Beruflich Dokumente
Kultur Dokumente
Hoshiarpur
Summer Training Report
Submitted in the partial fulfillment of the requirements
For the
Session 2007-2008
The insurance is a very much important & become the one of the
necessity of life as each and everyone wants to secure his life’s risk
financially also. Every person wants to increase his returns. People in this
age needs facilities which has the attribute of master of every thing to
ensure present and future.
SURBHI CHAWLA
CERTIFICATE OF COMPLETION
Mr.Manoj Sodhi
(Project Guide)
PREFACE
IRDA – ACT
HOW IT WORKS
MY STUDY – MARKETING
CONCLUSION
SUGGESSION / WEAKNESSES
BIBLIOGRAPHY
ANEXTURES
Profile of The
Capital Local Area Bank
Hoshiarpur Branch
Profile of the Capital Local Area Bank
• JALANDHAR
• PHAGWARA
• NAKODAR
• HOSHIARPUR
• SAMRAI
• MAHILPUR
• MEHATPUR
• KAPURTHALA
• MALSIAN
• GORAYA
• NURMAHAL
• RURKEE
• SHANKER
• LOHIAN
• BHOGPUR
• BEGOWAL
The bank further plans to open its operational branches soon at the
following rural areas for optimally re-sourcing the available funds:-
• MUKERIAN
• SHAHKOT
• Mobile Banking
In January 2000, when the IRDA act came in existence all the
insurance companies whether Private or Govt. companies came under
the Act.
With the passing of this act all the private companies enter in the
Indian Market because Indian market was vacant with insurance point
of view.
ICICI PRUDENTIAL have both plans i.e. ULIP market link and
endowment plans.
In insurance industry ICICI PRUDENTIAL is the first company who
launches the ULIP plans i.e. Unit Linked Insurance Product which is
totally linked with the Share Market or Debt Market or Call Money
Market etc.
IRDA
(INSURANCE REGULATORY AND DEVELOPMENT
AUTHORITY ACT, 1999)
Under this act an authority called IRDA has been set up.
This is a corporate body established for the purpose and objects as per out in
the explanation to the title.
The authority replaces “controller” under insurance act 1938.
SCOPE
To permit private companies to enter the insurance market ,
government has enacted insurance regulatory and development authority
Act, 1999.
This act applies to whole India including J& K State , which is effective
from 29th dec. 1999.
CONSTITUTION OF IRDA
A. Chairperson
B. Not more than five whole – time members.
C. Not more than four part – time members to be appointed by
the central government.
- Ability
- Standing
- Integrity
They should have experience in the fields of
1. Life Insurance
2. General Insurance
3. Actuarial Science
4. Finance
5. Economics
6. Law
7. Accountancy
8. Administration, or
9. Any other discipline , thought to be useful by the central
government.(Chairperson, Members, Officers and other
Employees of authority shall be public servants.)
DUTIES, POWERS AND FUNCTIONS OF THE
AUTHORITY
incorporated under the Companies’ Act 1956 and, in the paid up capital of
which , the holding of a foreign company , directly or through its
subsidiaries and nominees, does not exceed 26%. The paid up capital of
companies wanting to transact life or general insurance business will have to
be not less than Rs. 100 Crores and in the case of companies wanting to
transact reinsurance business the paid up capital will have to be not less than
Rs. 200 Crores. Every insurance company will have to maintain at all times,
assets which are not less than specified limits depending on the extent of the
liability under its business . It has also been notified that every insurance
company will have to appoint accuracy , to be approved by the IRDA . It
will be the duty of the actuary to ensure that
1. You need to choose the premium amount , term and sum assured
for which you wish to take the policy.
2. After deducting premium allocation charges , the balance amount
is invested in the investment fund(s) of your choice.
3. You can opt for add-on riders available under the policy.
4. On survival, the maturity benefit is paid to the policy holder . In
the unfortunate event of death , the nominee receives the higher
of sum Assured or the fund value.
Benefit In Detail
Choice of Investment Funds
We offer you 4 investment funds. You have the option to choose how
you want your investment to grow , based on the objectives of each of the
funds. Given following are the investment objective and asset allocation of
each of the funds :
Switching Option
Under this option you can switch your investment between the
funds at any time (provided the policy is in force), depending on your
financial priorities and investment objective . In any policy year , 4
switches can be done free of charge. The minimum switch amount is
Rs. 2,000.
