Insurance as a Investment tools with regards to ULIP S.NO Titles Page No 1. Chapter – I - Executive summary - Objectives of the study - Introduction - Purpose of the study - Scope of the study - Statement of the problem 2. Chapter – II - Organization Profile - Organization Chart 3. Chapter – III - Data collection method - Instrumentation techniques - Learning experience - Observation - Recommendations - Conclusion 4. Chapter – IV - -Questionnaire - Bibliography BABASAB PATIL Page 1
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Insurance as a Investment tools with regards to ULIP
S.NO Titles Page No
1. Chapter – I- Executive summary- Objectives of the study- Introduction- Purpose of the study- Scope of the study- Statement of the problem
Insurance as a Investment tools with regards to ULIP
lead to windfall returns. If one invests in a unit-linked pension plan early on, say when one is
25, one can afford to take the risk associated with equities, at least in the plan's initial stages.
However, as one approaches retirement the quantum of returns should be subordinated to
capital preservation. At this stage, investing in a plan that has an equity tilt may not be a good
idea.Considering that unit-linked plans are relatively new launches, their short history does
not permit an assessment of how they will perform in different phases of the stock market.
Even if one views insurance as a long-term commitment, investments based on performance
over such a short time span may not be appropriate.
Simply put, ULIPs work very similar to a mutual fund with a life cover thrown in.
They have a mandate to invest the premiums in varying proportions in gsecs (government
securities), bonds, the money markets (call money) and equities. The primary difference
between conventional savings-based insurance plans like endowment and ULIPs is the
investment mandate- while ULIPs can invest upto 100% of the premium in equities, the
percentage is much lower (usually not more than 15%) in case of conventional insurance
plans. ULIPs are also available in multiple options like `aggressive' ULIPs (which can invest
upto 100% in equities), `balanced' ULIPs (which invest 40-60% in equities) and `debt' ULIPs
(which invest only in debt and money market instruments). The exact expense structure/
break-up for ULIPs is as transparent as one would have liked. Broadly speaking, ULIP
expenses are classified into three major categories:
1) Mortality charges:
Mortality expenses are charged by life insurance companies for providing a life cover to the
individual. The expenses vary with the age, sum assured and sum-at-risk for the individual.
There is a direct relation between the mortality expenses and the above mentioned factors. In
a ULIP, the sum-at-risk is an important reference point for the insurance company. Put
simply, the sum-at-risk is the difference between the sum assured and the investment value
the individual's corpus as on a specified date.
2) Sales and administration expenses:
Insurance companies incur these expenses for operational purposes on a regular basis. The
expenses are recovered from the premiums that individuals pay towards their insurance
policies. Agent commissions, sales and marketing expenses and the overhead costs incurred
to run the insurance business on a day-to-day basis are examples of such expenses.
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Insurance as a Investment tools with regards to ULIP
3) Fund management charges (FMC):
These charges are levied by the insurance company to meet the expenses incurred on
managing the ULIP investments. A portion of ULIP premiums are invested in equities,
bonds, gsecs and money market instruments. Managing these investments incurs a fund
management charge, similar to what mutual funds incur on their investments. FMCs differ
across investment options like aggressive, balanced and debt ULIPs; usually a higher equity
option translates into higher FMC. Apart from the three expense categories mentioned above,
individuals may also have to incur certain expenses, which are primarily `optional' in nature-
the expenses will be incurred if certain choices that are made available to individuals are
exercised.
a) Switching charges:
Individuals are allowed to switch their ULIP options. For example, an individual can switch
his fund money from 100% equities to a balanced portfolio, which has say, 60% equities and
40% debt. However, the company may charge him a fee for `switching'. While most life
insurance companies allow a certain number of free switches annually, a switch made over
and above this number is charged.
b) Top-up charges:
ULIPs allow individuals to invest a top-up amount. Top-up amount is paid in addition to the
premium amount for a particular year. Insurance companies deduct a certain percentage from
the top-up amount as charges. These charges are usually lower than the regular charges that
are deducted from the annual premium.
c) Cancellation charges: Life insurance companies levy cancellation charges if individuals
decide to surrender their policies (usually) before three years. These charges are levied as a
percentage of the fund value on a particular date.
