Professional Documents
Culture Documents
PROJECT REPORT
ON
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CERTIFICATE
...
Ms. Poonam Chawla
(PROJECT GUIDE)
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Acknowledgement
I would like to thanks Dr. N.K Kakkar (Director) who has been a constant
source of inspiration and my special thanks to Ms. Gayatri Nayak (project
guide from the institute) for her extensive guidance, cooperation and
support.
Finally, I wish to express my gratitude to all those who have in one way or
other helped me in the successful completion of my project report.
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TABLE OF CONTENTS
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Chapter-2 Research Methodology
2.1 Statement of the Problem 46
2.2 Research Design 46
2.3 Methodology 47
2.4 Sampling Techniques used 47
2.5 Selection of Sample Size 48
2.6 Data Collection 48
2.7 Statistical Tools Used 49
2.8 Limitations of the Study 49
Bibliography 70
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EXECUTIVE SUMMARY
Chapter 1 includes the introduction of the company wherein I told about the
Objectives of the study and profile of the ICICI Prudential.
Chapter 3 includes the Data analysis and Findings wherein I have analyze
the data collected from the Questionnaire.
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INTRODUCTION
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Customer Satisfaction
What is customer satisfaction?
Customer satisfaction refers to how satisfied customers are with the products
or services they receive from a particular agency. The level of satisfaction is
determined not only by the quality and type of customer experience but also
by the customers expectations.
Why is it important?
Meeting the needs of the customer is the underlying rationale for the
existence of community service organizations. Customers have a right
to quality services that deliver outcomes.
Organizations that strive beyond minimum standards and exceed the
expectations of their customers are likely to be leaders in their sector.
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Customers are recognized as key partners in shaping service
development and assessing quality of service delivery.
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OBJECTIVES OF THE STUDY
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To study the varied reasons of availing life insurance
plans
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COMPANY PROFILE
ICICI Bank is India's second-largest bank with total assets of Rs. 3,997.95
billion (US$ 100 billion) at March 31, 2008 and profit after tax of Rs. 41.58
billion for the year ended March 31, 2008. ICICI Bank is second amongst all
the companies listed on the Indian stock exchanges in terms of free float
market capitalisation*. The Bank has a network of about 1,308 branches and
3,950 ATMs in India and presence in 18 countries. ICICI Bank offers a wide
range of banking products and financial services to corporate and retail
customers through a variety of delivery channels and through its specialised
subsidiaries and affiliates in the areas of investment banking, life and non-
life insurance, venture capital and asset management. The Bank currently
has subsidiaries in the United Kingdom, Russia and Canada, branches in
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United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai
International Finance Centre and representative offices in United Arab
Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and
Indonesia. Our UK subsidiary has established branches in Belgium and
Germany.
ICICI Bank's equity shares are listed in India on Bombay Stock Exchange
and the National Stock Exchange of India Limited and its American
Depositary Receipts (ADRs) are listed on the New York Stock Exchange
(NYSE).
Overview
ICICI Prudential Life Insurance Company is a joint venture between ICICI
Bank - one of India's foremost financial services companies-and Prudential
plc - a leading international financial services group headquartered in the
United Kingdom. Total capital infusion stands at Rs. 42.72 billion, with
ICICI Bank holding a stake of 74% and Prudential plc holding 26%.
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wide team comprises of over 2000 branches (inclusive of 1,095 micro-
offices), over 261,000 advisors; and 24 bancassurance partners.
ICICI Prudential is the first life insurer in India to receive a National Insurer
Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in
a row, ICICI Prudential has been voted as India's Most Trusted Private Life
Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most
Trusted Brands'. As we grow our distribution, product range and customer
base, we continue to tirelessly uphold our commitment to deliver world-
class financial solutions to customers all over India.
The ICICI Prudential edge comes from our commitment to our customers, in
all that we do - be it product development, distribution, the sales process or
servicing. Here's a peek into what makes us leaders.
