A Project Report On Brand Awareness and Consumers Perception of UNITLINKED Insurance Products Of

ICICI Prudential Life Insurance At Surendranagar

Submitted by: Hetal Mehta (MBA-III) Enrollment No. 107290592006 Batch: 2010-2012 L.J. Institute of Management Studies (L.J.I.M.S.) Gujarat Technological University Ahmedabad

Certificate

It is hereby certified that the work incorporated in the thesis submitted entitled Topic submitted by HETAL MEHTA comprises the result of independent and original investigation carried out me. The material which obtained (and used) from other sources has been duly acknowledged in the thesis.

Date: Place: Signature of the student

It is certified that the work mentioned above is carried out under my guidance.

Date: Place: Signature of the faculty guide

PREFACE
An Industrial, business or service organization by taking up a project study is most important part of M.B.A course & is must as per the syllabus prescribed by Gujarat technological University. MBA course is of administrative and managerial activity of industrial, business or service organization. The main objective of this project study is to help the student to develop ability to practical technique to solve real life problem related industrial, business or service organization.

According to the GTU guidelines, I have undertaken my summer training in ICICI Prudential Life Insurance. Our professors and institutional managers give me the knowledge and guidance about this institute.

The summer training program for student of M.B.A Sam-III is for 45 days in the time of summer vacation. Theoretical knowledge and class room discussion is not sufficient for the students of management but training in real corporate is essential for them to develop their skills.

In this project report I had tried to analyze the needs of the customers and suggest them the most suitable insurance product. As well as I also analyzed the brand awareness of I-Pru among the people.

THE MAN WHO HAS NO IMAGINATION HAS NO WINGS

ACKNOWLEDGEMENT

To take training in corporate is a part of MBA program. Training is quit valuable and important aspect to provide practical knowledge student of management studies.

It was very useful and precious which I got during my training in ICICI Prudential Life Insurance. During my training I experience a lot about real market and customers.

To prepare this training report I need co-operation of various people. I would like to thank all of them. I would like to thank Dr. P. K. Mehta for their support.

First of all I am so much thankful to professors Mr. Ankit Sanghvi (LJIMS) and Dr. Siddarth Bist (LJIMS). They guide us for this training. And also help us to prepare this project report by providing proper guidance.

I would also like to thank Mr. Gaurav Sheth (Branch Manager) and Mr. Rajesh Pandiya (ABM). They support me a lot to learn about the company, market and customers.

Also thanks to all the person of the institute who have given me constant support during my training period.

Thank you (Hetal Mehta) (MBA-III)

DECLARATION

I undersigned Miss. Hetal D. Mehta, the student of MBA Sam III here by declare that the project work is my own work and has been carried out under the guidance of Mr. Ankit Sanghvi and Mr. Siddarth Bist from L.J. Institute of Management Studies Ahmedabad. This Report has been submitted to Gujarat technological University for Evaluation.

Date: Place: Ahmedabad

Hetal Mehta

Objective of the Study

Management as a profession cant be taught merely in the four walls of classrooms. Only theoretical knowledge is not sufficient to build competitive managers. Practical knowledge of the business environment is equally important.

In today business world, insurance sector is running towards its booming stage. This industry still has many things to come up to, so many changes and opportunities will be given by insurance industry. So I choose insurance industry for my training session in M.B.A.

I choose ICICI Prudential Life Insurance, it is one of those private insurance players who entered the market before few years and made its own place among all its competitors.

This report shows scenario of insurance sector & how insurance is important part of ones life. Another objective is to understand various insurance definitions, different life insurance players and comparisons of them. It also focuses on products of ICICI Prudential Life Insurance.

As a Trainee ICICI Prudential Life Insurance give me very practical knowledge about life insurance and also teach How to work in organization, How to manage the work, How to maintain relations with top level management colleges and operation level persons. So, by this experience I can do better in future.

TABLE OF CONTENT

Preface Acknowledgement Declaration Objective of the Study Nature & Definition of Insurance ULIP Insurance History of Insurance Life insurance companies at Glance Company Profile I-Pru's Products SWOT Analysis Various Departments - Finance Department - Marketing Department - Operation Department - Human Resource Department Research & Research Methodology Data Interpretation & Analysis Findings Conclusion Recommendation Learning from Training My contribution Bibliography Annexure

3 4 5 6 8 11 12 15 20 29 34 36 37 39 41 43 49 53 67 68 69 70 71 72 73

NATURE OF INSURANCE & DEFINITION

Insurance is defined as a co -operat ive device t o spread t he loss caused by a part icular r isk over a number of persons who are exposed t o it and who agree t o ensure t hemselves against t hat risk. Risk is uncert aint y o f a financial lo ss.

Ever ybodys great est asset dur ing his/ her working year s is his/ her abilit y t o earn an inco me. It is import ant to adequat ely safeguard t his asset to ensur e his/ her cash flo w will co nt inue in t he event of an unexpect ed disast er. His/ her insurance po lic ies will help t o prot ect him/ her against any unforeseen odds.

There are t wo kinds o f insurance available viz. Life I nsurance and General I nsurance.

Life Insurance
Provides for dependent s in case o f deat h. Replaces ear ning power, if disabled. Prot ect s ones abilit y t o meet ones goals.

General Insurance
Addresses healt h care co ncer ns. Provides for aut o, ho me and personal liabilit y prot ect ion. Provides for pot ent ial lo ng-t er m care cost s. P lans for business cont inuat io n.

GENERAL DEFINITION

The general definitions are given by the social scientists & they consider insurance as a device to protection against risks, or a provision against inevitable contingencies or a co-operative device of spreading risks. Some of such definitions are given below: In the words of Sir William Bevridges, The collective bearing of risks is insurance. In the words of Boone & Kurtz, Insurance is a substitution for a small known loss (the insurance premium) for a large unknown loss, which may or may not occur. In the words of Thomas, Insurance is a provision, which a prudent man makes against for the loss or inevitable contingencies, loss or misfortune. In the words of D. S. Harsell, Insurance may be defined as a social device providing financial compensation for the effects of misfortune, the payments being made from the accumulated contribution of all parties participating in the scheme.

CHARACTERISTICS OF INSURANCE

Shar ing of R isks Co -operat ive Device Evaluat ion o f Risk Payment of happening o f specified event Amo unt of payment Large number of insured persons Insurance is not a gambling Prot ect ion against r isks Transfer of r isk A co nt ract Based upon cert ain pr incip le Ut most Good Fait h

To conclude, insurance is a device for t he t ransfer o f r isks fro m t he insured t o t he insur ers, who agree t o it for a consider at ion (known as premiu m), & pro mises t hat t he specifie d ext ent of loss suffered by t he insured shall be co mpensat ed. It is a legal cont ract of a t echnical nat ure.

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ULIP INSURANCE

Unit linked insurance plan (ULIP) is life insurance solution that provides for the benefits of risk protection and flexibility in investment. The investment is denoted as units and is represented by the value that it has attained called as Net Asset Value (NAV). The policy value at any time varies according to the value of the underlying assets at the time.

In a ULIP, the invested amount of the premiums after deducting for all the charges and premium for risk cover under all policies in a particular fund as chosen by the policy holders are pooled together to form a Unit fund. A Unit is the component of the Fund in a Uni Linked Insurance Policy.