Investment tools of unit linked insurance plans :
FUND NAME AND ITS OBJECTIVES
ASSEET ALLOCATION
MIN. MAX. POTENTIAL RISK-REWARD
R.I.C.H: Returns from equity investment in four types of industries, viz, resources,
Equity and equity related securities Debt, money market, and cash.
80%
0%
100%
20%High
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investment/capital goods, consumption and human capital leveraged. Flexi growth II: Long term returns from an equity portfolio of large, mid and small capital companies.
Equity and equity related securities Debt, money market, and cash.
80%
0%
100%
20%High
Multiplier II: Long term capital appreciation from equity portfolio.
Equity and equity related securities Debt, money market, and cash
80%
0%
100%
20%High
Flexi Balanced II: Balance of capital appreciation and stable returns from an equity (large, mid and small capital) and debt portfolio.
Equity and equity related securities Debt, money market, and cash
0%
40%
60%
100%Moderate
Balancer II: Balance growth and steady returns from an equity and debt portfolio.
Equity and equity related securities Debt, money market, and cash
0%
60%
40%
100%Moderate
Protector II: Accumulate steady income at a lower risk
Debt insurance, money market, and cash
100% 100% Low
Purpose of the Study:
The main purpose of the study is to find out the factors which are influencing the
investment tools regards with ULIP at ICICI Prudential and to suggest some strategies which
will help the organization.
Scope of the study:
The scope of the study will helps to the peoples for there choice of investment.
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The study will help to know the expectations of the ULIP.in future.
The company can find out the satisfaction level of the ULIP of their product plans.
The scope of the study will help the company will find the problems of peoples
investing in ULIP.
Statement of the problem:
1) Lack of awareness about ULIP funds in rural areas. ICICI Prudential insurance
Advisor difficult to convince them.
2) Lack of co-operation between the branches.
Contents
o Organization Profile
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o Company profile
o Organization Chart
ORGANISATION PROFILE:
ICICI Prudential Life Insurance Company Limited (‘the Company’) a joint venture
Between ICICI Bank Limited and Prudential plc of UK was incorporated on July
20, 2000 as a company under the Companies Act, 1956 (‘the Act’). The Company
is licensed by the Insurance Regulatory and Development Authority (‘IRDA’) for carrying
life insurance business in India.
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 (UK). The company brings together the local market
expertise and financial strength of ICICI Bank and Prudential’s International life insurance
experience. The company was granted a certificate of Registration by the IRDA on
November 24, 2000 and eighteen days later, issued its first policy on December 12. 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).
From its early days, ICICI Prudential seemed to have the wherewithal for a large-scale
business. By March 31, 2002, a little over a year since its launch, the company had issued
100,000 policies translating into premium income of approximately Rs. 1,200 million on a
sum assured of over Rs.23 billion. When the company began its operations, the need was to
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build a brand that was relatable to, symbolized trust and was easily recognized and
understood. It launched a corporate campaign ICICI Prudential also made using the theme of
‘Sindoor’ to epitomize protection, trust, togetherness and all that is Indian; endearing itself to
the masses. The success of the campaign, ‘the calling card of the company’ saw the brand
awareness scores almost at par with its 40 year old competitor. The theme of protection was
also extended to subsequent product and category specific Campaigns –from child plans to
retirement solutions –which highlight how the company will be with its customers at every
step of life.
From day one, the company has unflinchingly focused on being mass-market player,
developing products, creating a distribution network and deploying resources that would
further its goal. Apart from ramping up thoroughly training its advisors, the company has
twelve ‘Banc assurance’ partners –the largest in the country. It swiftly revised and added to
its initial range of products, pioneering market-linked products and pension plans, to offer
customers the most flexible life insurance policies in the country. In February 2004, ICICI
Prudential increased its capital base by Rs. 500 million, its ninth capital hike, bringing the
total paid –up equity capital to Rs. 6,750 million. With the authorized capital of the company
standing at Rs. 12 billion, ICICI Prudential continues to have the highest capital base
amongst all life insurers in the country. The challenge ICICI Prudential now faces is to retain
its top-notch position and continue to deliver the finest life insurance and pension solutions to
its ever-growing customer base.
