ICICI 1

Contents

Company Certificate

HOD Certificate

Candidate Declaration

Preface

Acknowledgement

Chapter –I

1) Introduction

a) Historical development of Insurance

b) About Insurance

c) About the company

2) Company profile

a) Vision

b) Partners

c) Distribution

d) Management

3) Product information

Chapter-II

a) Objective of study

b) Importance of study

c) Scope of study

d) Research Methodology

1. Research Design

2. Sample Size

3. Data Collection Method

4. Sampling Design

e) SWOT analysis

f) Research Findings and Analysis

g) Limitation of Study

h) Conclusion

i) Recommendation

j) Bibliography

k) Questionnaire 109

ACKNOWLEDGEMENT

I wish to express my deep sense of gratitude to Mr. Rajat

Arora (Unit Manager) ICICI prudential Meerut, for his

valuable guidance, adviser and suggestion, during the

course of this study.

Positive thinking, hopeful attitude and optimistic outlook are

indispensable that are developed by an instructor in his

students. He enables them to face the problem in different

ways for success.

I feel to express my Prof. P.K Agarwal (HOD of MBA

Department IIMS), Mr. Sharad Bisaria, Dr. Sharat

Sharma, Mr. Manoj Kumar for his expert guidance and

encouragement for my project work.

I offer my most sincere thanks to Mr. Abhiroop Pandey

(territory manager) who inspire me all the time.

And finally but immensely I express all my gratitude to my

parents and faculties who inspired me all the time with their

love and support, also my friends who always help me in the

course of study.

Devendra Prasad Ojha

PREFACE

Insurance is one of the fastest growing sectors in the

country. Four years after liberalization the Insurance industry

still holds vast opportunities for young and experienced

professionals.

On the life Insurance side public sector life Insurance

corporation of India is, of course, the largest player with a

history of over 50 years. After Privatization, the PSU has

been making efforts to improve efficiency and customer

service. Among the private Life Insurance players, ICICI

Prudential Life and Birla Sun Life are the first and second

largest players.

My this study about Life Insurance, giving special reference

to ICICI Prudential Life Insurance is an attempt to get a inner

look about the working of this private player, what made

them No.1 private Insurer in country , there mode of

recruiting advisors and customer satisfaction with this

company with in Meerut city.

As the company is operating in 54 cities with 70 branches,

Meerut is selected as a sample unit for study. The study will

consists of studying product basket of ICICI Prudential with

the help of secondary data and the market survey with the

help of Questionnaire to collect primary data and thereafter

the result will be generalized on universe (India) to get clear

picture about the performance of ICICI Prudential Life

Insurance Company on India.

I hope this study will provide useful academic as well as

practical information.

Devendra Prasad Ojha

CANDITATE’S DECLARATION

I hereby declare that the project report prepared &

submitted by me is the original work, the report is based on

the data collected by me during the training tenure.

During my training I worked under the able guidance of Mr

Rajat Arora (Unit Manager) ICICI PRUDENTIAL LIFE

INSURANCE COMPANY MEERUT.

Devendra Prasad Ojha

MBA III SEM

INTRODUCTION TO THE COMPANY

The business of insurance began with the marine industry. Traders,

who would gather at the Lloyd’s Coffee House in London, agreed to

share the losses their goods were prone to while being carried by

ships. The losses used to occur because of pirates who robbed on

the high seas, because of bad weather spoiling goods or due to ships

sinking. The first insurance policy was issued in 1583 in England.

In India, insurance began in 1870 with life insurance being transacted

by an English company, the European and the Albert. The first Indian

insurance company was the Bombay Mutual Assurance Society,

formed in 1870. Oriental Life Assurance in 1874, the Bharat in 1896

and the Empire of India in 1897 followed this.

Later, the Hindustan Co-operative was formed in Calcutta, the United

India in Madras, the Bombay Life in Bombay, the National in Calcutta,

the New India in Bombay, the Jupiter in Bombay and the Lakshmi in

New Delhi. These were all started as a result of the Swadeshi

movement in the early 1900s. By the year 1956, when the life

insurance business was nationalized and the Life Insurance

Corporation of India (LIC) was formed on September 1, there were

170 companies and 75 provident fund societies transacting business

in India. After decades of public sector monopoly, the relevant laws

were amended in 1999 and LIC lost the exclusives privilege of

conducting life insurance business in India. By March 31 ’02, 11 new

insurers had been registered and had begun to transact life insurance

in the country.

INTRODUCTION OF INSURANCE

Insurance is a mechanism that ensures an individual to thrive on

adverse consequences by compensating the individual for loss

financially. The meaning of insurance can be made from two points:

Function meaning of insurance

Contractual meaning of insurance

Functional meaning:

Insurance is a co-operative device to spread the loss caused

by a particular risk over a number of persons, who are

exposed to it and who agree to insure themselves against

the insurance is:

a) A co-operative device to spread the risk

b) The system to spread the risk over a number of

persons who are insured against the risk.

c) The principle to share the loss of each member of the

society on the basis of probability of loss to their risk

and

d) The method to provide security against losses to the

insured.

Contractual Meaning of Insurance:

The insurance is a contract where by:

(a) Certain sum, called premium, is charged in

consideration.

(b) Against the said consideration a large sum is

guaranteed to be paid by the insurer who received

the premium.

(c) The payment will be made in a certain definite sum

i.e. the loss or the policy amount whichever may be,

and

(d) The payment is made only upon a contingency.

KINDS OF INSURANCE

The insurance can be divided from two angels:

From the business point of view.

From the risk point of view.

Business Point of view:

The Insurance can be classified into categories from

business point of view.

1. Life Insurance:

Life Insurance is different from other insurance in the since

that, here, the subject matter of insurance is life of human

being. Life is the most important property of the society or

an individual. This insurance provides protection to the

family at the premature death or gives adequate amount at

the old age when earning capacities are reduced.

2. General Insurance:

The general insurance includes property insurance, Liability

insurance and other forms of insurance. Fire and Marine

insurance are strictly called Property insurance; Motor, Theft,

Fidelity and Machine insurances include the extent of liability

insurance to a certain extent.

(A) Property Insurance

Under the property insurance property of a person insured

against a certain specified risk. The risk may be Fire or

Marine perils, Theft of property or Goods damage to property

at accident.

1. Marine Insurance

Marine insurance provides protection against loss of Marine

perils. These perils cause damage, destruction of

disappearance of the ship and cargo and non-payment of

freight.

2. Miscellaneous Insurance:

The property Goods machine, Furniture, Automobile,

Valuable articles etc. can be insured against the damaged

due to accident or due to theft these are different forms of

insurances for each type of said property whereby not only

property insurance exist but liability insurance and personal

injuries are also insured.

(B) Liability Insurance:

The general insurance also includes liability insurance

whereby the ensured is liable to pay the damage of property

or to compensate the loss of personal injury or death. This

insurance is seen in the form of Fidelity insurance,

Automobile insurance and Machine insurance etc.

(C) Other Forms:

Besides the property and Liability insurance there are certain

insurances, which are included under general insurance. The

example of such insurance is Export credit insurance, state

employees insurance etc. whereby the insurer guarantees to

certain amount at the certain events.

(3) Social Insurance:

The social insurance is to provide protection to the weaker

section of the society who is unable to pay the premium for

adequate insurance. Pension Plans, Disability benefits,

unemployment benefits, sickness insurance and industrial

insurance are the various forms of social insurance with the

increase of socialistic ideas, the social insurance is an

obligatory duty of the nation.

THE COMPANY

ICICI Prudential Life Insurance Company is a joint venture

between ICICI Bank, a premier financial powerhouse and

prudential plc, a leading international financial 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 Regularly Development Authority (IRDA).

ICICI Prudential’s equity base stands at Rs 675crore with

ICICI Bank and Prudential plc holding 74% and 26% stake

respectively. In the year ended March 31,2004, the company

had issued over 430,000 policies, for a total sum assured of

over Rs.8, 000crore and premium income in excess of

Rs.980crore. Today the company is the No.1 private life

insurer in the country.

Vision

Company’s 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 need of customer 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,

Boundary less, Ownership, and Passion. Each of the 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.

