Life Stage
We have different priorities at different life stages With such changing
priorities it is important to adopt Asset Allocation as an investment practice It helps
to strike the right balance by distributing your investments across different asset
classes like equity and debt More importantly it should also change according to our
life stage profile ndash age risk tolerance etc However the discipline of making the right
Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise
and dedicated time of someone who can manage your money on a day-to-day basis
Features and Benefits of LifeStage RP
Option to choose a unique and personalized life-cycle based portfolio strategy to
create ideal balance between Equity and Debt
Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -
Change in Portfolio Strategy)
Additional allocation of units at regular intervals to enhance your investment
18
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the
Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the
ideal insurance-cum-investment option for customers who want to enjoy the
potentially higher returns(over the long term) of a market linked instrument but
without taking any market risk
Under the Premium Guarantee Plans platform ICICI Prudential brings to you the
following products
Plan Name Plan Type
InvestShield Life New
InvestShield CashBak
Unit Linked
Unit Linked
Why InvestShield Life New
InvestShield Life New is a one of its kind market linked policy that
gives the policyholder the chance of enjoying the potentially higher returns of a
market linked instrument The underlying investment fund in InvestShield Life New
has up to 40 investment in equities and related securities
Features and benefits of InvestShield Life New
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield Life New offers a host of benefits to the policyholder
Key Benefits
19
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
values describe what the company stands for the qualities of our people and the way
we work
We do believe that we are on the threshold of an exciting new opportunity where
we can play a significant role in redefining and reshaping the sector Given the quality
of our parentage and the commitment of our team there are no limits to our growth
Mission
ICICI Prudential Target Returns Fund (There is no guarantee or assurance of
returns) is specially designed with the objective of providing investors with trigger
options to pre-set their investment objectives by allowing them to re-balance the
investment to pre-selected debt funds once their investment objectives are met The
fund utilizes fundamental analysis for individual security selection with a view to
invest in equities of companies that are highly liquid with large market capitalization
PROMOTERS
ICICI Bank
ICICI Bank (NYSEIBN) is Indias second largest bank and largest private sector
bank with over 50 years of financial experience and with assets of Rs 181227 billion
as on 30th June 2005 ICICI Bank offers a wide range of banking products and
financial services to corporate and retail customers through a variety of delivery
channels and through its specialised subsidiaries and affiliates in the areas of
investment banking life and non-life insurance venture capital and asset
management ICICI Bank is a leading player in the retail banking market and has over
13 million retail customer accounts The Bank has a network of over 570 branches
and extension counters and 2000 ATMs
Prudential plc
8
Established in London in 1848 Prudential plc through its businesses in the UK
and Europe the US and Asia provides retail financial services products and services
to more than 16 million customers policyholder and unit holders worldwide As of
June 30 2004 the company had over US$300 billion in funds under management
Prudential has brought to market an integrated range of financial services products
that now includes life assurance pensions mutual funds banking investment
management and general insurance In Asia Prudential is the leading European life
insurance company with a vast network of 24 life and mutual fund operations in
twelve countries - China Hong Kong India Indonesia Japan Korea Malaysia the
Philippines Singapore Taiwan Thailand and Vietnam
MANAGEMENT
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 Kochar (Chairperson )
Mr NS Kannan Director
Mr K Ramkumar Director
Mr Barry Stowe Director
Management Team
Ms Shikha Sharma Managing Director amp CEO
Mr NS Kannan Executive Director
Mr V Rajagopalan Chief - Actuary
9
Mr Sandeep Batra Chief Financial Officer amp Company Secretary
Ms Anita Pai Chief - Customer Service and Operations
Mr Puneet Nanda Chief ndash Investments
Product Profile
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
10
Education Insurance Plans
Wealth Creation Plans
Premium Guarantee plans
Protection Plans
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Health Product Suite
11
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
12
Education Insurance Plans
One of your most important responsibilities as a parent is to ensure that your child
gets the best possible education that can be provided
ICICI Prudential offers a wide portfolio of education insurance plans that are
designed to provide peace of mind to you as a parent that your childs education will
be secure These plans ensure that money is made available at the crucial junctures in
a childs education - Class X Class XII graduation and post-graduation - to fund
crucial commitments for the childs future
Importantly education insurance plans ensure that in the unfortunate event of
the death of a parent the childs education continues unhampered
Under the education insurance plans platform ICICI Prudential brings the
following products to you Please click on the product name to know more about the
plans
Wealth
Creation Plans
13
Plan Name
Plan Type
SmartKid New Unit-linked Regular Premium
SmartKid New Unit-linked Single Premium
SmartKid Regular Premium
Unit Linked Unit Linked Traditional
Wealth Creation Plans give the customer the dual benefit of protection along
with the potentially higher returns of market-linked instruments The most important
benefit of ULIPs is the flexibility they give the customer in choosing the premium
amount and also choosing the underlying fund in which this money is to be invested
Wealth creation plans also offer the customer more liquidity options as compared
to traditional plans As such ULIPs are ideal for customers who want the protection
of a life cover to be allied to the returns of market linked instrument ndash giving them an
unmatched combination of benefits
Under the wealth creation platform ICICI Prudential brings the following
products to you Please click on the product name to know more about the plans
Plan Name
Plan Type
ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP
Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked
14
Why ICICI Pru Secure Save
Life is full of uncertainties and a safety net that will protect us from any fall is
what we always strive for The same is true for our investments ndash where we would
love to enjoy the upside of our investments while keeping our downside safe
Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos
hard earned savings over time with an assurance of a minimum guaranteed maturity
amount to protect you from the downside of equity markets
Features and benefits of ICICI Pru SecureSave
Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a
Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial
withdrawal or surrender
The GMB for the various policy terms offered under the policy are shown below
Premium Payment Term 5 yrs 7 yrs10
yrs
Term of the Policy10
yrs
15
yrs
20
yrs
Guaranteed Maturity Benefit
(As a of Aggregate Investment
Premium)
110
125
150
This Guarantee is on the Investment Premiums ie your annual premiums less the
Mortality charge
15
Why ICICI Pru Wealth Advantage
There are a number of things you need to do regularly to ensure that your life runs
smoothly Things like your bill payments your childrsquos school fees EMIs and so on
Keeping a track of all these is difficult indeed
And there are those things that ask for your attention only once but reward you
with returns all your life like ICICI Pru Wealth Advantage This is our first whole life
ULIP that provides a long term cover with just a single premium and allows you to
stay invested throughout your life
Features and benefits of ICICI Pru Wealth Advantage
Whole Life Plan
Single Premium
Automatic Withdrawal Plan
Automatic Transfer Strategy
Death benefit
Choice of 7 investment funds
Switch benefit
Why LifeStage Assure Well begun they say is half done This adage holds true as much
to life as to your long-term financial planning However times have changed now
markets have become volatile Everyone knows for sure that the growth story of India
is intact for a longer term Equity markets havenrsquot lost there charm as a long term
investment Yet everyone is waiting for a right time to invest Since timing the
market correctly is difficult for an average investor and capital preservation during
such volatile times is important
16
Why LifeTime Gold
Gold has alway always retained its glitter through the ages This precious yellow
metal much coveted and valued remains a symbol of class and an ageless asset
The same attributes of gold - precious and valuable - are now yours to enjoy
with a policy thats simply pure gold ULIP
Presenting ICICI Prudentials LifeTime
Gold a regular premium unit-linked policy that offers potentially higher returns
through the Multiplier Fund that invests in the top 50 large cap companies
Features and benefits of LifeTime Gold-
Flexible policy term
choices of premium payment
investment fund
Systematic withdrawal of money
Why LifeLink Super
Well-deserved financial incentives rewarding business profits and
even ancestral money are precious amounts that you should invest immediately so
they earn you potentially higher returns in the long run
Invest in ICICI Prudentials LifeLink Super policy-a single-
premium unit-linked policy that works best for investors who have in mind long-term
financial goals such as the education of a child or the purchase of a larger home
17
Features and benefits of LifeLink Super
2 options of Sum Assured
Flexible policy term
Partial withdrawal of money
Attractive premium allocation rates
7 investment funds
Switch benefit
Maturity benefit
Death benefit
Why Life Stage
We have different priorities at different life stages With such changing
priorities it is important to adopt Asset Allocation as an investment practice It helps
to strike the right balance by distributing your investments across different asset
classes like equity and debt More importantly it should also change according to our
life stage profile ndash age risk tolerance etc However the discipline of making the right
Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise
and dedicated time of someone who can manage your money on a day-to-day basis
Features and Benefits of LifeStage RP
Option to choose a unique and personalized life-cycle based portfolio strategy to
create ideal balance between Equity and Debt
Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -
Change in Portfolio Strategy)
Additional allocation of units at regular intervals to enhance your investment
18
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the
Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the
ideal insurance-cum-investment option for customers who want to enjoy the
potentially higher returns(over the long term) of a market linked instrument but
without taking any market risk
Under the Premium Guarantee Plans platform ICICI Prudential brings to you the
following products
Plan Name Plan Type
InvestShield Life New
InvestShield CashBak
Unit Linked
Unit Linked
Why InvestShield Life New
InvestShield Life New is a one of its kind market linked policy that
gives the policyholder the chance of enjoying the potentially higher returns of a
market linked instrument The underlying investment fund in InvestShield Life New
has up to 40 investment in equities and related securities
Features and benefits of InvestShield Life New
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield Life New offers a host of benefits to the policyholder
Key Benefits
19
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Established in London in 1848 Prudential plc through its businesses in the UK
and Europe the US and Asia provides retail financial services products and services
to more than 16 million customers policyholder and unit holders worldwide As of
June 30 2004 the company had over US$300 billion in funds under management
Prudential has brought to market an integrated range of financial services products
that now includes life assurance pensions mutual funds banking investment
management and general insurance In Asia Prudential is the leading European life
insurance company with a vast network of 24 life and mutual fund operations in
twelve countries - China Hong Kong India Indonesia Japan Korea Malaysia the
Philippines Singapore Taiwan Thailand and Vietnam
MANAGEMENT
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 Kochar (Chairperson )
Mr NS Kannan Director
Mr K Ramkumar Director
Mr Barry Stowe Director
Management Team
Ms Shikha Sharma Managing Director amp CEO
Mr NS Kannan Executive Director
Mr V Rajagopalan Chief - Actuary
9
Mr Sandeep Batra Chief Financial Officer amp Company Secretary