The returns in a ULIP depend upon the performance of the fund in the capital market. ULIP investors have the option of investing across various schemes, i.e, diversified equity funds, balanced funds, debt funds etc. It is important to remember that in a ULIP, the investment risk is generally borne by the investor.

In a ULIP, investors have the choice of investing in a lump sum (single premium) or making premium payments on an annual, half-yearly, quarterly or monthly basis. Investors also have the flexibility to alter the premium amounts during the policy's tenure. For example, if an individual has surplus funds, he can enhance the contribution in ULIP. Conversely an individual faced with a liquidity crunch has the option of paying a lower amount (the difference being adjusted in the accumulated value of his ULIP). ULIP investors can shift their investments across various plans/asset classes (diversified equity funds, balanced funds, debt funds) either at a nominal or no cost.

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HISTORY OF INSURANCE

In India, insurance has a deep-rooted history. The writings talk in terms of pooling of resources that could be re-distributed in times of calamities such as fire, floods, epidemics and famine. This was probably a pre-cursor to modern day insurance. Ancient Indian history has preserved the earliest traces of insurance in the form of marine trade loans and carriers contracts. Insurance in India has evolved over time heavily drawing from other countries, England in particular.

1818 saw the advent of life insurance business in India with the establishment of the Oriental Life Insurance Company in Calcutta. This Company however failed in 1834. In 1829, the Madras Equitable had begun transacting life insurance business in the Madras Presidency. 1870 saw the enactment of the British Insurance Act and in the last three decades of the nineteenth century, the Bombay Mutual (1871), Oriental (1874) and Empire of India (1897) were started in the Bombay Residency. This era, however, was dominated by foreign insurance offices which did good business in India, namely Albert Life Assurance, Royal Insurance, Liverpool and London Globe Insurance and the Indian offices were up for hard competition from the foreign companies.

In 1914, the Government of India started publishing returns of Insurance Companies in India. The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life business. In 1928, the Indian Insurance Companies Act was enacted to enable the Government to collect statistical information about both life and non-life business transacted in India by Indian and foreign insurers including provident insurance societies. In 1938, with a view to protecting the interest of the Insurance public, the earlier legislation was consolidated and amended by the Insurance Act, 1938 with comprehensive provisions for effective control over the activities of insurers.

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The Insurance Amendment Act of 1950 abolished Principal Agencies. However, there were a large number of insurance companies and the level of competition was high. There were also allegations of unfair trade practices. The Government of India, therefore, decided to nationalize insurance business. An Ordinance was issued on 19th January, 1956 nationalizing the Life Insurance sector and Life Insurance Corporation came into existence in the same year. The LIC absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies245 Indian and foreign insurers in all. The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector.

The history of general insurance dates back to the Industrial Revolution in the west and the consequent growth of sea-faring trade and commerce in the 17th century. It came to India as a legacy of British occupation. General Insurance in India has its roots in the establishment of Triton Insurance Company Ltd., in the year 1850 in Calcutta by the British. In 1907, the Indian Mercantile Insurance Ltd, was set up. This was the first company to transact all classes of general insurance business.

1957 saw the formation of the General Insurance Council, a wing of the Insurance Association of India. The General Insurance Council framed a code of conduct for ensuring fair conduct and sound business practices. In 1968, the Insurance Act was amended to regulate investments and set minimum solvency margins. The Tariff Advisory Committee was also set up then.

In 1972 with the passing of the General Insurance Business (Nationalization) Act, general insurance business was nationalized with effect from 1st January, 1973. 107 insurers were amalgamated and grouped into four companies, namely National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United India Insurance Company Ltd. The General Insurance Corporation of India was incorporated as a company in 1971 and it commence business on January 1sst 1973.

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This millennium has seen insurance come a full circle in a journey extending to nearly 200 years. The process of re-opening of the sector had begun in the early 1990s and the last decade and more has seen it been opened up substantially. In 1993, the Government set up a committee under the chairmanship of RN Malhotra, former Governor of RBI, to propose recommendations for reforms in the insurance sector. The committee submitted its report in 1994 wherein , among other things, it recommended that the private sector be permitted to enter the insurance industry

Following the recommendations of the Malhotra Committee report, in 1999, the Insurance Regulatory and Development Authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in April, 2000. The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through increased consumer choice and lower premiums, while ensuring the financial security of the insurance market.

The IRDA opened up the market in August 2000 with the invitation for application for registrations. Foreign companies were allowed ownership of up to 26%. The Authority has the power to frame regulations under Section 114A of the Insurance Act, 1938 and has from 2000 onwards framed various regulations ranging from registration of companies for carrying on insurance business to protection of policyholders interests. In December, 2000, the subsidiaries of the General Insurance Corporation of India were restructured as independent companies and at the same time GIC was converted into a national re-insurer. Parliament passed a bill de-linking the four subsidiaries from GIC in July, 2002.

Today there are 24 general insurance companies including the ECGC and Agriculture Insurance Corporation of India and 23 life insurance companies operating in the country. The insurance sector is a colossal one and is growing at a speedy rate of 1520%. Together with banking services, insurance services add about 7% to the countrys GDP. A well-developed and evolved insurance sector is a boon for economic development as it provides long- term funds for infrastructure development at the same time strengthening the risk taking ability of the country.

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LIFE INSURANCE COMPANIES AT A GLANCE

LIFE INSURANCE CORPORATIO N OF INDIA

On January 19, 1956 the President of the Indian Union issued an ordinance, providing for the taking over, in public interest, of the management of life insurance pending nationalization of such business, & the then Finance Minister explained the objectives of nationalization of life insurance business. In June 1956, the parliament passed a bill for nationalization of life insurance business in India and for setting up a corporation as the sole agency for carrying on this business in India. The corporation, set up under this Act, is known as Life Insurance Corporation of India, which started functioning on September 1, 1956. For the purpose of servicing of policies issued before September 1, 1956, some integrated head offices & integrated branch office units were created. These offices have nothing to do with the policies issued by the corporation. Corporation also took over foreign life business of the Indian insurers.

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HDFC STANDARD LIFE INSURANCE COMPAN

HDFC Standard Life Insurance Co. Ltd. is a joint venture between HDFC, Indias largest housing finance institution and Standard Life Assurance Company, Europes largest mutual life company. HDFC manages Rs. 21,450 Crores in assets and Standard Life manages over US $100 billion in assets. Both the promoters are well known for their ethical dealings, their financial strength and their commitment to be a long-term player in the life insurance industry.

MAX NEW YORK LIFE INS URANCE COMPANY

Max New York Life Insurance Company is a joint venture between New York Life International Inc. and Max India Limited. New York Life, a Fortune 100 Company, is one of the worlds experts in life insurance with over 156 years of experience in the business and over US$ 165 billion (Rs. 775,000 Crores) in assets under management. Max India Limited is a multi-business corporate, focused on the knowledge, people, and serviceoriented business of life insurance, healthcare and information technology.

SBI LIFE INSURANCE COMPANY SBI Life Insurance Company Ltd. is a joint venture between State Bank of India and Cardiff of France. SBI is the largest bank in India and Cardiff is a leading insurance company in France operating in 29 countries. Cardiff is a wholly owned subsidiary of BNP Paribas, the largest European Bank.