Partners

ICICI and Prudential came together in 1993 to form

Prudential ICICI Asset Management Company, which has

today emerged as one of the leading mutual funds in India.

The two companies bring together two of the strongest

financial service brands in Asia, known for their

professionalism, excellent quality of service and long term

commitment to people. Riding on the success of this

relationship, the two companies joined hands once more in

2000, to form ICICI Prudential Life Insurance, with a

commitment to provide leading-edge life insurance solutions.

ICICI Bank has 74% stake in the company, and prudential plc

has 26%.

ICICI Bank

ICICI Bank is India’s second largest bank with an asset base

of Rs.106812crore. ICICI Bank provides a broad spectrum of

financial services to individuals and companies. This includes

mortgages, car and personal loans, credit and debit cards,

corporate and agricultural finance. The Bank services a

growing customer base of more than 7 million customer

accounts and 5 million bondholders accounts through a multi

channel access network. This includes about 450 branches

and extension counters, 1665 ATMs, call centers and

Internet banking. ICICI Bank posted a net profit of Rs.1,

206crore for the year ended March 31,2003. ICICI Bank is the

only Indian company to be rated above the country rating by

the international rating agency Moody’s and the only Indian

company to be awarded and investment grade international

credit rating. The Bank enjoys the highest AAA (or

equivalent) rating from all leading Indian rating agencies.

Prudential plc

Established in 1848, Prudential plc is a leading international

financial services company in the UK, with around US$250

billion funds under management, and more than 16 million

customers worldwide. 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 UK’s largest life insurance company with a vast

network of 22 life and mutual fund operations in twelve

countries -China, Hong Kong, India, Indonesia, Japan, Korea,

Malaysia, the Philippines, Singapore, Taiwan, Thailand and

Vietnam. Since 1923, Prudential has championed customer-

centric products and services, supported by over 60,000

staff and agents across the region.

DISTRIBUTION

ICICI Prudential has one of the largest distribution networks

amongst private life insurers in India, having commenced

operations in 54 cities and towns in India. These are: Agra,

Ahmedabad, Ajmer, Allahabad, Amritsar, Aurangabad,

Bangalore, Bhatinda, Bhopal, Bhubhaneshwar, Chandigrh,

Chennai, Coimbatore, Dehradun, Goa, Guntur, Gurgaon,

Hyderabad, Hubli, Indore, Jaipur, Kanpur, Karnal, Kochi,

Kolkata, Kota, Kottyam, Lucknow, Ludhiana, Madurai,

Manglore, Meerut, Mumbai, Nagpur, Nasik, Noida, New

Delhi, Patiala, Pune, Rajkot, Ranchi, Surat, Thane, Thrissur,

Trichy, Trivandrum, Vadodara, Vashi, Vijayawada and Vizag.

The company has twelve bancassurance tie-ups, having

agreements with ICICI Bank, Allahabad Bank, Federal Bank,

South Indian Bank, Bank of India, Lord Krishna Bank and

Punjab & Maharastra Co-Operative Bank, Goa State Co-

Operative Bank and Indoor Paraspar Sahakare Bank, Manipal

State Co-Operative Bank, Shamrao Vithal Co-Operative Bank

And Jalgaon People’s Co-Operative Bank, as well as some

corporate agents. It has also tied Zindagi, a policy for the

socially and economically underprivileged sections of

society. ICICI Prudential has recruited and trained over

30,000 insurance advisors to interface with and advise

customers. Further , it leverages its state-of-the-art IT

infrastructure to provide superior quality of service to customers.

Management

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board

comprises reputed people from the finance industry both

from India and abroad.

Mr. K.V. Kamath, Chairman

Mr. Mark Norbom

Mrs. Lalita D. Gupte

Mrs. Kalpana Morparia

Mrs. Chanda Kochhar

Mr. Kevin Holmgren

Mr. M.P. Modi

Mr. R Narayanan

Ms. Shikha Sharma, Managing Director

Management Team

Ms. Shikha Sharma, Managing Director

Mr. Sandeep Batra, Chief-Financial Officer & Company

Secretary

Mr. Shubhro J. Mitra, Chief- Human Resources

Mr. Puneet Nanda, Head - Investments

Ms. Anita Pai, Chief – Operations & Underwriting

Mr. V. Rajagopalan, Appointed Actuary

Mr. Shridhar Sethuram, Chief – Sales & Marketing

Mr. Anil Tikoo, Head – Information Technology.

ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED (ICICI

PRUDENTIAL)

Registered office: ICICI Prulife Towers, 1089 Appasaheb

Marathe Marg, Praabhadevi Mumbai-400025

Registrat of companies

Reg no. 11-127837

Date of Incorporation 20-jul-2000

Registered with IRDA as Life Insurance Company

Regn.No.105

Products

Young Professional

Life Stage Needs Solution

Young Professional Protect loved ones Life Guard

& Protection against

Liabilities

Saving/Investing for Traditional

the future

Save ‘n’ Protect

Cash Bak

Secure plus

Cash Plus

Unit Linked Insurance

Solutions

Life Time II

Life Link II

Retirement planning Traditional

Forever Life

Secure Plus Pension

Unit Linked Insurance

Solutions

Life Time Pension II

Life Link Pension II

Tax Planning All Life Insurance plans

– Sec 88

All Retirement plans –

sec 80 ccc (1)

Life StageNewly MarriedLife Stage Needs SolutionNewly married Protect loved ones & Life Guard

Protection againstLiabilities Saving/Investing for Traditionalthe future

Save ‘n’ Protect Cash BaK Secure plus

Unit Linked Insurance Solutions

Life Time II Life ink II

Retirement Planning Traditional Forever Life Secure Plus Pension

Unit Linked Insurance Solutions

Life Time Pension II Life Link Pension II

Tax Planning All Life Insurance plans – Sec 88All Retirement plans – sec 80 ccc (1)

Health Concerns Major Surgical Assistance RiderCritical Illness Rider

Additional Protection Accident & Disability Benefit Rider

Waiver of premium Rider

Life StageMarried With KidsLife Stage Needs SolutionMarried with Kids Protect loved ones Life Guard

& Protection againstLiabilities Saving/Investing for Traditionalthe future

Save ‘n’ Protect Cash Bak Secure plus Cash Plus

Unit Linked Insurance Solutions

Life Time II Life Link II

Retirement Planning Traditional Forever Life Secure Plus Pension

Unit Linked Insurance Solutions

Life Time Pension II Life Link Pension II

Tax Planning All Life Insurance plans – Sec 88All Retirement plans –sec 80 ccc (1)

Child’s education Smart Kid Education Plans

Health Concerns Major Surgical Assistance RiderCritical Illness Rider

Additional Protection Accident & Disability Benefit RiderWaiver of premium Rider

Secure Plus Pension

Secure Plus Pension

Power to choose your protection levels:

Secure Plus Pension provides you with three levels

of sum assured for the same amount total annual

contribution. You also have the option of opting for

a zero Death Benefit.

Power to choose the retirement date: You can choose a vesting

age between 50 –75 years. You have the flexibility to postpone the

vesting date from the originally chosen vesting date up to a maximum

of 75 years of age.

You can also enhance you policy by adding Critical Illness

Rider, Major Surgical Assistance Rider, Accident & Disability

Benefit Rider, Accident Benefit Rider and Waiver of Premium

Rider (WOP)

Life Line Pension II

Life Link Pension II

Life Link Pension II gives you the freedom to choose the

amount of premium, and invest in market-linked funds, to

generate potentially higher returns. On a future retirement

date, the accumulated value of the units will be used to

purchase an annuity that will provide you with regular

income for life.

Power to choose the retirement date: Choose a vesting

age between 45 – 75 years of age.

Power to increase you investment: Use your surplus

funds to top-up your investments during the deferment

period.

Power to invest in plan based on your priorities:

Choose from among four funds, based on your investment

objective and risk appetite. If at later stage your financial

priorities change, you can switch between the various fund

options, absolutely free, 4 times a year.

Forever Life

Forever Life

Life cover benefits: The plan simultaneously provides life

cover and the opportunity to save for your retirement in a

systematic manner. In the unfortunate event of your death,

your spouse has the option to receive the sum assured with

guaranteed additions and vested bonuses (if any) as a lump

sum or get an annuity that would provide a regular income

for life.

