A PROJECT REPORT ON

“ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED”

SUBMITTED BY

KATAKDHOND GANESH RATAN

T.Y.BBI SEM-VI

(2018-2019)

Project Submitted to “University of Mumbai” in Partial fulfillment for the

Award of Bachelor’s Degree in B.Com (Banking & Insurance)

UNDER THE GUIDANCE OF

MR. AGARWAL NITIN

Affilited to University Of Mumbai

GURUKUL COLLEGE OF COMMERCE

GHATKOPAR (E), MUMBAI- 400077.

MARCH 2019

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 DECLARATION

I KATAKDHOND GANESH RATAN, student of T.Y.B.B.I (2018-2019) of Gurukul

College of Commerce, Mumbai- 400077 do hereby declare that I have Completed the
Project Work titled “ ICICI PRUDENTIAL LIFE INSURANCE COMPANY
LIMITED” as a part of my academic fulfillment.

The Information contains in this project work is true and original to the best of my
knowledge and belief.

Date: Signature of the Student

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 ACKNOWLEDGEMENT

I wish to express my sincere and heartfelt thanks to my guide MR. AGARWAL NITIN,
for his supervision throughout the project work.

I thank Mr. Nitin Agarwal, BBI Co-ordinator for encouragement and help to complete
this project work.

I take this opportunity to express my deep sense of gratitude to Dr. Nandita Roy
Principal, Gurukul College of Commerce, Ghatkopar (E), for having taken the initiative
to start the project work.

I also thanks to Librarians for the support in finding reference books, journals and other
material’s.

Finally, I wish to express my heartfelt gratitude to my beloved parents and all my Friends
for their encouragement and support in completing this project work Above all I thank
Lord Almighty for abundant mercies and infinite grace which showed upon me to
complete the project work.

__________________

Signature of Student

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 CERTIFICATE

This is certify that KATAKDHOND GANESH RATAN student

of Gurukul College of Commerce studying in TYBBI Roll no. 27 has successfully
completed the project entitled “ICICI PRUDENTIAL LIFE INSURANCE
COMPANY LIMITED” as part of assignment under my supervision during the
academic year 2018-2019.

External Signature Mr. AGARWAL NITIN

(Guide)

Mr. Nitin Agarwal Dr. Nandita Roy

(Co- ordinator) (Principal)

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 CONTENTS

Chapter Chapter Name Pg No.

No.
1. INTRODUCTION 12

2. REVIEW OF LITERATURE 13-16

3. METHODOLOGY 17-18

4. DATA ANALYSIS 19-59

5. CONCIUSION 60-64

6. BIBLIOGRAPHY 65

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 CHAPTER :1

INTRODUCTION

1.1 AN INTRODUCTION TO LIFE INSURANCE

Many of you have asked for life insurance information, so Ray from Financial Highway offered
to provide this guest post on the subject. This is new info for me, too.

Protecting your family from financial disasters is one of the fundamental components of
financial planning. Life insurance should be a core part of that planning process. This article is a
basic primer on life insurance, which should introduce you to the concept and give you an idea of
how life insurance works.

What is life insurance?

Most people have a basic understanding of insurance. You receive financial compensation when
an insured event occurs. Consider auto insurance, for example. If your car is in an accident or
stolen, your insurance company provides compensation according to the terms outlined in your
insurance policy.

On the surface, life insurance is pretty straightforward. When the insured person dies, the policy
pays a prearranged amount to the designated beneficiary. The following parties are generally
involved in a life insurance policy:

• The Insured. The person on whose life the policy is based.

• The Beneficiary. The person who receives the payment.

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• The Owner. The person responsible for payment of premiums. It is typically the insured,
but it could be the beneficiary.

• The Insurer. The insurance company that issues the policy promising payment.

Traditionally, both spouses have life insurance policies in order to protect their family in case
one of them dies.

Life insurance ensures that your family will receive financial support in your absence. Put
simply, life insurance provides your family with a sum of money should something happen to
you. It protects your family from financial crises.

In addition to serving as a protective cover, life insurance acts as a flexible money-saving

scheme, which empowers you to accumulate wealth-to buy a new car, get your children married
and even retire comfortably. Life insurance also triples up as an ideal tax-saving scheme.

Why purchase life insurance?

The main purpose of any life insurance policy is to protect your family and loved ones against
the risk of financial uncertainty. Life insurance can provide for the welfare of your family in face
of your death. If you have a spouse, three kids, a mortgage, car payments, and credit card bills,
what would happen to them if you were suddenly to die? Would your family have enough money
to keep the house, car, pay off credit card debt, and send your children to college?

Life insurance can guard your family and loved ones from potential financial disaster.

1.2 TYPES OF LIFE INSURANCE

While the idea of life insurance may be pretty basic, there are some complexities to consider.
The most important point to remember is that there are several different types of life insurance
products, which can make it difficult to select the right one for your family and your financial
needs.

There are two basic forms of life insurance — term life and permanent life, the latter of which
comes in several flavors. Here’s a quick breakdown of the basic policy types:

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Term life is the simplest and (typically) cheapest form of life insurance. Term life is designed to
provide coverage for a fixed period of time, such as 5, 10, or 20 years. The premium for the term
policy is guaranteed for the duration of the term; if it is a renewable policy, the premium will
increase with each renewal. The premiums for renewals are generally guaranteed when the
original policy is issued. Because term life policy is for a specific period of time and the payout
does not increase, the overall cost of term life insurance is usually very low.

The other three common types of life insurance are permanent policies &mash they last for the
entire life of the insured, not just for a fixed period of time.

Whole life policies, for example, are designed to provide you and your loved one with coverage
until your death. Unlike term life, there are no fixed periods for whole life coverage. Whole life
is sometimes referred to as “cash value” insurance because it builds cash value over your
lifetime. Whole life coverage contains both investment and insurance components. The
investment portion invests your premiums, earns interest, and accumulates a cash value. On the
other hand, the policy also has a stated insurance coverage amount that is paid upon the death of
the insured.

One of the most popular forms of permanent life insurance is variable life. Variable life policies
allow you to invest your premiums in the stock market. While a variable policy may offer more
significant returns, it’s also at the mercy of stock market performance. 3or performing market,
the overall death benefit/cash value of the policy may decline — but never below a defined level.
As a result, the policy may be more expensive because you may have to pay more to keep the
policy active because less money is available to cover the policy’s premiums.

Universal life is a popular option that acts like whole life. It is a renewable policy — the
investment component, premiums, and death benefits can be renewed and changed based upon
the policy owner’s needs. The policy owner has flexibility over the policy — money can be
moved between the insurance and investment components of the policy. The premiums, unlike
whole life policies, can be paid out of interest from the accumulated savings.

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Life insurance: A great tool

ABecause of its many options and overall flexibility, life insurance can be a powerful tool in
your financial planning arsenal. Consider that life insurance can be used to pay for funeral costs,
college tuition, mortgage payments, debts, and more. It can also serve as income replacement —
providing your spouse and family with a greater sense of financial certainty. Make sure you
compare multiple quotes from different providers to make sure you’re getting a good rate, but
also be careful to make sure you’re being priced for the same level of coverage (here’s a table
where you can compare different life insurance companies).

Remember, like all insurance policies, your coverage can lapse if you do not make timely
payments. If you need help to cope with the complexities of life insurance, contact an insurance
professional. You should also read the fine print closely (possibly with the help of your insurance
professional) to understand if there are any limitations on the policy and what it covers.

1.3 Overview OF ICICI PREDENTIAL LIFE INSURANCE

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 Life's capital stands at Rs. 4,793 crores (as of March 31, 2013) with ICICI Bank
and Prudential plc holding 74% and 26% stake respectively. For the financial year 2013, the
company has garnered total premium of Rs 13,538 crores and has underwritten over 13 million
policies since inception. The company has assets held over Rs. 74,000 crores as on March 31,
2013.

For the past decade, ICICI Prudential Life Insurance has maintained its dominant position (on
new business retail weighted basis) amongst private life insurers in the country, with a wide
range of flexible products that meet the needs of the Indian customer at every step in life

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1.4 Micro Insurance

ICICI Prudential foray in rural areas

ICICI Prudential has an extensive coverage in 22 states in-coordination with 274 partners aimed
to reach the remote rural areas in a sustainable manner. We have covered more than 1 million
rural lives. The vast demographic coverage facilitated by innovative and robust model has
enabled us in diversifying region specific, occupation- specific risks and reach a wider clientele.

Special initiatives

ICICI Prudential is one of the first insurance company to make tailor made marketing
collaterals, call centre support in five local languages, financial awareness through audio-
visuals, simple application forms made available in 8 regional languages for easier and better
understanding of the local population.

1.5 Macro insurance plan

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ICICI Prudential has introduced it’s first micro insurance policy Sarv Jana Suraksha to provide
protection and security to rural population at a very affordable cost. This policy ensures that your
loved ones are adequately provided for and their lives are not effected, even if you are not
around.

1.6 ULIPs : An Introduction

Most importantly, what are ULIPs? Here, you will find all the information you need to set your
mind at ease about how to invest in ULIPs, and which ULIP is right for you.

ULIPs are a category of goal-based financial solutions that combine the safety of insurance
protection with wealth creation opportunities. In ULIPs, a part of the investment goes towards
providing you life cover. The residual portion of the ULIP is invested in a fund which in turn
invests in stocks or bonds; the value of investments alters with the performance of the underlying
fund opted by you.

