CUSTOMER SATISFACTION OF ICICI PRUDENTIAL

LIFE INSURANCE
Submitted in partial fulfillment of the
requirements
for the award of the degree of
BACHELOR OF BUSINESS ADMINISTRATION

GUIDED BY
SUBMITTED BY
Mr. Pradeep Nayyar

Rajesh Kumar
08320688813
B.COM(Hons)
5th SEM, 1st SHIFT

Trinity Institute of Professional Studies

Affiliated To

Guru Gobind Singh Indraprastha University

CERTIFICATE

TO WHOM SO EVER IT MAY CONCERN

This is to certify that the project work Customer Satisfaction Of ICICI Prudential Life
Insurance made by Rajesh Kumar, B.COM(Hons) 5th Sem , Enroll no. 08320688813 is
an authentic work carried out by him under guidance and supervision of MR. PRADEEP
NAYYAR.
The project report submitted has been found satisfactory for the partial fulfillment of the
degree of Bachelor of Business Administration.

Internal Supervisor

MR. PRADEEP NAYYAR

ACKNOWLEDGEMENT
It is in particular that I am acknowledging my sincere feeling towards my mentors who
graciously gave me their time and expertise.

They have provided me with the valuable guidance, sustained efforts and friendly approach. It
would have been difficult to achieve the results in such a short span of time without their
help.

I deem it my duty to record my gratitude towards the Internal project supervisors MR.
PRADEEP NAYYAR who devoted her precious time to interact, guide and gave me the
right approach to accomplish the task and also helped me to enhance my knowledge and
understanding of the project.

Rajesh Kumar

08320688813
B.COM(Hons)
3nd year/ 5th sem/ 1st shift

DECLARATION
I hereby declare that following documented project report titled CUSTOMER
SATISFACTION OF ICICI PRUDENTIAL LIFE INSURANCE is an original and
authentic work done by me for the partial fulfillment of bachelors of business
administration degree program at ICICI PRUDENTIAL LIFE INSURANCE.
I hereby certified that all the endeavor put in the fulfillment of the task are genuine
and original to the best of my knowledge and I have not submitted it earlier
elsewhere.

Name of the student: Rajesh Kumar

Enroll no.: 08320688813
Course: BCOM(Hons)
5th sem, 1st shift

EXECUTIVE SUMMARY
Risk and uncertainties are part of lifes great adventure; Accidents, Illness, Theft &
Natural Calamities they all are pillars of this world. To overcome these risks and
mishaps this project describes the policies and schemes of ICICI PRUDENTIAL Life
Insurance Companies. The way these companies provide different benefits to the
policyholder. Insurance is Cooperative venture where risk and uncertainties are shared
by many. Now days a lot is being done to create awareness among the Insuring Public
about the Importance of Insurance in life. In this direction IRDA has planned to create
awareness through Electronic and Print media. A study of Life Insurance describes the
meaning of various policies, comparison and analysis and changing market scenario.
In todays corporate and competitive world, I find that insurance sector has the
maximum growth and potential as compared to the other sectors. Insurance has the
maximum growth rate of 70-80% while as FMCG sector has maximum 12-15% of
growth rate. This growth potential attracts me to enter in this sector and ICICI
PRUDENTIAL COMPANY has given me the opportunity to work and get experience
in highly competitive and enhancing sector.
Companies now are tapping a lot of ways to capture the market and hence adopting
different ways to hold the large portion of the market.My summer training learning
helped me a lot to complete my project in order to learn a lot of things of the
corporate. As a project trainee the first task given to me was to understand the basic
behaviour of the consumer in order to manipulate the market according to our target
competition. For this I developed a questionnaire and I did my survey in DELHI city.
This job training also helped me a lot in understanding the real motive behind the
customer preference towards the life insurance policy I found that LIC company
having 55% market share is the number 1 insurance company in India. Band name of
LIC plays a very important role in the mind of customers towards the sale of the
product.
The success story of good market share of different market organizations depends
upon the availability of the product and services near to the customer, which can be
distributed through a distribution channel. In Insurance sector, distribution channel
includes only agents/advisors or agency holders of the company.

CHAPTER-1
INTRODUCTION

1.1 OVERVIEW OF INDUSTRY AS A WHOLE

Insurance may be described as a social device to reduce or eliminate risk of loss to life
and property. Under the plan of insurance, a large number of people associate
themselves by sharing risks attached to individuals. The risks, which can be insured
against, include fire, the perils of sea, death and accidents and burglary. Any risk
contingent upon these may be insured against at a premium commensurate with the
risk involved. Thus collective bearing of risk is insurance.
Types Of Insurance
Insurance industry in India is broadly classified asi. Life Insurance:- policies protect individuals against the risk of life. Life 100
Insurance policies not only protects the insureds family against his death but also
provides a good means to avail tax benefit, avail loans from banks and acts, as a good
saving tool to meet future needs.
ii. General Insurance:- on the other hand protects the property and casualty by
covering losses from disasters and accidents thereby protecting from property damage
and liability, providing the means for victims to resume their lives and businesses and
contribute to the economy.
The various types of insurance available are
1. Auto Insurance
i. Two Wheeler Insurance
ii. Car Insurance
iii. Commercial Vehicle Insurance
2. Commercial Insurance
i. Agriculture Insurance
ii. Fire Insurance
iii. Industrial Insurance

iv. Marine Insurance

v. Shop Insurance
3. Home Insurance
4. Life Insurance
5. Accident Insurance
i. NRI Accident Insurance
ii. Personal Accident Insurance
6. Health Care Insurance
i. Medical Insurance
ii. Critical Illness Insurance
7. Travel Insurance .
History of Indian Insurance
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 business in India are:

1912: The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to
collect statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with
the objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies taken over by the
central government and nationalized. LIC formed by an Act of Parliament, viz.
LIC Act, 1956, with a capital contribution of Rs.5crore 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: The Indian Mercantile Insurance Ltd. set up, 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

nationalized the general insurance business in India with effect from 1st January
1973. 107

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.

In India, insurance has a deep-rooted history. It finds mention in the writings of

Manu (Manusmrithi), Yagnavalkya ( Dharmasastra ) and Kautilya ( Arthasastra).
The writings talk in terms of pooling of resources that could be re-distributed in
times of calamities such as fire, floods, epidemics and famine. This was probably
a pre-cursor to modern day insurance. Ancient Indian history has preserved the
earliest traces of insurance in the form of marine trade loans and carriers
contracts. Insurance in India has evolved over time heavily drawing from other
countries, England in particular.

1818 saw the advent of life insurance business in India with the establishment of
the Oriental Life Insurance Company in Calcutta. This Company however failed
in 1834. In 1829, the Madras Equitable had begun transacting life insurance
business in the Madras Presidency. 1870 saw the enactment of the British
Insurance Act and in the last three decades of the nineteenth century, the Bombay

Mutual (1871), Oriental (1874) and Empire of India (1897) were started in the
Bombay Residency. This era, however, was dominated by foreign insurance
offices which did good business in India, namely Albert Life Assurance, Royal
Insurance, Liverpool and London Globe Insurance and the Indian offices were up
for hard competition from the foreign companies.