Power to choose the retirement date: You can choose a

vesting age between 50 –70 years. You have the flexibility to

postpone the vesting date from the originally chosen vesting

date up to a maximum of 70 years of age.

You can also enhance your policy by adding Critical Illness

Rider, Major Surgical Assistance Rider, Accident & Disability

Benefit Rider, and Accident Benefit Rider.

Life Time II

Life Time II

A single policy that meets your changing needs over a

lifetime. This solution has been developed to meet your

savings, protection and investment needs at every stage in

life.

Protection

Choose from two levels of Sum Assured

Flexibility to increase or decrease your sum

assured.

Add-on riders to protect you against any

eventuality.

Savings

Flexibility to increase or decrease your

contribution.

Automatic Cover Continuance, wherein the policy

continues even if there is a temporary break in the

payment of annual contribution.

Top-up your investment any time you have surplus

funds.

Additional allocation of units on a periodic basis.

Loans against the policy

Investment

Choose from among four funds, based on your

investment objective and risk appetite.

Choice to switch between investment options (4

free switches every policy year).

You can also enhance your policy by adding Critical Illness

Rider, Major Surgical Assistance Rider, Accident & Disability

Benefit Rider, and Accident Benefit Rider.

Insurance Plans

Insurance Plans

Life is unpredictable. But in face of adversity, our

responsibilities towards our parents, children and loved ones

need not be compromised. Insurance planning equips you to

smooth out the uncertainties and adversities that life might

send your way, so that the best that life has to offer, secure

in the knowledge that your beloved ones are well provided

for.

ICICI Pru offers a complete range of insurance products

1. Protection Plans

2. Savings Plans

3. Child Plans

4. Investment Plans

5. Retirement Plans

6. Group Plans

7. Rural Plans

8. Plans for NRIs

9. Keyman Plans

10. Riders

Protection Plans

Life Guard

ICICI Prudential Life Insurance offers Life Guard – a set of

pure protection plans. Choose from amongst three different

product structures to insure your life and provide total

security to your family, at a very affordable cost.

Level Term Assurance with return of premium

On death the entire sum assured will be paid.

On maturity, all the premiums paid will be

returned.

Level Term Assurance without return of premium

On death the entire sum assured will be paid.

No survival or maturity benefits.

You can also enhance the above two policies by adding

Accident & Disability Benefit Rider and waiver of Premium

Rider (WOP).

Level Term Assurance – Single premium

On death entire sum assured will be paid.

No survival or maturity benefits.

Savings Plans

Savings Plans

ICICI Prudential offers a variety of policies that give you the

benefit of protection and the opportunity to save for

important assets or events, like a home, a car or a wedding.

Secure Plus

An insurance plan that gives added protection savings and

multiple options, all in one!

Cash Plus

An insurance plan that gives added protection savings,

multiple options, plus the power of liquidity.

Life Time II

A complete market-linked insurance plan that adapts itself to

your changing protection and investment needs, throughout

a lifetime.

Save ‘n’ Protect

A traditional endowment savings plan that offers both high

returns and protection.

Cash Back

An endowment savings plan that allows you to get back

substantial survival benefits without having to wait till the

maturity date.

Child Plans

Smart Kid Education Plans

As a responsible parent, you will always strive to ensure a

hassle-free, successful life for your child. However, life is full

of uncertainties and even the best-laid plans can go wrong.

Here’s how you can give your child a 100% safe and assured

tomorrow, whatever the uncertainties. Smart Kid is

designed to provide flexibility and safeguard your child’s

future education and lifestyle, taking all possibilities into

account.

1. Smart Kid regular premium

2. Smart Kid unit-linked regular premium

3. Smart Kid unit-linked single premium

All these plans offer you:

Guaranteed Financial Benefits: Regular

payments at critical stages in your child’s life

board examinations, Graduation and Post-

graduation.

Total peace of mind

i. Sum Assured is paid immediately:

Ensures that your loved ones stay financially

secure, even in your absence.

ii. All future premiums are waived: Ensuring

that your family is not financially burdened in

your absence.

iii. Policy benefits continue: The educational

benefits of the policy continue, ensuring that

your child can realize his or her dreams

without any hassles.

Development Allowance: Smart Kid

guarantees regular income to secure your

child’s educational career and also ensures his

all-round development, for a nominal additional

amount. The income benefit Rider takes care of

this through an annual payment of 10% of the

sum assured, to your child, till the maturity of

the policy, in the unfortunate event of the

death of the parent.

All smart Kid plans can be enhanced

with the Accident & Disability Benefit Rider and

Income Benefit Rider. You can also an Accident

Benefit Rider to a Smart Kid Regular Premium

policy, and a Waiver of premium Rider (WOP) to

Smart Kid unit-linked regular premium policy.

Investment Plan

Investment Plans

Life Link II

Life Link II is a unique plan that combines the security of a

life insurance policy with the opportunity of enjoying high

returns on your investments, without the market risks

compromising on the protection of your family!

Death Benefit: The sum Assured under the product has 2

options, either 500% of the initial premium or 105% of the

initial premium. In the event of an unfortunate death, the

beneficiary will receive higher of the value of units or the

initial death benefit, less any withdrawals.

Withdrawal Benefit: One can make partial withdrawals

from the accumulated value of the policy after completion of

one policy year.

Flexibility: Choose from four fund options, based on your

investment objective and risk appetite. If at a later stage

your financial priorities change, you can switch between the

various fund options, absolutely free, 4 times a year.

Retirement Plans

Retirement Solutions

Life Expectancy has been rising rapidly and today you can

expect to live longer than you earlier generations. For you,

this increase will mean a longer retirement life, stretching

into a couple of decades. ICICI Prudential presents

Retirement Solutions that combine the best of insurance and

investment. These solutions are developed to ensure uour

peace of mind for the years to come.

Choose from amongst 4 retirement plans:

Life Time Pension II

A regular premium linked pension plan that gives you the

freedom to choose the amount of premium, and invest in

market-linked funds, to generate potentially higher returns.

Life Link Pension II

A single premium linked pension plan that gives you the

freedom to choose the amount of premium, and invest in

market-linked funds, to generate potentially higher returns.

Secure Plus Pension

A regular premium pension plan that gives the flexibility to

choose between 3 levels of sum assured for the same level

of total annual contribution.

Forever Life

A regular premium pension plan that helps you save for your

retirement while providing you with life insurance protection.

Choose from 5 Annuity options at the time of vesting

1. Life Annuity

2. Life Annuity with return of purchase price

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

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

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

Read on to find out more about planning for your

retirement….

Why plan for retirement?

How much should I set aside for retirement?

The impact of inflation on your retirement savings.

Why plan early?

Group Solutions

Group Solutions

In an era of competitive party, the only asset that makes a

decisive difference between corporate success and failure is

the quality of human capital. Employee benefits have proven

to be an excellent tool to optimize the retention of talent and

improve an organization’s bottomline. The quality of an

organization’s employee benefits establishes and maintains

a company’s image as a caring employer. Optimum care of

employees is a long-term investment that results in a

sustained competitive advantage for an organization in the

times to come.

ICICI Pru Group Solutions Advantage

An integrated basket of employee benefit solutions

that offer in incomparable flexible benefits.

Sound investment management that focuses on

safety, stability and profitability of the portfolio.

Personalized financial planning for your employees

that takes care of his/her changing financial needs

at every stage of life.

Quality service initiatives and transparency across

all operations, promising superlative operational

efficiency.

Group term Assurance: Helps provide affordable cover to

members of a group.

Group Gratuity Plan: Helps employers fund their statutory

gratuity obligation in a flexible and hassle-free manner.

Group Superannuating Plan: A flexible scheme (defined

benefit and defined contribution) to provide a retirement

kitty for each member of the group.

Group Term Assurance

ICICI Pru’s flexible group term solution helps provide

affordable cover to members of a group. The cover could be

uniform or based on designation/rank or a multiple of salary,

and can be extended to all employees between the ages of

18 and 65 years. The benefit under the policy is paid on the

event of the member’s death to the beneficiary nominated

by the member. It is a one-year renewable policy where one

master policy covers all proposed employees comprising the

group, with a minimum group size of 25 persons. New

members can join the group and outgoing members can

leave the group at any point during the policy term.