Simply put, ULIPs are structured in such that the protection element and the savings element are
distinguishable, and hence managed according to your specific needs. In this way, the ULIP plan
offers unprecedented flexibility and transparency.

Working of ULIPs

It is critical that you understand how your money gets invested once you purchase a ULIP:

When you decide the amount of premium to be paid and the amount of life cover you want from
theULIP, the insurer deducts some portion of the ULIP premium upfront. This portion is known
as the Premium Allocation charge, and varies from product to product. The rest of the premium
is invested in the fund or mixture of funds chosen by you. Mortality charges and ULIP
administration charges are thereafter deducted on a periodic (mostly monthly) basis by
cancellation of units, whereas the ULIPfund management charges are adjusted from NAV on a
daily basis.

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Since the fund of your choice has an underlying investment – either in equity or debt or a
combination of the two – your fund value will reflect the performance of the underlying asset
classes. At the time of maturity of your plan, you are entitled to receive the fund value as at the
time of maturity. The pie-chart below illustrates the split of your ULIP premium:

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 CHAPTER 2

REVIEW OF LITERATURE

To-day, we cannot think about the success of a banking system without debit cards and debit
cards. It has enlarged the role of banking sector in the economy. The financial transactions and
payment can now be processed quickly and easily. The banks with the latest technology and
techniques are more successful in the competitive financial market. They have been able to
generate more and more business resulting in their greater profitability.

Various empirical and theoretical studies have been undertaken at the national and
international level to analyze the impact of e-banking and information and communication
technology (ICT) on banking sector, customers, service quality and payment system. The studies
mainly focus upon e-banking impact on productivity and profitability primarily due to core
banking system, electronic fund transfer, real time gross settlement system and electronic
clearing services. From the customer angle the studies primarily focus upon; why customers
choose e-banking products and increase in their level of satisfaction due to phone banking,
mobile banking, internet banking, website services, ATMs, etc. These services have not only
improved the satisfaction level of customers, but also helped in reduction of processing time and
transaction time. The productivity of banks in terms of time saving and attending the customers
at the branches has also improved. The review of following studies throws light upon different
aspects of e-banking. To know the impact of e-banking on various aspects, the research studies
undertaken for the review have been classified into four categories, i.e., studies related to banks,
studies related to customers, studies related to service quality and studies related to technology.

• In his paper, looked for such avenues where e-banking could play significant role in e-
democracy. The author discussed two case studies on the implementation of e-banking in
digital democracy. One was farmer service and other was e-seva. While applying e-
banking in e-democracy, services become more secure, efficient, transparent and fast. It
becomes a win-win situation for all, for banks its low cost, for government its better
service, for business it’s fast and secure, and for citizens its transparent and efficient. The

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 author evaluated that e-banking could be used for successful e-banking for online bill
payment, online brokerage, online account management, anywhere banking, etc. The
author concluded that e-banking services provide one stop service and informational unit
that provides great benefits to banks, customers, employers and government.
- Aggarwal (2003),

• In their paper, focused on investigating the important factors of customers’ perceived

quality in banks of developing economy like India. The researchers found that there
seems to be a great variation in respect of services offered by three groups of banks. They
used core services such as human element, systemization of services, tangibility of
services and social responsibility as critical factors. They analyzed that three groups of
banks in India seem to vary significantly in terms of service quality factors but from the
customer perception of service quality, it could be acceptable only if customers’ need
could be satisfied at the right time in a right manner
-Suresh chander and Rajendran (2003)

• Highlighted the advantages, risks, innovations and convenience involved in e-banking.

ATM, telephone, internet and cluster banking helped banks to deliver the products more
effectively. The author, in his paper, also described operational efficiency of e-banking. It
included basic e-banking, simple transactional and advanced transactional e-banking.
Each site offered a differential kind of services to customers. The author also commented
upon some risks such as loss of secrecy of the customers, financial stability, fraud prone
possibilities, eruption of legal claims, etc. So, the author suggested that banks should
adopt such a strategy in which risks and innovation in banking products move parallel
and simultaneously.
-Krishnamurty (2006)

• Highlighted the e-payment system in India and its performance impact on Indian banking
sector. The author described that competition in banking industry had forced the banks to
rethink the way they operate their business. So, e-banking has made it possible to find
alternate banking practices. In the paper, the author divided the payment system in India

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 into three parts, i.e., large value payment system, retail payment system, and retail
electronic system. Each one includes different categories of e-payment. The study
focused that having a huge opportunity of e payment system in India still 90 per cent of
transactions were cash based. So, an effort should be made to increase the use of e-
payment, and RBI should make efforts to strengthen the legal framework of electronic
banking system.
- Manoharan (2007)

• An attempt to prove that technology had a definitive role in facilitating transactions in the
banking sector; and the impact of technology had resulted into the introduction of new
products and services by various banks in India. The author discussed various initiatives
taken by the banks to manage transformation and these initiatives had brought customers
the convenience of anywhere, anytime banking. The author concluded that technology
was a facilitator for advancement in the core business of banking and not an end in itself.
- ARORA (2003)

• Studied the impact of e-payment system on Indian banking sector. E-payment was required
for handling large volume of business payment and remittances for hassle free, quicker
and faster payment remittances at low cost, and paperless transactions. The researcher
highlighted various steps taken by RBI for the epayment. It includes RTGS, deferred net
settlement system such as electronic clearing services debit and credit, electronic fund
transfer and NEFT. The researcher studied that these methods had increased the use of
core banking solutions, data warehousing and data mining. E-payment had reduced the
chances of fraud, improved customer service by cutting the delay in payment obligation.
-Ramani (2007)

• Explained the concept of e-banking and highlighted all the concerns and challenges while
implementing the same. The authors emphasized that e-banking was necessary not only
for improving the quality of services rendered to the customers but also for better

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marketing of products. The authors evaluated various e-banking modems for banking
transactions like ATM, EFT, ECS, SPNS, PC banking, mobile banking and internet
banking. But they mainly emphasized on virtual banking, smart cards, e-cheques and
internet banking. They analyzed the websites of various banks for internet banking
adoption in which private sector banks were providing maximum IB services followed by
public sector banks, foreign banks and old private sector banks. The author suggested
some measures which could contribute towards greater adoption of e-services. The
customers should be taken into confidence that the transactions made by them are risk
free, and there is no scope of any fraud. 61 Further, they should also be assured that
hackers can do no harm to their interests. Furthermore, the system should be free from
legal intricacies.

- Sarangapani and Mamatha (2008)

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 CHAPTER : 3

METHODOLOGY

Life insurance in today’s world plays a very important role in day to day life of every person as
well as an organization . In the study our efforts are made to examine in detail the life insurance
services provided by icici prudential life insurance company. The objective with which this study
is taken up and the methods by which secondary data is required to be collected are discussed in
this chapter.

3.1 OBJECTIVES OF STUDY

 To study about the life insurance services provided by icici prudential life insurance
company to highlight the policies provided by the insurance company and in what
manner it may benefit to the public.
 To understand the terms and condition prescribed, the process, the documentation done
by the company for insuring the holder of the policy.

PERIOD OF STUDY

We have been doing research on the insurance policies provided by icici prudential life insurance
company from last 3 months we have collected data manually by visiting the company also with
the help of information provided by them on their site. The information furnished in this project
is true to my extent of knowledge.

SIGNIFICANCE OF THE STUDY

 The project helps us to understand the types of different policies provided by them and
how easy it is to get a insured according to our needs.

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  It facilitates the understanding and need of the customer thoughts and perceptions about
icici prudential life insurance.
 This study will be beneficial to the local public as then come to know how they can get
insured and which plan or policy would suit their pocket and protect them as per their
needs.
 Furthermore , the result of this study may allow them to know more about the facilities
the policies ,insurance given, documents required etc.

3.2 METHOD OF STUDY

Thought this study is fact finding facilities of life insurance policy , a lot of secondary data are
required for getting the deep knowledge and understanding the pattern , the documents required ,
the process of getting a life insurance from icici prudential life insurance.

PRIMARY DATA

The research of this study is done by collecting primary data from the icici prudential life
insurance . As we have collected the information of the customers who have taken insurance
policies from the icici prudential life insurance company as our primary data. We have
classified the data further as amount of policies taken, period for which insurance is taken, which
caste of people took maximum amount of insurance, etc.

B. SECONDARY DATA

The research of this study is purely relied on the secondary data. The secondary data which is
required for the study could be obtained mostly from books, journals, official reports, reviews
given by the government of India in addition to these, efforts would be made to collect as much
information from the internet about the performance on icici prudential life insurance company.
The information exhaustive and through going in every respect.

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 CHAPTER : 4

LIFE INSURANCE POLICY PROVIDED BY

ICICI PRUDENTIAL LIFE INSURANCE

4.1 Range of products

At icici prudential life, we understand that different individuals have different needs.
The ideal insurance plan is one that addresses the exact insurance needs of the individual which
depends on the age and life stage of the individual apart from a host of other factors.
Icici prudential life offers plans under the following major need categories:
Term plans
Wealth plans
Retirement plans
Group plans
Rural plans

The company provides the customers the policies which would insure them from all their risks
and which would suit their pockets. They provide plans with less premium and great returns on
claims. The main agenda of the company is serve the people with good policy and make their
lives tension free.

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4.1.A ICICI PRU
ICare

WHY TERM PLANS?

