1

A
Project Report
ON
ICICI PRUDENTIAL LIFE INSURANCE COMPANY

"UNIT LINK PLAN AT ICICI PRUDENTIAL

Submitted in partial fulfillment of requirement of

BHACHELOR IN BUSINESS ADMINISTRATION

Academic Session 2013-14
PROJECT GUIDE:

SUBMITTED BY:

Mrs. Isha Agarwal

Mr.Vishal Bhargava

Lecturer, MIMT, Kota

BBA-IInd MIMT, Kota

MODI INSTITUTE OF MANAGEMENT AND TECHNOLOGY

Affiliated to University of Kota, Kota

ACKNOWLEDGEMENT

A project work is always an amalgamation of the efforts, ideas and co-operation of a number
of entities. This project would not have been completed if it had not got valuable insights and
contribution from faculty and staff members of MODI INSTITUTE OF MANAGEMENT
First of all,my heartfelt thanks to Mr. Mukul Chaturvedi (Asst. sales Manager) of
ICICI Prudential Life Insurance Company, bestowing upon me the opportunity of
gaining experience in the Company.
I extend my sincerest thanks to my project guide Mrs.Isha Agarwal, who guide
me for his constant encouragement that he gave me during my summer project; he
has
not only provided moral support but also had been very kind to help me in the work
and project related difficulties. His suggestions with regards to the project and the
methodology were of immense help.

Vishal Bhargava

PREFACE

These days Business schools have started giving more and more stress on the management
training. It is my first interface as a management student with the culture of the corporate world
and it also gives me the first hand experience. My institute had also been looking in the same
direction and also determined to produce quality students who are having a balanced
knowledge of both theoretical aspects and the practical knowledge as well. In the same
content I have done my summer training for 60 DAYS (july-Sep.) in ICICI Prudential & Life
Insurance Company.
Every organization has different department like sales and services and the organization can
achieve its goal only when these entire department perform up to the mark. I have done my
project in the ICICI prudential. I have tried to explain what ever I have learnt during my training
in the report with my best possible efforts.

I hope this project provide a contemporary and Breaf knowledge of Insurance Sector,
Principles basic concepts, emerging Ideas, latest Techniques and Practices in the
field of performance appraisal.

Table of Content

Introduction to organisation.
Project profile
Brand building and organizational changes
Brand Positioning
Research methodology
objective of study
Data collection & Interpretation.
Findings on the basis of Survey
Conclusion.
Suggestions & Recommendations.
Annexure.
Bibliography.

PAGE NO.

INTRODUCTION TO ORGANIZATION

ICICI Prudential Life Insurance Company Limited was incorporated on July 20, 2000. The
authorized capital of the company is Rs.2300 Million and the paid up capital is Rs. 1500
Million. The Company is a joint venture of ICICI (74%) and Prudential plc UK (26%).
The Company was granted Certificate of Registration for carrying out Life Insurance business,
by the Insurance Regulatory and Development Authority on November 24, 2000. It
commenced commercial operations on December 19, 2000, becoming one of the first few
private sector players to enter the liberalized arena.
The Company is now operational in Mumbai, New Delhi, Pune, Chennai, Kolkata, Bangalore,
Chandigarh, Ahmedabad, Hyderabad, Lucknow, Nasik, Jaipur, Cochin, Meerut, Mangalore and
Ludhiana.
Till March 31,2002 the Company has issued 100,000 polices translating into a Premium
Income of around Rs. 1,200 Million and a sum assured of over Rs.15,000 Million.
The Company recognizes that the driving force for gaining sustainable competitive advantage
in this business is superior customer experience and investment behind the brand. The
Company aims to achieve this by striving to provide world class service levels through
constant innovation in products, distribution channels and technology based delivery. The
Company has already taken significant steps to achieve this goal..

Vision and Mission

Their vision is to make ICICI Prudential Life Insurance Company the dominant new insurer in
the life insurance industry. This they hope to achieve through their commitment to excellence,
focus on service, speed and innovation, and leveraging our technological expertise.

The success of the organisation will be founded on its strong focus on values and clarity of
purpose. These include:

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

And above all building transparency in all our dealings.

They believe that they can play a significant role in redefining and reshaping the sector. Given
the quality of their parentage and the commitment of their team, they feel that tere will be no
limits to their growth.

