ICICI PRUDENTIAL LIFE INSURANCE CO. LTD.

Consumer Behavior & Customer Satisfaction

A Market survey.
Manisha Kaushik 3/10/2010

This report will give the " Study Consumer Behavior & Their Satisfaction from ICICI Prudential life insurance:

TRAINING REPORT ON
A STUDY ON CONSUMCTIOER BEHAVIOR & CUSTOMER SATISFACTION
(SUBMITTED IN PARTIAL FULFILLMENT OF THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION)

(SESSION 2006-2011)

Undergone at

UNDER GUIDELINESS OF:SAURABH CHAUDHARY ( AREA SALES MANAGER)

submitted by: MANISHA KAUSHIK 8TH SEM. Roll No. 02

INSTITUTE OF MANAGEMENT STUDIES

KURUKSHETRA UNIVERSITY, KURUKSHETRA

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ICICI PRUDENTIAL LIFE INSURANCE CO. LTD

DECLARATION
I, Manisha Kaushik, Student of M.B.A. (Five Years) regular, Institute of Management Studies, Kurukshetra University, Kurukshetra have undertaken this project under the title A Study Consumer Behavior & customer Satisfaction in ICICI prudential Life Insurance Co. Ltd. Karnal for a period of four weeks from 6TH JAN. TO 5TH FEB.2010 in which I have completed my training in Marketing Dept. All the information in this project is wholly my own and original and not copied from anywhere else.

Manisha Kaushik

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ACKNOWLEGEMENT

This is to acknowledge that so many persons have contributed directly or indirectly for the successful completion of my study. I would like to be grateful to Mr. SAURABH CHAUDHARY (Area Sales manager) & Ms. Neelakshi Gautam (H.R executive) for their continuous support & inspiring guidance throughout the course which helped me in every task to bring this work to its present form. I would like to express my deep sense of gratitude to Mr. Keshav Aggarwal, (Zonal Sales Manager). My project guide, & guided me precisely and without his timely instructions this report would not have been seen so light.

Further I would like to be thankful to all the senior staff members of ICICI prudential Life Insurance Co. Ltd. Karnal who provided me cooperation in collecting the data & requested the concerned authorities to extend their help for the completion of this project. The project was enriched & accomplished by their valuable suggestions.

Manisha Kaushik. M.B.A. (student)

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PREFACE

Theoretical & practical knowledge is complementary to each other. Manager should have conceptual knowledge, which is basic foundation for successful management practices. Management students good conceptual base but practical knowledge of business activity is somewhat inadequate. So, in order to acquaint themselves about management practices they are required to undergo practical training of four weeks with some business organization. This gives them an opportunity to have a firsthand knowledge of Human resource department add to their existing information. I did my training at ICICI Prudential Life Insurance Co. Ltd.

I was assigned the project that is on A Study Consumer Behavior & customer Satisfaction.

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Abstract: This report will give the " Study Consumer Behavior & Their Satisfaction from ICICI Prudential life insurance: Objective 1: - To study the benefits of the products offered by ICICI pru. - To know the consumer feedback. Objective 2: - To know the marketing strategies adopted to promote these products. - To make the private players responsible to the investors and not to the government. - To increase the competition in this sector so that the common people has the advantage of enjoying quality services at a reasonable cost Objective 3: - Insurance has a far-reaching effect in synchronizing between the various service sectors. So if this sector can grow, the prospects of the various other service sector remains to be promising. Number of Pages of Project Report: 52 Package Includes: Project Report Project Format: Document (.doc)

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Table Of Contents Title

1. Executive Summary 2. Insurance An Introduction 3. Introduction of Company

Page No.

About ICICI Bank About Prudential About the Company (ICICI Prudential) Product Offered By ICICI Prudential

3. Project Introduction- consumer Behavior 4. Research Methodology Objective of study Significance of the Study Research Design Sampling Methodology 5. Data Analysis & Data Interpretation 6. Facts & Findings 7. Recommendations & Conclusion 8. Bibliography 9. Annexure - Questionnaire
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EXECUTIVE SUMMARY ICICI Prudential Life Insurance is one of the largest Insurance networks in the country, and 2nd Life Insurance Company in India. The ICICI Group has been in existence since 1955 when ICICI Ltd., was created. ICICI Prudential started in 2002 as subsidiary of ICICI Ltd., Today ICICI Life Insurance has a customer base of 4 million with total assets exceeding Rs.1, 00,000 Cr. making it the 2nd largest life insurance company in the country, next only to LIC. The Insurance sector, after the opening up, provides greater opportunities. Several global players have emerged and the market has changed significantly. In the changed scenario, the expectation is that the low Insurance premium as a percentage of GDP prevailing in India will improve and will offer better opportunities to the insurance players. Life Insurance sector is one of the key areas where enormous business potential exists. In India currently the life insurance premium as a percentage of GDP is 1.3 per cent against 5.2 per cent in the US, but in the liberalized scenario, the life insurance premiums were projected to grow at around 18% to 20% from Rs 215 billion in 1998- 99 to Rs 592 billion in 2004-05 and to Rs 1450 billion by 2009-10. Corporate non-life premium was projected to grow from Rs 84 billion in 1998-99 to Rs 386 billion in 2009- 10 and personal line non-life from Rs 4 billion to Rs 51 billion. In the life Insurance segment the Life Insurance Corporation of India (LIC) is the major player. The LIC has 2050 branches. It is constituted in to seven Zones. Currently there are 5, 60,000 LIC agents in India. General Insurance is another segment, which has been growing at a faster pace.

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Chapter 1 INSURANCE AN INTRODUCTION.

Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed and known small loss to prevent a large, possibly devastating loss. An insurer is a company selling the insurance; an insured or policyholder is the person or entity buying the insurance. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

PRINCIPLES OF INSURANCE
The six principles of insurance are: 1. Indemnity Insurance is a contract of indemnity where the insurance company indemnifies the insured against certain risks for a consideration known as premium. 2. Insurable interest means the loss of which will directly affect the insured. 3. Utmost good faith means that the insured and the insurance company will not willfully hide anything from each other. 4. Mitigation means the insured will not behave irresponsibly and will take due care so that the risk of loss or the loss is minimized.

5. Subrogation means the insurance company acquires legal rights to act on behalf of the insured i.e. the insurance company steps into the shoes of the insured.

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The insurance industry in India can broadly classified in two parts. They are: 1) Life insurance. 2) Non-life (general) insurance. 1) Life insurance: Life insurance can be defined as life insurance provides a sum of money if the person who is insured dies while the policy is in effect. In 1818 British introduced to India, with the establishment of the oriental life insurance company in Calcutta. The first Indian owned Life Insurance Company; the Bombay mutual life assurance society was set up in 1870.the life insurance act, 1912 was the first statuary measure to regulate the life insurance business in India. In 1983, the earlier legislation was consolidated and amended by the insurance act, 1938, with comprehensive provisions for detailed effective control over insurance. The union government had opened the insurance sector for private participation in 1999, also allowing the private companies to have foreign equity up to 26%. Following the opening up of the insurance sector, 12 private sector companies have entered the life insurance business.

Benefits of life insurance

Life insurance encourages saving and forces thrift. It is superior to a traditional savings vehicle. It helps to achieve the purpose of life assured. It can be enchased and facilitates quick borrowing. It provides valuable tax relief. Thus insurance is found to be very useful in the lives of the person both in short term and long term.

FUNDAMENTAL PRINCIPLES OF LIFE INSURANCE CONTRACT:1) Principle of almost good faith: A positive duty to voluntary disclose, accurately and fully, all facts, material to the risk being proposed whether requested or not. 2) Principle of insurable interest: Relationships with the subject matter (a person) which is recognized in law and gives legal right to insure that person.

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2) Non-life (general) Insurance:

Triton insurance co. ltd was the first general insurance company to be established in India in 1850, whose shares were mainly held by the British. The first general insurance company to be set up by an Indian was Indian mercantile insurance co. Ltd., which was stabilized in 1907 . there emerged many a player on the Indian scene thereafter. The general insurance business was nationalized after the promulgation of General Insurance Corporation (GIC) OF India undertook the post-nationalization general insurance business.

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Chapter 2
INDUSTRY PROFILE 1.1 Insurance in India The insurance sector in India has come a full circle from being an open competitive market to nationalization and back to a liberalized market again. Tracing the developments in the Indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries. 1.2 A Brief history of the Insurance Sector The business of life insurance in India in its existing form 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 in India are; 1912: The Indian Life Assurance For over 50 years, life insurance in India was defined and driven by only one company the Life Insurance Corporation of India (LIC). With the Insurance Regulatory and Development Authority (IRDA) Bill 1999 paving the way for entry of private companies into both life and general sectors there was bound to be new-found excitement- and new success stories. Today, just three years since their entry, their cumulative share has crossed 13% (source: IRDA), far exceeding expectations. Clearly insurance is on a growth path. The percentage of premium income to GDP which was just 2.3% in 2000-01 rose to 3.3% in 2002-03; and life insurance has emerged as the dominant contributor to this growth. The industry presented a huge opportunity. Life insurance penetration, for instance, was at an abysmal 22% of the insurable population. However, private players have had to rise to many challenges. They were faced with attitudinal barriers towards the category and the perception that insurance was only a tax saving tool. Insurance per se had lost it basic Rationale: protection. It wasnt surprising then that its potential lay frozen and unexploited. The challenge for private insurance players was to change the established category driver and get customers to evaluate life insurance as an investment-cum-protection tool. 1.3 Brief Review of Scenario Insurance Insurance in India started without any Regulation in Nineteenth century. It was story of a typical colonial era. A few British companies dominated the market mostly in large urban centers. Insurance was nationalized mainly on 3 counts First, Indian lives were not insured. Second, even if they were insured, they were treated as substandard lives and extra premium was charged. Third, there were gross irregularities in the functioning of Life insurance was
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nationalized in the year 1956, and then general insurance was nationalized in the year 1972. In 1999, the private insurance companies were allowed back again into insurance sector with maximum cap of 26 percent foreign holding. 1818: The British introduce to India, with the establishment of the Oriental Life Insurance company in Calcutta. 1850: Non life insurance debuts, with Triton Insurance Company. 1870 : Bombay Mutual life Assurance Society is the first Indian-owned life insurer 1907: Indian mercantile Insurance is the first Indian non-life insurer. 1912: The Indian life assurance companies act enacted to regulate the life insurance business. 1938: The insurance act, which forms the basis for most current insurance laws, replaces earlier act. 1956: Life insurance nationalized, government takes over 245 Indian and foreign insurers and provident societies. 1956 :Government sets up LIC 1972: Non life insurance nationalized, GIC set up. 1993: Malhotra committee, headed by former RBI governor R.N.Malhotra, set up to draw up a blue print for insurance sector reforms. 1994: Malhotra Committee recommends re-entry of private players, autonomy ot PSU insurers. 1997: Insurance regulator IRDA (Insurance Regulatory and Development Authority) set up. 2000: IRDA starts giving licensed to private insurers 2001: ICICI Prudential Life Insurance came into the market to sell a policy. 2002: Banks were allowed to sell insurance plans, as TPAs enter the scene, insurers start settling non-life claims in the cashless mode.