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OM KOTAK MAHINDRA LIFE INSURANCE

Om Kotak Mahindra Life Insurance, a company under Kotak Mahindra Group is a 74:26 life insurance joint venture between Kotak Mahindra Finance Limited with Old Mutual, U.K. The philosophy of Om Kotak Mahindra is helping their customers take financial decisions at every stage in life. Their aim is to consistently offer a wide range of innovative life insurance products, to help their customers remain financially independent, which is why they believe that freedom to take life on "Jeene Ki Aazadi"

BIRLA SUN LIFE INSURANCE COMPANY

It is a joint venture of Aditya Birla Group and Sun Life Financial Services with the objective that Insurance is not about something going wrong. It's often about things going right. One of the wonders of human nature is that we never believe anything can actually go wrong. Surely, life has its share of ifs. At Birla Sun Life however, we believe it has its equally pleasant share of buts as well. We at Birla Sun Life stand committed to helping you realize those happy moments, which make a life. Be it living the same lifestyle in your post retirement days or providing a secure future for your loved ones, in case something happens to you.

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TATA AIG LIFE INSURANCE COMPANY

Tata AIG is a joint venture that is backed by the Tata Group Indias most respected industrial conglomerate, with revenues of more than US $8.4 billion, and American International Group, Inc. (AIG) the leading US-based international insurance and financial services organization, with a presence in over 130 countries and jurisdictions throughout the world. Tata AIG offers a gamut of innovative products in the Life Insurance sector.

ICICI PRUDENTIAL LIFE INSURANCE 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 Regulatory Development Authority (IRDA).

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Share of Private Insurance Players

(Year-2010)

Name of the Player LIFE INSURANCE CORPORATION OF INDIA ICICI PRUDENTIAL BIRLA SUN LIFE BAJAJ ALLIANZ SBI LIFE INSURANCE HDFC STANDARD TATA AIG MAX NEW YARK AVIVA OM KOTAK MAHINDRA ING VYSYA MET LIFE

Market share (%) 82.3 5.63 2.56 2.03 1.80 1.36 1.29 0.90 0.79 0.51 0.37 0.21

LIFE INSURANCE CORPORATION OF INDIA ICICI PRUDENTIAL

Share of Private Insurance Players

BIRLA SUN LIFE BAJAJ ALLIANZ SBI LIFE INSURANCE HDFC STANDARD TATA AIG MAX NEW YARK AVIVA OM KOTAK MAHINDRA ING VYSYA MET LIFE

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COMPANY PROFILE

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ICICI Prudential

Type Industry Founded Headquarters Key people

Private limited company Insurance 2000 Mumbai Mrs Chanda D. Kochhar Chairperson Sandeep Bakshi, Managing Director

Products Website

Individual and Group Insurance Plans www.iciciprulife.com

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ICICI BANK AT GLANCE

ICICI Bank is Indias second-largest bank with total assets of about Rs.112.024 crore and a network of about 450 branches and offices and about 1750 ATMs. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customer through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital, asset management and information technology. ICICI Banks equity shares are listed in India on stock exchanges at Chennai. Delhi, Kolkata and Vadodara, the Stock Exchange, Mumbai and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).

ICICI was formed in 1955 at the initiative of the World Bank, the Government of
India and representatives of Indian industry. The principal objective was to create a development financial institution for providing medium term and long term project financing to Indian businesses. In the 1990s, ICICI transformed its business from a development financial institution offering only project finance to a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliates like ICICI Bank, In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE.

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After consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian banking industry, and the move towards universal banking, the management of ICICI and ICICI Bank formed the view that the merger of ICICI with ICICI Bank would be the optimal strategic alternative for both entities, and would create the optimal legal structure for the ICICI groups universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entitys access to low-cost deposits, greater opportunities for earning fee-based income and the ability to participate in the payment system and provide transaction-banking services. The merger would enhance value for ICICI Bank shareholders through a large capital base and scale of operations, seamless access to ICICIs strong corporate relationships built up over five decades, entry into new business segments, higher market share in various business segments, Particularly fee-based services, and access to the vast talent pool of ICICI Bank approved the merger of ICICI and two of its wholly-owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, With ICICI Bank. Shareholders of ICICI and ICICI BANK approved the merger in January 2002, by the High Court of Gujarat at Ahmadabad in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in April 2002. Consequent to the merger, the ICICI groups financing and banking operations, both wholesale and retail, have been integrated in a single entity. 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 an investment grade international credit rating. The Bank enjoys the highest AAA (or equivalent) rating from all Leading Indian rating agencies.

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Prudential P.L.C.
Established in 1848, today prudential plc is a leading international financial services company with some 16 million customers, policyholders and unit holders and some 20,000 employees worldwide. In the UK Prudential is a leading life and pensions provider with around seven million customers. M&G was acquired by Prudential in 1999 and is the Groups UK and European fund manager, responsible for managing over of 111 billion of funds (as at December 2003). Launched by Prudential in 1998, Egg is an innovative financial services company, with over three million customers, with nearly six per cent of UK credit card balances. In Asia, Prudential is the leading European life insurer with 23 life and fund management operations in 12 countries serving some five million customers. In the US, Prudential owns Jackson National Life, a leading life insurance company, and has more than 1.5 millions policies and contracts in force. . In Asia, Prudential is UKs 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. 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 UKs 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.

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ICICI Prudential Life Insurance

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse and Prudential Plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from insurance Regulatory Development Authority (IRDA).

ICICI Prudential s equity base stands at Rs.6.75 billion 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 8,000 crore and premium income in excess of Rs.980 crore. The company has a network of about 30,000 advisors; as well as 12 banc assurance tie-ups. Today the company is the number one private life insurer in the country.

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VISION

To make ICICI Prudential the dominant Life and Pensions player built on trust by world-class people and service. This we hope to achieve by:

Understanding the needs of customers and offering them superior products and service Leveraging technology to service customers quickly, efficiently and conveniently Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders Providing an enabling environment to foster growth and learning for our employees And above all, building transparency in all our dealings.

MISSION
Understanding the needs of customers and offering them superior products and service Building long lasting relationships with their partners Providing an enabling environment to foster growth and learning for their employees

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Awards & Recognitions

India's Most Customer Responsive Insurance Company. AGC Networks Economic Times, Customer Responsiveness Awards, 2010. ICICI Pru Life ranked as the Most Trusted Pvt Life Insurance brand in the Brand Equity "Most Trusted Brands 2009" survey The International Council of Customer Service Organizations (ICCSO) recently awarded ICICI Prudential Life, the International Service Excellence Awards 2009 in the categories of Customer Charter Winner, Service Excellence in Large Business Highly Commended and Customer Service Leader awarded to Ms. Priya Nayak, VP-Service Quality. ICICI Prudential Life Insurance has won the first runner up award for the Best Defect Elimination in Service & Transaction category at Asian Six Sigma Excellence Summit 2009. ICICI Prudential Life won a Gold award for AboutULIPS.com and Health Saver campaign, innovation award for www.taxguru08-09.com and a silver award for its Insurance yoga campaign at the ICICI Group Marketing Excellence award. Confederation of Indian Industry (CII) - Western Region recently awarded ICICI Prudential Life a 'Commendation for Strong Commitment to HR Excellence 2008' at the CII HR Summit 2008 ICICI Prudential Life Insurance was awarded with the coveted 'ICAI Award for Excellence in Financial Reporting' by the Institute of Chartered Accountants of India (ICAI) for the financial year ended March 31, 2008 CICI Prudential Life was awarded the Life Insurance Company of the Year at the12th Asia Insurance Industry Awards 2008. ICICI Prudential Life won the Award for Brand Excellence in the Banking and Financial services category at the Asia Brand Congress 2008.