Ms Anita Pai Chief - Customer Service and Operations
Mr Puneet Nanda Chief ndash Investments
Product Profile
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
10
Education Insurance Plans
Wealth Creation Plans
Premium Guarantee plans
Protection Plans
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Health Product Suite
11
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
12
Education Insurance Plans
One of your most important responsibilities as a parent is to ensure that your child
gets the best possible education that can be provided
ICICI Prudential offers a wide portfolio of education insurance plans that are
designed to provide peace of mind to you as a parent that your childs education will
be secure These plans ensure that money is made available at the crucial junctures in
a childs education - Class X Class XII graduation and post-graduation - to fund
crucial commitments for the childs future
Importantly education insurance plans ensure that in the unfortunate event of
the death of a parent the childs education continues unhampered
Under the education insurance plans platform ICICI Prudential brings the
following products to you Please click on the product name to know more about the
plans
Wealth
Creation Plans
13
Plan Name
Plan Type
SmartKid New Unit-linked Regular Premium
SmartKid New Unit-linked Single Premium
SmartKid Regular Premium
Unit Linked Unit Linked Traditional
Wealth Creation Plans give the customer the dual benefit of protection along
with the potentially higher returns of market-linked instruments The most important
benefit of ULIPs is the flexibility they give the customer in choosing the premium
amount and also choosing the underlying fund in which this money is to be invested
Wealth creation plans also offer the customer more liquidity options as compared
to traditional plans As such ULIPs are ideal for customers who want the protection
of a life cover to be allied to the returns of market linked instrument ndash giving them an
unmatched combination of benefits
Under the wealth creation platform ICICI Prudential brings the following
products to you Please click on the product name to know more about the plans
Plan Name
Plan Type
ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP
Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked
14
Why ICICI Pru Secure Save
Life is full of uncertainties and a safety net that will protect us from any fall is
what we always strive for The same is true for our investments ndash where we would
love to enjoy the upside of our investments while keeping our downside safe
Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos
hard earned savings over time with an assurance of a minimum guaranteed maturity
amount to protect you from the downside of equity markets
Features and benefits of ICICI Pru SecureSave
Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a
Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial
withdrawal or surrender
The GMB for the various policy terms offered under the policy are shown below
Premium Payment Term 5 yrs 7 yrs10
yrs
Term of the Policy10
yrs
15
yrs
20
yrs
Guaranteed Maturity Benefit
(As a of Aggregate Investment
Premium)
110
125
150
This Guarantee is on the Investment Premiums ie your annual premiums less the
Mortality charge
15
Why ICICI Pru Wealth Advantage
There are a number of things you need to do regularly to ensure that your life runs
smoothly Things like your bill payments your childrsquos school fees EMIs and so on
Keeping a track of all these is difficult indeed
And there are those things that ask for your attention only once but reward you
with returns all your life like ICICI Pru Wealth Advantage This is our first whole life
ULIP that provides a long term cover with just a single premium and allows you to
stay invested throughout your life
Features and benefits of ICICI Pru Wealth Advantage
Whole Life Plan
Single Premium
Automatic Withdrawal Plan
Automatic Transfer Strategy
Death benefit
Choice of 7 investment funds
Switch benefit
Why LifeStage Assure Well begun they say is half done This adage holds true as much
to life as to your long-term financial planning However times have changed now
markets have become volatile Everyone knows for sure that the growth story of India
is intact for a longer term Equity markets havenrsquot lost there charm as a long term
investment Yet everyone is waiting for a right time to invest Since timing the
market correctly is difficult for an average investor and capital preservation during
such volatile times is important
16
Why LifeTime Gold
Gold has alway always retained its glitter through the ages This precious yellow
metal much coveted and valued remains a symbol of class and an ageless asset
The same attributes of gold - precious and valuable - are now yours to enjoy
with a policy thats simply pure gold ULIP
Presenting ICICI Prudentials LifeTime
Gold a regular premium unit-linked policy that offers potentially higher returns
through the Multiplier Fund that invests in the top 50 large cap companies
Features and benefits of LifeTime Gold-
Flexible policy term
choices of premium payment
investment fund
Systematic withdrawal of money
Why LifeLink Super
Well-deserved financial incentives rewarding business profits and
even ancestral money are precious amounts that you should invest immediately so
they earn you potentially higher returns in the long run
Invest in ICICI Prudentials LifeLink Super policy-a single-
premium unit-linked policy that works best for investors who have in mind long-term
financial goals such as the education of a child or the purchase of a larger home
17
Features and benefits of LifeLink Super
2 options of Sum Assured
Flexible policy term
Partial withdrawal of money
Attractive premium allocation rates
7 investment funds
Switch benefit
Maturity benefit
Death benefit
Why Life Stage
We have different priorities at different life stages With such changing
priorities it is important to adopt Asset Allocation as an investment practice It helps
to strike the right balance by distributing your investments across different asset
classes like equity and debt More importantly it should also change according to our
life stage profile ndash age risk tolerance etc However the discipline of making the right
Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise
and dedicated time of someone who can manage your money on a day-to-day basis
Features and Benefits of LifeStage RP
Option to choose a unique and personalized life-cycle based portfolio strategy to
create ideal balance between Equity and Debt
Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -
Change in Portfolio Strategy)
Additional allocation of units at regular intervals to enhance your investment
18
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the
Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the
ideal insurance-cum-investment option for customers who want to enjoy the
potentially higher returns(over the long term) of a market linked instrument but
without taking any market risk
Under the Premium Guarantee Plans platform ICICI Prudential brings to you the
following products
Plan Name Plan Type
InvestShield Life New
InvestShield CashBak
Unit Linked
Unit Linked
Why InvestShield Life New
InvestShield Life New is a one of its kind market linked policy that
gives the policyholder the chance of enjoying the potentially higher returns of a
market linked instrument The underlying investment fund in InvestShield Life New
has up to 40 investment in equities and related securities
Features and benefits of InvestShield Life New
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield Life New offers a host of benefits to the policyholder
Key Benefits
19
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Mr Sandeep Batra Chief Financial Officer amp Company Secretary
Ms Anita Pai Chief - Customer Service and Operations
Mr Puneet Nanda Chief ndash Investments
Product Profile
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
10
Education Insurance Plans
Wealth Creation Plans
Premium Guarantee plans
Protection Plans
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Health Product Suite
11
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
12
Education Insurance Plans
One of your most important responsibilities as a parent is to ensure that your child
gets the best possible education that can be provided
ICICI Prudential offers a wide portfolio of education insurance plans that are
designed to provide peace of mind to you as a parent that your childs education will
be secure These plans ensure that money is made available at the crucial junctures in
a childs education - Class X Class XII graduation and post-graduation - to fund
crucial commitments for the childs future
Importantly education insurance plans ensure that in the unfortunate event of
the death of a parent the childs education continues unhampered
Under the education insurance plans platform ICICI Prudential brings the
following products to you Please click on the product name to know more about the
plans
Wealth
Creation Plans
13
Plan Name
Plan Type
SmartKid New Unit-linked Regular Premium
SmartKid New Unit-linked Single Premium
SmartKid Regular Premium
Unit Linked Unit Linked Traditional
Wealth Creation Plans give the customer the dual benefit of protection along
with the potentially higher returns of market-linked instruments The most important
benefit of ULIPs is the flexibility they give the customer in choosing the premium
amount and also choosing the underlying fund in which this money is to be invested
Wealth creation plans also offer the customer more liquidity options as compared
to traditional plans As such ULIPs are ideal for customers who want the protection
of a life cover to be allied to the returns of market linked instrument ndash giving them an
unmatched combination of benefits
Under the wealth creation platform ICICI Prudential brings the following
products to you Please click on the product name to know more about the plans
Plan Name
Plan Type
ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP
Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked
14
Why ICICI Pru Secure Save
Life is full of uncertainties and a safety net that will protect us from any fall is
what we always strive for The same is true for our investments ndash where we would
love to enjoy the upside of our investments while keeping our downside safe
Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos
hard earned savings over time with an assurance of a minimum guaranteed maturity
amount to protect you from the downside of equity markets
Features and benefits of ICICI Pru SecureSave
Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a
Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial
withdrawal or surrender
The GMB for the various policy terms offered under the policy are shown below
Premium Payment Term 5 yrs 7 yrs10
yrs
Term of the Policy10
yrs
15
yrs
20
yrs
Guaranteed Maturity Benefit
(As a of Aggregate Investment
Premium)
110
125
150
This Guarantee is on the Investment Premiums ie your annual premiums less the
Mortality charge
15
Why ICICI Pru Wealth Advantage
There are a number of things you need to do regularly to ensure that your life runs
smoothly Things like your bill payments your childrsquos school fees EMIs and so on
Keeping a track of all these is difficult indeed
And there are those things that ask for your attention only once but reward you
with returns all your life like ICICI Pru Wealth Advantage This is our first whole life
ULIP that provides a long term cover with just a single premium and allows you to
stay invested throughout your life
Features and benefits of ICICI Pru Wealth Advantage
Whole Life Plan
Single Premium
Automatic Withdrawal Plan
Automatic Transfer Strategy
Death benefit
Choice of 7 investment funds
Switch benefit
Why LifeStage Assure Well begun they say is half done This adage holds true as much
to life as to your long-term financial planning However times have changed now
markets have become volatile Everyone knows for sure that the growth story of India
is intact for a longer term Equity markets havenrsquot lost there charm as a long term
investment Yet everyone is waiting for a right time to invest Since timing the
market correctly is difficult for an average investor and capital preservation during
such volatile times is important
16
Why LifeTime Gold
Gold has alway always retained its glitter through the ages This precious yellow
metal much coveted and valued remains a symbol of class and an ageless asset
The same attributes of gold - precious and valuable - are now yours to enjoy
with a policy thats simply pure gold ULIP
Presenting ICICI Prudentials LifeTime
Gold a regular premium unit-linked policy that offers potentially higher returns
through the Multiplier Fund that invests in the top 50 large cap companies
Features and benefits of LifeTime Gold-
Flexible policy term
choices of premium payment
investment fund
Systematic withdrawal of money
Why LifeLink Super
Well-deserved financial incentives rewarding business profits and
even ancestral money are precious amounts that you should invest immediately so
they earn you potentially higher returns in the long run
Invest in ICICI Prudentials LifeLink Super policy-a single-
premium unit-linked policy that works best for investors who have in mind long-term
financial goals such as the education of a child or the purchase of a larger home
17
Features and benefits of LifeLink Super