In 1914, the Government of India started publishing returns of Insurance

Companies in India. The Indian Life Assurance Companies Act, 1912 was the first
statutory measure to regulate life business. In 1928, the Indian Insurance
Companies Act was enacted to enable the Government to collect statistical
information about both life and non-life business transacted in India by Indian and
foreign insurers including provident insurance societies. In 1938, with a view to
protecting the interest of the Insurance public, the earlier legislation was
consolidated and amended by the Insurance Act, 1938 with comprehensive
provisions for effective control over the activities of insurer

The Insurance Amendment Act of 1950 abolished Principal Agencies. However,

there were a large number of insurance companies and the level of competition
was high. There were also allegations of unfair trade practices. The Government
of India, therefore, decided to nationalize insurance business.

An Ordinance was issued on 19th January, 1956 nationalizing the Life Insurance
sector and Life Insurance Corporation came into existence in the same year. The LIC
absorbed 154 Indian, 16 non-Indian insurers as also 75 provident societies245
Indian and foreign insurers in all. The LIC had monopoly till the late 90s when the
Insurance sector was reopened to the private sector.
General Insurance Industry
The history of general insurance dates back to the Industrial Revolution in the west
and the consequent growth of sea-faring trade and commerce in the 17th century. It
came to India as a legacy of British occupation. General Insurance in India has its
roots in the establishment of Triton Insurance Company Ltd., in the year 1850 in
Calcutta by the British. In 1907, the Indian Mercantile Insurance Ltd, was set up. This
was the first company to transact all classes of general insurance business.
1957 saw the formation of the General Insurance Council, a wing of the Insurance
Association of India. The General Insurance Council framed a code of conduct for
ensuring fair conduct and sound business practices.
In 1968, the Insurance Act was amended to regulate investments and set minimum
solvency margins. The Tariff Advisory Committee was also set up then.
In 1972 with the passing of the General Insurance Business (Nationalization) Act,
general insurance business was nationalized with effect from 1st January, 1973. 107
insurers were amalgamated and grouped into four companies, namely National
Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental
Insurance Company Ltd and the United India Insurance Company Ltd. The General
Insurance Corporation of India was incorporated as a company in 1971 and it
commence business on January 1sst 1973.
This millennium has seen insurance come a full circle in a journey extending to nearly
200 years. The process of re-opening of the sector had begun in the early 1990s and
the last decade and more has seen it been opened up substantially. In 1993, the
Government set up a committee under the chairmanship of RN Malhotra, former
Governor of RBI, to propose recommendations for reforms in the insurance sector.
The objective was to complement the reforms initiated in the financial sector. The
committee submitted its report in 1994 wherein, among other things, it recommended

that the private sector be permitted to enter the insurance industry. They stated that
foreign companies be allowed to enter by floating Indian companies, preferably a
joint venture with Indian partners.
Following the recommendations of the Malhotra Committee report, in 1999, the
Insurance Regulatory and Development Authority (IRDA) was constituted as an
autonomous body to regulate and develop the insurance industry. The IRDA was
incorporated as a statutory body in April, 2000. The key objectives of the IRDA
include promotion of competition so as to enhance customer satisfaction through
increased consumer choice and lower premiums, while ensuring the financial security
of the insurance market.
The IRDA opened up the market in August 2000 with the invitation for application for
registrations. Foreign companies were allowed ownership of up to 26%. The
Authority has the power to frame regulations under Section 114A of the Insurance
Act, 1938 and has from 2000 onwards framed various regulations ranging from
registration of companies for carrying on insurance business to protection of
policyholders interests.
In December, 2000, the subsidiaries of the General Insurance Corporation of India
were restructured as independent companies and at the same time GIC was converted
into a national re-insurer. Parliament passed a bill de-linking the four subsidiaries
from GIC in July, 2002.
Today there are 14 general insurance companies including the ECGC and Agriculture
Insurance Corporation of India and 14 life insurance companies operating in the
country. The insurance sector is a colossal one and is growing at a speedy rate of 1520%. Together with banking services, insurance services add about 7% to the
countrys GDP. A well-developed and evolved insurance sector is a boon for
economic development as it provides long- term funds for infrastructure development
at the same time strengthening the risk taking ability of the country.
NON-LIFE INSURANCE COMPANIES OPERATING IN INDIA
General Insurance provides much-needed protection against unforeseen events such
as accidents, illness, fire, burglary et al. Unlike Life Insurance, General Insurance is
not meant to offer returns but is a protection against contingencies. Almost everything

that has a financial value in life and has a probability of getting lost, stolen or
damaged can be covered through General Insurance policy. Property (both movable
and immovable), vehicle, cash, household goods, health, dishonesty and also one's
liability towards others can be covered under general insurance policy. Under certain
Acts of Parliament, some types of insurance like Motor Insurance and Public Liability
Insurance have been made compulsory. Major insurance policies that are covered
under General Insurance are:
1. Home Insurance
2. Health Insurance
3. Motor Insurance
4. Travel Insurance
The general insurance industry in India was nationalized and a government company
known as General Insurance Corporation of India (GIC) was formed by the Central
Government in November 1972. With effect from 1 January 1973 the erstwhile 107
Indian and foreign insurers which were operating in the country prior to
nationalization, were grouped into four operating companies, namely,

(i) National

Insurance Company Limited; (ii) New India Assurance Company Limited; (iii)
Oriental Insurance Company Limited; and (iv) United India Insurance Company
Limited. All the above four subsidiaries of GIC operate all over the country
competing with one another and underwriting various classes of general insurance
business except for aviation insurance of national airlines and crop insurance which is
handled by the GIC. From 799 offices in 1973, the network grew to 4,208 offices as
on 31 March 1998.
Besides the domestic market, the industry is presently operating in 17 countries
directly through branches or agencies and in 14 countries through subsidiary and
associate companies. The wholly-owned subsidiary of GIC known as India
International Insurance Private Limited set up in 1988 in Singapore has grown into a
leading company in the Singapore market. The gross premium income of the general
insurance industry in India during 1997-98 was Rs 7,736 crore as against Rs 7,021
crore during 1996- 97 representing a growth of 10.2 per cent over the premium
income of 1996- 97. The net premium income of the general insurance industry in

