Project On Brand Awareness of ICICI Prudential by Sajad

SUMMER TRAINING REPORT
Undertaken at
ICICI Prudential Life Insurance Co. Ltd.
On
“Brand Awareness of ICICI Prudential”
Submitted in Partial Fulfilment
Of the Requirement for the
Award of the Degree of
Master of Business Administration

By
Sajadul Ashraf
MBA-G
Roll No. 148
Under the Supervision of
Ms. Anuradha Yesugade
BHARATI VIDYAPEETH UNIVERSITY
INSTITUTE OF MANAGEMENT AND ENTERPRENEURSHIP DEVELOPMENT
PUNE

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BHARTI VIDYAPEETH UNIVERSITY, PUNE
INSTITUTE OF MANAGEMENT AND ENTREPRENUERSHIP DEVELOPMENT, PAUD

ROAD, ERANDWANE,
PUNE-38
CERTIFICATE OF COMPLETION
This is to certify that Mr. SAJADUL ASHRAF
is a bonafide student of MBA program of the university in this
institute for the year 2009-2011. As a part of the University
curriculum, the student has completed the project report titled
“Summer Training Programme with reference to Brand
Awareness of ICICI Prudential at ICICI Prudential”.
The project report is prepared by the student under the
guidance of
Prof. Ms. Anuradha Yesugade
(Teacher Guide) Program Co-ordinator

Director

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Date: 13/10/2010
Place: Pune
Certificate
This is to certify that Mr. Sajadul Ashraf has completed his Summer
Training Project under my direct supervision. He underwent the Summer
Training on and from 12th of May 2010 to 2nd of July 2010, during which he was
assigned the task of ‘Brand Awareness of ICICI Prudential’, which he has
successfully completed and the same is presented in the form of the present
Project Report.
It is further certified that the project report submitted by Sajadul Ashraf
reflects his original work and on the work assigned to him for the Summer
Training and that the present project report has not been submitted elsewhere
for award of any degree, diploma or fellowship.

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Mr. Yasir Ahmad
Agency Manager
Declaration
I, Sajadul Ashraf, a bonafide student of MBA-G Programme at the IMED,
(INSTITUTE OF MANAGEMENT AND ENTERPRENEURSHIP DEVELOPMENT),
Bharati Vidyapeeth University, Pune, hereby declare that I have undergone the Summer
Training at ICICI Prudential Life Insurance Co. Ltd. under the supervision of Mr. Yasir
Ahmad on and from 12th May to 2nd July.
I also declare that the present project report is based on the above summer training and
is my original work. The content of this project report has not been submitted to any other
university or institute either in part or in full for the award of any degree, diploma or
fellowship.
Further, I assign the right to the university, subject to the permission from the
organisation concerned, use the information and contents of this project to develop cases, case-
lets, case leads, and papers for publication and/or for use in teaching.

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Place: Pune Sajadul Ashraf
Date: 21-07-2010 MBA-G

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ACKNOWLEDGEMENT
It is with immense satisfaction that, I am completing my Summer Project Report, I
therefore, would like to wait for few moments and thank IMED, BVU, for encouraging me to
take up my Summer Project in Marketing Sector. I am also very thankful to all my faculty
members for their extensive support by imparting in us the practical approach of corporate
sector, and their valuable backing of getting ourselves involved with the functioning of the
company rather than just involve us in our projects.
I would also wish to acknowledge my profound gratitude to ICICI Prudential Life
Insurance Co. Ltd. who allowed me to do Summer Training and helped me in the completion
of this project. I am extremely grateful to all the concerned employees for their full support and
guidance despite their tight and busy schedules.
I would like to express my special and sincere thanks to Mr. Yasir Ahmad (Agency
Manager) who happened to be my industry guide for rendering valuable guidance and
necessary suggestions in bringing out this project report.
Last but not the least; I shall fail in my duty, if I don’t thank all those concerned people
who have directly or indirectly contributed in the completion of this entire Summer Internship
Project.

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Sajadul Ashraf
PREFACE
Recognizing that investment comprises an important part of our lives today, we all invest
our money one or the other way of our secure future. Most of the common type of investment
which mostly follows is that to invest in an insurance policy. So insurance is a vital part of the
overall financial system where it was necessary to address the need for financial reforms.
Government appointed a Committee on Reforms in the Insurance sector in April 1993 better
known as Malhotra Committee. The committee was asked to look into the structure of and the
need for change in the Insurance sector. The Committee submitted its report in January
1994.The salient recommendations of the committee were the following:
1. That the Insurance sector should be gradually for participation by private sector
insurance companies both in life and non-life. The committee did not favours
composite offices.
2. Foreign companies are allowed through joint ventures established in India with Indian
partners. The minimum paid up capital of the new Insurance Companies should not be
less that Rs.100crore, i.e., approximately US$ 25 million capital adequacy should be
backed by much defined solvency standards.

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3. Broker may be allowed to operate for direct business subject to adequate controls &
safeguards.
4. An Independent Insurance regulatory mechanism should be set up before private
companies are licensed.
5. The promoters share holdings should not exceed 40 percent of the paid up capital.
In keeping with the recommendations of the Malhotra Committee, the government
established the interim Insurance Regulatory Authority by an executive order in January 1996.
The authority was given some of the powers of the controller of Insurance so as to have an
effective control over monitoring & functioning of existing insurers.
An estimated 300 million people in India can afford Life Insurance. Only 70 million of
them have it. The government’s own estimates show that the insurance market in India will
grow tenfold to $80 billion by the end of 2010. Swiss Re forecasts an average of 14% annual
growth in the life insurance market for the next 5 years. Insurance companies and pension
funds play a pivotal role in financial markets and the economy in general the world over. They
have a decisive impact on the development of the economic infrastructure as well as the
stability developing countries. Today there are 13 Life Insurance companies in India and an
equal number of Life Insurers, many more move will start business as the market matures. As

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the insurance sector blossoms in India, it would require as committed talent pool. It is the
talent pool of employees and agents that will make the difference.
In my report I have given much thrust on ULIP investments as they are the most
preferred type of investments made by masses in present times, I also have taken to justify the
way we should invest, also considering the nearest alternatives of ULIPs.

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TABLE OF CONTENTS
S. No. CONTENTS Page No.
1. INTRODUCTION 12
1.1 Executive Summary 16
1.2 Insurance Industry 17
1.3 Reason for Insurance 17
1.4 Importance of Insurance 18
1.5 Introduction of Life Insurance in India 19
1.6 Important Milestones in the Insurance business in India 19
1.7 Liberalisation of Indian Insurance 21
1.8 Indian Insurance in 21st Century 21
2. RESEARCH METHODOLOGY 22
2.1 Marketing research 23
2.2 Research Design 23
2.3 Types of Research Design 24
2.4 Project Design 25
2.5 Problem Statement 26
2.6 Objectives of the Study 26
2.7 Limitations 27
2.8 Questionnaire design 28
2.9 Questionnaire 30

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3. COMPANY PROFILE 33
3.1 ICICI Prudential 33
3.2 ICICI Prudential Edge 36
3.3 Entry of Private Players 37
3.4 Promoters of the Company 38
3.4.1 ICICI Bank 38
3.4.2 Prudential Plc 40
3.5 Achievements 41
3.6 Promotion 42
3.7 Brand Values 42
3.8 Fact Sheet 43
3.9 Vision of ICICI Prulife 43
3.10 Values of ICICI Prulife 43
3.11 History of ICIC Prudential 44
3.12 Products of ICICI Prulife 47
3.13 Awards 52
4 WORKING ENVIRONMENT 56
4.1 Introduction 57
4.2 Human resource Department 58
4.3 Marketing and Sales Department 60
4.4 Relationship Marketing in Insurance 61

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4.5 Finance and Accounts Department 62
5 DATA INTERPRETATION AND ANALYSIS 63
6 FINDINGS OF THE STUDY 77
7 CONCLUSION 79
8 SUGGESTIONS 82
9 BIBLIOGRAPHY 84

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LIST OF TABLES
S. No. Name of Tables Page No.
1 Name of the Private Players 37
2 Profile of ICICI Bank 39
3 Profile of Prudential plc 40
4 Data Interpretation and Analysis 63
4.1 Table-1 64
4.2 Table-2 65
4.3 Table-3 66
4.4 Table-4 67
4.5 Table-5 68
4.6 Table-6 69
4.7 Table-7 70
4.8 Table-8 71
4.9 Table-9 72
4.10 Table-10 73
4.11 Table-11 74
4.12 Table-12 75