Term insurance is the simplest and most fundamental insurance product. Term insurance plans
are designed to ensure that in the event of the policyholder's death, the family gets the sum
assured(the cover amount).

What is term life insurance?

Term life insurance ensures that your family receives a large lump sum amount, called the sum
assured, in the unfortunate event of death of the policyholder. By offering this benefit at
extremely competitive rates, Term insurance plans provide an opportunity to get the protection of
insurance cover at extremely affordable prices.

Why do I need term life insurance?

• Increasing liabilities: People today prefer to take loans to fulfilling their needs, instead of
waiting to save for the future. India's outstanding credit card debt had touched Rs 26,500 crore in
May 2008, up by 87% from May 2007. Hence, in your absence, your family needs to take care of
this loan.
• Nuclear family structure: Earlier, people could depend on their extended joint family
system to take care of their near and dear ones in case of their absence. However, the share of

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families with more than 5 members has come down from 64% in 1990 to 56% in 2005 and is
expected to decrease further.**
• Increasing lifestyle diseases: The share of lifestyle diseases in India is increasing. Also,
people in senior management are more prone to lifestyle diseases, as per an ICRIER Study.

**Source : Household Assets and Liability, NSS Report No. 500, 59th Round (January-
December 2003).**Source: Euro monitor International

How much life cover do I need?

While most of us do have some sort of life insurance cover or the other, the important question to
ask ourselves is "how much life insurance cover do I need"?

Human life value, commonly known as HLV, is an easy to use numeric way of arriving at an
answer to the question above. An individual's HLV is typically expressed in terms of multiple of
his or her annual income.

The approximate HLV tools are as follows:

The table below gives an approximate HLV multiple for different age bands.
Age Band HLV Factor* Age Band HLV Factor*
18-24 6 45-49 10
25-29 8 50-54 8
30-34 10 55-64 6
35-44 12 65-75 4
Why should I start planning my life cover needs now?
• One should have adequate cover for dependents. It's better to be prepared and ensure that
the financial needs of your loved ones are taken care of, in the unfortunate event of death.
• With age, the premiums tend to increase and therefore buying term insurance becomes
more expensive.

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• Apart from the benefit of protection for your dependents, also enjoy tax benefits under
Sec 80C up to Rs. 1,00,000.

4.1.B ICICI PRU

Savings Suraksha

WHY WEALTH PLANS?

As an individual who doesn't desire the best from life? You would undoubtedly want to plan
your finances such that you can achieve all your goals - a car, a beautiful home and of course, the
comfort and contentment of your family. All of these goals are long term in nature. Wealth
insurance plans have been designed to ensure that you can save for these long term goals along
with the benefit of life cover and provide protection to your family.

What is wealth insurance?

Wealth insurance ensures that you receive a lumpsum amount of money at the maturity of the
Policy. In the unfortunate event of death during the term of the policy, your family receives lump
sum amount, called the Sum Assured. Thus it combines the benefits of protection and saving in a
single instrument

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Why do I need wealth insurance?

• Regular savings: Insurance inculcates the habit of regular and disciplined savings, which
is the key to successful long term financial planning. Pay your premiums regularly and enjoy the
uninterrupted benefits of wealth insurance.
• Protection:Wealth insurance provides the protective benefit of a life cover, which keeps
your family secure, always.
• Tax benefits:Apart from protection and savings, wealth insurance plans also offer tax
benefits as per prevailing tax laws.

How much savings do I need?

Please consult a financial planner for the same. You can also visit our website
www.iciciprulife.com and using the Savings Calculator to know the amount needed for saving.
You can also send a request you ICICI Prudential to send a financial advisor to your place to
help you understand wealth plans better.

Why should I start planning my wealth savings now?

• Savings need to be started at the earliest so that you can enjoy the benefits of long term
planning.
• Unfortunate events do not knock your door when they come. Hence, it is better to be
prepared and ensure that the financial needs of your loved ones are taken care of, in the
unfortunate event of your death.
• The earlier you start planning with wealth insurance, the earlier the goals of your life can
be attained.

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4.1.C ICICI PRU
Easy Retirement

AT A GLANCE HOW IT WORKS

In your golden years worries about security and comfort become greater. Today, with rising
prices increasing health care costs and higher life expectancy, you need concrete planning post-
retirement to help you deal with it. What you need is a plan that not only helps you plan for
retirement, but also continues to pay you an income throughout your retired life.

At ICICI Prudential Life Insurance Company Limited, we realize the importance of a prudent
retirement planning. Presenting ICICI Pru Immediate Annuity - a plan that not only give you an
income for life but also provide you options to match your needs.

DETAILS

Modes of Annuity PaymentYearly / Half yearly / Monthly / Quarterly

Min. annuity payableRs.100 p.a

Min. / Max. age at entry45 / 100 years

Min. / age at entry (spouse)20 years

Min. / Max. Policy TermNot applicable

UIN of ICICI Pru Immediate Annuity: 105N009V06

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 What is retirement insurance?

Retirement insurance ensures that you or your family members receive a regular pension amount
post a retirement date. You have the flexibility to choose the retirement date and the manner in
which you receive the pension.

WHY RETIREMENT PLANS?

Our pension plans are designed to ensure that your retirement years truly become your golden
years. They will provide you the financial security to pursue your unfulfilled dreams.

Why do I need retirement insurance?

 Longer retirement years:Average life spans are increasing in India and hence, the retirement
years are likely to be longer. With the rise in inflation you will need more money to live in
comfort.
 Financial independence post retirement:Earlier, people could depend on their children to take
care of them post retirement. However, as a modern individual, would you not like to maintain
your financial independence post retirement also?
 Inflation:Inflation is an important factor. Post retirement, you need a regular income to ensure
that your expenses can be met.

How much retirement plan do I need?

Post retirement, you would like to maintain your life style and also need to take care of increased
medical expenses also. You can arrive at the exact Human life Value HLV by logging on to our
website www.iciciprulife.com and using the Retirement Calculator.
Why should I start planning for my retirement now?

The earlier you start planning for retirement, the larger will be the corpus for you at the time of
your retirement. Neglecting your retirement needs can prove to be costly later in your life.

Life Annuity with Return of Purchase Price: Unfortunate events do not knock your door when
they come. Hence, it is better to be prepared and ensure that the financial needs of your loved

25
ones are taken care of, in the unfortunate event of your death. Apart from the benefit of a
comfortable retirement, also enjoy tax benefits as per prevailing tax laws.

4.1.D ICICIPRU
Group Term Insurance Plan

WHY GROUP SOLUTIONS?

Employees are the greatest assets of any employer and they are constantly on the prowl for
"better opportunities". How do you get them to focus on their jobs and retain them for long?
Human resource experts agree that employees work with utmost dedication when they believe
that their organization truly cares about their well being.

It is of utmost importance for employers to provide employee benefits that demonstrate concern
for employees well being. A small step is this direction is to offer employee benefit plans that
meet the savings & financial security needs of the employees and their families. Your kind
gesture to safeguard their family's future will undoubtedly serve as great encouragement for your
employees, and they will gladly offer you their whole-hearted commitment.

ICICI Prudential group solutions are designed to enable organizations to offer superior benefits
to their employees and also meet the statutory obligations like gratuity of an employer.

ICICI Prudential offers a comprehensive range of plans to employers, which address the major
ambiguities faced by all of us “Risk of dying too soon” or “Risk of living too long”

How do I stand to gain from these plans?

Group solutions provide four important benefits to the employers:

Serves as an important tool for employee retention

Provides employers with tax breaks on the amounts set apart towards these employee benefits

Meets the statutory obligations of an employer

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Helps with better corporate governance practice by segregating between employer and
employees funds

How can ICICI Prudential life insurance help you?

Group solution plans from ICICI Prudential enable you to effortlessly provide your employees
with both savings and financial security. ICICI Prudential takes utmost pride in offering an end
to end solution, right from setting up an appropriate employee benefit plan, administering the
same and rendering appropriate payout post.

What are the group solution plans offered by ICICI Prudential?

ICICI Prudential understands the importance of employee benefit offerings and has a suite of
Group solution plans that provide both you and your employees with a complete range of
benefits:

Group Retirement Plans

ICICI Pru Group Superannuation plan Unit linked/Non linked helps you save, grow and
accumulate funds towards employee’s retirement and thereby ensure financial stability of
employee post retirement. ICICI Prudential offers flexible plans for both, defined benefit and
defined contribution schemes.. click for more details.

ICICI Pru Group Gratuity plan ULIP/Non ULIP enables you to effortlessly setup a gratuity fund
and manage your statutory gratuity obligation towards your employees.. click for more details.

ICICI Pru Group Leave Encashment plan ULIP/Non ULIP enables you to fund your Leave
Encashment liability payable to your employees. These liabilities can be effectively met through
the management of a dedicated fund for leave encashment.

Group Protection Plans

ICICI Pru Group Term Insurance plan is a pure term insurance benefit securing the financial
need of the employee’s family in the event of his / her unfortunate death during employment.

27
This insurance plan provides cover to all your employees at an affordable cost.. click for more
details.

ICICI Pru Group Annuity plan offers a guaranteed periodic payment to your employee through
his / her lifetime. This plan enables you to secure the financial future of your employees with a
steady income all through their retired lives...

Why invest with ICICI Prudential?

Having won awards at a global level for service excellence; our prompt, efficient & customer
friendly services awaits you at every step of your need.