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-: Board of Directors :-

Chanda D. Kochhar Chairperson

Sandeep Bakhshi Managing Director & CEO

Barry Stowe Director

Adrian OConnor Director

N. S. Kannan Director

K. Ramkumar Director

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I-PruS Products

Insurance solution for individuals..

ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that meet the needs of customers at every life stage. Its 17 products cab is enhanced with up to 6 riders, to create a customized solution for each policyholder. I-pru is having mainly 7 kinds of product plans. They are as below explained..

Term plans Wealth plans Child plans Health plans Retirement plans Group plans

Rural plans
Each kind ok plan is having different products. Lets study all of above in detail.

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 Term plans..
Term life insurance ensures that your family receives a large lump sum amount, called the sum assured, in the unfortunate event of death of the policyholder. By offering this benefit at extremely competitive rates, Term insurance plans provide an opportunity to get the protection of insurance cover at extremely affordable prices.

Term insurance is the simplest and most fundamental insurance product. Term insurance plans are designed to ensure that in the event of the policyholders death, the family gets the sum assured (the cover amount).

This are the products having term plan

ICICI Pru iProtect ICICI Pru Pure Protect ICICI Pru LifeGuard ICICI Pru Home Assure

Wealth lans.
Wealth insurance ensures that you receive a lump sum amount of money at the maturity of the Policy. In the unfortunate event of death during the term of the policy, your family receives lump sum amount, called the Sum Assured. Thus it combines the benefits of protection and saving in a single instrument.

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As an individual who doesnt desire the best from life? You would undoubtedly want to plan your finances such that you can achieve all your goals - a car, a beautiful home and of course, the comfort and contentment of your family. All of these goals are long term in nature. Wealth insurance plans have been designed to ensure that you can save for these long term goals along with the benefit of life cover and provide protection to your family.

This are the products having wealth plan ICICI Pru LifeStage Wealth II ICICI Pru LifeTime Premier ICICI Pru LifeLink Wealth SP ICICI Pru Pinnacle Super ICICI Pru Future Secure ICICI Pru Guaranteed Savings Insurance Plan ICICI Pru Whole Life ICICI Pru Save'n'Protect ICICI Pru CashBak

Child plans..
Education solutions ensure comprehensive financial planning for your childs education/ developmental needs. In this you pay premium regularly or in a single lump sum and during the key educational milestones of your child you can withdraw the money partially. It offers financial protection to your childs future in the unfortunate event of your death. As a parent, you would not like to compromise your child's bright career, regardless of the rising cost of education. All you need is a savings plan that is designed to provide money at key educational milestones and take care of your loved ones future even if you are not around. Education insurance offers you unique features which ensure that this objective is achieved and it helps in strengthening your childs dreams.

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This are the products having child plan

ICICI Pru SmartKid Regular Premium ICICI Pru SmartKid Premier

Health plans...
Health insurance insures you and your family against expenses arising due to a medical emergency and uncertainty of health such as a hospitalization or the onset of a critical illness. It prevents a medical emergency from becoming a financial one; it ensures your health care needs are taken care of without you having to dip into your existing savings or compromising your future goals. Designed to ensure that you and your family to get the medical treatment whenever you need it. Secure your family now with our health plans. This are the products having health plan

ICICI Pru Health Saver ICICI Pru Hospital Care II ICICI Pru Crisis Cover

Retirement plan.

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Retirement insurance ensures that you or your family members receive a regular pension amount post a retirement date. You have the flexibility to choose the retirement date and the manner in which you receive the pension. Our pension plans are designed to ensure that your retirement years truly become your golden years. They will provide you the financial security to pursue your unfulfilled dreams. This are the products having retirement plan

ICICI Pru LifeLink Pension SP ICICI Pru ForeverLife ICICI Pru Rural Business Initiative ICICI Pru Immediate Annuity

Group plans
Employees these days are constantly on the prowl for "better opportunities". How then do you get them to focus on your job and stay committed for long tenures? Human Resource experts agree that employees work with utmost dedication when they believe their organization truly cares about their wellbeing. One way of showing your concern for your employees is to shoulder the two responsibilities they worry about most: Security of and Savings for their families. Group Insurance Plans from ICICI Prudential enable you to effortlessly provide your employees with both, savings and security, so they can pass on the benefits to their loved ones. Your kind gesture to safeguard their family's future will undoubtedly serve as great encouragement for your employees, and they will gladly offer you their whole-hearted commitment.

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Top 3 Reasons Why You Should Invest In ICICI Prudential's Group Insurance Plans
With ICICI Prudential's Group Insurance Plans your employees get:

Incomparable financial benefits that guarantee their safety and financial stability. Sound financial planning that empowers them to meet their changing financial objectives.

Quality service initiatives and transparency across all operations. This are the products having group plan

Group Gratuity Plan Group Leave Encashment Plan Annuity Solutions Group Term Insurance Plan Group term in lieu of EDLI Scheme Credit Assure Utility

Rural plans
ICICI Prudentials rural business initiative has played a very important role in

reaching the underserved segment through its rural insurance plans. ICICI Prudential has covered more than 2.5 million lives across as many as 16 states in India. Both our rural plans Sarva Jana Suraksha and Anmol Nivesh are tailored to meet the unique requirements of rural investors. The plans offer Life cover, low and affordable premiums and hassle free procedure.

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SWOT Analysis

Strengths
Flexible Products Partners having experience in different markets of the world. Synergy with exiting operations Expertise in the field of insurance Professional management Good Customer service Create a brand name

Weakness
Low capital base Yet to build strong distribution network Cannot tap rural market

Opportunities
Untapped market

Banks ready to tie up for as a readymade distribution network for a

small fee.

Threats
Large distribution network of LIC Decades of experience and brand name of LIC 5% service tax on investments.

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Various Departments

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Finance Department

Financial management, as an academic discipline, has undergone fundamental changes in its scope and coverage. In the early years of its evolution it was treated synonymously with the raising of funds. In the current literature pertaining to financial Management, a broader scope so as to include, in addition to procurement of funds, efficient use of resources is universally recognized. Similarly, the academic thinking as regards the objective of financial management is also characterized by a change over the years. Financial management, as an integral part of overall management, is not a totally independent area. It draws heavily on related disciplines and fields of study, such as economics, accounting, marketing, production and quantitative methods. Although these disciplines are interrelated, there are key differences among them.

ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED SHARE CAPITA Particulars Authorised capital Equity shares of Rs 10/- each Issued, subscribed and called up capital Equity shares of Rs 10/- each fully paid up Total June 30, 2010 1 5,000,000 1 4,281,429 March 31, 2010 15,000,000 14,281,429 June 30, 2009 15,000,000.00 14,272,656.43

14,281,429

14,281,429

14,272,656.43

Of the total share capital, 1,055,310,900 shares (Previous Year: 1,055,310,900) of Rs. 10 each are held by the holding company, ICICI Bank Limited.