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4.13 Table-13 76

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LIST OF GRAPHS/CHARTS/PICTURES
S. No. Name of Graph/Chart /Picture Page No.
1 12th Asia Insurance Industry Award 2008. 52
2 Award for Brand Excellence in the Banking and Financial 53
services
3 ICICI Group Marketing Excellence Award 53
4 Bronze Effy trophy 54
5 Outlook Money Awards 2003 & 2004 IMM Award for 55
Excellence
6 Working Environment 56
6.1 Structure of HR Department 58
6.2 Structure of marketing Department 60
6.3 Structure of Finance Department 62
7 Data Interpretation and Analysis 63
7.1 Chart-1 64
7.2 Chart-2 65
7.3 Chart-3 66
7.4 Chart-4 67
7.5 Chart-5 68
7.6 Chart-6 69
7.7 Chart-7 70
7.8 Chart-8 71
7.9 Chart-9 72
7.10 Chart-10 73
7.11 Chart-11 74

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7.12 Chart-12 75
7.13 Chart-13 76

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CHAPTER 1
INTRODUCTION

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1. INTRODUCTION:
Life insurance is a form of insurance that pays monetary proceeds upon the death of the
insured covered in the policy. Essentially, a life insurance policy is a contract between the
named insured and the insurance company wherein the insurance company agrees to pay an
agreed upon sum of money to the insured's named beneficiary so long as the insured's
premiums are current.
With a large population and the untapped market area of this population insurance
happens to be a very big opportunity in India. Today it stands as a business growing at the rate
of 15-20% annually. Together with banking services, it adds about 7 % to the country’s GDP.
In spite of all this growth statistics of the penetration of the insurance in the country is very
poor. Nearly 80% of Indian populations are without life insurance cover and the health
insurance. This is an indicator that growth potential for the insurance sector is immense in
India.
It was due to this immense growth that the regulations were introduced in the insurance
sector and in continuation “Malhotra Committee” was constituted by the government in 1993
to examine the various aspects of the industry. The key element of the reform process was
participation of overseas insurance companies with 26% capital. Creating a more competitive
financial system suitable for the requirements of the economy was the main idea behind this
reform.
Since then the insurance industry has gone through many changes. The liberalization of
the industry the insurance industry has never looked back and today stand as one of the most
competitive and exploring industry in India. The entry of the private players and the increased
use of the new distribution are in the limelight today. The use of new distribution techniques
and the IT tools has increased the scope of the industry in the longer run.

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Insurance is the business of providing protection against financial aspects of risk, such
as those to property, life health and legal liability. It is one method of a greater concept known
as risk management –which is the need to manage uncertainty on account of exposure to loss,
injury, disadvantage or destruction.
Insurance is the method of spreading and transfer of risk. The fortunate many who are
exposed to some or similar risk shares loss of the unfortunate. Insurance does not protect the
assets but only compensates the economic or financial loss.
In insurance the insured makes payment called “premiums” to an insurer, and in return
is able to claim a payment from the insurer if the insured suffers a defined type of loss. This
relationship is usually drawn up in a formal legal contract.
Insurance companies also earn investment profits, because they have the use of the
premium money from the time they receive it until the time they need it to pay claims. This
money is called the float. When the investments of float are successful they may earn large
profits, even if the insurance company pays out in claims every penny received as premiums.
In fact, most insurance companies pay out more money than they receive in premiums. The
excess amount that they pay to policyholders is the cost of float. An insurance company will
profit if they invest the money at a greater return than their cost of float.
An insurance contract or policy will set out in detail the exact circumstances under
which a benefit payment will be made and the amount of the premiums.
Classification of insurance
The insurance industry in India can broadly classified in two parts. They are.
1) Life insurance.
2) Non-life (general) insurance.
1) Life insurance:

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Life insurance can be defined as “life insurance provides a sum of money if the person
who is insured dies while the policy is in effect”.
In 1818 British introduced to India, with the establishment of the oriental life insurance
company in Calcutta. The first Indian owned Life Insurance Company; the Bombay mutual life
assurance society was set up in 1870.the life insurance act, 1912 was the first statuary measure
to regulate the life insurance business in India. In 1983, the earlier legislation was consolidated
and amended by the insurance act, 1938, with comprehensive provisions for detailed effective
control over insurance. The union government had opened the insurance sector for private
participation in 1999, also allowing the private companies to have foreign equity up to 26%.
Following the opening up of the insurance sector, 12 private sector companies have entered the
life insurance business.
Benefits of life insurance
Life insurance encourages saving and forces thrift.
It is superior to a traditional savings vehicle.
It helps to achieve the purpose of life assured.
It can be enchased and facilitates quick borrowing.
It provides valuable tax relief.
Thus insurance is found to be very useful in the lives of the person both in short term and long
term.
Fundamental principles of life insurance contract;
1) Principle of almost good faith:
“A positive duty to voluntary disclose, accurately and fully, all facts, material to the risk being
proposed whether requested or not”.

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2) Principle of insurable interest:
“Relationships with the subject matter (a person) which is recognized in law and gives legal
right to insure that person”.
2) Non-life (general) Insurance:
Triton insurance co. ltd was the first general insurance company to be established in
India in 1850, whose shares were mainly held by the British. The first general insurance
company to be set up by an Indian was Indian mercantile insurance co. Ltd., which was
stabilized in 1907. There emerged many a player on the Indian scene thereafter.
The general insurance business was nationalized after the promulgation of General
Insurance Corporation (GIC) OF India undertook the post-nationalization general insurance
business.

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1.1 EXECUTIVE SUMMARY:
The Insurance sector, after the opening up, provides greater opportunities. Several
global players have emerged and the market has changed significantly. In the changed
scenario, the expectation is that the low Insurance premium as a percentage of GDP prevailing
in India will improve and will offer better opportunities to the insurance players.
Life Insurance sector is one of the key areas where enormous business potential exists.
In India currently the life insurance premium as a percentage of GDP is 1.3 per cent against 5.2
per cent in the US, but in the liberalized scenario, the life insurance
premiums were projected to grow at around 18% to 20% from Rs 215 billion in 1998- 99 to Rs
592 billion in 2004-05 and to Rs 1450 billion by 2009-10. Corporate non-life
premium was projected to grow from Rs 84 billion in 1998-99 to Rs 386 billion in 2009-10
and personal line non-life from Rs 4 billion to Rs 51 billion.
In the life Insurance segment the Life Insurance Corporation of India (LIC) is the major
player. The LIC has 2050 branches. It is constituted in to seven Zones. Currently there are 5,
60,000 LIC agents in India. General Insurance is another segment, which has been growing at
a faster pace.
ICICI PruLife works to generate revenue and make profits so that the organisation is
able to sustain and compete in the market. The revenue comes from the sales of its products, so
as a summer trainee my job profile was the study and sales of ULIP plan. I had to study the
ULIP plan to understand it and have the complete knowledge of the product and do sales so as
to generate revenue for my organization.

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1.2. INSURANCE INDUSTRY:
Historians believe that insurance first developed in Sumer & Babylonia. The merchants
& traders of these societies transferred & pooled their money to protect themselves from
pirates.
In the 18th century BC, Babylonian king Hammurabi developed a code of law known as
the code of specific rules governing the practices of early risk-sharing activities.
Insurance developed during the 1700’s in the North American colonies. In 1730,
Benjamin Frank contributed for the Insurance of Houses from Loss by Fire. The company
collected contributions & this money went into an investment fund. Interest on this fund went
towards paying claims dividends to those who contributed money.
1.3. Reason for Insurance:

No one knows in advance when a loss will occur or how serious that loss will be. The
uncertainty surrounding potential losses is known as Risk. Insurance offers a way for people to
replace risk with known costs- the costs of buying & maintaining insurance policies.
Insurance pools risks shared by many people, thereby, reducing the risks faced by a
group. People pay to buy insurance coverage (protection from risk). In exchange, all policy
holders (people who own insurance policies) receive a promise that the group of policyholders
as represented by the insurance organization will pay when any policyholder experience any
kind of loss.

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1.4. Importance of Insurance:
Insurance industries in India have a long history. Life Insurance in existing form came
in India from UK in 1818 with Oriental Life Insurance Company. The Indian Life Assurance
companies Act, 1912 was the first measure to regulate Life Insurance business. Later in 1928
the Indian Insurance Companies act was enacted, which was amended in 1938. Finally
Government of India in 1950 again amended this act. Life Insurance Corporation of India was
formed in September 1956 by passing LIC Act, 1956 in Indian parliament.
The first general insurance company- Sun Insurance Office Ltd. was established in Calcutta
in the year 1710. General Insurance business in India was nationalized with effect from 1.1.73
by the General Insurance Business Act. from 1973, The General Insurance Company (GIC) as
a holding company divided in four subsidiaries as:
– National Insurance Company Ltd.,

– The New India Assurance Company Ltd.
– The Oriental Insurance Company Ltd.
– The United India Insurance Company Ltd.