ICICI Prudential Life has underwritten over 13 million policies since inception and Funds Under
Management to the tune of Rs. 70,771 crores as on June 30, 2012.

End-to-end solution for retirement trust; legal and regulatory related process for scheme set up or
transfers

Multiple investment options under the group retirement solution plans with market-linked and
traditional pattern depending on your financial objectives

With hassle free and convenient in-house claims process, we aim to process timely and smooth
claim processing.

How can I get in touch with ICICI Prudential for further details?

We offer several options for you to contact us as per your convenience. Choose from one of the
following:

Meet our group sales representative

Email your requirement at grouplife@iciciprulife.com

28
4.1.E ICICI PRU
Sarv Jana Suraksha

RURAL PLANS

Preamble on ICICI Pru Rural Business Initiative

ICICI Prudential's rural business initiative has played a very important role in reaching the
underserved segment through its rural insurance plans. ICICI Prudential has covered more than
2.5 million lives across as many as 16 states in India.

Both our rural plans Sarva Jana Suraksha and Anmol Nivesh are tailored to meet the unique
requirements of rural investors. The plans offer Life cover, low and affordable premiums and
hassle free procedure.

WHY ULIPS?

Unit linked insurance plans (ULIPs) are a category of goal-based financial solutions that
combine the safety of life insurance protection along with long term wealth creation
opportunities. In ULIPs, a part of the premium goes towards providing you life cover &the

29
remaining portion is invested in fund(s) which in turn is invested in stocks or bonds. The value of
investments alters with the performance of the underlying fund opted by you.

Simply put, ULIPs are structured in such a way that the life protection element and the savings
element are distinguishable, and hence can be managed according to your specific needs.

Why do I need ULIPs?

Freedom to choose your life insurance cover: In a unit linked policy, you can choose the extent
of life insurance cover that you can enjoy. In most ULIPs, the minimum life insurance cover that
you get is 10 times the annual premium. The upper limit can be as much as 100 times of your
annual premium or even higher, depending on the policies of the insurance companies.

Freedom to choose your investment type: Depending on your investment preference, unit linked
insurance plans allow you to invest in various asset classes like equity, debt or money market.
Whats more, you can switch between these asset classes seamlessly with almost no charges.

Flexibility of additional investment: In ULIPs, you can anytime invest an additional amount,
called top-up, at a very nominal charge to enjoy the benefit of greater savings.

Liquidity: ULIPs have a partial withdrawal option, so that you can withdraw your money in case
of emergencies. These partial withdrawals are usually free of cost.

Goal based planning: ULIPs are structured to help you secure your key goals such as Retirement
planning or saving for your childs education. So, apart from the life insurance benefit and the
advantage of investments, ULIPs also give you the added benefit of knowing that your premium
is working towards securing your future goals.

Tax benefits: Apart from protection and savings, unit linked plans also offer tax benefits. Not
only you can claim the insurance premium paid towards reduction from your taxable income, the
maturity benefits are also completely tax free, as per prevailing tax laws.

30
4.2 ALL THAT YOU WANTED TO KNOW & MORE

Overview

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 Life's capital stands at Rs. 4,793 crores (as of March 31, 2013) with ICICI Bank
and Prudential plc holding 74% and 26% stake respectively. For the financial year 2013, the
company has garnered total premium of Rs 13,538 crores and has underwritten over 13 million
policies since inception. The company has assets held over Rs. 74,000 crores as on March 31,
2013.

For the past decade, ICICI Prudential Life Insurance has maintained its dominant position (on
new business retail weighted basis) amongst private life insurers in the country, with a wide
range of flexible products that meet the needs of the Indian customer at every step in life.

Vision & Values

Our vision:

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

This we hope to achieve by:

Understanding the needs of customers and offering them superior products and service

Leveraging technology to service customers quickly, efficiently and conveniently

31
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, Boundaryless, 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.

Our values :

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

PROMOTERS

ICICI Bank (taken from the press release of ICICI Bank)

ICICI Bank Limited (NYSE:IBN) is India's one of the leading private sector bank and the second
largest bank in the country, with consolidated total assets of US$ 111 billion at June 30, 2012.
ICICI Bank's subsidiaries include India's one of the leading private sector insurance companies
and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI
Bank's presence currently spans 19 countries, including India.

About Prudential Plc (taken from the press release of Prudential Plc)

32
Prudential plc is incorporated in England and Wales, and its affiliated companies constitute one
of the world's leading financial services groups. It provides insurance and financial services
through its subsidiaries and affiliates throughout the world. It has been in existence for over 160
years and has £363 billion in assets under management (as at 30 June 2012).

ICICI Prulife - promise of seamless online experience

We are always dedicated to offer you to the best, and with our new website; we have taken our
commitment to the next level to ensure that your online experience is better than ever.

The new ICICI Prulife website, which has been awarded Gold in the best financial website
category in the recently held Campaign India Digital Media Awards, promises to simply your
online life insurance information, buying & servicing experience.

The Promise

The new ICICI Prulife website has been simplified to offer information, tools & features based
on your requirements & level of interaction with us. We understand that every customer is
unique & has different expectations from their interaction with us. The new website addresses
these needs uniquely.

What's new?

Video Our Ads: These ads will help you understand the basic categories of life insurance & their
significance ( click here )

Single click access to your policy needs: Just enter your login details & the site will directly open
the required page. Be it E-switch, tracking your funds, managing your existing policies & more,
you can now access all of it quicker then before.

Buy Online: Buy life insurance plans online with a simple application process. Search: Now find
exactly what you are looking for, right from the homepage. Just enter your search term and hit
go; navigating through the website has never been simpler

33
Pay Online: You can pay your insurance premiums online; without logging in to your account.
Just validate your details, select the policy you want to pay premium for and pay online using
your credit card, debit card or net banking.

4.3 KEY PERSONS

Mr. Sandeep Bakhshi

Managing Director & Chief Executive Officer

Mr. Puneet Nanda

Executive Director (Chief Marketing Officer)

Mr. Sandeep Batra

Executive Director - Corporate Center

Mr. Satyan Jambunathan

Executive Vice President (Appointed Actuary)

Mr. Manish Kumar

Executive Vice President (Chief Investment Officer)

Mr. Navin Sharma

Vice President- Internal Audit (Chief Internal Audit)

Mr. Binay Agarwala

Executive Vice President (Chief Financial Officer)

Mr. Deepak Kinger

Executive Vice President- Compliance, Legal, Audit and Secretarial (Chief Compliance Officer)

34
4.4 RIGHTS AND DUTIES OF THE POLICYHOLDER

Objective:

The Objective of this document is to list the rights and duties of the policyholder through

the policy life cycle.

Rights of the Policyholder

1. Proposal for Insurance

• The Company shall communicate the decision in writing within a period of 15 days

from receipt of proposal.

• The policy document shall be dispatched via post/courier within 30 days of the date of

the receipt of the proposal/date of last document or communication received.

• The delivery of the policy document shall depend upon the mode of dispatch.

• For dispatch through Courier the expected time of delivery shall be 10 days from

date of decision by the Company

• For dispatch through post the expected time of delivery shall be 20 days from date

of decision by the Company

(Reference: IRDA Protection of Policyholders’ Interests Regulations, 2002, Reg. 4 (6))

2. Contents of Policy document

The Company shall send a physical policy document to the address registered by the

policyholder under the ‘communication address’ column in the application form. The

35
policy document should contain the following documents.

• Policy Certificate

• Policy Highlights document: The Policy document carries a single page simplified

version of product benefits apart from the terms and conditions document.

• Signed copy of application form

• Benefit Illustration (where applicable)

• Unit statement (for ULIP plans)

• Premium receipt

• Policy terms & conditions

In case of any discrepancy in the documents or missing documents, policyholder must

contact the Company.

The following are stated in the policy document:

• Name of the plan governing the policy and its terms and conditions;• Benefits payable and the
contingencies upon which these are payable and the other

terms and conditions of the insurance contract;

• Address of the Company to which all communications in respect of the policy shall be

sent;

• Date of commencement of risk and the date of maturity or date(s) on which the

benefits would be payable;

• Primary documents which are normally required to be submitted by a claimant in

36
support of a claim under the policy;

(Reference: IRDA Protection of Policyholders’ Interests Regulations, 2002, reg. 6(1))

3. Freelook policy

A policyholder has an option to opt for free look policy within 15 days of receipt of the

policy document. Incase the policyholder opts for policy cancellation during the freelook

period i.e. within 15 days of receipt of his policy document, the Company shall return the

premium paid subject to the following deductions:

• Insurance stamp duty on the Policy , if any,

• Any expenses borne by the Company on the medicals

Units will be repurchased and any fluctuations in the NAV will be on the policyholder’s

account.

(Reference: IRDA Protection of Policyholders’ Interests Regulations, 2002, 6(2))

4. Policyholders’ Servicing

The policyholder during the life cycle of the insurance policy may approach ICICI

Prudential for change/ updation of following details on the policy;

• Recording change of address and contact details;

• Noting a new nomination or change of nomination under the policy;

• Noting assignment on the policy;

• Providing information on the current status of the policy indicating matters, such as,

accrued bonus, surrender value and entitlement to a loan;

37
• Processing papers and disbursal of a loan on security of policy;

• Issuance of duplicate policy;

• Issuance of an endorsement under the policy; noting a change of interest or sum

assured or perils insured, financial interest of a bank and other interests;

• Providing receipt for the premium paid towards the policy and statement of account

(unit statement for ULIP) ;

• Any policy level changes like increase/decrease in sum assured/premium/rider sum

assured. Etc;

• Annuity servicing/registration (pension policies);

• Renewal premium payment and policy reinstatement related;

Time taken by the Company:• Policy servicing requests and Surrender requests will be actioned
within 10 days from

the time the Company receives the complete documentation.

