Insurance mdp

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INSURANCE SECTOR

INTRODUCTION TO LIC

Formed in September 1956 by an Act of Parliament, LIC Act 1956

Network of seven zones - 100 divisions and 2,048 branches-personnel exceed seven lakhs employees and over six lakhs agents

Has crossed many milestones and has set unprecedented performance records

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INTRODUCTION TO LICVision: A trans-nationally competitive financial conglomerate of significance to

societies and Pride of India.

Mission: To explore and enhance the quality of the life of people through financial security by providing products and services of aspired attributes with competitive

returns and by rendering resources for economic development.

Objective : Maximise mobilization of people’s savings by making insurance-linked savings adequately attractive.

INTRODUCTION TO ICICIJoint venture b/w ICICI bank & prudential life insurance company. ICICI bank has 76% of

stake & rest is of prudential.

Prudential is international financial service group having headquarter in U.K.

It started its operations in December 2000, after getting approval by IRDA & today this is the no. 1 co. in private sector in India.

Maintained its focus on offering a wide range of flexible products that meet the needs of the Indian customer at every step in life.

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INTRODUCTION TO ICICI• ICICI Prudential Life is all about……

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Total Protection

Health Wealth

Life

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PEST ANALYSIS OF LICPOLITICAL FACTORS: INCREASED SERVICE TAX ON PREMIUM ENDING OF GOVERNMENT MONOPOLY INCREASE IN FDI LIMIT FAVOURABLE REGULATIONS FOR RURAL INSURANCE 

ECONOMICAL FACTORS:  INCREASE IN GROSS DOMESTIC SAVINGS 

CONTRIBUTION TO COUNTRY’S  ROLE IN GOVT. SECURITIES MARKET  

BIGGEST DOMESTIC PLAYER IN EQUITY MARKETS

PEST ANALYSIS OF LICSOCIAL FACTORS: LOW INSURANCE COVERAGEINCREASE IN LIFE SPAN AND RISE IN ELDERLY POPULATION  UNCERTAINITY ABOUT LIFE  CHANGING INDIAN PERCEPTION 

TECHNOLOGICAL FACTORSAUTOMATION OF PROCESSES 

INTERNET DRIVEN INFORMATION ERA BUSINESS PROCESS MONITORING

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PEST ANALYSIS OF LICLEGAL FACTORS: REGULATORY BODIES RENEWAL OF REGISTRATION REQUIREMENTS AS TO CAPITAL  

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PEST ANALYSIS OF ICICIPOLITICAL FACTORS: • FDI• CLOSE SUPERVISION AND CONTROL OF  IRDA

ECONOMICAL FACTORS RISE IN GROSS DOMESTIC SAVING

HIGH SALARIED JOBS

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PEST ANALYSIS OF ICICISOCIAL FACTORS: PERCEPTION IN THE MIND OF PUBLICSHORTAGE OF EARNING HANDS 

TECHNOLOGICAL FACTORSONLINE INSURANCE PREMIUM PAYMENTBUSINESS TIE-UPS THROUGH E-BANKING

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PRODUCTS & PLANS OF LIC

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LIC Plans and Benefits

CHILDREN PLANS

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Jeevan Anurag Komal Jeevan CDA Endowment Vesting at 21

Marriage Endowment OrEducational Annuity Plan

CDA Endowment Vesting 18 Jeevan Kishore Jeevan ChhayaChild Career Plan Child Future PlanChild Fortune Plus    

PLANS FOR HANDICAPPED DEPENDANTS

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Jeevan Aadhar Jeevan Vishwas

ENDOWMENT ASSURANCE PLANS The Endowment Assurance Policy The Endowment Assurance Policy-Limited Payment Jeevan Mitra(Double Cover Endowment Plan) Jeevan Mitra(Triple Cover Endowment Plan)Jeevan Anand New Janaraksha PlanJeevan Amrit

