Contents

Company Certificate

HOD Certificate

Candidate Declaration

Preface

Acknowledgement

Chapter –I
1) Introduction
a) Historical development of Insurance
b) About Insurance
c) About the company
2) Company profile
a) Vision
b) Partners
c) Distribution
d) Management
3) Product information

Chapter-II
a) Objective of study
b) Importance of study
c) Scope of study
d) Research Methodology
1. Research Design
2. Sample Size
3. Data Collection Method
4. Sampling Design

e) SWOT analysis
f) Research Findings and Analysis
g) Limitation of Study
h) Conclusion
i) Recommendation
j) Bibliography
k) Questionnaire 109
 ACKNOWLEDGEMENT

I wish to express my deep sense of gratitude to Mr. Rajat

Arora (Unit Manager) ICICI prudential Meerut, for his
valuable guidance, adviser and suggestion, during the
course of this study.

Positive thinking, hopeful attitude and optimistic outlook are

indispensable that are developed by an instructor in his
students. He enables them to face the problem in different
ways for success.

I feel to express my Prof. P.K Agarwal (HOD of MBA

Department IIMS), Mr. Sharad Bisaria, Dr. Sharat
Sharma, Mr. Manoj Kumar for his expert guidance and
encouragement for my project work.

I offer my most sincere thanks to Mr. Abhiroop Pandey

(territory manager) who inspire me all the time.

And finally but immensely I express all my gratitude to my

parents and faculties who inspired me all the time with their
love and support, also my friends who always help me in the
course of study.

Devendra Prasad Ojha

 PREFACE

Insurance is one of the fastest growing sectors in the

country. Four years after liberalization the Insurance

industry still holds vast opportunities for young and

experienced professionals.

On the life Insurance side public sector life Insurance

corporation of India is, of course, the largest player with a

history of over 50 years. After Privatization, the PSU has

been making efforts to improve efficiency and customer

service. Among the private Life Insurance players, ICICI

Prudential Life and Birla Sun Life are the first and second

largest players.

My this study about Life Insurance, giving special reference

to ICICI Prudential Life Insurance is an attempt to get a

inner look about the working of this private player, what

made them No.1 private Insurer in country , there mode of

recruiting advisors and customer satisfaction with this

company with in Meerut city.

As the company is operating in 54 cities with 70 branches,

Meerut is selected as a sample unit for study. The study will

consists of studying product basket of ICICI Prudential with

the help of secondary data and the market survey with the

help of Questionnaire to collect primary data and thereafter

the result will be generalized on universe (India) to get clear

picture about the performance of ICICI Prudential Life

Insurance Company on India.

I hope this study will provide useful academic as well as

practical information.

Devendra Prasad Ojha

 CANDITATE’S DECLARATION

I hereby declare that the project report prepared &

submitted by me is the original work, the report is based on

the data collected by me during the training tenure.

During my training I worked under the able guidance of Mr

Rajat Arora (Unit Manager) ICICI PRUDENTIAL LIFE

INSURANCE COMPANY MEERUT.

Devendra Prasad Ojha

MBA III SEM

INTRODUCTION TO THE COMPANY
The business of insurance began with the marine industry. Traders,

who would gather at the Lloyd’s Coffee House in London, agreed

to share the losses their goods were prone to while being carried

by ships. The losses used to occur because of pirates who robbed

on the high seas, because of bad weather spoiling goods or due

to ships sinking. The first insurance policy was issued in 1583 in

England.

In India, insurance began in 1870 with life insurance being transacted

by an English company, the European and the Albert. The first

Indian insurance company was the Bombay Mutual Assurance

Society, formed in 1870. Oriental Life Assurance in 1874, the

Bharat in 1896 and the Empire of India in 1897 followed this.

Later, the Hindustan Co-operative was formed in Calcutta, the United

India in Madras, the Bombay Life in Bombay, the National in

Calcutta, the New India in Bombay, the Jupiter in Bombay and the

Lakshmi in New Delhi. These were all started as a result of the

Swadeshi movement in the early 1900s. By the year 1956, when

the life insurance business was nationalized and the Life

Insurance Corporation of India (LIC) was formed on September

1, there were 170 companies and 75 provident fund societies

transacting business in India. After decades of public sector

monopoly, the relevant laws were amended in 1999 and LIC lost

the exclusives privilege of conducting life insurance business in

India. By March 31 ’02, 11 new insurers had been registered and

had begun to transact life insurance in the country.

 INTRODUCTION OF INSURANCE

Insurance is a mechanism that ensures an individual to thrive on

adverse consequences by compensating the individual for loss
financially. The meaning of insurance can be made from two
points:

Function meaning of insurance

Contractual meaning of insurance

Functional meaning:
Insurance is a co-operative device to spread the loss caused
by a particular risk over a number of persons, who are
exposed to it and who agree to insure themselves against
the insurance is:

a) A co-operative device to spread the risk

b) The system to spread the risk over a number of
persons who are insured against the risk.
c) The principle to share the loss of each member of the
society on the basis of probability of loss to their risk
and
 d) The method to provide security against losses to the
insured.

Contractual Meaning of Insurance:

The insurance is a contract where by:

(a) Certain sum, called premium, is charged in

consideration.
(b) Against the said consideration a large sum is
guaranteed to be paid by the insurer who received
the premium.
(c) The payment will be made in a certain definite sum
i.e. the loss or the policy amount whichever may be,
and
(d) The payment is made only upon a contingency.
KINDS OF INSURANCE

The insurance can be divided from two angels:

 From the business point of view.

 From the risk point of view.

Business Point of view:

The Insurance can be classified into categories from

business point of view.

1.Life Insurance:

Life Insurance is different from other insurance in the since

that, here, the subject matter of insurance is life of human
being. Life is the most important property of the society or
an individual. This insurance provides protection to the
family at the premature death or gives adequate amount at
the old age when earning capacities are reduced.

2.General Insurance:
 The general insurance includes property insurance, Liability
insurance and other forms of insurance. Fire and Marine
insurance are strictly called Property insurance; Motor,
Theft, Fidelity and Machine insurances include the extent of
liability insurance to a certain extent.

) Property Insurance

Under the property insurance property of a person insured

against a certain specified risk. The risk may be Fire or
Marine perils, Theft of property or Goods damage to
property at accident.

1. Marine Insurance

Marine insurance provides protection against loss of Marine

perils. These perils cause damage, destruction of
disappearance of the ship and cargo and non-payment of
freight.

2. Miscellaneous Insurance:

The property Goods machine, Furniture, Automobile,

Valuable articles etc. can be insured against the damaged
due to accident or due to theft these are different forms of
insurances for each type of said property whereby not only
property insurance exist but liability insurance and personal
injuries are also insured.
(B) Liability Insurance:

The general insurance also includes liability insurance

whereby the ensured is liable to pay the damage of property
or to compensate the loss of personal injury or death. This
insurance is seen in the form of Fidelity insurance,
Automobile insurance and Machine insurance etc.

(C) Other Forms:

Besides the property and Liability insurance there are certain

insurances, which are included under general insurance. The
example of such insurance is Export credit insurance, state
employees insurance etc. whereby the insurer guarantees to
certain amount at the certain events.

(3) Social Insurance:

The social insurance is to provide protection to the weaker

section of the society who is unable to pay the premium for
adequate insurance. Pension Plans, Disability benefits,
unemployment benefits, sickness insurance and industrial
insurance are the various forms of social insurance with the
increase of socialistic ideas, the social insurance is an
obligatory duty of the nation.
 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 Regularly Development

Authority (IRDA).

ICICI Prudential’s equity base stands at Rs 675crore with

ICICI Bank and Prudential plc holding 74% and 26% stake

respectively. In the year ended March 31,2004, the

company had issued over 430,000 policies, for a total sum

assured of over Rs.8, 000crore and premium income in

excess of Rs.980crore. Today the company is the No.1

private life insurer in the country.

 Vision

Company’s 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 need of customer 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.