(Reference: IRDA Protection of Policyholders’ Interests Regulations, 2002, Reg. 10(1))

5. Claims Procedure

A life insurance Company, upon receiving a claim, is required to process the claim without

delay. Incase the Company requests for any additional documents, the requirements are

required to be raised all at once within a period of 15 days of the receipt of the claim.

The claimant has to provide complete documentation while submitting a claim request to

the Company. The details of the documents to be submitted at the time of submitting a

38
claim are available on the Company website and in the policy document. The claimant can

also approach any of the Company touch points to assist him in the claim procedure.

The time taken by the Company for processing claim will be as follows;

• Claim processing where investigation is not required will be settled or disputed within

30 days from the date of receipt of all relevant papers and clarifications.

• Claim processing where investigation is required will be settled/ repudiation within 180

days from the date of receipt of all relevant papers and clarifications.

• In case the claim is ready for payment but is not paid by the Company for identification

of the payee, the Company shall hold the amount for benefit of the payee and shall pay

interest at the savings bank interest rate. (effective from 30 days of submission of all

relevant documents)

• In case of delay in settling a claim (non compliance to the defined regulatory TAT)

Company shall pay interest on the claim amount at a rate which is 2% above the bank

rate prevalent at the beginning of the financial year.

(Reference: IRDA Protection of Policyholders’ Interests Regulations, 2002, Reg. 8)

6. Grievance Redressal procedure/ mechanism

The Company provides its customers easy access to information, products and services,

as well as the means to get their grievances or queries redressed. There are multiple

channels for the policyholders to register grievances, namely Branch, Call Centre, Email

and through the Company’s website.

39
Incase there is a delay in processing the policyholders’ request or lapse in service

promised to the policyholder, this can be highlighted to the Company.

Procedure followed and Timelines:

• An acknowledgment will be sent to the policyholder within 3 working days via email/

letter once the grievance is registered by the Company.

• The final response will be sent to the policyholder within 15 days of registering

grievance.

• In the event of failure to comply with aforesaid timelines, the policyholder shall be

informed of the reasons and the revised timeline for resolution. The Company has defined its
Grievance Redressal Mechanism to provide alternate

remedies to policyholders so that they can escalate the matter in case it is felt that their

grievance is not addressed to their satisfaction.

The policyholder can escalate the matter to the following levels

• Grievance Redressal Officer (GRO): If the policyholder is dissatisfied with the

resolution provided by the service channels, he/she can escalate the issue to the local

Grievance Redressal Officer (GRO) located at every office. They can also register their

complaint by writing to GRO (Vice President- Customer Services & Operations) through

the Company website.

• Senior Management Grievance Redressal Officer (SMGRO): If the policyholder’s issue

remains unresolved, he/she can escalate to the designated Senior Management

40
Grievance Redressal Officer. They can register their complaint by writing to SGRO

(Executive Vice President – Compliance) through the Company website.

• Grievance Redressal Committee (GRC): If the policyholder still remains dissatisfied

with the resolution, he can further escalate the matter to the GRC. Grievance Redressal

Committee is chaired by an independent member and comprises of executive level

members from the Company. Customers can register their complaint by writing to

GRC through the Company website.

• Insurance Ombudsman: If the policyholder is still not satisfied with the response or

resolution provided by the Company, he/she can write to Insurance Ombudsman. The

detailed addresses and contact details of the Insurance Ombudsman, set up across

various locations in the country, are provided to the policyholders in their policy

document and are also made available on the website.

Details of the grievance redressal procedure and mechanism are made available in the

policy document.

References:

• IRDA Protection of Policyholders’ Interests Regulations, 2002, Reg.5

• Guidelines for Grievance Redressal, July 2010 (Reference: 3/CA/GRV/YPB/10-11)Duties of

the policyholder

At insurance proposal

• The policyholder shall furnish all information that is sought from him by the Company

41
and thereby enable right decision on proposal received after considering all the facts.

This will also ensure smooth claim settlement. The same is also in reference to Section

45 of the Insurance Act 1938.

• The policyholder must ascertain that the medicals and other formalities for proposal

issuance, if any, are completed on time to ensure seamless policy issuance.

• The policyholder should ensure that he/she review the terms and conditions

mentioned in the policy document and update themselves on the policy features.

On receipt of policy document

• Incase the policyholder observes any issues pertaining to policy features explained/

benefits explained on the policy sourced, he/she must highlight the matter to the

Company within freelook period (15 days from receipt of policy document).

• The policyholder must verify that the nominee’s name is correct and incorporated in

the policy document. In case the policyholder has not declared any nominee name, the

policyholder should ensure that the nomination detail is shared with the Company at

the earliest

• The policyholder must inform the nominee about the policy opted for and other

relevant policy details.

• Any changes/rectification in the policy certificate to be brought to the notice of the

Company well within the defined free-look period.

Policy Servicing

42
• The policyholder should approach the Company incase he/she is not in receipt of

policy document and request for a duplicate policy document not later than 3 months

from the date of proposal application.

• The policyholder must ensure that he/she keeps the Company updated with the latest

information of his/her contact details. This will help the policyholder to receive the

communications and payments (as applicable) sent by the Company on time.

• The policyholder must track the premium due dates proactively and make sure

premiums are paid on time to ensure the policy benefits are always active. Upon non

payment of premium on the policy, the policy will ‘Lapse’ and the benefits shall cease.

• The policyholder has an option to revive the policy subject to submission of overdue

premiums and personal health declaration (case to case basis). The revival of the

policy shall be basis the Company’s underwriting guidelines.• The policyholder must be aware
that the policy will get foreclosed (as per Terms &

Conditions) if the policy is not revived within this stipulated time period.

• The policyholder should quote policy number on the premium / top-up Cheque/ DD

and also during his interactions with the Company at all times to help company to

process the request faster.

• The policyholder must ensure that the premium payment in cash is made at Company

authorized centers only. Receipt should be collected from the Company for any cash

payment made.

43
• The policyholder should educate himself/herself about the cutoff timings applicable for

Net Asset Value (NAV).

• Any fund transaction request received on the policy before 3pm, NAV of that day

will be applicable.

• If the request / instruction is received after the cut-off time, then NAV of the next

date or the due date, whichever is later, shall be applicable.

• For daily NAV details, policyholder may also visit the Company website.

• The policyholder must approach the Company touchpoint namely Branch, Call centre

or Email channel for any queries/grievance pertaining to policy. Alternatively, the

policyholder may also approach the agent through whom the policy has been bought

or may register his/her queries/grievance through Company website.

• The policyholder should not to hand over the policy document to a third party.

• The policyholder shall inform the Company if the policy document is lost or destroyed.

On obtaining satisfactory evidence a duplicate copy will be issued by the Company.

• Acknowledgment should be sought in case policy document or any service request is

given by the policyholder to the Company.

• The policyholder must ensure that a notice in writing along with the endorsed

instrument or a copy of it is delivered to the Company in case of transfer or

assignment of the policy.

Maturity/ Annuity/ Claims

44
• Policyholder must keep himself/herself updated on the maturity/survival payment due

dates. The details of the same is also available in the policy document

• A pension policy becomes due for pension/annuity once the policy attains a vesting

age. Policyholder should submit the annuity quotation sent by the Company before the

vesting date of the policy to ensure smooth processing of the pension/annuity post

policy attaining vesting age. Details of the documents to be submitted are shared by

the Company in the annuity quotation.• The policyholder must be aware that a pension policy
cannot be surrendered post the

policy attains vesting age. The policy becomes eligible for annuity post maturity.

• For faster claim processing, it is essential that the claimant submits complete

documentation and co-operate for any investigation (if required) for processing of

claims.

2012, ICICI Prudential Life Insurance Co. Ltd

Registered Address: - ICICI Pru Life Towers,

089 Appasaheb Marathe Marg,

Prabhadevi, Mumbai-400025.

Reg No: - 105

Insurance is the subject matter of the solicitation.

Comp/doc/Mar/2012/1039

45
How can I make a claim?

At ICICI Prudential life every claim is a fulfillment of a promise that we have made to our
policyholder and we do our best to process the claim in the most transparent and quick manner.
In line with our philosophy of easing the financial burden on the policyholder and their nominees
we have a simplified 4 step claim process

CLAIMS

4.5 TAX SAVING LIFE INSURANCE PLANS

THE IMPORTANCE OF TAX SAVING

What does one understand by the term, tax savings? The income that an individual earns every
year is subject to the Income Tax laws governing that country. The Income Tax rates are not the
same for all. The rates varies basis on different income levels.. So the total income tax an
individual needs to pay depends upon the annual income he or she has earned in that given year.
But, there are many ways by which one can save incometax.
So the question arises that how to save income tax? To extract maximum tax benefits, you need
to invest your earnings wisely in different insurance plans. This is where your investments come
into play, as a lot of investment plans come with several benefits. With the help of tax deduction,

46
 a break granted by the government, one can save tax on premium paid. The maturity proceeds of
life insurance product is tax free as well. You could look at long term objectives like investing in
a pension plan for a life after retirement or a life cover to secure your family's future. There are a
range of tax saving plans available for individuals to gain tax benefits under various sections.
This is why it is very important to carry out an extensive research and know about the different
products available.