ICICI Prudential’s equity base stands at Rs. 1185 crore with ICICI Bank and Prudential plc
holding 74% and 26% stake respectively. For the year ended March 31, 2006, the company
garnered Rs.2, 412 crore of weighted new business premium and wrote 837,963 policies. The
sum assured in force stands at Rs.45, 888 crore. The company has a network of over 72,000
advisors; as well as 9 bancasurance partners and over 200 corporate agent and broker tie-
ups.ICICI Prudential is also the only private life insurer in India to receive a National Insurer
Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA rating is the highest
credit rating, and is a clear assurance of ICICI Prudential’s ability to meet its obligations to
customers at the time of maturity or claims.
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For the past five years, ICICI Prudential has retained its position as the No.1 private insurer
in the country, with a wide range of flexible products that meet the needs of the Indian
customer at every step in life.
Beginning operations in December 2000, ICICI Prudential’s success has been meteoric,
becoming the number one private life insurer within months of launch. Today, it has one of
the largest distribution networks amongst private life insurers in India, with branches in 54
cities. The total number of policies issued stands at more than 780,000 with a total sum
assured in excess of Rs.160 billion.
ICICI Prudential closed the financial year ended march 31, 2004 with a total received
premium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20
billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven
mainly by the company’s range of unique unit-linked policies and pension plans. The
company’s retail market share amongst private companies stood at 36%, making it clear
leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged Most
Trusted Private Life Insurer (Economic Times ‘Most Trusted Brand Survey’ by AC Nielsen
ORG-MARG). It was also conferred the ‘Outlook Money-Best Life Insurer’ award for the
second year running. The company is also proud to have won Silver at EFFIES 2003 for its
‘Retire from work, not life’ campaign. Notably, ICICI Prudential was also short-listed to the
final round for its ‘Sindoor campaign in EFFIES 2002.
ICICI Prudential’s success is rooted in its philosophy to always offer the customer a choice.
This has been the driving force behind its multi-channel distribution strategy, which includes
advisors, banks, direct marketing and corporate agents. In fact, ICICI Prudential was the first
life insurer to invest in multiple channels and offer the customer choice and access; thus
reducing dependency on any one channel, great strides in the retirement solutions and
pensions market.The Company’s penetration of the retirement market was driven by the
focused approach towards creating awareness through sustained campaign; ‘Retire from
work, not life’. Within six months, the campaign rewarded ICICI Prudential with an
increased share of 23% of the total pensions market and 78% amongst private players.
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ICICI Prudential Life's capital stands at Rs. 37.72 billion (as on March, 2008) with ICICI
Bank and Prudential plc holding 74% and 26% stake respectively. For the year ended March
31, 2008, the company garnered Retail New Business Weighted premium of Rs. 6,684 cores,
registering a growth of 68% over the last year and has underwritten nearly 3 million retail
policies during the period.
The company has assets held over Rs. 30,000 cores as on April 30, 2008.ICICI Prudential
Life is also the only private life insurer in India to receive a National Insurer Financial
Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating is the highest rating,
and is a clear assurance of ICICI Prudential's ability to meet its obligations to customers at
the time of maturity or claims. For the past seven years, ICICI Prudential Life has retained its
leadership position in the life insurance industry with a wide range of flexible products that
meet the needs of the Indian customer at every step in life.
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).
Vision:
To make ICICI Prudential the dominant Life and Pensions player built on trust by
world-class people and service.
Vision, Mission, and Quality Policy
Vision:
To be the dominant Life and Pension player built on trust by world class people and
service.