 Partners

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 to people. 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 Bank

ICICI Bank is India’s second largest bank with an asset base

of Rs.106812crore. ICICI Bank provides a broad spectrum of

financial services to individuals and companies. This includes

mortgages, car and personal loans, credit and debit cards,

corporate and agricultural finance. The Bank services a

growing customer base of more than 7 million customer

accounts and 5 million bondholders accounts through a multi

channel access network. This includes about 450 branches

and extension counters, 1665 ATMs, call centers and

Internet banking. ICICI Bank posted a net profit of Rs.1,

206crore for the year ended March 31,2003. ICICI Bank is

the only Indian company to be rated above the country

rating by the international rating agency Moody’s and the

only Indian company to be awarded and investment grade

international credit rating. The Bank enjoys the highest AAA

(or equivalent) rating from all leading Indian rating

agencies.
Prudential plc

Established in 1848, Prudential plc is a leading international

financial services company in the UK, with around US$250

billion funds under management, and more than 16 million

customers worldwide. Prudential has brought to market an

integrated range of financial services products that now

includes life assurance, pensions, mutual funds, banking,

investment management and general insurance. In Asia,

prudential is UK’s largest life insurance company with a vast

network of 22 life and mutual fund operations in twelve

countries -China, Hong Kong, India, Indonesia, Japan,

Korea, Malaysia, the Philippines, Singapore, Taiwan,

Thailand and Vietnam. Since 1923, Prudential has

championed customer-centric products and services,

supported by over 60,000 staff and agents across the

region.
 DISTRIBUTION

ICICI Prudential has one of the largest distribution networks

amongst private life insurers in India, having commenced

operations in 54 cities and towns in India. These are: Agra,

Ahmedabad, Ajmer, Allahabad, Amritsar, Aurangabad,

Bangalore, Bhatinda, Bhopal, Bhubhaneshwar, Chandigrh,

Chennai, Coimbatore, Dehradun, Goa, Guntur, Gurgaon,

Hyderabad, Hubli, Indore, Jaipur, Kanpur, Karnal, Kochi,

Kolkata, Kota, Kottyam, Lucknow, Ludhiana, Madurai,

Manglore, Meerut, Mumbai, Nagpur, Nasik, Noida, New

Delhi, Patiala, Pune, Rajkot, Ranchi, Surat, Thane, Thrissur,

Trichy, Trivandrum, Vadodara, Vashi, Vijayawada and Vizag.

The company has twelve bancassurance tie-ups, having

agreements with ICICI Bank, Allahabad Bank, Federal Bank,

South Indian Bank, Bank of India, Lord Krishna Bank and

Punjab & Maharastra Co-Operative Bank, Goa State Co-

Operative Bank and Indoor Paraspar Sahakare Bank,

Manipal State Co-Operative Bank, Shamrao Vithal Co-

Operative Bank And Jalgaon People’s Co-Operative Bank, as

well as some corporate agents. It has also tied Zindagi, a

policy for the socially and economically underprivileged

sections of society. ICICI Prudential has recruited and

trained over 30,000 insurance advisors to interface with and

advise customers. Further , it leverages its state-of-the-art IT

infrastructure to provide superior quality of service to customers.

 Management

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board

comprises reputed people from the finance industry both
from India and abroad.

Mr. K.V. Kamath, Chairman

Mr. Mark Norbom

Mrs. Lalita D. Gupte

Mrs. Kalpana Morparia

Mrs. Chanda Kochhar

Mr. Kevin Holmgren

Mr. M.P. Modi

Mr. R Narayanan

Ms. Shikha Sharma, Managing Director

Management Team

Ms. Shikha Sharma, Managing Director

Mr. Sandeep Batra, Chief-Financial Officer & Company

Secretary

Mr. Shubhro J. Mitra, Chief- Human Resources

Mr. Puneet Nanda, Head - Investments

Ms. Anita Pai, Chief – Operations & Underwriting

Mr. V. Rajagopalan, Appointed Actuary

Mr. Shridhar Sethuram, Chief – Sales & Marketing

Mr. Anil Tikoo, Head – Information Technology.

ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED

(ICICI PRUDENTIAL)

Registered office: ICICI Prulife Towers, 1089 Appasaheb

Marathe Marg, Praabhadevi Mumbai-400025

Registrat of companies

Reg no. 11-127837

Date of Incorporation 20-jul-2000

Registered with IRDA as Life Insurance Company

Regn.No.105

Products
Young Professional
Life Stage Needs Solution
Young Professional Protect loved ones Life Guard
& Protection against
Liabilities
Saving/Investing for Traditional
the future
 Save ‘n’ Protect
 Cash Bak
 Secure plus
 Cash Plus
Unit Linked Insurance
Solutions
 Life Time II
 Life Link II
Retirement planning Traditional

 Forever Life
 Secure Plus Pension
Unit Linked Insurance
Solutions
 Life Time Pension II
 Life Link Pension II
 Tax Planning All Life Insurance plans
– Sec 88
All Retirement plans –
sec 80 ccc (1)

Life Stage
Newly Married
Life Stage Needs Solution
Newly married Protect loved ones & Life Guard
Protection against
Liabilities
Saving/Investing for Traditional
the future
 Save ‘n’ Protect
 Cash BaK
 Secure plus
Unit Linked Insurance
Solutions
 Life Time II
 Life ink II
Retirement Planning Traditional
 Forever Life
 Secure Plus Pension
Unit Linked Insurance
Solutions
 Life Time Pension II
 Life Link Pension II
Tax Planning All Life Insurance plans
– Sec 88
All Retirement plans –
sec 80 ccc (1)
Health Concerns Major Surgical
Assistance Rider
Critical Illness Rider
Additional Protection Accident & Disability
Benefit Rider
Waiver of premium
Rider
 Life Stage
Married With Kids
Life Stage Needs Solution
Married with Kids Protect loved ones Life Guard
& Protection against
Liabilities
Saving/Investing for Traditional
the future
 Save ‘n’ Protect
 Cash Bak
 Secure plus
 Cash Plus
Unit Linked Insurance
Solutions
 Life Time II
 Life Link II
Retirement Planning Traditional
 Forever Life
 Secure Plus Pension
Unit Linked Insurance
Solutions
 Life Time Pension II
 Life Link Pension II
Tax Planning All Life Insurance plans
– Sec 88
All Retirement plans –
sec 80 ccc (1)
Child’s education Smart Kid Education
Plans
Health Concerns Major Surgical
Assistance Rider
Critical Illness Rider
Additional Protection Accident & Disability
 Benefit Rider
Waiver of premium
Rider

Secure Plus Pension

Secure Plus Pension

 Power to choose your protection levels:

Secure Plus Pension provides you with three levels

of sum assured for the same amount total annual

contribution. You also have the option of opting for

a zero Death Benefit.

Power to choose the retirement date: You can choose a vesting

age between 50 –75 years. You have the flexibility to postpone

the vesting date from the originally chosen vesting date up to a

maximum of 75 years of age.

You can also enhance you policy by adding Critical Illness

Rider, Major Surgical Assistance Rider, Accident & Disability

Benefit Rider, Accident Benefit Rider and Waiver of Premium

Rider (WOP)

Life Line Pension II

Life Link Pension II

Life Link Pension II gives you the freedom to choose the
amount of premium, and invest in market-linked funds, to
generate potentially higher returns. On a future retirement
date, the accumulated value of the units will be used to
purchase an annuity that will provide you with regular
income for life.

Power to choose the retirement date: Choose a vesting

age between 45 – 75 years of age.

Power to increase you investment: Use your surplus

funds to top-up your investments during the deferment
period.

Power to invest in plan based on your priorities:

Choose from among four funds, based on your investment
objective and risk appetite. If at later stage your financial
priorities change, you can switch between the various fund
options, absolutely free, 4 times a year.

Forever Life

Forever Life
Life cover benefits: The plan simultaneously provides life
cover and the opportunity to save for your retirement in a
systematic manner. In the unfortunate event of your death,
your spouse has the option to receive the sum assured with
guaranteed additions and vested bonuses (if any) as a lump
sum or get an annuity that would provide a regular income
for life.

Power to choose the retirement date: You can choose a

vesting age between 50 –70 years. You have the flexibility
to postpone the vesting date from the originally chosen
vesting date up to a maximum of 70 years of age.

You can also enhance your policy by adding Critical Illness

Rider, Major Surgical Assistance Rider, Accident & Disability
Benefit Rider, and Accident Benefit Rider.

Life Time II

Life Time II
A single policy that meets your changing needs over a

lifetime. This solution has been developed to meet your

savings, protection and investment needs at every stage in

life.

Protection

 Choose from two levels of Sum Assured

 Flexibility to increase or decrease your sum

assured.