India during 1997-98 was Rs 6,725 crore as against Rs 6,041 crore during 1996- 97
representing a growth of 11.3 per cent over the net premium income of 1996-97. The
gross profit of the industry during 1997-98 were Rs 1,623 crore as against Rs 1,084
crore in 1996-97 recording a growth of 49.7 per cent over the previous year. The net
profits of the industry during 1997-98 were Rs 1,255 crore as against Rs 719 crore in
1996-97 representing a growth of 74.5 per cent over the previous year.
Hut Insurance Scheme for Poor Families in Rural Areas provides fire insurance
cover for huts and belongings of landless laborers, small farmers, artisans and other
poor families in rural areas. Under the Scheme, compensation is provided for an
amount not exceeding Rs 1,000 for a hut and Rs 500 for belongings in the hut
destroyed by fire. The Central Government is bearing the entire premium in respect of
the scheme. During the year 1997-98, 40,554 claims involving an amount of Rs 4.85
crore were settled.
Mediclaim Insurance Policy has recently been revised. The revised policy does
away with the sub-limits under the various sub-heads and offers just one sum-insured
ranging from Rs 15,000 to Rs 3,00,000. The cover provides for reimbursement of
medical expenses incurred by an individual towards hospitalization/domiciliary
hospitalization for any illness, injury or disease contracted or sustained during the
period of insurance. Premium is calculated on the basis of age of the proposer and the
sum insured opted for Jan Arogya Bima Policy which is primarily meant for the larger
segment of the population who cannot afford the high cost of medical treatment, was
introduced with effect from 12 August 1996. The limit of cover per person is Rs 5,000
per annum. The premium payable is very low depending on the age of the person
covered ranging from Rs 70 to Rs 140 per person per year and Rs 50 per dependent
child below 25years. The cover provides for reimbursement of medical expenses
incurred by an individual towards hospitalization/domiciliary hospitalization for any
illness, injury or disease contracted or sustained during the period of insurance.
The existing Overseas Mediclaim Policy offering emergency medical expenses cover
to overseas travelers has been extended to include In-flight Personal Accident cover
up to US $ 10,000 and Loss of Passport cover up to US $ 150 from 1 April 1997.The
extended cover will be available without payment of additional premium under
Business and Holiday cover and under the Corporate Frequent Travelers cover. A

more comprehensive policy with additional benefits has also been devised. A new
policy called Videsh Yatra Mitra covering supplementary benefits besides providing
indemnity for medical expenses during the period of overseas travel, has been
introduced by the general insurance industry with effect from 1 January 1998.Two
types of policiesone offering limit of benefits upto US $ 2,50,000 for worldwide
travel but excluding USA and Canada and the other offering limit of benefits up to
US$ 5,00,000 for worldwide travel including USA and Canada are available under the
Scheme. In addition to medical coverage, the policy also provides coverage for : (i)
Personal Accident up to US $ 25,000; (ii) Loss of Personal Baggage up to US $ 1,000;
(iii) Delayed Baggage up to US $ 100 and (iv) Personal Liability up to US $ 2,00,000.
The premium under the policy is only 14 per cent more than that under the existing
Overseas Mediclaim Policy (OMD), while the medical benefits will be increased five
times in addition to supplementary benefits. Bhagyashree Child Welfare Policy
covering girl child in the age group of 0 to 18 years whose parents age does not
exceed 60 years, was introduced with effect from 19 October 1998. In case of each of
the girl child or both parents, an amount of Rs 25,000 would be deposited in the name
of the girl child with a financial institution. Fixed annual disbursements to the girl
child up to the age of 18 years would be made from the amount to her credit, and the
balance amount to her credit would be disbursed on attaining the age of 18 years.
We find the term Yogakshemam Bahamayam in our ancient texts. This suggests that
a form of "community insurance" was prevalent around 1000 BC and practiced by the
Aryans. In modern times, Triton Insurance Co. Ltd. was the first general insurance
company to be established in India in 1850. The Bombay Mutual Life Insurance
Society started its business in 1870. It was the first company to charge same premium
for both Indian and non-Indian lives. The Oriental Assurance Company was
established in 1880. Thereafter, many players emerged. By 1956, there were around
240 private life insurers and more than 100 general insurers. The Government of
India, concerned by the unethical standards adopted by some players against the
consumers, nationalized the industry in two phases in 1956 (life) and in 1972 (nonlife). The government brought together life insurers under one nationalized monopoly
corporation and LIC was born. The general insurance business remained in the private
sector till 1972. Then, nearly 107 insurers were amalgamated and grouped into four
companies- National Insurance Company, New India Assurance Company, Oriental

Insurance Company and United India Insurance Company. They were subsidiaries of
the General Insurance Company (GIC).

1.2 PROFILE OF THE ORGANIZATION

ICICI prudential Life Insurance Co Ltd, is a joint venture between three leading
financial conglomerates Indias premier development and commercial bank, IDBI,
Indias leading private sector bank, Federal Bank and Europes premier Bancassurer,
Fortis, each of which enjoys a significant status in their respective business segments.
In this venture, IDBI owns 48% equity while Federal Bank and Fortis own 26%
equity each. ICICI prudential launched its first set of products across India in March
2008, after receiving the requisite approvals from the Insurance Regulatory
Development Authority (IRDA). Today, we offer our services through a vast
nationwide network across the branches of IDBI Bank and Federal Bank in addition
to a sizeable network of advisors and partners. At ICICI prudential we endeavor to
deliver products that provide value and convenience to the customer. Through a
continuous process of innovation in product and service delivery we intend to deliver
world-class wealth management, protection and retirement solutions to Indian
customers.
ICICI prudential Life Insurance Co. Ltd is a joint venture of IDBI Bank, Federal Bank
(India) and Fortis Insurance International. The Certificate of Registration has been
issued by the Insurance regulator IRDA.
Insurance Company on 19th December 2007. According to the agreement, IDBI will
have a 48-per cent stake in the venture, while Fortis and Federal Bank would have 26per cent stake each. While IDBI and Federal Bank are major Indian banks, Fortis has
the expertise of bancasurance across global markets. It is one of the best names in the
insurance business in Europe and has successful joint ventures in various Asian
countries. ICICI prudential Life Insurance has become 18th life insurer in India.
Founded in 1956, IDBI Ltd. is Indias premier industrial development bank. Today, it
is amongst Indias most famous commercial banks which provide a wide range of
innovative products and services. IDBI Bank has around 490 branches and more than
600 ATMs all over India. IDBI is a also a part of development activities, as it has been
instrumental in sponsoring the development of key institutions involved in Indias
financial sector, such as, the Securities and Exchange Board of India (SEBI), National