Sponsors
ICICI Ltd was established in 1955 by the World Bank, the Government of India and the Indian
Industry, to promote industrial development of India by providing project and corporate finance
to Indian industry.
Since inception, ICICI has grown from a development bank to a financial conglomerate and
has become one of the largest public financial institutions in India. ICICI has financed all major
sectors of the economy, covering 6,848 companies and 16,851 projects. In the fiscal year
2000-2001, ICICI had disbursed a total of Rs 319.65 billion.
ICICI has now developed a whole range of activities to become a Universal Bank. Some of
ICICI's spectrum of activities include:
* Commercial Banking - ICICI Bank, India's first internet bank.
* Information Technology - ICICI Infotech, transaction processing, software development
* Investment Banking - ICICI Securities, one of the key players in the Indian Capital Markets
* Mutual Fund - Prudential ICICI AMC, leading private sector mutual fund player in India
* Venture Capital - ICICI Venture, leading private equity investor with focus on IT and
HealthCare
* Retail Services - ICICI PFS, Marketing and Distribution of Retail Asset Products

* Distribution - ICICI Capital, Distribution and Servicing of Retail Liability Products

ICICI is listed on the Indian Stock Exchanges and on the New York Stock Exchange (NYSE).
On September 22, 1999, it became the first Indian company to be listed on the NYSE (symbol:
IC and IC.D). This has been followed by the listing of ICICI Bank on NYSE (symbol: IBN) on
March 28, 2000.

Prudential plc:
Prudential plc was founded in 1848. Since then it has grown to become one of the largest
providers of a wide range of savings products for the individual including life insurance,
pensions, annuities, unit trusts and personal banking. It has a presence in over 15 countries,
and caters to the financial needs of over 10 million customers. It manages assets of over US$
259 billion (Rupees 11,39,600 crores approx.) as of December 31, 1999. Prudential plc. has
had its presence in Asia for the past 75 years catering to over 1 million customers across 11
Asian countries.
Prudential is the largest life insurance company in the United Kingdom (Source : S&P's UK Life
Financial Digest, 1998). Asia has always been an important region for Prudential and it has
had a presence in Asia for over 75 years. In fact Prudential's first overseas operation was in
India, way back in 1923 to establish Life and General Branch agencies.
In the US, Prudential owns Jackson National Life, one of the leading life insurance companies.
Prudential controls approximately 4% of all the listed shares on the second largest stock
exchange in the world, the London Stock Exchange, making it one of the largest institutional
investors in the UK. Prudential is focused on the internet generation and is one of the first
financial service organisations to use the internet on a fully integrated basis.
In October 1998, Prudential launched a "branchless" bank based on the internet. Unusually
titled as " egg:|". The bank has in a short span of its existence become a leading banking
service provider in the UK. Infect in the first six months of its existence it garnered over 5 billion
(US$ 8 billion) in deposits from over 500,000 customers.

Development of superior products and services that offer value for money and security while
producing superior financial returns, enables Prudential to maximise the value of its
shareholder's investment and to establish lasting relationships with customers and policy
holders.
ICICI and Prudential came together in 1993 to provide mutual fund products in India and today
are the largest private sector mutual fund company in India. The two companies bring together
two of the strongest financial service brands in Asia known for their professionalism, excellent
quality of service and long term commitment to YOU.

GROUP OF ICICI
ICICI Bank has ICICI Venture, ICICI Lombard, ICICI Securities, ICICI Prudential
Life Insurance Company, ICICI Prudential AMC and Trust in-group. All of these
show in the diagram:

ICICI Lombard General Insurance Company Limited is a 74:26 joint

venture between ICICI Bank Limited and the Canada based $ 26 billion Fairfax
Financial Holdings Limited. ICICI Bank is India's second largest bank, while
Fairfax Financial Holdings is a diversified financial corporate engaged in
general insurance, reinsurance, insurance claims management and investment
management.

continues to grow as reflected in its performance over the past ICICI Securities
Indias Leading Investment Bank. ICICI Securities
Limited is Indias leading full service investment bank with a dominant
position in all segments of its operations - Corporate Finance, Fixed
Income and Equities. It is a subsidiary of ICICI Bank, the largest private
sector bank in India and operates out of Mumbai with offices in New
Delhi, Chennai, Kolkata, New York, London and Singapore. Securities
couple of
years.

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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. 2602 crore, with ICICI Bank holding a stake of
74% and Prudential plc holding 26%. ICICI Prudential Life Insurance Company began
his operations in December 2000 after receiving approval from Insurance Regulatory
Development Authority (IRDA). Today, our nation-wide team comprises of over 680
offices, over 235,000 advisors; and 23 banc assurance partners .

ICICI Venture is one of the largest and most successful private equity firms in India with
funds under management in excess of USD 2 billion. ICICI Venture, over the years has
built an enviable portfolio of companies across sectors including pharmaceuticals,
Information Technology, media, manufacturing, logistics, textiles, real estate etc thereby
building sustainable value. ICICI Venture is a subsidiary of ICICI Bank, the largest
private sector financial services group in India.