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1.4 The Insurance Regulatory and Development Authority (IRDA): Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. The other decisions taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies were the launch of the IRDAs online service for issue and renewal of licenses to agents. The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products, which are expected to be introduced by early next year. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. In the private sector 12 life insurance and 6 general insurance companies have been registered. With the demographic changes and changing life styles, the demand for insurance cover has also evolved taking into consideration the needs of prospective policyholder for packaged products. There have been innovations in the types of products developed by the insurers, which are relevant to the people of different age groups, and suit their requirements. Continued innovations in product development has resulted in a wide range of flexible products to meet the requirements for cover at different stages of life -today a variety of products are available ranging from traditional to Unit linked providing protection towards child, endowment, capital guarantee, pension and group solutions. A number of new products have been introduced in the life segment with guaranteed additions, which were subsequently withdrawn/toned down; single premium mode has been popularized; unit linked products; and add-on/riders including accidental death; dismemberment, critical illness, fixed term assurance risk cover, group hospital and surgical treatment, hospital cash benefits, etc. Comprehensive packaged products have been popularized with features of endowment, money back, whole life, single premium, regular premium, rebate in premium for higher sum assured, premium mode rebate, etc., together with riders to the base products.

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1.5 Historical Perspective Prior to 1956 -242 companies operating 1956 -Nationalization- LIC monopoly player -Government control 2001 -Opened up sector 1.6 Contribution to Indian Economy Life Insurance is the only sector which garners long term savings. Spread of financial services in rural areas and amongst socially less privileged. Long term funds for infrastructure. Strong positive correlation between development of capital markets insurance/pension structure. Employment generation. 1.7 Insurance Industry prior to de-regulation Prior to deregulation in 2000, market was a public monopoly. Public Monopoly - 2000 Offices - Over 800,000 agents Distribution through tied agents only Sales approach primarily on a tax savings platform Traditional style product offering : Endowment and money back plans Inadequate and inflexible products Pensions: Small part of product offer Limited focus on customer needs 1.8 Improving Service Standards - Pre Deregulation Limited Distribution - Post Deregulation Service through Distribution

and

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 TOP INSURANCE COMPANIES Insurance is a nascent sector in India providing a wide potential for the players worldwide. The premiums of life insurance accounts to about 2.5 % of India's GDP while the premiums of the general insurance accounts to about 0.65% GDP. In India the Insurance sector went through a number of changes when the Indian Government allowed the private companies to solicit insurance by allowing FDI up to 265%.The Indian Insurance scenario received a boost up as the global insurance companies are craving for a lion's share. The Insurance Companies like LIC, Bajaj Alliance,ICICI Prudential are booming in this era. The list below will give the names of the best Insurance Companies of India. LIST OF TOP INSURANCE COMPANIES OF INDIA Life Insurance Corporation of India : This leading Insurance company of India was established in the year 1956 by the alliance of 16 non-Indian companies,154 Indian Insurance Companies and 75 provident. It has 100 divisional offices,2048 computerized branches,7 zonal offices and the company's corporate office. It has introduced new strategies for the facilitation of the customers like the IVRS,ECS,ATM Premium payment facility and the company's Info centers in Mumbai, Delhi, Chennai, Kolkata and many others cities. Bajaj Allianz Life Insurance: This Indian Insurance company is a joint venture of Alliance AG,which is one among the largest Life Insurance companies and Bajaj Auto,one among the biggest 2- & 3 wheeler producers in the world. The Company has various plans for the customers like the Pension,Retirement,Life Time Care,Health Care,Life Insurance Online,Life Insurance Saving Plans, and online services like the Address change,Renewal Premium Payment etc. Tata AIG Life : This renowned life Insurance company in India offers a wide array of products related to life insurance for associations ,individuals and businesses. The company offers high quality solutions to its corporate Indian clients. It renders services like the AIG Health First, AIG Health Life Protector, Tata AIG Life Hospital Cash Back, Tata AIG Life Maha Gold, Tata AIG Life Assure 10 Years and many others. The company is a joint venture of America International Group and TATA group. Birla Sun Life Insurance: It is one of the major insurance companies in India and a joint venture of Sun Life Financials and Aditya Birla group. The company provides Life Insurance Solutions to meet the needs of Protection, Retirement and Saving .It has recently launched the Money back Plus Plan and offers Insurance programs like the Children,NRI,Riders,Health etc.

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 SBI Life : This renders premium Insurance solutions like SBI Life-Smart ULIP,SBI Life-Group Criti9, SBI Life-Unit Plus Child Plan etc. It also offers services like the NRI services,Premium Payment Procedure,ECS Facility,RPI/RFI and many others. SBI Life is a joint venture of BNP Paribas Assurance and SBI. Max New York Life: This Life Insurance company in India provides the best solutions related to life insurance like children's plan, retirement solution, Investment, Protection, Health,Savings etc. The company has 14 corporate agency tie ups, 33 bankassurance relationships and direct sales force at 14 locations. It is now covering 36 products related to life and health insurance. Kotak Life Insurance: This premier Insurance company in India offers insurance facilities related to Savings,Investments,Child,Retirement,Protection, Kotak Long Life Secure Plus,Kotak Long Life Health Plus etc. It opens up services like Insurance Guide, NAV, Premium Payment Options and many others. HDFC Standard Life: This is one of the major market leaders in the insurance sector in India. The company offers Insurance services like the Group Plans, Health Plans, Protection Plans, Retirement Plans, Savings and Investment Plans etc. The customer base of the company is about more than 7 million who depend on the company for pension, investment, banking needs. Reliance life : The company based in India offers the best plans for Life Insurance in India. Reliance Capital Limited's associate company is Reliance Life which is one of the leading private sectors in India. The company provides the Protection Plans, Child Plans,Retirement Plans and Investment plans and is also the ultimate solver of solutions for Groups and Individuals. ICICI Prudential: This major Insurance Company in India provides health Insurance, life insurance, ULIPs, ULIP ,Retirement Plans and many others. Life Insurance Plans of the company covers Premium Guarantee Plans, Education Insurance Plans etc. Pension Plans encompass Life Stage Pension, Forever Life. Health Insurance Plans cover Hospital Care, Medias sure.