 Add-on riders to protect you against any

eventuality.

Savings

 Flexibility to increase or decrease your

contribution.

 Automatic Cover Continuance, wherein the policy

continues even if there is a temporary break in the

payment of annual contribution.

 Top-up your investment any time you have

surplus funds.

 Additional allocation of units on a periodic basis.

  Loans against the policy

Investment

 Choose from among four funds, based on your

investment objective and risk appetite.

 Choice to switch between investment options (4

free switches every policy year).

You can also enhance your policy by adding Critical Illness

Rider, Major Surgical Assistance Rider, Accident & Disability

Benefit Rider, and Accident Benefit Rider.

Insurance Plans

Insurance Plans

Life is unpredictable. But in face of adversity, our

responsibilities towards our parents, children and loved ones
need not be compromised. Insurance planning equips you to
smooth out the uncertainties and adversities that life might
send your way, so that the best that life has to offer, secure
in the knowledge that your beloved ones are well provided
for.

ICICI Pru offers a complete range of insurance products

1. Protection Plans
2. Savings Plans
3. Child Plans
4. Investment Plans
5. Retirement Plans
6. Group Plans
7. Rural Plans
8. Plans for NRIs
9. Keyman Plans
10. Riders

Protection Plans

Life Guard

ICICI Prudential Life Insurance offers Life Guard – a set of

pure protection plans. Choose from amongst three different
product structures to insure your life and provide total
security to your family, at a very affordable cost.
Level Term Assurance with return of premium

 On death the entire sum assured will be paid.

 On maturity, all the premiums paid will be
returned.

Level Term Assurance without return of premium

 On death the entire sum assured will be paid.

 No survival or maturity benefits.

You can also enhance the above two policies by adding

Accident & Disability Benefit Rider and waiver of Premium
Rider (WOP).

Level Term Assurance – Single premium

 On death entire sum assured will be paid.

 No survival or maturity benefits.

Savings Plans

Savings Plans

ICICI Prudential offers a variety of policies that give you the

benefit of protection and the opportunity to save for

important assets or events, like a home, a car or a wedding.

Secure Plus

An insurance plan that gives added protection savings and

multiple options, all in one!

Cash Plus

An insurance plan that gives added protection savings,

multiple options, plus the power of liquidity.

Life Time II

A complete market-linked insurance plan that adapts itself

to your changing protection and investment needs,

throughout a lifetime.

Save ‘n’ Protect

A traditional endowment savings plan that offers both high

returns and protection.

Cash Back
An endowment savings plan that allows you to get back

substantial survival benefits without having to wait till the

maturity date.

Child Plans

Smart Kid Education Plans

As a responsible parent, you will always strive to ensure a

hassle-free, successful life for your child. However, life is full
of uncertainties and even the best-laid plans can go wrong.
Here’s how you can give your child a 100% safe and assured
tomorrow, whatever the uncertainties. Smart Kid is
designed to provide flexibility and safeguard your child’s
future education and lifestyle, taking all possibilities into
account.

1. Smart Kid regular premium

2. Smart Kid unit-linked regular premium
3. Smart Kid unit-linked single premium

All these plans offer you:

 Guaranteed Financial Benefits: Regular

payments at critical stages in your child’s life
board examinations, Graduation and Post-
graduation.
 Total peace of mind
i. Sum Assured is paid immediately:
Ensures that your loved ones stay financially
secure, even in your absence.
ii. All future premiums are waived: Ensuring

that your family is not financially burdened in

your absence.
iii. Policy benefits continue: The educational

benefits of the policy continue, ensuring that

your child can realize his or her dreams
without any hassles.
  Development Allowance: Smart Kid
guarantees regular income to secure your
child’s educational career and also ensures his
all-round development, for a nominal additional
amount. The income benefit Rider takes care of
this through an annual payment of 10% of the
sum assured, to your child, till the maturity of
the policy, in the unfortunate event of the
death of the parent.
 All smart Kid plans can be enhanced
with the Accident & Disability Benefit Rider and
Income Benefit Rider. You can also an Accident
Benefit Rider to a Smart Kid Regular Premium
policy, and a Waiver of premium Rider (WOP)
to Smart Kid unit-linked regular premium
policy.

Investment Plan

Investment Plans

Life Link II
Life Link II is a unique plan that combines the security of a
life insurance policy with the opportunity of enjoying high
returns on your investments, without the market risks
compromising on the protection of your family!

Death Benefit: The sum Assured under the product has 2

options, either 500% of the initial premium or 105% of the
initial premium. In the event of an unfortunate death, the
beneficiary will receive higher of the value of units or the
initial death benefit, less any withdrawals.

Withdrawal Benefit: One can make partial withdrawals

from the accumulated value of the policy after completion of
one policy year.

Flexibility: Choose from four fund options, based on your

investment objective and risk appetite. If at a later stage
your financial priorities change, you can switch between the
various fund options, absolutely free, 4 times a year.

Retirement Plans

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

Choose from amongst 4 retirement plans:

Life Time Pension II

A regular premium linked pension plan that gives you the

freedom to choose the amount of premium, and invest in
market-linked funds, to generate potentially higher returns.

Life Link Pension II

A single premium linked pension plan that gives you the

freedom to choose the amount of premium, and invest in
market-linked funds, to generate potentially higher returns.

Secure Plus Pension

A regular premium pension plan that gives the flexibility to

choose between 3 levels of sum assured for the same level
of total annual contribution.

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

Choose from 5 Annuity options at the time of vesting

1. Life Annuity
2. Life Annuity with return of purchase price
3. Life Annuity guaranteed for 5, 10, 15 years
4. Joint Life, Last Survivor without return of purchase
price
5. Joint Life, Last Survivor with return of purchase price

Read on to find out more about planning for your

retirement….

Why plan for retirement?

How much should I set aside for retirement?

The impact of inflation on your retirement savings.

Why plan early?

Group Solutions

Group Solutions

In an era of competitive party, 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 organization’s bottomline. The quality of an
organization’s employee benefits establishes and maintains
a company’s image as a caring employer. Optimum care of
employees is a long-term investment that results in a
sustained competitive advantage for an organization in the
times to come.

ICICI Pru Group Solutions Advantage

 An integrated basket of employee benefit solutions

that offer in incomparable flexible benefits.
 Sound investment management that focuses on
safety, stability and profitability of the portfolio.
 Personalized financial planning for your employees
that takes care of his/her changing financial needs
at every stage of life.
 Quality service initiatives and transparency across
all operations, promising superlative operational
efficiency.

Group term Assurance: Helps provide affordable cover to

members of a group.

Group Gratuity Plan: Helps employers fund their statutory

gratuity obligation in a flexible and hassle-free manner.
Group Superannuating Plan: A flexible scheme (defined
benefit and defined contribution) to provide a retirement
kitty for each member of the group.

Group Term Assurance

ICICI Pru’s flexible group term solution helps provide

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

Highlights include:

 Greater convenience: for the employees with

relaxed underwriting and medical requirements.
 “Free Cover Limits”: With simplified
underwriting depending upon the number of
employees in the group and the level of cover
chosen.
  Guaranteed benefit: On death during the term
of the contract (while in service), the sum assured
will be paid to the beneficiary of the employee.
 Choice of additional coverage in from an Accident
and Disability Benefit Rider and Critical Illness
Cover.
 Premium is viewed as a business expense in the
year of payment.

Rural Plans

ICICI Pru Life Rural Products are designed to meet the needs
of the rural consumers. These products offer the following
features:

1. Low and Affordable Premiums

2. Life Cover
 3. Savings Option
4. Hassle free procedure

ICICI Prudential offers 2 specially designed rural plans.