2 options of Sum Assured
Flexible policy term
Partial withdrawal of money
Attractive premium allocation rates
7 investment funds
Switch benefit
Maturity benefit
Death benefit
Why Life Stage
We have different priorities at different life stages With such changing
priorities it is important to adopt Asset Allocation as an investment practice It helps
to strike the right balance by distributing your investments across different asset
classes like equity and debt More importantly it should also change according to our
life stage profile ndash age risk tolerance etc However the discipline of making the right
Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise
and dedicated time of someone who can manage your money on a day-to-day basis
Features and Benefits of LifeStage RP
Option to choose a unique and personalized life-cycle based portfolio strategy to
create ideal balance between Equity and Debt
Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -
Change in Portfolio Strategy)
Additional allocation of units at regular intervals to enhance your investment
18
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the
Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the
ideal insurance-cum-investment option for customers who want to enjoy the
potentially higher returns(over the long term) of a market linked instrument but
without taking any market risk
Under the Premium Guarantee Plans platform ICICI Prudential brings to you the
following products
Plan Name Plan Type
InvestShield Life New
InvestShield CashBak
Unit Linked
Unit Linked
Why InvestShield Life New
InvestShield Life New is a one of its kind market linked policy that
gives the policyholder the chance of enjoying the potentially higher returns of a
market linked instrument The underlying investment fund in InvestShield Life New
has up to 40 investment in equities and related securities
Features and benefits of InvestShield Life New
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield Life New offers a host of benefits to the policyholder
Key Benefits
19
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Education Insurance Plans
Wealth Creation Plans
Premium Guarantee plans
Protection Plans
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Health Product Suite
11
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
12
Education Insurance Plans
One of your most important responsibilities as a parent is to ensure that your child
gets the best possible education that can be provided
ICICI Prudential offers a wide portfolio of education insurance plans that are
designed to provide peace of mind to you as a parent that your childs education will
be secure These plans ensure that money is made available at the crucial junctures in
a childs education - Class X Class XII graduation and post-graduation - to fund
crucial commitments for the childs future
Importantly education insurance plans ensure that in the unfortunate event of
the death of a parent the childs education continues unhampered
Under the education insurance plans platform ICICI Prudential brings the
following products to you Please click on the product name to know more about the
plans
Wealth
Creation Plans
13
Plan Name
Plan Type
SmartKid New Unit-linked Regular Premium
SmartKid New Unit-linked Single Premium
SmartKid Regular Premium
Unit Linked Unit Linked Traditional
Wealth Creation Plans give the customer the dual benefit of protection along
with the potentially higher returns of market-linked instruments The most important
benefit of ULIPs is the flexibility they give the customer in choosing the premium
amount and also choosing the underlying fund in which this money is to be invested
Wealth creation plans also offer the customer more liquidity options as compared
to traditional plans As such ULIPs are ideal for customers who want the protection
of a life cover to be allied to the returns of market linked instrument ndash giving them an
unmatched combination of benefits
Under the wealth creation platform ICICI Prudential brings the following
products to you Please click on the product name to know more about the plans
Plan Name
Plan Type
ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP
Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked
14
Why ICICI Pru Secure Save
Life is full of uncertainties and a safety net that will protect us from any fall is
what we always strive for The same is true for our investments ndash where we would
love to enjoy the upside of our investments while keeping our downside safe
Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos
hard earned savings over time with an assurance of a minimum guaranteed maturity
amount to protect you from the downside of equity markets
Features and benefits of ICICI Pru SecureSave
Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a
Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial
withdrawal or surrender
The GMB for the various policy terms offered under the policy are shown below
Premium Payment Term 5 yrs 7 yrs10
yrs
Term of the Policy10
yrs
15
yrs
20
yrs
Guaranteed Maturity Benefit
(As a of Aggregate Investment
Premium)
110
125
150
This Guarantee is on the Investment Premiums ie your annual premiums less the
Mortality charge
15
Why ICICI Pru Wealth Advantage
There are a number of things you need to do regularly to ensure that your life runs
smoothly Things like your bill payments your childrsquos school fees EMIs and so on
Keeping a track of all these is difficult indeed
And there are those things that ask for your attention only once but reward you
with returns all your life like ICICI Pru Wealth Advantage This is our first whole life
ULIP that provides a long term cover with just a single premium and allows you to
stay invested throughout your life
Features and benefits of ICICI Pru Wealth Advantage
Whole Life Plan
Single Premium
Automatic Withdrawal Plan
Automatic Transfer Strategy
Death benefit
Choice of 7 investment funds
Switch benefit
Why LifeStage Assure Well begun they say is half done This adage holds true as much
to life as to your long-term financial planning However times have changed now
markets have become volatile Everyone knows for sure that the growth story of India
is intact for a longer term Equity markets havenrsquot lost there charm as a long term
investment Yet everyone is waiting for a right time to invest Since timing the
market correctly is difficult for an average investor and capital preservation during
such volatile times is important
16
Why LifeTime Gold
Gold has alway always retained its glitter through the ages This precious yellow
metal much coveted and valued remains a symbol of class and an ageless asset
The same attributes of gold - precious and valuable - are now yours to enjoy
with a policy thats simply pure gold ULIP
Presenting ICICI Prudentials LifeTime
Gold a regular premium unit-linked policy that offers potentially higher returns
through the Multiplier Fund that invests in the top 50 large cap companies
Features and benefits of LifeTime Gold-
Flexible policy term
choices of premium payment
investment fund
Systematic withdrawal of money
Why LifeLink Super
Well-deserved financial incentives rewarding business profits and
even ancestral money are precious amounts that you should invest immediately so
they earn you potentially higher returns in the long run
Invest in ICICI Prudentials LifeLink Super policy-a single-
premium unit-linked policy that works best for investors who have in mind long-term
financial goals such as the education of a child or the purchase of a larger home
17
Features and benefits of LifeLink Super
2 options of Sum Assured
Flexible policy term
Partial withdrawal of money
Attractive premium allocation rates
7 investment funds
Switch benefit
Maturity benefit
Death benefit
Why Life Stage
We have different priorities at different life stages With such changing
priorities it is important to adopt Asset Allocation as an investment practice It helps
to strike the right balance by distributing your investments across different asset
classes like equity and debt More importantly it should also change according to our
life stage profile ndash age risk tolerance etc However the discipline of making the right
Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise
and dedicated time of someone who can manage your money on a day-to-day basis
Features and Benefits of LifeStage RP
Option to choose a unique and personalized life-cycle based portfolio strategy to
create ideal balance between Equity and Debt
Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -
Change in Portfolio Strategy)
Additional allocation of units at regular intervals to enhance your investment
18
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the
Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the
ideal insurance-cum-investment option for customers who want to enjoy the
potentially higher returns(over the long term) of a market linked instrument but
without taking any market risk
Under the Premium Guarantee Plans platform ICICI Prudential brings to you the
following products
Plan Name Plan Type
InvestShield Life New
InvestShield CashBak
Unit Linked
Unit Linked
Why InvestShield Life New
InvestShield Life New is a one of its kind market linked policy that
gives the policyholder the chance of enjoying the potentially higher returns of a
market linked instrument The underlying investment fund in InvestShield Life New
has up to 40 investment in equities and related securities
Features and benefits of InvestShield Life New
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield Life New offers a host of benefits to the policyholder
Key Benefits
19
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
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
12
Education Insurance Plans
One of your most important responsibilities as a parent is to ensure that your child
gets the best possible education that can be provided
ICICI Prudential offers a wide portfolio of education insurance plans that are
designed to provide peace of mind to you as a parent that your childs education will
be secure These plans ensure that money is made available at the crucial junctures in
a childs education - Class X Class XII graduation and post-graduation - to fund
crucial commitments for the childs future
Importantly education insurance plans ensure that in the unfortunate event of
the death of a parent the childs education continues unhampered
Under the education insurance plans platform ICICI Prudential brings the
following products to you Please click on the product name to know more about the
plans
Wealth
Creation Plans
13
Plan Name
Plan Type
SmartKid New Unit-linked Regular Premium
SmartKid New Unit-linked Single Premium
SmartKid Regular Premium
Unit Linked Unit Linked Traditional
Wealth Creation Plans give the customer the dual benefit of protection along
with the potentially higher returns of market-linked instruments The most important
benefit of ULIPs is the flexibility they give the customer in choosing the premium
amount and also choosing the underlying fund in which this money is to be invested
Wealth creation plans also offer the customer more liquidity options as compared
to traditional plans As such ULIPs are ideal for customers who want the protection
of a life cover to be allied to the returns of market linked instrument ndash giving them an
unmatched combination of benefits
Under the wealth creation platform ICICI Prudential brings the following
products to you Please click on the product name to know more about the plans
Plan Name
Plan Type
ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP
Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked
14
Why ICICI Pru Secure Save
Life is full of uncertainties and a safety net that will protect us from any fall is
what we always strive for The same is true for our investments ndash where we would
love to enjoy the upside of our investments while keeping our downside safe
Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos
hard earned savings over time with an assurance of a minimum guaranteed maturity
amount to protect you from the downside of equity markets
Features and benefits of ICICI Pru SecureSave
Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a
Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial
withdrawal or surrender
The GMB for the various policy terms offered under the policy are shown below
Premium Payment Term 5 yrs 7 yrs10
yrs
Term of the Policy10
yrs
15
yrs
20
yrs
Guaranteed Maturity Benefit
(As a of Aggregate Investment
Premium)
110
125
150
This Guarantee is on the Investment Premiums ie your annual premiums less the
Mortality charge
15
Why ICICI Pru Wealth Advantage
There are a number of things you need to do regularly to ensure that your life runs
smoothly Things like your bill payments your childrsquos school fees EMIs and so on
Keeping a track of all these is difficult indeed
And there are those things that ask for your attention only once but reward you
with returns all your life like ICICI Pru Wealth Advantage This is our first whole life
ULIP that provides a long term cover with just a single premium and allows you to
stay invested throughout your life
Features and benefits of ICICI Pru Wealth Advantage
Whole Life Plan
Single Premium
Automatic Withdrawal Plan
Automatic Transfer Strategy
Death benefit
Choice of 7 investment funds
Switch benefit
Why LifeStage Assure Well begun they say is half done This adage holds true as much