ICICI Bank is India's second largest bank and largest private sector bank with over 50
years presence in financial services and with assets of over Rs 3,569.32 bn (USD 88
billion) as on June 30, 2007. The 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 in the areas of investment banking,
life and non-life insurance, private equity and asset management. ICICI Bank is a
leading player in the retail banking market and services its large customer base through

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a network of over 950 branches (including extension counters), 3469 ATMs, call centers
and internet banking (www.icicibank.com) to ensure that customers have access to its
services at all times.
Established in London in 1848, Prudential plc, through its businesses in the UK and
Europe, the US and Asia, provides retail financial services products and services to
more than 20 million customers, policyholder and unit holders and manages over 256
billion of funds worldwide (as of June 30, 2007). In Asia, Prudential is the leading
European life insurance company with life operations in China, Hong Kong, India,
Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and
Vietnam. Prudential is the second largest retail fund manager for Asian sourced assets
ex-Japan as at June 2006. Its fund management business has expanded into a total of
ten markets: China, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan,
Vietnam and United Arab Emirates.

MANGEMENT OF ICICI PRUDENTIAL

The ICICI Life Insurance Company Limited Board Comprises Reputed People From
Finance Industry Both From India and Abroad
Board Members
Mr. K.V. Kamath, Chairman
Mr. Barry Stowe
Mrs. Kalpana Morparia
Mrs. Chanda Kochhar
Mr. HT Phong
Mr. M.P. Modi
Mr. R Narayanan
Mr. Keki Dadiseth
Ms. Shikha Sharma, Managing Director

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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, EVP Customer Service & Technology
Mr. Azim Mithani, Chief Actuary
Mr. Puneet Nanda, Executive Vice President & Chief Investments Officer

Ms. Shikha Sharma

Managing Director & CEO
ICICI Prudential
Life Insurance Company Limited

Ms Shikha Sharma is the Managing Director & CEO of ICICI Prudential Life Insurance
Company. ICICI Prudential was amongst the first private sector companies in India to be
awarded a life license in December 2000, and since its inception the company has established
itself as Indias leading private life insurer, offering a complete range of products to meet the
varying needs of the Indian customer.

13

Ms Sharma, is a B.A. (Hons.) graduate, has a Post Graduate Diploma in Software Technology,
from the National Centre for Software Technology, Mumbai and completed her Masters of
Business Administration from the Indian Institute of Management - Ahmedabad. She began her
career with ICICI, one of India's largest financial services providers, in 1980. She has been
instrumental in setting up various group businesses for the company, including investment
banking and retail finance.

ICICI PRUDENTIAL LIFE INSURANCE.

1.The operational company of the company is as follows.-

OPERATION MANAGER

EXECUTIVES

2. As per IRDA guidelines, first of all intimation of death is given. It can be given by either
nominee, insurance agent or by neighbor. After this the policy number is demanded from the
insurance claimer. After confirmation of policy number, death claim is given to the insurance
claimer. If it is not an early claim the claimed amount is given to the insurnace4 claimer.

3. The claim is provided to the insurance holder with in 14 days.

4. The claim process is being handled in the company at the head office. There is a separate
claim (Bombay) department which handles these claims demanded

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5. Yes, if accepted the policy is sent immediately on the same day to the company Head
Office.

6. The Insurance policy is issued to the customer within 10 days after the fulfillment of the
complete norms.

No, there are no readymade policy kits available.

7. The various customer services provided by the company at the branch level are as follows-

CASH RECEIPTS

RENEWAL PREMIUM

POLICY RELATED SERVICES.

8. The customer queries is solved by front desk, if not solved there is software called gold
mine, which

is connected to the Head Office in order to the solved queries.

Quarterly report

Toll Free Online Number.

A Suggestion regarding various policies

NAV

TAT

9. The company is having its branches in following areas in Rajasthan.

15

Jaipur, High Net worth Individuals.

Jaipur,

Jodhpur

Udaipur

Kota

Ajmer

10. No, the company dopes not provide the facility of drop box for the collection of insurance
premium.

11. The sales structure of the company at the branch is as follows-

SALES MANAGER

ASSIST. SALES MANAGER

SALES AGENCY MANAGER

16

AGENCY MANAGER

UNIT MANAGER

ASSIST UNIT MANAGER

INSURANCE ADVISOR

12. The various insurance policies of companies are as follows-

INVESTSHIELD CASH

INVESTSHIELD CASH WITH CAPITAL GURANTEE

CASH PLUS

LIFE GUARD

INVESTSHIELD GOLD

INVESTSHIELD PENSION

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PREMIUR LIFE

RETIREMENT SOLUTIONS

LIFE LINK.

INTRODICATION OF THE TOPIC PRODUCT AND SERVICES

What is Product?
So long As a Product is not brought and consumed, it remains a raw material or at
bests an intermediate Peter Drucker
The Product is a bundle of satisfaction that a customer buys. It represents a solution to a
customer problem. It is in context that the marketing definition of a Product is more than what
the manufacturer understands it to be. As Peter Drucker puts it, so long as a Product is a not
brought and consumed, it remains a raw material or at best an intermediate. The product is all
most always a combination of tangible and in tangible Benefits.
For Example A refrigerator is not just merely steel, plastic, Freon gas, brand name,
Number of doors, and so on but also involves factors like after sales services , delivery and
Installation assistance in purchase of the product dealer network and services

What Constitutes a Product?