Highlights include:

Greater convenience: for the employees with

relaxed underwriting and medical requirements.

“Free Cover Limits”: With simplified

underwriting depending upon the number of

employees in the group and the level of cover

chosen.

Guaranteed benefit: On death during the term

of the contract (while in service), the sum assured

will be paid to the beneficiary of the employee.

Choice of additional coverage in from an Accident

and Disability Benefit Rider and Critical Illness

Cover.

Premium is viewed as a business expense in the

year of payment.

Rural Plans

ICICI Pru Life Rural Products are designed to meet the needs

of the rural consumers. These products offer the following

features:

1. Low and Affordable Premiums

2. Life Cover

3. Savings Option

4. Hassle free procedure

ICICI Prudential offers 2 specially designed rural plans.

ICICI Pru Mitr – Endowment Plan

ICICI Pru Suraksha – Regular Premium

ICICI Pru Mitr –Endowment Plan

ICICI Pru Miter offers the following features:

Life Cover and Savings

Regular Premiums

Age at entry :18-45 Yrs

Premium Mode :Half Yearly / Yearly

Term :5, 10, 15 Yrs

Sum Assured :Rs. 5,000 – 20,000

Premium / Year :Rs. 507 – 553 (SA: Rs.

10,000)

Maturity / Death :Sum Assured

benefit

ICICI Pru Suraksha – Regular Premium

ICICI Pru Suraksha is a regular premium policy with the

following features:

Individual policy

Only Life cover

Term – 3 & 5 Yer

Age independent premium

Age at entry :18 – 45 Yer

Sum Assured :Single

Premium / Year :Rs. 50 – 200

Maturity / Death :Rs. 5,000 – 20,000

Benefit

Death Benefit :Sum Assured

Riders

ICICI Prudential gives the freedom to form very own

comprehensive insurance policy by adding the rider benefits

to the basic life insurance policy. Add from the following list

of benefits to increase the scope of your policy, at a nominal

cost.

Critical Illness Rider

Major Surgical Assistance Rider

Accident & Disability Benefit Rider

Accident Benefit Rider

Income Benefit Rider

Waiver of Premium Rider (WOP)

Critical Illness Benefit Rider

This rider provides protection against 9 critical illnesses,

namely: Major organ transplants, Complete renal failure,

Stroke, Paralysis, Heart attack, Valve replacement surgery,

Major surgery of the aorta, CAGS (Bypss) and Cancer.

Benefits paid on contracting the illness

Accelerated benefits (available with Save ‘n’ Protect

and cashbook): If the policyholder is diagnosed with any of

the specified illnesses, then the policyholder is paid the

entire sum assured under the rider. The policy along with all

the riders (to the extent of the Rider Sum Assured) is then

terminated. However, the remainder of the base policy

continues till the end of the term. The policyholder will have

to continue paying his premiums for the remainder of the

policy.

Accelerated benefits (available with SecurePlus,

CashPlus and SecurePlus Pension): If the policyholder is

diagnosed with any of the specified illnesses, then the

policyholder is paid the entire sum assured under the rider.

The life cover along with all the riders is then terminated.

However, the policy value accumulation continues till the

end of the term of death, whichever is earlier.

Standalone benefits (available with Life Time II,

Forever Life and Group Term Plan): If the policyholder is

diagnosed with any of the specified illnesses, he/she is paid

the rider Sum Assured and the rider terminates. However,

the base policy continues till maturity.

Premiums paid under this are eligible for tax benefits under

Section 80D.

Major Surgical Assistance Rider

This rider provides assistance to the policyholder against 43

surgical procedures. There surgical procedures are divided

into 3 categories and the extent of assistance provided

depends on the type of procedure.

Major procedures – 50% of the rider sum assured is paid

Intermediate procedures – 30% of the rider sum assured is

paid

Minor procedures – 20% of the rider sum assured is paid

This benefit is payable on more than one occasion when the

life assured undergoes surgery. However the total benefit

payable in case of all the procedures is restricted to a

maximum of 50% of the sum assured.

Major Surgical Assistance rider is available with Save ‘n’

Protect, Cashbak, Lifetime II, Forever Life, Forever Life,

Secure Plus, Cash Plus and Secure Plus Pension.

Premiums paid under this rider are eligible for tax benefits

under Section 80D.

Accident & Disability Benefit Rider

Benefits Payable on death due to an accident

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

sum assured is pad in addition to the basic sum assured.

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

transport system wherein the policyholder was traveling as a

fare-paying passenger, then 200% of the rider sum assured

is paid.

Benefit payable in case of permanent disability due to an

accident.

If the policyholder survives an accident but become

permanently disable then the premium for the basic plan is

completely waived off to the extent of the rider

sum assured.

Plus, 10% of the rider sum assured is paid for the next 10

years, which helps in providing that extra money and takes

care of sudden financial set back that occurs after a tragic

disability.

Accident & disability Benefit rider is available with save ‘n’

Protect, Cashbak, SmartKid Child Plan, Lifetime II, Life Time

Pension II, Forever Life, Secure Plus, Cash Plus, Secure Plus

Pension, Life Guard ROP and Life Guard WROP, the waiver of

premium benefit is not available.

Premiums paid under this rider are eligible for tax benefits

under Section 88.

Accident Benefit Rider

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

sum assured is paid in addition to the basic sum assured.

Accident Benefit rider is available with save ‘n’ Protect,

Cashbak, Smart Kid regular premium, Forever Life, secure

Plus, Cash Plus and Secure Plus Pension.

Premiums paid under this rider are eligible for tax benefits

under Section 88.

Income Benefit Rider

In case of death of the life assured during the term of the

policy, 10% of the rider sum assured is paid annually to the

beneficiary, on each policy anniversary till maturity of the

rider.

Income Benefit rider is available with Smart Kid Child Plans,

Secure Plus and Cash Plus.

Premiums pad under this rider are eligible for tax benefits

under Section 88.

Waiver of Premium Rider (WOP)

On total and permanent disability due to an accident, all

future premiums for both the base policy and rider (s) will be

waived till the end of the term of the rider of death of the life

assured, if earlier.

Waiver of Premium rider is available with Secure Plus, Case

Plus, Lie Guard ROP, Life Guard WROP, Smart Kid Unit linked

regular premium II, Life time II , Life Time Pension II and

Secure Plus Pension.

Premiums paid under this rider are eligible for tax benefits

under Section 88.

ICICI Pru Save ‘n’ Protect

(With profits endowment plan with extended life

cover)

This product is participating (with profits) endowment

product. As the name suggest the product encompass the

features of saving and life cover protection in equal

measures. The product is meant for the masses and has

flexible features. The product specification is as under:

Min Sum assured

Max Sum assured

Rs. 50,000

Unlimited

Min Age at Entry

Max Age at Entry

0 Years

60 Years

Min Maturity Age

Max Maturity Age

………..

70 Years

Min Term

Max Term

10 Years

30 Years

Sum assured

Multiples of

Rs. 1,000

Premium Payment

frequencies

Yearly, Half – yearly, quarterly and

monthly

Premium Payment

period

The Entire Term of Policy.

Benefit Coverage

period

Term of Policy + 5 years after maturity

(extended life cover)

Death benefits

During the term of

the policy

During ELC period 5

Sum Assured + Guaranteed Additions

+ Vested Bonus (if any) + Terminal

Bonus (on policies with term of 16

years or more).

years maturity 50% of sum assured in case the policy

holder dies during the 5 year term.

Maturity Benefits Sum assured + Guaranteed addition

(for the first 7 years) + Vested Bonus

+ Terminal bonus on policy with term

of 16 years of more.

Surrender/Paid up After 3 full year premium have been

paid.

Riders allowed Critical illness (CIR), Major surgical

(MSAR), Accident Benefit (ADBR), Term

Rider (LTAR).

Remarks Extended cover will be given only if

policy is in force for the full sum

assured at maturity.

Areas where population is less than

10,000 live or less the minimum sum

assured of Rs. 20,000 Shall apply.

