A

Summer Training Project Report

On
“Customer Satisfaction Survey
on Insurance Products of”

IN THE PARTIAL FULFILLMENT OF THE DEGREE OF

MASTER OF BUSINESS ADMINISTRATION
2009-2010

Affiliated to Jiwaji University, Gwalior

Submitted To : Submitted by
Mrs. Ritu Singh Archana Toamr
(HOD) MBA MBA (HR)
II sem
 CONTENTS
Acknowledgement
Executive Summary

Chapter-1 Introduction
Customer Satisfaction
Objectives of the study
Profile of the Organisation
Overview of ICICI Prudential
Vision, Mission
Promoter
Fact Sheet
Sales Distribution
Management Profile
Brand Values
Achievements
Products
Stages in Policies issuance
Comparative Study
SWOT Analysis

Chapter-2 Research Methodology

Statement of the Problem
Research Design
Methodology
Sampling Techniques used
Selection of Sample Size
Data Collection
Statistical Tools Used
Limitations of the Study

Chapter-3 Data Analysis and Findings

Chapter-4 Conclusion and Suggestions
Conclusion
Suggestions
Annexure
Questionnaire
Bibliography
 Acknowledgement
I express my sincere gratitude to the management of ICICI
PRUDENTIAL COMPANY Pvt. Ltd Morena Branch M.P., for providing
me material to prepare my project on their esteem organization.

I would like to thanks Dr. N.K Kakkar (Director) who has been a
constant source of inspiration and my special thanks to Ms. Poonam
Chawla (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.
The Project was completed successfully with the valuable cooperation of
company’s personnel.

I would be special thank to our college faculty Mrs. Ritu Singh

(HOD), Mr. Rakesh Rajput, Mr. Sudeep Shrivastava and Ms. Jyoti Jain
under supervision this topic. This Acknowledgement would be
incomplete if I fail to express my deep gratitude towards all the facility of
NRI College of Management who gave me a lot of support and guidance.

Last but not least I would be special gratitude to Ms. Reena Gupta and
Mr. Mahendra Sikarwar and our all friends who heartening me to
complete this project.
 EXECUTIVE SUMMARY

This project is based on the Customer Satisfaction survey of the

ICICI PRUDENTIAL insurance Company ltd. It is done to find out whether
the customers are satisfied with the Benefits they get with their
respective policies or not

Further, in this Project

Chapter 1 includes the introduction of the company wherein I told about the
Objectives of the study and profile of the ICICI Prudential.

Chapter 2 includes the Research Methodology wherein I have discussed the

Research Design and Various sources of the Data Collection.

Chapter 3 includes the Data analysis and Findings wherein I have analyze the
data collected from the Questionnaire.

Chapter 4 represents the conclusion and the suggestions based on

the customer satisfaction survey.
Chapter 1

INTRODUCTION
 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 customer’s expectations.

A customer may be defined as someone who:

• has a direct relationship with, or is directly affected by your agency and
receives or relies on one or more of your agency’s services or
products. Customers in human services are commonly referred to as
service users, consumers or clients.
• An organisation with a strong customer service culture places the
customer at the centre of service design, planning and service
delivery. Customer centric organisations will:

• determine the customers expectations when they plan

• listen to the customer as they design
• focus on the delivery of customer service activities
• Value customer feedback when they measure performance.

Why is it important?

There are a number of reasons why customer satisfaction is important in

Insurance Sector:
• 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.
• Customers are recognized as key partners in shaping service
development and assessing quality of service delivery.
The process for measuring customer satisfaction and obtaining feedback
on organizational performance are valuable tools for quality and
continuous service improvement.

Overview of the Industry

The insurance industry provides protection against financial losses

resulting from a variety of perils. By purchasing insurance policies, individuals
and businesses can receive reimbursement for losses due to car accidents, theft
of property, and fire and storm damage; medical expenses; and loss of
income due to disability or death.

The insurance industry consists mainly of insurance carriers (or insurers) and
insurance agencies and brokerages. In general, insurance carriers are large
companies that provide insurance and assume the risks covered by the policy.
Insurance agencies and brokerages sell insurance policies for the
carriers. While some of these establishments are directly affiliated with a
particular insurer and sell only that carrier’s policies, many are independent and
are thus free to market the policies of a variety of insurance carriers. In addition
to supporting these two primary components, the insurance industry includes
establishments that provide other insurance-related services, such as claims
adjustment or third-party administration of insurance and pension funds.