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Chapter 3 OVERVIEW ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services companies-and Prudential plc - a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 47.80 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. The beginning of operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). Today, their nation-wide reach includes 1,960 branches (inclusive of 1,096 micro-offices), over 237,000 advisors; and 6 banc assurance partners. For three years in a row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As we grow our distribution, product range and customer base, we continue to tirelessly uphold our commitment to deliver world-class financial solutions to customers all over India. THE COMPANY ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA).

Punch line: we cover you. At every step in life.

ICICI Prudential Life's capital stands at Rs. 4,780 crores (as of December 31, 2009) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the period April 1, 2009 to September 30, 2009, the company has garnered total received premium new business premium of Rs 2,128 crores and has underwritten over 10 million policies since inception. The company has assets held over Rs. 53,000 crores as on December 31, 2009. For the past nine 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.

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 PROMOTERS ICICI BANK ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country with consolidated total assets of about US$ 95 billion as of March 31, 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 is a leading internal retail financial services group with significant operations in Asia, the US and the UK. Prudential has been writing protection and savings insurance for over 160 years, and today has more than 21 million customers worldwide and over 249 billion in assets under management (as of December 31, 2008). In Asia, Prudential is the leading Europe-based life insurer with 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 December 31, 2008) and operations in ten markets including China, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and United Arab Emirates.

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 VISION & VALUES

Vision
To be the dominant Life, Health and Pensions player built on trust by world-class people and service. This we hope to achieve by:

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

The success of the company will be founded in its unflinching commitment to 5 core values -- Integrity, Customer First, Boundary less, Ownership and Passion. Each of the values describe what the company stands for, the qualities of our people and the way we work. We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth.

Values

Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundaryless, Ownership, and Passion. These values shine forth in all we do, and have become the keystones of our success.

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 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

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 DISTRIBUTION SYSTEM : CUSTOMER SERVICE AND OPERATIONS The Operations department oils the work processes between the customer and the company to ensure consistent and quality service to the customer. To streamline the operations, the Operations department interfaces between the clients and the agents, the branches and the underwriters, and manages work processes. The Vision at Customer Service is to deliver World Class Service at every opportunity. Units such as the 9 to 9 contact centre, Outbound Call Centre, Customer Care and Query Resolution Unit are all committed to providing effective solutions to over lakhs of customers across the country. Information Technology The Information Technology function at ICICI Prudential is committed to enable business through the use of technology. It is segmented into 4 groups to enable highest levels of delivery to the customers: Life Asia Solutions Group that provides flexibility in designing better product offerings to end-users, the Solutions Group- Web that provides real-time information to customers and is responsible for customer relationship management, IT Architecture & Corporate Solutions Group is in charge of developing and maintaining a blueprint for the IT architecture for the enterprise as a whole. This team works as an in house R&D Solution Group, exploring new technological initiatives and also caters to information needs of corporate functions in the organization. IT Infrastructure group is responsible for providing hardware, software, network services to the whole organization. This group runs the 'Digital Nervous System' of the Enterprise at the highest levels of efficiency and provide robust, scalable and highly available platform for deployment of business application. Marketing The Marketing function at ICICI Pru covers an array of activities brand and media management, channel support, direct marketing and corporate communications. The Brand and Communications team is in charge of advertising, consumer research, media planning & buying and Public Relations; that helps develop and nurture ICICI Prudential's corporate identity while effectively communicating its varied product offerings to the customer. Channel marketing provides support to the sales force by streamlining the design and development of collaterals and sales tools across distribution channels. The Direct marketing team was set up to generate high quality leads for profitable business. The team achieves this through target database acquisition and communicating customized product information through e-mailers, telemarketing and innovative direct mailers.

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 Finance Finance function in ICICI Prudential is committed to create an infrastructure that is aligned to shareholder expectations. Finance basically comprises of four functions. . Corporate Planning and MIS provide feedback on business strategies. This includes driving the budgeting process, providing strategic inputs for decision-making and management reporting and analysis. The Accounts function includes preparation and maintenance of financial records, funds management, and expense processing and treasury operations. Compliance ensures that every action is within the regulatory framework. This includes reviewing compliance requirements and supporting the ethical framework of ICICI Pru life. Internal audit provides assurance to the management over the organizations' control framework and includes process risk management, information security assessment and business continuity assessment. Human Resource The people strategy of ICICI Prudential is To build a committed team with a culture of innovation, learning and growth. The Human Resource Function at ICICI Prudential drives the people strategy of the business. With its initial focus on operational excellence to deliver benefits and services to staff members, HR is now committed to building capability through state of the art processes. A robust performance management system, compensation system and a segmented training architecture enable it to deliver value to the organization.

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 Stages in Policy Issuance

1) Proposal A Proposal Stage is the First stage before the policy is issued at COPS. At this stage, the application form is received by COPS, but it is pending for issuance due to further clarifications required from the customer. 2) Login A proposal which is complete i.e., duly filled with all necessary documents attached to it & accepted by the Branch ops, is called a Login 3) Reject An Application gets rejected at the Branch Ops level due to necessary details not filled in the form or necessary documents not submitted is a Reject. It is then sent back to the Advisor for completion. 4) Issuance Issuance means a policy that is issued to the Customer by Central Ops. 5) Decline Status When a customer refuses to take a policy post login but before Issuance is called a Decline 6) Cancellation When the cheque given by the customer bounces, it amounts to cancellation of the policy. 7) Lapse A policy for which the Customer fails to pay subsequent premiums is a Lapsed Policy. 8) Freelook Post issuance of the policy, the policyholder has the option to turn down the policy within 15 days from the date of issuance. This period of 15 days is called Free look Period. 9) Surrender: When a customer wants to discontinue with the policy.