to life as to your long-term financial planning However times have changed now
markets have become volatile Everyone knows for sure that the growth story of India
is intact for a longer term Equity markets havenrsquot lost there charm as a long term
investment Yet everyone is waiting for a right time to invest Since timing the
market correctly is difficult for an average investor and capital preservation during
such volatile times is important
16
Why LifeTime Gold
Gold has alway always retained its glitter through the ages This precious yellow
metal much coveted and valued remains a symbol of class and an ageless asset
The same attributes of gold - precious and valuable - are now yours to enjoy
with a policy thats simply pure gold ULIP
Presenting ICICI Prudentials LifeTime
Gold a regular premium unit-linked policy that offers potentially higher returns
through the Multiplier Fund that invests in the top 50 large cap companies
Features and benefits of LifeTime Gold-
Flexible policy term
choices of premium payment
investment fund
Systematic withdrawal of money
Why LifeLink Super
Well-deserved financial incentives rewarding business profits and
even ancestral money are precious amounts that you should invest immediately so
they earn you potentially higher returns in the long run
Invest in ICICI Prudentials LifeLink Super policy-a single-
premium unit-linked policy that works best for investors who have in mind long-term
financial goals such as the education of a child or the purchase of a larger home
17
Features and benefits of LifeLink Super
2 options of Sum Assured
Flexible policy term
Partial withdrawal of money
Attractive premium allocation rates
7 investment funds
Switch benefit
Maturity benefit
Death benefit
Why Life Stage
We have different priorities at different life stages With such changing
priorities it is important to adopt Asset Allocation as an investment practice It helps
to strike the right balance by distributing your investments across different asset
classes like equity and debt More importantly it should also change according to our
life stage profile ndash age risk tolerance etc However the discipline of making the right
Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise
and dedicated time of someone who can manage your money on a day-to-day basis
Features and Benefits of LifeStage RP
Option to choose a unique and personalized life-cycle based portfolio strategy to
create ideal balance between Equity and Debt
Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -
Change in Portfolio Strategy)
Additional allocation of units at regular intervals to enhance your investment
18
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the
Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the
ideal insurance-cum-investment option for customers who want to enjoy the
potentially higher returns(over the long term) of a market linked instrument but
without taking any market risk
Under the Premium Guarantee Plans platform ICICI Prudential brings to you the
following products
Plan Name Plan Type
InvestShield Life New
InvestShield CashBak
Unit Linked
Unit Linked
Why InvestShield Life New
InvestShield Life New is a one of its kind market linked policy that
gives the policyholder the chance of enjoying the potentially higher returns of a
market linked instrument The underlying investment fund in InvestShield Life New
has up to 40 investment in equities and related securities
Features and benefits of InvestShield Life New
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield Life New offers a host of benefits to the policyholder
Key Benefits
19
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Education Insurance Plans
One of your most important responsibilities as a parent is to ensure that your child
gets the best possible education that can be provided
ICICI Prudential offers a wide portfolio of education insurance plans that are
designed to provide peace of mind to you as a parent that your childs education will
be secure These plans ensure that money is made available at the crucial junctures in
a childs education - Class X Class XII graduation and post-graduation - to fund
crucial commitments for the childs future
Importantly education insurance plans ensure that in the unfortunate event of
the death of a parent the childs education continues unhampered
Under the education insurance plans platform ICICI Prudential brings the
following products to you Please click on the product name to know more about the
plans
Wealth
Creation Plans
13
Plan Name
Plan Type
SmartKid New Unit-linked Regular Premium
SmartKid New Unit-linked Single Premium
SmartKid Regular Premium
Unit Linked Unit Linked Traditional
Wealth Creation Plans give the customer the dual benefit of protection along
with the potentially higher returns of market-linked instruments The most important
benefit of ULIPs is the flexibility they give the customer in choosing the premium
amount and also choosing the underlying fund in which this money is to be invested
Wealth creation plans also offer the customer more liquidity options as compared
to traditional plans As such ULIPs are ideal for customers who want the protection
of a life cover to be allied to the returns of market linked instrument ndash giving them an
unmatched combination of benefits
Under the wealth creation platform ICICI Prudential brings the following
products to you Please click on the product name to know more about the plans
Plan Name
Plan Type
ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP
Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked
14
Why ICICI Pru Secure Save
Life is full of uncertainties and a safety net that will protect us from any fall is
what we always strive for The same is true for our investments ndash where we would
love to enjoy the upside of our investments while keeping our downside safe
Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos
hard earned savings over time with an assurance of a minimum guaranteed maturity
amount to protect you from the downside of equity markets
Features and benefits of ICICI Pru SecureSave
Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a
Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial
withdrawal or surrender
The GMB for the various policy terms offered under the policy are shown below
Premium Payment Term 5 yrs 7 yrs10
yrs
Term of the Policy10
yrs
15
yrs
20
yrs
Guaranteed Maturity Benefit
(As a of Aggregate Investment
Premium)
110
125
150
This Guarantee is on the Investment Premiums ie your annual premiums less the
Mortality charge
15
Why ICICI Pru Wealth Advantage
There are a number of things you need to do regularly to ensure that your life runs
smoothly Things like your bill payments your childrsquos school fees EMIs and so on
Keeping a track of all these is difficult indeed
And there are those things that ask for your attention only once but reward you
with returns all your life like ICICI Pru Wealth Advantage This is our first whole life
ULIP that provides a long term cover with just a single premium and allows you to
stay invested throughout your life
Features and benefits of ICICI Pru Wealth Advantage
Whole Life Plan
Single Premium
Automatic Withdrawal Plan
Automatic Transfer Strategy
Death benefit
Choice of 7 investment funds
Switch benefit
Why LifeStage Assure Well begun they say is half done This adage holds true as much
to life as to your long-term financial planning However times have changed now
markets have become volatile Everyone knows for sure that the growth story of India
is intact for a longer term Equity markets havenrsquot lost there charm as a long term
investment Yet everyone is waiting for a right time to invest Since timing the
market correctly is difficult for an average investor and capital preservation during
such volatile times is important
16
Why LifeTime Gold
Gold has alway always retained its glitter through the ages This precious yellow
metal much coveted and valued remains a symbol of class and an ageless asset
The same attributes of gold - precious and valuable - are now yours to enjoy
with a policy thats simply pure gold ULIP
Presenting ICICI Prudentials LifeTime
Gold a regular premium unit-linked policy that offers potentially higher returns
through the Multiplier Fund that invests in the top 50 large cap companies
Features and benefits of LifeTime Gold-
Flexible policy term
choices of premium payment
investment fund
Systematic withdrawal of money
Why LifeLink Super
Well-deserved financial incentives rewarding business profits and
even ancestral money are precious amounts that you should invest immediately so
they earn you potentially higher returns in the long run
Invest in ICICI Prudentials LifeLink Super policy-a single-
premium unit-linked policy that works best for investors who have in mind long-term
financial goals such as the education of a child or the purchase of a larger home
17
Features and benefits of LifeLink Super
2 options of Sum Assured
Flexible policy term
Partial withdrawal of money
Attractive premium allocation rates
7 investment funds
Switch benefit
Maturity benefit
Death benefit
Why Life Stage
We have different priorities at different life stages With such changing
priorities it is important to adopt Asset Allocation as an investment practice It helps
to strike the right balance by distributing your investments across different asset
classes like equity and debt More importantly it should also change according to our
life stage profile ndash age risk tolerance etc However the discipline of making the right
Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise
and dedicated time of someone who can manage your money on a day-to-day basis
Features and Benefits of LifeStage RP
Option to choose a unique and personalized life-cycle based portfolio strategy to
create ideal balance between Equity and Debt
Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -
Change in Portfolio Strategy)
Additional allocation of units at regular intervals to enhance your investment
18
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the
Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the
ideal insurance-cum-investment option for customers who want to enjoy the
potentially higher returns(over the long term) of a market linked instrument but
without taking any market risk
Under the Premium Guarantee Plans platform ICICI Prudential brings to you the
following products
Plan Name Plan Type
InvestShield Life New
InvestShield CashBak
Unit Linked
Unit Linked
Why InvestShield Life New
InvestShield Life New is a one of its kind market linked policy that
gives the policyholder the chance of enjoying the potentially higher returns of a
market linked instrument The underlying investment fund in InvestShield Life New
has up to 40 investment in equities and related securities
Features and benefits of InvestShield Life New
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield Life New offers a host of benefits to the policyholder
Key Benefits
19
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Wealth Creation Plans give the customer the dual benefit of protection along
with the potentially higher returns of market-linked instruments The most important
benefit of ULIPs is the flexibility they give the customer in choosing the premium
amount and also choosing the underlying fund in which this money is to be invested
Wealth creation plans also offer the customer more liquidity options as compared
to traditional plans As such ULIPs are ideal for customers who want the protection
of a life cover to be allied to the returns of market linked instrument ndash giving them an
unmatched combination of benefits
Under the wealth creation platform ICICI Prudential brings the following
products to you Please click on the product name to know more about the plans
Plan Name
Plan Type
ICICI Pru SecureSave ICICI Pru Wealth Advantage ICICI Pru LifeStage Assure ICICI Pru LifeTime Gold ICICI Pru PremierLife Gold ICICI Pru LifeLink Super ICICI Pru LifeStage RP
Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked Unit Linked
14
Why ICICI Pru Secure Save
Life is full of uncertainties and a safety net that will protect us from any fall is
what we always strive for The same is true for our investments ndash where we would
love to enjoy the upside of our investments while keeping our downside safe
Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos
hard earned savings over time with an assurance of a minimum guaranteed maturity
amount to protect you from the downside of equity markets
Features and benefits of ICICI Pru SecureSave
Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a
Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial
withdrawal or surrender
The GMB for the various policy terms offered under the policy are shown below
Premium Payment Term 5 yrs 7 yrs10
yrs
Term of the Policy10
yrs
15
yrs
20
yrs
Guaranteed Maturity Benefit
(As a of Aggregate Investment
Premium)
110
125
150
This Guarantee is on the Investment Premiums ie your annual premiums less the
Mortality charge
15
Why ICICI Pru Wealth Advantage
There are a number of things you need to do regularly to ensure that your life runs
smoothly Things like your bill payments your childrsquos school fees EMIs and so on
Keeping a track of all these is difficult indeed
And there are those things that ask for your attention only once but reward you
with returns all your life like ICICI Pru Wealth Advantage This is our first whole life