Stock Exchange of India Limited (NSE) and National Securities Depository Ltd
(NSDL).
ICICI PRUDENTIAL
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a
premier financial powerhouse and prudential plc, a leading international financial
services group headquartered in the United Kingdom. ICICI Prudential was amongst
the first private sector insurance companies to begin operations in December 2000
after receiving approval from Insurance Regulatory Development Authority (IRDA).
ICICI Prudential's equity base stands at Rs. 9.25 billion with ICICI Bank and
Prudential plc holding 74% and 26% stake respectively. In the period April-December
2004, the company garnered Rs 8.6 billion of new business premium for a total sum
assured of over Rs 73.6 billion and wrote nearly 345,000 policies. The company has a
network of over 50,000 advisors; as well as 7 bank assurance tie-ups. Today, ICICI
Prudential has emerged as the No. 1 private life insurer in the country, with a wide
range of flexible products that meet the needs of the Indian customer at every step in
life.
Vision
To make ICICI Prudential the dominant Life 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 describes what the company stands for, the qualities of our people and the
way we work. They do believe that they are on the threshold of an exciting new
opportunity, where we can play a significant role in redefining and reshaping the
sector.
CORE VALUES
The success of the company will be founded in its unflinching commitment to 5 core
values
i. Integrity
ii. Customer First
iii. Boundary less
iv. Ownership
v. 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.
DISTRIBUTION
ICICI Prudential has one of the largest distribution networks amongst private life
insurers in India, having commenced operations in 74 cities and towns in India. The
company has seven banc assurance tie-ups, having agreements with ICICI Bank,
Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank and some cooperative banks, as well as over 150 corporate agents and brokers. It has also tied up
with NGOs, MFIs and corporate for the distribution of rural policies and

organizations like Dhan for distribution of Salaam Zindagi, a policy for the socially
and economically underprivileged sections of society.
ICICI Prudential has recruited and trained over 60,000 insurance advisors to interface
with and advice customers. Further, it leverages its state-of-the-art IT infrastructure to
provide superior quality of service to customers.
History
ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial
institution, and was its wholly-owned subsidiary. ICICI was formed in 1955 at the
initiative of the World Bank, the Government of India and representatives of Indian
industry. The principal objective was to create a development financial institution for
providing medium-term and long-term project financing to Indian businesses. In the
1990s, ICICI transformed its business from a development financial institution
offering only project finance to a diversified financial services group offering a wide
variety of products and services, both directly and through a number of subsidiaries
and affiliates like ICICI Bank. 1999, ICICI become the first Indian company and the
first bank or financial institution from non-Japan Asia to be listed on the NYSE.
ICICI BANK in India
ICICI Bank is India's second-largest bank with total assets of about Rs. 2,513.89 bn
(US$ 56.3 bn) at March 31, 2009 and profit after tax of Rs. 25.40 bn (US$ 569 mn)
for the year ended March 31, 2009 (Rs. 20.05 bn (US$ 449 mn) for the year ended
March 31, 2005). ICICI Bank has a network of 741 branches (including 48 extension
counters) and over 3300 ATMs in India and presence in 30 International locations.
ICICI Bank offers a wide range of banking products and financial services to
corporate and retail customers through a variety of delivery channels and through its
specialized subsidiaries and affiliates in the areas of investment banking, life and nonlife insurance, venture capital and asset management. ICICI Bank set up its
international banking group in fiscal 2002 to cater to the cross border needs of clients
and leverage on its domestic banking strengths to offer products internationally.

ICICI Bank currently has subsidiaries in the United Kingdom, Russia and Canada,
branches in Singapore, Bahrain, Hong Kong, Sri Lanka and Dubai International
Finance Centre and representative offices in the United States, United Arab Emirates,
China, South Africa and Bangladesh. Our UK subsidiary has established a branch in
Belgium. ICICI Bank is the most valuable bank in India in terms of market
capitalization.
ICICI PRUDENTIAL Life Insurance
ICICI and Prudential came together in 1993 to form Prudential ICICI Asset
Management Company, which has today emerged as one of the leading mutual funds
in India. The two companies bring together two of the strongest financial service
brands in Asia, known for their professionalism, excellent quality of service and long
term commitment. Riding on the success of this relationship, the two companies
joined hands once more in 2000, to form ICICI Prudential Life Insurance, with a
commitment to provide leading edge life insurance solutions. ICICI Bank has 74%
stake in the company, and prudential plc has 26%.
ICICI Lombard
ICICI Lombard General Insurance Company Limited is a 74:26 joint venture between
ICICI Bank Limited and the Canada based $ 26 billion Fairfax Financial Holdings
Limited. ICICI Bank is India's second largest bank, while Fairfax Financial Holdings
is a diversified financial corporate engaged in general insurance, reinsurance,
insurance claims management and investment management. ICICI Lombard is Indias
largest non private firm which provide general insurance.
ICICI PRUDETIAL MUTAL FUND
ICICI PRUDENTIAL asset management company enjoys the strong parentage of
Prudential plc, one of the UKs largest players in the insurance and fund management
Sectors and ICICI bank, a well known and trusted name in financial services in India.
ICICI prudential asset Management Company, in a span of just over eight years. has
forged a position of pre-eminence in Indian mutual fund industry as one of the largest
asset management companies in country with asset under management of Rs.

37,906.24 crores (as of march 31st , 2007). The company manages a comprehensive
range of schemes to meet the varying investment needs of its investors spreads across
68 cities in the country.
Organization Design and Structure
PRODUCT AND SERVICES
GROUP SOLUTION
In an era of competitive parity, the only asset that makes a decisive difference
between corporate success and failure is the quality of human capital. Employee
benefits have proven to be an excellent tool to optimize the retention of talent and
improve an organizations bottom line. The quality of an organizations employee
benefits establishes and maintains a companys image as a caring employer. Optimum
care of employees is a long-term investment that results in a sustained competitive
advantage for an organization in the times to come.
ICICI Prudential Group Solutions Advantage
i. An integrated basket of employee benefit solutions that offer incomparable flexible
benefits.
ii. Sound investment management that focuses on safety, stability and profitability of
the portfolio.
iii. Personalized financial planning for your employee that takes care of his/her
changing financial needs at every stage of life.
iv. Quality service initiatives and transparency across all operations, promising
superlative operational efficiency.
ACCIDENT AND DISABILITY BENEFIT RIDER (ADBR)
On death due to accident caused by violent, external and visible means, the sum
assured under the rider will be paid. The maximum benefit that can be availed of is
equal to the basic sum assured to a maximum limit of Rs 10 lakhs.

In case of a death in a mass surface public transport, double the benefit will be
payable.
ACCIDENTAL BENEFIT RIDER
On total and permanent disability due to accident, the sum assured under the rider will
be payable in ten annual installments, each equal to one tenth of the amount of
accidental cover. On death of such a member before the last such installment, then the
installments remaining unpaid shall become payable immediately.
CRITICAL ILLNESS RIDER
In the event of the life assured contracting a critical illness, an additional payment
equivalent of the sum assured under the rider would be made. The 9 major illness
covered are:
Cancer, Coronary Artery By- Pass Graft Surgery (CABGS), Heart Attack, Major
Organ

Transplant,

Stroke,

Paralysis,

Aorta-

Surgery,

Heart

Valve

Replacement/Surgery, Kidney Failure.

When employees join or leave the scheme?
All new employees become a part of the group, if they meet the eligibility criteria.
The cover starts from the date of joining the company.
The particulars of the new joinees are to be submitted by the Employer on a monthly
basis along with the proportionate premium.
In case of an individual leaving service or the group, life cover will cease
immediately.
The proportionate premium will be refunded for the employees leaving the scheme.