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2.4 PRODUCT/SERVICES PROFILE ICICI Prudentials ultimate promise is financial security. A strong brand certainly boosts sale, but without customer-friendly, innovative products, even the best brand would not last long. ICICI Prudentials product range has been developed on the understanding that different people have their own sets of needs at various stages of their lives. It has thus built a flexible portfolio of products that can be customized to cater to varying needs of people at each stage, and thus ensure protection in every step of life. The companys philosophy has been to help customers understand their financial needs and work closely with them to customize a product that would meet. Advisors can offer a complete range of products. Savings plans, Child plans, Market-linked plans, Protection plans, and Retirement plans and tailor a flexible solution to meet customers changing needs at every stage of life. In fact, ICICI Prudential was the first to un-bundle product benefits, pioneering the concept of riders and soon after introduce comprehensive market-linked and retirement plans. ICICI Prudential has launched a handful of products that are analyzed below: ICICI Prudential's life insurance products may be loosely categorized under three forms: 1) pure life insurance products without an investment angle to them 2) a product that is a mix of a cumulative investment scheme and 3) an insurance product; and, finally, standard products such as money-back and endowment policies. Single Premium Bond: The Single Premium Bond is the name of a policy that combines the features of an investment in a cumulative deposit scheme with that of an insurance product. Policy-holders are required to pay a one-time premium based on a target sum assured. At maturity, the policy-holder gets the sum assured and guaranteed additions that work out to a compound return of 4.5 per cent the sum assured. The insurance part of the package comes in the form of death benefits that are paid in the case of the demise of the policyholder. The size of the death benefit is linked to the number of years left for the policy to expire. On maturity date, the maturity value is also paid in addition to the death benefits that would have been paid earlier.

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 Life Guard policies: The company offers two pure life insurance products that have an umbrella name, Life Guard. One of them involves a one-time premium for which there are no maturity benefits. The other requires regular premium payments that are returned at the end of the policy. Life Guard offers absolutely no investment-related return and is suitable for individuals looking for an unadulterated insurance package. Insurance Solutions for Individuals ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that meet the needs of customers at every life stage. Its products can be enhanced with upto 5 riders, to create a customized solution for each policyholder. Savings Solutions Secure Plus is a transparent and feature-packed savings plan that offers 3 levels of protection. Cash Plus is a transparent, feature-packed savings plan that offers 3 levels of protection as well as liquidity options. Save n Protect is a traditional endowment savings plan that offers life protection along with adequate returns Cash Back is an anticipated endowment policy ideal for meeting milestone expenses like a childs marriage, expenses for a childs higher education or purchase of an asset LifeTime and LifeTime II offer customers the flexibility and control to customize the policy to meet the changing needs at different life stages. Each offer 4 fund options Preserver, Protector, Balancer and Maximiser. LifeLink Super is a single premium Unit Linked Insurance Plan which combines life insurance cover with the opportunity to stay invested in the stock market. Premier Life is a limited premium paying plan that offers customers life insurance cover till age of 75. InvestShield Life is a Unit Linked plan that provides capital guarantee on the invested premiums and declared bonus interest. InvestShield Cash is a Unit Linked plan that provides capital guarantee on the invested premiums and declares bonus interest along with flexible liquidity options. InvestShield Gold is a Unit Linked plan that provides capital guarantee on the invested premiums and declares bonus interest along with limited premium payment terms.

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 Protection Solutions Lifeguard is a protection plan, which offers life cover at very low cost. It is available in 3 options level term assurance with return of premium and single premium. Home Assure is a mortgage reducing term assurance plan designed specifically help customers cover their home loans in a simple and cost-effective manner. Child Plans Smart Kid education plans provide guaranteed educational benefits to a child with life insurance cover for the parent who purchases the policy. The policy is designed to provide money at important milestones in the childs life. Smart Kid plans are also available in unit-linked form both single premium and regular premium. Retirement Solutions Forever Life is a retirement product targeted at individuals in their 30s SecurePlus Pension is a flexible pension plan that allows one to select between 3 levels of cover. Market-linked retirement products LifeTime Pension II is a regular premium market-linked pension plan. LifeLink Pension II is single premium market linked pension plan. InvestShield Pension is a regular premium pension plan with a capital guarantee on the investible premium and declared bonuses Golden Years: is a limited premium paying retirement solution that offers tax benefits up to Rs 100,000 u/s 80C, with flexibility in both the accumulation and payout stages HEALTH SOLUTIONS Health Assure and Health Assure Plus: Health Assure is a regular premium plan which provides long term cover against 6 critical illnesses by providing policy holder with financial assistance, irrespective of the actual medical expenses. Health Assure Plus offers the added advantage of an equivalent life insurance cover Cancer Care: is a regular premium plan that pays cash benefit on the diagnosis as well as at different stages in the treatment of various cancer conditions.