ICICI Prudential Life's capital stands at Rs. 42.72 billion (as of June 30,
2008) with ICICI Bank and Prudential plc holding 74% and 26% stake
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respectively. For the quarter ended June 30, 2008, the company garnered
Retail Weighted New Business Premium of Rs. 1,174 crores as against Rs
810 crores for the quarter ended June 30, 2007, thereby posting a growth of
45% and has underwritten over 6 lakh policies over this period. The
company has assets held over Rs. 30,600 crore as on August 31, 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.
Distribution
ICICI Prudential Life has one of the largest distribution networks amongst
private life insurers in India. It has a strong presence across India with over
2000 branches (including 1,095 micro-offices) and an advisor base of over
261,000 (as on August 31, 2008).
The company has 24 banc assurance partners having tie-ups with ICICI
Bank, Bank of India, South Indian Bank, Shamrao Vitthal Co-Op Bank,
Jalgaon Peoples Co-op Bank, Ernakulam District Co-op Bank, Idukki
District Co-op Bank, Ratnagiri Sindhudurg Gramin Bank, Solapur Gramin
Bank, Wainganga Kshetriya Gramin Bank, Aryawart Gramin Bank,
Jharkhand Gramin Bank, Narmada Malwa Gramin Bank, Baitarani Gramya
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Bank, Ratnagiri District Central Co-op Bank, Seva Vikas Co-op Bank,
Sangli Urban Co-Operative Bank, Baramati Co-operative Bank, Ballia
Kshetriya Co-Operative Bank, The Haryana State Co-Operative Bank,
Renuka Nagrik Sahakari Bank, Amanath Co-Operative Bank, Arvind
Sahakari Bank, Bhandara Urban Co Operative Bank
SALES DISTRIBUTION
Tied Agency
ICICI Bank
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Savings & Wealth Creation Solutions
LifeTime Gold is a unit-linked plan that offers customers the flexibility and
control to customize the policy to meet the changing needs at different life
stages. It offers 7 fund options - Preserver, Protector, Balancer, Flexi
Balanced Multiplier, R.I.C.H and Flexi Growth.
Premier Life Gold is a limited premium paying plan specially structured for
long-term wealth creation.
LifeStage Assure a unit linked insurance plan that provide upto 450 % of
first year premium guarantee on maturity, with the additional advantage of a
lifecycle based portfolio strategy that allocates the investors money across
various asset classes based on his life stage and risk appetite.
Protection Solutions
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LifeGuard is a protection plan, which offers life cover at low cost. It is
available in 3 options - level term assurance, level term assurance with
return of premium & single premium.
Education Solutions
Retirement Solutions
LifeTime Super Pension is a regular premium unit linked pension plan that
helps one accumulate over the long term and offers 5 annuity options (life
annuity, life annuity with return of purchase price, joint life last survivor
annuity with return of purchase price, life annuity guaranteed for 5, 10 and
15 years & for life thereafter, joint life, last survivor annuity without return
of purchase price) at the time of retirement.
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businessmen, especially those who require more flexibility and
customization while planning their finances.
Health Solutions
Cancer Care: is a regular premium plan that pays cash benefit on the
diagnosis as well as at different stages in the treatment of various cancer
conditions.
Cancer Care Plus: is a wellness plan that includes all the benefits of Cancer
Care and also provides an additional benefit of free periodical cancer
screenings.
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Group Insurance Solutions
ICICI Prudential Life also offers Group Insurance Solutions for companies
seeking to enhance benefits to their employees.
Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps
employers fund their statutory gratuity obligation in a scientific manner and
also avail of tax benefits as applicable to approved gratuity funds.
Group Term Plan: ICICI Prudential Life's flexible group term solution
helps provide an affordable cover to members of a group. The cover could
be uniform or based on designation/rank or a multiple of salary. The benefit
under the policy is paid to the beneficiary nominated by the member on
his/her death.
ICICI Prudential Life offers flexible riders, which can be added to the basic
policy at a marginal cost, depending on the specific needs of the customer.