Core To understand and appreciate it, we need to perceive it as a four layer item. At the
heart of it is the core or generic part. As levitt puts it this the table stakes of business or
what is needed to play the game of market participation manufacturer it is the components
that need to be assembled.

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Formal Product and Augmented Product

The additional features that a firm adds up to its product along with the aesthetics that it
provides to give the Product a distinctive appeal differentiates a formal product from the
core product.
The tangible components of the product with the formal and components is called
augmented product

Product Mix
One of the realities of business is that most firms deal with multiple products.
This helps firm diffuse its risks across different Product groups.
Also, it enables the firm appeal to a much larger group of customers or to different
needs of the same customer group. The number of products carried by a firms at a
given point of time is called its product mix.

Product Line

This consists of different products that are closely related to each other by virtue of
satisfying a
particular class of needs, being used together, being distributed through the same
channels, In otherwords a Product Line refers to a group of product clubbed together
because they have one of the above described characteristics in comman

Some Life Insurance Polices in India

and Others. Whole Life Polices

Limited payment Life Polices

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Convertible Whole Life Assurance Polices

Endowment Assurance Polices
Jeevan Mitra
The Special Endowment Plan with Profits
Jeevan Saathi
The new money back Plan
Marriage Endowment/Educational Annuity Plan with Profits
Bima Sandesh Premium Back Term Insurance Plan
New Childrens Deferred Assurance Plan
Jeevan Dhara
New Jana Raksha Plan with Profits
Jeevan Akshay Plan
Jeevan Kishor
Jeevan Griha
Jeevan Sarita

What is Services?
According to American Marketing Association Services Are the benefits, activities,
satisfaction which are offer for sale are provide in connection with the set of goods

According to Philip kotlerServices is an act or performance that one party can offer others
that is essential intangible And does not result that transfer of ownership

20

Conclusion;

services have increasingly assumed an important Role in the economic

development of many countries including India almost all developed countries and many
developing countries are emerging as services economic or service societies. An economy is
called a service economy when the contribution of the service sector to the GDP of the nation
is more than
50% USA was the first economy to be declared as a service economy way back in 1948 with
about 53% contribution of the service sector to the GDP of the nation. Service is becoming
critical source of wealth in many ways To the economic. All human being are service producers
as well as consumers we can not imagine our life in the absence of service. Transportation,
education, healthcare, communication, Hospitality, entertainment, banking, insurance,
Information technology, electricity, and a host of services have becoming a part of our lives. In
the beginning, thought the world most service wear in the Public sector. Most organization
enjoyed the status of monopoly. The situation of excessive demand over supply and absence
of competition or negligible competition led many service organizations to be incentives to the
marketing concepts Insurance Services The life of human being and the assets that they
possess during their life time are continually exposed to loss or damage. Uncertainty in life, in
corporate, and in Industry is a fact. People are aware of this Uncertainty and show hence a
strong desire for security both for their lives and Possessions. They take all precautions
possible to avoid or prevent the consequences of risk
In spite of all precautions, accidents do occur. This problem can be minimized to some extent
but it cannot be eliminated altogether.Insurance is a contract whereby insurers pay for the
financial losses suffered by the insured
Because of the unforeseen event and as a return for the payment of a premium by the insured
The concept of insurance is not a recent phenomena Earlier Insurance was corporative and
Voluntary in nature. People use to form different groups to share the loss among themselves
In case of particular risk. Each member used to contribute some amount of a common fund
To meet unforeseen losses.

21

The term risk is important in insurance transaction generally people think of risk as exposure to
Danger but for the purpose of insurance, risk means uncertainty about loss in financial terms
From the risk point of view Insurance can be broadly divided in to four categories
Personnel Insurance
Property Insurance
Liability insurance
Fidelity Insurance
Personnel insurance is that sort of insurance which is purely personal in nature its scope cover
Only life. Personnel insurance is further classified in three branches.
Life insurance
Accident insurance
Health insurance
In this project I am only study about the life insurance, but I am also tried to classified the
all insurance types and categories.
Protection Plans

Level Term Assurance with return of premium

On death the entire sum assured will be paid.

On maturity, all the premiums paid will be returned.

22

Level Term Assurance without return of premium

On death the entire sum assured will be paid.

No survival or maturity benefits.

Level Term Assurance - Single premium

On death the entire sum assured will be paid.