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1.2. INTRODUCTION OF LIFE INSURANCE IN INDIA:
India at a glance:
Population: 1.1 Billion
Economy: 4th largest in the world in terms of Purchasing Power Parity (PPP)
GDP growth Rate: Over 6% per year on an average for the last decade
Estimated middle class population: 300 Million
Insured population: 70 million only
Insurance is an Rs 450 billion industry in India. The value of the market is determined
by gross premium incomes. The life insurance segment writes about 80% of the overall market
value. Indian Insurance market was at its all-time high in 2003 with a growth of about 17.4%
over the previous year. Since 2001 Insurance is growing at the rate of 15-20 % annually. The
growth in the insurance industry is affected by volatility in real estate rates, GDP rates and
long term interest rates. Fluctuations in exchange rates also affect the growth in this sector. The
gross premium as a percentage of the GDP has gone up from 2.3 in the year 2000 to 4.8 in
2006. Together with banking services, it adds about 7% to the country’s GDP.
1.3. Some of the important milestones in the life insurance business in India are:
British-India Period:
1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started
functioning.
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started
its business.
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life
insurance business.

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1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Life Insurance in its modern form
came to India from England in the year 1818. Oriental Life Insurance Company started by
Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance
companies established during that period were brought up with the purpose of looking after the
needs of European community and Indian natives were not being insured by these companies.
However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life
insurance companies started insuring Indian lives. But Indian lives were being treated as sub-
standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life
Assurance Society heralded the birth of first Indian life insurance company in the year 1870,
and covered Indian lives at normal rates.
Insurance Act with the objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies are taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a
capital contribution of Rs. 5 crores from the Government of India.

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1.4. Liberalization of Indian Insurance:
1994: Insurance sector invited private participation to induce a spirit of competition amongst
the various insurers and to provide a choice to the consumers.
1997: Insurance regulator IRDA was set up as there felt the need:
To set up an independent regulatory body, that provides greater autonomy to insurance

companies in order to improve their performance, In the first year of insurance market
liberalization (2001) as much as 16 private sector companies including joint ventures with
leading foreign insurance companies have entered the Indian insurance sector. Of this, 10 were
under the life insurance category and six under general insurance. Thus in all there are 25
players (12-life insurance and 13-general insurance) in the Indian insurance industry till date.
1.5. Indian Insurance in 21st Century:

2000: IRDA starts giving licenses to private insurers: ICICI prudential and HDFC Standard
Life insurance first private insurers to sell a policy
2002: Banks allowed selling insurance plans. As TPAs enter the scene, insurers start setting
non-life claims in the cashless mode
2007: First Online Insurance portal, www.insurancemall.in set up by an Indian Insurance
Broker, Bonsai Insurance Broking Pvt Ltd.

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CHAPTER 2
RESEARCH
METHDOLOGY

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2.1. Marketing Research:
Research simply means search for knowledge. Research is a systematic design
collection, analysis and reporting of data and finding relevant to a specific marketing situation
facing the company. In today’s competitive business scenario every decision could be critical
and might have an immense effect on the future of business. Thus the Research is of prime
importance of modern business.
Marketing Research is the process of systematic gathering, recording and analyzing
of data about customers, competitors and the market. Market research can help create a
business plan, launch a new product or service, fine tune existing products and services,
expand into new markets etc. It can be used to determine which portion of the population will
purchase the product/service, based on variables like age, gender, location and income level. It
can be found out what market characteristics your target market has. With market research,
companies can learn more about current and potential customers.
The purpose of market research is to help companies make better business decisions
about the development and marketing of new products. Market research represents the voice of
the consumer in a company.
A list of questions that can be answered through market research:
✔ How to get a new customer and retain older?
✔ What is happening in the market? What are the trends? Who are the competitors?
✔ How do consumers talk about the products in the market?
✔ Which needs are important? Are the needs being met by current products?

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2.2 Research Design:
The project was carried out, keeping in mind the main objectives. The research design
is the conceptual framework within which the research is conducted. It contains the blueprint
for the collection, measurement and analysis of data. Our project demanded the knowledge of
portion of population, so we decided to go for random sample survey instead of census survey.
The population in this case we had to deal with comprised of every kind of person, an illiterate
and an educated one, a young and an old one, so we designed a questionnaire that would be
easy to comprehend and that would be easy for us to make people understand. However, it is
worth mentioning that the questionnaire dealt with every possible problem and solution, which
was usually followed by an unstructured interview/ question conditioned to cooperation of
respondent and many inferences were made on the bases of these interactions.
2.3. Types of research design:
There are three types of research design:
✔ Exploratory research design
✔ Descriptive research design
✔ Causal research design.
Exploratory research is method of collecting information in an unstructured and informal

way. Exploratory research helps determine the best research design, data collection method
and selection of subjects. Exploratory research often relies on secondary research such as
reviewing available literature and/or data, or qualitative approaches such as informal
discussions with consumers, employees, management or competitors, and more formal
approaches through in-depth interviews, focus groups, projective methods, case studies or pilot
studies. The Internet allows for research methods that are more interactive in nature.

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For example if the owners of a new restaurant often eat out at competitor’s restaurants
in order to gather information about menu selections, prices and service quality.
Descriptive research refers to a set of methods and procedures that describe marketing
variables. Descriptive studies portray these variables by answering who, what, why and how
questions. These types of research studies may describe such things as consumers’ attitudes,
intentions, and behaviour, or the number of competitors and their strategies.
Causal research design is conducted by controlling various factors to determine which

factor is causing the problem. It allows you to isolate causes and effects. By changing one
factor, say price you can monitor its effects on a key consequence such as sales. Although
causal research can give you a high level of understanding of the variable you are studying, the
designs often require experiments that are complex and expensive.
2.4. Project Design:

Our project demanded a design which would include:
Research nature: An exploratory research design was adopted to conduct
the study in order to know the above mentioned
objectives.
Data collection method: Population being very large, the Data Collection Method
demanded the Sample Survey.
Primary Data Collection: Questionnaire
Phrasing of Queries: Queries were made in such a way that it was easy for us
to make it understand and easy to comprehend.
Order of Queries: Order was most important feature which was kept in
mind.
Optional Data Collection: Unstructured Questions

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2.5. PROBLEM SATATEMENT:
“To study the Brand Awareness of ICICI Prudential with reference
to Sopore and Baramulla areas of Jammu and Kashmir”.
2.6. OBJECTIVES OF THE STUDY:

TO ANALYSE THE BRAND AWARENESS OF ICICI PRUDENTIAL INSURANCE COMPANY IN SOPORE AND
BARAMULLA.
The objective of our study included the following important functions:

a) To check the awareness and interest of Insurance among people in general.
b) To find out the popularity of different insurance providers.
c) To find out the satisfaction level of existing policy holders.
d) To enlighten people with the benefits of Insurance and Investments.
e) To find out the reason behind less impetus of people towards Insurance.
f) To find out a strategy to make people aware and develop their interest in insurance and
Investments.
g) To know about the most threatening substitute of Insurance.

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2.7. Limitations of the Study:
It is said, “Nothing is perfect” and there would be few shortcoming in this project also.
Sincere efforts have been made to eliminate discrepancies as far as possible but few would
have remained due to limitations of the study.
• Time seemed to be my most limited resource to conduct a comprehensive
research.
• Project was scheduled to be completed in 07 week’s period seems to be very
difficult.
• Some of the respondents were not ready to fill the questionnaires and some of
them were not ready to come out openly.
• Due to the current unrest in Kashmir, it was very difficult to get the good no. of
questionnaires filled up.
• Most of the people (particularly in rural areas) were unable to fill up the
questionnaire due to the lack of knowledge about the insurance industry.

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2.8. Questionnaire Design:
Based on the varied needs of the information required, the questionnaire was designed
in such a manner that it satisfied our need and it was prepared in consultation with the Sales
Manager of ICICI Prudential Life Insurance Company.
The necessary parameters which were taken care of during this phase were:
✔ The information needs should be completely met.
✔ Ease of understanding of the Queries.
✔ Ease of administering the questionnaire.
✔ Probing nature of the questionnaire.
✔ To make it free from biased Queries.
✔ There should be no implicit responses.
✔ The person responding to the schedule should not be able to make assumptions
about the information collection agency to prevent any intended bias that could
creep in because of that.
During the Interviewer development phase, emphasis was put on the following areas:
1. Question Issues
a. What types of questions can be asked?
b. How complex will the questions be?
c. Will cross check questions be needed?
d. Will lengthy questions be asked?
e. Will open ended questions be asked

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2. Content Issues
a. The information requirement laid down prior to questionnaire
development should be completely met.
b. Can the respondents be expected to know about the issue?
c. Will the responses be conclusive and provide enough information to
make important decisions?
d. Ease of understanding of the questionnaire by the respondent.
e. The language of the questionnaire was kept lucid and easy for better
comprehension by the respondent
f. The sequence of questions was so adjusted as to avoid any
predisposition
3. Bias Issues
a. Can interviewer distortion and subversion be controlled?
b. Can false respondents be avoided?
c. The questionnaire should be anonymous i.e. the respondent should
not be able to know on behalf of which telecom operator the
research was being conducted. This was done to minimize bias.
4. Administrative Issues
a. Costs
b. Facilities

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c. Time
d. Personnel
e. Ease of administering the questionnaire.