Insurance carriers assume the risk associated with annuities and insurance
policies and assign premiums to be paid for the policies. In the policy, the
carrier states the length and conditions of the agreement, exactly which
losses it will provide compensation for, and how much will be awarded. The
premium charged for the policy is based primarily on the amount to be
awarded in case of loss, as well as the likelihood that the insurance carrier will
actually have to pay. In order to be able to compensate policyholders for their
losses, insurance companies invest the money they receive in
premiums, building up a portfolio of financial assets and income-producing
real estate which can then be used to pay off any future claims that may be
brought. There are two basic types of insurance carriers.

Direct insurance carriers offer a variety of insurance policies. Life

insurance provides financial protection to beneficiaries—usually spouses
and dependent children—upon the death of the insured. Disability
insurance supplies a preset income to an insured person who is unable to work
due to injury or illness, and health insurance pays the expenses
resulting from accidents and illness. An annuity (a contract or a group of
contracts that furnishes a periodic income at regular intervals for a
specified period) provides a steady income during retirement for the remainder
of one’s life. Property-casualty insurance protects against loss or
damage to property resulting from hazards such as fire, theft, and natural
disasters. Liability insurance shields policyholders from financial responsibility
for injuries to others or for damage to other people’s property. Most
policies, such as automobile and homeowner’s insurance, combine both
property-casualty and liability coverage. Companies that underwrite this kind
of insurance are called property-casualty carriers.
Some insurance policies cover groups of people, ranging from
a few to thousands of individuals. These policies usually are issued to
employers for the benefit of their employees or to unions, professional
associations, or other membership organizations for the benefit of their
members. Among the most common policies of this nature are group
life and health plans. Insurance carriers also underwrite a variety of specialized
types of insurance, such as real-estate title insurance, employee surety and
fidelity bonding, and medical malpractice insurance.
 In addition to individual carrier-sponsored Internet sites,
several “lead-generating” sites have emerged. These sites allow potential
customers to input information about their insurance policy needs. For a fee,
the sites forward customer information to a number of insurance companies,
which review the information and, if they decide to take on the policy, contact
the customer with an offer. This practice gives consumers the freedom to
accept the best rate.

The insurance industry also includes a number of independent

organizations that provide a wide array of insurance-related services to carriers
and their clients. One such service is the processing of claims forms for
medical practitioners. Other services include loss prevention and risk
management. Also, insurance companies sometimes hire independent claims
adjusters to investigate accidents and claims for property damage and to assign
a dollar estimate to the claim.
 The Insurance Regulatory and Development Authority
(IRDA)

Reforms in the Insurance sector were initiated with the passage

of the IRDA Bill in Parliament in December 1999. The IRDA since its
incorporation as a statutory body in April 2000 has fastidiously stuck to
its schedule of framing regulations and registering the private sector
insurance companies.

The other decisions taken simultaneously to provide the supporting

systems to the insurance sector and in particular the life insurance companies
were the launch of the IRDA’s online service for issue and renewal of
licenses to agents.

The approval of institutions for imparting training to agents has also ensured
that the insurance companies would have a trained workforce of insurance
agents in place to sell their products, which are expected to be introduced by
early next year.

Since being set up as an independent statutory body the IRDA has

put in a framework of globally compatible regulations. In the
private sector 12 life insurance and 6 general insurance companies
have been registered.
 OBJECTIVES OF THE STUDY

The main objective of this study is to carry on brief study on “Customer

satisfaction survey on insurance products of ICICI PRUDENTIAL”
through this I am able to get the different Life Insurance Policies and
their products.

Other objectives of this project are as follows:

• To identify the insurance needs of the Indian population with

respect to their emotional, physical and financial conditions.
• Comparative study of various insurance players in the market
• To study the varied reasons of availing life insurance plans
 COMPANY PROFILE
ICICI Prudential Life Insurance
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%.

We began our operations in December 2000 after receiving approval from

Insurance Regulatory Development Authority (IRDA). Today, our
nation-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

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.