The rider specifications are as follows:

SV = Total Premium – 1st year Premium + Bonus + Cash

Value / 3

TARGET MARKET FOR ICICI PRU SAVE

‘N’

PROTECT AND THE RIDERSThe ICICI save ‘n’ protect is a product that has a mass

appeal. The product has a good return feature as well as a

good life cover feature since the facility of life cover provides

cover for 5 years for 50% of the sum assured over and above

the maturity period. It subscribes to all the strata of the

society, but this product primarily targets to:

1. The salaried class.

2. Gross annual income of Rs. 1.2 lace. Ana above.

3. People with family responsibility.

4. Age group 20-40

The product imbibes a concept of compulsory saving and the

Such a kind of product is more comfortable with middle

class. It is mostly for people within the age group of 20 to 40

who have a family responsibility.

The rider extremely beneficial when sold to age group of 20

to 40. Since rider make the life cover and risk cover

qualitatively rich and the premiums are very low, attach

ability of riders should be advised by us.

ICICI PRU SAVE ‘N’ PROTUCT – FEATURES

ADVANTAGES BENEFITS

Now we know what ICICI Pru save ‘n’ protect is and how is

the product placed in the Market. It is important for us to

communicate to the client the features, benefits and the

advantages that ICICI Pur save ‘n’ protect has and others.

Features of Save ‘n’ Protect:

a) Extended Life Cover

Advantage

The feature is unique to ICICI prudential save ‘n’ protect. The

concept of extension of life cover is not new thought it has

been associate with a product like save ‘n’ protect.

Benefits

Free life cover for 5 years for 50% of the sum assured

payable on death offers value for money.

b) Riders Benefits

Advantage

Competitor products do not offer protection against illness

under one CIR rider.

MSAR is the rider, which is offered by ICICI prudential alone

covers 43 illnesses.

Level term assurance rider extends the advantage of double

cover under one single plan at lower cost.

There are products offered by LIC with double cover like

Jeevan Mitra, however. The premium towards the policy

restricts it to a niche.

Benefits

Additional protection against small price. Rider not only

covers contingencies that may cause death, but also those

which might incapacitate the individual from earning a

regular income required to maintain his life style.

c) Affordable Premium Rates

Advantages

A male client of age 30 pays a premium of 4484 for 1 lac of

cover, which for the same one lac he pays at least 5% more

if the decides to opt for the competitor product.

Benefit

Lower premiums ensure larger cover at nominal costs.

ICICI PRU CASHBAK

(With profits anticipated endowment plan)

This is a popular product with a three in one feature, of life

cover, liquidity and savings, ICICI Pru. Cashbak provides the

policyholder with survival benefits during the term of the

policy. The policyholder receives money regularly after every

few years there by incorporating an element of liquidity. The

products has the features mentioned below:

Minimum Sum assuredMaximum Sum assured

Rs. 75,000/-Unlimited

Minimum age at entryMaximum age at entry

16 Years55 Years

Minimum maturity ageMaximum maturity age

Not applicable70 Years

Term 15 Years and 20 YearsSum assured multiples of Rs 1000Premium payment frequencies

Yearly, Half Yearly, Quarterly and Monthly

Loading for premium frequencies

5% extra for monthly mode of premium payment

Premium payment period The entire term of policyDeath benefitsDuring the term of policy

Sum assured + guaranteed additions + vested bonus (if any) + terminal bonus (on policies with term of 16 years of more. Death benefit will be paid even if the survival benefits have been paid.

Survival(% age of the sum assured)

1 5 year plan 20 year plan 3 year

10% 4 Year

10%

6 year

15% 8 year

15%

9 year

20% 12 year

20%

12 year

25% 16 year

25%

15 year

50%Maturity

20 year

50%Maturity

Total 120% Total 120%Maturity benefits 50% of sum assured +

guaranteed additions + vested bonus (if any) + terminal bonus (on policies with term of 16 years or mover)

Surrender/Paid up After 3 full years premium have been paid

Policy Loans No LoansRiders allowed Critical illness benefit rider

(CIBR), Major surgical assistance rider (MSAR), Accident and disability benefit rider (ADBR), Level term assurance rider (LTAR)

Remarks The entire death benefit is payable even if the complete survival benefit is paid.

Target Market

ICICI Pru cashbak is a product that has mass appeal and

specifically for individuals who look for some interim benefits

in their life insurance policy. It helps the client to develop

and plan his investment as well as asset acquisition. The

product. Is mainly targeted towards:

The salaries and mid-sized businessmen

In the age group of 25 years to 45 years.

Gross income of Rs. 2,00,000/- and above.

Having families and children.

Looking for liquidity in insurance.

Will require periodic money for their children

education, asset creation.

ICICI PRU CASHBAK – FEATURES

ADVANTAGES BENEFITS

New we know ICICI cashbak is and how is the product placed

in the market. It is important for us to communicate to the

client the features, benefits and the advantages that ICICI

Pru Cashbak has and offers.

Features of Cashbak

a) More on Maturity

Advantage

All other anticipates endowment plans give only 100% of the

sum assured as survival and maturity benefits.

Benefits

The policyholder gets more than any other endowment plan.

b) Liquidity

Advantage

No other anticipate endowment plan in the market gives

money after every three years in a 15 years plan and after 4

years in a 20 year plan regularly.

Benefit

ICICI Pru cashbak gives more liquidity, thus enabling the

policy holder to plan for more during the term.

c)Rider Benefits

Advantages

The double death benefit offered by ADBR on death due to

accident while traveling in a mass public transport system

along with added benefits like disability cover and waiver of

premiums at a flat rate of 1.35 make it easily accessible to

all income groups.

Competitor products do not offer protection against 9 illness

under on CIR rider.

Benefit

Additional protection against small price. Rider not only

covers contingencies that may cause death, but also those

which might incapacitate the individual from earning a

regular income required to maintain his life style.

d) Riders cont

Advantage

Level term assurance rider extends the advantage of double

cover under one single plan at lower costs.

There are products offered by LIC with double cover like

Jeeven Mitra, however the premiums towards the policy

restricts it to a niche.

e) Affordable premium rates

Advantage

A male client of age 30 pays a premium of 4484 for 1 lac of

cover, while for the same 1 lac he pays at least 5% more if

he decides to opt for the competitor product.

Benefit

Lower premium ensure larger cover at nominal costs.

ICICI PRU LIFE GUARD (RETURN OF PREMIUM)

(Regular Premium Term Insurance Plan with Return of

Premium)

this is a term insurance plan providing the life assured with a

reasonable and economical life cover at very low cost. This

plan is a regular premium-playing plan and at the end of the

term the total premium received from the policyholders is

returned back to the policyholder with any interest or

additions.

Min Sum Assured

Max Sum Assured

Rs. 100,000/-

Rs. 10,00,000/-

Min Age at Entry

Max age at Entry

18 Years

50 Years

Min Maturity age

Max Maturity age

…………….

65 Years

Min Term

Max Term

5 Years

25 Years

Sum assured multiples of Rs. 1,000/-

Premium payment

frequencies

Yearly, half yearly, quarter

and monthly

Loading for Premium

frequencies

5% extra for Monthly

Premium payment period The entire term of policy

Benefit coverage Period Term of Policy

Death Benefits

Maturity Benefits Return of Premium Paid

Surrender/Paid up After 3 full years premiums

have been paid

Policy Loans No Loans

Riders Allowed Accident Benefit (ADBR)

Remarks Minimum Annual Premium

needs to be 2400/-

Target Market

ICICI Pur Life Guard, focuses on the two extremes of the

society:

High network Individuals as their priority is only life cover

and not returns on investments.

Lower income groups because they do not have a capacity

to pay huge premiums.

The Target Market will Comprise of:

The age group of 25 to 45.

Businessmen looking for life cover and security against

liabilities.

People wanting to insurance as per their HLV.

ICICI PRU FORVER LIFE (REGULAR PREMIUM)

(Regular Premium Deferred Annuity Plan)

The following are the specification of the plan:

Min Sum Assured

Max Sum Assured

Rs. 50,000/-

Unlimited

Min Age at Entry

Max age at Entry

18 Years

60 Years

Min vesting age

Max vesting age

45 Years

65 Years

Min Term

Max Term

5 Years

30 Years

Sum assured multiples of Rs. 1,000/-

Premium Payment Yearly, half yearly, quarterly

Frequencies and monthly

Premium payment Period The entire term of policy

Death Benefits

During the term of policy

Sum assured + guaranteed

additions + vested bonus (if

any) + terminal bonus (on

policies generate annuity for

the spouse.