ICICI Pru Mitr – Endowment Plan

ICICI Pru Suraksha – Regular Premium

ICICI Pru Mitr –Endowment Plan

ICICI Pru Miter offers the following features:

 Life Cover and Savings

 Regular Premiums
 Age at entry :18-45 Yrs
 Premium Mode :Half Yearly / Yearly
 Term :5, 10, 15 Yrs
 Sum Assured :Rs. 5,000 – 20,000
 Premium / Year :Rs. 507 – 553 (SA: Rs.
10,000)
 Maturity / Death :Sum Assured

benefit

ICICI Pru Suraksha – Regular Premium

ICICI Pru Suraksha is a regular premium policy with the

following features:
  Individual policy
 Only Life cover
 Term – 3 & 5 Yer
 Age independent premium
 Age at entry :18 – 45 Yer
 Sum Assured :Single
 Premium / Year :Rs. 50 – 200
 Maturity / Death :Rs. 5,000 – 20,000
 Benefit
 Death Benefit :Sum Assured

Riders

ICICI Prudential gives the freedom to form very own

comprehensive insurance policy by adding the rider benefits

to the basic life insurance policy. Add from the following list

of benefits to increase the scope of your policy, at a nominal

cost.
  Critical Illness Rider

 Major Surgical Assistance Rider

 Accident & Disability Benefit Rider

 Accident Benefit Rider

 Income Benefit Rider

 Waiver of Premium Rider (WOP)

Critical Illness Benefit Rider

This rider provides protection against 9 critical illnesses,

namely: Major organ transplants, Complete renal failure,

Stroke, Paralysis, Heart attack, Valve replacement surgery,

Major surgery of the aorta, CAGS (Bypss) and Cancer.

Benefits paid on contracting the illness

Accelerated benefits (available with Save ‘n’ Protect

and cashbook): If the policyholder is diagnosed with any of

the specified illnesses, then the policyholder is paid the

entire sum assured under the rider. The policy along with all

the riders (to the extent of the Rider Sum Assured) is then
terminated. However, the remainder of the base policy

continues till the end of the term. The policyholder will have

to continue paying his premiums for the remainder of the

policy.

Accelerated benefits (available with SecurePlus,

CashPlus and SecurePlus Pension): If the policyholder is

diagnosed with any of the specified illnesses, then the

policyholder is paid the entire sum assured under the rider.

The life cover along with all the riders is then terminated.

However, the policy value accumulation continues till the

end of the term of death, whichever is earlier.

Standalone benefits (available with Life Time II,

Forever Life and Group Term Plan): If the policyholder

is diagnosed with any of the specified illnesses, he/she is

paid the rider Sum Assured and the rider terminates.

However, the base policy continues till maturity.

Premiums paid under this are eligible for tax benefits under

Section 80D.
Major Surgical Assistance Rider

This rider provides assistance to the policyholder against 43

surgical procedures. There surgical procedures are divided

into 3 categories and the extent of assistance provided

depends on the type of procedure.

Major procedures – 50% of the rider sum assured is paid

Intermediate procedures – 30% of the rider sum assured is

paid

Minor procedures – 20% of the rider sum assured is paid

This benefit is payable on more than one occasion when the

life assured undergoes surgery. However the total benefit

payable in case of all the procedures is restricted to a

maximum of 50% of the sum assured.

Major Surgical Assistance rider is available with Save ‘n’

Protect, Cashbak, Lifetime II, Forever Life, Forever Life,

Secure Plus, Cash Plus and Secure Plus Pension.

Premiums paid under this rider are eligible for tax benefits

under Section 80D.

Accident & Disability Benefit Rider

Benefits Payable on death due to an accident

If the policyholder dies due to an accident, 100% of the rider

sum assured is pad in addition to the basic sum assured.

In case the policyholder dies in a land surface, mass public

transport system wherein the policyholder was traveling as a

fare-paying passenger, then 200% of the rider sum assured

is paid.

Benefit payable in case of permanent disability due to an

accident.

If the policyholder survives an accident but become

permanently disable then the premium for the basic plan is

completely waived off to the extent of the rider

sum assured.
Plus, 10% of the rider sum assured is paid for the next 10

years, which helps in providing that extra money and takes

care of sudden financial set back that occurs after a tragic

disability.

Accident & disability Benefit rider is available with save ‘n’

Protect, Cashbak, SmartKid Child Plan, Lifetime II, Life Time

Pension II, Forever Life, Secure Plus, Cash Plus, Secure Plus

Pension, Life Guard ROP and Life Guard WROP, the waiver of

premium benefit is not available.

Premiums paid under this rider are eligible for tax benefits

under Section 88.

Accident Benefit Rider

If the policyholder dies due to an accident, 100% of the rider

sum assured is paid in addition to the basic sum assured.

Accident Benefit rider is available with save ‘n’ Protect,

Cashbak, Smart Kid regular premium, Forever Life, secure

Plus, Cash Plus and Secure Plus Pension.

Premiums paid under this rider are eligible for tax benefits

under Section 88.

Income Benefit Rider

In case of death of the life assured during the term of the

policy, 10% of the rider sum assured is paid annually to the

beneficiary, on each policy anniversary till maturity of the

rider.

Income Benefit rider is available with Smart Kid Child Plans,

Secure Plus and Cash Plus.

Premiums pad under this rider are eligible for tax benefits

under Section 88.

Waiver of Premium Rider (WOP)

On total and permanent disability due to an accident, all

future premiums for both the base policy and rider (s) will

be waived till the end of the term of the rider of death of the

life assured, if earlier.

Waiver of Premium rider is available with Secure Plus, Case

Plus, Lie Guard ROP, Life Guard WROP, Smart Kid Unit linked

regular premium II, Life time II , Life Time Pension II and

Secure Plus Pension.

Premiums paid under this rider are eligible for tax benefits

under Section 88.

ICICI Pru Save ‘n’ Protect

(With profits endowment plan with extended life
cover)
This product is participating (with profits) endowment
product. As the name suggest the product encompass the
features of saving and life cover protection in equal
measures. The product is meant for the masses and has
flexible features. The product specification is as under:
Min Sum assured Rs. 50,000
Max Sum assured Unlimited
Min Age at Entry 0 Years
Max Age at Entry 60 Years
Min Maturity Age ………..
Max Maturity Age 70 Years
Min Term 10 Years
Max Term 30 Years
Sum assured Rs. 1,000
Multiples of
Premium Payment Yearly, Half – yearly, quarterly and
frequencies monthly
Premium Payment The Entire Term of Policy.
period
Benefit Coverage Term of Policy + 5 years after maturity
period (extended life cover)
Death benefits Sum Assured + Guaranteed Additions
During the term of + Vested Bonus (if any) + Terminal
the policy Bonus (on policies with term of 16
years or more).
During ELC period 5
years maturity 50% of sum assured in case the policy
holder dies during the 5 year term.
Maturity Benefits Sum assured + Guaranteed addition
(for the first 7 years) + Vested Bonus
+ Terminal bonus on policy with term
of 16 years of more.
Surrender/Paid up After 3 full year premium have been
paid.
Riders allowed Critical illness (CIR), Major surgical
 (MSAR), Accident Benefit (ADBR),
Term Rider (LTAR).
Remarks Extended cover will be given only if
policy is in force for the full sum
assured at maturity.
Areas where population is less than
10,000 live or less the minimum sum
assured of Rs. 20,000 Shall apply.
The rider specifications are as follows:
SV = Total Premium – 1st year Premium + Bonus + Cash
Value / 3

TARGET MARKET FOR ICICI PRU SAVE

‘N’
PROTECT AND THE RIDERS
The ICICI save ‘n’ protect is a product that has a mass
appeal. The product has a good return feature as well as a
good life cover feature since the facility of life cover provides
cover for 5 years for 50% of the sum assured over and
above the maturity period. It subscribes to all the strata of
the society, but this product primarily targets to:

1. The salaried class.

2. Gross annual income of Rs. 1.2 lace. Ana above.

3. People with family responsibility.

4. Age group 20-40

The product imbibes a concept of compulsory saving and the
Such a kind of product is more comfortable with middle
class. It is mostly for people within the age group of 20 to
40 who have a family responsibility.

The rider extremely beneficial when sold to age group of 20

to 40. Since rider make the life cover and risk cover
qualitatively rich and the premiums are very low, attach
ability of riders should be advised by us.

ICICI PRU SAVE ‘N’ PROTUCT – FEATURES

ADVANTAGES BENEFITS

Now we know what ICICI Pru save ‘n’ protect is and how is

the product placed in the Market. It is important for us to

communicate to the client the features, benefits and the

advantages that ICICI Pur save ‘n’ protect has and others.

Features of Save ‘n’ Protect:

a) Extended Life Cover

Advantage
The feature is unique to ICICI prudential save ‘n’ protect.

The concept of extension of life cover is not new thought it

has been associate with a product like save ‘n’ protect.

Benefits

Free life cover for 5 years for 50% of the sum assured

payable on death offers value for money.

b) Riders Benefits

Advantage

Competitor products do not offer protection against illness

under one CIR rider.