ULIP that provides a long term cover with just a single premium and allows you to
stay invested throughout your life
Features and benefits of ICICI Pru Wealth Advantage
Whole Life Plan
Single Premium
Automatic Withdrawal Plan
Automatic Transfer Strategy
Death benefit
Choice of 7 investment funds
Switch benefit
Why LifeStage Assure Well begun they say is half done This adage holds true as much
to life as to your long-term financial planning However times have changed now
markets have become volatile Everyone knows for sure that the growth story of India
is intact for a longer term Equity markets havenrsquot lost there charm as a long term
investment Yet everyone is waiting for a right time to invest Since timing the
market correctly is difficult for an average investor and capital preservation during
such volatile times is important
16
Why LifeTime Gold
Gold has alway always retained its glitter through the ages This precious yellow
metal much coveted and valued remains a symbol of class and an ageless asset
The same attributes of gold - precious and valuable - are now yours to enjoy
with a policy thats simply pure gold ULIP
Presenting ICICI Prudentials LifeTime
Gold a regular premium unit-linked policy that offers potentially higher returns
through the Multiplier Fund that invests in the top 50 large cap companies
Features and benefits of LifeTime Gold-
Flexible policy term
choices of premium payment
investment fund
Systematic withdrawal of money
Why LifeLink Super
Well-deserved financial incentives rewarding business profits and
even ancestral money are precious amounts that you should invest immediately so
they earn you potentially higher returns in the long run
Invest in ICICI Prudentials LifeLink Super policy-a single-
premium unit-linked policy that works best for investors who have in mind long-term
financial goals such as the education of a child or the purchase of a larger home
17
Features and benefits of LifeLink Super
2 options of Sum Assured
Flexible policy term
Partial withdrawal of money
Attractive premium allocation rates
7 investment funds
Switch benefit
Maturity benefit
Death benefit
Why Life Stage
We have different priorities at different life stages With such changing
priorities it is important to adopt Asset Allocation as an investment practice It helps
to strike the right balance by distributing your investments across different asset
classes like equity and debt More importantly it should also change according to our
life stage profile ndash age risk tolerance etc However the discipline of making the right
Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise
and dedicated time of someone who can manage your money on a day-to-day basis
Features and Benefits of LifeStage RP
Option to choose a unique and personalized life-cycle based portfolio strategy to
create ideal balance between Equity and Debt
Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -
Change in Portfolio Strategy)
Additional allocation of units at regular intervals to enhance your investment
18
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the
Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the
ideal insurance-cum-investment option for customers who want to enjoy the
potentially higher returns(over the long term) of a market linked instrument but
without taking any market risk
Under the Premium Guarantee Plans platform ICICI Prudential brings to you the
following products
Plan Name Plan Type
InvestShield Life New
InvestShield CashBak
Unit Linked
Unit Linked
Why InvestShield Life New
InvestShield Life New is a one of its kind market linked policy that
gives the policyholder the chance of enjoying the potentially higher returns of a
market linked instrument The underlying investment fund in InvestShield Life New
has up to 40 investment in equities and related securities
Features and benefits of InvestShield Life New
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield Life New offers a host of benefits to the policyholder
Key Benefits
19
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Why ICICI Pru Secure Save
Life is full of uncertainties and a safety net that will protect us from any fall is
what we always strive for The same is true for our investments ndash where we would
love to enjoy the upside of our investments while keeping our downside safe
Presenting ICICI Pru SecureSave which aims to grow the value of customerrsquos
hard earned savings over time with an assurance of a minimum guaranteed maturity
amount to protect you from the downside of equity markets
Features and benefits of ICICI Pru SecureSave
Guaranteed Maturity Benefit The SecureSave Guarantee fund provides a
Guaranteed Maturity Benefit (GMB) It applies only at maturity not on death partial
withdrawal or surrender
The GMB for the various policy terms offered under the policy are shown below
Premium Payment Term 5 yrs 7 yrs10
yrs
Term of the Policy10
yrs
15
yrs
20
yrs
Guaranteed Maturity Benefit
(As a of Aggregate Investment
Premium)
110
125
150
This Guarantee is on the Investment Premiums ie your annual premiums less the
Mortality charge
15
Why ICICI Pru Wealth Advantage
There are a number of things you need to do regularly to ensure that your life runs
smoothly Things like your bill payments your childrsquos school fees EMIs and so on
Keeping a track of all these is difficult indeed
And there are those things that ask for your attention only once but reward you
with returns all your life like ICICI Pru Wealth Advantage This is our first whole life
ULIP that provides a long term cover with just a single premium and allows you to
stay invested throughout your life
Features and benefits of ICICI Pru Wealth Advantage
Whole Life Plan
Single Premium
Automatic Withdrawal Plan
Automatic Transfer Strategy
Death benefit
Choice of 7 investment funds
Switch benefit
Why LifeStage Assure Well begun they say is half done This adage holds true as much
to life as to your long-term financial planning However times have changed now
markets have become volatile Everyone knows for sure that the growth story of India
is intact for a longer term Equity markets havenrsquot lost there charm as a long term
investment Yet everyone is waiting for a right time to invest Since timing the
market correctly is difficult for an average investor and capital preservation during
such volatile times is important
16
Why LifeTime Gold
Gold has alway always retained its glitter through the ages This precious yellow
metal much coveted and valued remains a symbol of class and an ageless asset
The same attributes of gold - precious and valuable - are now yours to enjoy
with a policy thats simply pure gold ULIP
Presenting ICICI Prudentials LifeTime
Gold a regular premium unit-linked policy that offers potentially higher returns
through the Multiplier Fund that invests in the top 50 large cap companies
Features and benefits of LifeTime Gold-
Flexible policy term
choices of premium payment
investment fund
Systematic withdrawal of money
Why LifeLink Super
Well-deserved financial incentives rewarding business profits and
even ancestral money are precious amounts that you should invest immediately so
they earn you potentially higher returns in the long run
Invest in ICICI Prudentials LifeLink Super policy-a single-
premium unit-linked policy that works best for investors who have in mind long-term
financial goals such as the education of a child or the purchase of a larger home
17
Features and benefits of LifeLink Super
2 options of Sum Assured
Flexible policy term
Partial withdrawal of money
Attractive premium allocation rates
7 investment funds
Switch benefit
Maturity benefit
Death benefit
Why Life Stage
We have different priorities at different life stages With such changing
priorities it is important to adopt Asset Allocation as an investment practice It helps
to strike the right balance by distributing your investments across different asset
classes like equity and debt More importantly it should also change according to our
life stage profile ndash age risk tolerance etc However the discipline of making the right
Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise
and dedicated time of someone who can manage your money on a day-to-day basis
Features and Benefits of LifeStage RP
Option to choose a unique and personalized life-cycle based portfolio strategy to
create ideal balance between Equity and Debt
Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -
Change in Portfolio Strategy)
Additional allocation of units at regular intervals to enhance your investment
18
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the
Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the
ideal insurance-cum-investment option for customers who want to enjoy the
potentially higher returns(over the long term) of a market linked instrument but
without taking any market risk
Under the Premium Guarantee Plans platform ICICI Prudential brings to you the
following products
Plan Name Plan Type
InvestShield Life New
InvestShield CashBak
Unit Linked
Unit Linked
Why InvestShield Life New
InvestShield Life New is a one of its kind market linked policy that
gives the policyholder the chance of enjoying the potentially higher returns of a
market linked instrument The underlying investment fund in InvestShield Life New
has up to 40 investment in equities and related securities
Features and benefits of InvestShield Life New
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield Life New offers a host of benefits to the policyholder
Key Benefits
19
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Why ICICI Pru Wealth Advantage
There are a number of things you need to do regularly to ensure that your life runs
smoothly Things like your bill payments your childrsquos school fees EMIs and so on
Keeping a track of all these is difficult indeed
And there are those things that ask for your attention only once but reward you
with returns all your life like ICICI Pru Wealth Advantage This is our first whole life
ULIP that provides a long term cover with just a single premium and allows you to
stay invested throughout your life
Features and benefits of ICICI Pru Wealth Advantage
Whole Life Plan
Single Premium
Automatic Withdrawal Plan
Automatic Transfer Strategy
Death benefit
Choice of 7 investment funds
Switch benefit
Why LifeStage Assure Well begun they say is half done This adage holds true as much
to life as to your long-term financial planning However times have changed now
markets have become volatile Everyone knows for sure that the growth story of India
is intact for a longer term Equity markets havenrsquot lost there charm as a long term
investment Yet everyone is waiting for a right time to invest Since timing the
market correctly is difficult for an average investor and capital preservation during
such volatile times is important
16
Why LifeTime Gold
Gold has alway always retained its glitter through the ages This precious yellow
metal much coveted and valued remains a symbol of class and an ageless asset
The same attributes of gold - precious and valuable - are now yours to enjoy
with a policy thats simply pure gold ULIP
Presenting ICICI Prudentials LifeTime
Gold a regular premium unit-linked policy that offers potentially higher returns
through the Multiplier Fund that invests in the top 50 large cap companies
Features and benefits of LifeTime Gold-
Flexible policy term
choices of premium payment
investment fund
Systematic withdrawal of money
Why LifeLink Super
Well-deserved financial incentives rewarding business profits and
even ancestral money are precious amounts that you should invest immediately so
they earn you potentially higher returns in the long run
Invest in ICICI Prudentials LifeLink Super policy-a single-
premium unit-linked policy that works best for investors who have in mind long-term
financial goals such as the education of a child or the purchase of a larger home
17
Features and benefits of LifeLink Super
2 options of Sum Assured
Flexible policy term
Partial withdrawal of money
Attractive premium allocation rates
7 investment funds
Switch benefit
Maturity benefit
Death benefit
Why Life Stage
We have different priorities at different life stages With such changing
priorities it is important to adopt Asset Allocation as an investment practice It helps
to strike the right balance by distributing your investments across different asset
classes like equity and debt More importantly it should also change according to our
life stage profile ndash age risk tolerance etc However the discipline of making the right
Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise
and dedicated time of someone who can manage your money on a day-to-day basis
Features and Benefits of LifeStage RP
Option to choose a unique and personalized life-cycle based portfolio strategy to
create ideal balance between Equity and Debt
Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -
Change in Portfolio Strategy)
Additional allocation of units at regular intervals to enhance your investment
18
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the
Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the
ideal insurance-cum-investment option for customers who want to enjoy the
potentially higher returns(over the long term) of a market linked instrument but
without taking any market risk
Under the Premium Guarantee Plans platform ICICI Prudential brings to you the
following products
Plan Name Plan Type
InvestShield Life New
InvestShield CashBak
Unit Linked
Unit Linked
