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Wxvtt|
I hereby declare that project report entitled STUDY OF

ADVERTISEMET
EFFECTIVEESS
IN
ICICI
PRUDETIAL LIFE ISURACE CO. LTD. written and
submitted by me under the guidance of Dr. H.S. GREWAL, Principal
management, SGRR-ITS, Dehradun is my original work.
The empirical findings are based on data collected
by myself. While preparing the report I have not copied from any
source or other projects submitted for similar purpose.

Date:

(Gyandeep Kumar)

Place:

Roll No. : 08260500034

MBA 2008-2010

iv

ACKNOWLEDGEMENT
If words are considered as a symbol of approval and tokens of appreciation
then let the words play the heralding role of expressing my gratitude. It is a
moment of pleasure for me to acknowledge the help and support for those
people who made me able to present this report for evaluation as the
partial fulfillment of Master Of Business Administration.
I take this opportunity to thank the management of ICICI Prudential for
allowing me to take up the Summer Internship Program in their
organization. At the outset, I express my sincere gratitude to my project
guide Mr. Sachin Kumar, (Unit Manager), ICICI Prudential, who has been
very kind and considerate by providing me with an opportunity to get
associated with an esteemed and eminent corporate like Industrial Credit
and Investment Corporation of India.
Further, I extend my earnest thanks and gratefulness to my
internal guide Dr. H.S. GREWAL, (Principal Management), Shri Guru Ram
Rai Institute Of Technology And Science, Dehradun for his precious
guidance and mentoring but for which my training here would not been so
rewarding and fruitful.
At last it is my pious duty to record my heartiest gratitude to
my parents and my family who taught first lessons of life and inspired me
to face the hardships of life. At last, I would like to thank all my SGRRITan
friends for their love, faith and support.

Ztwxx ^t
v

PREFACE
"Advertisements are sometimes spoken of as the nervous system of
the business world. As nervous system is very important in human
body so it is vital in business world. Therefore, in this project we
want to study Advertising Effectiveness of life insurance companies
especially the concern company ICICI Prudential Life Insurance Co
Ltd. Management wants the advertising managers to do well and be
effective in their campaign. After all, advertising uses the scarce
resources that could be invested in a number of ways. Therefore,
the question that management poses is, Is advertising the best
way to use those funds?" and if yes Is it heading in right
direction? And it is the job of the advertising campaign planner to
be able to answer that question. To do so usually requires some
form of advertising evaluation and research which has been done in
later part of this project work.

vi

CONTENTS
S.N

TOPIC

Page

CERTIFICATE

ii

DECLARATION

iv

ACKNOWLEDGEMENT

PREFACE

vi

CHAPTER 1

INTRODUCTION

01

CHAPTER 2

RESEARCH METHODOLOGY

32

CHAPTER 3

DATA ANALYSIS & INTERPRETATION

35

CHAPTER 4

CONCLUSION

51

CHAPTER 5

SUGGESTION

54

BIBLIOGRAPHY

56

ANNEXURE

58

vii

CHAPTER- ONE

INTRODUCTION

ABOUT INDUSTRY
ABOUT ICICI PRUDENTIAL.
VISION & VALUES.
PRODUCT LINE....................
SWOT ANALYSIS.................
INSURANCE ADVERTISEMENT TREND
MEDIA STRATEGY OF ICICI-PRU.

02
06
10
11
17
19
24

ABOUT: INDUSTRY PROFILE

The business of life insurance in India in its existing from started in
India in the year 1818 with the establishment of the Oriental Life
Insurance company in Calcutta. Some of the important milestones in
the life insurance business in India are:
1912: The Indian Life Assurance Companies Act enacted as the first
statute to regulate the life insurance business.
1912: The Indian Life Assurance Companies Act enacted to enable the
government to collect statistical information about both life and nonlife insurance business.
1938: Earlier legislation consolidated and amended to by the
Insurance Act with the objective of protecting the interests of the
insuring public.
1956: Take over of 245 Indian and foreign insurers and provident
societies by the central government and nationalized. LIC formed by
an Act of parliament, viz. LIC Act, 1956, with a capital contribution of
Rs. 5 crore from the Government of India.

The general insurance business in India, on the other hand, can trace
its roots to the Triton Insurance Company Ltd., the first general
insurance company established in the year 1850 in Calcutta by the
British. Some of the important milestones in the general insurance
business in India are:
1907: Set up of The Indian Mercantile Insurance Ltd., the first
company to transact all classes of general insurance business.
1957: General Insurance Council, a wing of the Insurance Association
of India, frames a code of conduct for ensuring fair conduct and sound
business practices.
1968: The Insurance Act amended to regulate investments and set
minimum solvency margins and the tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalization) Act, 1972

nationalized the general insurance business in India with effect from
1st January 1973.

107 insurers amalgamated and grouped into four companies viz. the
National Insurance Company Ltd., the New India assurance Company
Ltd., the Oriental Insurance Company Ltd. And the United India
Insurance Company Ltd. GIC incorporated as a company.

Insurance sector reforms in 1993, Malhotra Committee, headed by

former Finance secretary and RBI Governor R.N. Malhotra, were
formed to evaluate the Indian insurance industry and recommend its
future direction. The Malhotra Committee was set up with the
objective of completing the reforms initiated in the financial sector.
The reforms were aimed at creating a more efficient and competitive
financial system suitable for the requirements of the economy keeping
in mind the structural changes currently underway and recognizing
that insurance is an important part of the overall financial system
where it was necessary to address the need for similar reforms In
1994, the committee submitted the report and some of the key
recommendations include:
1. Structure
Government stake in insurance companies to be brought down to
50%. Government should take over the holdings of GIC and its
subsidiaries so that these subsidiaries can act as independent
corporations. All the insurance companies should be given greater
freedom to operate.

2. Competition
Private Companies with a minimum paid up capital of Rs. 1bn should
be allowed to enter the industry. No Company should deal in both Life
and General Insurance through a single entity. Foreign companies
may be allowed to enter the industry in collaboration with the
domestic companies. Postal Life Insurance should be allowed to
operate in the rural market.
Only one state Level Life Insurance Company should be allowed to
operate in each state. Regulatory body The Insurance Act should be
3

changed. An Insurance Regulatory body should be set up. Controller

of Insurance (Currently a part from the Finance Ministry) should be
made independent.

3. Investments
Mandatory Investments of LIC Life Fund in government securities to
be reduced from 75% to 50%. GIC and its subsidiaries are not to hold
more than 5% in any company (There current holdings to be brought
down to this level over a period of time). Customer Service LIC should
pay interest on delays in payments beyond 30 days. Insurance
companies must be encouraged to set up unit linked pension plans.
Computerized of operations and updating of technology to be carried
out in the insurance industry.
The Insurance Regulatory and Development Authority 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.
Attracted by the huge untapped potential, many private players
entered the market after the Insurance bill was passed in late 2000. A
majority of these were collaborations between an Indian company and
a leading MNC insurance/financial services company.