37

Profit and loss summary

Billion Rs. Total income [A] Total premium (net of reinsurance) New business premium Renewal premium Investment Income Other income Total expenses [B] Commission Operating expenses Benefits paid Increase in reserves Profit/(Loss) before tax [A-B] Tax credit/(charge) Profit/(Loss) after tax FY 2008 165.25 135.61 80.35 55.26 29.85 0.03 180.68 8.11 29.50 20.15 122.92 (15.43) 1.48 (13.95) FY 2009 92.10 153.56 68.12 85.44 (61.12) 0.04 100.91 7.00 27.63 22.07 44.21 (8.81) 1.01 (7.80) FY 2010 340.94 165029 63.34 101.95 176.11 0.07 338.13 6.03 25.74 72.10 234.26 2.81 (0.23) 2.58 FY 2011 241.65 178.81 78.62 100.19 63.37 0.10 232.40 5.61 21.93 105.92 98.95 9.25 (1.17) 8.08

Key business indicators

Billion Rs.
New business premium Renewal premium Total premium Annualized premium equivalent (APE) New business profit (NBP) NBP margin Profit/ (Loss) after tax Expense ratio Solvency ratio Assets under management (AUM) Distribution mix - Agency - Alternate

FY 2008
80.35 55.26 135.61 65.19 12.54 19.2% (13.95) 28.8% 1 .74 285.78 60.5% 39.5%

FY 2009
68.12 85.44 153.56 53.02 10.04 18.9% (7.80) 23.0% 2 .31 327.88 55.7% 44.3%

FY 2010
63.34 101.95 165.29 53.45 10.15 19.0% 2.58 19.5% 2 .90 573.18 49.2% 50.8%

FY 2011
78.62 100.19 178.81 39.75 7 .13 17.9% 8.08 17.3% 3 .27 681.50 50.6% 49.4%

Private market leadership for FY 2011 1 Expense ratio: All expenses (including commission) / (Total premium 90% of single premium) 2 Solvency ratio: Available solvency margin / required solvency margin 3 AUM for FY: "as on March 31" 4 Based on annualised premium equivalent

38

Marketing Department Marketing Yesterday and Today

Today the definition of marketing has been changed. The marketing activity of an organization before the product is produced and continues even after the product is sold. In the buyer market of recent times the sharpest weapon that a company can develop is globalize marketing place in the value creation and delivery. The proud and demanding customer of today brings before corporate a critical fact, when the customer is jury. It is the value generation for the customer that will separate the victor from vanquished. The value of customer service is becoming so important in the company. The aim of customer focus is not just satisfaction but delight satisfaction.

Till the year 1999 the life insurance business was exclusively conducted by the Life Insurance Corporation (LIC) while the general insurance business in India, was exclusive by General Insurance Corporation and its four subsidiaries. The insurance sector is opened for private participation since November, 2000.

Before 1999 there was no marketing done by LIC due to its monopoly but now after 5 years the picture has changed. Now there are private players in market. With the effective marketing techniques the private players has changed the whole scenario of the insurance sector. They are slowly and gradually driving the business out of the hands of the LIC. Before 1999 customer had no option other then LIC, but now they have got many options.

This is the significant change in insurance industry. Now the customer is back in the center state. All the companies are trying to please the customer with the innovative schemes and better service.

39

Relationship Marketing in Insurance

It is five times more expensive to acquire a new customer than to retain an old one. Relationship marketing is the practice of building long term satisfying relationship with key client customers and suppliers. They accomplish this by promoting and delivering high quality, goods, services, and fair prices to other person overview. Relationship marketing results in strong economic, technical and social ties among the parties.

Definition of Relationship Marketing: Relationship marketing can be defined as the process to identify, establish, maintain and other stakeholders at a profit so that the objective of all parties involved are net and this is done by mutual exchange and fulfillment of promises.

The important objectives of relationship marketing to acquire new customers maintain and enhance relationship with existing customers, re-activities of ex-customers and handling of customer terminations. The key objective of relationship marketing is to establish one to one relationship with all the customers. This may have sound like a day dream few dream few years ago but thanks to the technological breakthrough and technological solution providers, it is very much of a reality.

How to add value through relationship Marketing Identify loyal customers Recognize their special needs Provide special reward for loyalty Establish continuing relationship Ensure increase in customer value

Relationship marketing is one of the hottest tread in the present marketing scenario. Satisfied customers not only stay with a company but they are also walking talking advertisement for the companys product.

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Operation Department
The Operation department oils the work processes between the customer and company to ensure consistent and quality service to the customer. To streamline the operations, the operations department interfaces between the clients and the agents, the branches and the under writers, and manages work processes.

The vision at customer service.

is to deliver World Class Service at every opportunity. Units such as the 9 to 9 contact centre, out bound call centre, customer care. And query reduction unit are all committed across the country. ICICI Prudential has one of the largest distribution networks amongst private life insurers in India, having commenced operations in 58 cities and towns in India.

These are.. Agra, Ahmedabad, Ajmer, Amritsar, Aurangabad, Bangalore, Bhopal, Calicat, Chandigrah, Chennai, Coimbatur, Dehradun, Gurgaon, Hyderabad, Hubli, Indore, Jaipur, Jalandhar, Jamnagar, Kanpur, karnal, Kochi, Kolkatta, Kota, Kolhapur, Kottayan, Lucknow, Ludhiana, Madurai, Mangalore, Meerut, Mumbai, Nagpur, Nashik, Noida, New Delhi, Patiala, Pune, Raipur, Rajkot, Ranchi, Surat, Thane, Thrissur, Trichy, Trivendrum, Udaipur, Vadodara, Vashi, Vijayawada and Vizag.

The Company has twelve banc assurance tie-ups having agreements with ICICI Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank, Punjab and maharastra Co-Operative Bank, Goa State Co-operative Bank, Indoor Paraspar Sahakari Bank, Manipal State Co-Operative and Jalgaon Peoples Co-Operative Bank, as well as some corporate agents. It has tie-up with organizations like Dhan for Distribution of Salaam Zindgi, a Policy for the socially and economically underprivileged sections of society.

41

ICICI Prudential has recruited and trained over 32000 insurance advisors to interface with and advice customers. Further, it leverages is State-of the art IT infrastructure to provide superior quality of service to customer.

The Operation Department of ICICI Prudential delivers the following services to the customers such as: Out Bound Call Centre Customer Care Query Resolution Unit Policy Login Process 9 to 9 Contact Centre

Role of Information Technology in Operation Department:

The Information Technology function at ICICI Prudential is committed to enables business through the use of technology. It is segmented into 4 groups to enable highest levels of delivery to the customers: Life Asia Solutions Group that provides flexibility in designing better product offering to end-users, the Solutions Group- Web that provides real-time information to customers and is responsible for customer relationship management, IT Architecture and Corporate Solutions Group is in charge of developing and maintaining a blueprint for the IT Architecture for the enterprise as a whole. This team works as an in house R & D Solution Group, exploring new technological initiatives and also caters to information needs of corporate functions in the organizations. IT Infrastructure group is responsible for providing hardware, software, network services to the whole organization. This group runs the Digital Nervous System of the Enterprise at the highest levels of efficiency and provide robust, scalable and highly available platform for development of business application.