1. Our products have been developed after a clear and thorough

understanding of customers' needs. It is this research that helps us develop
Education plans that offer the ideal way to truly guarantee your child's
education, Retirement solutions that are a hedge against inflation and yet
promise a fixed income after you retire, or Health insurance that arms you with
the funds you might need to recover from a dreaded disease.

2. Having the right products is the first step, but it's equally important to
ensure that our customers can access them easily and quickly. To this end,
ICICI Prudential has an advisor base across the length and breadth of the
country, and also partners with leading banks, corporate agents and brokers to
distribute our products .

3. Robust risk management and underwriting practices form the core of our
business. With clear guidelines in place, we ensure equitable costing of risks,
and thereby ensure a smooth and hassle-free claims process.

4. Entrusted with helping our customers meet their long-term goals, we adopt
an investment philosophy that aims to achieve risk adjusted returns over the
long-term.

5. Last but definitely not the least, our 28,000 plus strong team is given the
opportunity to learn and grow, every day in a multitude of ways. We believe
this keeps them engaged and enthusiastic, so that they can deliver on our
promise to cover you, at every step in life.
Vision & Values

Our vision:-

To be the dominant Life, Health 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

The success of the company will be founded in its unflinching commitment to

5 core values -- Integrity, Customer First, Boundaryless, Ownership and
Passion. Each of the values describe what the company stands for, the
qualities of our people and the way we work.

We do believe that we are on the threshold of an exciting new

opportunity, where we can play a significant role in redefining and reshaping
the sector. Given the quality of our parentage and the commitment of our team,
there are no limits to our growth.
Our values:-

Every member of the ICICI Prudential team is committed to 5 core

values:
Integrity Customer First,
Boundaryless, Ownership, and Passion. These

Values shine forth in all we do, and have become the keystones of our
success.

Promoters

ICICI BANK
ICICI Bank (NYSE:IBN) is India's second largest bank and largest private
sector bank with over 50 years of financial experience and with assets of Rs.
1812.27 billion as on 30th June, 2005. 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 specialized
subsidiaries and affiliates in the areas of investment banking, life and
non-life insurance, venture capital and asset management. ICICI
Bank is a leading player in the retail banking market and has over 13 million
retail customer accounts. The Bank has a network of over 570 branches
and extension counters, and 2,000 ATMs.
Fact Sheet

The Company

ICICI Prudential Life Insurance Company is a joint venture between

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

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
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.
SALES DISTRIBUTION

Tied Agency
Tied Agency is the largest distribution channel of ICICI Prudential,
comprising a large advisor force that targets various customer segments. The
strength of tied agency lies in an aggressive strategy of expanding and
procuring quality business. With focus on sales & people development, tied
agency has emerged as a robust, predictable and sustainable business
model.

Banc assurance and Alliances

ICICI Prudential was a pioneer in offering life insurance solutions through
banks and alliances. Within a short span of two years, and with nearly a large
number of partners, B & A has emerged as a vital component of the
company’s sales and distribution strategy, contributing to approximately one
third of company’s total business. The business philosophy at B&A is to
leverage distribution synergies with our partners and add value to
its customers as well as the partners. Flexibility, adaptation and experimenting
with new ideas are the hallmarks of this channel.

About the Promoters

ICICI Bank
ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the
second largest bank in the country, with consolidated total assets of $1 1 2.6
billion as of June 30 , 2008. ICICI Bank’s subsidiaries include India’s leading
private sector insurance companies and among its largest securities brokerage
firms, mutual funds and private equity firms. ICICI Bank’s presence
currently spans 19 countries, including India.
Management Profile

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises

reputed people from the finance industry both from India and abroad.

Mr. K.V. Kamath, Chairman

Ms. Chanda Kochhar, Director
Mr. Barry Stowe, Director
Mr. H.T. Phong, Director
Prof. Marti G. Subrahmanyam, Director
Mr. Mahesh Prasad Modi, Director
Ms. Rama Bijapurkar, Director
Mr. Keki Dadiseth, Director
Ms. Shikha Sharma, Managing Director
Mr. N.S. Kannan, Executive Director
Mr. Bhargav Dasgupta, Executive Director

Management Team

The ICICI Prudential Life Insurance Company Limited Management

team comprises reputed people from the finance industry both from India and
abroad.