If spouse is not there then

given as lump sum to the

nominee

Maturity Benefits Annuity

Surrender/Paid up After 3 full years premiums

have been paid

Policy Loans No Loans

Riders Allowed Critical illness benefit

standalone (CIBRS), Major

Surgical Assistance Reder

(MSAR), Accident and

disability benefit rider

(ADBR), level term assurance

rider (LTAR).

options Open Market Option.

Extension of vesting age.

Annuity Options.

25% of Purchase Price can be

obtained at lump sum.

Target Market

The annuity plan can be targeted to:

1.People working in the private companies and in

organization where there is no pension facility to the

employees, Businessmen and traders.

2.People with income group of 1.2 lacs plus.

3.Age group of 20 to 45 years.

ICICI PRU FOREVER LIFE (REGULAR PREMIUM)

FEATURES ADVANTAGES AND BENEFITS

A product like forever life is more relevant in today’s time

when the cost of living and life expectancy is increasing

regularly. Thus annuity plans are the only solution where by

an individual can take care of his future financially and

maintain his lifestyle.

Features of Forever life (RP):

a) Minimum vesting age is 45 year

Advantage

Product currently available in the market allow any individual

to being annuity not before 55 year, while forever life

provides a vesting age as early as 45 years.

Benefits

An individual policyholder get return in the form of annuity

right from the time he expects the productivity to reduce. So

the money come to him as a supplement for all his life and

enabling him to sustain his standard of living.

b) Extension of vesting period

Advantage

The product allows extension of vesting period where by the

policy holder can start the annuity Whenever he need it to

being.

Benefits

The policy holder enjoy the flexibility of creating his own

policy and getting the returns from the policy when he

requires them.

c) Four annuity options

Advantages

Forever life provides four annuity options viz.

Life annuity

Life annuity with return of purchase price.

Joint life, last survivor annuity with return of

purchase price.

Guaranteed annuity for 5, 10 & 15 years.

Benefits

These four options allow the customer enough choice to suit

his requirements.

In the joint life survivor option the spouse is given 100% of

annuity.

ICICI PRU FOREVER LIFE (SINGLE PREMIUM)

(Single Premium Deferred Annuity Plan)

Following are the specification of the plan:

Min Sum Assured

Max Sum Assured

Rs. 50,000/-

Unlimited

Min Age at Entry

Max age at Entry

30 Years

62 Years

Min vesting age

Max vesting age

45 Years

65 Years

Min Term

Max Term

3 Years

15 Years

Sum assured multiples of Rs. 1,000/-

Premium Payment

Frequencies

Yearly, half yearly, quarterly

and monthly

Premium payment Period The entire term of policy

Death Benefits

During the term of policy

Cash Value of sum assured +

guaranteed additions +

vested bonus (if any) used to

generate annuity for the

spouse.

If spouse is not there than

given as lump sum to the

nominee.

Maturity Benefits Annuity

Surrender After one full years premiums

have been paid

Policy Loans No Loans

Options Open Market Option.,

Extension of vesting age,

Annuity option, 25% of

purchase price can be

obtained as lump sum.

Target Market:

1.People at higher ages looking for annuity and not life

cover.

2.Like to pay money in one go.

3.People who have got a VRS or just retired, and wanting

annuity not now but after few years.

ICICI PRU FOREVER LIFE (SINGLE PREMIUM

FEATURES ADVANTAGES AND BENEFITS)

A product like forever life appeals to a customer whom the

fear of living too long keeps haunting. He is a customer who

expects to live long and therefore his prime need is to

sustain the standard of living, which he has been

maintaining when he has working.

Features of Forever Life (SP):

a) Minimum vesting age is 45 years

Advantage

Product currently available in the market allows any

individual to begin annuity not before 55 years, while forever

life provides a vesting age as early as 45 years.

Benefits

An individual policyholder gets return in the form of annuity

right from the time the expects his productivity to reduce. So

the money comes to him as a supplement for all his life and

enabling him to sustain his standard of living.

b) Extension of vesting period

Advantage

The product allows extension of vesting period whereby the

policyholder can start the annuity whenever he needs it to

being.

Benefits

The policyholder enjoys the flexibility of creating his own

policy and getting the returns from the policy when he

requires them.

c) For annuity options

Advantages

Forever life provides four annuity options viz:

Life annuity

Life annuity with return of purchase of price

Joint life annuity

Guaranteed annuity for 5, 10 & 15 years

Benefit

These four options allow the customer enough choice to suit

his requirements.

d) No. Life Cover

Advantages

The other deferred annuity plan in the market contains life

cover due to which the plan become expensive and

unaffordable at higher ages.

Benefits

Due to no life cover the plan can be taken at any age and

the premiums for the particular term remains the same.

Thus, making it affordable at higher ages also.

LIFE TIME

In Life Time a person can choose a specified level of

protection according to his needs. Part of the premium paid

is adjusted towards mortality and administration charges

and the rest is invested in the plan of the choice. Entry into

the plan will be based on the unit value of the plan based on

the unit value is base on the value of the units allotted to the

person.

“A single policy that meets your changing needs over

a Life Time”

Benefits:

Death Benefit: In the unfortunate event of death, the close

ones are spared on uncertain future. The guaranteed death

ensures that the nominee/s will receive the higher of death

benefit chooses (less any withdrawals) or value of the units.

Liquidity option: There is no maturity date. Anytime after

three years of commencement (provided to the person have

paid premium for 3 full years), the person can make partial

or complete withdrawals at no penalty to meet the

immediate requirements.

“The once in a Life financial solution for a complete

peace of mind”

Options :

Choice of investment Plan

Maxi miser (Growth): Enjoy long term capital appreciation

from a portfolio i.e. invested primarily in equity related

issues.

Protect or (Income): The priority is steady returns; a

person can opt for the “income plan”.

Balancer (Balanced): Balance of growth and steady

returns choose the balancer plan.

Flexibility

Increase the death benefit

Decrease the death benefit

Premium holiday option

Add on Riders

a) Accident & Disability rider

In the unfortunate event of an accidental death,

apart from the emotional trauma there are financial

liabilities that face a family. ICICI PRUDENTIAL LIFE

TIME ensures the nominees to get an additional sum

under the rider in such an event.

b) Critical illness Rider

In case the person contract any of the specified critical

illness, ICICI Pru make the whole process easier by paying

the person sum assured under the rider.

c) Major surgical assistance benefit rider

And even if the person, require emergency surgery, ICICI Pru

assist the person with a lump sum payment.

ICICI PRU. SMART KID

Guaranteed Educational Benefits

ICICI Pru. Smart Kid is so designed that it provides money at

important milestones. Whatever be the uncertainty, these

payment will the made to your child at the critical milestones

in the child’s life.

At the end

of

Child’s

age

Education Payout Needs met

10th year of

the policy

15 years Secondary

completed

20% of SA* Extra tuition,

preparation

for

professional

coerces,

change of

school of

colleges

12th year of

the policy

17 years Higher

Secondary

completed

25% of the

SA*

Join a

Professional

college,

graduation

college

15th year of

policy

20 years Graduation

completed

25% of the

SA*

Higher

studies, post

graduation

17th year of

policy

22 years Post

graduation

completed

30% of the

SA* +

guaranteed

additions

+vested

bonuses

Further

education in

India or

Abroad.

Alternatively,

used for

marriage or

career

establishment.

Additional Benefits

With ICICI Pru. Smart kid, two optional add-on riders are

attachable, Income benefit rider and accident and disability

benefit rider, that help to secure the child’s future in a

holistic manner.

Income benefit rider besides education, aspects like extra

curricular activities, sports, picnics, trips etc. to ensure the

all round development of your child. So, long as the parent is

alive, these needs are taken care of. But, what if something

unfortunate was to happen?

Income benefit rider takes care of this through payment of

10% of sum assured annually to your child each policy

anniversary following death, till maturity of the rider.