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base policy term or 10 years, whichever is lesser. If the death occurs while
travelling in an authorized mass transport vehicle, the beneficiary will be
entitled to twice the sum assured as additional benefit.
Critical Illness Benefit: protects the insured against financial loss in the
event of 9 specified critical illnesses. Benefits are payable to the insured for
medical expenses prior to death.
Income benefit rider: In case of death of the life assured during the term of
the policy, 10% of the sum assured is paid annually to the nominee on each
policy anniversary till the maturity of the rider.
1) 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.
2) Login
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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
3) Reject
An Application gets rejected at the Branch Ops level due to necessary details
not filled in the form or necessary documents not submitted is a Reject. It is
then sent back to the Advisor for completion.
4) Issuance
5) Decline Status
When a customer refuses to take a policy post login but before Issuance is
called a Decline
6) Cancellation
7) Lapse
8) 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.
9) Surrender:
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COMPARATIVE STUDY
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12-55 YEARS
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BIMA PLUS-
Premature withdrawal allowed after one year.
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ON THE BASIS OF TERM:
LIFE TIME-
Minimum premium payment term of three years.
LIFE MAKER-
10-58 YEARS.
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Minimum premium of Rs18000 per annum.
LIFE MAKER-
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ON THE BASIS OF TERM:
LIFE TIME-
Minimum premium payment term of three years.
LINKED-
10-30 YEARS
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Partial or complete withdrawals are available from third year onwards.
LINKED-
Partial withdrawals are available from third year onwards provided, that the value of units
does not go below the sum assured.
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ON THE BASIS OF TERM:
LIFE TIME PENSION-2-
Minimum term of 10 years.
JEEVAN NIDHI-
5-35 years.
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LIFE TIME PENSION-2-
Minimum Rs10000 per annum.
JEEVAN NIDHI-
Minimum Rs3000 per annum.
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SWOT ANALYSIS
STRENGTHS:
i. ICICI Prudential is the largest private player in
India, with a market share of around 36%
amongst the private players
ii. ICICI Prudential has deposited a paid up capital
of Rs 925 crore with IRDA caution deposit, the
highest among all the life insurance company in
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India where as LIC has deposited Rs 60 crore so
far.
iii. ICICI Prudential is the first life insurance
company to offer ECS debit facility.
iv. ICICI Prudential is the first company to
introduce unit link life insurance and pension
products. Presently the maximum numbers of
ranges are under ULIP life insurance, investment
as well as pension plan.
v. Products
Flexibility to switch your fund value at your own discretion
four times a year viz. maximizer, protector, balancer, preserver.
Greater transparency-policy holder knows what is happening
to his money and where the company has invested his money.
OPPORTUNITIES
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iii. The whole private sector is opened to be trapped
even though the competition is fierce from
government owned insurance companies.
iv. Its a volume business that is even if the company
has few good corporates the turnover cease to
increase by manifold.
v. Products:
Preserver funds look good due to comfortable
liquidity in the economy and there is little
chance hike in short-term rate by RBI.
Finance minister unveiled a budget favoring
consumer spending, boosting demand and
therefore higher economic growth.
THREATS
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iv. We expect the industry to rationalize in future
that is mergers and acquisitions will happen,
which will impact the industry and ICICI
Prudential fortunes.
v. Products:
Past performance of these plans is not
indicative of the future performance of the
plan.
The sum invested in the funds is subject to
market risks and there can be no assurance
that the objective of plan will be achieved.
All benefits payable under the policy are
subject to tax laws and other financial
enactment, as they exist from time to time.
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Research Methodology
Statement Of Problem:
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During the telephonic we have to sell different products by explaining
the benefits of a particular product, but. The minimum amount for
selling a policy to a customer is equal to or more then Rs. 12000 only.
Research Design:
METHODOLOGY
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Research Methodology comprises of defining & redefining problems,
collecting, organizing &evaluating data, making deductions &researching to
conclusions.