PLANS FOR HIGH WORTH INDIVIDUALS

Jeevan Shree-I Jeevan Pramukh

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MONEY BACK PLANSThe Money Back Policy-20 YearsThe Money Back Policy-25 YearsJeevan Surabhi-15 Years Jeevan Surabhi-20 YearsJeevan Surabhi-25 YearsBima Bachat

SPECIAL MONEY BACK PLAN FOR WOMENJeevan Bharati-1

PRODUCTS & PLANS OF ICICI

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PROTECTION PLANS

ICICI Pru iCareICICI Pru Pure ProtectICICI Pru LifeGuardICICI Pru Home Assure

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WEALTH PLANSULIP WEALTH PLANSICICI Pru LifeStage Wealth IIICICI Pru LifeTime PremierICICI Pru Pinnacle SuperICICI Pru Elite LifeICICI Pru Elite WealthICICI Pru Wealth Builder

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TRADITIONAL WEALTH PLANSICICI Pru iAssure Single Premium

ICICI Pru Guaranteed Savings Insurance Plan

ICICI Pru Future SecureICICI Pru Whole Life

ICICI Pru Save'n'ProtectICICI Pru CashBack

CHILD PLANS

TRADITIONAL CHILD PLANSICICI Pru SmartKid Regular Premium

UNIT LINKED CHILD PLANSICICI Pru SmartKid Premier

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Health Plans

HOSPITALISATION PLANS

ICICI Pru Health SaverICICI Pru Hospital Care II

CRITICAL ILLNESS PLANS

ICICI Pru Crisis Cover

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RESOURSE ANALYSIS

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FINANCIAL ANALYSIS OF LIC &ICICI

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First Year Premium of Life Insurers for the Period ended September, 2012 (`crore)

Insurer

Premium No. of Policies / Schemes No. of lives covered under Group Schemes

September, 2012

Upto September, 12

Upto September,2011

September, 2012

Upto September, 12

Upto September,2011

September, 2012

Upto September, 12

Upto September,2011

1 ICICI Prudential

Individual Single Premium

7.82 51.90 148.53 372 2782 9649

Individual Non-Single Premium

234.45 1218.74 1014.15 54537 421332 565554

Group Single Premium

40.17 257.56 279.50 11 94 89 70525 740518 824137

Group Non-Single Premium

20.00 501.62 473.41 4 11 17 5350 85490 431011

2 LIC

Individual Single Premium

1554.90 5993.77 5594.18 163212 798448 908382

Individual Non-Single Premium

1873.95 13331.76 9823.81 2424849 12358999 12270977

Group Single Premium

1897.33 15250.91 14980.80 17 60 9013 110793 431247 9398286

Group Non- 122.15 765.09 6322.60 2286 10620 2653 4690197 17012717 2993181

MARKETING ANALYSIS OF LIC & ICICI

THE TARGET AUDIENCECREATIVE STRATEGYTHE CREATIVE EXECUTION – through tv channels and pressOTHER COMMUNICATIONS

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STRATEGIES ADOPTED BY LIC

• LIC started intense, systematic and well focused on public relation and publicity activity both at corporate and operational level

• LIC upped its ad to spend to tackle competition

• LIC has lauched its SATELLITE SAMPARK office

• LIC has established state of art machinery

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STRATEGIES ADOPTED BY ICICI

• ICICI Prudential launched the “TruLife Club” for its high-value policy holders as a part of its marketing strategy

• Pragati Ki Anokhi Paathsaala or PKAP PKAP aims to bring out inherent creative skills amongst children

• ICICI Prudential Life has also partner with e-governance Kiosks in Andhra Pradesh- aponline.com and Rajasthan- emitra.com, to enable consumers renew their policies in their kiosks

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SWOT ANALYSIS OF LIC

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SWOT ANALYSIS OF ICICI

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FUTURE PROSPECTS OF ICICI

• Understanding the needs of customers and offering them superior products and service

• Developing and implementing superior risk management and investment

• strategies to offer sustainable and stable returns to policy holders

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