Accident and disability benefit rider

This provides cover against an unfortunate death due to an

accident. If the individual gets permanently disabled due to

an accident, it will also provide a regular income for the next

10 years or till maturity of the policy. All future premium, in

respect of sum assured under the basic plan equal to

accident cover, will be waived.

Objective of study

The various objectives of the project were:

Awareness of insurance sector.

Measure the awareness of insurance policies and

company.

To identify the various aspects of customer satisfaction.

Measuring the impact of the ICICI life insurance

companies in the Indian market and Indian consumers.

Familiarizing oneself with various products available

and the additional features or the riders attached to

them.

Analyzing the schemes offered by the private sector

players.

Importance of study

ICICI Prudential has grown exponentially over the past three

years , making its mark in a number of segments such as

retirement solutions, child plans and market- linked plans.

The success of the business thus far, has reaffirmed the

commitment of both the partners-ICICI Bank and prudential

plc- towards achieving the company’s vision of being a

leader in life insurance business in India.

ICICI Prudential is the leading private sector life insurance in

India. In December 2003, it crossed the Rs 1000 crore total

premium mark, the first private life insurer to do so.

So, the research work is important in respect of

understanding the changing Insurance sector with special

reference to ICICI Prudential. The study is about products of

leading private insurer, their mode of recruiting advisors and

their approach – which made them customer centric.

Scope of study

ICICI Prudential Life Insurance has increased its market share

among private life insurers to nearly 40% from 33% as of

end-December. The company’s first-year premium income in

the April-January period stood at Rs 464.6 crore, accounting

for 39.3% of the Rs 1,364 crore premium booked by all

private life insurers together.

Considering the entire life market, including the Rs 9,780

crore booked by Life Insurance Corporation, ICICI Prudential

market share works out to around 4.17%. The Life Insurance

market continues to be dominated by LIC which has about

87.8% share. This is only a marginal dip from its 88.2% share

in end-December. These comparisons are only for first year

or new business premium.

The gap between ICICI Prudential and the second–in-line

private insurer is vast. In fact, this hiatus has led some

analysts to wonder if the company is not a trifle too

aggressive. But others say this has more to do with the

company’s customer-centric focus, its pan-India presence

and superior risk management and investment strategies.

ICICI Prudential is not, however, resting on its laurels.

Company’s customer centric approach will be studied during

the training period and the finding of the research work will

definitely focus on the present condition & future

requirement (if any) relating to products of company.

RESEARCH OBJECT

AIM To study the “Product Basket of ICICI PRUDENTIAL Life

Insurance Company Limited”

To survey the “Market Potential” of ICICI PRUDENTIAL Life

Insurance Company in Meerut City

To study the opinion of the policy holders related to their

satisfaction

To do the project on the “Recruitment of the Insurance

Advisors in ICICI PRUDENTIAL Life Insurance Company

Limited (Meerut City)

To survey the “Market strategy of ICICI PRUDENTIAL” for

recruiting advisors

LOCATION

Meerut City

Recruitment of insurance advisors in

ICICI Prudential

The field of the Life Insurance is the challenging one, though

by far one of the most rewarding careers, one can get into.

The mantra to succeed in this business is to:

“Right activities at right time and do the right

activities regularly”

The first right activity which, one needs to do, is to develop a

market for purpose of selling life insurance. The question

that comes is

“How do an advisor identifies his natural market and

reach to them?”

The answer to this question involves four steps:

Prospecting

Sales Call

Tele calling

Closure

While going through the whole of “Recruitment Project”, I

recognized that ICICI Prudential like to have persons as

advisor who wants to earn money, position and status. They

like to have profile who can devote there most of the time in

their job.

During this recruitment project, I met lots of people who like

to be the advisors. I make them understand, the work to be

perform as an advisor. An advisor can decide his/her work

style, in which they can become his/her own boss and work

in a flexible hours.

During this course of training I met various advisors of ICICI

Prudential who are giving their best.

There are various monthly competitions of advisors in which

they get whole sole opportunity to win various items

including the foreign trip at company’s expanse. In the

process of recruitment I met various people. People of

different perception and mentality which is a fruitful

experience. I surveyed different areas of Meerut.

A person is eligible to be an advisor when,

He/she is more than 25 years

If possible, married

He/she should be at least residents of Meerut for at least 5

years

He/she should be graduate

The profiles I targeted are mainly from the following class of

people:

Business class

Insurance agents

House wives and

Students

It was a challenging job to motivate the person to be the

advisors, as we are having various competitions in insurance

companies like

LIC

Allianz Bajaj

Birla Sun life

HDFC Insurance

But I was succeeded in motivating them to be the part of

most trustworthy company ICICI Pru. Life Insurance

Company.

Advisors of ICICI get same respect and status as the

employee of ICICI because ICICI believes in

“GIVE RESPECT, GET RESPECT”

In the process of recruitment I realized that working with

ICICI Prudential Life Insurance as advisor can be comprised

in four words,

“NO CHINTA, ONLY MONEY”

1) Universe of study – Meerut City

2) Sample size - One Hundred

3) Type of Research used - Descriptive Research

4) Data Collected:

(a) Primary

(b) Secondary

5) Sample Design Used:

(a) Cluster sampling

(b) Random sampling

6) Tools & Techniques: Questionnaire

1) Universe of study

Meerut City

2) THE SAMPLE

The study is based on the data collected from the peoples of

MEERUT. I have taken a sample of 100 customers. The aim is

to know the views of the people. Due to shortage of time the

sample taken is small, but extreme care has been taken to

the views of the people. Thus, for the present study, the

sample can be said to be representative of all the peoples of

MEERUT.

3) DESCRIPTIVE RESEARCH

Descriptive research studies are those studies, which are

concerned with describing the characteristics of a particular

individual, or of a group. In descriptive studies the

researcher must be able to define clearly, what he wants to

measure and must find adequate method for measuring it

along with a clear cut definition of ‘population’ he want to

study. Since the aim is to obtain complete and accurate

Information in studies, the procedure to be used must be

carefully planned. So according I have planned my research

work.

4) DATA COLLECTION:

I used following data collection methods during my studies

PRIMARY DATA &

SECONDARY DATA

I. Primary Data: Primary data is the data that we have

taken from survey method.

II. Secondary Data: Secondary data is the data that is

taken from manuals, books, generals and business

magazines etc. it is also called second hand data.

5) SAMPLE DESIGN USED

Although there are many methods of sampling, which can be

applied in research study, But during the survey, basically I

have adopted two methods, which are as follows:

(a) CLUSTER SAMPLE METHOD:

It is difficult and even impossible to identify uniquely each

member of the population. Yet it may be possible to identify

certain sub-groups with relative cases.

The cluster is a geographical or social unit; through it may

be defined by other properties. Typical clusters are city

blocks, households, family organization, farms etc.

Thus for example in a survey of a city population no up date

lists of the residents was available but a map showing blocks

and then sample of each blocks may be drawn on complete

count may be taken of those who live in these blocks.

Now, second method, which I had adopted during the

survey, is cluster-sampling method.

Under which I had divided the whole MEERUT CITY, from

where I had started my survey, into clusters like first,

second, third and fourth.

(b) RANDOM SAMPLING METHOD:

A sampling procedure for which possible combination of two

or four elements had equal chance of being selected is called

simple random sampling.

In general, a simple random sampling procedure of ‘n’

elements from the population has equal chance of being

selected.

Simple Random has important property related to variability

of estimates obtained from such sample decrease as

sampling size increases.

In this stage of my survey I adopted random sampling

method. In this I have selected the customer randomly and

asked questions

6)Tools & Technique

As we know that collection of data is very necessary for

completion of research work, so in my survey basically I

have used Questionnaire method for collecting the data.

SWOT ANALYSIS

The diagnosis of a company’s strengths & weaknesses can

be fruitful only if the environment factors and market

conditions are considered along with the internal capability.

This approach essentially involves matching of the internal

capabilities with the environmental opportunities and

threats, and is known as SWOT (Strength & Weaknesses,

Opportunity and Threats) Analysis.

Strength

ICICI Prudential is the largest Private player in the insurance

industry in India.

It is one of the largest financial institutions in India.

It is the fifth largest insurance company (in terms of

revenue) in the world.

Prudential is 154-year-old company in has over 75 years of

experience in Asia.

