Contents

Chapter 1 Introduction Profile. Company Profile Competitors. Marketing Mix Corporate Social Responsibility.. SWOT Analysis.. Chapter 2 Research Methodology.. Objective of Study. Scope of Study. Sources of Data Collection Limitation of Study.. Chapter 3 Data Analysis.. Chapter 4 Findings. Chapter 5 Recommendations and Conclusions.

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Chapter 6 Bibliography and Appendices

CHAPTER 1
INTRODUCTION PROFILE

The insurance industry plays a number of important roles in Indias booming economy. Insurance is necessary to protect enterprises against risks such as business failure, and fire and natural disasters. Individuals require insurance services in such areas as health care, life, property and pension. The insurance industry also provides crucial financial intermediary services, transferring funds from the insured to capital investment, a critical need for India's continued economic expansion. A Chinese proverb says, Wealth never survives three generations. With the accumulation of wealth, need for its management arises. This should not lead to the conclusion that only wealthy people invest their money. Need for investment arises out of several reasons. Uncertainty of future is one of the primary causes that trigger investment. Investment alone will not solve the problem of uncertainty. A prudent approach in managing ones investment is equally important.

The task of managing investment is indeed a complex one for many individual investors. These individuals seek the help of an investment manager for better management of their wealth. In the past, there was a great deal of investment in banks, which was considered to be safe and risk-free. Investors were content with returns on their investment in bank deposits, were very conservative and had only a few options at that point of time. But the situation has changed drastically now. There are many investment avenues and a wide variety of choices are open to the investors these days. Investors can choose a particular investment on the basis of their risk and return objectives. Each investor is a client who has unique parameters: return goals and objectives, time horizon, liquidity constraints, a distinctive tax status, and most importantly, personal risk tolerances. Investment strategies keep changing from time to time. The best strategy of the 1990s was that of buy and hold. Only those who held substantial portion in a single companys shares were found to be reaping good returns. But in the long run, exposure to a single asset does not seem to be desirable as the returns stabilize over a period of time and growth prospects decline. As per the well known adage Do not put all the eggs in one basket, allocating the money available for investment among different avenues gained importance.These days its about prioritizing your need and then making a decision as to its final purchase. This is important as the financial products hitting the market are on the higher side and all these products seem to entice you into buying one. Decisions regarding its final purchase have to be made keeping in mind the pros and cons of the product so that one doesnt end up choosing a wrong product. If higher return is ones need then investment should be in the areas of equity and mutual funds but when security and ensuring your future is concerned its about investing in Life Insurance, and thats the industry that I m involved during my summers internship. So it would be wise enough to know in simple word as to what insurance is and the purpose that it solves..? Insurance is a promise of reimbursement in the case of loss, paid to people or companies so concerned about hazards that they have made prepayments to an insurance company. Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of potential financial loss. Ideally, insurance is defined as the equitable transfer of the risk of a potential loss, from one entity to another, in exchange for a reasonable fee.

Insurance is a colossal sector in India that is growing at a speedy rate of 15-20%. The insurance sector is approximately 450 billion yet 95 percent of the population in India is not insured. This gives you a peek into the huge growth opportunity that exists for this segment. The insurance business is based on customers trust & confidence as it deals with the finances of the customer. The basis for a well-planned and well-executed marketing strategy is effective market segmentation. Insurance is broadly segmented into individuals, institutions, industry, and trade customers. Most industry players offer specialized services to cater to the needs of these segments. Some marketers target niche markets and offer customized services. Though the history of insurance dates back to 1818 with the establishment of the Oriental Life Insurance Company in Calcutta, and then when LIC was established in the year 1956. For private life insurance sector in particular things started taking shape after the recommendation of Malhotra committee which put forward a proposal for the establishment of the regulatory body and also encaouraged to set up unit linked insurance pension plan. It was after his recommendation that IRDA (insurance regulatory and development authority) was established in April 2000. After that in the year 2001 the sector was finally opened for private players and foreign private players were allowed to have 26% share in the Indian company. Better services, individual attention and pure transparency have given the private sector an upper hand. But with a huge unorganized market in India yet to tap, the insurance companies in India have a voluminous market to explore. With an annual growth rate of 15-20% and the largest number of life insurance policies in force, the potential of the Indian insurance industry is huge. Total value of the Indian insurance market (2004-05) is estimated at Rs. 450 billion (US$10 billion). According to government sources, the insurance and banking services' contribution to the country's gross domestic product (GDP) is 7% out of which the gross premium collection forms a significant part. The funds available with the state-owned Life Insurance Corporation (LIC) for investments are 8% of GDP. Till date, only 11% of the total insurable population of India is covered under various life insurance schemes, the penetration rates of health and other non-life insurances in India is also