ICICI PRUDENTIAL GROUP RETIREMENT BENEFIT SOLUTIONS

GRATUITY - THE LOYALTY REWARD
Gratuity is a statutory benefit paid to the employees under the Payment Of Gratuity
Act, 1972 who have rendered continuous service for at least five years. The employee
is eligible for 15 days pay for each completed year of service. The employer can also
structure a gratuity that is higher than statutory requirements. It is payable on
cessation of employment (resignation/death/retirement/termination) by taking the last
drawn basic salary as the basis for calculation.
Gratuity payment liability tends to increase as the salaries and tenure of employment
increase annually. If the employer pays the gratuity from its current revenue, it
becomes difficult to meet the liability. It is therefore beneficial that a gratuity fund is
set up for prudent financial planning.
ICICI GROUP GRATUITY PLAN
ICICI Prudential Life Insurance offers a market linked group gratuity plan that helps
the insured company to fund the statutory gratuity obligation in a scientific manner
and also avail of the tax benefits as applicable to approved gratuity funds.
FEATURES:

Wider choice of investments with Market Linked Plans - to meet the

diverse financial goals. We offer 4 investment options (short-term debt, debt
and balanced and capital guarantee plan) where investments will be made in
accordance with the fund objectives.

Transparency through Daily disclosure of Unit Value and regular disclosure

of the portfolio of each of the investment option

Flexibility through switching and contribution redirection option to enable

reshuffling of portfolio.

Bundled Life Cover greater value to the employee by packaging life

insurance cover with the gratuity, with minimal amount of underwriting.

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

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

Enhanced service levels through faster claim settlement, easier access to

information and regular statements.

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

ELIGIBILITY
Group Gratuity Plan covers
i. Employer- employee groups.
ii. Group size of 25 and above
iii. Employees (members) between the age of 18 and retirement age of the company
Employer Benefits:

Annual contribution up to 8.33% of salary bill in a financial year is allowed a

deduction for the purpose of computation of profits and gains of business.

Contribution towards past service liability is allowed as deduction as per the

Income Tax rules.

Employee Benefits:

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

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

10(10).

BUNDLED LIFE COVER

ICICI Prudential Gratuity Plan offers greater value to the employees by packaging
gratuity with life insurance. It can be taken:

As a flat cover which can be a minimum of Rs 1000 per employee, or

On the basis of anticipated gratuity which is the amount paid over and above
the accrued gratuity of an employee in the event of his premature death before
retirement age, for the balance years of his service.

The premiums for the bundled life cover are payable annually in advance.

CONTRIBUTIONS
The contributions made towards the Gratuity liability will depend on the Actuarial
Valuation. You can estimate your gratuity liability based on an actuarial valuation
provided by a qualified actuary. As part of our value added services, we provide an
AS-15 Certification for the same. The Past Service Gratuity Liability payment can be
made over a period of five years. The annual contributions can be made in annually/
quarterly/monthly installments.
PRODUCT OFFER
ICICI Prudential offers a market linked plan that offers a higher flexibility and
transparency than any other traditional or self-administered fund. It offers 4 fund
options under the Group Gratuity Plan to meet the employees diverse financial goals.
The investments are made in accordance with the fund objectives.
FUND

ASSET ALLOCATION

OPTION
Short Term Debt 100%
Plan

Money

OBJECTIVE

Market, Protect capital deployed, as well as

Debt Instruments

provide suitable returns through low

risk investments debt and money

Debt Plan

Max

100%

Instruments;
Balanced Plan

market instruments
Debt Generate a steady accumulation of

Max

25% income through instrument in fixed

Money Market
income securities.
Min 80% debt and debt Generate a good mix of long-term
related instruments; Max capital
20% Equity

Capital

100%

Money

Guarantee Plan

Debt Instruments.

appreciation

along

with

current income through investment in

equity and fixed income instruments.
Market, Provide suitable returns through low
risk investments in debt and money
market instruments while protecting
contributions invested in this plan.

VALUE ADDED SERVICES

Dedicated account manager.

Settle claims and payouts within specified turn around times.

Assistance in setting up of a new trust and transfer of existing schemes.

Legal and taxation help desk for gratuity fund.

Financial planning for employees.

when employees join or leave the scheme?

All new employees become a part of the group, if they meet the eligibility criteria.
The life cover starts from the date of joining the company.
The particulars of the new employees may be submitted by the Employer on a
monthly basis. The term premiums are payable annually in advance (on a pro-rata
basis) and the annual contribution can be paid in the specified instalments.
In case of an individual leaving service or the group, life cover will cease
immediately.
The proportionate premium will be refunded for the employees leaving the scheme,
except in case of death. The gratuity accrued will be paid to the employee if eligible.
For all death claims the life cover along with the accrued gratuity will be payable to
the employees beneficiary.
RETIREMENT PLANNING WITH GROUP SUPERANNUATION
After a valuable professional career with an organization, employees require the
security of a regular income flow when they retire. Organizations help employees
secure there golden years by offering various kinds of retirement benefits that allow
an employee to enjoy the same quality of life post retirement. Group Superannuation

is one such efficient way to plan for retirement. ICICI Prudential GROUP
SUPERANNUATION PLAN
ICICI Prudential offers a market linked defined contribution Superannuation scheme
that provides substantial benefits to both employers and their employees. The
employer can avail of tax benefits applicable to an approved Superannuation trust.
The scheme will provide for a retirement fund of each member. A member would be
able to choose from various pension options or opt for partial commutations of the
pension at the time of retirement.
FEATURES

Wider choice of investments with Market Linked Plans - to meet the

diverse financial goals. We offer 5 investment options (short-term debt, debt,
balanced, growth and capital guarantee plan) where investments will be
made in accordance with the fund objectives.

Control - Each member/employer can exercise greater control over

investments by choosing one or more of the investment options.

Multiple Annuity Options - 5 annuity options and open market option.

Transparency - Transparency through Daily disclosure of Unit Value and

regular disclosure of the portfolio of each of the investment option.

Flexibility - Flexibility through switching and contribution redirection option

to enable reshuffling of portfolio.

Low explicit charge structure with conditions for exit specified upfront.

Enhanced service levels through faster claim settlement, easier access to

information and regular statements.

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

1.2.2 Problems of the Organization

When any type of the research is being done, then research problem must be cleared.
It is said if the problem is clear, it means half problem is solved. The main problem is
this type of study is that is quite hard task to measure the accurate gap between
customer expectations and the various life insurance services of LIC. Actually the gap
analysis usually arises due to the differences between adequate and desired service
lower the zone of tolerance. So for conducting this type of study usually these
problems are arises:

Not know what customer expect actually.

It is hard to convince the customers to give fair response.

It is practically hard to measure the gap of customer expectations and the

service quality provided by LIC, it may be differ for every customer.