No survival or maturity benefits

Smart Kid Education Plans

As a responsible parent, you will always strive to ensure a hassle-free, successful life for your
child. However, life is full of uncertainties and even the best-laid plans can go wrong. Heres
how you can give your child a 100% safe and assured tomorrow, whatever the uncertainties.
SmartKid is especially designed to provide flexibility and safeguard your childs future
education and lifestyle, taking all possibilities into account. For further information on our
SmartKid Education Plans,

1. SmartKid regular premium

2. SmartKid unit-linked regular premium
3. SmartKid unit-linked regular premium II
4.SmartKid unit-linked single premium II

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Savings Plans
ICICI Prudential offers a variety of policies that give you the benefits of protection and the
opportunity to save for important assets or events, like a home, a car or a wedding.

A regular premium unit-linked insurance plan with an assurance of Capital Guarantee* and the
facility of extended insurance cover.

A regular premium unit-linked insurance plan with an assurance of Capital Guarantee* along
with flexible liquidity options.

A unit-linked insurance plan with an assurance of Capital Guarantee*, which offers you the
benefit of a limited premium payment and coverage term.

A market linked insurance plans that meet your Investment and Protection needs.

24

Complete market-linked insurance plans that adapt itself to your changing protection and
investment needs, throughout a lifetime.

An insurance plan that gives added protection savings and multiple options, all in one!

An insurance plan that gives added protection savings, multiple options, plus the power of
liquidity.

A traditional endowment savings plan that offers both high returns and protection.

date. An endowment savings plan that allows you to get back substantial survival benefits
without having to wait till the maturity

Investment Plans

Lifelink Super is a unique single premium plan that combines the security of a life insurance
policy with the opportunity to enjoy potentially high returns on your investments.

Low Allocation Charges: The premium allocation charges are amongst the lowest across
products. Allocation charge for single Premium of Rs 500,000 or more is 0%.

25

Death Benefit: There are 2 options for sum assured - 500% of the single premium or 125% of
the single premium. In the event of an unfortunate death, the beneficiary will receive higher of
the value of units or the initial death benefit (adjusted for partial withdrawals*).
Liquidity: In order to meet liquidity requirements, one can make partial withdrawals from the
accumulated value of the policy after completion of three policy years.

Retirement Plans

Life Expectancy has been rising rapidly and today you can expect to live longer than your
earlier generations. For you, this increase will mean a longer retirement life, stretching into a
couple of decades. ICICI Prudential presents Retirement Solutions that combine the best of
insurance and investment. These solutions are developed to ensure your peace of mind for the
years

to

come.

A flexible unit-linked retirement solution that offers flexibilities during the accumulation as well
as payout phase.

A regular premium unit-linked pension plan with an assurance of Capital Guarantee*

A regular premium linked pension plan that gives you the freedom to choose the amount of
premium, and invest in market-linked funds, to generate potentially higher returns.

26

A single premium linked pension plan that gives you the freedom to choose the amount of
premium, and invest in market-linked funds, to generate potentially higher returns.

A regular premium pension plan that gives you the flexibility to choose between 3 levels of sum
assured for the same level of total annual contribution

A regular premium pension plan that helps you save for your retirement while providing you
with life insurance protection.

Health Plans

Long term cover against 6 critical illnesses by providing you with financial assistance,
irrespective of your actual medical expenses.

Covers 6 critical illnesses: Cancer, Heart Attack, Stroke, Heart By Pass Surgery, Kidney
Failure and Major Organ Transplant (as recipient)

Long term coverage: One can take this policy for a term between 10 and 30 years.

Benefit:
Time Elapsed of the Plan
Benefit Amount (Applicable Sum Assured)
First 6 months

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Return of premiums (excluding any extra premiums) paid till date

6 months 1year
50% of the Sum Assured chosen under the plan*
After 1 year
Full 100% of the Sum Assured chosen under the plan*

* Critical illness benefit is payable only on survival for 28 days after the date of diagnosis

Flexiblity at claims: 2 options to avail the benefit

1. A lump-sum amount equal to 100% of the benefit amount
2. Installments :1st year - 25% of the benefit amount , 2nd - 5th year - 20% of the benefit
amount

Tax Benefits: Contributions under the plan are eligible for tax benefit under section 80D
and claim benefits are eligible u/s 10(10D) as per prevailing Income

Long term cover against 6 critical illnesses by providing financial assistance, irrespective of
actual medical expenses, as well as an equivalent life insurance cover.

Covers 6 critical illnesses: Cancer, Heart Attack, Stroke, Heart By Pass Surgery, Kidney
Failure and Major Organ Transplant (as recipient)

Long term coverage: One can take this policy for a term between 10 and 30 years.