Why InvestShield Life New
InvestShield Life New is a one of its kind market linked policy that
gives the policyholder the chance of enjoying the potentially higher returns of a
market linked instrument The underlying investment fund in InvestShield Life New
has up to 40 investment in equities and related securities
Features and benefits of InvestShield Life New
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield Life New offers a host of benefits to the policyholder
Key Benefits
19
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Why LifeTime Gold
Gold has alway always retained its glitter through the ages This precious yellow
metal much coveted and valued remains a symbol of class and an ageless asset
The same attributes of gold - precious and valuable - are now yours to enjoy
with a policy thats simply pure gold ULIP
Presenting ICICI Prudentials LifeTime
Gold a regular premium unit-linked policy that offers potentially higher returns
through the Multiplier Fund that invests in the top 50 large cap companies
Features and benefits of LifeTime Gold-
Flexible policy term
choices of premium payment
investment fund
Systematic withdrawal of money
Why LifeLink Super
Well-deserved financial incentives rewarding business profits and
even ancestral money are precious amounts that you should invest immediately so
they earn you potentially higher returns in the long run
Invest in ICICI Prudentials LifeLink Super policy-a single-
premium unit-linked policy that works best for investors who have in mind long-term
financial goals such as the education of a child or the purchase of a larger home
17
Features and benefits of LifeLink Super
2 options of Sum Assured
Flexible policy term
Partial withdrawal of money
Attractive premium allocation rates
7 investment funds
Switch benefit
Maturity benefit
Death benefit
Why Life Stage
We have different priorities at different life stages With such changing
priorities it is important to adopt Asset Allocation as an investment practice It helps
to strike the right balance by distributing your investments across different asset
classes like equity and debt More importantly it should also change according to our
life stage profile ndash age risk tolerance etc However the discipline of making the right
Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise
and dedicated time of someone who can manage your money on a day-to-day basis
Features and Benefits of LifeStage RP
Option to choose a unique and personalized life-cycle based portfolio strategy to
create ideal balance between Equity and Debt
Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -
Change in Portfolio Strategy)
Additional allocation of units at regular intervals to enhance your investment
18
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the
Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the
ideal insurance-cum-investment option for customers who want to enjoy the
potentially higher returns(over the long term) of a market linked instrument but
without taking any market risk
Under the Premium Guarantee Plans platform ICICI Prudential brings to you the
following products
Plan Name Plan Type
InvestShield Life New
InvestShield CashBak
Unit Linked
Unit Linked
Why InvestShield Life New
InvestShield Life New is a one of its kind market linked policy that
gives the policyholder the chance of enjoying the potentially higher returns of a
market linked instrument The underlying investment fund in InvestShield Life New
has up to 40 investment in equities and related securities
Features and benefits of InvestShield Life New
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield Life New offers a host of benefits to the policyholder
Key Benefits
19
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Features and benefits of LifeLink Super
2 options of Sum Assured
Flexible policy term
Partial withdrawal of money
Attractive premium allocation rates
7 investment funds
Switch benefit
Maturity benefit
Death benefit
Why Life Stage
We have different priorities at different life stages With such changing
priorities it is important to adopt Asset Allocation as an investment practice It helps
to strike the right balance by distributing your investments across different asset
classes like equity and debt More importantly it should also change according to our
life stage profile ndash age risk tolerance etc However the discipline of making the right
Asset Allocation at various life stages in todayrsquos fast-paced life requires the expertise
and dedicated time of someone who can manage your money on a day-to-day basis
Features and Benefits of LifeStage RP
Option to choose a unique and personalized life-cycle based portfolio strategy to
create ideal balance between Equity and Debt
Option to change in chosen portfolio strategy 4 times in a policy term (CIPS -
Change in Portfolio Strategy)
Additional allocation of units at regular intervals to enhance your investment
18
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the
Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the
ideal insurance-cum-investment option for customers who want to enjoy the
potentially higher returns(over the long term) of a market linked instrument but
without taking any market risk
Under the Premium Guarantee Plans platform ICICI Prudential brings to you the
following products
Plan Name Plan Type
InvestShield Life New
InvestShield CashBak
Unit Linked
Unit Linked
Why InvestShield Life New
InvestShield Life New is a one of its kind market linked policy that
gives the policyholder the chance of enjoying the potentially higher returns of a
market linked instrument The underlying investment fund in InvestShield Life New
has up to 40 investment in equities and related securities
Features and benefits of InvestShield Life New
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield Life New offers a host of benefits to the policyholder
Key Benefits
19
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Premium Guarantee Plans
The latest addition to the life insurance product portfolio of ICICI Prudential is the
Premium Guarantee plan - InvestShield Life New Premium Guarantee plans are the
ideal insurance-cum-investment option for customers who want to enjoy the
potentially higher returns(over the long term) of a market linked instrument but
without taking any market risk
Under the Premium Guarantee Plans platform ICICI Prudential brings to you the
following products
Plan Name Plan Type
InvestShield Life New
InvestShield CashBak
Unit Linked
Unit Linked
Why InvestShield Life New
InvestShield Life New is a one of its kind market linked policy that
gives the policyholder the chance of enjoying the potentially higher returns of a
market linked instrument The underlying investment fund in InvestShield Life New
has up to 40 investment in equities and related securities
Features and benefits of InvestShield Life New
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield Life New offers a host of benefits to the policyholder
Key Benefits
19
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Premium Guarantee
Maturity Benefit
Death Benefit
Tax Benefits
Why InvestShield CashBak
InvestShield CashBak is a one of its kind market linked policy that gives the
policyholder the benefit of capital appreciation while maintaining a balance between
return safety and liquidity Moreover InvestShield CashBak also has the added
assurance of a Premium Guarantee which ensures that in the event of the market
returns being negative the sum of all premiums paid is returned to the policyholder
on maturity of the plan In other words InvestShield CashBak is a downside protected
plan
In addition to this the policyholder gets a life insurance cover for
protecting the family against the financial implications of the death of the
policyholder
Features and benefits of InvestShield CashBak
As a market-linked plan with premium guarantee and enhanced life insurance
InvestShield CashBak offers a host of benefits to the policyholder
Key Benefits
Premium Guarantee
Partial Withdrawals
Maturity Benefit
Death Benefit
Tax Benefits
20
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Protection Plans
Why ICICI Pru Pure Protect
As the head of your family you have always fulfilled your responsibilities
and given your family the comforts they wanted You have always been there for
them However life is full of uncertainties So it is important to ensure that your
family is protected should something unfortunate happen to you
ICICI Pru Pure Protect is a term plan (Without Return of Premium)
which will be available in two variants
ICICI Pru Pure Protect Classic For Sum Assured of up to Rs 2500000
ICICI Pru Pure Protect Elite For Sum Assured of Rs 2500000 and above
Invest in the plan that best suits your protection needs and guarantees lifelong comfort
and security to your family
Read more about this life insurance policy at Pure Protect at a glance
Features and Benefits of Pure Protect
Take a look at the features and benefits of the plan
Death benefit
Maturity benefit
Additional Benefits
Accidental Death and Disability Benefit Rider
21
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
bull On death of the life assured due to an accident the beneficiary gets the additional
Sum Assured under the Rider
bull In case of death due to accident while the life assured is using as a fare paying
passenger authorized public mass surface transport namely bus or train operating
under terms of such authorization the beneficiary gets twice the Sum Assured under
the rider
bull In the event of total and permanent disability 10 of the Rider Sum Assured is paid
out every year for 10 years
Waiver of Premium Rider
bull In case of total and permanent disability due to an accident under this rider the
company will pay the remaining premiums till maturity
Why LifeGuard
Protect your family with ICICI Prudentials LifeGuard LifeGuard acts as a
shield that safeguards your loved ones from financial insecurity at all times
A cost-effective plan LifeGuard comes in two variants LifeGuard with
Return of Premium (life cover with maturity benefit) and LifeGuard Single Premium
(premium at policy inception cover till policy matures) Invest in a plan that best suits
your requirements and guarantee your family lifelong comfort and security
Features and Benefits of LifeGuard
22
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
LifeGuard offers a choice of 2 life insurance plans LifeGuard with Return of
Premium and LifeGuard Single Premium Take a look at the features and benefits of
the plans
Death benefit Provide for your beneficiary to receive the Sum Assured should
something happen to you
Extended life cover Invest in LifeGuard with Return of Premium plan and safeguard
your family with an additional covermdashat 50 of the original Sum Assuredmdashfor 5
years after your policy terminates
Additional riders Protect your family from accidents and disability by adding on the
Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider
(WOPR)
ADBR The rider benefit amount will be paid to your family in the event of
death or disability due to an accident
WOPR In the case of total and permanent disability due to an accident all
further premiums will be waived and policy benefits will continue
Tax benefits
Maturity benefit
Why SavenProtect
Life Insurance Scheme
Assure your loved ones stay secure even when you are unable to hold up the
protective umbrella yourself Invest in ICICI Prudentials SavenProtect life insurance
scheme and in addition to safeguarding your family SaveNProtect will enable you
23
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
to make regular systematic savings so you can effortlessly provide your family with
every comfort and meet your long-term financial objectives
Learn more about the features and benefits of the SaversquonrsquoProtect
life insurance scheme from ICIC Prudential and start protecting the future of your
family and loved ones today
Features and benefits of SavenProtect
When you invest in SaversquoNrsquoProtect you give yourself the guarantee of safeguarding
your familyrsquos well being in addition to savings towards some important goals
Take a look at the features and benefits of this plan
Sum Assured Choose your Sum Assured depending on the level of cover with which
you want to protect your family The minimum Sum Assured is Rs 50000
3 premium paying modes Choose to pay your premium in monthly bi-annual or
annual installments Your premium is determined based on your age and the Sum
Assured you choose
Death benefit
Maturity benefit
Extended life cover
Additional riders
Tax benefits
24
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Why Home Assure
Owning your very own home is a cherished dream We want to ensure that
this dream comes true irrespective of what the future holds We are pleased to bring
you Home Assure This extremely affordable Term Life Insurance Plan offers you
protection against your loan amount with complete convinience in application In case
of an unfortunate event of death the financial security of your family is not affected
The family need not direct their savings towards paying off the outstanding loan
ICICI Prudential will pay the outstanding amount to the bank directly Your family
will continue to retain the home purchased by your hard earned money
Features and benefits of Home Assure
1 All you have to do is pay a single premium to opt for the insurance cover and you
will continue to remain covered throughout the insurance tenure ie the under-