COMPANY
Birla Sun Life
Om Kotak
HDFC-Standard
Life
Royal Sundaram

INDIAN
PARTNER
Aditya
Birla
Group
Kotak Mahindra
Finance
HDFC

Sundaram
Finance
ICICI-Prudential ICICI
Max New York Max India
Life
Tata-AIG
Tata Group
ING Vysya

Vysya Bank

Aviva
MetLife India

Dabur
Jammu
Kashmir Bank
Bajaj Auto

Bajaj Allianz
SBI
Insurance

Life SBI

FOREIGN
INSURER
Sun Life, Canada

AREA

Old Mutual, South

Africa
Standard Life, UK

Life

Royal Sun, UK
Prudential, UK
New York Life,
USA
AIG, USA
ING Insurance,
Netherlands
CGU Life, UK
& MetLife, USA
Allianz
Cardiff, France

Life

Life
Life and
Non-Life
Life
Life
Life and
Non-Life
Life
Life
Life
Life &
Non-Life
Life

Source: http://www.knowledgedigest.com

ABOUT: ICICI PRUDENTIAL

PROMOTERS:
ICICI Bank
About ICICI Bank: ICICI Bank Ltd is India's largest private sector
bank and the second largest bank in the country with consolidated
total assets of about US$ 102 billion as of June 30, 2009. ICICI
Banks subsidiaries include Indias leading private sector insurance
companies and among its largest securities brokerage firms, mutual
funds and private equity firms. ICICI Banks presence currently
spans 19 countries, including India.
Prudential Plc
Established in London in 1848, Prudential plc, through its
businesses in the UK, Europe, US, Asia and the Middle East,
provides retail financial services products and services to more than
21 million customers, policyholder and unit holders and manages
over 249 billion of funds worldwide (as of March, 2009). In Asia,
Prudential is the leading Europe-based life insurer with life
operations in China, Hong Kong, India, Indonesia, Japan, Korea,
Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam.
Prudential is one of the largest asset management companies in
terms of overall assets sourced in Asia ex-japan, with 36.8 billion
funds under management (as of March, 2009) and operations in ten
markets including China, Hong Kong, India, Japan, Korea, Malaysia,
Singapore, Taiwan, Vietnam and United Arab Emirates.

ICICI PRUDENTIAL GROWTH HISTORY:

ICICI Prudential, a joint venture between ICICI Bank and Prudential
UK, has been around ever since the private sector was allowed to sell
life insurance policies. ICICI Prudential began their operations in
12th December 2000 after receiving approval from Insurance
Regulatory Development Authority (IRDA).
Since then the tribe of life insurers has grown from 12 to 16, but ICICI
still leads the private sector pack. With a portfolio of over 6.5 million
policies, India's biggest private sector life insurer has not merely held
on to its share but grown it; at the end of January 2008, the firm
commanded 29 per cent of the share owned by private sector players.
Quite some way below was Bajaj Allianz with 21 per cent, while State
Bank of India came in third with 10 per cent.
ICICI Prudential's premium income grew at about 100 per cent
between March 2003 and March 2007. Interestingly enough, the
insurer started out with the traditional endowment products and was
not the first to introduce the more popular Unit Linked Insurance
Policy (Ulip): the credit for that goes to Birla Sunlife.
However, in the first full year of operations itself, it started offering
Ulip policies and was selling more policies than anyone else. Today,
Birla Sunlife doesn't find a place in the top five and players such as
HDFC Standard Life, which were late to cotton on to Ulips, may be
regretting it.
It wasn't just that ICICI Prudential rolled out Ulips quickly; the
company also made sure the products were priced competitively.
Compared with the competition, ICICI's upfront charges have always
been lower.
With charges across the industry now converging at around 20 per
cent of first year premiums, ICICI has come up with a zero-load
product. Another scheme that has been introduced automatically
balances the debt and equity components of the portfolio every
quarter. Apart from this, ICICI Prudential has been quick off the block
with retirement solutions and the first to come up with health
products.

If ICICI Prudential has managed to sign on 6.5 million policy holders,

it is because the company has built up a strong agent network, which
brings in 60 per cent of the total premium. Today the insurer has
nearly 250,000 agents working for it, even though it doesn't hand out
the best commissions in the industry.
Bajaj Allianz's network is about 275,000- strong, while the public
sector Life Insurance Corporation boasts over a million agents. ICICI
Prudential does not care about their commission at the lower end
compared with peers they compensate them by ensuring that
customer do better volumes.
The insurer is also rolling out offices at a furious pace. ICICI
Prudential Life has one of the largest distribution networks amongst
private life insurers in India. It has a strong presence across India
with 2074 branches (including 1,116 micro-offices) and an advisor
base of over 225,000 (as on June 30, 2009).
The company has 7 bancassurance partners having tie-ups with ICICI
Bank, Jalgaon Peoples Co-op Bank, Ratanagiri District Central Co-op
Bank, Ballia Kshetriya Co-operative Bank, Renuka Nagrik Sahakari
Bank, Arvind Sahakari Bank, Bhandara Urban Co-operative Bank.
ICICI Prudential targeting of 3,500 branches in five years.
The industry believes ICICI Prudential has a big advantage in that it
can leverage the customer base of its parent ICICI Bank. Bajaj Allianz,
for instance, didn't have that advantage. Banc-assurance today
fetches about 27 per cent of ICICI's premium; apart from ICICI Bank,
the insurer sells through Bank of India, Federal Bank, South Indian
Bank and some co-operative and rural banks.
While ICICI Prudential has done well to stay at the top, the next seven
years will certainly be more difficult than the last seven. Competition
is getting keener - in the past couple of years, Bajaj Allianz is believed
to have written more policies than Prudential. SBI Life has a stronger
distribution now that it has signed on many more agents and
newcomers like Reliance (which took over AMP Sanmar) are growing at
a fast pace. But the strong growth in the industry has surprised
everyone.
ICICI Prudential Life's capital stands at Rs. 4,780 crores (as of June
30, 2009) with ICICI Bank and Prudential plc holding 74% and 26%
8

stake respectively. For the period April 1, 2009 to June 30, 2009, the
company has garnered total received premium of Rs 807 crores and
has underwritten over 9 million policies since inception. The company
has assets held over Rs. 43,000 crores as on June 30, 2009.
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 eight 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.

VISION:
To be the dominant Life, Health and Pensions player built on trust by
world-class people and service.
This they 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

Each of the values describes 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 they 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.

VALUES:
The success of the company is to be achieved in its unflinching
commitment to 5 core values.
1. Integrity.
2. Customer first.
3. Boundary less.
4. Ownership.
5. Passion.
Each of the above values described what the company stands for, the
qualities of our people and the way we work. ICICI Prudential aim at
unlimited growth coupled with higher quality of customer satisfaction
by providing the quality products and services.
10

PRODUCT LINE
ICICI Prudential is currently having a wide range of products which
could meet the existing demand of the customer this products are the
various plans which are flexible in nature which can be enhanced with
up to 6 riders to provide a customized to each policy holder.