Customer may have serious expectations that may be either higher or lower than the
standards set by the organization
Product on the Internet usually changes form online, and the user experiences it
electronically, in the form of text, images and multimedia. Physical goods are usually
presented in the form of a detailed online catalogue that the customer can browse
through. Technology allows the user to virtually touch and feel the product on the
Internet - rotate it, zoom in or zoom out and even visualize the product in different
configurations and combination. Content and software are two avatars of digitized
products that can be even distributed over the Internet. On the Internet, E-marketing
will be based more on the product qualities rather than on the price. Every company
will be able to bring down the cost of its products and hence competition will not be
on price. It will rather be on the uniqueness of the product. To be able to attract the
customers and retain them, the company will have to provide nouvelle and distinct
products that forces the net users to purchase and come back for more.

1.2.3 S.W.O.T Analysis of the Organization

Strength

Weakness

i. Quick response.

i. Small Market presence

ii. Good customer care

ii. Limited Skills

iii. Consultants strong reputation

iv. Dynamic nature
Opportunities

Threats

i. Expansion of business

i. Innovation in technology

ii. Slow Learner competitors

ii. Stiff competition

Strengths:

We can respond very quickly as we have no red tape, no need for higher
management approval.

We can give really good customer care, as the current small amount of work
means we have plenty of time to devote to customers.

Our lead consultant has strong reputation within the market.

We can change direction quickly if our approach isn't working.

We have little overhead, so can offer good value to customers.

Weaknesses:

Our company has little market presence or reputation.

We have a small staff with a shallow skills base in many areas.

We are vulnerable to vital staff being sick, leaving.

Our cash flow will be unreliable in the early stages.

Opportunities:

Our business sector is expanding, with many future opportunities for success.

Local government wants to encourage local businesses with work where

possible.

Our competitors may be slow to adopt new technologies.

Threats:

Will developments in technology change this market beyond our ability to

adapt?

A small change in focus of a large competitor might wipe out any market
position we achieve.

1.3 Introduction to the topic

The Beginning: Customer Education
It all began in 2007 with a simple tagline: Jeetay Raho. This was an attempt to
celebrate life and neatly summed up the role that ICICI Prudential Life as an
organization would like insurance to play in every Indians life. The conventional
positioning of insurance as a safety net from a sudden death was transformed into a
full life cycle solution .After a decade of leadership in the private sector, today ICICI
Prudential Life continues with the belief that insurance is one of the most important
lifecycle needs. For ICICI Prudential Life, customer education is not just a customercentric campaign but has been and continues to be an underlying philosophy. As one
of the leaders in the insurance space, the organization believes that it is its
responsibility to educate the public at large about the insurance category. It would like
people to be able to identify their needs themselves and take informed decisions that
would benefit them in the long run. The year gone by has been a watershed year for
ICICI Prudential Life Insurance. It saw profits being made, for the first time in its
nine-year history, and the contributors were the organizations ability to grow
revenues, manage costs and grow the assets under management by retaining
customers.
The organizations financial success has been substantially predicated on ensuring that
its existing customers and future customers see it as a partner in their financial
journey, rather than just a product and service provider. Thus, acquiring and retaining
customers has been the key to ICICI Prudential Lifes financial success as an
organization. The entire journey of being a partner to its customers begins with
ensuring that it plays its part in educating them on the need and value of insurance. It
then moves on to listen to the customer so that their individual needs and preferences
are captured and translated into customer solutions. The solutions span sales and
service, right up to the time of a claim and provide
numerous moments of truth that then lead to a satisfied customer. This set the
agenda over the past year for the organization and will continue to be its bedrock over
the years to come Enhancing Customer ValueBusiness

Customer Focused Strategy

ICICI Prudential Lifes efforts in reaching out to and educating its customers has been
focused on the following:
Help customers understand their protection and saving needs: Every person has a
need to protect himself and his family from financial risks. The organisation has
initiated path-breaking customer communication like Retirement is the worlds best
job, that was designed to explain the financial
planning process that leads up to retirement.
Create tools to simplify Insurance: ICICI Prudential Life built a tool called the
Future Calculator to help customers to evaluate the extent of their insurance needs. A
website www.simpleinsurance.com was also developed that is dedicated to the
objective of simplifying insurance.
Help customers understand product features and benefits: Once a person has bought
a policy it is important that he understands all the benefits. The organisations policy
kit has been redesigned to enhance transparency. It has sections like Policy Highlights
and Frequently Asked Questions. Through
simplified letters, notices and receipts, the organisation also keeps customers
informed about their policy status. It also shares fund details through monthly unit
statements and elite customers receive a quarterly magazine Elite Life which keeps
them informed about their policy.
Help customers understand fund performance: The organisation has a monthly fund
performance update Ensure that keeps customers updated on their fund performance,
provides the market outlook and compares returns
with benchmarks. Our ability to anticipate and adapt to the external environment has
helped us emerge stronger and more efficient. We have successfully undertaken the
challenge of achieving profitability through enhanced productivity and cost
optimisation while staying focused on growth. Our calibrated efforts to raise
efficiency levels have delivered promising results and we intend to build on the strong
foundation that we have created this year. Striving for excellence is an ongoing
endeavor and we will reinforce our core competencies which will enable us to provide
greater value to the customer.
Enhancing Customer Value
Helps customers understand Claims Settlement processes: Settling a claim is the
fulfilment of ICICI Prudential Lifes promise to its customers. It publishes a claims
newsletter that aims to help customers understand the benefits of their policy and how
they can be claimed. Last year, ICICI Prudential Life initiated a 360 degree customer
education programme called Customer Education Series which has been included in
the mass media, both online and print, the website and other communication like
newsletters.

The Process: Customer Focused Solutions

ICICI Prudential Life has built a strong customer feedback system to gain a complete
understanding of its customers. The feedback is then translated into customer-driven
service standards and a plan is chalked out to achieve them. Regular reviews on the
progress of these plans and the achievement of service
standards completes the customer feedback loop. The organisation also conducts a
range of surveys to get feedback from customers on both its existing products and
services, and also expectations
that they have from the organisation. The various feedback mechanisms include:
Customer satisfaction surveys.
Syndicated studies on target consumer base.
Transaction surveys to gauge satisfaction with service interactions.
Focus group discussions with customers and sales partners to improve and
plan products and services.
ICICI Prudential Life regularly analyses customer interactions at its touch points
which give important clues about what customers are most interested in and any
difficulties they may be facing. Root-cause analysis of persistent complaints is carried
out to identify failure points and correct them with Six Sigma and Lean tools.
Additionally, the organisation makes extensive use of analytics and business
intelligence techniques on both its customer database and market data such as
demographics, customer incomes etc. This helps it to focus in a more efficient manner
on its various customer efforts. We are acutely aware that increasing
customer loyalty enhances the value of our entire customer base. We therefore give
customer loyalty and
premium persistence as much importance as acquiring new business. To that end we
ensure that we have a brand that customers identify with, build customer engagement
through world-class service and have timely interventions to arrest possible exits.