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Note: This is a Research Project conducted by the student of
MBA (Bharati Vidyapeeth University, IMED, Pune).
QUESTIONNAIRE
Name:
-___________________________________________________________________________
Address:
-___________________________________________________________________________
__
Contact No :
__________________________________________________________________________
Q1: DO YOU HAVE KNOWLEDGE ABOUT LIFE INSURANCE?

a) YES b) NO

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Q2: HOW HAVE YOU BEEN EXPOSED TO LIFE INSURANCE?
a) ADVERTISEMENT b) INSURANCE AGENT
c) FRIENDS AND RELATIVES
Q3: DO YOU HAVE KNOWLEDGE ABOUT INSURANCE COMPANIES OTHER

THAN LIC?
a) METLIFE b) BAJAJ ALLIANZ
c) ICICI PRUDENTIAL d) NONE
Q4: ARE YOU A PRESENT POLICY HOLDER?

a) YES b) NO
Q5: WHAT IS YOUR SATISFACTION LEVEL WITH LIFE INSURANCE POLICY?
a) STRONGLY SATISFIED b) SATISFIED
c) CANT SAY d) NOT SATISFIED
Q6: DO YOU THINK ICICI PRUDENTIAL IS A RELIABLE INSURANCE COMPANY?

a) YES b) NO
Q7: ARE YOU AWARE ABOUT THE PRODUCTS OF ICICI PRUDENTIAL?

a) YES b) NO
Q8: ARE YOU INTERESTED TO KNOW ABOUT ICICI PRUDENTIAL?

a) YES b) NO

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Q9: DO YOU THINK INSURANCE POLICIES SHOULD PROVIDE MORE RETURNS
BESIDES RISK COVER?
a) STRONGLY AGREE b) AGREE
c) DOES NOT MATTER d) DISAGREE
Q10: WHERE DO YOU INVEST YOUR SAVINGS?

a) BANKS b) REAL ESTATE
c) SHARE MARKETS d) OTHERS
Q11: ARE YOU A TAX PAYER?

a) YES b) NO
Q12: LIFE INSURANCE POLICIES TODAY PROVIDE SECURITY AND FINANCIAL

SOLUTION FOR YOUR TOMMOROW?
a) STRONGLY AGREE b) AGREE
c) CAN’T SAY d) DISAGREE
e) STRONGLY DISAGREE
Q13: WHAT COULD BE THE REASONN BEHIND LESS IMPETUS AND INTEREST
TOWARDS INSURANCE?
a) REGION AWARENESS b) MOTIVATION
c) INCOME d) OTHERS.

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CHAPTER 3
COMPANY
PROFILE

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COMPANY PROFILE
3.1. ICICI Prudential Life Insurance Co. Ltd.
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank,
which is one of India's foremost financial services companies, and Prudential Plc, which is a
leading international financial services group headquartered in the United Kingdom. ICICI
Prudential began the operations in December 2000. Today, this company has over 2100
branches, which include 1,116 micro-offices, over 290,000 advisors and 18 banc assurance
partners.
ICICI Prudential Life Insurance is one of the largest Insurance networks in the country,
and 2nd Life Insurance Company in India. The ICICI Group has been in existence since 1955
when ICICI Ltd., was created. ICICI Prudential started in 2002 as subsidiary of ICICI Ltd.,
Today ICICI Life Insurance has a customer base of 4 million with total assets exceeding Rs.1,
00,000 Cr. making it the 2nd largest life insurance company in the country, next only to LIC.

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Thejointstrengths
Apowerful joint venture partnership witheachcarryinga set of strengths

complementingeachothers
Brandstrength Reputation
Insurance
expertise
Infrastructure
Customer base PRUDENTIAL Product

ICICI
Market Innovators Distribution
Local knowledge Operations
ICICI Prudential Life Insurance Company is the first life insurer in India that received a
National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. ICICI Prudential
has been voted as India's Most Trusted Private Life Insurer for three consecutive years. ICICI
Prudential Life Insurance Company has various insurance plans that have been designed for
different individuals, as every individual has different insurance needs.
For three years in a row, ICICI Prudential has been voted as India's Most Trusted
Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most
Trusted Brands'. As we grow our distribution, product range and customer base, we continue to
tirelessly uphold our commitment to deliver world-class financial solutions to customers all
over India.
Since the liberalization of Indian Insurance sector, ICICI Prudential Life Insurance has
been one of the earliest private players. Since the time, ICICI Pru Life has been the leader in

MBA-G 1
terms of market share as indicated by the IRDA (Insurance Regulatory and Development
Authority, the regulator for Indian Insurance Industry) at its website.
Arguably the most innovative Indian Life insurer in terms of customer services and
products, ICICI Prudential has one of the largest distribution and servicing network with
around 2,000 proprietary offices & customer touch points across India. The 30,000 employee
strong organization has one of the largest agency distribution in the industry.
With a growing product range to match the complex needs of the demanding customers
in a growing economy, the organization also has a history of successful.
During 2007-08, the organization's focus on rural business has proved its complex
project execution capability and strong partnerships for customer servicing.
In June, 2009 ICICI Prudential Life Insurance has decided to snap its tie up with TTK
Healthcare to settle insurance claims of its users.

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3.2. The ICICI Prudential Edge:
The ICICI Prudential edge comes from our commitment to our customers, in all that we
do - be it product development, distribution, the sales process or servicing. Here's a peek into
what makes us leaders.
1. Our products have been developed after a clear and thorough understanding of customers'
needs. It is this research that helps us develop Education plans that offer the ideal way to truly
guarantee your child's education, Retirement solutions that are a hedge against inflation and yet
promise a fixed income after you retire, or Health insurance that arms you with the funds you
might need to recover from a dreaded disease.
2. Having the right products is the first step, but it's equally important to ensure that our
customers can access them easily and quickly. To this end, ICICI Prudential has an advisor
base across the length and breadth of the country, and also partners with leading banks,
corporate agents and brokers to distribute our products .
3. Robust risk management and underwriting practices form the core of our business. With
clear guidelines in place, we ensure equitable costing of risks, and thereby ensure a smooth and
hassle-free claims process.
4. Entrusted with helping our customers meet their long-term goals, we adopt an investment
philosophy that aims to achieve risk adjusted returns over the long-term.

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6.Last but definitely not the least, our team is given the opportunity to learn and grow, every
day in a multitude of ways. We believe this keeps them engaged and enthusiastic, so that they
can deliver on our promise to cover you, at every step in life

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3.3. Entry of Private Players:
The introduction of private players in the industry has added colors to the dull industry.
The initiatives taken by the private players are very competitive and have given immense
competition to the one time monopoly of the LIC market. Since the advent of the private
players in the market, the industry has seen new and innovative steps, taken by the players in
this sector. The new players have improved the service quality of the insurance.
The following companies are present in the Life Insurance Industry in India.
Name of the player

Bajaj Allianz Life Insurance Company Limited.
Birla Sun Life Insurance Co. Ltd.
HDFC Standard Life Insurance Co. Ltd.
ICICI Prudential Life Insurance Co. Ltd.
ING Vysya Life Insurance Company Pvt. Ltd.
Kotak Mahindra Old Mutual Life Insurance Ltd.
Life Insurance Corporation of India
Max New York Life Insurance Co. Ltd.
Met Life Indian Insurance Company Pvt. Ltd.
SBI Life Insurance Co. Ltd.
Tata AIG Life Insurance Company Ltd.
Reliance Life Insurance Company Ltd.
Aviva Life Insurance Co. India Pvt. Ltd.
Sahara India Life Insurance Co. Ltd.
Bharti AXA Life Insurance Company Ltd.