MSAR is the rider, which is offered by ICICI prudential alone

covers 43 illnesses.

Level term assurance rider extends the advantage of double

cover under one single plan at lower cost.

There are products offered by LIC with double cover like

Jeevan Mitra, however. The premium towards the policy

restricts it to a niche.

Benefits

Additional protection against small price. Rider not only

covers contingencies that may cause death, but also those

which might incapacitate the individual from earning a

regular income required to maintain his life style.

c) Affordable Premium Rates

Advantages

A male client of age 30 pays a premium of 4484 for 1 lac of

cover, which for the same one lac he pays at least 5% more

if the decides to opt for the competitor product.

Benefit

Lower premiums ensure larger cover at nominal costs.

 ICICI PRU CASHBAK

(With profits anticipated endowment plan)

This is a popular product with a three in one feature, of life

cover, liquidity and savings, ICICI Pru. Cashbak provides the

policyholder with survival benefits during the term of the

policy. The policyholder receives money regularly after every

few years there by incorporating an element of liquidity. The

products has the features mentioned below:

Minimum Sum assured Rs. 75,000/-

Maximum Sum assured
Unlimited
Minimum age at entry 16 Years

Maximum age at entry 55 Years

Minimum maturity age Not applicable

Maximum maturity age 70 Years

Term 15 Years and 20 Years
Sum assured multiples of Rs 1000
Premium payment Yearly, Half Yearly, Quarterly
frequencies and Monthly
Loading for premium 5% extra for monthly mode
frequencies of premium payment
Premium payment period The entire term of policy
Death benefits Sum assured + guaranteed
additions + vested bonus (if
During the term of policy any) + terminal bonus (on
policies with term of 16 years
of more. Death benefit will be
paid even if the survival
benefits have been paid.
Survival 1 5 year plan 20 year plan
3 10% 4 10%
(% age of the sum assured) year Year
6 15% 8 15%
year year
9 20% 12 20%
year year
12 25% 16 25%
year year
15 50% 20 50%
year year
Maturity Maturity
Total 120% Total 120%
Maturity benefits 50% of sum assured +
guaranteed additions +
 vested bonus (if any) +
terminal bonus (on policies
with term of 16 years or
mover)
Surrender/Paid up After 3 full years premium
have been paid
Policy Loans No Loans
Riders allowed Critical illness benefit rider
(CIBR), Major surgical
assistance rider (MSAR),
Accident and disability benefit
rider (ADBR), Level term
assurance rider (LTAR)
Remarks The entire death benefit is
payable even if the complete
survival benefit is paid.

Target Market

ICICI Pru cashbak is a product that has mass appeal and

specifically for individuals who look for some interim benefits

in their life insurance policy. It helps the client to develop

and plan his investment as well as asset acquisition. The

product. Is mainly targeted towards:

 The salaries and mid-sized businessmen

 In the age group of 25 years to 45 years.

  Gross income of Rs. 2,00,000/- and above.

 Having families and children.

 Looking for liquidity in insurance.

 Will require periodic money for their children

education, asset creation.

ICICI PRU CASHBAK – FEATURES

ADVANTAGES BENEFITS

New we know ICICI cashbak is and how is the product

placed in the market. It is important for us to communicate
to the client the features, benefits and the advantages that
ICICI Pru Cashbak has and offers.

Features of Cashbak

a) More on Maturity
Advantage

All other anticipates endowment plans give only 100% of the

sum assured as survival and maturity benefits.

Benefits

The policyholder gets more than any other endowment plan.

b) Liquidity

Advantage

No other anticipate endowment plan in the market gives

money after every three years in a 15 years plan and after 4
years in a 20 year plan regularly.

Benefit

ICICI Pru cashbak gives more liquidity, thus enabling the

policy holder to plan for more during the term.

c)Rider Benefits

Advantages

The double death benefit offered by ADBR on death due to

accident while traveling in a mass public transport system
along with added benefits like disability cover and waiver of
premiums at a flat rate of 1.35 make it easily accessible to
all income groups.

Competitor products do not offer protection against 9 illness

under on CIR rider.

Benefit

Additional protection against small price. Rider not only

covers contingencies that may cause death, but also those
which might incapacitate the individual from earning a
regular income required to maintain his life style.

d) Riders cont

Advantage

Level term assurance rider extends the advantage of double

cover under one single plan at lower costs.

There are products offered by LIC with double cover like

Jeeven Mitra, however the premiums towards the policy
restricts it to a niche.
e) Affordable premium rates

Advantage

A male client of age 30 pays a premium of 4484 for 1 lac of

cover, while for the same 1 lac he pays at least 5% more if
he decides to opt for the competitor product.

Benefit

Lower premium ensure larger cover at nominal costs.

ICICI PRU LIFE GUARD (RETURN OF PREMIUM)

(Regular Premium Term Insurance Plan with Return of

Premium)

this is a term insurance plan providing the life assured with

a reasonable and economical life cover at very low cost. This
plan is a regular premium-playing plan and at the end of the
term the total premium received from the policyholders is
returned back to the policyholder with any interest or
additions.

Min Sum Assured Rs. 100,000/-

Max Sum Assured Rs. 10,00,000/-
Min Age at Entry 18 Years
Max age at Entry 50 Years
Min Maturity age …………….
Max Maturity age 65 Years
Min Term 5 Years
Max Term 25 Years
Sum assured multiples of Rs. 1,000/-
Premium payment Yearly, half yearly, quarter
frequencies and monthly
Loading for Premium 5% extra for Monthly
frequencies
Premium payment period The entire term of policy
Benefit coverage Period Term of Policy
Death Benefits
Maturity Benefits Return of Premium Paid
Surrender/Paid up After 3 full years premiums
have been paid
Policy Loans No Loans
Riders Allowed Accident Benefit (ADBR)
Remarks Minimum Annual Premium
needs to be 2400/-

Target Market

ICICI Pur Life Guard, focuses on the two extremes of the

society:
High network Individuals as their priority is only life cover
and not returns on investments.

Lower income groups because they do not have a capacity

to pay huge premiums.

The Target Market will Comprise of:

The age group of 25 to 45.

Businessmen looking for life cover and security against

liabilities.

People wanting to insurance as per their HLV.

ICICI PRU FORVER LIFE (REGULAR PREMIUM)

(Regular Premium Deferred Annuity Plan)

The following are the specification of the plan:

Min Sum Assured Rs. 50,000/-

Max Sum Assured Unlimited
Min Age at Entry 18 Years
Max age at Entry 60 Years
Min vesting age 45 Years
Max vesting age 65 Years
Min Term 5 Years
Max Term 30 Years
Sum assured multiples of Rs. 1,000/-
Premium Payment Yearly, half yearly, quarterly
Frequencies and monthly
Premium payment Period The entire term of policy
Death Benefits Sum assured + guaranteed
During the term of policy additions + vested bonus (if
any) + terminal bonus (on
policies generate annuity for
the spouse.
If spouse is not there then
given as lump sum to the
nominee
Maturity Benefits Annuity
Surrender/Paid up After 3 full years premiums
have been paid
Policy Loans No Loans
Riders Allowed Critical illness benefit
standalone (CIBRS), Major
Surgical Assistance Reder
(MSAR), Accident and
disability benefit rider
(ADBR), level term assurance
rider (LTAR).
options Open Market Option.
Extension of vesting age.
Annuity Options.
25% of Purchase Price can be
obtained at lump sum.

Target Market
The annuity plan can be targeted to:

1.People working in the private companies and in

organization where there is no pension facility to the
employees, Businessmen and traders.

2.People with income group of 1.2 lacs plus.

3.Age group of 20 to 45 years.

ICICI PRU FOREVER LIFE (REGULAR PREMIUM)

FEATURES ADVANTAGES AND BENEFITS

A product like forever life is more relevant in today’s time

when the cost of living and life expectancy is increasing
regularly. Thus annuity plans are the only solution where by
an individual can take care of his future financially and
maintain his lifestyle.

Features of Forever life (RP):

a) Minimum vesting age is 45 year

Advantage

Product currently available in the market allow any

individual to being annuity not before 55 year, while forever
life provides a vesting age as early as 45 years.