construction period (if applicable) + the original home loan tenure
25
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
2 You will need to state in advance the expected under-construction period as 01 or
2 years This will be added to the home loan term to compute the total insurance
term
3 You will be covered for the entire loan amount (santioned home loan + single
premium paid) The premium is very affordable and there will be a minimal increase
in the EMI due to the loan for the insurance premium
4 The insurance cover would start from the date of first disbursement of the home
loan and ICICI Prudential shall accept risk from the date the premium is debited to the
account of the life assured
5 The insurance cover would be as per the original loan schedule
6 On survival upto the end of term no benefit will be payable
Tax benefits Premium paid for the policy and critical illness benefit rider will be
eligible for tax benefit under Sec 80C and 80D respectively Any amount paid to you
will be eligible for tax benefits under Sec 10 (10D) as per prevailing Income Tax
laws
26
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Pension amp 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 you need
LifeStage Pension
LifeTime Super Pension
LifeLink Super Pension
ForeverLife
Why LifeStage Pension
Retirement time is the time to live your dream dream that you have been putting off
as you never had the time for it But your retirement dream has a cost attached to it
We call this your retirement number0
To help you achieve your retirement number ICICI Prudential presents to you
LifeStage Pension
One of the most distinguishing features of this policy is that it has no premium
allocation charge for regular premiums which means 100 of your money is invested
Whatrsquos more the policy provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based on your life
27
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
stage and risk tolerance eventually providing you with a customised retirement
solution
Invest today to attain your retirement number and fulfill your dreams
Key Benefits of LifeStage Pension Option to choose a unique and personalised lifecycle based portfolio
strategy to create ideal balance between Equity and Debt
This plan invests 100 of your money in the portfolio of your choice
Enjoy the flexibility to choose from 5 pension options through which you can
receive your pension
Opportunity to earn potentially higher returns by investing in Unit Linked
Funds
Receive tax-free commutation up to one-third of the accumulated value on
vesting (retirement) date
Fund options available with ICICI Pru LifeStage Pension
Pension Flexi Growth
Objective To generate superior long-term returns from a diversified portfolio of
equity and equity related instruments of large mid and small cap companies
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 20
Debt Money Market amp Cash 80 0
Risk- Reward profile of the Fund High
Pension Flexi Balanced
28
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Objective To achieve a balance between capital appreciation and stable returns by
investing in a mix of equity and equity related instruments of large mid and small cap
companies and debt and debt related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 60 0
Debt Money Market amp Cash 100 40
Risk- Reward profile of the Fund Moderate
Pension Protector
Objective To provide accumulation of income through investment in various fixed
income securities The fund seeks to provide capital appreciation while maintaining a
suitable balance between return safety and liquidity
Indicative Portfolio Allocation Max () Min ()
Debt Instruments Money Market amp Cash 100 100
Risk- Reward profile of the Fund Low
Pension Maximiser (This Fund shall not be available for investment to those
Policyholder whose application is received by the companyrsquos office after February 22
2008)
Objective To provide long-term capital appreciation through investments primarily in
equity and equity-related instruments
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 100 75
Debt Money Market amp Cash 25 0
29
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Risk- Reward profile of the Fund High to those policyholder whose application is
received at the Companyrsquos office after February 18 2008)
Pension Balancer
Objective To provide a balance between long-term capital appreciation and current
income through investment in equity as well as fixed income instruments in
appropriate proportions depending on market conditions prevalent from time to time
Indicative Portfolio Allocation Max () Min ()
Equity amp Related Securities 40 0
Debt Money Market amp Cash 100 60
Risk- Reward profile of the Fund Moderate
Pension Preserver
Objective To provide suitable returns through low risk investments in debt and
money market instruments while attempting to protect the capital deployed in the
fund
Indicative Portfolio Allocation Max () Min ()
Debt Instruments 50 0
Money Market amp Cash 100 50
Risk- Reward profile of the Fund Capital Preservation
Pension Multiplier (This Fund shall be available for investment to those
policyholders whose application is received at the Companyrsquos office on or after
February 23 2008)
30
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Objective To provide long-term capital appreciation from an equity portfolio
predominantly invested in NIFTY scrips
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the Fund High
Pension RICH (This fund shall be available for investment to those policyholders
whose application is received at the Companyrsquos office on or after March 15 2008)
Objective To generate superior long-term returns from a diversified portfolio of
equity an equity related instruments of companies operating in four important types of
industries viz Resources Investment-related Consumption-related and Human
capital leveraged industries
Indicative Portfolio Allocation Max () Min ()
Equity amp equity related securities 100 80
Debt Money market amp Cash 20 0
Potential Risk-Reward profile of the fund High
Pension Return Guarantee Fund (PRGF)
Objective The fund seeks to provide guaranteed returns through investment in a
diversified portfolio of high quality fixed income instruments
Portfolio Allocation Max () Min ()
Debt Money market amp Cash 100 100
Risk-Reward Profile of the Fund Low
31
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Health Insurance Products
ICICI Prudential offers health insurance plans under the following major need
categories
Comprehensive health coverage
Health Saver
A comprehensive whole life plan that covers you against hospitalisation expenses and
creates a health fund to cover any other health expenses
Hospitalisation coverage
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment The
claim payout is based on actual expense incurred
Hospital Care Get free quote and buy online
A fixed benefit cashless hospitalization plan covering various stages of treatment and
over 900 surgeries
Critical illness coverage
Crisis Cover -A comprehensive health insurance policy that covers 35 critical
illnesses death and disability
32
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
12 COMPANY PROFILE
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank a premier financial powerhouse and Prudential plc a leading international
financial services group headquartered in the United Kingdom ICICI Prudential was
amongst the first private sector insurance companies to begin operations in December
2000 after receiving approval from Insurance Regulatory Development Authority
(IRDA)
ICICI Prudentials equity base stands at Rs 1185 billion with ICICI Bank and
Prudential plc holding 74 and 26 stake respectively In the financial year ended
March 31 2005 the company garnered Rs 1584 crore of new business premium for a
total sum assured of Rs 13780 crore and wrote nearly 615000 policies The company
has a network of about 56000 advisors as well as 7 bancassurance and 150 corporate
agent tie-ups For the past four years ICICI Prudential has retained its position as the
No 1 private life insurer in the country with a wide range of flexible products that
meet the needs of the Indian customer at every step in life
33
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
CHAPTER II
ORGANISATIONAL STRUCTURE
34
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
General Manager
Manager
Assistant Manager
Accountant
Assistant Accountant
Senior Clerk
Junior Clerk
Attenders
31 ORGANISATION STRUCTURE
Head Office
Branch structure Manager
Accountant (1) Accountant (2)
35
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Assistant accountant Assistant accountant Assistant
Accountant
Senior Clerk
Junior Clerk
Attenders
32 Recommendation about promotional strategies
The suggestions have been classified into two categories1048766 Action oriented suggestions1048766 People oriented suggestions
321 Special Recommendation
The insurance sector has largely stuck to images of happy families carefree couples and cute babies We have to use a different route to break the clutter and humor and endorsement of celebrities is some of the routes available to usICICI Prudential should come in front for development of rural sector by way ofestablishing a school by digging a well in villages May be it seems like a foolrsquos suggestion but it is one of the way to gain trust in rural sector We can also use to advertise us by using the way of ldquoHALLA BOLrdquo If we adopt this technique then I am sure that this will be most creative and cheaper advertisement all over the world And by this way ICICI Prudential can again list their name in top advertise
36
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
CHAPTER-III
FUNCTIONING
OF
DIFFERENT DEPARTMENT
37
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
21 HUMAN RESOURCE DEPARTMENT
ICICI Prudential is having two types of employees direct and indirect They are
recruited from employment exchanges Except PF there is no other fringe benefit for
temporary employees There are different types of fringe benefit for permanent employees
All the service matters of the organization are under the control of this department HR
Department is working under leadership
STRUCTURE OF HR DEPARTMENT
38
General Manager
Manager (HR)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Working period is from 10 am to 5 pm Working days are from Monday to Saturday
Production department Quality control department work for 24 hrs So there are three shifts
per day These shifts are from 630 am to 230 pm 230 pm to 1030 pm and 1030 pm to
630 am
The important functions performed by the department are
Induction and Orientation
Training
Performance Appraisal
Promotion
Recruitment
Welfare Measures
Recruitment
Temporary recruitment is done through employment exchanges The duration
of temporary employee is 180 days For permanent recruitment they first give
notification in minimum three newspapers From the approved applications
candidates are selected for written tests Those who pass the written test are called
for interview The company has both permanent and temporary employees
Permanent recruitment is done by the head office
Training
Training is given to the permanent employees both off the job and on the job
training is given HR department is in charge of providing training to the
permanent employee
39
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
Promotion
Promotions are of two types ie Seniority based promotion and performance
based promotion Middle level employees are promoted on the basis of their
seniority and top level employees are promoted on the basis of performance
Welfare Measure
Icici Prudential has a welfare society Most of the employees are the members
of the welfare society The enrolment in the society is kept optional There is a
separate committee chairman and secretary for the welfare society The members
of the welfare society have to contribute an amount of Rs50 every month as a
welfare fund From this fund cash award is given to children of employees who
scored high mark in public examinations
Moreover certain amount from the fund is given to the marriage
of the concerned member marriage of the memberrsquos children etc Certain
percentage of the profit from the company is given as ex-gratia to all the
employees except to those employees who availed bonus Employee should
present 240 days in a year to get full ex-gratia Housing subsidy is also given to
the employees Loan up to 2 lakhs and 1 subsidy is given to all the employees
Employee state Insurance (ESI) is given to employees whose salary
is less than 7500 Medical allowance of Rs100 is given to those employees who
do not prefer ESI Annually employee can take leave up to 33
days out of which 12 days are regarded as casual leave If an employee is
physically present for 246 days he can enter in to Departmental Promotional
Committee (DPC) For this minimum of 5 years service is essential
40
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
22 MARKETING AND SALES
DEPARTMENT
A product is anything that can be offered to satisfy a need or wantSo a social
and managerial process by which individuals and groups obtain what they need
and want through creating offering and exchanging products of value with others
ndash that is called marketing Marketing starts with human needs wants demands
and human satisfaction People satisfy their needs and wants with products