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Benefit:
Time Elapsed of the Plan
Benefit Amount (Applicable Sum Assured)
First 6 months
Return of premiums (excluding any extra premiums) paid till date and the policy closes
6 months 1year
50% of the Sum Assured chosen under the plan*
After 1 year
Full 100% of the Sum Assured chosen under the plan*
Critical illness benefit is payable only on survival for 28 days after the date of diagnosis

Flexiblity at claims: 2 options to avail the benefit

1. A lump-sum amount equal to 100% of the benefit amount
2. Installments: 1st year - 25% of the benefit amount, 2nd - 5th year - 20% of the benefit
amount
Death benefit: Full sum assured under the life insurance cover will be payable in case of death
before or after contraction of any of the covered illnesses during the term of the plan.
Waiver of premium: Premiums towards life cover need not be paid after the critical illness claim
has been made and payout has started.
No claims Benefit : Both life and critical illness cover premiums (excluding any extra
premiums) are returned to the policyholder at the time of maturity, if no claims have been made
during the term of the policy.
Tax Benefits: Contributions under the plan are eligible for tax benefit under section 80C and
claim benefits are eligible u/s 10(10D) as per prevailing Income Tax Laws.

Group Solutions

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In an era of competitive parity, the only asset that makes a decisive difference between
corporate success and failure is the quality of human capital. Employee benefits have proven
to be an excellent tool to optimize the retention of talent and improve an organizations
bottom-line. The quality of an organizations employee benefits establishes and maintains a
company's image as a caring employer. Optimum care of employees is a long-term investment
that results in a sustained competitive advantage for an organization in the times to come.

30

ICICI Prudential Group Solutions Advantage

An integrated basket of employee benefit solutions that offer incomparable flexible benefits.

Sound investment management that focuses on safety, stability and profitability of the portfolio.

Personalized financial planning for your employee that takes care of his/her changing financial
needs at every stage of life.

Quality service initiatives and transparency across all operations, promising superlative
operational efficiency.

Group Term Insurance

ICICI Pru's flexible group term solution helps provide affordable cover to members of a group.
The cover could be uniform or based on designation/rank or a multiple of salary, and can be
extended to all employees between the ages of 18 and 65 years. The benefit under the policy
is paid on the event of the members death to the beneficiary nominated by the member. It is a
one-year renewable policy where one master policy covers all proposed employees comprising
the group, with a minimum group size of 25 persons. New members can join the group and
outgoing members can leave the group at any point during the policy term.

Highlights include:
Greater convenience for the employees with relaxed underwriting and medical requirements.

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"Free Cover Limits" with simplified underwriting depending upon the number of employees in
the group and the level of cover chosen.

Guaranteed benefit : On death during the term of the contract (while in service), the sum
assured will be paid to the beneficiary of the employee.

Choice of additional coverage in form an Accident and Disability Benefit Rider and Critical
Illness Cover
Premium is viewed as a business expense in the year of payment.

Group Gratuity Plan

ICICI Pru's group gratuity plan helps employers fund their gratuity obligation in a scientific
manner. Employers can avail of the tax benefits as applicable to approved gratuity funds. The
plan can also be customized to structure schemes that can provide benefits beyond the
statutory obligations. Highlights include:

Wider choice of investments with Market Linked Plans - to meet the diverse financial
goals. We offer the following investment options (short-term debt, debt, balanced, growth
and capital guarantee on the short-term debt plan) where investments will be made in
accordance with the fund objectives.

Transparency through Daily disclosure of Unit Value and regular disclosure of the portfolio of
each of the investment option

Flexibility through switching and contribution redirection option to enable reshuffling of

portfolio.

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Bundled Life Cover greater value to the employee by packaging life insurance cover with the
gratuity, with minimal amount of underwriting.

Actuarial services to provide a scientific estimation of the gratuity liability.

Low explicit charge structure with the conditions for exit specified upfront.

Enhanced service levels through faster claim settlement, easier access to information and
regular statements.

Complete end to end solution in the legal and regulatory approval process for scheme
set up or transfer

Employee Benefits

The contribution made by the employer is not included in the value of taxable perquisites in the
hands of the employee.

Gratuity received up to Rs 350000 is exempt from Income tax under Sec 10(10)

Employer Benefits

Annual contribution up to 8.33% of salary bill in a financial year is allowed a deduction for the
purpose of computation of profits and gains of business.

33

Contribution towards past service liability is allowed as deduction as per the Income Tax rules.

What is Branding?
A brand represents many more intangible aspects of a product or service:

A collection of feelings and perceptions about quality,

Image,
Lifestyle and status.
It creates in the mind of customers and prospects the perception that there is no
product or service on the market that is quite like yours.

In short, a brand offers the customer a guarantee and then delivers on it.

Brand Essence of ICICI Prudential

This is the heart and soul of a brand- a brands fundamental nature or quality. Usually stated in
two to three words, a brands essence is the one constant across product categories and
throughout the world. ICICI Prudential Brand Essence is- We cover you. At every step in
life

Branding- As a Competitive Edge

One of the truths of modern business is that there is almost nothing that your competitors can't
duplicate in a matter of weeks or months.
The question then becomes, "What competitive edge do I have to offer that cannot be copied
by anyone else?"
The answer? Your brand.
Creating a strong brand identity will build mind share one of the strongest competitive
advantages imaginable. As a result, customers will think of your business first when they think
of your product category.