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Chapter 4
CONCEPTUAL BACKGROUND Satisfaction is defined as . . . A persons feeling of pleasure or disappointment resulting from comparing a products perceived performance (or outcome) in relation to his or her expectations. Customer Satisfaction can be defined as supplying or gratifying all wants or wishes, fulfilling conditions or desires, or the state of the mind anything that makes a customer feel pleased or contented. CONSUMER BEHAVIOR: Consumer behavior is defined as the behavior that consumers display in searching for, purchasing, using, evaluating and disposing of products and services that they expect will satisfy their needs. The study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services ideas, or experiences to satisfy needs and desires. Customer value: The ratio between the customerss perceived benefits (economic, functional and psychological) and the resources (momentary, time, effort, psychological) used to obtain those benefits. Customer satisfaction: Customer satisfaction is the individuals perception of the performance of the product or service in relation to his or her expectations. Motivation: The processes that account for an individuals intensity, direction, and persistence of effort toward attaining a goal. Personality: can be described ad the psychological characteristics that both determine and reflect how person responds to his or her environment. Perception: is defined as the process by which an individual selects, organizes, and interprets stimuli into a meaningful and coherent picture of the world. Consumer learning: is the process by which individuals acquire the purchase and consumption knowledge and experience they apply to future related behavior.

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 CONSUMER ADOPTION PROCESS The consumer adoption process is the process by which customers learn about new products, try them, and adopt or reject them. Today many marketers are targeting heavy users and early adopters of new products recognizing that specific media can reach both groups and tend to be opinion leaders. The consumer adoption process is influenced by many factors beyond the marketers control, including consumers and organizations willingness to try new products, personal influences and the characteristics of the new products or innovations STAGES OF ADOPTION PROCESS An innovation refers to any good, service, or idea. That is perceived by someone as new. The idea may have long history, but it is an innovation to the person who sees it as new. Innovation takes time to spread through the special system. The consumer adoption process focuses on the mental process through which an individual passes from first hearing about an innovation to final adoption. Adopters of new products have moved through the following five stages. 1. AWARENESS: The consumer becomes aware of the innovation but lacks information about it. 2. INTEREST: The consumer is stimulated to see the information about the innovation. 3. EVALUATION: The Consumer considers whether to try the innovation or not. 4. TRIAL: The consumer tries the innovation to improve his estimate of its value. 5. ADOPTION: The consumer decides to make full and regular use of the innovation. STATEMENT OF THE PROBLEM Study of consumer behavior & customer satisfaction towards ICICI Prudential Life Insurance Products.

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Chapter 5
OBJECTIVE OF THE STUDY For every problem there is a research. As all the researches are based on some and my study is also based upon some objective and these are as follows. 1. To understand the insurance business and products of ICICI Prudential life insurance co ltd. 2. To find out the peoples perception about life insurance. 3. To find out whether people were really aware of life insurance. 4. To find out how people think about private life insurance. 5. To find out what respondents expect from life insurance. 6. To understand Consumer buying behavior 7. To come out with conclusion and suggestions based on the analysis and the Interpretation of data.

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 SIGNIFICANCE OF THE STUDY

The project is concerned with the STUDY ON CONSUMER BEHAVIOR AND CUSTOMER SATISFACTION AT ICICI PRUDENTIAL LIFE INSURANCE CO. LTD. KARNAL. This study is very useful as the financial market become more sophisticated and complex, investor needs a financial intermediary who provides the required knowledge and professional expertise on successful investing and Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the policy. Essentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed upon sum of money to the insured's named beneficiary so long as the insured's premiums are current.

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 RESEARCH METHODOLOGY
Research in common parlance refers to a search for knowledge. One can also define research as a scientific and systematic search for pertinent information on a specific topic. The word research has been derived from French word Researcher means to search. FRANCIES RUMMER defined Research: It is a careful inquiry or examination to discover new information or relationship and to expand or verify existing knowledge. Research is the solution of the problem, whether created or already generated. When research is done, some new outcome, so that the problem (created or generated) to be solved.

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 RESEARCH DESIGN: Research Design is the conceptual structure within which research is conducted. It constitutes the blueprint for collection, measurement and analysis of data. The design used for carrying out this research is Descriptive. DATA TYPE: In this research the type of data collection is: Primary data Secondary data

DATA SOURCE: The sources of collection of secondary data are: Questionnaire Books Websites Magazine Brochure

SAMPLING PLAN: It is very difficult to collect information from every member of a population .As time and costs are the major limitation that being faced. A sample of 50 was taken the sample size of 50 individuals were selected on the basis of convenient sampling technique. The individuals were selected in the random manner to form sample and data were collected from them for the research study. ANALYSIS AND INTERPRETATION: 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.

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Chapter 5

DATA ANALYSIS AND INTERPRETATION 1. Age Of The Respondents

Particulars less than 25 25-35 35-45 above 45 Total no. of respondents 6 20 10 14 50 %age 12% 40% 20% 28% 100%

Age of Respondents
60 50 50 40 30 20 20 10 10 0 less than 25 25-35 35-45 above 45 total 6 12% 40% 20% 28% 100% 14 no. of respondents percentage

ANALYSIS: From the survey it was found that amongst 50 respondents a) 12% of the respondents are less than 25 years old. b) 40% of the respondents are between 25 and 35 years of age. c) 20% of the respondents are between 35 and 45 years of age. d) 28% of the respondents are more than 45 years of age

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Q 2 QUALIFICATION OF THE RESPONDENTS?

Particulars Graduate post graduate Diploma other discipline Total

no. of respondents 26 14 4 6 50

%age 52% 28% 8% 12% 100%

Qualification Of the Respondents

60 50 50 40 30 20 10 52% 0 Graduate post graduate Diploma other discipline total 28% 26 14 4 8% 6 12% 100% no. of respondents %age

ANALYSIS: From the survey it was found that amongst 50 respondents a) 52% of the respondents were graduate b) 28% of the respondents were post graduate c) 8% of the respondents were diploma d) 10% of the respondents were other discipline

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Q3. OCCUPATION OF THE RESPONDENTS.