Actually selling is preoccupied with the sellerrsquos need to convert his product into
cash but marketing is the idea of satisfying the needs of the customer by means of
the product and the whole cluster of things associated with creating delivering
and finally consuming it
Marketing concept has constructed mainly on four pillars
Target market -companies do best when they define their target market(s)
carefully and prepare a tailored marketing programme Customer needs- Different
types of customers are in the market They have different types of needs likes
41
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
General Manager
Manager (Marketing)
Assistant Manager
Marketing Officer
Assistant Marketing Officer
Marketing Organizers
Marketing Assistants
STRUCTURE OF MARKETING DEPARTMENT
42
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
MARKETING RESEARCHMARKETING RESEARCH
Marketing Research is the systematic method of gathering recording objective
search and analyzing of valid and reliable information relating to the marketing of
goods and services Several factors are contributed to the growth of marketing
research Those are
To know the potential area of selling for the manufacturer where his goods could
be marketed
To understand the buyer behavior
Increasing the usage of computers has further contributed to the growth of
marketing research changes in the composition of population particularly The
shift from rural to the urban areas has widened the scope for the marketing of
various types of goods and services in the urban areas
43
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
23 FINANCE AND ACCOUNTS
DEPARTMENT
An organization communicates its financial information to the users through
financial statements and reports Financial statements contain summarized
information of the organizationrsquos financial affairs organized systematically These
statements comprise the income statements or profit and loss account and the
position statement or the balance sheet
To give a full view of the financial affairs of the undertaking it is also necessary
to include a statement of retained earnings a statement of changes in the financial
position and a few schedules such as schedule of fixed assets and schedule of
debtors
Income Statement ndash the profit and loss account sets out income as
well as expenses of the same period and after matching the two the
difference being the net profit or net loss is shown as the difference between
the two sides of the account Thus the earning capacity and the potential of
an organization are reflected by its profit and loss account
Position Statement ndash otherwise know as the balance sheet displays
the total resources of a business and the owners and creditorrsquos equity in
44
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
General Manager
Manager (Finance)
Assistant Manager
Junior Superintendent
Senior Assistant
these resources It indicates a statement of affair of a business at a particular
moment of time and thus it is static in nature
Statement of Retained Earning ndash also known as the profit and
loss appropriation account is generally a part of the profit and loss account It
shows how the profit of the business for the accounting period is appropriated
towards reserve and dividend and how much of the same is carried forwarded
as retained earnings
Statement of Changes in Financial Position ndash also known as
the fund flow statement summarizes the changes in assets liabilities and the
ownerrsquos equity between two balance sheet dates Thus it is a statement of
flows ie it measures the changes that have been taken place in the financial
position of a firm between two balance sheet dates It summarizes the sources
and uses of the funds obtained
361 STRUCTURE OF FINANCE AND
ACCOUNTS DEPARTMENT
45
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIALSTATEMENT
CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
FINANCIAL ANALYSIS
Financial analysis is the process of identifying the financial strengths and weakness of the firm by properly establishing relationships between the items of the balance sheet and
46
Position Statement
OrIncome Statements
Or
Statement of Changes in Ownerrsquos Equity changes in
Retained Earnings
Statement of changes in Financial
Position
Fund Flow
Statement
Cash Flow
Statement
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
profit and loss account The purpose of financial analysis is to disclose the information contained in the financial statements so as to judge the profitability and financial soundness of the organization
47
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
QUALITY CONTRO DEPARTMENT
Quality control department as the name suggests this department takes care of the
quality of insurance policies offered by the company Quality control department plays an
important role in the company Quality control department sees that every insurance which has
been sold should not be based on fake promises and should meet the requirement of customers
Structure of Quality control department
48
General Manager
Manager (Quality control)
Assistant Manager
Junior Superintendent
Senior Assistant
Junior Assistant
Staff
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
IT AND SYSTEMS DEPARTMENT
IT and Systems department of icici prudential life insurance is responsible for all the
work related to information technology In this company every department use different software
and different ERP ICICI PRUDENTIAL use FIDELIO software to save their data like no of
policies sold Each department is connected through this software and according to their
requirement every department take information from that software If there is any problem with
the systems software or networking then system department staff is called
49
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
CHAPTER-Vi
SWOT ANALYSIS
50
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
SWOT Analysis
Strengths
1 200 years record of profitability
2 Entire range of products for corporate and retail customers
3 Market segmentation and products for niche segment
4 Significant presence in Credit cards Insurance Mutual funds
Investment banking Personal loans and SME sector
5 54 overseas offices spanning 28 countries
6 21 banking and non-banking subsidiaries and associates
7 Over 80 of top corporate in India have strong relationships with SBI
8 Largest individual customer base in the country
9 Leading provider of financial services across retail and wholesale
segments
Weaknesses
1 Constrained by the norms of public sector status
2 Large size has its impact on swiftness of response
3 Comparatively large number of employees
4 Lack of innovation
5 Inability to implement proper individual reward schemes to motivate
and enhance productivity due to industry wide implications
Opportunities
51
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
1 Improvement in the economic conditions
2 Increasing purchasing power of large number of middle class -------------
3 Indiarsquos stature as leading IT power
4 Retail finance and insurance sector
5 Low penetration of credit cards
6 Cross-selling
7 Infrastructure development
Threats
1 Asset Quality
2 Interest Rate risk
3 Operations risk in view of increasing use of technology in day to day
operations
4 Fleet-footed foreign banks and private banks
5 Pressure on margins
52
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
CHAPTER-VI
FINDINGS SUGGESTION AND
CONCLUSION
61 Findings
53
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
laquo80 of the respondents have bought a life insurance policy from ICICI Prudential
Life Insurance Company Ltd
laquo ICICI Prudentialrsquos lsquoLife Time Retirement Solutions and Smart Kidrsquo are the most
preferred policies among all types of policies of the company
laquo 63 of the respondents have a lsquoHighrsquo level of satisfaction for the policy service and
all of the respondents are satisfied with the existing features of their life insurance policy
laquo Life Risk cover is the main criterion for buying a Life Insurance policy followed by
benefit of income tax rebate
laquo Majority of the respondents have implicit faith in Private Life Insurance companies
as they believe they are trustworthy
laquo 90 of the policy holders opined that the prices of policies of Private Life Insurance
companies are affordable
laquo The most important guidanceservice expected from a Life Insurance advisor is the
thorough and detailed explanation of policy features
laquo All the respondents (100) are aware of ICICI Prudential ndash their main source of
awareness being Life Insurance advisors and advertisements
laquo 90 of the respondents who hold ICICI Prudentialrsquos Life Insurance policy would
prefer to go in for another policy only from ICICI Prudential The most important
reasons for this are ndash brand name wide varieties of policies to choose from and good
servicing of policies
54
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
62 SUGGETIONS
ACTION ORIENTED SUGGESTIONSAn intense AIDA model needs to be adopted the AIDA model (Awareness Internet Desireand Action) Customers are aware of majority of products of ICICI PRUDENTIAL LifeInsurance Co LtdTo create the awareness regarding Product1 Print amp Electronic Media Advertisement should be done (As we can see intense adcampaign of HDFC Standard Life and Bajaj Allianz)2 After the initial promotional campaign the relative advantage of ICICI PRUDENTIALLife Insurance Co Ltd Over its competitor should be highlighted
1 Hoardings at prime areas should be used
PEOPLE ORIENTED SUGGESTIONS1 Creating offers like lucky draws for the users of Internet2 Giving free gifts for the customer
63 CONCULSION
55
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
There has been a tectonic shift in advertising the insurance companies Till 2 or 3 years back a typical Ad will showcase a small happy family enjoying their life Then one unfortunate Day the head of the family dies in an accident and the rest of the family is drawn to rags The ad ends up saying Insurance can help them against such calamities People bought the idea and started buying insurance But there was a basic flaw in the ad It tells the consumers about the advantages of ldquohaving Insurancerdquo but nothing about ldquobuying insurance from a perticular insurance firmrdquo So whoever casting such ad was helping the industry as a whole but not their specific firm If we see the recent ads they are talking about how ldquoSBI Liferdquo can help smoothen your oldage life or how ldquoICICI Prudentialrdquo can help you in receiving pentions etc This sounds more logical Each ad speaks about how their firms offers can help you instead of telling how insurance as a whole can help you
In concluding part of this project it shows that advertisement is very much important for any business A huge amount is paid by companies against advertisement There are many ways available to give advertisement onwhich this amount is paid this are TV Newspaper Radio Internet etc The amountspent on advertisement over four year across the world is shown I tableAt the initial phase of a company it is important that they give emphasis on corporate advertising because it helps in brand recall At the later stage company can go for product class advertisements Well it is also found that during session that endorsement of celebrities is helpful in ad recall But giving advertisement in any type of media is not the only medium there are many other ways also like social service by way of educating people
Especially for Insurance companies if they want to capture rural market then they have to approach in different way In my opinion rural market can only been captured if we reaches to there heart And this can be happen only if we solve there basic problem
56
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
6 BIBLIOGRAPHY
Below yoursquoll Find Host of Additional Resources That you should Find
Useful In The Course of Your study Research
By Books
Marketing management Philip kotler
JOURNALS Company Annual report
57
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
The Hindu Business Line Market Research in Insurance
Website
wwwinsuremagiccomwwwindiainfolinecomwwwbimaonlinecomwwwexpressindiacomwwwresponsiveservicecomwwwagencyfaqscomwwwknowledgedigestcomwwwgooglecom
wwwwikipediacom
www indiantelevisioncom
58
- FINANCIAL
- Income Statements
- Or
- Balance Sheet
- Insurance Plans
- Education Insurance Plans
- Wealth Creation Plans
- Why ICICI Pru Secure Save
- Features and benefits of ICICI Pru SecureSave
- Why ICICI Pru Wealth Advantage
- Features and benefits of ICICI Pru Wealth Advantage
- Why LifeStage Assure
- Why LifeTime Gold
- Features and benefits of LifeTime Gold-
- Features and benefits of LifeLink Super
- Why Life Stage
- Features and Benefits of LifeStage RP
- Premium Guarantee Plans
- Why InvestShield Life New
- Features and benefits of InvestShield Life New
- Why InvestShield CashBak
- Features and benefits of InvestShield CashBak
- Protection Plans
- Why ICICI Pru Pure Protect
- Features and Benefits of Pure Protect
- Why LifeGuard
- Features and Benefits of LifeGuard
- Why SavenProtect
- Features and benefits of SavenProtect
- Why Home Assure
- Features and benefits of Home Assure
- Why LifeStage Pension
- Key Benefits of LifeStage Pension
- Fund options available with ICICI Pru LifeStage Pension
- Health Insurance Products
- CHART SHOWING ANATOMY OF FINANCIAL STATEMENTS
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