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3.4. Promoters Of The
Company:
3.4.1. ICICI Bank:
ICICI Bank (BSE: 532174, NYSE: IBN) (formerly Industrial Credit and Investment
Corporation of India) is a major banking and financial services organization in India. It is the
second-largest bank by revenue, profit and assets (behind State Bank of India) and the largest
private sector bank in India by market capitalization. The bank also has a network of 1,700+
branches (as on 31 March, 2010) and about 4,721 ATMs in India and presence in 18 countries,
as well as some 24 million customers (at the end of July 2007). ICICI Bank offers a wide range
of banking products and financial services to corporate and retail customers through a variety
of delivery channels and specialization subsidiaries and affiliates in the areas of investment
banking, life and non-life insurance, venture capital and asset management. (These data are
dynamic.) ICICI Bank is also the largest issuer of credit cards in India. ICICI Bank has got its
equity shares listed on the stock exchanges at Kolkata and Vadodara, Mumbai and the National
Stock Exchange of India Limited, and its ADRs on the New York Stock Exchange (NYSE).
The Bank is expanding in overseas markets and has the largest international balance sheet
among Indian banks. ICICI Bank now has wholly-owned subsidiaries, branches and
representatives offices in 18 countries, including an offshore unit in Mumbai. This includes
wholly owned subsidiaries in Canada, Russia and the UK (the subsidiary through which the HI
SAVE savings brand is operated), offshore banking units in Bahrain and Singapore, an
advisory branch in Dubai, branches in Belgium, Hong Kong and Sri Lanka, and representative
offices in Bangladesh, China, Malaysia, Indonesia, South Africa, Thailand, the United Arab

MBA-G 2
Emirates and USA. Overseas, the Bank is targeting the NRI (Non-Resident Indian) population
in particular.
ICICI reported a 1.15% rise in net profit to Rs. 1,014.21 crore on a 1.29% increase in
total income to Rs. 9,712.31 crore in Q2 September 2008 over Q2 September 2007. The bank's
current and savings account (CASA) ratio increased to 30% in 2008 from 25% in 2007.
ICICI Bank is one of the Big Four Banks of India, along with State Bank of India, Axis
Bank and HDFC Bank — its main competitors.
Type Public (BSE: 532174, NYSE: IBN)

Industry : Banking Financial services
Founded : 1955
Headquarters: Mumbai, India
Key people: K.V. Kamath (Chairman)
Chanda Kochhar (MD & CEO)
N. S. Kannan (CFO)
Products: Investment Banking
Commercial Banking
Retail Banking
Private Banking
Asset Management
Mortgage
Credit Cards
Revenue ▼ US$ 12.467 billion (2009)
Operating income ▼ US$ 3.236 billion (2009)[
Profit ▼ US$ 664 million (2009)
Total assets ▼ US$ 93.508 billion (2009)

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Total equity ▼ US$ 9.376 billion (2009)
Employees 35,000+ (2009)
3.4.2. Prudential plc:

Established in London in 1848, Prudential plc is an international retail financial
services group with significant operations in Asia, the US and the UK serving around 25
million customers, policyholder and unit holders worldwide. The company has £290 billion of
assets under management and it is one of the best-capitalised insurers in the world with an
Insurance Groups Directive (IGD) capital surplus estimated at £3.4 billion (at 31 December
2009). Prudential is a leading life insurer in Asia with a presence in 12 markets and have the
top three position in seven key locations of Hong Kong, India, Indonesia, Malaysia, Singapore,
the Philippines and Vietnam.
Prudential plc (LSE: PRU, NYSE: PUK) is a British financial services company. The
company has over 21 million customers worldwide. As well as the UK arm of its operations it
has operations in 12 countries in Asia and owns Jackson National Life in the United States. It
founded the Egg internet bank, which it sold to Citigroup in 2007. It is listed on the London
Stock Exchange and is a constituent of the FTSE 100 Index.
Type: Public (LSE: PRU, NYSE: PUK)
Industry: Financial services
Founded: 1848
Headquarters: London, England, UK
Key people: Harvey McGrath, (Chairman)
Tidjane Thiam, (CEO)

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Products: Life insurance
Revenue £20,299 million (2009)
Operating income £1,564 million (2009)
Net income £677 million (2009)
Employees 25,000 (2010)
3.5. Achievements:
Beginning operations in December 2000, ICICI Prudential’s success
has been meteoric, becoming the number one private life insurer within
months of launch. Today, it has one of the largest distribution networks
amongst private life insurers in India, with branches in 54 cities. The total
number of policies issued stands at more than 780,000 with a total sum
assured in excess of Rs.160 billion.
ICICI Prudential closed the financial year ended march 31, 2004 with
a total received premium income of Rs. 9.9 billion; up 135% last year’s
total premium income of Rs.4.20 billion. New business premium income
shows a 106% growth at Rs. 7.5 billion, driven mainly by the company’s
range of unique unit-linked policies and pension plans. The company’s
retail market share amongst private companies stood at 36%, making it
clear leader in the segment. To add to its achievements, in the year
2003/04 it was adjudged Most Trusted Private Life Insurer (Economic Times
‘Most Trusted Brand Survey’ by ACNielsen ORG-MARG). It was also
conferred the ‘Outlook Money-Best Life Insurer’ award for the second year
running. The company is also proud to have won Silver at EFFIES 2003 for
its ‘Retire from work, not life’ campaign. Notably, ICICI Prudential was also
short-listed to the final round for its ‘Sindoor campaign in EFFIES 2002.

MBA-G 3
In Keeping with its belief that a happy customer is the best endorsement, ICICI
Prudential has embraced the ‘SIX SIGMA’ approach to quality, an exercise that begins and
ends with the customer from capturing his voice to measuring and responding to his
experiences. This initiative is currently helping the company improve processes, turnaround
times and customer satisfaction levels. Another Novel introduction is the ICICI Prudential
Lifestyle Rewards Club, India’s first rewards programme for Life Advisors; it allows ICICI
Prudential Advisors to redeem points for items ranging from kitchenware to gold, white goods,
and even international holidays.
3.6. Promotion:
ICICI Prudential is a case study in how advertising and marketing can play a vital role
in re-shaping an industry. It has demonstrated how an industry where the customer was nothing
more than a policy number has changed to one where ‘customer preference’ rules the roost.
Brand-building in a complex category like life insurance is an uphill and multi-faceted

task. At the time of launching operations, the communications task was to build credibility, so
as to give the customer the confidence that it was ‘a company that could be trusted to invest
funds with’. The aim was to encourage people to view insurance not as a compulsory tax
saving instrument, but as a means to lead a worry-free, secure life and in the process, create the
differentiator for brand ICICI Prudential.
The brand proposition for all the campaigns was reflected in the line: ‘Suraksha:
Zindagi ke har kadam par’. The campaign featured a significant competitive advantage, the
sound financial backing and credentials of ICICI Prudential, and showcased products from

MBA-G 4
different segments. The advertising idea was encapsulated in the symbol of protection –the
‘Sindoor’. This campaign contributed extensively to raising brand awareness and creating a
distinctive identity for the company.
The Company recently tied up with the Forbes Six Sigma rated Dabbawalla
organization in Mumbai for a direct marketing exercise. In a Unique effort to create awareness
about a tax saving product, the company attached a creative of a bitten apple to Mumbai’s
ubiquitous lunchboxes. It worked wonderfully with Mumbai’s office-goers and one that
translated into substantial business for the company.
3.7. Brand Values:

Market Research reveals that the values people associate with ICICI Prudential are,
indeed, those that the company hopes to project: lifelong protection and value for money. The
core value is protecting your loved ones, throughout life’s ups and downs. It is a powerful
proposition; one, which ICICI Prudential, is taking into the market place.
3.8. Fact Sheet:

The Company
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a
premier financial powerhouse, and Prudential plc, a leading international financial services
group headquartered in the United Kingdom. ICICI Prudential was amongst the first private
sector insurance companies to begin operations in December 2000 after receiving approval
from Insurance Regulatory Development Authority (IRDA).
3.9. Vision of ICICI PruLife:

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

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This ICICI PruLife hope to achieve by:
• Understanding the needs of customers and offering them superior products and service
• Leveraging technology to service customers quickly, efficiently and conveniently
• Developing and implementing superior risk management and investment strategies to
offer sustainable and stable returns to our policyholders
• Providing an enabling environment to foster growth and learning for our employees
• And above all, building transparency in all our dealings
The success of the company will be founded in its unflinching commitment to 5 core
values:- Integrity, Customer First, Boundary-less, Ownership and Passion. Each of the values
describes what the company stands for, the qualities of our people and the way we work.
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.
3.10. Values of ICICI PruLife:
Every member of the ICICI Prudential team is committed to 5 core values: Integrity,
Customer First, Boundary-less, Ownership, and Passion. These values shine forth in all we do,
and have become the keystones of our success.
3.11. History of ICICI Prudential:

Beginning operations in December 2000, ICICI Prudential’s success
has been meteoric, becoming the number one private life insurer within
months of launch. Today, it has one of the largest distribution networks
amongst private life insurers in India, with branches in 54 cities. The total

MBA-G 1
number of policies issued stands at more than 780,000 with a total sum
assured in excess of Rs.160 billion.
From its early days, ICICI Prudential seemed to have the wherewithal for a large-scale
business. By March 31, 2002, a little over a year since its launch, the company had issued
100,000 policies translating into premium income of approximately Rs. 1,200 million on a sum
assured of over Rs.23 billion. When the company began its operations, the need was to build a
brand that was relatable to, symbolized trust and was easily recognized and understood. It
launched a corporate campaign ICICI Prudential also made using the theme of ‘Sindoor’ to
epitomize protection, trust, togetherness and all that is Indian; endearing itself to the masses.
The success of the campaign, ‘the calling card of the company’ saw the brand awareness
scores almost at par with its 40 year old competitor. The theme of protection was also extended
to subsequent product and category specific campaigns –from child plans to retirement
solutions –which highlight how the company will be with its customers at every step of life.
From day one, the company has unflinchingly focused on being mass-market player,
developing products, creating a distribution network and deploying resources that would
further its goal. Apart from ramping up thoroughly training its advisors, the company has
twelve ‘Bancasurance’ partners –the largest in the country. It swiftly revised and added to its
initial range of products, pioneering market-linked products and pension plans, to offer
customers the most flexible life insurance policies in the country. In February 2004, ICICI
Prudential increased its capital base by Rs. 500 million, its ninth capital hike, bringing the total
paid –up equity capital to Rs. 6,750 million. With the authorized capital of the company
standing at Rs. 12 billion, ICICI Prudential continues to have the highest capital base amongst
all life insurers in the country. The challenge ICICI Prudential now faces is to retain its top-
notch position and continue to deliver the finest life insurance and pension solutions to its ever-
growing customer base.