Prudential operates in 12 countries in Asia and employs over

25,000 staff around the world.

ICICI Prudential has AAA rating from standard and Poors for

the financial strength of its core life funds.

Weakness: -

Some customers are not satisfied with the service of

the company.

ICICI Prudential has only 28 branches all over India.

High period insurance duration.

There are some customers who do not pay their

Premium regularly.

Opportunity: -

There is huge opportunity in insurance market.

ICICI Prudential is the first life insurance company

to offer ECS debit facility.

ICICI Prudential is the first company to introduce

unit linked pension products.

Threats: -

There is very tuff competition with LIC. Govt. has

given the license to many other companies providing

insurance facility like SBI life, ING Vysya, Tata AIG, Birla

Sun Life, Allianz Bajaj, Aviva, HDFC Standard life.

PEOPLE HAVING ICICI PRUDENTIAL POLICY

According to the survey 22% customers are having ICICI Pru. Products

and 78% customers do not have the ICICI Pru. Products. As ICICI Pru. Is

recently entered into the insurance sector & in approx 4 years ICICI

capture a big market, it’s a great achievement for ICICI Prudential.

ICICI Pru. Satisfied the requirement and the need of the

customers and provides them better policy as well as

services.

People buy ICICI Pru. Product because it them dual benefits.

It ensures the money and give good rate of return &

secondly, is able to sell its product much more effectively in

a very short period of time.

SATISFIED WITH ICICI POLICY PREMIUM

Approximate 82% customers, are satisfied with the premium of

policies. It means the large number of policyholders are satisfied with

the policy premium and 28% customer are not satisfied with the policy

premium. It means that some people are not satisfied with the policy

premium.

SINGLE REASON BEHIND PURCHASING

ICICI PRU PRODUCTS

According to the survey 43% customers purchase policy

because of risk cover and 27% customers purchased the

policy because of tax liabilities. Generally, the single most

reason behind purchasing the policies either for covering the

risk or for reduction in tax.

Types of Policy Prefer

According to the survey approx. 15% customers prefer save

‘n’ protect policy because it is fixed term policy which

combines savings with life cover and 27% customers prefer

smart kid, because as parents the biggest concern is that of

securing the future of the child & it is the superior way to

safe the future of your child & 11% customer prefer cashbak

policy it is a there in one plan that combines saving, liquidity

and protection. Approx, it’s a pension plan that works after

your retirement. Approx 20% customers prefer pension plan.

The company must introduce such type of policies in the

market, which satisfied the need, & the requirement of the

general peoples.

ICICI PRU. CAPABLE TO FACE OTHER

COMPETITOR

According to the survey approx. 78% customers are agreed and they think the ICICI Pru. Is capable of facing other competitor in insurance sector. But still there 22% customers are not satisfied with this comment. But large numbers of policyholders are agreed from the ICICI Pru. Market strategy. Marketing strategies of ICICI Pru. are as follows :

Understanding customer’s needs and offering them superior products.

New technology to service customers quickly, efficiency and conveniently.

Developing and implementing superior risk management and investments strategies to offer stable returns to the policyholders.

Providing an enabling environment to foster growth and training for the advisors.

And above all building transparency in all prospect’s dealings.

CHANNEL OF COMMUNICATION

According to the survey approx. 30% customers are aware

about ICICI Pre. Through advisor, 55% customers are aware

through advertisement. 15% customers are aware through

word of mouth & 5% customers are aware through reference

groups. It shows that advisor and advertisement is the best

medium to sell the product of ICICI Pru. And only through

advisor & advertisement most of the people are aware about

ICICI Pru. The company must maintain its advertisement

strategy and make changes time to time according to the

need & requirement.

ADVERSINTING STRATEGY OF ICICI

PRUDENTIAL

According to the survey, the advertisement strategy of ICICI

Pru is excellent i.e. approx. 40% and customers remarks are

“EXCELLENT” towards its advertisement strategy. 25%

remarks “SATISFACTORY” and 30% “GOOD”, that means

almost all the customers are happy and satisfied with the

advertisement strategy of ICICI Pru., only 5% says the

presentation is “NOT GOOD”.

PROFILES OF INSURANCE ADVISORS

While doing the survey, of Recruitment Advisors, I

recognized that 40% of population who are agree for doing

the job of advisors belongs to “INSURANCE AGENTS” group.

35% of them belong to “HOUSE WIVES” groups 15% of them

belong to “BUSINESS CLASS” and 10% of them are

“STUDENTS”.

This graphical representation shows that most of the

population who are interested in doing this jobs belongs to

“HOUSEWIVES”.

DEGREE OF INTEREST

According to the survey, I recognized that around 60% of the

populations interested in doing the job of insurance advisors

are “FEMALE”, while only 40% of them are “MALE”.

This survey shows that “FEMALE” are more interest than

“MALE”.

BEHAVIOUR OF OFFICE STAFF

According to the survey 42% customers agreed that the behavior of

office staff is excellent. 34% says that the behavior is satisfactory. 22%

says that it’s good and 2% customers say it’s not good.

SATISFIED WITH REGULAR

SERVICE OF ICICI PRUDENTIAL

According to the survey, 8.5% customers are satisfied with

the regular service of ICICI Pru. And 15% customers are not

satisfied with this. The service which is provided by office

such as intimation of due premium in time and other related

documents of the policies.

Limitation

While working on the topic assigned to me for research work,

I have chosen the way of random sampling. But while

carrying out the work I have faced the following problems i.e

limitation to my studies:

In the month of June to August in Meerut, when the

temperature was high & due to frequent power cut in

city some people were not ready to talk over the topic

covered under Questionnaire.

Due to uneven social environment in Sadar, the area

was not fully covered as planned.

While involved in advisor recruitment process,

sometime not got appointment from the persons due

to their busy schedule.

CONCLUSION:

On the basis of data collected and analysis of those data,

following are the conclusion that I have drawn:

People in Meerut are aware of Insurance and its

importance.

They are aware of private players in Insurance and

generally know the name of ICICI Prudential Life

Insurance.

General people are not aware of unit-linked plans.

ICICI Prudential life Insurance is giving tough

competition to leader (LIC) In Meerut city.

People are ready to join the ICICI Prudential family as

advisors.

ICICI Prudential Life Insurance has managed a good

customer relation in Meerut city.

So, it can be generalized that due to its customer

centric approach, product features and service

provided by its advisors ICICI Prudential Life Insurance

is considered to be No. 1 private Insurance in INDIA.

RECOMMENDATION:

While studying the Insurance market in Meerut city giving

special reference to ICICI Prudential Life Insurance. I have

gone through number of statements of people about policies

they have taken from the market leader but were not

satisfied with after sale service they are receiving. On the

basis of that I recommend the market challenger that:

There should be post purchase interaction with

the policyholder.

More customer oriented educated sales force should be

employed to educate the people about unit-linked plans.

BIBLOGRAPHY

PHILIP KOTLER (MARKETING)

SANTOSH GUPTA (RESEARCH METHODOLOGY)

TIMES OF INDIA

ECONOMIC TIMES

www.IrdaIndia.org

www.ICICIPrulife.com

JOURNAL

1. IRDA 2002-03

2. IRDA 2003-04(I)

QUESTIONNAIRE

1. Have you taken any insurance policy?

Yes No

2. Which policy you are having?

LIC Private Company

3. Have you taken any ICICI Prudential Product?

Yes No

4. If yes then which policy?

Retirement Policy Saving Plan

5. How many policies do you have in your family?

6. Through which channel you get aware about ICICI

Prudential?

(a) Advisor (b) Friend/Relative

(c) Advertisement (d) Neighbor

7. Is the policy/policies taken by you are suitable for you &

your family?

Yes No

8. What is the single most important reason behind

purchasing ICICI Prudential Product?

(a) Persuasion of Advisor (b) tax liability

(c) Indirect motivation by someone

(d) Risk coverage

9. Are satisfied with the regular services, which are being

provided by ICICI Prudential Product?

Yes No

10. Whether in your opinion ICICI prudential is capable to

face competition from other players?

If “Yes”

If “No”

And what are your suggestions to make it competitive

DATE: Name

PLACE: Address

Contact No.