SAVING & WEALTH CREATION SOLUTIONS

ICICI Pru Save 'n' Protect is an ideal plan for those who want
to accumulate funds on a regular basis while enjoying
insurance protection.

ICICI Pru Cash Back is a single policy that combines the triple
benefit of protection, savings & periodic liquidity.

ICICI Pru Life Time Gold is a unit-linked plan which offers

potentially higher returns over the long term with flexible
investment options to help you achieve your goals. It offers 8
fund options - Preserver, Protector, Return Guarantee Fund,
Balancer, Flexi Balanced, Multiplier, R.I.C.H and Flexi Growth.

ICICI Pru Life Stage 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 profile, helping you achieve your desired
financial goals.

ICICI Pru Life Link Super is a single premium unit linked

insurance which offers attractive premium allocation along with
the opportunity to enjoy potentially high returns over the long
term, without compromising on the protection of your family.

ICICI Pru Invest Shield Life New is a unit linked plan that
allows the customer to enjoy the benfits of potentially higher
returns while guaranteeing him that he will get back atleast all
11

the premiums paid by him, while providing protection to his

family with a life insurance cover.

ICICI Pru Invest Shield Cash back is a unit linked plan that
provides premium guarantee while maintaing a balance between
return, safety & liquidity.

ICICI Pru Wealth Advantage is a unique whole life single

premium unit linked plan that provides long term coverage upto
the

age

of

70

years

and

provides

you

the

option

to

systematically withdraw your money.

ICICI Pru Life Stage Assure a unit linked insurance plan that
provides Guaranteed Maturity Addition of 100%- 450% of first
year premium based on the term and number of premiums
paid, with the additional advantage of a lifecycle based portfolio
strategy that allocates the investors money across various asset
classes based on his age and risk appetite.

ICICI Pru Secure Save is a unique unit linked insurance plan

which aims to grow your money over time with an assurance of
a minimum guaranteed amount at maturity to protect you from
any market downside.

ICICI Pru Assure Life is a unit linked insurance plan that

provides a Guaranteed Maturity Addition ranging from 140% to
450% of the first year premium while giving you the flexibility to
choose your portfolio strategy from the second year.

PROTECTION SOLUTIONS

ICICI Pru Pure Protect is a flexible and affordable term

product, with which you can ensure your life and provide total
security for your family in case of an unfortunate event.

ICICI Pru Life Guard is a protection plan, which offers life cover
at low cost. It is available in 2 options level term assurance
with return of premium & single premium.
12

ICICI Pru Home Assure is a mortgage reducing term assurance

plan designed specifically to help customers cover their home
loans in a simple and cost-effective manner.

CHILD PLANS
ICICI Pru Smart Kid New ULRP is a policy that is designed to
provide money at key educational milestones in the child's life.
SmartKid plans are also available in traditional form.

RETIREMENT SOLUTION

ICICI Pru Forever Life is a traditional retirement product that

offers guaranteed returns for the first 4 years.

ICICI Pru Life Time 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.

ICICI Pru Life Stage 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 age and risk profile

ICICI Pru Life Link Super Pension is a single premium unit

linked pension plan.

ICICI Pru 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.

ICICI Pru Life Stage Assure Pension is a unique pension plan

that assures guaranteed additions of up to 200% of the first
13

year premium, giving investors an unmatched start towards

accumulating for their retirement kitty.

ICICI Pru Elite Pension is a unit linked pension plan that

provides flexibility to the customer to pay for a limited term and
lets him build a kitty for his retirement to provide an annuity for
life.

HEALTH SOLUCTION

ICICI

Pru

Hospital

Care

is

fixed

benefit

inpatient

hospitalisation plan, covering various stages of treatment with a

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

ICICI Pru Crisis Coveris a 360-degree product that will provide

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

ICICI Pru Diabetes Care Active is a long term insurance policy

created for individuals with Type II diabetes and pre-diabetes. It
offers long term (upto 20 years) control over diabetes through a
specially designed Wellness Programme including regular health
checkups

and

Diabetes

Coach

to

facilitate

diabetes

management. It also provides you coverage against seven major

critical illnesses.

ICICI Pru Cancer Care is a specialty health plan for most types
of cancers. The plan gives a lump sum payout on diagnosis as
well as at different stages in the treatment of various cancer
conditions.

ICICI

Pru

MediAssure

is

reimbursement

inpatient

hospitalization health insurance policy that provides guaranteed

insurability till age 75 years.

14

ICICI Pru Health Saver is a comprehensive health plan which

provides a reimbursement inpatient hospitalization cover along
with building a health savings fund to cover any other day-today medical expenses.

GROUP INSURANCE SOLUCTIONS

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 Leave encashment Plan: ICICI Prudential Lifes Group

offers a market linked and traditional leave encashment plan
designed to aid the employer to build a fund to meet their future
leave encashment liability. The contributions made will be
invested as per the chosen investment plans and will be
available for payment of the benefit when it falls due.
Additionally, the product also provides for term cover for all the
employees covered under the policy.

Group Superannuation Plan: ICICI Prudential Life offers a

flexible market linked and traditional schemes that provide
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, it
has developed a suite of life and joint life annuities which
guarantee periodic payment to annuitants upto death. Further
there are options which return the purchase price on death of
15

annuitants. These annuity options are offered to our existing

superannuation customers, and also 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.

1. 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.
2. Critical illness benefit: Critical Illness Benefit Rider provides
protection against 9 critical illnesses to the policyholder when
attached to the basic plan.

16

SWOT ANALYSIS OF ICICI PRUDENTIAL

STRENGTH

WEAKNESS

OPPORTUNITY

THREAT

A huge database
of
corporate
clients,
retail
customer,
and
bank customers
of ICICI.
Highest paid up
capital deposited
in
IRDA,
in
comparison to all
players.

Lack
of Tie up with more
Information about corporate agents all
the product among over India.
consumers.

Assets base of
ICICI is more then
Rs 1, 08,000
Crores.
Training
provided to all
people
associating with
ICICI prudential.
One of the largest
financial
Institution
of
Indias.
Motivation
factors provided
by the parent
companies.

Policy charges are Number of adopting Threat from new

very high.
new technology.
entrance.

Threat
existing
insurance
players.

from
life

Target upper class A large part of the Threat

people only.
cities are uncovered substitute
where they do not products.
have any branches.

to

Brand
of Change in the
Focusing mainly on Strong
Company helps to policy of IRDA.
the urban sector.
boost
sales
inn
market.
Most of the Plans Attract more people Competition
are too much by providing customer from more &
complicated.
centric products.
more
new
players.
Some
Top People
dont
Nationalized
banks aware
of
should be made Allies. different
distribution
channel.

ICICI Prudential
is No. 1 private
life player in
India.