TAX SAVING THROUGH LIFE INSURANCE PRODUCTS

To save tax, Life Insurance products play a important role. Under the Income Tax Act 1961, by
investing in a life insurance plan, you are allowed to claim deduction on the premiums that you
pay when calculating taxable income (subject to conditions of Income Tax Act, 1961). This
means, the insurance premiums which you pay helps in reducing your tax outflow. Further
subject to conditions, maturity proceed from Life Insurance comes under exempted incomes.
This means, no tax to be payable on any benefits received on maturity or on death . Hence Life
Insurance Scheme can help you avail dual tax benefits. Also, you are investing in a Life.
You can also get Tax benefits on Health Insurance and production product. This helps in
reducing the computable tax base, thus resulting in reducing the net tax liability.

TAX PLANNING FOR INDIVIDUALS

Let's take a look at some of the benefits which an individual person can benefit from tax
saving.An Individual/salaried can avail following tax benefits on premium paid by way of
deductions from taxable income
 Section 80C - Premium paid on Life Insurance policies : deduction upto Rs.1,00,000
Premium paid on pure term, endowment and Ulip product eligible for 80C benefit
 Section 80CCC- Premium paid on pension policies :deduction upto Rs.1,00,000 deduction is
within Rs.1,00,000 limit of Section 80C and 80CCD(1)
 Section 80D- Premium paid on health insurance policies :deduction upto Rs. 35,000/-
Rs.15,000 deduction is allowed for self , spouse and dependent children: Additional Rs 15,000
for parents or Rs.20,000 for parents above 60 years of age.

47
  Maturity proceeds from Life Insurance policies are exempt u/s 10(10D) subject to specified
conditions
 So go ahead, secure your future by investing in a Life Insurance Policy that reaps in great
benefits along with making sure that your hard earned money stays with you.

Sections Descriptions Product Product UIN Category Available Online

Yes- Buy now - Get
ICICI Pru iCare 105N122V02 Term Plan instant premium
reciept online

ICICI Pru Elite

105L140V01 Wealth Plan
Wealth II

ICICI Pru Elite

105L141V01 Wealth Plan
Life II

ICICI Pru
Wealth Builder 105L139V01 Wealth Plan
80C (Tax savings on II
premium paid)
Deduction benefit ICICI Pru
10 (10D) (Tax free
upto Rs. 1 Lac .80C Savings 105N135V01 Wealth Plan Yes- Buy now
Maturity/) (Non
Suraksha
Linked)
ICICI Pru Pure
105N084V02 Term Plan
Protect

ICICI Pru Cash

105N132V01 Wealth Plan
Advantage

ICICI Pru
Retirement
Immediate 105N009V06 Yes- Buy now
Plan
Annuity

ICICI Pru Easy Retirement

105L133V01 Yes- Buy now
Retirement Plan

48
 Disclaimers: IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT
PORTFOLIO IS BORNE BY THE POLICY HOLDER © 2012, ICICI Prudential Life
Insurance Co. Ltd. Registered Address: - ICICI Pru Life Towers, 1089 Appasaheb
Marathe Marg, Prabhadevi, Mumbai-400025. Reg No: - 105 Insurance is the subject
matter of the solicitation.For more details on the risk factors, term and conditions please
read sales brochure carefully before concluding the sale.Unlike traditional products, Unit
linked insurance products are subject to market risk, which affect the Net Asset Values
and the customer shall be responsible for his/her decision. The names of the Company,
Product names or fund options do not indicate their quality or future guidance on returns.
Funds do not offer guaranteed or assured returns. Investments are subject to market risk.
Tax laws are subject to amendments from time to time.

4.6 OUTLOOK FOR JANUARY 2014

Fixed Income:

In the mid-quarterly review of monetary policy on December 18, RBI kept key policy rates
unchanged at 7.75%. Consensus expectations were for a repo rate hike of 0.25%. RBI maintained
a hawkish tone on the forward guidance for the markets. RBI said that if the expected softening
of food inflation does not materialise and translate into a significant reduction in headline
inflation in the next round of data releases, RBI will act, including on off-policy dates if
warranted, so that inflation expectations stabilise and an environment conducive to sustainable
growth takes hold. WPI inflation for November accelerated to 7.5% as compared to 7% in
October. The Indian Rupee continued to remain range bound against the dollar and closed at
61.80 against the dollar as on 31 December 2013.

Outlook:

We remain neutral on bond markets. Concerns over huge bond supply in H2 FY14, upcoming
central government elections and fiscal slippage weigh on the bond market. However, abysmally
low expected GDP growth of 4.5-5% does not augur well for the economy and hence very high
interest rates are not sustainable. We expect Indian rupee to remain range bound against the
dollar.

49
Equity Review:

Nifty gained ~2% in the month of December (Q3 FY14 Nifty gained ~10%; CY13 Nifty gained
7%). FIIs remained buyers of Indian equities in tune of US$ 2.5 bn and DIIs remained net sellers
in tune of US$ 1.2 bn. (CY13: FIIs were net buyers of equities worth US$ 20 bn and DIIs were
net sellers of equities in tune of US$ 13 bn). The rally in Nifty post the state election results was
capped due to: negative surprise on inflation and rise in uncertainty on union elections outcome
due to rise of AAP. However, the market sentiments turned positive as RBI kept the repo rates
unchanged at 7.75%. Fed initiated the tapering down of QE as a result of strong economic data
from US. While EPC/ Capital Goods, Metals & Mining and Infrastructure & Real Estate sectors
outperformed the index, sectors such as Consumer, Telecom and Pharma were laggards in Q3
FY14.

Outlook:

Our short term outlook for the equity market remains neutral. We expect the domestic markets to
remain volatile and range bound due to: Supply of paper, implications on global equities as Fed
continues the tapering down of QE in CY14, anaemic domestic growth environment, concerns
surrounding the outcome of general elections and the fear of higher than expected fiscal deficit.
Sensex valuations at 14x, in line with historical average. However, we expect India's growth rate
to reach its potential of high single digits in the next few years, thus resulting into double digit
equity returns in the long run.

4.7 INVESTMENT PHILOSOPHY & STRATEGY

As a life insurance company, we know that our customers trust their monies with us for the long-
term, and hope to use these funds to protect and achieve the dreams and aspirations of their
families. With this in mind, our investment focus is to ensure long term Safety, Stability and
Profitability of our customer's funds. Our aim is to achieve superior returns for a given level of
risk. In order to meet this objective, we have developed an investment framework that is based
on a sound investment process coupled with a rigorous and sophisticated risk management
strategy.

Investment process

Our investment management process relies on analytics & research to achieve positive risk-
adjusted returns in each product category, be it for child plans, retirement solutions or other
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endowment-related funds. We clearly define an asset allocation strategy that matches the risk
characteristics of the corresponding liability, or put simply, we ensure that the promise we have
made to the customer will be met.

The investment decision-making process has three tiers, each of which has varying degrees of
discretion and considers detailed research in order to decide the best portfolio composition. The
emphasis is to segregate the decision to buy a scrip from the process of actually buying it, and
thereby institutionalize decision-making.

Our investment management team that has a cumulative experience of more than 50 years in
various aspects of market like research, trading, risk management etc. The top management
teams at ICICI Bank and Prudential Corporation Asia ably guide the investment team in making
the strategic asset allocation and continuously monitor the performance of the investment team.

Investment decisions

Debt investments target a mix of government and corporate bonds. The investment process is
backed by intense research and analysis and comprises qualitative as well as quantitative
measures. We make calls after carefully studying all the factors that influence interest rate
direction, such as RBI policy and stance, inflation, growth of money supply, credit off-take,
fiscal deficit, global interest rate scenario and market sentiment. Detailed research reports
obtained from credit rating agencies form the primary basis for investment decisions. In addition,
the team's assessment of economic cycle, industry health, its perception of management quality
and demand and supply situation in stock of a particular entity influence the investment decision.

The investments in equity are targeted at long-term capital appreciation. We are not bound by
traditional pure value or growth driven strategy and continuously look where both co-exist.
Portfolio diversification lies at the core of our investment strategy. We have a clearly articulated
benchmark for each of our funds and have well-defined deviation limits vis-vis benchmark at
both the sector and stock level. W e combine a top-down and bottom-up approach while
choosing stocks for our investment, considering several factors like management quality,
performance track record (in relation to the sector), dividend track record, transparency in
disclosures, execution capabilities etc. Our equity portfolio has a large cap bias, as we believe
that they offer higher risk adjusted returns. However we do invest in mid-caps provided they
satisfy at least one of the criteria viz. presence in high growth industry, one of the industry
segment leaders, niche player, offer a play on outsourcing opportunity or structural turnaround in
performance. Thus the focus is on ensuring consistent, stable and better risk adjusted
performance over long term for our policyholders.

Benchmarks

To ensure that we maintain a strict discipline in managing policyholder's funds, we have clearly
articulated benchmarks for various unit-linked funds. In addition we also have strict deviation

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limits vis-à-vis benchmarks that ensure that we do not take undue exposure in any particular
sector or stock. It is our endeavor to give better returns than the benchmark to policyholders for
all the funds that we manage.