Ms. Shikha Sharma, Managing Director & CEO

Mr. N. S. Kannan, Executive Director
Mr. Bhargav Dasgupta, Executive Director
Ms. Anita Pai, Executive Vice President – Customer Service & Tech.
Dr. Avijit Chatterjee, Appointed Actuary
Brand Values

Market Research reveals that the values people associate with ICICI
Prudential are, indeed, those that the company hopes to project: lifelong
protection and value for money. The core value is protecting your loved ones,
throughout life’s ups and downs. It is a powerful proposition; one, which
ICICI Prudential, is taking into the market place.

Achievements

Beginning operations in December 2000, ICICI Prudential’s success

has been meteoric, becoming the number one private life insurer within months
of launch. Today, it has one of the largest distribution networks amongst
private life insurers in India, with branches in 54 cities. The total number of
policies issued stands at more than 780,000 with a total sum assured in excess
of Rs.160 billion.

ICICI Prudential closed the financial year ended march 31, 2004 with a total
received premium income of Rs. 9.9 billion; up 135% last years total
premium income of Rs.4.20 billion. New business premium income shows a
106% growth at Rs. 7.5 billion, driven mainly by the company’s range of
unique unit-linked policies and pension plans. The company’s retail market
share amongst private companies stood at 36%, making it clear leader in the
segment.
PRODUCT/SERVICES PROFILE

Insurance Solutions 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 products can be enhanced with up to 4 riders, to create a customized
solution for each policyholder.

Savings & Wealth Creation Solutions

Save'n'Protect is a traditional endowment savings plan that

offers life protection along with adequate returns.

CashBak is an anticipated endowment policy ideal for meeting milestone

expenses like a child's marriage, expenses for a child's higher education
or purchase of an asset. It is available for terms of 15 and 20 years.

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.

LifeStage RP is unit linked plan that provides you with an

option of lifecycle-based portfolio strategy that continuously re-
distributes your money across various asset classes based on your life
stage. This will help you achieve the right Asset Allocation to meet your
desired financial goals.
LifeLink Super is a single premium unit linked insurance plan
which combines life insurance cover with the opportunity to stay invested
in the stock market.

Premier Life Gold is a limited premium paying plan specially structured

for long-term wealth creation.

InvestShield Life New is a unit linked plan that provides premium

guarantee on the invested premiums and ensures that the customer receives
only the benefits of fund appreciation without any of the risks of
depreciation.

InvestShield Cashbak is a unit linked plan that provides premium

guarantee on the invested premiums along with flexible liquidity options.

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
investor’s money across various asset classes based on his life stage and
risk appetite.

Protection Solutions

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.

HomeAssure is a mortgage reducing term assurance plan

designed specifically to help customers cover their home loans in a
simple and cost-effective manner.
Education Solutions
SmartKid New ULRP provides guaranteed educational benefits to a
child along with life insurance cover for the parent who purchases the
policy. The policy is designed to provide money at important milestones
in the child's life. SmartKid plans are also available in traditional form.

Retirement Solutions

ForeverLife is a traditional retirement product that offers guaranteed

returns for the first 4 years and then declares bonuses annually.

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.

LifeStage Pension is a regular premium unit linked pension

plan that provides you with a unique lifecycle-based strategy that
continuously re-distributes your money across various asset classes based
on your life stage, eventually providing you with a customized retirement
solution.

LifeLink Super Pension is a single premium unit linked pension plan.

Immediate Annuity is a single premium annuity product that guarantees
income for life at the time of retirement. It offers the benefit of 5 payout
options.

PremierLife Pension is a unique and convenient retirement solution with

a limited premium paying term of three or five years, to suit professionals
and businessmen, especially those who require more flexibility
and customization while planning their finances.

Health Solutions

Health Assure Plus: Health Assure is a regular premium plan

which provides long term cover against 6 critical illnesses by
providing policyholder with financial assistance, irrespective of the
actual medical expenses. Health Assure Plus offers the added advantage
of an equivalent life insurance cover.

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.

Diabetes Care: Diabetes Care is a unique critical illness product

specially developed for individuals with Type 2 diabetes and pre-
diabetes. It makes payments on diagnosis on any of 6 diabetes related
critical illnesses, and also offers a coordinated care approach to managing
the condition. Diabetes Care Plus also offers life cover.