Analysis of feedback
The main statistical tools used for the collection and analyses of data in this
project are:
Questionnaire
Pie Charts
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Bar Diagrams
Limitations of study
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Data Analysis & Findings
Chapter no 4
Data Analysis & Findings
Data Analysis
Yes 31 62%
40
No 19 38%
Total 50 100%
ANALYSIS:
Yes 41 82%
No 9 18%
Total 50 100%
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ANALYSIS:
LIC 24 48%
ICICI 7 14%
HDFC 5 10%
Birla Sun Life 4 8%
Bajaj Allianz 4 8%
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Others 6 12%
Total 50 100%
ANALYSIS:
Yes 30 60%
No 12 24%
Cant Say 8 16%
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Total 50 100%
ANALYSIS:
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ANALYSIS:
Q6. Does this policy satisfy your financial needs? (Please rate on
the scale of 1 to 5 with 1 being least satisfied)
1 9 18%
2 9 18%
3 8 16%
4 10 20%
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5 14 28%
Total 50 100%
1
2
5
1
2
3
4
3
5
ANALYSIS:
Q7. Please express your opinion for the premiums paid for the above
policy?
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Very Low 4 8%
Total 50 100%
ANALYSIS:
Advertisements 10 20%
Friends and Relatives 12 24%
Direct Selling Agents 21 42%
Others 7 14%
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Total 50 100%
ANALYSIS:
Q9. Are you satisfied with the incentives (tax benefits or Bonuses)
associated with your policy?
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Highly Unsatisfied 8 16%
Total 50 100%
ANALYSIS:
Q10. According to you, in what areas should the insurance companies work
upon?
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ANALYSIS:
Q11. Do You think that services have improved after allowing private
players in insurance sector ?
Yes 40 80%
No 10 20%
Total 50 100%
50
20%
Yes
No
80%
ANALYSIS:
Findings
Most of the people buy life insurance as just a tax benefit tool
or as a life cover while only a few of the respondent take it as
a saving option.The reason for this is lack of knowledge of
insurance benefits among the people.
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A Majority of the respondent buy insurance products because
of the need reason while rest of the respondents buy for the
brand purpose.
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Chapter No. 5
Conclusion
ICICI has vast market and very firm grip on its traditional
customers and monopoly of life insurance products..
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IRDA is also playing very comprehensive role by regulating norms
mandating to private players in this sector, that increases the
confidence level of the customers to the private players.
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Suggestions
The study has provided with the useful data from the respondents.
There has a lot to be recommended. Following are the
recommendations:
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References and Bibliography
Books:-
1. Professional banker
2. Economic Times.
3. www.moneycontrol.com.
4. www.iciciprulife.com
5. www.irdaonline.org
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QUESTIONNAIRE
Name - _____________
Age - _____________
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Occupation - _____________
- Yes
- No
- Tax benefit
- Security
- Investment/Savings
Q.6 Does this policy satisfy your financial needs? (Please rate on
the scale of 1 to 10 with 1 being least satisfied )
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Q.7 Please express your opinion for the premiums paid for the above
policy?
-Very high [ ]
-High [ ]
-Moderate [ ]
-Low [ ]
-Very Low [ ]
Q.8 How do you come to know about this policy? (Please tick).
-Advertisements [ ]
-Friends and relatives [ ]
-Direct selling agents [ ].
- Others (please specify) _____________________.
Q.9 Are there any incentives (tax benefits or Bonuses) associated with
this policy? (Please give appropriate details about it).
- _______________________________________________________
_______________________________________________________
____________
10. Are you satisfied with the incentives associated with your policy?
-Highly satisfied [ ].
-Satisfied [ ]
-Moderate [ ]
-Unsatisfied [ ]
-Highly Unsatisfied [ ].
Q11. According to you, in what areas should the insurance companies work upon?
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Q12. Do You think that services have improved after allowing private players
in insurance sector ?
- Yes
- No
__________________________________________________________________
__________________________________________________________________
Bibliography
www.icicibank.com
www.iciciprulife.com
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en.wikipedia.org/wiki/Main_Page
www.licindia.com
www.hdfcinsurance.com
www.maxnewyorklife.com
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