Morality Benefit
Settlement Option
Death Benefit
In the unfortunate event of death during the term of the policy ,
the nominee shall receive the higher of Sum Assured (net of permissible
partial withdrawal) and the Fund Value.
Riders Benefit
Accident & In the event of death or disability due to an accident ,
Disability Benefit the rider benefit amount would be paid accordingly.
Riders(ADBR)
Critical Illness In the event of the Life Assured being diagnosed for any
Benefit Rider(CIBR) of the specified critical illness, the rider benefit amount
would be paid.
Waiver of Premium In the event of total and permanent disability due to an
Rider (WOPR) accident , all further premiums till maturity would be
paid by the company.
Making a Nomination
Note: Nomination is required for the payment of death benefit only and not
living benefit.
Where no nomination has been made, ICICI prudential shall pay the policy
money to the applicant who produces the probate or letters of administration
or any other legal evidence of title. Under the circumstances, the person
receiving the policy money is only receiving it as an executor and must
distribute it in accordance to the probated will of the deceased, or if there is
no will, according to the applicable laws of distribution.
MY STUDY
As I have assigned the project of the marketing of the ICICI-PRU life
insurance in CAPTITAL BANK I have learnt very much important things,
which are much valuable for person who just have come in this wide field of
stiff competition.
Salesmanship is the art of selling; it is the art of convincing people that they
need the product or service that is being sold, and persuading them to
purchase the product or service. Salesmanship, therefore, involves people,
products or service, and the ability to bring them together.
.
KNOWLEGDE
A) Prospecting
B) Pre-approach or preparation for sales talk.
C) Sales interview.
D) Completion or close.
PROSPECTING
d). COLD CANVAS : This is called on a person whom the agent does
not know, and to whom he has no introduction. A salesman, who has built
up self – confidence over a period of several years of experience, uses this
method as routine. Even junior salesmen with sufficient self-confidence
have succeeded in this method.
The information that has been secured will enable the salesman
to discover the needs of the client, which will in turn determine the type of
cover to be offered and the sales the appropriate for the prospect.
1. Absence of particular.
2. Absolute inability to pay.
SURVEY
Business Students
Men 33% 34%
Service
Men 33%
The categories are taken equally to know that what type of people can
be good prospects. We have conducted very much interesting values. The
students are interested but they have not enough sources or means though
they have invested but only in saving accounts (having ATM CARDS) . But
the students have very many references that can be good prospects. They
have given the references of even NRI’s Families that we can say very much
good and useful and fruitful prospects for ICICI PRU life insurance –
investment plans.
The third businessmen are very much interested to know the steady
returns. They all need safety as more of them have very much bad
experience of the stock exchanges and share markets. Some business men
who have good experience of the stock exchanges and share markets and of
mutual funds hesitate to invest . But as they will come to know the steady
and sure returns and the past performance of the ICICI PRU-LIFE
INSURANCE , I was quite sure that they can be inspired and motivated to
invest.
CONCLUSION
As marketing looks very easy but in reality it is not so. It is a
very typical concept and very difficult one. By having this project here I
have come to know the practical problems that have taken place in real
marketing.
Capital Bank also faces the problem on the part of its ATM facility
being provided by the customers. The software being used to operate
the ATM is older one. It remains out of order every now and then.
The customers have to fill the withdrawal slips for getting money.
sometimes the customers cannot even deposit their money through
ATM as other competitive banks are providing.
15.Last but not least, the Bank should make arrangements to offer
an opportunity to summer trainees for training and placements.
16.The surrendered value should start from the first year though
some charges can be deducted on account of this.
17.The ATM cards can be given to use their interest amount when
they need may be after one year or 2nd year & so on.
18.The pre – request to start ICICI-PRU is i.e. Rs. 20,000/- & the
person who has less than 20,000/- has no alternate or he has no
right to invest in ICICI – PRU LIFE INSURANCE Plan.
BIBLIOGRAPHY
Marketing of Life and General Insurance
- Oriental Insurance Booklet.
Banking & Foreign Trade
- Shashi Gupta
Secondary Data From The Bank Reports
- Capital Local Area Bank Reports, Hoshiarpur
- Quarterly & Yearly Banking Reports, H.O.-
Jalandhar.
Internet
- Lifeline@iciciprulife.com
- Google.com (Search Engine)
- Wikipedia.com
ANAXTURE
MARKETING SURVEY
NAME
ADDRESS-
CITY
PHONE
2. OCCUPATION?
- STUDENT
- SERVICE MAN
- BUSINESSMAN
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