In summary, our investment process is a function of extensive research and is based on data and
reasoning, backed by superior risk control measures. This, we believe, would enable us to deliver
to our customers safety, stability and returns on their investments with us.

4.8 ICICI PRUDENTIAL INVESTMENTS TEAM

Manish Kumar: EVP & Chief Investment Officer

Manish is an engineer with a PGDM from IIM Calcutta. He has the overall responsibility for
managing the entire investment portfolio of the company. He has 19 years of experience in the
area of equity research, trading and fund management. Prior to ICICI Prudential, Manish has
been with a leading Indian asset management company.

Fund Management & Research Team:

Lakshmikanth Reddy : EVP & Head - Equity

Lakshmikanth is an engineer with a PGDM from IIM Ahmedabad. He has 15 years of experience
in the area of equity analysis and fund management. Prior to joining ICICI Prudential,
Lakshmikanth has worked with leading foreign financial institutions.

Jitendra Arora : SVP & Fund Manager – Fixed Income

Jitendra is a management graduate and has a PGDM from IIM Bangalore. He has been with
ICICI Prudential since 2001 in the areas of financial risk management, product development,
actuarial and fund management.

Arun Srinivasan : SVP & Fund Manager - Fixed Income

Arun has done Masters in Management Studies from MumbaiUniversity. He has 16 years of
experience in the areas of treasury and trading. Prior to ICICI Prudential, Arun worked with a
leading Indian fund house.

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Shiladitya Dasgupta : VP & Fund Manager - Equity

Shiladitya is an engineer with post graduation from IIITM Gwalior. He has 13 years of
experience as a research analyst. Prior to ICICI Prudential, Shiladitya worked both in a leading
foreign financial institutions and a domestic broking house.

Akalp Gupta : Chief Manager – Equity Dealing and Analysis

Akalp is an engineer with a PGDM from IIM Kozhikode. He has 10 years of experience as an
equity analyst and trader. Prior to ICICI Prudential, he has worked with both Indian and foreign
financial institutions.

Fatema Pacha : Senior Manager & Fund Manager - Equity

Fatema is an engineer with PGDM from SP Jain Institute (Mumbai). She has 7 years of
experience as an equity analyst. Prior to ICICI Prudential, she has worked with a leading Indian
asset management company.

Sumanta Khan : Senior Manager & Fund Manager - Equity

Sumanta is an engineer with PGDM from IIM Indore. Sumanta has 7 years of experience as an
equity analyst. Prior to ICICI Prudential, he has worked with a leading foreign financial
institution.

Aditya Ahluwalia : Senior Manager & Equity Analyst

Aditya is an engineer with an MBA from FMS, Delhi. He has successfully completed all levels
of the CFA, FRM & CAIA programs. Aditya specializes in the field of equity research and
analysis and has 5 years of work experience with ICICI Prudential beginning 2008.

Vidya Iyer : Senior Manager - Investments

Vidya is an engineer with a PGDM from XLRI Jamshedpur. She is also a Financial Risk
Manager certified by Global Association of Risk Professionals. She has an overall experience of

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years in Financial Markets. Prior to ICICI Prudential, she has worked with a leading foreign
bank.

Rajatdeep Singh Anand : Senior Manager & Equity Analyst

Rajatdeep is an engineer with PGDM from IIM Calcutta. He is also Level III candidate of the
CFA Program. Rajatdeep specializes in the field of equity research and analysis and has 4 years
of work experience with ICICI Prudential beginning 2009.

Nandish Shah : Senior Manager –Equity Dealing and Analysis

Nandish is a commerce graduate with PGDBA from Symbiosis, Pune. He has been with ICICI
Prudential since 2007 in the field of Investment Operations and Investments.Prior to ICICI
Prudential, he has worked with a leading Indian Asset Management company.

VineetChoraria : Senior Manager - Investments

Vineet is a commerce graduate and a fellow member of the Institute of Chartered Accountants of
India. He has been with ICICI Prudential since 2007 in the field of Investment Operations and
Investments.

Vinay Rohit : Manager& Equity Analyst

Vinay is a management graduate with PGDM from IIM Bangalore. He is also a Level III
candidate of the CFA Program. Vinay specializes in the field of equity research

4.9 RUPEE COST AVERAGING

Many of us have an aspiration to buy low and sell high. However, while implementing our
investment ideas, most of us end up attaining the exact reverse i.e. buy high and sell low. The
message is loud and clear - don't try to time the market. Given the almost efficient market we
invest in, it is one of the most difficult things to do, particularly on a consistent basis. A better
approach for the retail investor is Rupee Cost Averaging.

With rupee costs averaging, investors don't have to worry about what would be the price of their
share next day or next year or what would be the level of interest rates next quarter.

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Rupee Cost Averaging is an effective market-timer mechanism that eliminates the need to time
the markets. All one has to do is to invest a fixed, pre-decided amount of money on a regular
basis over a long period of time. Since the amount invested per month is constant, one buys more
units when the price is low and fewer units when the price is high. As a result the average unit
cost will always be less than the average sale price per unit, irrespective of the market rising,
falling or fluctuating. The table given below clearly illustrates the concept.

Lets take an example of Rahul, wherein he started investing 4,000 every month in the
Maximiser Fund of the LifeTime Super Plan.

Period Invested Premium ( ) NAV of Maximiser Fund ( Per unit) Units allocated
7-Apr-03 4,000 11.34 352.73 Actu
7-May-03 4,000 11.01 363.31 al
9-Jun-03 4,000 12.05 331.95 Aver
age
7-Jul-03 4,000 13.13 304.65
NAV
7-Aug-03 4,000 13.67 292.61 =
8-Sep-03 4,000 15.81 253.00 (11.3
4+
7-Oct-03 4,000 16.78 238.38
11.01
7-Nov-03 4,000 18.28 218.82 +
8-Dec-03 4,000 18.71 213.79 12.05
+
7-Jan-04 4,000 21.48 186.22
13.13
9-Feb-04 4,000 21.49 186.13 +
8-Mar-04 4,000 21.98 181.98 13.67
48,000 +
Total
15.81
+ 16.78 + 18.28 + 18.71 + 21.48 + 21.49 + 21.77) / 12 = 16.29.

NAV for Rahul = (4,000 * 12) / (352.73 + 363.31 + 331.95 + 304.65 + 292.61 + 253.00 +
238.38 + 218.82 + 213.79 + 186.22 + 186.13 + 183.74) = 15.36

Based on the historical analysis for BSE Sensex for last ten years (1-Jan-1994 to 1-Jan-2004) we
find that if an individual had invested 1000 ever year (SIP) he would have earned a return of
9% vis-Ã -vis 5% earned by an individual who had invested 1000 at the beginning of 10 year
period. Similarly over a five year period (1-Jan-1994 to 1-Jan-1999) SIP investment return would

55
have been 16.52% compared to 14.09% for a one time investment at the beginning of the period.
Thus Rupee Cost Averaging smoothens out the market ups and downs and reduces the risk of
investing in volatile markets. However, rupee cost averaging does not guarantee a profit, as this
depends on the performance of the market.
Convenience:

Systematic Investment Plan offers convenience to investor, as it can be set-up as

direct periodic and automatic withdrawals from bank accounts. At the beginning of the plan, the
investor makes the asset allocation decision based on the PFP. Once the investor has made the
asset allocation decision and chosen the fund manager, the Systematic Investment Plan puts the
investment process on the auto pilot mode and leaves the investor to live life in peace without
worrying about security of his/her future.

4.10 ECONOMIC INDICATORS AND MARKET INDICES

Economic Indicators
GDP Growth
5 Year CAGR [2008-13] FY12 FY13
7.10% 6.21% 5.00%

Inflation November 2013 October 2013

Monthly Inflation (WPI) 7.50% 7.00%

Economic indicators 31-Dec-13 29-Nov-13 %Change

Rs/$ 61.80 62.45 -1.04%
Forex Reserves ($ bn) 295.516 286.264 3.23%
Oil Price ($/barrel) 98.42 92.72 6.15%
Gold (Rs. / 10 gm) 29,075 30,499 -4.67%
FII Fund flow (INR mn) 153,401 70,799 82,602
MF Fund flow (INR mn) -5,718 -12,954 7,236
DII Fund flow (INR mn) -75,860 -91,469 15,609
DII - MF fund flow -70,142 -78,515 8,373

Market Indices

Benchmark Returns 1 Y 3 Y 5 Y
BSE 100 5.9 0.7 16.9
CRISIL 3.8 6.7 5.7

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 Global Indices 31-Dec-13 29-Nov-13 % Change
DOW JONES INDUSTRIALS 16,577 16,086 3.0
HANG SENG 23,306 23,881 -2.4
FTSE 100 6,749 6,651 1.5
NIKKEI 225 STOCK AVERAGE 16,291 15,662 4.0

Fixed income yields 31-Dec-2013 29-Nov-2013 %Change

NSE Mibor 9.07% 7.72% 1.35%
5 year G-Sec 8.89% 8.67% 0.22%
5 year AAA 9.63% 9.63% 0.00%
10 year G-Sec 8.83% 8.74% 0.09%
10 year AAA 9.62% 9.55% 0.07%

Global Indices 31-Dec-13 29-Nov-13 % Change

DOW JONES INDUSTRIALS 16,577 16,086 3.0
HANG SENG 23,306 23,881 -2.4
FTSE 100 6,749 6,651 1.5
NIKKEI 225 STOCK AVERAGE 16,291 15,662 4.0

4.11 ASSET ALLOCATION: THE KEY TO INVESTIN

In the process of personal financial planning an individual must select assets that will generate
adequate returns to meet the financial goals, and at the desired levels of risk. This is known as
asset allocation. Go through our Risk Analyser to learn what your asset allocation strategy
should be.