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Brand- As a Promise
A brand is not an icon, a slogan, or a mission statement. It is a promise- a promise that a
company can keep.

A full Spectrum on Branding in Insurance

Brand identity is comprised of:

Pricing

Distribution

Quality

Presence

Awareness Reputation

Image.

Benefits

Positioning salience

Preference

Share of market

Customer commitment

Brand Building Activities and Organizational changes

Brand Building and the steps involved in it.

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Crafting the Most Powerful Brand Benefit

This can help ICICI Prudential to find that how can he craft again itself to build a different
Identity in the asymmetry of the information and branding. It includes those factors which
customer wants, organizations strength also favors to capitalize on these factors and you
should be first mover to work on those factors. The combination of three makes a point of
intersection which is called as the SWEET SPOT- A fruitful part of the above effort.

36

VERY
IMPORTANT
TO
CUSTOMERS

COPETITOR
S ARE NOT
ADDRESSIN
G IT.

ORGANIZAT
ION
STRENGTH.

S
S
WE
WE
ET
ET
SP
SP
OT
OT
3

Brand Positioning & ICICI Prudential.

Positioning is the art of creating a brand that can persuade and realistically
demonstrate its relevance to a customer's daily life to become his or her regular
choice.
Positioning is not created by the marketer or the individual brand itself, but by how
others perceive it.
The Benefit-driven positioning In case of Insurance companies most companies
including ICICI Prudential, brand themselves by showing the benefits driven by using
insurance as a risk transferring tool.
ICICI Prudential Branding Strategy reveals that, it wants to connect with customer
by fulfilling their needs of security with emotional touch of truthfulness and
trustworthiness.

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Determining Which Position Will Work for ICICI Prudential Brand

To determine which position will work best for ICICI Prudential, we have to consider some new
facts (apart from the risk covering or tax saving or income oriented plans and trustworthiness)
of changing consumer behavior of 21st century Indians, which includes:
Innovation
Information
Speed
Convenience
Technology
Investment plans for bearish trends etc.

Power of Word of Mouth

One of this power series, used in ICICI Prudential is:
Whether it is planned or not, word of mouth is well worth the effort it takes to generate it. "Word
of mouth is still considered the most potent marketing communication of all because it's
dispensed by the most credible sources of all ordinary citizens who don't carry a built-in bias
of commercial sponsors," writes Upshaw. "When your company is lucky enough to be the
beneficiary of word of mouth, your identity problems may be over, and your capacity problems
may just be beginning."

E-branding: Creating an Online Identity

Online companies are putting branding to work with remarkable success. "The Internet helps
promote companies' products in a very efficient manner and especially to all audiences in all
parts of the world,"

38

In short, e-branding is very important and must be taken into consideration. "Sites need to be
branded so that the consumer can have confidence in the site and is willing to make a
purchase there."
ICICI Prudential also has its own website i.e. www.iciciprulife.com which has not gained
popularity till now. One of the reasons of unpopularity is that computer education and network
accessibility is not available everywhere except in cities and metros. Even people have fewer
tendencies to use and make purchases through internet because they prefer the face to face
meeting and directly acquiring information from agents/advisors in case of life insuran

RESEARCH METHODOLOGY

The study about the branding activities of ICICI Prulife is an exploratory Study which requires
the field work. Survey is done on the basis of a set of a Questionnaire: having some close
ended and open ended questions.

39

In order to build an effective questionnaire, it has been pre-tested on the basis of interviews
and discussion over the objective of topic with my classmates, peer group and some faculty
members of NMIMS Mumbai.

OBJECTIVE OF STUDY

Know Your Customer! (KNY)

40

The overall objective of the project work is to experience customer interface. A realistic sales
experience is one that integrates understanding of customer buying and selling behavior with
personal selling skills.

Every research is based on some theme or you can say it has some specific objective on
which the researcher gives more importance and my study is also based upon some objective
and these are as follows.
To study the organization and its activities related to branding.
To know what the various brand building activities are and what can be done more in
order to increase the awareness and branding.
To check the awareness among the target audience about the business of ICICI
Prulife.
To find out what should be the organizational change for creating /increasing the brand
awareness.

Data Collection and Interpretation

Note: The survey is done in the Mumbai city itself, so the outcomes might vary when it
will be compared with any other part of India.

41

The sample size taken is 20. The sampling method is random sampling. Only the criteria for
the selection are they should be above 25 years and have earning capacity either by business,
service or self employment.
Data collection through questionnaire and personnel interview resulted in availability of the
desired information but these were useless until there were analyzed. Various steps required
for this purpose were editing, coding and tabulating. Tabulating refers to bringing together
similar data and compiling them in an accurate and meaningful manner. The data collected by
questionnaire was analyzed, interpreted with the help of table, bar chart and pie chart.