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ICICI Prudential’s equity base stands at Rs. 1185 crore with ICICI Bank and Prudential
plc holding 74% and 26% stake respectively. For the year ended March 31, 2006, the company
garnered Rs.2, 412 crore of weighted new business premium and wrote 837,963 policies. The
sum assured in force stands at Rs.45, 888 crore. The company has a network of over 72,000
advisors; as well as 9 bancasurance partners and over 200 corporate agent and broker tie-ups.
ICICI Prudential is also the only private life insurer in India to receive a National
Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA rating is the
highest credit rating, and is a clear assurance of ICICI Prudential’s ability to meet its
obligations to customers at the time of maturity or claims.
For the past five years, ICICI Prudential has retained its position as the No.1 private
insurer in the country, with a wide range of flexible products that meet the needs of the Indian
customer at every step in life.
ICICI Prudential closed the financial year ended march 31, 2004 with
a total received premium income of Rs. 9.9 billion; up 135% last year’s
total premium income of Rs.4.20 billion. New business premium income
shows a 106% growth at Rs. 7.5 billion, driven mainly by the company’s
range of unique unit-linked policies and pension plans. The company’s
retail market share amongst private companies stood at 36%, making it
clear leader in the segment. To add to its achievements, in the year
2003/04 it was adjudged Most Trusted Private Life Insurer (Economic Times
‘Most Trusted Brand Survey’ by AC Nielsen ORG-MARG). It was also
conferred the ‘Outlook Money-Best Life Insurer’ award for the second year
running. The company is also proud to have won Silver at EFFIES 2003 for
its ‘Retire from work, not life’ campaign. Notably, ICICI Prudential was also
short-listed to the final round for its ‘Sindoor campaign in EFFIES 2002.

MBA-G 2
ICICI Prudential’s success is rooted in its philosophy to always offer the customer a
choice. This has been the driving force behind its multi-channel distribution strategy, which
includes advisors, banks, direct marketing and corporate agents. In fact, ICICI Prudential was
the first life insurer to invest in multiple channels and offer the customer choice and access;
thus reducing dependency on any one channel, great strides in the retirement solutions and
pensions market.
The Company’s penetration of the retirement market was driven by the focused
approach towards creating awareness through sustained campaign; ‘Retire from work, not life’.
Within six months, the campaign rewarded ICICI Prudential with an increased share of 23% of
the total pensions market and 78% amongst private players. ICICI Prudential has one of the
largest distribution networks amongst private life insurers in India, having commenced
operations in 132 cities and towns in India, stretching from Bhuj in the west to Guwahati in the
east, and Jammu in the north to Trivandrum in the south.
The company has 9 bank partnerships for distribution, having agreements with ICICI
Bank, Bank of India, Federal Bank, South Indian Bank, Lord Krishna Bank, and some co-
operative banks, as well as over 200 corporate agents and brokers, it has also tied up with
NGOs, MFIs and corporates for the distribution of rural policies.
ICICI Prudential has recruited and trained more than 72,000 insurance advisors to
interface with and advise customers. Further, it leverages its state-of-the-art IT infrastructure to
provide superior quality of service to customers.

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3.12. Products of ICICI PruLife
Insurance Solutions for Individuals

ICICI Prudential Life Insurance offers a range of innovative, customer-centric products
that meet the needs of customers at every life stage. Its products can be enhanced with up to 4
riders, to create a customized solution for each policyholder.
Savings & Wealth Creation Solutions
ICICI Pru Save 'n' Protect is an ideal plan for those who want to accumulate funds on a
regular basis while enjoying insurance protection.
ICICI Pru CashBak is a single policy that combines the triple benefit of protection, savings
& periodic liquidity.
ICICI Pru Lifetime Maxima is a unit-linked plan which offers potentially higher returns
over the long term with flexible investment options to help you achieve your goals. It also
offers you a unique strategy that allows you to protect gains made through your funds invested
in the equity markets from any future equity market volatility.
ICICI Pru Assure Wealth is a whole life insurance and savings unit linked plan that rewards
you with a guaranteed addition and also provides you an insurance cover, with the additional
advantage of a lifecycle based portfolio strategy that allocates the investor’s money across
various asset classes based on his age and risk appetite.

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ICICI Pru Premier Wealth is a unit-linked plan which offers potentially higher returns over
the long term with flexible investment options to help you achieve your goals. It also offers
you a unique strategy that allows you to protect gains made through your funds invested in the
equity markets from any future equity market volatility.
ICICI Pru ACE is a unit-linked plan which has no premium allocation charge for any regular
premiums, which means 100% of your money is invested in Funds on premium payment. It
also offers you a unique strategy that allows you to protect gains made through your funds
invested in the equity markets from any future equity market volatility.
Protection Solutions
ICICI Pru Pure Protect is a flexible and affordable term product, with which you can ensure
your life and provide total security for your family in case of an unfortunate event.
ICICI Pru LifeGuard is a protection plan, which offers life cover at low cost. It is available
in 2 options –level term assurance with return of premium & single premium.
ICICI Pru Home Assure is a mortgage reducing term assurance plan designed specifically to
help customers cover their home loans in a simple and cost-effective manner.
Child Plans

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ICICI Pru SmartKid Maxima is a policy that is designed to provide money at key
educational milestones in your child's life.
ICICI Pru SmartKid Assure is a policy that not only provides money at key educational
milestones in your child's life but also rewards you with a guaranteed addition.
SmartKid plans are also available in traditional form.
Retirement Solutions
ICICI Pru ForeverLife is a traditional retirement product that offers guaranteed returns for
the first 4 years.
ICICI Pru LifeTime Pension Maxima is a regular premium unit linked pension plan that
helps you accumulate money for your retirement and offers 5 ways of receiving pension. It
also offers you a unique strategy that allows you to protect gains made through your funds
invested in the equity markets from any future equity market volatility.
ICICI Pru LifeStage Pension Advantage is a regular premium unit linked pension plan
which has no premium allocation charge for any regular premiums, which means 100% of your
money is invested in Funds on premium payment.

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ICICI Pru Immediate Annuity is a single premium annuity product that guarantees income
for life at the time of retirement. It offers the benefit of 5 payout options.
ICICI Pru Assure Pension is a unique pension plan that assures guaranteed additions of up to
170% of the first year premium, giving investors an unmatched start towards accumulating for
their retirement kitty.
ICICI Pru Elite Pension II is a unit linked pension plan that provides flexibility to the
customer to pay for a limited term and lets him build a kitty for his retirement to provide an
annuity for life.
Health Solutions
ICICI Pru Hospital Care is a fixed benefit inpatient hospitalisation plan, covering various
stages of treatment with a daily allowance, ICU, procedures & recuperating allowance. It
covers a range of medical conditions (900 surgeries) and has a long term guaranteed coverage
upto 20 years.
ICICI Pru Crisis Cover is a 360-degree product that will provide long-term coverage against
35 critical illnesses, total and permanent disability, and death.
ICICI Pru MediAssure is a reimbursement inpatient hospitalization health insurance policy

that provides guaranteed insurability till age 75 years.

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ICICI Pru Health Saver is a comprehensive health plan which provides a reimbursement
inpatient hospitalization cover along with building a health savings fund to cover any other
day-to-day medical expenses.
Group Insurance Solutions
ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance
benefits to their employees.
Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps employers fund their
statutory gratuity obligation in a scientific manner and also avail of tax benefits as applicable
to approved gratuity funds.
Group Leave encashment Plan: ICICI Prudential Life’s Group offers a market linked and
traditional leave encashment plan designed to aid the employer to build a fund to meet their
future leave encashment liability. The contributions made will be invested as per the chosen
investment plans and will be available for payment of the benefit when it falls due.
Additionally, the product also provides for term cover for all the employees covered under the
policy.
Group Superannuation Plan: ICICI Prudential Life offers a flexible market linked and
traditional schemes that provide substantial benefits to both employers and employees. Both
defined contribution (DC) and defined benefit (DB) schemes are offered to optimise returns for
members of the trust and rationalise cost. Members have the option of choosing from various
annuity options or opting for a partial commutation of the annuity at the time of retirement.