This they hope to achieve by:
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Understanding the needs of customers and offering them superior products and service
Leveraging technology service customers quickly, efficiently and conveniently Developing and implementing super risk management and investment
strategies to offer sustainable and stable returns to their policyholders Providing an enabling environment to foster growth and learning for their
employees And above all, building transparency in all their dealings.
Values
Customer First: Own Customer; deliver the promise
o Keep customer interest in the centre of all decisions.
o Promise what you can, deliver it to finish.
o Proactively seek Voice of Customer and act on it.
Boundary less: Never say ‘Its not my job’
o Offer help and support across functions to ensure business success.
o Seek and share ideas freely
o Recognize and respect internal customers.
o Understand and value contributions from colleagues.
Ownership: If it is to be, it is up to me
o Take responsibility and see tasks through to completion.
o Own mistakes, learn from mistakes.
o Pursue goals relentlessly, never give up.
o Be a team player, take ownership for team performance.
Passion: Boundless energy and enthusiasm
o Exhibit ‘Winning Instinct’.
o Demonstrate speed and urgency for achieving results.
o Challenge status quo and do things differently.
o Nurture and motivate team members to reach full potential.
Integrity: Be honest and fair in what you say and do
o Practice what you preach
o Stand up honestly and fearlessly for what is right
o Act in a consistent and equitable manner
o Think and act for long term impact.
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ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank,
which is one of India's foremost financial services companies, and Prudential plc, which is a
leading international financial services group headquartered in the United Kingdom. ICICI
Prudential began the operations in December 2000. Today, this company has over 2100
branches, which include 1,116 micro-offices, over 290,000 advisors and 18 banc assurance
partners.
ICICI Prudential Life Insurance Company is the first life insurer in India that received a
National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. ICICI Prudential
has been voted as India's Most Trusted Private Life Insurer for three consecutive years. ICICI
Prudential Life Insurance Company has various insurance plans that have been designed for
different individuals, as every individual has different insurance needs. Given below is a list
of plans provided by ICICI Prudential Life Insurance Company:
STAGES IN POLICY ISSUANCE
Proposal
A Proposal Stage is the First stage before the policy is issued at COPS. At this stage, the
application form is received by COPS, but it is pending for issuance due to further
clarifications required from the customer.
Login
A proposal, which is complete i.e., duly filled with all necessary documents
attached to it & accepted by the Branch ops, is called a Login
Reject
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An Application gets rejected at the Branch Ops level due to necessary details not filled in
the form or necessary documents not submitted are a Reject. It is then sent back to the
Advisor for completion.
Issuance
Issuance means a policy that is issued to the Customer by Central Ops.
Decline Status
When a customer refuses to take a policy post login but before Issuance is called a
Decline
Cancellation
When the cheque given by the customer bounces, it amounts to cancellation of the policy.
Lapse
A policy for which the Customer fails to pay subsequent premiums is a Lapsed Policy.
Free look
Post issuance of the policy, the policyholder has the option to turn down the policy within
15 days from the date of issuance. This period of 15 days is called Free look Period.
Surrender
When a customer wants to discontinue with the policy it is called Surrender.
Top Ten things to know about Life Insurance
We all recognize the importance of life insurance. After all, we want to make sure that our
loved ones are taken care of when we die. But before you run out and purchase a policy, do
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some research ahead of time. That way, you'll be sure to get the best possible coverage at the
right price. Here are some helpful tips to get you started:
Shop around
When it comes to life insurance, it pays to shop around because premiums can vary
widely. And thanks to the Internet, it's now easier than ever. Try out one of the many
insurance websites that can provide you with instant quotes. Make sure the website
you shop from takes into consideration the factors in your medical history that can
affect the premiums.
Never buy more coverage than you need
The key to purchasing the right amount of life insurance is to have just enough
coverage to meet your needs. If you have more life insurance than you need, you'll be
paying unnecessarily for higher premiums. On the other hand, it's important not to
have too little coverage, resulting in you being underinsured.