Diabetes Care Plus: is a unique insurance policy that provides an additional

benefit of life cover for Type 2 diabetics and pre-diabetics

Hospital Care: is a fixed benefit plan covering various stages of treatment-

hospitalisation, ICU, procedures & recuperating allowance. It covers a
range of medical conditions (900 surgeries) and has a long
term guaranteed coverage upto 20 years.

Crisis Cover : is a 360-degree product that will provide long-term

coverage against 35 critical illnesses, total and permanent disability, and
death.

MediAssure is a health insurance policy that provides assured

insurability till age 75 years, assured coverage for accepted pre-existing
illnesses after 2 years and an assured price for 3 years.

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 Superannuation Plan: ICICI Prudential Life offers a flexible

market linked scheme that provides substantial benefits to both employers
and employees. Both defined contribution (DC) and defined benefit (DB)
schemes are offered to optimise returns for members of the
trust and rationalise cost. Members have the option of choosing from
various annuity options or opting for a partial commutation of the annuity
at the time of retirement.

Group Immediate Annuities: ICICI Prudential Life realises the

importance of prudent retirement planning. With this in mind,
we have developed a suite of annuity products that not only give you an
income for life but also provide you options to match your needs. In addition
to the annuities offered to existing superannuation customers, we offer
immediate annuities to superannuation funds not managed by us.

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.

Flexible Rider Options

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.

Accident & disability benefit: If death occurs as the result of an accident

during the term of the policy, the beneficiary receives an additional
amount equal to the rider sum assured under the policy. If an accident
results in total and permanent disability, 10% of rider sum assured will be
paid each year, from the end of the 1st year after the disability date for the
remainder of the 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.

Waiver of Premium: In case of total and permanent disability due to an

accident, the future premiums continue to be paid by the company till the
time of maturity. This rider is available with SmartKid, LifeTime
Plus, LifeTime Super and LifeTime Super Pension.

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.

Stages in Policy Issuance

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

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
Issuance means a policy that is issued to the Customer by Central Ops.

5) Decline Status
When a customer refuses to take a policy post login but before Issuance is
called a Decline
6) Cancellation
When the cheque given by the customer bounces, it amounts to
cancellation of the policy.

7) Lapse
A policy for which the Customer fails to pay subsequent premiums is a Lapsed
Policy.

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:
When a customer wants to discontinue with the policy.
 COMPARATIVE STUDY

1) LIFE TIME VS LIC BIMA PLUS

ON THE BASIS OF AGE:

LIFE TIME-
0-60YEARS
BIMA PLUS-
12-55 YEARS

ON THE BASIS OF TERM:

LIFE TIME-
Minimum premium payment term of three years.
BIMA PLUS-
10 YEARS

ON THE BASIS OF SUM ASSURED:

LIFE TIME-
Choose your sum assured; subject to a minimum sum assure of Rs 1 lakh.
BIMA PLUS-
Maximum limit up to Rs 12 lakh.

ON THE BASIS OF SURVIVAL BENEFIT:

LIFE TIME-
Value of unit three years onward.
BIMA PLUS-
Bid value of the funds units along with maturity bonus at 5% of sum assured.
ON THE BASIS OF DEATH BENEFIT:
LIFE TIME-
Higher of sum assured of value of units.
BIMA PLUS-
Death during the first six month-30% of SA+value of units, next six months-60% of
SA+value of units. Death after first year-SA+value of units.

ON THE BASIS OF WITHDRAWAL BENBEFIT:

LIFE TIME-
Partial or complete withdrawal is available from three years onwards.
BIMA PLUS-
Premature withdrawal allowed after one year.

ON THE BASIS OF CONTRIBUTION:

LIFE TIME-
Minimum Rs 18000 per annum.
BIMA PLUS-
Not specified.

ON THE BASIS OF INVESTMENT OPTION:

LIFE TIME-
Maximiser, balancer, protector and preserver.
BIMA PLUS-

Balanced, secured and risk.

2) LIFE TIME VS MAX NEW YORK LIFE MAKER

ON THE BASIS OF AGE:

LIFE TIME-
0-60 YEARS.
LIFE MAKER-
12-60 YEARS.