Though "asset allocation" decisions are critical to one's financial plan, it is one that very few
understand and consciously keep in mind when making an investment decision. There are two
questions to be answered in every asset allocation decision: WHAT and HOW?

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WHAT?

Asset allocation decision is about dividing the investments between asset classes such as
equities, cash and money markets equivalents, bonds, insurance, real estate, derivatives.
Commodities, antiques and art, international financial instruments.

The principal reason for diversifying investments across different asset classes is to minimize the
risk of a portfolio. It requires one to avoid investments whose returns tend to move too closely
with each other. Given this, the common flaw with investing in "growth stocks", "value stocks",
"small caps" and "mid caps" is that their returns are all highly correlated, making them all
members of the same asset class, "domestic equities". Similarly, "RBI relief bonds" are just one
type of all the fixed income securities that are available to an individual, akin to Government of
India securities like treasury bills and bonds, corporate bonds, certificate of deposits etc. While
all these are fixed income instruments, they can still be divided into three asset classes viz. cash
and money market equivalents like commercial papers, treasury bills etc., inflation-indexed
bonds (that provide protection against inflation) and investment grade bonds (GOI as well as
corporate bonds).

Another asset class that many do not consider is life insurance. It must be noted that life
insurance should be considered as a unique asset class in itself, given that it creates an asset in
case of an eventuality like death or disability of the individual. This ensures that the goals are
met for the individual if he/she is present or for dependants in his/her absence

HOW?

Once an individual has identified these asset classes, he/she needs to know how to divide his/her
investments in these asset classes. The key considerations in choosing the asset classes are the
level of return and the risk. Liquidity, transaction costs and ease of investment are the other
considerations. To keep it simple, some investors may prefer to look at it as balancing the
downside (protection against capital loss) with upside (potential for high returns), which is not
entirely correct but a useful way to look at investments. For instance, bank deposits may seem to
provide a complete protection against capital loss. This is not true as in highly inflationary times,
the deposits made at lower rates may not provide returns adequate to even beat inflation. This
means that the capital value reduces in real terms even though in nominal terms that is not the
case.

Also, research has shown that in general, people are more sensitive to losses than they are to
gains of the same magnitude.

The factors that one should consider in choosing exposures to different asset classes are as
follows:

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1. Risk Tolerance : The degree to which one can tolerate risk varies for different people, and
depends on the following:

Stage in life: A younger person, having a safe livelihood and few dependents, has time on his/her
side can take more risk while choosing a portfolio.

Net-worth: If one owns lot of assets and have few liabilities i.e. have a high net worth one can
afford to take more risk as one has a cushion of assets that can safeguard one from short-term
losses occurring in due to market fluctuations.

Experience with investments: If one has prior experience in investing in financial markets and
one is comfortable with short-term fluctuations then one can take more risk and hence more
exposure to equity/real estate.

2. Investment objective : This entails deciding the purpose for which the investments are being
made. Different objectives would demand that one tailor their investment portfolio to meet these
goals. Objectives could be:

A person nearing his/her retirement would want a regular stream of income from the investment,
while preserving the capital value, and should hence choose a safer portfolio.

If one is looking at growth along with preservation of capital, and is investing for a goal that is
very important, such as saving for one's child's education, then one can take some more risk in
pursuit of higher returns, but not at such a high risk that it might erode one's capital.

If one is looking at high growth and investing for a goal that is not very important then one can
afford to take more risk.

3. Time Horizon : The time for which one would like to hold an investment also impacts the
level of risk that one can undertake. If the goal for which the investment is being made is
occurring after a long time, then one can pursue higher returns by investing in a more risky
portfolio as over the period of time the risk reduces. However if one needs the money in the near
future then one must invest in a safer portfolio. For instance based on historic data for SENSEX,
the chance that an individual would suffer capital loss over a 10-year period is 1.5%.

Once an individual has decided on his/her asset allocation, the next step many ask is which
securities within those asset classes one should select, and whether one should change the
allocation from time to time based on market conditions.

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The simple, clear answer is -- No!

Research studies conducted from time to time have shown that over a longer period of time
(about ten years), one attains very little or nothing by market timing and security selection as far
as portfolio management is concerned.

An investor must maintain discipline while managing these investments. Once he/she has
determined the asset allocation, he /she should implement it using funds rather that direct
purchase in the markets as it may be inefficient even when an individual has the access and
ability to do so. Thereafter he/she should not succumb to the temporary blips in performance of
various asset classes, and should instead use the concept like Rupee Cost Averaging.

CHAPTER : 5

FINDINGS, CONCLUSION AND SUGGESTION

FINDINGS:

STRENGTHS:-

1.Brand Name

:The biggest strength is the tag of ICICI Prudential Life Insurance is going to be the largest
group of MNC’s.

2.Compatible Price

:Prices of different policies of ICICI Prudential Life Insurance are much more compatible than
others.

3.Diversified Schemes:

We have diversified schemes, which is an exception case of ICICI Prudential Life Insurance

4.Less Risk

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:Our debt schemes are 100% free form market risk. Even as our portfolio is that diversified so
equities are also less risky than others.

5.Easy procedures for account opening too:

We have an easy system for getting a policy as it includes investment gives a customer a feeling
of securness.

WEAKNESS:-

1 Prone to Market Risk

:Mutual Funds depend on overall macro economic condition andmarket scenario.

2 Tough Competitions

:There is a very tough competition because of large number of AssetManagement Companies.

3 Incapability of Customers:

Sum policies provided by the company does not suits the pocket of the customer as it’s a big
drawback for the investor when they pay the premium for the whole year and does not get any
claim in return if not any case of death or accident.

OPPORTUNITIES:-

1 Hoarding

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Many companies have black money which they can not put in any bank or show in any account
so they use this money for making hoardings to public their policies and attract customers to
take their policies.

2 Indian Capital Market is Growing

:So more & more new investors are interested in investments.

3Tailor Made Products:

We have tailor made products like sector specified schemes & evendiversified schemes.

4 Branch Expansion

Large no. of branches are opening day by day and even we are traping thecountries having
almost same type of socio-economic condition & even sameculture etc.

THREATS:-

1 Tough Competition

:As there are so many insurance company having almost same kind of schemes, soit’s tough to
compete with.

2 Unawareness:

Majority of population is not aware of icici prudential life insurance policies brand name and
even because of other insurance policies which are much cheaper then icici prudential life
insurance services, so it’s hard to convince people.

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3 Changing Scenario

:Our market scenario is changing day-by-day i.e. our market isfluctuating, so this makes investor
hard to invest.

CONCLUSION:

1. Icici prudential life insurance company spread good satisfaction awareness among the
customers about their services and product. The advertising campaign has successfully
been able to increase the market share of Icici prudential life insurance company .
2. The modern day’s technology like online purchase of policies and process of
documentation have become so easy and handy as the customers sitting in
house can buy any policy according to their needs also they can pay their
premium every month through net they not need to go to the insurance office
for any process or payment.
3. Insurance company is fast growing with the use of technology in the from of online
policy buying ,online premium payment.etc also now a days the company provides the
customer with a card of the name of the policy holder which helps them to claim their
insurance whenever they need with reduced documentation process.
4. This growth has been strongly supported by the development of in the field of
technology, without which this could not have been possible of course it will change our
lifestyle in coming years.

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5. It can be distilled from data that icici prudential life insurance has policies
which suit the customers pocket and does not burden them with the large
amount of premium.
6. Review of literature shows that different researchers and experts in the fields of
insurance companies have discussed various aspects of the insurance policies like
general insurance, life insurance, term insurance.

SUGGESTIONS:

 The documentation process while buying the policies should not be lengthy and should
not be confusing as customers get confused which documents t submit and which not also
the company should keep brokers who give right and furnished information so that there
is no cheating to the customers.

 The process of getting a policy when we choose icic prudential life insurance is to
lengthy compare to other companies . The process of getting a policies whichever it is
should be short and simplified and should be convenient for the customer.

 The term and conditions of the policies should be clearly understood buy the customers
they should not be given fake promises and should not face any fraud also the terms
should be properly written in the form so that they can recollect it whenever they want

 The process of getting a claim whichever it may be general insurance claim or mediclaim
should be short and simplified as in such time the customer may not be in a good state of
mind because of any accident or death so no arguments should be made with the
customers while they ask for the claim.

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 CHAPTER 6

Bibliography

Ward and Zurbruegg (2000) books of life insurance page 47 para 3

Philip Kotler (1995) my view about insurance page 123 para 5

Michael J. Etzel(2000) market review page 132 para1

Boone (1991)importance of insurance page12 para6

Jackson Mark, 11 Jan, 2013 times of Somalia page5

Roshan Sahasrauddhe Jan 2013 page 132 para 6

Nikhil Walavalkar (Jan 7, 2013) page 89 para 3

Shiply Sinha (april 12 2006) page 212 para 1

WEBSITES

www.iciciprudentiallifeinsurance.com

www.moneycomptrol.com

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