17

ICICI PRUDENTIAL EDGE:

The ICICI Prudential edge comes from commitment to their customers,
in all that they do - be it product development, distribution, the sales
process or servicing. Here's a peek into what makes them leaders.
1. ICICI Prudential 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 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 ICICI Prudential business. With clear guidelines in place, we ensure
equitable costing of risks, and thereby ensure a smooth and hasslefree claims process.
4. Entrusted with helping customers meet long-term goals, they adopt
an investment philosophy that aims to achieve risk adjusted returns
over the long-term.
5. Last but definitely not the least, ICICI Prudential team is given the
opportunity to learn and grow, every day in a multitude of ways. They
believe this keeps them engaged and enthusiastic, so that team can
deliver on our promise to cover you, at every step in life.

18

INSURANCE ADVERTISEMENT TREND

LIC Vs Private Players
The difference in the level of awareness of these new players as
compared to the hitherto monopoly of LIC was decreasing fast because
of the aggressive advertising measures adopted by private insurers.
The new companies focused their campaigns primarily on building an
image of trustworthiness and reliability for themselves. Secondly, their
advertisements focused on insurance as an investment option and not
a mere tax saving tool another first for the Indian market. Most of
these advertisements carried messages like the familys happiness,
human bonding, etc., with underlying emphasis on the security that
insurance could provide. Also, instead of projecting the idea, that an
insurance policy actually starts working only after the death of the
insured, the new campaigns projected that insurance protects people
throughout their lives.

Various Insurance Ads

In one of its TV commercials, ICICI Prudential showed a series of
scenes depicting the childhood, marriage and old age of an individual.
The purpose of using these visuals was to translate the companys
message I will protect into real-life incidents. In order to project its
commitment towards consumers to protect at every stage of life, the
company brought in the concept of sindoor, which symbolizes
protection. Sindoor was shown throughout the commercial as a mark
of auspiciousness and protection, and at the end, it became the red
line below the ICICI Prudential logo.
19

Max New York also resorted to depicting positive emotions such as

trust and protection in its print advertisements. The company
released two print advertisements. While one of them carried an image
of the revered deity Goddess Durga, the other projected three
teenagers standing together, with their faces painted green, white and
saffron like the Indian national flag. Reportedly, Max New York
wanted to convey the message that insurance is your partner for your
life.
In addition to such TV commercials, the private insurance companies
were trying to make their presence felt by organizing blood donation
camps, contests and sponsoring various events social events through
their agents.
ING Vysya tied up with leading US-based Columbia Pictures Indian
arm to carry out promotional activities using the blockbuster English
movie Spiderman. In the metros, ING Vysya distributed free movie
tickets to its customers. The latter also organized the Green Mumbai
Drive and several blood donation camps in association with the Red
Cross, besides sponsoring the action replay of the India-West Indies
cricket match series in May 2002 and also in November 2002.

Om Kotak and Birla Sun Life took to sponsoring events in a major

way, to attract prospective customers. Om Kotak initially highlighted
in its advertisements the credibility and trustworthiness of individual
partners (Old Mutual & Kotak Mahindra) through its generic
campaigns. The TV commercials featured men and women meeting
themselves in the future happy, healthy and secure, thanks to
insurance.
Bajaj Allianz went a step ahead. Apart from bringing out TV
commercials and putting up hoarding and billboards, it entered into a
two-month long contract with Shoppers Stop. According to the
20

contract, every Shoppers Stop outlet had an Allianz Bajaj kiosk that
provided information about policies in order to attract customers.
Allianz

Bajajs

entire

communication

package

included

print

advertisements, outdoor media campaigns and direct marketing

methods. All its print advertisements carried a visual of human
hands, which symbolized partnership and care to stress on the
concept of care.

Similarly, Tata AIG entered into an agreement with Westside to set up

information kiosks in all its outlets in order to attract peoples
attention. Also, Tata AIG was one of the first insurance companies to
adopt the celebrity endorsement strategy. Tata AIG chose the Hindi
movie star, Naseeruddin Shah, as its brand ambassador for endorsing
its personal accidental death insurance policy.
In addition, private players in the insurance sector charted out
various innovative marketing plans to establish their products. For
instance, ICICI Prudential launched the TruLife Club for its highvalue policyholders as part of its marketing strategy. Through TruLife
Club, the company offered a wide range of health-related products,
health and fitness equipment and membership in gyms, health resorts
and clinics in India. Policyholders with a sum assured of Rs 0.5
million or more were included into this club.

Punch Lines
Another interesting development was regarding the punch lines used
by private insurance players that invariably tried to associate positive
emotions with insurance products. While ING Vysya said Adding life
to insurance, ICICI Prudential said, We cover you, at every step in
life. Similarly, HDFC Standard advertisements projected a happy man
21

asserting; Now I can continue enjoying a comfortable lifestyle even

after I retire. Om Kotak highlighted its campaigns with Jeene ki
azaadi (Freedom to live) and Bajaj Allianz stated, Life insured by
care. LIC came out with a corporate advertisement on TV with the
punch line, Zindagi Tumhari Roshan Rahe (May your life be glorious).

LIC Vs ICICI Prudential

With private players paying much attention to advertising and
promotional activities, LIC, too, was forced to make efforts to increase
its visibility and enhance its brand image. The company commenced
intense, systematic and well-focused public relations and publicity
activities both at the corporate and operational levels.
LIC upped its ad spend to tackle competition and succeeded in forging
way ahead. LIC has advertised in satellite channels as well as
terrestrial channels. LIC has to reach out to nonresident India policy
holders as well as its other corporate customers who are based
abroad. ICICI Prudential has advertised on several channels from the
Star TV bouquet, Zee Network and Sony. The companies have spent
about Rs 50 million on TV advertising last year.
With the geographical expansion, TV became a viable medium and the
corporate campaign for ICICI Pru Life was run on TV, because the
medium lends itself well to an emotional type of films that strike a
chord with the audience. Product advertising, which needs to impart
information, was largely done through print and outdoor channels, as
these are appropriate for rational type of messages. ICICI Prudential
Life Insurance campaign was short-listed as one of the 12 most
effective campaigns for the year 2001 in the EFFIE awards. According
to an ORG MARG study, the ICICI Prudential brand name and
22

advertising had the highest recall amongst all private players, and was
only marginally behind LIC.
ICICI Prudential Life was awarded the INDYs Award for Excellence in
Mass Communication in the category of Most Creative AdvertisementTelevision.

Its all about Money

In recent times, the consumer has been bombarded with an
unprecedented barrage of brand advertisement campaigns from
insurance companies. Turn on the radio, TV, or open a newspaper or
internet portal the glut of insurance advertisements is there to see.
The insurance industry is estimated to have spent over Rs 900 crore
in 2007, up from Rs 200 crore in 2002 on brand building. Of the
media investments absorbed in 2007, around 53 per cent went to TV,
and the remaining to the print media. Life insurers alone accounted
for over 70 per cent.