With the help of Information Technology, an advisor and managers can login the policy fro any of the offices of ICICI Prudential Ltd. And also with the help of IT any employee or management can know any information, any thing about the policy, advisors record, any branchs sales, any new schemes, any managers record, and other thins at any time any place. 42

Human Resource Department Introduction to HRM:Human resource management is a management function that helps managers recruit, select, train and develops members for an organization. HRM is concerned with the peoples dimension in organization. Manpower or human resource may be thought of as the total knowledge, shills, creative abilities, talents and aptitudes of an organizations work force, as well as the values, attitudes and benefits of an individual involved. It is the sum total of inherent abilities, acquired knowledge and shills represented by the talents and aptitudes of the employed persons. From the entire Ms in management (i.e. the management of materials, machines, methods, money, motive power), the most important m for men or human resources. It is the most valuable asset of an organization, and not the money or physical equipment. It is in fact an important economic resource, covering all human resources- organized or unorganized, employed or capable of employment, working at all levels- supervisors, executives, government employees, blue and white' collar workers, managerial, scientific, engineering, technical, skilled or unskilled persons, who are employed in creating, designing, developing, managing and operating productive and service enterprises, and other economic activities.

Organization Structure:Organization is a group of people working together cooperatively under authority toward achieving goals and objectives that mutually benefit the participants and the organization. A well-known author of HRM Allen says the process of identifying and grouping the work to be performed, defining and delegating responsibility and authority, and establishing relationships for the purpose of enabling people to work most effectively together in establishing of objectives

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CHART

C.E.O

Board of Directors

National Head
Unit manger/ In charge of Gujarat region

Assistant unit manager

Sales Executive Sales Executive

Sales Executive Sales

Executive

In any organization there is what is termed a hierarchy, refers to various levels of authority in an organization, ranging from the Board of Directors at the top to the sales executives at the bottom.

44

Human Resource Planning:Human resource planning can be explained as the process by which a management determines how an organization should move from its current manpower position to its desired manpower position. Through planning, a management strives to have the right number and right kind of people at the right places, at the right time to do things which result in both the organization and the individual receiving the maximum long-range benefit. Human resources planning are a double-edged weapon. If used properly, it leads to the maximum utilization of human resources, reduces excessive labor turnover and high absenteeism; improves productivity and aids in achieving the objectives of an organization. As ICICI prudential life insurance is the company which depends totally on human resource, Human Resource Planning pays a vital role for this kind of companies. Faultily used, it leads to disruption in the flow of work, lower production, less job satisfaction, high cost of production and constant headaches for the management personnel. Therefore, for the success of an enterprise, human resource planning is a very important function, which can be neglected only at its own peril. It is as necessary as planning for production, marketing, or own peril.

Recruitment Sources:Human resource planning helps to determine the number and type of people an organization needs. Job analysis and job design specify the tasks and duties of jobs and the qualifications expected from prospective jobholders. The next logical step is to hire the right number of people of the right broad groups of activities. Recruitment forms the first stage in the process which continues with selection and ceases with the placement of the candidate. It is the next step in the procurement function, the first being the manpower planning. Main sources are.

Employee References Direct walk in Collage campus Promotions and Transfers

45

Selection Methods:
The selection procedure is concerned with securing relevant information about an applicant. This information is secured in a number of steps or stages. The objective of selection process is to determine whether an applicant meets the qualifications for a specific job and to choose the applicant who is most likely to perform well in that job.

Selection of sales force:Selection systems for sales personnel range from simple one-step systems consisting of nothing more than an informal personal interview, to complex multiple-step systems incorporating diverse mechanisms designed to gather information about applicants for sales jobs. A selection system is a set of successive screens, at any of which an applicant may be dropped from further consideration. The order of use of the different screening mechanisms is related more to their helpfulness in terms of the information they secure than to the relative expense in using them. Recognize, however that no selection system is infallible; all eliminate some who would have succeeded and recommend hiring some who fail. ICICI Pru has also its own selection process. Mostly the selection work for all type of life insurance companies is done through IRDA. Insurance company appoints the unit managers through particular process. That is as given under Mainly selection of the unit manager is done by 3 methods..

1. Talent @ Hunt 2. Consultancy 3. Personal Application

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Placement & Induction:Placement at ICICI bank is done very critically. The human resources are considered very critical and are said to be main power of the bank. Human capital is very important at ICICI. Training is a big thing; each employee spends at least 69 hours during the year recharging him. Placement is done on the qualification and merit basis. Generally for the retail banking and other in house jobs placement is done on the basis of the interviews by branch and regional heads. They select only those competent people who are ready to work round the clock and have full dedication towards the bank. Induction is a technique by which a new employee is rehabilitated into the changed surroundings and introduced to the practices, policies and purposes of the organization. In other words, it is a welcoming process-the idea is to welcome a new comer, make him feel at home and generate in him a feeling that his own job, however small, is meaningful and has significance as a part of the total organization. When a new comer joins an organization, he is an utter stranger to the people, work place and work environment. He may feel insecure, shy and nervous. The first few days may be anxious and disturbing ones for him. He may have anxiety caused by not following the usual practices prevalent in the organization, or the haphazard procedures, and lack of information. These may develop discouragement, disillusionment or defensive behavior. Induction leads to reduction of such anxieties; dispels the irrational fears present employees and hold colleagues responsible for assisting the new comer so that he may feel confident. ICICI says that, newcomers are to be a part of informal identification of talent apart, there is a formal process. It starts form induction, where newcomers are subject to the OPQ (occupational personality questionnaire). The tests have also been conducted right up to the general manager and senior general manger.

47

Training and Development:ICICI Pru depends mainly on its work force for its business. Due to this it becomes very accessory for the company to train its employees and make them that much efficient so that they can effectively do work with their customer. There are different types of training methods which are used by the company. The company attains different methods for both, its employees and its advisors.

Methods for Employees

1. Insight Training 2. Fin sight Training 3. Zenith Training 4. Product Training

Methods for Advisors

1. Refresher Training 2. AIP (Advisor Induction Program) 3. Product Training

During the training period the employees and advisors are also learn about how to create relationship with customer. How to add value through the relationship marketing?

Identify loyal customers Recognize their special needs Provide special reward for loyalty Establish continuing relationship Ensure increase in customer value These are the main points or topics which are covered under the training of

advisors to make them sharper, attacker, and convincer.

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RESEARCH & RESEARCH METHODOLOGY

49

RESEARCH METHODOLOGY & RESRESEARCH OBJECTIVE

Marketing research is the systematic gathering, recording and analyzing of data about problems relating to the marketing of goods and services.

Research Methodology is a way to systematically solve the research problem, which may be kind of it. It may be related with sports, culture, politics, management, education, social etc. Research Methodology does not only considers the logic behind. The methods used in the context of the research study. Different researchers research on any problem and then, they will give solution about any Problem. The Marketing Research is carried out on the following subject:Brand Awareness and Consumers Perception of UNITLINKED Insurance Products of ICICI Prudential Life Insurance The main objectives kept in mind while selecting the subject and conducting the survey were as listed below. The aim of this research is to study the Indian Insurance sector, growth of sector, different player and competition in the market. The study will highlight the following objectives.

To Study the Brand awareness of the new product i.e. Unit Linked Insurance Plans in Surendranagar Dist. To know what are the priorities of people of city for making investment in Insurance. To know what are the perception of the consumer about ICICI Prudential Life Insurance Co. To know the standing of the ICICI Prudential Life Insurance Co. in Surendranagar Dist.

50

RESEARCH AND SAMPLE DESIGN

TYPES OF RESEARCH :- Descriptive Research In this project, descriptive study is undertaken. The study of knowledge and the charaacteristics of groups made up of sex; age; educational level; occupation and income are done.