The healthier you are, the better the rates
It's true – healthy people get better rates on life insurance. You will be asked to pay a
higher rate for anything that shortens your life expectancy (e.g., if you smoke, take
medications regularly, are overweight, have a bad driving record).
Buy sooner rather than later
If you've been putting off purchasing life insurance because you don't want to pay the
premiums, you may be doing yourself a disservice in the long run. The younger you
are when you purchase life insurance, the lower your premiums will be.
Realize the importance of periodically reviewing your coverage
Any life change signals the need for a review of your overall financial plan. When it
comes to life insurance coverage, you'll want to make sure that this major life event
(e.g., birth of a child, children are grown) won't leave you underinsured or over
insured.
You don't necessarily have to pay a commission
One of the reasons for higher premiums is that most life insurance policies pay
commissions to the agent/broker. However, you may be able to purchase a no-load
policy through an insurer that sells no-load policies directly to consumers.
Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was adjudged as one of
the 50 Most Powerful Women in Business by The Financial Express.
Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was adjudged the
Entrepreneur of the Year-Manager at the Ernst and Young Entrepreneur Awards 2007
Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was awarded the
Outstanding Businesswoman of the Year at CNBC TV18's India Business Leader Awards
2007
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ICICI Prudential Life Insurance won the award for the Best Life Insurer-Runner up at the
Outlook Money & NDTV Profit Awards 2007
ICICI Prudential Life’s, retirement solutions campaign for the year 2006-07 was awarded
the Bronze Effy trophy in the services category. It also won the Brand Equity Bravery
Award 2007, instituted by Ad club.
ICICI Prudential Life’s website, www.iciciprulife.com was awarded the best website
among private life insurers at the Web 18 and Frost & Sullivan Genius of the Web Awards
2007 for commendable work in the online.
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Innovation Award for launching Diabetes Care – Prudence Award 2006. People Award for
excellence in training and people development - Prudence Award 2006
India's Most Customer Responsive Insurance Company. Avaya Global Connect -
Economic Times. Customer Responsiveness Awards
Most Trusted Private Life Insurer. The Economic Times - A C Nielsen Survey of Most
Trusted Brands – 2003, 2004 and 2005
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Prudence Customer Centricity Award 2004 & 2005. Prudential Corporation Asia
Best Life Insurer 2003. Outlook Money Awards 2003 & 2004
IMM Award for Excellence. Institute of Marketing & Management
Organization with Innovative HR Practices Indira Group of Institutes
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Superbrand 2003-04
Organization with Innovative HR Practices Asia-Pacific H R Congress Awards for HR Excellence
Silver Effie for Effectiveness of the ‘Retire from Work not life’ advertising campaign Effies 2003
Recognitions
ICICI Prudential Life was recognized as the most trusted brand amongst private life insurers in the Economic Times-Most Trusted Brand survey 2008.
IMM Award for Excellence. Institute of Marketing & Management
Organization with Innovative HR Practices. Indira Group of Institutes
Organization with Innovative HR Practices. Asia-Pacific H R Congress Awards for HR ExcellenceAchievements
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Beginning operations in December 2000, ICICI Prudential’s success has been meteoric,
becoming the number one private life insurer within months of launch. Today, it has one of
the largest distribution networks amongst private life insurers in India, with branches in 54
cities. The total number of policies issued stands at more than 780,000 with a total sum
assured in excess of Rs.160 billion.
ICICI Prudential closed the financial year ended march 31, 2004 with a total received
premium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20
billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven
mainly by the company’s range of unique unit-linked policies and pension plans. The
company’s retail market share amongst private companies stood at 36%, making it clear
leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged Most
Trusted Private Life Insurer (Economic Times ‘Most Trusted Brand Survey’ by ACNeilsen
ORG-MARG). It was also conferred the ‘Outlook Money-Best Life Insurer’ award for the
second year running. The company is also proud to have won Silver at EFFIES 2003 for its
‘Retire from work, not life’ campaign. Notably, ICICI Prudential was also short-listed to the
final round for its ‘Sindoor campaign in EFFIES 2002.