23

MEDIA STRATEGY OF ICICI PRUDENTIAL

LIFE INSURANCE
It was time when the marketing team was thinking about an
advertising campaign, almost everyone, including the company's
board, pooh-poohed the idea. At that time people thought Company is
wasting money. But ICICI discarded this fear" typically used for
hawking insurance, choosing instead a "happy" platform to convey a
more positive message.
Even today after it has rolled out so many campaigns, ICICI remains
among the top advertisers: ad spends, as a percentage of new
business premium, range between 0.5 per cent and 0.75 per cent.
Lowe (Lintas) has been the creative advertising agency for ICICI
Prudential Life since the beginning.

Creative Strategy:
The essence of the creative strategy: To get the consumer to re look at
Insurance as a means to lead a worry free life and not as a necessary
evil. When ICICI Prudential Life Insurance first began operations, the
task was to present the visiting card of the company
to the public at large and build credibility and stature and to give the
consumer the confidence that 'here was a company that could be
trusted to invest funds with'. This required a corporate campaign,
which started with advertising to establish the brand, build awareness
and give the brand a larger than life image. To this effect the core
brand insight highlighted was "As head of the family it's my
responsibility to take care of my loved ones and protect them from the
uncertainties of life", summed up in the advertising idea:
24

We cover you at every step in life (Suraksha Zindagi ke har kadam

par). ICICI Pru was positioned as an enabler of protection relevant to
the needs of the life stage that you are in. Over the last few months,
ICICI Prudential has been advertising in outdoor, TV and press. The
company launched a corporate television campaign Saat Phere
which took the emotions and thoughts of initial Sindoor corporate
film a few steps further. The film highlights the strength of promises
that a husband makes to his wife, through the depiction of everyday
situations, and then goes on to emphasize that ICICI Prudential will
stand by the husband to help him fulfill all these promises. The TV
campaign has also been extended to outdoor. The company has also
undertaken press and internet campaigns to inform customers about
benefits of some of its products, particularly retirement solutions,
through the Chintamani campaign.
Once the corporate image and brand identity were established, and as
the company expanded and its product range grew, the next phase of
communication was to give the consumer a rational and tangible
reason to buy - first of all insurance and secondly from ICICI
Prudential Life. This was tackled through product-specific advertising,
such as for ICICI Pru Smart Kid, retirement solutions or Lifetime.

The Creative execution:

Building image and creating a differential in the most creative and

compelling manner. The creative execution heightened the emotional
connect with the ICICI Pru brand - Indian; satisfaction of knowing
that ones loved ones are protected. Symbolic representation of the
protector of the family through situations showcasing various life
stages and creating endearing imagery of protection and familial
bonding.
25

Press gave the consumer a rational and tangible reason to buy

insurance first and secondly from ICICI Prudential. The product
specific advertising focused on changing the prevalent perception
about insurance and breaking a few myths: non- affordability,
insurance not being good investment option and the myth that
insurance was good only for tax saving.

After the hugely successful Chintamani (retirement) and Saat Phere

(corporate) campaigns, ICICI Prudential Life Insurance also introduced
some innovations in the category, such as: having a tax planner by
the name of Chintamani on radio, who would answer consumers
queries about the role of insurance in financial planning.
Other programs included direct mail, PR of communications campaign
in press & TV, website marketing; and database generation through
Bancassurance channels.
Other initiatives included tie-up with the Dabbawalla Organisation in
Mumbai for a direct marketing exercise, to talk to the customer
through a non-cluttered route, and thereby have a higher impact. The
direct mailer was about ICICI Prudentials retirement solutions and
the tax benefits that one can avail of buy investing in any of these.
About 100,000 direct mailers were attached to the dabbas, in areas
such as Churchgate, Bandra and Andheri where there are mostly
office-goers. ICICI Prudential Life Insurance has also announced a
strategic distribution tie-up with Hariyali Kisaan Bazaar, the rural
business arm of DCM Shriram Consolidated Ltd (DSCL). As a partner,
Hariyali

Kisaan

Bazaar

can

now

distribute

ICICI

Prudential's

protection, wealth creation, retirement solutions and health insurance

products to customers across the its growing number of rural
business hubs in the country.

26

In addition to adv
advertising, the company has also initiated
in
several
activities to raise
ec
consumer awareness about life insura
urance and ICICI
Prudential. It incl
ncludes seminars ICICI Prudentiall regularly
r
holds
consumer awarene
ness meets on the need for retiremen
ent planning in
different cities su
such as Pune, Aurangabad, Coimba
batore, Nagpur,
Bangalore and Ma
Mangalore. These are very well atten
tended and have
contributed signifi
nificantly towards increasing awarene
eness about the
category and the co
company. Apart from this, company also
al entered into
alliances with telec
lecom companies, as well as companies
ies like BPCL and
Dominos.

Source-h
http://www.businessworld.in

27

Television As A Medium:
CHINTAMANI, the mascot of the middle class, has become a
household name. Even kids are demanding toys modelled around his
scraggly old figure. Thanks to him, ICICI Prudential now enjoys a
brand recall of 92 per cent next to LIC's 97 per cent, according to AC
Nielsen's Brandtrack 7 study out last year. Insurance brand building
has certainly come a long way. Financial services advertising has
traditionally been tactical. It usually just imparts information, given
the complexity of the products.
With the liberalisation of the insurance market in 2000, building a
separate insurance brand with a towering public sector unit like LIC
that held 100 per cent of the market share proved to be an urgent as
well as a daunting task. Awareness of the brand was the first goal that
had to be met. Rohit Mull, Vice-President (Marketing), Tata AIG, says,
"Insurance buying involves a high degree of involvement. At the
outset, people were not aware that Tata had forayed into the
insurance business. Awareness had to be driven to a level where it
culminates in a transaction. It is unlike some FMCG companies like
Coke and Pepsi where marketing has to be driven only to the extent of
preference."
Insurance agents demanded that the companies support them by
advertising. People they are selling to should at the very least know
that the brand they are selling really exists. Initially, all advertising by
private insurers ended up reinforcing the LIC brand image as the PSU
was still synonymous with life insurance.

Historically, print was the traditional choice for the medium of

advertising. The break with tradition came when ICICI Prudential
arguably became the first private insurance company to recognise and
harness the power of TV advertising, with its `Sindoor' campaign in
2001. Then came its retirement solutions campaign with the tagline
`Retire from work, not life.'
The second campaign saw ICICI Prudential getting into productspecific advertising. With Chintamani, insurance advertising got a new
treatment. Sujit Ganguli, Head (Marketing), ICICI Prudential, says,
"Chintamani is a very interesting character. The claymation (clay
28