Particulars
business man professional job holders others total

no. of respondents
5 12 27 6 50

%age
10% 24% 54% 12% 100%

Occupation Of The Respondents.

60 50 50 40 30 20 12 10 0 business man professional job holders others total 5 10% 24% 54% 6 12% 100% 27 no of respondets %age

ANALYSIS: From the survey it was found that amongst 50 respondents a) 10% of the respondents are businessmen. b) 24% of the respondents are professionals. c) 54% of the respondents are job holders. d) 12% of the respondents are background. 4) Average annual income of respondents.

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Q.4 AVERAGE ANNUAL INCOME OF RESPONDENTS

particluars upto 1 lacs 1lacs-3lacs 3 - 5lacs 5 lacs & above total

no of respondents 3 12 17 18 50

%ge 6% 24% 34% 36% 100%

Average Annual Income Of respondents

60 50 50 40 30 20 12 10 3 0 upto 1 lacs 1lacs-3lacs 3 - 5lacs 5 lacs & above total 6% 24% 34% 36% 100% 17 18 no of respondents %ge

ANALYSIS: From the survey it was found that amongst 50 respondents a) 6% of the respondents have an average annual income up to 1 lakh b) 24% of the respondents have an average annual income from 1 lakh to 3 lakh c) 34% of the respondents have an average annual income from 3 lakh to 5 lakh d) 36% of the respondents have an average annual income above 5 lakh

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Q 5. FAMILY SIZE
Family size PARTICULARS below 5 members 5-10 members above 10 members NO. OF RESPONDENTS 20 12 18 %age 40% 24% 36%

FAMILY SIZE
0%

36%

40%

below 5 members 5-10 members above 10 members

24%

ANANLYSIS: From the survey it was found that amongst 50 respondents a) 40% of the respondents are below 5 members. b) 24% of the respondents are between 5 to 10 members. c) 18% of the respondents are above 10 members.

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Q. 6. LIFE INSURANCE IS?

Particulars risk coverage tax savings good return Security all the above Total

no. of repondents 10 5 4 6 25 50

%age 20% 10% 8% 12% 50% 100%

life insurance is...

60 50 40 30 20 10 20% 0 risk coverage tax savings good return security all the above total 10% 8% 12% 50% 100% no. of repondents %age

ANALYSIS: From the survey it was found that amongst 100 respondents a) 20% of the respondents say risk coverage. b) 10% of the respondents say tax savings. c) 8% of the respondents say good returns. d) 12% of the respondents say financial security. e) 50% of the respondents say all of the above.

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Q.7) Awareness of ICICI Prudential life insurance.

Particulars Yes No Total no. of respondents 33 17 50 %age 66% 34% 100%

awareness regarding ICICI pru.

35 30 25 20 15 10 5 66% 0 yes no 34% 17 33

no. of repondents %age

ANALYSIS: From the survey it was found that amongst 100 respondents a) 66% of the respondents say that they are aware of ICICI Prudential life insurance co. b) 34% of the say that they are unaware of ICICI Prudential life Insurance co.

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Q8. THE % OF RESPONDENTS WHO ARE UNDER DIFFERENT PLANS OF ICICI PRUDENTIAL LIFE INSURANCE CO.

PARTICULARS invest Gain Plus Unit Gain Plus Child Gain Plus whole life plan pension plan TOTAL

no. of respondents 8 22 6 14 NIL 50

%age 16% 44% 12% 28% NIL 100%

no. of respondents
0% 16% 28% invest Gain Plus Unit Gain Plus Child Gain Plus whole life plan 12% 44% pension plan

ANALYSIS: From the survey it was found that amongst 50 respondents a) 16% of the respondents are under invest gain plan b) 44% of the respondents are under unit gain plan c) 12% of the respondents are child gain plan d) 28% of the respondents are whole life plan e) No body under pension plan

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Q. 9 % of Respondents Benefits Of Choosing The Particular Products.

no. of respondents particulars risk coverage additional benefits maturity date Sum assured 30 15 3 2 %age 60% 30% 6% 4%

% Of Respondents Benefits Of Choosing The Particular Products

35 30 30 25 20 15 15 10 5 60% 0 risk coverage additional benefits maturity date sum assured 30% 3 6% 2 no. of repondents %age

4%

ANALYSIS: a) 60% of the respondents say that a benefit of choosing the particular Product is for Risk Coverage. b) 30% of the respondents say that a benefit of choosing the particular products is for additional benefit to family. c) 6% of the respondents say that a benefit of choosing the particular products is for maturity date. d) 4% of the respondents say that a benefit of choosing the particular products is for sum assured

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10) % of Disadvantages In Insurance Plan.

particulars Liquidity lapsation unable to decide premium high risk coverage fixed term total no. of respondents 17 11 9 7 6 50 %age 34% 22% 18% 14% 12% 100%

% of disadvantages in Insurance plans

60 50 50 40 30 no. of respondents 20 10 34% 0 Liquidity lapsation unable to decide premium high risk coverage fixed term total 22% 17 11 9 18% 7 14% 6 12% 100% %age

ANALYSIS: From the survey it was found that amongst 50 respondents a) 34% of the respondents say that disadvantages in insurance plan are liquidity. b) 22% of the respondents say that disadvantages in insurance plan are lapsation. c) 18% of the respondents say that disadvantages in insurance plan is unable decide premium. d) 14% of the respondents say that disadvantages in insurance plan are high risk coverage at high premium. e) 12% of the respondents say that disadvantages in insurance plan is fixed term.