CHAPTER-2
RESEARCH METHODOLOGY

Objectives
i. To study the different strategy opt by the Reliance Life Insurance and the
ICICI prudential.
ii. To analyze the strategic goal map of the organization to sustain the value.
a. Scope of the Study
This research is conducting for knowing the customer perceived satisfaction towards
the service quality of ICICI prudential. ICICI prudential is the first Insurance
Company of India. It is presently enjoying a huge market share of Insurance. So with
the help of Gap Model the emphasis on the research is to know the gap of perceived
Service Quality and the actual Service Quality of the ICICI prudential.

b. Significance of the study

The health care system in India is characterized by multiple systems of medicine,
mixed ownership patterns and different kinds of delivery structures. ICICI prudential
sector ownership is divided between central and state governments, municipal and
Panchayat local governments. ICICI prudential health facilities include teaching
hospitals, secondary level hospitals, first-level referral hospitals (CHCs or rural
hospitals), dispensaries; primary health centres (PHCs), sub-centres, and health posts.
Also included are ICICI prudential facilities for selected occupational groups like
organized work force (ESI), defence, government employees (CGHS), railways, post
and telegraph and mines among others.
Research Design
i. The data collected is Primary data and Secondary data which is both quantitative
and qualitative data, which was further analyzed in order to draw conclusions and
suggestions.
Data Collection
Primary data I will collect the primary data from the structure questionnaire.
Secondary Data I will collect the secondary data from Magazines, Newspapers,
Journals, Websites.

Tools used- Pie char t and the bar graph will used for the analysis of primary data.
Sample size- The sample size is 100 respondents.
Target Audience- Customers from all walks of life i.e. High Upper class, upper class,
Middle class, Lower middle class.
ii. Sampling Methodology
Sampling method- Random sampling strategy will be supporting to this project.
a. Limitations
i. This is stick with the one organization report and may be due to of very busy
schedule of work employee many not take very appropriate decision when time of
filling the questionnaire
ii. Also for future events disclosure company are not sharing more internal
information either on internet or ready to give.

CHAPTER-3
DATA ANALYSIS AND
INTERPRETATION

Respondent profile has been analyzed: 1. OccupationS. No.

Particulars

Response

businessman

45

B
C
D

professional
students
Housewife

35
10
10

Total

respondents

100

X axis - occupation , y axis - respondents

INTERPRETATION:- In this chart, we can see that the major respondents are from
business and professional sector of the society. About 50% respondents are from
busniess sector.

2. Do you have Insurance? If yes of which company?

S. No.

Particulars

Response

Yes

88

No

12

Total

Respondents

100

X axis- response , y axis- respondents

INTERPRETATION- In this chart we can see that respondents have taken insurance
ICICI Prudential of different companies to secured their future.

WHICH COMPANY?

Particulars

Response

S.No
A

LIFE

COMPANY
ICICI Prudential Life 12

Insurance Co. Limited

HDFC
standard

insurance Ltd
Reliance General Insurance 8

Co. Limited
Noninsurance

INSURANCE 52

life 16

ICICI 12

Prudential holders
Total

Respondents

100

X axis - companies , y axis - respondents

INTERPRETATION:-

In this chart, we can see that mostly respondents have

already secured under life insurance ICICI Prudential of different companies and
major player in the market is ICICI prudential. Nearly 50% respondents have taken
insurance ICICI Prudential.
3. Awareness of IDBI fedral Life Insurance Company?
S. No.

Particulars

Response

Print media

25

B
C
D

Electronic media
Agents
Others

30
35
10

Total

Respondents

100

X axis - mediums , y axis - respondents

INTERPRETATION:In this chart, we can see that the agents play major role in exploring the new
companies ICICI Prudentials for explaining their companies importance and ICICI
Prudential. Agents create great effect on the mind of the customers as they are more
aware and understanding of plans.

4.

Do you know about Unit Linked Insurance Plans (ULIP)?

S. No.

Particulars

Response

Yes

60

No

40

Total

Respondents

100

X axis - response , y axis - respondents

INTERPRETATION:On the basis of above analysis, we can say that people are aware of the ULIP plans of
the different companies in the market. Respondents are aware of the ulip plans of the
respective companies.

5. According to you, Insurance ICICI Prudential are for?

S. No.

Particulars

Respons
for

e
protection 67

Necessity

security
Imposition of a burden of 17

expenses
A compulsory tool for tax 16
saving

Total

respondents

100

X axis - response , y axis - respondents

INTERPRETATION:- On the basis of above analysis, we can say that people mostly
treat insurance as a protection instrument. 67 people think insurance as a necessity for
protection & security and remaining think for tax savings and imposition of a burden
of expenses.

6. Main consideration that a customer looks at while purchasing an

Insurance ICICI Prudential?
S.No

Particulars

Response

A
B
C
D
E

TAX
SAVING
PROTECTION
PENSION
INVESTMENT

10
29
53
3
5

total

Respondents

100

X axis - response , y axis - respondents

INTERPRETATION:- On the basis of above analysis, we can say that people
purchase insurance ICICI Prudential mostly for the protection purpose. More than half
of the people takes insurance for protection of their future.

7. What a respondent see while purchasing Insurance from the company?

S. No.

Particulars

%age

Standing and goodwill of the 35

company
Product range and services of 17

the company
Advertisement being released 13
by the company

Possession of companys ICICI 10

Prudential by his relatives and

friends.
Returns of bonus declared by 25

Total

the company
Respondents

100

X axis - response , y axis - respondents

INTERPRETATION:-

On the basis of above analysis, we can say that people

prefer the companies those have very highly goodwill in the market. And apart from
this while purchasing they also use to give more weight age to return also.

8. Plan that a respondent prefers to buy?

S. No.

Particulars

%age

Protection Plan

47

Investment Plan

19

Pension Plan

10

Children Plan

24

Total

Respondents

100

X axis - response , y axis - respondents

INTERPRETATION:- On the basis of above analysis, we can say that people prefer
to buy protection & children plans mostly. Respondents are concerned with protection
pans because they are taking the plans to secured their future.

9. Customers expectations from Life Insurance Companies?

S. No.

Particulars

%age

A
B
C
D
E

Innovative Products
Attractive Rider
Reasonable Premium
Better Customer Service
High Risk Coverage

5
2
47
24
22

Total

Respondents

100

X axis - response , y axis - respondents

INTERPRETATION:On the basis of above analysis, we can say that people expect better customer service
from the insurance companies & reasonable premium on their investment. People
mainly go for the plan which will provide him sufficient returns by giving reasonable
premium.

10. How do you rate IDBI fedrals wealthsurance ICICI Prudential by other

company insurance ICICI Prudential?.