Data Source:
The data would be collected from both primary as well as secondary source. Primary data: Consumers would be asked to fill questionnaires to arrive at the information. Secondary data: Various secondary sources of data as magazines, journal, Internet etc. would also be explored.

Sampling Area:
The sampling area of this research is Surendranagar Dist. Only that persons are covered who has insurance policy and is from Surendranagar Dist.

Sampling method:
The convenient sampling method was used for this research. The respondents were those who have already taken life insurance policy.

Sample Size:
The sample size of this research is 60 respondents. This all respondents were surveyed by the help of questionnaire filled by them.

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 Research Instrument:
The research instrument, which was used, for collecting the data is questionnaire. That covers all the questions which is needed for this study.

Method of contact:
The method of contact would be personal and direct. As this would help to qualify the customers issues while filling up the questionnaire and also helps them if they do not have the knowledge about any insurance plan of the company.

Method of making an approach for Sales:

After analyzing the data form the questionnaires the needs of prospects were identified and the best suitable insurance solution was suggested to them accordingly. And also to give them knowledge about ULIP if they dont have.

Limitation of study:Strength and weakness to any study is like inevitably that all coins do have two sides to it. There are limitations to any study taken up. There are certain pitfalls they do exist even after proper care and cautions are taken. The following are the limitations of this research:-

Recall bias of the respondents (Investor). Study limited in a specific area within city and therefore before generalization to
other area, cities, unique features of those area or cities to be considered.

Time factor is considered to be another limitation here as the time involved is less.
The sample size is small. A better analysis would be carried out with a larger sample size.

There is a possibility that the survey might be taken up differently by the same
samples when they are in different moods and frame of mind and have different opinions as far as preferences are concerned. It solely depends upon the Retailers mood swings and thus data represented might not represent a true and accurate view of the market.

52

DATA ANALYSIS AND INTERPRETATION

53

Q.1. If given a choice, where would you like to invest your money?

Choice/Rank Mutual Fund Insurance Gold Equities Post Office Debenture Bank Deposit

1 2 20 3 3 14 1 19

2 6 14 9 1 11 1 20

3 3 10 17 4 20 2 4

4 3 13 17 3 5 13 5

5 22 1 6 7 4 10 8

6 15 2 5 20 3 13 2

7 9 2 2 21 4 19 2

Customer Preference
Mutual Fund 25 Insurance 20 Gold 15 Equities 10 5 0 1 2 3 4 5 6 7 Post Office Debenture Bank Deposit

This question is mainly designed to know the investment priorities of the people of Surendranagar Dist. The objective behind this question is that after the Co-operative Bank and other Credit Societies, which are giving higher interest on deposits, the whole scenario of city is changed. Most of the people prefer to invest in post office saving schemes and fixed deposits where their money is safe even though the return is very less. So there is a great need to divert the efforts of the company towards the safety and security as ICICI Pru life is a private insurance Company.

54

Q.2. Do you have a Life Insurance Policy?

Criteria Yes No

No. Of Respondents 60 0

As our sample respondents are those people who are having insurance so all the respondents are falling under the Yes criteria.

Q.3

Which Companys Insurance Policies do you have ?

Company LIC Birla Sunlife SBI ICICI Pru. Life Kotak Mahindra TATA AIG Insurance HDFC Standard New York MaxLife Alliance Bajaj AVIVA Life ING Vysya MetLife Insurance

No. of Respondents 55 2 2 17 1 7 2 1 0 1 2 1

55

Insurance Company

LIC Birla Sunlife SBI ICICI Pru. Life Kotak Mahindra TATA AIG Insurance HDFC Standard New York MaxLife Alliance Bajaj AVIVA Life ING Vysya MetLife Insurance

As from the above chart it is very clear that most of the respondents have an insurance of the LIC while some of them have an insurance of the other companies like ICICI Prudential Life insurance Co., HDFC Co. Etc.

The reason behind this is that the LIC competitor since more than four decades and the Indian Government allowed the Introduction of private player for Insurance in the year 2000.

56

Q.4. what is amount of insurance premium you pay annually ?

Criteria Below Rs. 10,000 10,000 to 20,000 20,000 to 30,000 30,000 to 40,000 40,000 to 50,000 Above 50,000

No. of Respondents 17 15 7 2 7 12

Premium
Below Rs. 10,000 10,000 to 20,000 20,000 to 30,000 30,000 to 40,000 40,000 to 50,000 Above 50,000

The analysis of the above available data is merely to find out the percentage of income that one is willing to invest in insurance.

57

Q.5. What priorities would you consider most important, while purchasing a policy?

Criteria/Rank Death Benefit Financial Planning Childrens Future Retirement Planning Tax Planning

1 3 21

2 18 9

3 17 4

4 19 7

5 2 3

12

17

16

12

18

22

13

Criteria
25 20 15 10 5 0 1 2 3 4 5 Death Benefit Financial Planning Childrens Future Retirement Planning Tax Planning

From the table and chart it can be say that most of the people rank financial planning first for the decision to make investment in Insurance. Their second priority is retirement planning. The third priority is childrens future. Forth one is tax planning because the premium, which is paid by the people towards Insurance, is deductible up to certain limit from the income and also the maturity amount is also tax free. And the last one is Death benefit.

58

Q.6. Have you any knowledge of the stock market? Criteria Yes No No. of Respondents 23 37

Knowledge of the stock market

Yes No

Q.7. Do you have any knowledge about unit linked insurance plans (ULIP)? Criteria Yes No No. of Respondents 25 35

59

Knowledge about (ULIP)

Yes No

The question number 6 and 7 are designed to know the awareness of people who have knowledge of share market or deals in shares also have the knowledge of the new modern insurance product i.e. Unit Linked Insurance Plan. From the available data it can be say that less number of respondent has knowledge of market and having knowledge about ULIP plan.

Q.8. Is your current Insurance policy Unit Linked or Traditional?

Criteria Only Unit Linked Only Traditional Both

No. of Respondents 8 35 17

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Type of Policy

Only Unit Linked Only Traditional Both

From the Q. No. 8 we can say that even though the modern products available in the market since more than two years and which are having the more flexibility and also giving the higher return than traditional one. Most of the people do not have or may be not aware of it which shows the lack of brand awareness and it requires aggressive promotional efforts on the part of company.

There is a lot of scope available for the company to attract more customers by giving or introducing most suitable ULIP products and at the same time increase the customer base.

Q.9. According to you what are the factors that would affect you decision while purchasing an insurance policy?

Criteria/Rank
Premium Return Safety Liquidity Market Condition

1 1 26 32 0 1

2 13 7 9 4 12

3 19 13 5 2 3

4 8 1 2 21 17

5 4 0 0 18 22

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Factors for Policy Decision

35 30 25 20 15 10 5 0 1 2 3 4 5 Liquidity Market Condition Return Safety Premium

The question No. 9 is designed to know which the factors are affecting the most to the prospect while making decision to invest in insurance. As far as investment in insurance is concerned most of the people want that it should be safe and at the same time giving the compatible returns because insurance is not only for death benefit it is also a saving tool for future. So the mix response of respondents is welcomed. Available data is such that there is a bit ambiguity. But we can say that the most affecting factors to the prospect are return and safety. As per the finance theory risk and return goes in hand in hand but as far as insurance is concerned it is all about the compatible and safe returns over others.