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Group Immediate Annuities: ICICI Prudential Life realises the importance of prudent
retirement planning. With this in mind, it has developed a suite of life and joint life annuities
which guarantee periodic payment to annuitants upto death. Further there are options which
return the purchase price on death of annuitants. These annuity options are offered to our
existing superannuation customers, and also to superannuation funds not managed by us.
Group Term Plan: ICICI Prudential Life's flexible group term solution helps provide an
affordable cover to members of a group. The cover could be uniform or based on
designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary
nominated by the member on his/her death.
Flexible Rider Options
ICICI Prudential Life offers flexible riders, which can be added to the basic policy at a
marginal cost, depending on the specific needs of the customer.
1. Accident & disability benefit: If death occurs as the result of an accident during the
term of the policy, the beneficiary receives an additional amount equal to the rider sum
assured under the policy. If an accident results in total and permanent disability, 10% of
rider sum assured will be paid each year, from the end of the 1st year after the disability
date for the remainder of the base policy term or 10 years, whichever is lesser.
2. Critical illness benefit: Critical Illness Benefit Rider provides protection against 9
critical illnesses to the policyholder when attached to the basic plan

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3.13. AWARDS:
ICICI Prudential Life was awarded the Life Insurance Company of the Year at the 12th
Asia Insurance Industry Award 2008.

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.
ICICI Prudential Life won the Award for Brand Excellence in the Banking and Financial
services category at the Asia Brand Congress 2008.

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.
ICICI Prudential Life won the ICICI Group Marketing Excellence Award 2008 in three key
categories for its marketing initiative

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ICICI Prudential Life‟s, retirement solutions campaign for the year 2006-07 was awarded
the Bronze Effy trophy in the services category. It also won the Brand Equity Bravery
Award 2007, instituted by Ad club.

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Best Life Insurer 2003. Outlook Money Awards 2003 & 2004 IMM Award for Excellence.
Institute of Marketing & Management Organization with Innovative HR Practices Indira
Group of Institutes.

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CHAPTER 4
WORKING
ENVIRONMENT

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4.1 Introduction:
Firstly, I am very thankful to IMED, who has given me the opportunity to
grasp the new ideas and information through summer training. Being a
resident of Jammu and Kashmir, I prefer to do the summer training in J&K.
So, I choose to do it in ICICI Prudential, located in Sopore town of Jammu
and Kashmir. I met with the Branch Manager of ICICI Prudential on my first
visit to the company. I give him the detailed information about the summer
training and he allowed me to do the training here. After that I met with
Agency Manager, Mr. Yasir Ahmad, under whom I was supposed to do
summer training.
I joined the organisation next day and Mr. Yasir used to conduct the classes
to give the information about Insurance Industry. We were asked to choose
a particular topic to conduct the summer training. I thought marketing
related topic will suit best. So I choose “Brand Awareness of ICICI
Prudential”.
The survey was conducted in Sopore and Baramulla areas. The research
was done through questionnaire.

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4.2. HUMAN RESOURCE DEPARTMENT:
ICICI Prudential is having two types of employees direct and indirect.
They are
recruited from employment exchanges. Except PF there is no other fringe
benefit for
temporary employees. There are different types of fringe benefit for
permanent employees.
All the service matters of the organization are under the control of this
department. HR
Department is working under leadership.
STRUCTURE OF HR DEPARTMENT:

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Working period is from 10 am to 5 pm. Working days are from Monday to
Saturday. Production department and Quality control department work for
24 hours.
The important functions performed by the department are:

 Induction and Orientation
 Training
 Performance Appraisal
 Promotion
 Recruitment
 Welfare Measures

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4.3. MARKETING AND SALES DEPARTMENT:
A product is anything that can be offered to satisfy a need or want. So, a social and
managerial process by which individuals and groups obtain what they need and want through
creating, offering and exchanging products of value with others – that is called marketing.
Marketing starts with human needs, wants, demands and human satisfaction. People satisfy
their needs and wants with products. Actually, selling is preoccupied with the seller’s need to
convert his product into cash, but marketing is the idea of satisfying the needs of the customer
by means of the product and the whole cluster of things associated with creating, delivering
and finally consuming it.
STRUCTURE OF MARKETING DEPARTMENT:

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4.3.4Relationship Marketing in Insurance:
It is five times more expensive to acquire a new customer then to
retain an old one. Relationship Marketing is the practice of building long
term satisfying relationship with key parties, customers and suppliers. They
accomplish this by promoting and delivering high quality goods services
and fair prices to other parties. Relationship marketing results in strong
economic, technical and social ties among the parties.
The important objectives of relationship marketing is to acquire
new customers, maintain and enhance relationship with existing
customers, re-activities of ex-customers and handling of customers
terminations. The key objective of relationship marketing is to establish
one to one relationship with all customers.
How to add value through relationship Marketing

➢ Identify loyal customers
➢ Recognize their special needs
➢ Provide special reward for loyalty
➢ Establish continuing relationship
➢ Ensure increase in customer value
Relationship marketing is one of the hottest trends in the present

marketing scenario. Satisfied customers not only stay with a company but
they are also walking talking advertisement for the company’s product

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MBA-G 3
4.5. FINANCE AND ACCOUNTS DEPARTMENT:
An organization communicates its financial information to the users through
financial statements and reports. Financial statements contain summarized information of the
organization’s financial affairs, organized systematically. These statements comprise the
income statements or profit and loss account and the position statement or the balance sheet.
To give a full view of the financial affairs of the undertaking it

is also necessary to include a statement of retained earnings, a
statement of changes in the financial position and a few schedules
such as schedule of fixed assets and schedule of debtors.
STRUCTURE OF FINANCE AND ACCOUNTS DEPARTMENT:

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CHAPTER 5
DATA
INTERPRETATION
AND ANALYSIS

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Data Interpretation and Analysis
Q1. Do you have knowledge about Life Insurance?
Ans: Responses were (Out of 80)
Yes No Total
Responses 74 6 80
%age 92 8 100
Table 1
Chart 1
The graphs show that approximately 92% of the respondents were having
knowledge of Life Insurance.
Inference
This shows that there is a great market potential for Life Insurance and
people are ready to invest if guided properly.

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Q2. How have you been exposed to Life Insurance?
Advertisemen Insurance Friends and
t Agent Relatives
Max 80 80 80
Observe 24 20 36
d
%age 30 25 45
Table 2
Chart 2
The graphs show that approximately 25% of the respondents were exposed to
Life Insurance through Insurance Agents.
Inference
This shows that the Company should recruit more and more Insurance
Agents to be successful in this competitive scenario. Advertisements and other
media should not be neglected as they too comprise a considerable
percentage.
Q3. Do you have knowledge about Insurance Companies other than LIC?
MetLife Bajaj ICICI None

Allianz Pru.
Max 80 80 80 80
Observed 30 23 20 7

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%age 38 28 25 9
Table 3
Chart 3
The graphs show that Bajaj Allianz and MetLife have considerable number of
followers other than LIC.
Inference
This shows that the ICICI Prudential should make strategies keeping in view
the strategies of Bajaj Allianz and MetLife.
Q4. Are you a present policy holder?
Yes No Total
Responses 24 56 80
%age 30 70 100
Table 4
Chart 4
The graphs show that approximately 70% of the respondents were without
policies.
Inference

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This shows that most of the market is unexplored representing a huge sales
potential.
Q5. What is your satisfaction level with Life Insurance Policy?
Strongly Satisfie Can't Not Ans: Responses
Satisfied d Say Satisfie were (Out of 80)
d
Responses 9 38 21 12
%age 11 48 26 15
Table 5
The graphs show that almost 15 % of the respondents are not satisfied with
the existing products and services.
Inference
This shows that the plans should be customized and more features
should be added to products to make them more profitable and more attractive.
Q6. Do you think ICICI Prudential is a reliable insurance company?
Yes No Total
Responses 48 32 80

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%age 60 40 100
Table 6
The graphs show that almost 40% of the respondents lacked trust in ICICI
Prudential Life Insurance Company.
Inference
This shows that much needs to be done in order to develop trust and
reliability of ICICI Prudential Life Insurance Company among people.
Q7. Are you aware about the products of ICICI Prudential?
Yes No Total
Responses 22 58 80
%age 73 27 100
Table 7
‘
The graphs show that approximately 73% of the respondents were unaware
about the products of ICICI Prudential Life Insurance Company.
Inference

MBA-G 1
This shows that there is a need of making product information common
among masses using proper media.
Q8. Are you interested to know about ICICI Prudential?