ON THE BASIS OF TERM:

LIFE TIME-
Minimum premium payment term of three years.
LIFE MAKER-
10-58 YEARS.

ON THE BASIS OF SUM ASSURED:

LIFE TIME-
Choose your sum assured subject to a minimum sum assured of Rs1lakh.
LIFE MAKER-
Choice of 2 insurance covers.

ON THE BASIS OF SURVIVAL BENEFIT:

LIFE TIME-
Value of units three years onwards.
LIFE MAKER-
Value of units.

ON THE BASIS OF WITHDRAWAL BENEFIT:

LIFE TIME-
Complete or partial withdrawals are available after three years.
LIFE MAKER-
Partial withdrawals are available from the third year and complete
withdrawals are available from first year onwards itself, subject to surrender penalties.
ON THE BASIS OF CONTRIBUTION:
LIFE TIME-
Minimum premium of Rs18000 per annum.
LIFE MAKER-
Minimum premium of Rs15000 per annum.

ON THE BASIS OF INCREASE OR DECREASE OF DEATH

BENEFIT:
LIFE TIME-
Available
LIFE MAKER-
Not available

3)LIFE TIME VS HDFC LINKED

ON THE BASIS OF AGE:

LIFE TIME-
0-60 YEARS
LINKED-
18-60 YEARS

ON THE BASIS OF TERM:

LIFE TIME-
Minimum premium payment term of three years.
LINKED-
10-30 YEARS
ON THE BASIS OF SUM ASSURED:
LIFE TIME-
Choose your sum assured, subject to a minimum sum assured of Rs1 lakh.
LINKED-
Only 5-20 (age based) multiples are allowed as assured.

ON THE BASIS OF SURVIVAL BENEFIT:

LIFE TIME-
Value of units third year onwards.
LINKED-
Value of units.

ON THE BASIS OF DEATH BENEFIT:

LIFE TIME-
Higher or sum assured or value of units.
LINKED-
Higher or sum assured or value of units.

ON THE BASIS OF WITHDRAWAL BENEFIT:

LIFE TIME-
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.

ON THE BASIS OF CONTRIBUTION:

LIFE TIME-
Minimum Rs18000 per annum.
LINKED-
Minimum Rs10000 per annum.
4)LIFE TIME PENSION-2 VS LIC JEEVAN NIDHI

ON THE BASIS OF AGE:

LIFE TIME PENSION-2-
18-60 YEARS.
JEEVAN NIDHI-
18-65 YEARS.

ON THE BASIS OF TERM:

LIFE TIME PENSION-2-
Minimum term of 10 years.
JEEVAN NIDHI-
5-35 years.

ON THE BASIS OF SUM ASSURED:

LIFE TIME PENSION-2-
Default sum assured is zero, however, the policy holders can also opt for a sum
assured.
JEEVAN NIDHI-
Minimum of Rs50000 and multiples of Rs5000 thereafter.

ON THE BASIS OF SURVIVAL BENEFIT:

LIFE TIME PENSION-2-
Unit value to purchase an annuity.
JEEVAN NIDHI-
Sum assured+gurantee additions+terminal bonus.

ON THE BASIS OF DEATH BENEFIT:

LIFE TIME PENSION-2-
Value of units in case the sum assured is zero. In case a sum assured is chosen, it will
be higher of the sum assured or value of units.
JEEVAN NIDHI-
Sum assured+guarantee additions+simple reversion bonus+terminal bonus.

ON THE BASIS OF CONTRIBUTION:

LIFE TIME PENSION-2-
Minimum Rs10000 per annum.
JEEVAN NIDHI-
Minimum Rs3000 per annum.

ON THE BASIS OF INVESTMENT OPTION:

LIFE TIME PENSION-2-
Protector pension, balancer pension, maximiser pension and pension preserver.
JEEVAN NIDHI:
Not available.