animation), particularly, breaks from the clutter. To add to it, the

jingle is also very catchy."
Now, most private players have 50-70 per cent of their ad spend
skewed in favour of television. Marketing budgets have been soaring
for the past three years. Reportedly, on a budget of Rs 5.8 crore for
February 2005 alone, ICICI Prudential's `Retirement solutions
campaign' was the highest spending brand, pipping several HLL
brands to the post. The fact that insurance selling activity reaches a
peak around March also needs to be taken into account.
The advertising has been spread across mass as well as niche TV
channels. S.Muralidharan, Chief Marketing Officer, SBI Life, says, "We
have advertised in 10 languages. We chose TV because its footprint is
quite large. The visual is always more effective and more universal.
Print advertising is a two-level abstraction, in terms of language and
in terms of the thought."
The campaigns have also tapped several ideas associated with
insurance; an alternative to LIC's `Mr Sharma', which harped on the
idea of protecting your family against the wage earner's death. The
current campaigns are less dark and foreboding. Some even use
humour while others spark sentimentality.
HDFC Standard Life, for instance, uses the idea of `self respect' as its
platform. M. Suresh, General Manager (Sales), says, "While selling
insurance, it does not work if you remind people of their imminent
death. Instead of selling insurance by offering protection and safety,
we use the platform of self-respect." The TV ad features multiple
relationships those between husband and wife, father and son,
grandfather and grandson. The family members refuse help from each
other because they have their `self-respect.' The print ads use the
characters from the television ad to extend the idea of the campaign.
The press ad is, however, packed with more information about the
products.
Tata AIG's `boy planting a sapling that grows into a tree' works on the
idea of planning ahead. The company also uses brand ambassadors.
Says Mull, "We have two ambassadors - Naseeruddin Shah for
Nirvana Pension and Harsha Bhogle for Maha Life. Both ambassadors
29

connote credibility and respect. Harsha, for instance, signifies being

an IIM Ahmedabad product, a `numbers' guy and so on."
Kotak Mahindra's Old Mutual Life campaign saw the focus shift to
print and outdoor once its TV campaign fell flat. "We decided on a
more outdoor-and print-heavy marketing strategy. It was felt that
people needed to be provided with information rather than be hit with
visuals. Press ads and outdoor ads serve that purpose," says Rahul
Sinha, Vice-President (Marketing), Kotak Mahindra Old Mutual Life.

Kotak uses catch phrases with a twist in all its hoardings. Lines like
"Eat your cake and have it too" or "Bulls you win, bears you win" have
been used in its outdoor campaigns to explain its equity-linked
products.
Kotak and SBI Life use the same brand colours and logo as the
mother brand. As much as 20 per cent of Kotak's business comes
from bancassurance. "We call it the "6=1" approach. The line "Think
Investment, think Kotak" applies to the bank, the insurance wing as
well as the mutual fund. We are trying to project a traditional Indian
brand with the same core values," says Sinha.
SBI Life has 63 per cent business coming from bancassurance. So, its
advertisements are directed towards telling people that they can buy
insurance from the bank. "Advertising, therefore, consists of branch
merchandising. Its more about point-of-purchase sort of advertising,"
says Muralidharan. "SBI Life's TV campaigns have been more for the
non-bank customers. The tone of our ad was more corporate and less
about products," he adds.
Throughout this barrage of ad campaigns, LIC has not been keeping
quiet. According to analysts, pension products and ULIPs are the
relatively unsuccessful products in LIC's business portfolio. This has
been attributed to low commissions for agents because of the low risk
content of the products. In the case of ULIPs, the agents are still
grappling with understanding the complexity of its equity-linked
features. They say private players have cashed in on this and usually
advertise for pension products or ULIPs.

30

Many private players have trained their sights on SEC A and B. Lalit
Kumar Dash, Executive Director (Marketing), LIC, says, "Most private
players aim at segments of high net worth. They give emphasis to the
premium income. On the other hand, LIC has to fulfil a social
responsibility. Our spread is across the country and we have to cater
to the high, middle and lower income segments."
Last year, LIC's Rs 125-crore budget was divided with 20 per cent
going to TV, 25-30 per cent for print and 35 per cent for outdoor.
Through March, LIC had ads across all products being beamed on TV.
The insurance major also undertook scientific studies to look at its
target audience. The company says that the Rs 2 crore it spent on the
Internet has been successful in reaching the urban middle and upper
class.
With the private players flexing their muscles, the LIC pie has hit a
down curve - down from 83 per cent last year to 78 per cent this year.
Many private companies say that there will be a 30-40 per cent
increase in their marketing expenditure by next year, with senior
executives handling FMCG brands such as ITC, Coke and Cadbury
getting roped into marketing insurance wares. The emphasis will be
on creatives and the accent on awareness. And it is TV that is proving
to be new vehicle to carry the insurance business.

31

CHAPTER- TWO

RESEARCH
METHODOLOGY

PROBLEM FORMULATION...33
RESEACH OBJECTIVES.....33
RESEACH DESIGN....33
SAMPLING DESIGN......34
LIMITATION.....34

32

Problem Formulation
As we know today the competition is getting harder and faster. It is very
necessary to know, how to survive in cut throat competition by using suitable
promotion strategy and correct media.

Research Objective

To understand the impact of advertisement in the market.

To know the role of media in visibility of life insurance advertisement.

To measure the advertisement effectiveness with reference to Life
Insurance Companies.

Research Design
Descriptive research design is used in this research. It includes survey and fact
finding inquiries of different kinds. The major purpose of descriptive research
is description of the state of the affairs, as it exists at present.

Data Collection
There are two sources through which data is collected.

Primary Data: Primary data has been collected mainly through structured
questionnaire. The questions were designed in an easily understandable
manner that the respondents may not have any difficulty in answering them.

33

Secondary Data: Secondary data has been obtained through websites,

books, and online magazines.

Sampling Design:

1. Sampling Technique
Probability Sampling

: Stratified Random Sampling

Age group

: 18-45 years (main target customer).

2. Sample size

: Total sample size is 50.

3. Sample area

: Dehradun

Limitations:
The research is confined to a certain parts only due to time constraints
and does not necessarily show a pattern applicable to all of Country.
Some respondents were reluctant to divulge personal information
which can affect the validity of all responses.
In a rapidly changing industry, analysis on one day or in one segment
can change very quickly. The environmental changes are vital to be
considered in order to assimilate the findings.

34

CHAPTER- THREE

FINDING &
INTERPRETATION

35

Media Used
ed For Information/Enterta
ertainment:
Internet
Radio
Newspaper
Television

:
:
:
:

06
07
10
27

Fig:1 Media Share

Internet

Radio

Newspaper

T.V

12%
14%
4%
54%
20%

Here from above

ove graph we come to know that
at people
p
vastly
uses television
ion as a media of inform
ormation and
entertainment.
t. 54% says they use TV forr infotainment
followed by New
ewspaper which has 20% share
are. Radio has
14% share where
ereas Internet has 12% share.

36

Visibility
yO
Of Life Insurance Advertis
rtisement:
Yes

: 48

No

: 02

Fig:2 Visibility

4%

Yes
No
96%

In response of this question, majority of resp

espondent said
that they have
e s
seen life insurance ad which mean
m
that ads
are been noticed
iced by viewers. 96% have seen
n and
a
only 4%
people had nott s
seen any life insurance advertise
isement.

37

Ads Mostly Found On Channels:

Music
News
Sports
GEC

:
:
:
:

07
13
09
19

Fig: 3 Channel Participation

Music
14%

GEC
40%
News
27%

Sports
19%

In channel-wise segmentation of life insurance ads, we find

that the most ads are watched on GEC( General
Entertainment Channels) followed by 27% of the respondent
who watch life insurance ads on News channels, 19%
watches on Sports Channel and 14% on Music channels.