Benefits
An individual policyholder get return in the form of annuity
right from the time he expects the productivity to reduce. So
the money come to him as a supplement for all his life and
enabling him to sustain his standard of living.

b) Extension of vesting period

Advantage

The product allows extension of vesting period where by the

policy holder can start the annuity Whenever he need it to
being.

Benefits

The policy holder enjoy the flexibility of creating his own

policy and getting the returns from the policy when he
requires them.

c) Four annuity options

Advantages

Forever life provides four annuity options viz.

 Life annuity

 Life annuity with return of purchase price.

  Joint life, last survivor annuity with return of
purchase price.

 Guaranteed annuity for 5, 10 & 15 years.

Benefits

These four options allow the customer enough choice to suit

his requirements.

In the joint life survivor option the spouse is given 100% of

annuity.

ICICI PRU FOREVER LIFE (SINGLE PREMIUM)

(Single Premium Deferred Annuity Plan)

Following are the specification of the plan:

Min Sum Assured Rs. 50,000/-

Max Sum Assured Unlimited
Min Age at Entry 30 Years
Max age at Entry 62 Years
Min vesting age 45 Years
Max vesting age 65 Years
Min Term 3 Years
Max Term 15 Years
Sum assured multiples of Rs. 1,000/-
Premium Payment Yearly, half yearly, quarterly
Frequencies and monthly
Premium payment Period The entire term of policy
Death Benefits Cash Value of sum assured +
During the term of policy guaranteed additions +
vested bonus (if any) used to
generate annuity for the
spouse.
If spouse is not there than
given as lump sum to the
nominee.
Maturity Benefits Annuity
Surrender After one full years premiums
have been paid
Policy Loans No Loans
Options Open Market Option.,
Extension of vesting age,
Annuity option, 25% of
purchase price can be
obtained as lump sum.

Target Market:

1.People at higher ages looking for annuity and not life

cover.

2.Like to pay money in one go.

3.People who have got a VRS or just retired, and wanting

annuity not now but after few years.

 ICICI PRU FOREVER LIFE (SINGLE PREMIUM

FEATURES ADVANTAGES AND BENEFITS)

A product like forever life appeals to a customer whom the

fear of living too long keeps haunting. He is a customer who
expects to live long and therefore his prime need is to
sustain the standard of living, which he has been
maintaining when he has working.

Features of Forever Life (SP):

a) Minimum vesting age is 45 years

Advantage

Product currently available in the market allows any

individual to begin annuity not before 55 years, while
forever life provides a vesting age as early as 45 years.

Benefits
An individual policyholder gets return in the form of annuity
right from the time the expects his productivity to reduce.
So the money comes to him as a supplement for all his life
and enabling him to sustain his standard of living.

b) Extension of vesting period

Advantage

The product allows extension of vesting period whereby the

policyholder can start the annuity whenever he needs it to
being.

Benefits

The policyholder enjoys the flexibility of creating his own

policy and getting the returns from the policy when he
requires them.

c) For annuity options

Advantages

Forever life provides four annuity options viz:

 Life annuity
 Life annuity with return of purchase of price
 Joint life annuity
  Guaranteed annuity for 5, 10 & 15 years

Benefit

These four options allow the customer enough choice to suit

his requirements.

d) No. Life Cover

Advantages

The other deferred annuity plan in the market contains life

cover due to which the plan become expensive and
unaffordable at higher ages.

Benefits

Due to no life cover the plan can be taken at any age and
the premiums for the particular term remains the same.
Thus, making it affordable at higher ages also.
 LIFE TIME

In Life Time a person can choose a specified level of

protection according to his needs. Part of the premium paid

is adjusted towards mortality and administration charges

and the rest is invested in the plan of the choice. Entry into

the plan will be based on the unit value of the plan based on

the unit value is base on the value of the units allotted to

the person.

“A single policy that meets your changing needs over

a Life Time”

Benefits:
Death Benefit: In the unfortunate event of death, the close

ones are spared on uncertain future. The guaranteed death

ensures that the nominee/s will receive the higher of death

benefit chooses (less any withdrawals) or value of the units.

Liquidity option: There is no maturity date. Anytime after

three years of commencement (provided to the person have

paid premium for 3 full years), the person can make partial

or complete withdrawals at no penalty to meet the

immediate requirements.

“The once in a Life financial solution for a complete

peace of mind”

Options :

Choice of investment Plan

Maxi miser (Growth): Enjoy long term capital appreciation

from a portfolio i.e. invested primarily in equity related

issues.
Protect or (Income): The priority is steady returns; a

person can opt for the “income plan”.

Balancer (Balanced): Balance of growth and steady

returns choose the balancer plan.

Flexibility

 Increase the death benefit

 Decrease the death benefit

 Premium holiday option

Add on Riders

a) Accident & Disability rider

In the unfortunate event of an accidental death,

apart from the emotional trauma there are financial

liabilities that face a family. ICICI PRUDENTIAL LIFE

TIME ensures the nominees to get an additional sum

under the rider in such an event.

b) Critical illness Rider

In case the person contract any of the specified critical

illness, ICICI Pru make the whole process easier by paying

the person sum assured under the rider.

c) Major surgical assistance benefit rider

And even if the person, require emergency surgery, ICICI

Pru assist the person with a lump sum payment.

ICICI PRU. SMART KID

Guaranteed Educational Benefits

ICICI Pru. Smart Kid is so designed that it provides money

at important milestones. Whatever be the uncertainty, these

payment will the made to your child at the critical

milestones in the child’s life.

At the end Child’s age Education Payout Needs met

of
10th year of 15 years Secondary 20% of SA* Extra tuition,
the policy completed preparation
for
professional
coerces,
 change of
school of
colleges
12th year of 17 years Higher 25% of the Join a
the policy Secondary SA* Professional
completed college,
graduation
college
th
15 year of 20 years Graduation 25% of the Higher
policy completed SA* studies, post
graduation
th
17 year of 22 years Post 30% of the Further
policy graduation SA* + education in
completed guaranteed India or
additions Abroad.
+vested Alternatively,
bonuses used for
marriage or
career
establishment.

Additional Benefits

With ICICI Pru. Smart kid, two optional add-on riders are

attachable, Income benefit rider and accident and disability

benefit rider, that help to secure the child’s future in a

holistic manner.
Income benefit rider besides education, aspects like extra

curricular activities, sports, picnics, trips etc. to ensure the

all round development of your child. So, long as the parent

is alive, these needs are taken care of. But, what if

something unfortunate was to happen?

Income benefit rider takes care of this through payment of

10% of sum assured annually to your child each policy

anniversary following death, till maturity of the rider.

Accident and disability benefit rider

This provides cover against an unfortunate death due to an

accident. If the individual gets permanently disabled due to

an accident, it will also provide a regular income for the next

10 years or till maturity of the policy. All future premium, in

respect of sum assured under the basic plan equal to

accident cover, will be waived.

 Objective of study
The various objectives of the project were:

• Awareness of insurance sector.

• Measure the awareness of insurance policies and

company.

• To identify the various aspects of customer satisfaction.

• Measuring the impact of the ICICI life insurance

companies in the Indian market and Indian consumers.

• Familiarizing oneself with various products available

and the additional features or the riders attached to

them.

• Analyzing the schemes offered by the private sector

players.
 Importance of study

ICICI Prudential has grown exponentially over the past three

years , making its mark in a number of segments such as

retirement solutions, child plans and market- linked plans.

The success of the business thus far, has reaffirmed the

commitment of both the partners-ICICI Bank and prudential

plc- towards achieving the company’s vision of being a

leader in life insurance business in India.

ICICI Prudential is the leading private sector life insurance in

India. In December 2003, it crossed the Rs 1000 crore total

premium mark, the first private life insurer to do so.

So, the research work is important in respect of

understanding the changing Insurance sector with special

reference to ICICI Prudential. The study is about products of

leading private insurer, their mode of recruiting advisors and

their approach – which made them customer centric.

Scope of study

ICICI Prudential Life Insurance has increased its market

share among private life insurers to nearly 40% from 33%
as of end-December. The company’s first-year premium
income in the April-January period stood at Rs 464.6 crore,
accounting for 39.3% of the Rs 1,364 crore premium booked
by all private life insurers together.

Considering the entire life market, including the Rs 9,780

crore booked by Life Insurance Corporation, ICICI Prudential

market share works out to around 4.17%. The Life

Insurance market continues to be dominated by LIC which

has about 87.8% share. This is only a marginal dip from its

88.2% share in end-December. These comparisons are only

for first year or new business premium.