ON THE BASIS OF INCREASE OR DECREASE OF DEATH

BENEFIT:
LIFE TIME PENSION-2-

Not available.
JEEVAN NIDHI-
Not available.
STRENGTHS:
1. ICICI Prudential is the largest private player in India, with a
market share of around 36% amongst the private players
2. 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 India where as LIC has deposited Rs 60 crore so far.
3. ICICI Prudential is the first life insurance company to offer
ECS debit facility.
4. 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.
5. 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.
• Liquidity options-you can make complete or partial withdrawals
any time after 3 years.
• Life insurance plans are eligible for deduction under sec 80.
WEAKNESSES:

i. Industry in nascent stage.

ii. Rural areas still not covered.
iii. Not very known among Indian population.
iv. Lack of credibility among the people because ICICI
being a private player.
v. Premiums are high as compared to its competitors.
vi. Very few branches in the country.
vii. Products:
• The policy doesn’t have the surrender option before third
year.
• Plan does not offer any guarantee or assured return.
• Product profile is not very comprehensive.
• Mortality, management and administrative charges are sky
scrapping as compared to its competitors
OPPORTUNITIES

i. Liberalization of Indian economy.

ii. As the industry is growing the whole market is virgin.
iii. The whole private sector is opened to be trapped even though
the competition is fierce from government owned insurance
companies.
iv. It’s a volume business that is even if the company has few good
corporate 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
i. The government players will become aggressive thus growth is
going to be tough.
ii. Entry of other players is not ruled out.
iii. Apprehension towards ICICI Prudential being a private life
insurance company.
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.
 Chapter 2

Research Methodology
Statement Of Problem:

The research is carried on in a proper planned and systematic manner.

• The research was particularly a telephonic research. We have to

sell products to list of people which include their names and
contact numbers given by ICICI.

• 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.
• Age limit for selling a product/policies was 1 month to 60 yrs – this
mean that a policy can be sold to person between the age of 1 month to
60 yrs and not anything exceeding or below it.

Research Design:

The research design of this project is exploratory. Though each research

study has its own specific purpose but the research design of this project on
ICICI is exploratory in nature as the objective is the development of the
hypothesis rather than their testing.
METHODOLOGY

Every project work is based on certain methodology, which is a way to

systematically solve the problem or attain its objectives. It is a
very important guideline and lead to completion of any project work
through observation, data collection and data analysis.

According to Clifford Woody,

“Research Methodology comprises of defining & redefining problems,

collecting, organizing &evaluating data, making deductions &researching to
conclusions.”

Accordingly, the methodology used in the project is as follows: -

Defining the objectives of the study

Framing of questionnaire keeping objectives in mind

considering the objectives)
Feedback from the employees

Analysis of feedback

Conclusion, findings and suggestions.

Sampling Technique Used:

This research has used convenience sampling technique.

Convenience sampling technique: Convenience sampling is used in

exploratory research where the researcher is interested in getting an
inexpensive approximation of the truth. As the name implies, the sample
is selected because they are convenient
Selection of Sample Size:

For the survey, a sample size of 50 has been taken into consideration.

Sources of Data Collection:

Research will be based on two sources:

1. Primary data 2. Secondary data

1) PRIMARY DATA:

Questionnaire: Primary data was collected by preparing questionnaire

for customers. The questionnaire was filled through telephonic research.

2) SECONDARY DATA:

Secondary data will consist of different literatures like books which

are published, articles, internet , the company manuals and
websites of company- www.iciciprulife.com.

In order to reach relevant conclusion, research work needed to be

designed in a proper way.

This research methodology also includes:-

• Familiarization with the concept of insurance and its various terms.

• Thorough study of the information collected.
• Conclusions based on findings.
Statistical Tools Used

The main statistical tools used for the collection and analyses of data in
this project are:

• Questionnaire
• Pie Charts
• Bar Diagrams

Limitations of study

Due to the following unavoidable and uncontrollable factors the factors,

the result might not be accurate. Some of the problems faced while
conducting the survey are as follows:-

• Time and cost constraints were also there.

• Chances of some biasness could not be eliminated.
• A Samples size of fifty has been use due to time limitations.
• A majority of respondents show lack of cooperation and are biased
towards their own opinions.
Chapter 3

Data Analysis & Findings

 Data Analysis

Q1. Are you currently insured?

Particular No. of Respondents Percentage

Yes 31 62%
No 19 38%
Total 50 100%
Q2. are you satisfied with your current insurer?

Particular No. of Respondents Percentage

Yes 41 82%
No 9 18%
Total 50 100%
Q3. Which one is your favored insurance company?