Q. 10. Are you or any of your family members are planning to buy an insurance policy in near future?

Criteria Yes No

No. of Respondents 22 38

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Future plan to buy Policy

Yes No

This question is taken to collect the information of those respondents who are going to plan to purchase insurance within near future that is used by the company for making personal contact for sale.

Q. 11. Are you satisfied with your current investment in insurance?

Criteria Yes No

No. of Respondents 44 16

Satisfaction of the Customer

Yes No

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Q. 12 If No, then give reasons?

Criteria High Premium Poor Services Low Return

No. of Respondents 3 3 10

Reason for Dissatisfaction

High Premium

Poor Services

Low Return

The question No.11 and 12 are designed to know the percentage of people who are not satisfied with the current investment in insurance and also to know the reasons behind it, So that the company can focus on those areas where the competitors fail, because now a days the competition is very stiff in the insurance industry. All companies are trying to attract more customers by anyhow. So it will be useful for designing the promotional schemes of the company.

From the above table and chart it can be seen that the respondents who are dissatisfied give the main reason behind it are Low returns. There are many others reasons like more time taken by the company for claim settlement, non-dispatchment of cheques and other important vouchers, etc. So the company can improve upon these and increase its market share by offering quality service to the customers.

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Q. 13. Do you know anything about ICICI Prudential Life Insurance? Criteria Yes No No. of Respondents 36 24

Awareness of I-Pru

Yes No

Q. 14. If Yes, from where did you come to know about the company?

Criteria Television News Paper Magazine Internet Hoarding Sales Representative

No. of Respondents 9 3 1 9 4 10

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Mode of Knowledge
Television News Paper Magazine Internet Hoarding Sales Representative

Q. 15. What do you feel about ICICI Prudential Life Insurance?

The question No.13, 14 and 15 are designed to know the company awareness the respondents of the city and also the source of awareness. But I felt very much difficulty while filling up these questions because most of the people know about the company but they know it as an ICICI Bank not as a different identity. So there is a great need to design the advertisement campaign in such a way that it will create the different image of the company. The main reason behind this is awareness. Only few of the people know ICICI as insurance company. I was shocked when some of the respondents ask that is their any insurance company of ICICI? The company should take steps towards brand awareness as well as it should differentiate itself from ICICI Bank.

66

FINDINGS

With the help of research I found some important outcomes that are so much helpful for the company to increase the business. I put some efforts to know about the perception of investors about ULIP product of insurance. During that research the results were so much shocking. My aim was to know that how many of the investors knows about the ULIP, but I came to know that near about 40% of the people even dont know about ICICI prudential life insurance. Another thing I came to know that major part of the investors are interested in Bank Deposits and Post Office. They feel themselves secure with them. The major damage takes place by LIC for this company. As its lasting from long time and at initial level worked as monopolist as well as pioneer it is still enjoying benefit for this. The people take LIC as Government Company.

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CONCLUSION
After analyzing all the data available from the survey the conclusion can be derived that even though the Unit Linked Insurance Plans are very much popular in Metro and semi cities, the product awareness of ULIP is very low among the people of city. Very few of the people know about the Unit Linked plan.

At the same time there is a need to create the different image of the company among the people by any means like advertisement, seminars or meetings. The brand awareness of the company is very low. As we seen above that ICICI prudential is not as much known as the ICICI Bank is. Even so many people dont know I-pru as brand.

After completion of my research I can say that both the part ULIP and I-PRU are so much unseen among the people of Surendranagar District.

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RECOMMENDATION TO COMPANY
Focus 0n the differentiation of two products I-Pru and I-Bank Aggressive awareness campaign require on the I-Pru I-pru is been over showed by I-bank, which is to be analyzed and rectified to support in the direct indirect promotion of I-Pru. Can be utilized I-bank clients for I-pru awareness for urgent reach of the product Ipru. Intense awareness require on Ulip

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LEARNING FROM TRAINING

With the help of my Research, I have understood the overall General pattern & preference of Investor in the Surendranagar about ULIP and other product of investment. I came to know what are the needs & requirements of existing Investor & potential Investor. I found that there are number companies and have different strategies and they are facing & dealing with Cut-throat competition in the market as there are many competitors present in this industry. So from this I have learned that how the companies are dealing in such situations. I have learnt that what kind of working & operations is being carried out in different departments of company. I also found that at present Insurance sector is attracting people with different types of products like Health insurance, Car insurance, single premium policy, ULIP etc. I have learnt that how the Sales Representative convinces the customers while selling their different services. I have also learnt how to communicate with Managers, Peers, Clients, Bankers & others who are directly & indirectly connected with the organization. I have also understood the Rules, Regulations & Work Culture being practiced in the organization.

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MY CONTRIBUTION

I have collected strong database for company which is helpful to increase the business. Regularly I have made 2 calls per day.

I have also given presentations of my company and its schemes. During my training period I got business of Rs.80000.

I attained two meetings of advisors during internship period.

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BIBLIOGRAPHY

Website address www.bimaonline.com www.licindia.com www.irdaindia.com www.iciciprulife.com Magazines India Today ICFAI Journal Outlook Express Materials LIC literature and brochures ICICI Prudential literature and brochures

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ANNEXTURE

QUESTIONNAIRE
First name: ________________ Middle name: _____________ Surname: ______________ Address: _________________________________________________________________ City name: _________________________ State name: ____________________________ Residential Contact number: __________________ Mobile number: __________________ Email id: _________________________________________________________________ Occupation: _________________________ Annual income: _______________________ Date of birth: ______________________________ Gender: ________________________

Q.1. If given a choice, where would you like to invest your money? (Please Rank Your Choice) Mutual Funds Insurance Policies Gold Equities Post Office Schemes Debentures Banks (FDs etc.) If other (specify)___________

Q.2. Do you have a Life Insurance Policy? Yes No

Q.3. Which Companys Insurance Policies do you have? (Please specify the numbers) LIC HDFC Standard Life Birla Sunlife AVIVA Life TATA AIG Insurance ING Vysya SBI Life Insurance New York MaxLife Alliance Bajaj ICICI Pru. Life Insurance MetLife Insurance OM Kotak Mahindra

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Q.4. What is amount of insurance premium you pay annually?

Amount

Q.5. What priorities would you consider most important, while purchasing a policy? (Please Rank Your Choice) Death Benefit Financial Planning Childrens Education Retirements Benefit Tax Planning

Q.6. Have you any knowledge of the stock market? Yes No

Q.7. Do you have any knowledge about unit linked insurance plans (ULIP)? Yes No

Q.8. Is your current Insurance policy Unit Linked or Traditional? Unit Linked Traditional Both

Q.9. According to you what are the factors that would affect you decision while purchasing an insurance policy? (Please Rank Your Choice) Premium Return Safety Liquidity Market Condition

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Q. 10. Are you or any of your family members are planning to buy an insurance policy in near future? Yes No

Q. 11. Are you satisfied with your current investment in insurance? Yes No

Q. 12 If No, then give reasons? High Premium Poor Services Low Return Other Reasons________________________________ Q. 13. Do you know anything about ICICI Prudential Life Insurance? Yes No

Q. 14. If Yes, from where did you come to know about the company? T.V. Newspaper Magazine Radio Internet Hoarding Others (Please Specify)_____________________________

Q. 15.

What do you feel about ICICI Prudential Life Insurance?

______________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________ ______________________________________________________________

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