The gap between ICICI Prudential and the second–in-line

private insurer is vast. In fact, this hiatus has led some

analysts to wonder if the company is not a trifle too

aggressive. But others say this has more to do with the

company’s customer-centric focus, its pan-India presence

and superior risk management and investment strategies.

ICICI Prudential is not, however, resting on its laurels.

Company’s customer centric approach will be studied during

the training period and the finding of the research work will

definitely focus on the present condition & future

requirement (if any) relating to products of company.

 RESEARCH OBJECT

AIM

• To study the “Product Basket of ICICI PRUDENTIAL Life

Insurance Company Limited”

• To survey the “Market Potential” of ICICI PRUDENTIAL

Life Insurance Company in Meerut City

• To study the opinion of the policy holders related to their

satisfaction

• To do the project on the “Recruitment of the Insurance

Advisors in ICICI PRUDENTIAL Life Insurance Company

Limited (Meerut City)

• To survey the “Market strategy of ICICI PRUDENTIAL” for

recruiting advisors
 LOCATION

• Meerut City

Recruitment of insurance advisors in

ICICI Prudential

The field of the Life Insurance is the challenging one, though

by far one of the most rewarding careers, one can get into.

The mantra to succeed in this business is to:

“Right activities at right time and do the right

activities regularly”

The first right activity which, one needs to do, is to develop

a market for purpose of selling life insurance. The question

that comes is

“How do an advisor identifies his natural market and

reach to them?”

The answer to this question involves four steps:

• Prospecting

• Sales Call

• Tele calling

• Closure

While going through the whole of “Recruitment Project”, I

recognized that ICICI Prudential like to have persons as

advisor who wants to earn money, position and status. They

like to have profile who can devote there most of the time in

their job.

During this recruitment project, I met lots of people who like

to be the advisors. I make them understand, the work to be

perform as an advisor. An advisor can decide his/her work

style, in which they can become his/her own boss and work

in a flexible hours.

During this course of training I met various advisors of ICICI

Prudential who are giving their best.

There are various monthly competitions of advisors in which

they get whole sole opportunity to win various items

including the foreign trip at company’s expanse. In the

process of recruitment I met various people. People of

different perception and mentality which is a fruitful

experience. I surveyed different areas of Meerut.

A person is eligible to be an advisor when,

• He/she is more than 25 years

• If possible, married

• He/she should be at least residents of Meerut for at least

5 years

• He/she should be graduate

The profiles I targeted are mainly from the following class of

people:

 Business class

 Insurance agents

 House wives and

  Students

It was a challenging job to motivate the person to be the

advisors, as we are having various competitions in insurance

companies like

 LIC

 Allianz Bajaj

 Birla Sun life

 HDFC Insurance

But I was succeeded in motivating them to be the part of

most trustworthy company ICICI Pru. Life Insurance

Company.

Advisors of ICICI get same respect and status as the

employee of ICICI because ICICI believes in

“GIVE RESPECT, GET RESPECT”

In the process of recruitment I realized that working with

ICICI Prudential Life Insurance as advisor can be comprised

in four words,
 “NO CHINTA, ONLY MONEY”

1) Universe of study – Meerut City

2) Sample size - One Hundred

3) Type of Research used - Descriptive Research

4) Data Collected:

(a) Primary
(b) Secondary

5) Sample Design Used:

(a) Cluster sampling

(b) Random sampling

6) Tools & Techniques: Questionnaire

1) Universe of study

Meerut City

2) THE SAMPLE

The study is based on the data collected from the peoples of

MEERUT. I have taken a sample of 100 customers. The aim

is to know the views of the people. Due to shortage of time

the sample taken is small, but extreme care has been taken

to the views of the people. Thus, for the present study, the

sample can be said to be representative of all the peoples of

MEERUT.

3) DESCRIPTIVE RESEARCH
Descriptive research studies are those studies, which are

concerned with describing the characteristics of a particular

individual, or of a group. In descriptive studies the

researcher must be able to define clearly, what he wants to

measure and must find adequate method for measuring it

along with a clear cut definition of ‘population’ he want to

study. Since the aim is to obtain complete and accurate

Information in studies, the procedure to be used must be

carefully planned. So according I have planned my research

work.

4) DATA COLLECTION:

I used following data collection methods during my studies

 PRIMARY DATA &

 SECONDARY DATA

I. Primary Data: Primary data is the data that we have

taken from survey method.

 II. Secondary Data: Secondary data is the data that is

taken from manuals, books, generals and business

magazines etc. it is also called second hand data.

5) SAMPLE DESIGN USED

Although there are many methods of sampling, which can be

applied in research study, But during the survey, basically I

have adopted two methods, which are as follows:

(a) CLUSTER SAMPLE METHOD:

It is difficult and even impossible to identify uniquely each

member of the population. Yet it may be possible to identify

certain sub-groups with relative cases.

The cluster is a geographical or social unit; through it may

be defined by other properties. Typical clusters are city

blocks, households, family organization, farms etc.

Thus for example in a survey of a city population no up date

lists of the residents was available but a map showing blocks

and then sample of each blocks may be drawn on complete

count may be taken of those who live in these blocks.

Now, second method, which I had adopted during the

survey, is cluster-sampling method.

Under which I had divided the whole MEERUT CITY, from

where I had started my survey, into clusters like first,

second, third and fourth.

(b) RANDOM SAMPLING METHOD:

A sampling procedure for which possible combination of two

or four elements had equal chance of being selected is called

simple random sampling.

In general, a simple random sampling procedure of ‘n’

elements from the population has equal chance of being

selected.

Simple Random has important property related to variability

of estimates obtained from such sample decrease as

sampling size increases.

In this stage of my survey I adopted random sampling

method. In this I have selected the customer randomly and

asked questions

6) Tools & Technique

As we know that collection of data is very necessary for

completion of research work, so in my survey basically I

have used Questionnaire method for collecting the data.

 SWOT ANALYSIS

The diagnosis of a company’s strengths & weaknesses can

be fruitful only if the environment factors and market
conditions are considered along with the internal capability.
This approach essentially involves matching of the internal
capabilities with the environmental opportunities and
threats, and is known as SWOT (Strength & Weaknesses,
Opportunity and Threats) Analysis.

Strength

ICICI Prudential is the largest Private player in the insurance

industry in India.

It is one of the largest financial institutions in India.

It is the fifth largest insurance company (in terms of
revenue) in the world.

Prudential is 154-year-old company in has over 75 years of

experience in Asia.

Prudential operates in 12 countries in Asia and employs over

25,000 staff around the world.

ICICI Prudential has AAA rating from standard and Poors for
the financial strength of its core life funds.

Weakness: -

 Some customers are not satisfied with the service of

the company.
 ICICI Prudential has only 28 branches all over India.
 High period insurance duration.
 There are some customers who do not pay their
Premium regularly.

Opportunity: -

 There is huge opportunity in insurance market.

 ICICI Prudential is the first life insurance company
to offer ECS debit facility.
 ICICI Prudential is the first company to introduce
unit linked pension products.
 Threats: -

 There is very tuff competition with LIC. Govt. has

given the license to many other companies providing

insurance facility like SBI life, ING Vysya, Tata AIG,

Birla Sun Life, Allianz Bajaj, Aviva, HDFC Standard life.

PEOPLE HAVING ICICI PRUDENTIAL

POLICY

78%
80%

60%

40% Series1
22%
20%

0%
YES NO

According to the survey 22% customers are having ICICI Pru. Products
and 78% customers do not have the ICICI Pru. Products. As ICICI Pru.
Is recently entered into the insurance sector & in approx 4 years ICICI
capture a big market, it’s a great achievement for ICICI Prudential.
ICICI Pru. Satisfied the requirement and the need of the
customers and provides them better policy as well as
services.

People buy ICICI Pru. Product because it them dual benefits.

It ensures the money and give good rate of return &
secondly, is able to sell its product much more effectively in
a very short period of time.