42

FINDINGS
The survey is done as per the given objective, to find out the level of awareness
amongst people, and the factors which influence the mind set of people in brand
building process of the ICICI Prudential. So the outcome of survey and its interpretation
is done through Excel tools as given below.
Every finding is comprised of three parts:
1. Question.
2. Outcome from survey i.e. data interpretation.
3. Analysis of outcome.

1. Have you ever heard of ICICI Prudential life Insurance company?

ANALYSIS:
1) Respondents are well informed of the insurance companies including ICICI Prulife.

43

2) Awareness comes not only due to companys effort but the respondents interest and
education too.
3) It shows that selling insurance in city like Mumbai is relatively easy in comparison to those
places where people are not aware of the benefits of insurance.

44

2. Which media has the larger impact on your perception about ICICI Prulife?

ANALYSIS:
1) Most people are influenced by the emotional TV Advertisement of the company.
2) Internet & leaflets/Articles are used by intellectual people only i.e. very less in percentage.
3) Direct contact with the companys Advisors and peer group is also a potential media for
brand building. So services given by agents are also one important tool to build a great
image of company in the minds of people.

45

3. Information and Advertisement asymmetry: Can you differentiate the advertisement

of ICICI prudential from other insurance company?

ANALYSIS:
1) Its fact and hard to digest that the advertisements shown by the companies are having only
one tool to influence the customer i.e. emotions, with relatively same ground in emotion.
2) Ground made by someone else and played by someone else, its common practice is going
on in the insurance field.
3) So its time to take a benefit of this asymmetry and should put something different and
influencing by differentiating advertisement

46

CONCLUSION

The front-runner ICICI Prudential

Being a frontrunner in the life insurance industry, ICICI Prudential has always performed both
the category task, as well as the brand task, with the help of advertising and public relations
(PR). The companys initial campaigns addressed various myths and misconceptions about life
insurance, seeking to change customer attitudes. For instance, life insurance had long been
regarded as expensive, rigid, difficult to understand and good only for tax saving.

47

SUGGESTIONS & RECOMMENDATIONS

FMA Strategy and ICICI Prudential Initiative

1. A complete package Trend-changing Consumer Behavior Pattern
Now People want a complete package in all type of product or services including insurance
too.
A complete Package means that all types of benefit such as: death, disability, diseases,
maturity, accidental benefits, capital appreciation, capital protection, tax benefits, and loan.
Education, retirement benefits which can be generated out of an insurance policy should be
given in a single policy or a similar arrangement and it should be like that which covers not
only one member of family but the whole family including children,
Or in other words a complete insurance solution for the whole family.
A complete package solution has its other benefits also such as a company can sell numbers
of policies by prospecting a single customer.
2. Brand Awareness & Penetration through Local Media
Indian rural and semi urban areas are near about untapped and new market for insurance
sector, there is no other name apart from LIC, so ICICI Prudential can take advantage of this
thing and can become first company in private sector and second insurance company in the
mind of people of those area. The Local Media such as Local Newspaper, radio, local TV
channel and magazines can be used for advertising of the company.
Information Asymmetry: Differentiate or Die
Customers of many products and services, especially in the financial Services sector including
insurance, suffer from an information asymmetry. As far as insurance is concerned it is very
frequent that ground made by some one else and enjoyed by other. It is just because

48

people are not able to differentiate the special features of one company from other. And
second similarity is that most of the advertisements done by insurance companies are having
same ground to express i.e. same way of expressing emotions. It is true that one can not go
beyond the emotion if he is thinking to influence the person and his opinions but new ideas can
be generated and can be expressed in purely different manner in order to differentiate own
self.

49

ANNEXURE

1. Information regarding respondents

Sr.

Name of

Address

Contact

Employment/

no. respondent

Profession.

Vikas Adlakha

Business Executive

Andheri (E)

9987633559

Jatinder Saini

FCP Met life

Lower parel

24903133

Pawan Sahu

Sales Executive

Santacruz (w)

9920862588

Pooja Nayak

Sales Executive

Santacruz (w)

9773693088

Jayshree Parmar

Sales Executive

Santacruz (w)

9773693845

Nisha Delve

Sales Executive

Santacruz (w)

9867951958

Anjan Piprodia

Manager (Invstmnt)

Nirman point

9833966633

Ganesh Ojha

Sales Executive

Santacruz (w)

9833580933

Srinivas Gowda

Sales Executive

Santacruz (w)

9323457736

10

Perm Datta

Sales Executive

Santacruz (w)

9920741513

50

Bibliography
Books & magazines:
1) Lynn B. Upshaw, "Building Brand Identity, (John Wiley, 1995)
2) Greg Hemstitcher, "Increasing Hits and Selling More on Your Web Site" (John Wiley, 1997)
3) ICFAI Insurance chronicle.

Websites:
Search engines:

1) www.google.com
2) www.yahoo.com
3) www.iciciprulife.com
4) www.lic.gov.in
5) www.ecommerceweekly.com