Particular No. of Respondents Percentage

LIC 34 48%
ICICI 7 14%
HDFC 5 10%
Birla Sun Life 4 8%
Bajaj Allianz 4 8%
Other 6 12%
Total 50 100%
Q4. Are you interested in the products offered by ICICI Prudential?

Particular No. of Respondents Percentage

Yes 30 60%
No 12 24%
Can’t say 8 16%
Total 50 100%
Q5. What is your main concern while taking an insurance policy?

Particular No. of Respondents Percentage

Tax Benefit 20 40%
Security 16 32%
Investments/ savings 14 28%
Total 50 100%
Q6. Does this policy satisfy your financial needs? (Please rate on the
scale of 1 to 5 with 1 being least satisfied)

Rating No. of Respondents Percentage

1 9 18%
2 9 18%
3 8 16%
4 10 20%
5 14 28%
Total 50 100%
 Q7. Please express your opinion for the premiums paid for the above
policy?

Particular No. of Respondents Percentage

Very High 14 28%
High 11 22%
Moderate 13 26%
Low 8 16%
Very Low 4 8%
Total 50 100%
Q8. How do you come to know about this policy?

Particular No. of Respondents Percentage

Advertisement 10 20%
Friend and Relatives 12 24%
Direct Selling agent 21 42%
Others 7 14%
Total 50 100%
Q9. Are you satisfied with the incentives (tax benefits or Bonuses)
associated with your policy?

Particular No. of Respondents Percentage

Highly satisfied 9 18%
Satisfied 12 24%
Moderate 10 20%
Unsatisfied 11 22%
Highly Unsatisfied 8 16%
Total 50 100%
Q10. According to you, in what areas should the insurance companies
work upon?

Particular No. of Respondents Percentage

Easy Procedure 14 28%
Fewer Premiums 10 20%
More Returns 9 18%
Transparency 17 34%
Total 50 100%
Q11. Do You think that services have improved after allowing private
players in insurance sector ?

Particular No. of Respondents Percentage

Easy Procedure 14 28%
Fewer Premiums 10 20%
More Returns 9 18%
Transparency 17 34%
Total 50 100%
 Findings
According to my survey the noteworthy points are:
• 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.
• A Majority of the respondent buy insurance products because of
the need reason while rest of the respondents buy for the brand
purpose.

ANALYSIS:
From the survey it was found that amongst 50 respondents
a) 80% of the respondents think that services have improved.
b) 20% of the respondents think that services have not improved.

• A Majority of the people come to know about the policies from the
Direct Selling Agents.
• A Majority of the people are satisfied by the incentives associated
with their policies.
• Most of the respondents are satisfied by the services offered by
there insurance company while some says that they are not satisfied
by the services.
• Most of the respondents want more Transparency from the side of
the company.
 Chapter 4

Conclusion and Suggestions

Conclusion

After overhauling the all situation that boosted a number of Pvt.

Companies associated with multinational in the Insurance Sector to
give befitting competition to the established behemoth ICICI in private sector,
we come at the conclusion that
There are very tough competition among the private insurance
companies on the level of new trend of advertising to lull a major part of
Customers.

• ICICI is not left behind in the present race of advertisement.

• The entry of more Pvt. players in the Insurance Sector have expanded
the product segment to meet the different level of the requirement of the
customers. It has brought about greater choice to the customers.
• ICICI has vast market and very firm grip on its traditional customers
and monopoly of life insurance products..

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.
Suggestion s

The study has provided with the useful data from the respondents. There
has a lot to be recommended. Following are the recommendations:

• There is a need for better promotion for the investment products &
services. The bank should advertise its products through television
because it will reach to the masses.
• More returns should be provided on Insurance plans.
• As the bank provides the Insurance facility to its customers. It should
provide this facility by tie up with the other Insurance organizations as
well. The main reason is that, the entire customers do not want
Insurance of only one company. They should have choice
while selecting a suitable Insurance plans. This will definitely add to the
goodwill & profit for the bank.
Annexure
Questioner
Bibliography
• www.icicibank.com

• www.iciciprulife.com

• en.wikipedia.org/wiki/Main_Page

• www.licindia.com

• www.hdfcinsurance.com

• www.maxnewyorklife.com

• Brochures provided by the ICICI Prudential

• Kothari C R, ‘Research and Methodology- Methods &Techniques’,

New Age International (P) Ltd., 2004