Yes No Total
Responses 59 21 80
%age 74 26 100
Table 8
The graphs show that approximately 74% of the respondents are interested to
know about the ICICI Prudential Life Insurance Company.
Inference
This shows that proper course of action should be followed to make people
aware of ICICI Prudential Life Insurance Company so that they can invest in it.
This also shows that ICICI PRUDENTIAL INSURANCE COMPANY enjoys a
good image among the masses.
Q9. Do you think Insurance Polices should provide more returns besides risk
cover?

MBA-G 1
Strongly Agre Doesn't Disagre
Agree e Matter e
Response 26 42 6 6
s
%age 33 53 7 7
Table 9
The graphs show that approximately 53% of the respondents are interested in
more returns besides risk cover from Life Insurance Companies.
Inference
This shows that insurance companies should focus on investments that provide
considerable amount of returns besides Insurance Cover.
Q10. Where do you invest your savings?
Bank Real Share Other

s Estate Market s
Respons 51 4 6 9
es
%age 64 5 7 24
Table 10
The graphs show that approximately 64% of the respondents invest their
savings in banks

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Inference
This shows that strategies should be formulated in such a manner that bank
customers could be converted into insurance customers, as is done through
bank assurances.

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Q11. Are you a Tax Payer?
Yes No Total
Responses 19 61 80
%age 24 76 100
Table 11
The graphs show that approximately 24% of the respondents are tax payers
and need to save tax.
Inference
This shows that tax saving benefits should be highlighted during the marketing
of insurance products to increase the customer base of the Insurance
Companies.
Q12. Life Insurance Policies provide security and financial Solution for your
tomorrow?
Ans: Responses were (Out of 80).
Strongl Agre Can't Disagre Strongly

y Agree e Say e Disagree
Response 19 43 8 8 2
s

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%age 24 53 10 10 3
Table 12
The graphs show that approximately 23% (10+10+3) of the respondents do

not take insurance as a tool for protection and financial solutions for tomorrow.
Inference
This shows that there is still a lot of confusion about the benefits of the
insurance which is not taken as a financial benefactor for tomorrow.

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Q13. What could be the reason behind less impetus and interest towards
Insurance?
Region Motivatio Income Others
Awareness n
Responses 11 31 23 15
%age 14 39 29 18
Table
13
The graphs show that approximately 39% of the respondents do not take
insurance because of motivational factors.
Inference
This shows that there is still a lot of confusion about the functioning of
insurance companies. The ULIP products should be promoted and also sales
force needs to be trained properly to increase the customer base.

MBA-G 1
CHAPTER 6
FINDINGS OF THE
STUDY

MBA-G 1
Findings of the Study
• The respondents having knowledge about the Life Insurance is fairly good.
• Nearly half of the respondents have been exposed to Life Insurance by their Friends
and Relatives.
• The awareness of ICICI Prudential among respondents is fairly low as compared to LIC
and MetLife.
• The satisfaction level with Life Insurance policy among the respondents was very good.
• Nearly 3/4th of respondents are not aware about the products and services offered by
ICICI Prudential.
• Nearly 3/4th of respondents are interested to know about the products and services
offered by ICICI Prudential.
• Almost 85% respondents are agreed with the statement that insurance policies should
provide more returns besides risk cover.
• The reason for less knowledge and interest towards insurance is lack of motivation and
less income.

MBA-G 1
CHAPTER 7
CONCLUSION

MBA-G 1
Conclusion:
➢ 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).
➢ This research report is based on the survey for finding the position of various
insurance policies offered by the insurance companies. Life insurance products
provide a definite amount of money to the dependants of the insured in case the
life insured dies during his active income earning period or becomes disabled on
account of an accident causing reduction/complete loss in his income earnings.
➢ An individual can also protect his old age when he ceases to earn and has no
other means of income by purchasing an annuity product. The company profiles
of these companies and their product range have to be given in the first part of
this report.

MBA-G 1
➢ The insurance policy offers the various insurance policies covering the risk of
various stages of life of any person. Covering the risk is become so important
and necessary for any person. In the present scenario the life is becoming so
risky due to the innovation of the various latest technology and modern way of
livings. Insurance products available for life and non-life are many.
➢ In non-life, apart from personal covers such as accident covers and health
insurance, there are products covering liabilities under a particular law and or
common law. The various products are designed to cater to different needs of an
individual or industry such as fire insurance policy on multi- storeyed building,
householder’s policy.
➢ An insurance contract promises to make good to the insured a certain sum in
consideration for a payment in the form of premium from the insured. Human
life cannot be valued. Hence the sum assured (or the amount guaranteed to be
paid in the event of a loss) is by way of a ‘benefit’ in the case of life insurance.
➢ The conclusion of this report is that the life insurance is the necessary and
considerable factor for any person for covering the risk of life and for future
security.

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CHAPTER 8
SUGGESTIONS

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SUGGESTIONS
 Insurance companies should not mislead to customer to provide wrong information about
own policy.
 Rural area in India lacks this facility so the insurance policy should spread their business in
rural area also.
 Insurance companies should make personal contact with customer or own client for improve
brand promotion.
 Most of person does not know about the full knowledge about insurance policy so the
companies should try to provide the complete knowledge about insurance policy to the
customer.

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CHAPTER 9
BIBLIOGRAPHY

MBA-G 1
Bibliography:
Websites:
www.lic.com
www.iciciprulife.com
www.irda.com
www.goolge.com
www.icicibank.com.
Books of References:
 Marketing Management by “Philip Kotler”

 Marketing Management by “Rajan Saxena”.
 ICICI Prudential Company Magazines

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 Newspaper and Business Magazines

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MBA-G 3

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SUMMER TRAINING REPORT

Master of Business Administration

INSTITUTE OF MANAGEMENT AND ENTERPRENEURSHIP DEVELOPMENT

INSTITUTE OF MANAGEMENT AND ENTREPRENUERSHIP DEVELOPMENT, PAUD

(Teacher Guide) Program Co-ordinator

INSTITUTE OF MANAGEMENT AND ENTERPRENEURSHIP DEVELOPMENT

Training Project under my direct supervision. He underwent the Summer

assigned the task of ‘Brand Awareness of ICICI Prudential’, which he has

It is further certified that the project report submitted by Sajadul Ashraf

for award of any degree, diploma or fellowship.

INSTITUTE OF MANAGEMENT AND ENTERPRENEURSHIP DEVELOPMENT

I, Sajadul Ashraf, a bonafide student of MBA-G Programme at the IMED,

(INSTITUTE OF MANAGEMENT AND ENTERPRENEURSHIP DEVELOPMENT),

Ahmad on and from 12th May to 2nd July.

INSTITUTE OF MANAGEMENT AND ENTERPRENEURSHIP DEVELOPMENT

Date: 21-07-2010 MBA-G

INSTITUTE OF MANAGEMENT AND ENTERPRENEURSHIP DEVELOPMENT

It is with immense satisfaction that, I am completing my Summer Project Report, I

company rather than just involve us in our projects.

I would also wish to acknowledge my profound gratitude to ICICI Prudential Life

guidance despite their tight and busy schedules.

necessary suggestions in bringing out this project report.

INSTITUTE OF MANAGEMENT AND ENTERPRENEURSHIP DEVELOPMENT

1994.The salient recommendations of the committee were the following:

backed by much defined solvency standards.

INSTITUTE OF MANAGEMENT AND ENTERPRENEURSHIP DEVELOPMENT

4. An Independent Insurance regulatory mechanism should be set up before private

companies are licensed.

In keeping with the recommendations of the Malhotra Committee, the government

effective control over monitoring & functioning of existing insurers.

INSTITUTE OF MANAGEMENT AND ENTERPRENEURSHIP DEVELOPMENT

way we should invest, also considering the nearest alternatives of ULIPs.

INSTITUTE OF MANAGEMENT AND ENTERPRENEURSHIP DEVELOPMENT

1.1 Executive Summary 16

1.2 Insurance Industry 17

1.3 Reason for Insurance 17

1.4 Importance of Insurance 18

1.5 Introduction of Life Insurance in India 19

1.6 Important Milestones in the Insurance business in India 19

1.7 Liberalisation of Indian Insurance 21

1.8 Indian Insurance in 21st Century 21

2.1 Marketing research 23

2.2 Research Design 23

2.3 Types of Research Design 24

2.4 Project Design 25

2.5 Problem Statement 26

2.6 Objectives of the Study 26

2.8 Questionnaire design 28

INSTITUTE OF MANAGEMENT AND ENTERPRENEURSHIP DEVELOPMENT

3.1 ICICI Prudential 33

3.2 ICICI Prudential Edge 36

3.3 Entry of Private Players 37

3.4 Promoters of the Company 38

3.4.1 ICICI Bank 38

3.4.2 Prudential Plc 40

3.7 Brand Values 42

3.8 Fact Sheet 43

3.9 Vision of ICICI Prulife 43

3.10 Values of ICICI Prulife 43

3.11 History of ICIC Prudential 44

3.12 Products of ICICI Prulife 47

4.2 Human resource Department 58