38

Content Rec
Recalled Of Advertisementt Watched:
W
Yes
No

: 44
: 04

Fig:4 Ad Recall

8%

Yes
No
92%

Out of the 48 respondent who watched life

lif insurance
advertisement,
t, 9
92% are able to recall those advertisements
ad
and remember
er them. Only 8% do not reme
member those
advertisements.

39

Relative Visibility Of Different Media:

Internet
Radio
Newspaper
Television

:
:
:
:

06/06
06/07
08/10
23/27

Fig: 5 Percentage Visibility Of Media

120%
100%
80%
60%
40%
20%
0%
%age Visibility

Internet

Radio

Newspaper

Television

100%

85.71%

80%

85.19%

Here we see that among the person who mostly uses

Internet as a media for information can recall upto 100 % of
the ad which they saw on the internet. Radio and Television
user can remember the ad approx 85% times. And the least
recall among these media is of Newspaper (80%) probably
because it is not interactive in nature and frequency of the
advertisement is quiet low compared with others.

40

Relative Visibility Of Different T.V Channels:

Music
News
Sports
GEC

:
:
:
:

05/07
12/13
08/09
19/19

Fig: 6 Percentage Visibility of Television

Channels
120%
100%
80%
60%
40%
20%
0%
%age Visibility

Music

News

Sports

GEC

71%

92.31%

89%

100.00%

GEC (General Entertainment Channels) is leading with100%

relative visibility, followed by 92% visibility of News
Channel. Sports channels are at 3rd position with 89% and
the last is Music channel advertisement. They are seen and
recalled about 71% times only.

41

Rating Of Variables Seen In Advertisement

a. Advertisement Shown
Is Understandable
b. Advertisement
Is
Believable
c. Messages Shown In
Ads Are Relevant For
Viewers
d. Benefits Described In
Advertisement
Are
Believable To Viewers
e. Ad Prompted Viewers
To
Purchase
The
Product
f. This Ad Is Better Than
Other Ads

S.A

S.D

W.M

13

16

10

06

03

+0.60

05

14

16

10

03

+0.16

04

11

18

06

09

-0.10

01

11

20

08

08

-0.22

00

06

17

10

15

-0.68

05

14

19

05

05

+0.18

Where; S.A=Strongly Agree, A=Somewhat Agree, N=Neither, D=Somewhat

Disagree, S.D=Strongly Disagree, W.M= Weighted Mean

By assigning weights to the above variables +2 for strongly agree, +1

for somewhat agree, 0 for neither, -1 for somewhat disagree and -2 for
strongly disagree the mean score for (a) comes 0.6. It is between
somewhat agree and neutral. This means that people says that ads
are somewhat understand-able.
The mean score for (b) is 0.16 which means that neither the ads are
believable nor they disagree. There is slight positive attitude toward
believe on advertisement.
The mean score is for (c) -0.10 which is negative but very close to zero.
This means respondent dont think ads are relevant to them but
neither they strongly disagree this.
The mean score for (d) is -0.22 which state that people to some extent
disagree that benefits described in ad is true.
The mean score for (e) is -0.68 which is negative stating that
respondent somewhat disagree that ads prompted them to buy the
product. There is not a single respondent who strongly agreed the
statement.
The average total weight for (f) is +0.18 which says that people very
slightly agrees that advertisement seen and recalled by them is better.
42

Rankings Of Life Insurance Ads Seen:

Company

Total Score
133
165
149
158
135

1. LIC India
2. HDFC Std.
3. Birla Sun-life
4. ICICI Prudential
5. Reliance

Rank
5th
1st
3rd
2nd
4th

Fig:7 Ad-Rating
180
165

160
140

149

158
135

133

120
100
80
60
40
20
0
LIC India

HDFC Std.

Birla Sunlife

ICICI Prudential

Reliance

In response of this question respondent said that they find

HDFC ads more often then followed by ICICI. After this they
find Birla Sunlife closely followed by Reliance and last is LIC
India. It means that HDFC and ICICI PRU lead in the
advertisement frequency and respondent is able to recall
those advertisements.

43

Ad Show
own Influenced Responden
ent To:
Buy the ins
insurance policy
Recommen
end the insurance policy
Suggest the insurance policy
Would like
ke to inform

:
:
:
:

04
10
15
15

Fig: 8
Buy the insu
insurance policy

9%
34%
4%

23%

Recommen
end the
insurance
ce p
policy
Would like to Inform

34%
Suggest the insurance
policy

Here from above

ove graph we see that 34% of the respondent
would like to in
inform other about the ads and
an the same
number would
ds
suggest other about the product
uct. About 23%
of respondentt will only recommend otherr to buy the
product. And on
only 9% of the respondent will
ill like to buy
product himself
elf / herself.

44

Interestin
sting Ads Shared With Yourr Family/
F
Friends:
Never
Rarely
Sometimes
Often
Very Often

:
:
:
:
:

06
12
14
07
05

Fig: 9

11%

14%
Never

16%
27%

Rarely
Sometimes

32%

Often
Very Often

The average
e ttotal weight is 2.84 which
ch mean that
people sometim
etime shares interesting ads
ds with their
family and fri
friend. 27% share rarely,, 16%
1
shares
often and 14%
4% does it never while 11% people
pe
share
interesting ads very often.

45

Family/F
/Friends Tried To Influence
nce You To
Secure Any Policy:
Yes
No

: 08
: 42

Fig: 10
Yes
16%

No
84%

84% of individua
duals said that they are never approached
ap
by
family / friend
d to secure any policy. Only 16% people are
approached by
y their family member or frien
iend to buy a
policy.

46

Other
er Than TV Respondent Saw Life
Insurance Ads On:
Internet
Newspaper
Hoardings
Friends/Family
Radio

:
:
:
:
:

12
13
07
06
11

Fig: 11
23%

25%

10%

27%

15%

Interne
ernet

Newspaper

Hoardings

Frnd/Family

Radio

Other than televi

evision which has captured majo
ajority share in
advertising, these
ese media need to be groomed.
d. Newspapers
(27%) has majorit
rity share in advertisement else TV followed by
Internet (25%) an
and Radio (23%). Hoardings const
nstitute 15% of
market shares an
and Family / Friends (public relation)
rel
about
10%.

47

Most Preferred Insurance Policy:

Life Plan
Health Plan
Child Plan
Retirement Plan

:
:
:
:

13
15
09
11

Fig: 12
Retirement
22%

Life
27%

Child
20%
Health
31%

When tried to find liking about insurance products 31%

people wished to have life policy, 27% liked life policy, 22%
liked retirement policy and rest 20% wished to have child
plan.