SATISFIED WITH ICICI POLICY PREMIUM

 28%

82%

SATISFIED NOT SATISFIED

Approximate 82% customers, are satisfied with the premium of

policies. It means the large number of policyholders are satisfied with
the policy premium and 28% customer are not satisfied with the policy
premium. It means that some people are not satisfied with the policy
premium.
 SINGLE REASON BEHIND PURCHASING
ICICI PRU PRODUCTS

50%
45% 43%

40%
35%
30% 27%
25% Series1
20%
20%
15%
15%
10%
5%
0%
MOTIVATION
TAX LIABLITY

PRESENTATIO
COVERAGE

OFADVISOR
INDIRECT

FISK

According to the survey 43% customers purchase policy

because of risk cover and 27% customers purchased the
policy because of tax liabilities. Generally, the single most
reason behind purchasing the policies either for covering the
risk or for reduction in tax.

Types of Policy Prefer

 20% 15%

27%
27%
11%

SAVE 'n' PROTECT POLICY

SMART KID
CASBAK POLICY
LIFE TIME POLICY
PENSION PLAN

According to the survey approx. 15% customers prefer save

‘n’ protect policy because it is fixed term policy which
combines savings with life cover and 27% customers prefer
smart kid, because as parents the biggest concern is that of
securing the future of the child & it is the superior way to
safe the future of your child & 11% customer prefer cashbak
policy it is a there in one plan that combines saving, liquidity
and protection. Approx, it’s a pension plan that works after
your retirement. Approx 20% customers prefer pension
plan. The company must introduce such type of policies in
the market, which satisfied the need, & the requirement of
the general peoples.
 ICICI PRU. CAPABLE TO FACE OTHER
COMPETITOR

100%
78%
80%
60%
Series1
40%
22%
20%
0%
NO YES

According to the survey approx. 78% customers are agreed

and they think the ICICI Pru. Is capable of facing other
competitor in insurance sector. But still there 22%
customers are not satisfied with this comment. But large
numbers of policyholders are agreed from the ICICI Pru.
Market strategy.
Marketing strategies of ICICI Pru. are as follows :
• Understanding customer’s needs and offering them
superior products.
• New technology to service customers quickly, efficiency
and conveniently.
• Developing and implementing superior risk
management and investments strategies to offer stable
returns to the policyholders.
• Providing an enabling environment to foster growth and
training for the advisors.
• And above all building transparency in all prospect’s
dealings.
 CHANNEL OF COMMUNICATION

60% 55%
50%
40% 30%
30% Series1
20% 10%
10% 5%
0%
ADVISIOR

WORD OF
ADVERTISEMEN

REFERENCE
MOUTH

GROUPS
T

According to the survey approx. 30% customers are aware

about ICICI Pre. Through advisor, 55% customers are aware

through advertisement. 15% customers are aware through

word of mouth & 5% customers are aware through reference

groups. It shows that advisor and advertisement is the best

medium to sell the product of ICICI Pru. And only through

advisor & advertisement most of the people are aware about

ICICI Pru. The company must maintain its advertisement

strategy and make changes time to time according to the

need & requirement.

 ADVERSINTING STRATEGY OF ICICI

PRUDENTIAL

45%
40%
40%
35%
30%
30%
25%
25%
Series1
20%
15%
10%
5%
5%
0%
Y

D
D
T

O
O
N

TO

O
O
LE

G
G
AC
EL

T
O
C

SF

N
EX

TI
SA

According to the survey, the advertisement strategy of ICICI

Pru is excellent i.e. approx. 40% and customers remarks are

“EXCELLENT” towards its advertisement strategy. 25%

remarks “SATISFACTORY” and 30% “GOOD”, that means

almost all the customers are happy and satisfied with the

advertisement strategy of ICICI Pru., only 5% says the

presentation is “NOT GOOD”.

 PROFILES OF INSURANCE ADVISORS

45% 40%
40% 35%
35%
30%
25% Series1
20% 15%
15% 10%
10%
5%
0%
TS

ES

TS
SS
EN

IV

EN
LA
W
AG

D
U
SE

ST
E

ES
U
C

O
AN

N
H

SI
R

BU
SU
IN

While doing the survey, of Recruitment Advisors, I

recognized that 40% of population who are agree for doing

the job of advisors belongs to “INSURANCE AGENTS” group.

35% of them belong to “HOUSE WIVES” groups 15% of

them belong to “BUSINESS CLASS” and 10% of them are

“STUDENTS”.

This graphical representation shows that most of the

population who are interested in doing this jobs belongs to

“HOUSEWIVES”.
 DEGREE OF INTEREST

70%

60%
60%

50%

40%
40%
Series1
30%

20%

10%

0%
MALE FEMALE

According to the survey, I recognized that around 60% of

the populations interested in doing the job of insurance

advisors are “FEMALE”, while only 40% of them are “MALE”.

This survey shows that “FEMALE” are more interest than

“MALE”.
 BEHAVIOUR OF OFFICE STAFF

45% 42%
40%
34%
35%

30%

25% 22%
Series1
20%

15%

10%

5% 2%
0%
Y

D
D
T

O
O
N

TO

O
O
LE

G
G
AC
EL

T
O
C

SF

N
EX

TI
SA

According to the survey 42% customers agreed that the behavior of

office staff is excellent. 34% says that the behavior is satisfactory.
22% says that it’s good and 2% customers say it’s not good.
 SATISFIED WITH REGULAR
SERVICE OF ICICI PRUDENTIAL

100% 85%
80%
60%
Series1
40%
15%
20%
0%
SATISFIED NOT SATISFIED

According to the survey, 8.5% customers are satisfied with

the regular service of ICICI Pru. And 15% customers are not

satisfied with this. The service which is provided by office

such as intimation of due premium in time and other related

documents of the policies.

 Limitation

While working on the topic assigned to me for research

work, I have chosen the way of random sampling. But while

carrying out the work I have faced the following problems i.e

limitation to my studies:

 In the month of June to August in Meerut, when the

temperature was high & due to frequent power cut in

city some people were not ready to talk over the topic

covered under Questionnaire.

 Due to uneven social environment in Sadar, the area

was not fully covered as planned.

 While involved in advisor recruitment process,

sometime not got appointment from the persons due

to their busy schedule.

 CONCLUSION:

On the basis of data collected and analysis of those data,

following are the conclusion that I have drawn:

 People in Meerut are aware of Insurance and its

importance.
 They are aware of private players in Insurance and
generally know the name of ICICI Prudential Life
Insurance.
 General people are not aware of unit-linked plans.
 ICICI Prudential life Insurance is giving tough
competition to leader (LIC) In Meerut city.
 People are ready to join the ICICI Prudential family as
advisors.
 ICICI Prudential Life Insurance has managed a good
customer relation in Meerut city.
 So, it can be generalized that due to its customer
centric approach, product features and service provided
by its advisors ICICI Prudential Life Insurance is
considered to be No. 1 private Insurance in INDIA.
 RECOMMENDATION:

While studying the Insurance market in Meerut city giving

special reference to ICICI Prudential Life Insurance. I have

gone through number of statements of people about policies

they have taken from the market leader but were not

satisfied with after sale service they are receiving. On the

basis of that I recommend the market challenger that:

 There should be post purchase interaction with

the policyholder.

More customer oriented educated sales force should be

employed to educate the people about unit-linked plans.

 BIBLOGRAPHY

• PHILIP KOTLER (MARKETING)

• SANTOSH GUPTA (RESEARCH METHODOLOGY)

• TIMES OF INDIA

• ECONOMIC TIMES

• www.IrdaIndia.org

• www.ICICIPrulife.com

• JOURNAL

1. IRDA 2002-03

2. IRDA 2003-04(I)
 QUESTIONNAIRE

1. Have you taken any insurance policy?

Yes No

2. Which policy you are having?

LIC Private Company

3. Have you taken any ICICI Prudential Product?

Yes No

4. If yes then which policy?

Retirement Policy Saving Plan

5. How many policies do you have in your family?

6. Through which channel you get aware about ICICI

Prudential?

(a) Advisor (b) Friend/Relative

(c) Advertisement (d) Neighbor

7. Is the policy/policies taken by you are suitable for you

& your family?

Yes No
 8. What is the single most important reason behind

purchasing ICICI Prudential Product?

(a) Persuasion of Advisor (b) tax liability

(c) Indirect motivation by someone

(d) Risk coverage

9. Are satisfied with the regular services, which are being

provided by ICICI Prudential Product?

Yes No

10. Whether in your opinion ICICI prudential is capable

to face competition from other players?

If “Yes”

If “No”

And what are your suggestions to make it competitive

DATE: Name
PLACE: Address
Contact No.