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12) % OF RESPONDENTS WHO WANT TO INVEST IN THESE DIFFERENT AVENUES.

particulars recurring Deposit Equity Fund Balanced Fund Mutual Funds Debt funds Cash Funds

no. of respondents 13 14 12 5 2 4

%age 26% 28% 24% 10% 4% 8%

%OF RESPONDENTS WHO WANT TO INVEST IN THESE DIFFERENT AVENUES.

4% 8% 26% 10% recurring Deposit Equity Fund Balanced Fund Mutual Funds 24% 28% Debt funds Cash Funds

ANALYSIS: a) 26% of respondents say that they want to invest in R.D b) 28% of respondents say that they want to invest in equity c) 24%% of respondents say that they want to invest in balanced fund d) 10% of respondents say that they want to invest in mutual fund e) 4% of respondents say that they want to invest in debt market f) 8% of respondents say that they want to invest in cash

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 FINDINGS On an analysis and evaluation of the data collected from the respondents the following findings were found. o Before establishment of private concerns the share of LIC was 22% hence there is a wide scope for private concerns to enter in to market. o Total 50 respondents have been approached out of which 35 are the potential respondents who have shown interest for investment and finance plan. o Above 20% of respondents are shown interest for investment and financial plan. o About 33.33% of respondents are not interest to give their personal records. o About 12.67% of respondents have already been covered by other insurance companies. o About 10% of respondents have given invalid records. o About 10% of respondents are newly employed or trainees.

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 RECOMMENDATIONS: Since ICICI Prudential Life Insurance co. ltd is the largest in terms of FDI invested, in terms of work force, in terms of market share, in terms of no. of customers. All these positive stands of the company place at the number one position. On second aspect whatever amount of money ICICI Prudential save, can be used to increase the no. of policies, which will helpful to increase the market share of the company. Since the customers think about the companies in the industry, when they invest money in the life insurance industry. So its necessary to increase the market share of the company. There are some recommendations: Open some more branches in semi urban and rural area. ICICI Prudential has almost its branches in urban area or metros. So in order to increase the no. of customer, ICICI Prudential should increase the approach towards potential customers. For that it has to increase the branches in the semi urban cities like C, D grade cities. And the rural marketing is the best option for ICICI Prudential to increase its base in the market Improve customer services. In order to take the advantage of being industry leader in private sector, ICICI Prudential has to improve its customer services. According to my experience in the company, a good number of customers forget to pay their premium at time so it causes a big loss to the company. ICICI Prudential has already collaborated with the ICICI bank for its Bancasurance facility and then can include another feature in it. ICICI bank can offer a bank account with the life insurance policy in which an ATM card will be provided. This card will have all the information regarding the policy as like future premium payment dates, payment made, money value of the policy at that date, value of the unit linked plan and all other information what the customer want. This will help the customer to pay premium on time and save their losses. This will be mutually helpful for both sister companies, ICICI bank will get new account and ICICI prudential will be able to more efficient services to their customers. Bring some unit linked life insurance plans in the market. Being a market leader doesnt ensure the leadership in the future. Since after increment in FDI from 26% to 49% all player will have the opportunity to capture the market share. So in order to maintain its position ICICI Prudential should Introduce some new market linked insurance plan, which will give a competitive advantage to the ICICI Prudential against its competitors.

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 Train the financial advisors more efficiently. In the changed scenario, more efficient training will be needed, so ICICI Prudential should provide good and efficient training to their financial advisors. Because they are the one who interact directly with the customers. So good training will give them the right way to deal with the potential customers.

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 ANNEXURE
QUESTIONNAIRE Dear Sir/Madam, I am a student of Institute Of Management Studies Kurukshetra University, Kurukshetra, conducting a marketing survey on CONSUMER BEHAVIOUR AND CUSTOMER SATISFACTION of ICICI Prudential LIFE INSURANCE, IN KARNAL CITY. I request you to fill this questionnaire & I assure that this data will be used only for study purpose & it will be kept confidential. Q.1. Name Q2. Address _________________________________ _________________________________ _________________________________ _________________________________

Q3. Age a. Less than 25 b. 25 35 Q4. Qualification a. Graduate b. Postgraduate Q5. Occupation a. Business b. Professional c. Job holder d. Other c. Diploma d. Other discipline c. 35-45 d. 45 and above

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Q6. What is your average annual income? a. Up to 1 lakh b. 1 lakh to 3 lakhs c. 3 lakhs to 5 lakhs d. 5 lakhs and more Q7. Your family size? a. Below 5 members b. 5 10 members c. Above 10 members 8. According to you life insurance is, a. A tax saving plan b. A saving scheme with good return c. A financial security for the family d. Risk coverage e. All the above

8. Have you taken any life insurance product of ICICI Prudential Life insurance? a. YES b. NO

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 If yes 9. Which are in these? a. Unit gain plan b. Invest gain plan c. Whole life plan d. Children plan e. Pension plan f. Others __________________ 10. Are you aware of the benefits in your policy? a. Yes If yes what are they? Sum assured Additional benefits Maturity date b. No

Risk coverage 11. According to you what are the disadvantages in an insurance plan? Lapsation Liquidity Fixed term Unable to decide your premium Unable to decide the sum assured High risk coverage at high premiums Other disadvantages

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12. In which of the following would you like to invest? Equity fund Debt fund Balanced fund Cash fund Mutual fund Recurring deposits

13. Any suggestion for ICICI Prudential Life Insurance ______________________________________________________ ______________________________________________________ Thank you for sparing your valuable time

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 BIBLIOGRAPHY o Marketing Management by Philip Kotler, Pearson Education 2nd ed. o Consumer Behavior by Leon G.Schiffman, Prentice-Hall India 8th ed. o IRDA Journal o ICICI Prudential Company magazines o Newspaper and Business magazines WEBSITES www.iciciprulife.com www.google.co.in/indian insurance industry www.irdaindia.org

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