In Keeping with its belief that a happy customer is the best endorsement, ICICI Prudential
has embraced the ‘SIX SIGMA’ approach to quality, an exercise that begins and ends with
the customer from capturing his voice to measuring and responding to his experiences. This
initiative is currently helping the company improve processes, turnaround times and customer
satisfaction levels. Another Novel introduction is the ICICI Prudential Lifestyle Rewards
Club, India’s first rewards programme for Life Advisors; it allows ICICI Prudential Advisors
to redeem points for items ranging from kitchenware to gold, white goods, and even
international holidays.
Organizational chart:
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Sampling
o Data collection method
o Instrumentation techniques
o Learning experience
SAMPLING:-
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Sample size : 100 respondents
Sampling Method : Random sampling
Sample Plan : Personal Interview
Sample Unit : Respondents in Hubli city
Survey conducted on Geographic bases.
Every decision poses unique needs for information, and relevant strategies can be
developed based on the information gathered through research. Research is the systematic
objective and exhaustive search for and study of facts relevant to the problem.
Research design means the framework of study that leads to the collection and analysis of
data. It is a conceptual structure with in which research is conducted. It facilitates smooth
sailing of various research operations to make the research as effective as possible.
The study was conducted as an exploratory sampling survey method to collect primary and
secondary data.
DATA SOURCE:
PRIMARY SOURCE OF DATA:
Primary data are those collected by the investigator himself for the first time and thus
they are original in character, they are collected for a particular purpose.
A well-structured questionnaire was personally administrated to the selected sample to collect
the primary data.
SECONDARY SOURCE OF DATA:
Secondary data are those, which have already been collected by some other persons
for their purpose and published. Secondary data are usually in the shape of finished products.
Two types of secondary data were collected for the preparation of the project work:
Internal Data was generated from company’s brochures, manuals and annual reports.
External Data, on the other hand, was generated from research books and internet (websites).
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SAMPLING TECHNIQUES
A sample is a representative part of the population. In sampling technique,
information is collected only from a representative part of the universe and the conclusions
are drawn on that basis for the entire universe.
A random sampling technique was used to collect data from the respondents. A random
sample is a sample selected from a population in such a way that every member of the
population has a equal chance of being selected and the selection of any individual does not
influence the selection of any other. The selection is purely depends on chance. So while
conducting the survey, 100 respondents were selected at random.
SAMPLE SIZE
Sample size denotes the number of elements selected for the study. For the present study, 100
respondents were selected at random.
INSTRUMENTATION TECHNIQUES:
To know the response, the researcher used questionnaire method. It has been designed
as a primary research instrument. Questionnaires were distributed to respondents and they
were asked to answer the questions given in the questionnaire.
The questionnaires were used as an instrumentation technique, because it is an important
method of data collection. The success of the questionnaire method in collecting the
information depends largely on proper drafting. So in the present study questions were
arranged and interconnected logically. The structured questionnaire will reduce both
interviewers and interpreters bias. Further using SPSS software and analysis was done for
each question’s response to reach into findings, suggestions and finally to the conclusion
about the topic.
Learning experience
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The environment in which the company operates is that of a highly competitive energetic atmosphere. And as a fresher that is an excellent start to begin ones corporate experience especially in the service sector (life insurance) with. This inplant training has provided a vital learning element in the career of freshers. As it has enabled us to realize most of the classroom training obtained so far in a real life corporate environment. And so there has been a link developed between theory and practices. Through this inplant training students can experience the kind of break that awaits us in the corporate world. This exercise also gets us to understand the amount of dedication and determination that professionals would have to put in, in their every day’s work because the decisions they take is a matter of loss or profit for the company. And mistakes are generally not entertained in the quality
circles.
The study also enlightened us with the amount of togetherness the staff of ICICI Prudential have as an expandable family in their working culture. This is enumerated with all the employees taking mentioning interest in sharing their colleague’s problems either physical or mental in comforting them, as would normally happen in a family set up.
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