48

Ranking
gO
Of Insurance Companies
s According
A
To Respondent Perception
ion:
Comp
mpany

1. HDFC Standa
dard life
insurance
2. ICICI
Pru
rudential
life
insurance
3. RELIANCE life insurance
4. TATA AIG life
ife insurance
5. BAJAJ Allianz
anz
As we know LI
LIC is a big
player in an
n Insurance
Industry
and
nd
it
is
everyones first
st choice. But
private players
rs also start
chasing LIC. Th
The craze of
LIC is mainly
ly because of
Public sector.. If we talk
about private p
players then
ICICI Prudentia
tial (3.44) is
the first choic
oice of the
public followed
ed by Tata
AIG. Life Insura
urance (2.88)
and Bajaj Allian
ianz enjoy 3rd
position jointly
ly with HDFC
Std. life (2.82).
). Then come
Reliance life insu
nsurance with
weight 2.80.

Total
Score
141

Mean
Me
Score
Sc

Rank

2.82
2.

3rd

172

3.44
3.

1st

140
144
141

2.80
2.
2.88
2.
2.82
2.

5th
2nd
3rd

erage Weight
Fig: 13 Avera
4.5
4
ICICI
3.5
TATA

BAJAJ

HDFC
2.5

Reliance

2
1.5
1
0.5
0

49

Comparison between Ad Rating and Company

Standing According To Respondents:
Company

Ad-Rating
3.42
2.90
3.12

HDFC Std. life

Reliance
ICICI Prudential

Company
Rating
2.82
2.80
3.44

4
3.5
3
2.5
2

Ad-Rating
Company Rating

1.5
1
0.5
0
HDFC Std. life

Reliance

ICICI Prudential

Here, it is seen that people like HDFC advertisement

more but company is not understood up to the mark by
the respondent. Reliance rating is much closer with
respect of its advertisement rating and doing averagely.
And ICICI Prudential is having positive direct relation
with its advertisement.

50

CHAPTER- FOUR

CONCLUSION

51

Conclusion:
In concluding part of this project it shows that advertisement is very
much important for any business but advertisement alone do not
account for companys success.

From the above findings, we come to know that life insurance

companies have very good visibility. Most of the time people are
able to recall the advertisements. People notices majority of
advertisement on Television followed by Newspapers. The role of
other media such as Internet, Radio, etc. needs be enhanced
and groomed along with T.V and Newspaper. Media such as
internet, telephone and family/friends can be used with great
deal in the advertisement because it has greater impact on the
user due to its interactive nature.

In television channels, entertainment channels lead in the

frequency of life insurance ads. They have also greater relative
visibility in comparison of other channels therefore advertiser
needs

to

identify

the

proper

slot

and

timing

for

their

advertisements according to their budget.

In the content part of ads, people agrees that they understand

the advertisement shown but they dont find relevancy and
somewhat have not been prompted by those ad to buy the
policy. Therefore, efforts should be made to make
advertisements more trustworthy and innovative so that people
can be persuaded to buy the policies. Each ad should speak
about how their firms offers can help customers instead of
telling how insurance as a whole can help you.

On the frequency part, HDFC standard life insurance company

leads in the advertisements. ICICI Prudential closely follows
with slightly lesser points. But when talking about company
ranking according to the perception of the peoples, ICICI
52

Prudential leads in the table. Here HDFC is at third position

next to the Tata AIG. So, we can judge that number or
frequency of the advertisement is not enough to make favorable
image for the companies; there are some other factors also
which are responsible for companys credentials. So, company
should have better public relation, public awareness program
and strong corporate philanthropy to have positive image in
public and sell their products.

53

CHAPTER- FIVE

SUGGESTION

54

Suggestion:
In the preceding part of the report we have seen that people already
have awareness about the company but they are not aware about
products of the ICICI Prudential Co. Ltd; therefore the main objective
of the company should be to:
i)

Create awareness among people about its products

and tell the benefit of having product of ICICI
Prudential.

ii)

Build a strong repo and credential in the market so as

to counter main rival LIC.

iii)

The insurance sector has largely stuck to images of

happy families, carefree couples and cute babies. We
have to use a different route to break the clutter.
Humor and endorsement of celebrities is some of the
routes available to this.

iv)

Rural India is very big and untapped market full of

opportunities. Therefore in order to do so ICICI
Prudential should come in front for development of
rural sector, by way of establishing a school, by digging
a well in villages. May be it seems like a fools
suggestion but it is one of the way to gain trust in
rural sector.

v)

We can also use to advertise us by using the way of

Puppetry, Nautanki, Tamasha, etc. If we adopt this
technique then I am sure that this will be most
creative and cheaper advertisement all over the world.
And by this way ICICI Prudential can again list their
name in top advertiser.

vi)

We should use correct media mix and appropriate

channels in order to reach maximum people and
convey message to them.
55

BIBLIOGRAPHY

56

BOOKS:
i.

Kothari C.R. (2004), Research Methodology Methods and

Techniques, N. Delhi, New Age International Publication

ii.

Green,

Paul,

Tull

(2002)

Research

for

Marketing

Decisions, N. Delhi, Prentice-Hall of India

iii.

Sharma

D.D.

(2008),

Marketing

Research:

Principle

Application & Cases N. Delhi, Sultan Chand & Sons

iv.

Belch,

Mandelchge

(6th

Edition,

Tata

McGraw

Hill),

Advertising and Promotion.

v.

Batra (5th edition, Pearson Prentice Hall) Advertising

Management.

vi.

Kotler P. (1999), Marketing Management, N. Delhi,

Prentice-Hall of India.

vii.

Jha S.M. (2003), Services Marketing, N. Delhi, Himalaya

Publishing House.

viii.

Bitner M.J. (2008), Services Marketing N. Delhi, Tata

McGraw-Hill.

WEBSITES:
i.

http://www.iciciprulife.com

ii.

http://www.managementparadise.com

iii.

http://www.businessworld.in

iv.

http://www.outlookindia.com

v.

http://en.wikipedia.org/wiki/icici_prudential

vi.

http://www.irdaindia.org

vii.

http://www.business-standard.com
57

ANNEXURE

58

BOARD OF DIRECTORS
The ICICI Prudential Life Insurance Company Limited Board
comprises reputed people from the finance industry both from India
and abroad.

Ms. Chanda D. Kochhar, Chairperson

Mr. N. S. Kannan, Director
Mr. K. Ramkumar, Director
Mr. Barry Stowe, Director
Mr. Adrian OConnor, Director
Mr. Keki Dadiseth, Independent Director
Prof. Marti G. Subrahmanyam, Independent Director
Ms. Rama Bijapurkar, Independent Director
Mr. Vinod Kumar Dhall, Independent Direct
Mr. V. Vaidyanathan, Managing Director & CEO

MANAGEMENT TEAM
The ICICI Prudential Life Insurance Company Limited Management
team comprises reputed people from the finance industry both from
India and abroad.
Mr.V.Vaidyanathan, Managing Director & CEO
Ms. Anita Pai, Executive Vice President - Customer Service,
Technology & Marketing
Dr. Avijit Chatterjee, Appointed Actuary
Mr. Puneet Nanda, Executive Vice President

59

For Further assistance email me at gyandip@in.com