S. No.

Particulars

%age

A
B
C
D

GOOD
AVERAGE
BAD
CANT SAY

10
25
10
55

Total

Respondents

100

X axis - response , y axis - respondents

INTERPETATION:On the basis of above analysis, we can say that people are satisfied with the plans they
have bought, its that they are not aware of these ulip plans of this company. But there
are certain doubts in the mind of respondents about the company and whether they
should invest in it or not.

FACTS & FINDINGS

 Agents play major role in awaring people about the benefits of insurance.
People think insurance as a protection tool.
People purchase insurance ICICI Prudential mostly for protection purpose and
some of people for saving.
The goodwill of the company also attracts customers toward a insurance company.
People also take insurance ICICI Prudential as a security for their children.
Most of the people are already secured under life insurance ICICI Prudential of
different companies and major player in the market is ICICI prudential. About
50% respondents have taken insurance ICICI Prudential.

The agents play major role in exploring the new companies ICICI Prudentials for
explaining their companies importance and ICICI Prudential. Agents create great
effect on the mind of the customers as they are more aware and understanding of
plans.
Around 67% people takes insurance as a necessity for protection & security and
remaining think for tax savings and imposition of a burden of expenses.
More than half of the people takes insurance for protection of their future and
prefer protection plans.
People expect better customer service from the insurance companies & reasonable
premium on their investment. People mainly go for the plan which will provide
him sufficient returns by giving reasonable premium.

RECOMMENDATIONS

On the basis of my study, I conclude that, both the companies are providing very good
Advertisement should be done on television and especially Posters and
Banners. This will greatly help in raising awareness level.
IDBI Company should show more commitment with the customers.
Private companies give better services to the customers as compared to ICICI
prudential companies.
The IDBI company should create good relations and communication.
IDBI company should collaborate to spread awareness regarding the benefits
of insurance plans provided by the other companies.
Agents have got maximum influence on customers. They are the one who
introduces the prospect to different Icici Prudential. So agents should be given
full-fledged training and the training should be strict.

CONCLUSION

On-Shopping is a hot topic especially in these days of instant results. The reason why
i-Shopping has become so popular is because they provide three major benefits to
potential buyers:
1. Convenience: Customers can order products 24 hours a day wherever they are.
They dont have to sit in traffic, and a parking space, and walk through countless
shops to find and examine goods.
2. Information: Customers can find reams of comparative information about
companies, products, competitors, and prices without leaving their office or home.
3. Fewer hassles: Customers dont have to face salespeople or open themselves up to
persuasion and emotional factors; they also dont have to wait in line.
i-Shopping also provides a number of benefits to marketers:
1. Quick adjustments to market conditions: Companies can quickly add products to
their offering and change prices and descriptions.
2. Lower costs: On-line marketers avoid the expense of maintaining a store and the
costs of rent, insurance, and utilities. They can produce digital catalogs for much less
than the cost of printing and mailing paper catalogs.
3. Relationship building: On-line marketers can dialogue with consumers and learn
from them.
4. Audience sizing: Marketers can learn how many people visited their on-line site
and how many stopped at particular places on the site. This information can help
improve offers and ads.
Clearly, marketers are adding on-line channels to find, reach, communicate, and sell.
i-Shopping has at least five great advantages. First, both small and large firms can
afford it. Second, there is no real limit on advertising space, in contrast to print and
broadcast media. Third, information access and retrieval are fast, compared to
overnight mail and even fax. Fourth, the site can be visited by anyone from any place
in the world. Fifth, shopping can be done privately and swiftly.

The Internet is a powerful tool for strengthening relationships. By offering customers

content and time value, E-Shopping

has opened new vistas for marketers. The

greatest feature of the digital economy is that it enables the E-Marketer to eradicate
man traditional barriers before entering new markets. These barriers include
economies of scale and geographic positioning. The innate strength of an E-Market
comes not from the seamless flows of goods and services from the producer to the
customer but in the geometrically increasing returns from converging ideas and
technological change the strength of online communities has never been so great, and
companies have used them to develop new markets. Notice how Linux distributed
free on the Net has been able to build up a faithful customer base. Ultimately here
also the marketer has to realize that nothing sells as well as a good product. But the
beauty of the Internet is that it offers constant opportunities for product enhancement
based on continuous customer feedback. Companies who have tuned their business
processes to incorporate these customer responses have been able to leverage the
power of the Web to gain competitive advantage.

BIBLIOGRAPHY

BASIC COVERAGE
Event Management

Lynn Van Der Wagen & Brenda R. Carlos

Principles of Marketing

Kotler & Amstrong

Marketing Management

Philip Kotler

Marketing is Business

Walter E. Vieira

The Fundamentals & Practice of Marketing John Wilmshurst

WEBSITES
www.indiatradepromotion.org
www.exhibitionsindia.com
www.supercommindia2004.com
www.branders.com
www.viewcentral.com
www.eventmarketer.com
www.marketersadvantage.net/articles.htm?k=Network%20Marketing
www.mobilemarketingjoblist.com

ANNEXURE

Respondent profile has been analyzed: 1. OccupationS. No.

Particulars

businessman

B
C
D

professional
students
Housewife

Total

respondents

Response

2. Do you have Insurance? If yes of which company?

S. No.

Particulars

Yes

No

Total

Respondents

Response

3. Awareness of IDBI fedral Life Insurance Company?

S. No.

Particulars

Print media

B
C
D

Electronic media
Agents
Others

Total

Respondents

Response

4.

Do you know about Unit Linked Insurance Plans (ULIP)?

S. No.

Particulars

Yes

No

Total

Respondents

Response

5. According to you, Insurance ICICI Prudential are for?

S. No.

Particulars

Necessity
for
protection
security
Imposition of a burden of
expenses
A compulsory tool for tax
saving

B
C
Total

Response

respondents

6. Main consideration that a customer looks at while purchasing an Insurance

ICICI Prudential?
S.No

Particulars

A
B
C
D
E

TAX
SAVING
PROTECTION
PENSION
INVESTMENT

total

Respondents

Response

7. What a respondent see while purchasing Insurance from the company?

S. No.

Particulars

%age

Standing and goodwill of the

company
Product range and services of

the company
Advertisement being released
by the company

Possession of companys ICICI

Prudential by his relatives and

friends.
Returns of bonus declared by

Total

the company
Respondents

8. Plan that a respondent prefers to buy?

S. No.

Particulars

Protection Plan

Investment Plan

Pension Plan

Children Plan

Total

Respondents

%age

9. Customers expectations from Life Insurance Companies?

S. No.

Particulars

%age

A
B
C
D
E

Innovative Products
Attractive Rider
Reasonable Premium
Better Customer Service
High Risk Coverage

Total

Respondents

10. How do you rate IDBI fedrals wealthsurance ICICI Prudential by other
company insurance ICICI Prudential?.

S. No.

Particulars

A
B
C
D

GOOD
AVERAGE
BAD
CANT SAY

Total

Respondents

%age