well below the international level. These facts indicate the of immense growth potential of the insurance sector.

The above data clearly bring forth a perspective of world view of the penetration rate in insurance. Penetration rate gives an overview about the %age of people covered in insurance who are insurable. Though the above data is of period ending 3 year back, however it brings an opportunity for life insurance companies to make revenues with such large numbers of individual to be covered. The year 1999 saw a revolution in the Indian insurance sector, as major structural changes took place with the ending of government monopoly and the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership. Though, the existing rule says that a foreign partner can hold 26% equity in an insurance company, a proposal to increase this limit to 49% is pending with the government. Since opening up of the insurance sector in 2001, foreign investments of Rs. 8.7 billion have poured into the Indian market and 21 private companies have been granted licenses. Private and foreign players entered the Indian insurance market in 1999 after the reforms were initiated. Innovative products, smart marketing, and aggressive distribution have enabled fledgling

private insurance companies to sign up Indian customers faster than anyone expected. Their entry ushered in new competition and improved the service quality offered to the customer. With awareness increasing, customer expectations also increased. New distribution channels and innovative promotional strategies also evolved because of the increased competition. All these led to the development of the insurance industry and expanded the market in India. Indians, who had always seen life insurance as a tax saving device, are now suddenly turning to the private sector and snapping up the new innovative products on offer. Below is the list of Players in Life Insurance Industry: o Birla Sun-Life Insurance Company Limited o Allianz Bajaj Life Insurance Company Limited o HDFC Standard Life Insurance Company Limited o ICICI Prudential Life Insurance Company Limited o ING Vysya Life Insurance Company Limited o Max New York Life Insurance Company Limited o MetLife Insurance Company Limited o OM Kotak Mahindra Life Insurance Company Limited o SBI Life Insurance Company Limited o TATA AIG Life Insurance Company Limited o Reliance Life Insurance Company Limited o AVIVA Life Insurance Company Limited o SAHARA Life Insurance Company Limited o LIFE Insurance Corporation of India The life insurance industry in India grew by an impressive 36%, with premium income from new business at Rs. 253.43 billion during the fiscal year 2004-2005, braving stiff competition from private insurers. Increase in sales for the biggest private insurance player has also been phenomenal with a 100% increase year on year basis.

Though the total volume of LIC's business increased in the last fiscal year (2004-2005)

compared to the previous one, its market share came down from 87.04 to 78.07%. The 14 private insurers increased their market share from about 13% to about 22% in a year's time. Initial few months of the year 2006 also speak of the growing share of the private insurers. The share of LIC for this period has further come down to 75 percent, while the private players have grabbed over 24%. With a large population and untapped market, insurance happens to be a big opportunity in India. The insurance business is growing at an annual rate of 21.9 per cent. Together with banking services, it accounts for about 7.1 percent to the countrys GDP. However, insurance penetration in the country is poor. Insurance penetration or premium volume as a share of a countrys GDP, for the year 2004-05 is at 2.53 per cent for Life insurance. The level of penetration tends to rise as income increases, particularly in life insurance. India with about 200 million middle class households shows a potential for insurance industry. Saturation of markets in many developed economies has made the Indian market even more attractive for global insurance majors. The insurance sector was opened up for private participation five years ago and the private players are active in the liberalized environment. The insurance market have witnessed dynamic changes which includes presence of a fair number of insurers both life and non-life segment. Most of the private insurance companies have formed joint venture partnering well with recognized foreign players across the globe. The Indian Insurance market accounts only for 0.60% of global Insurance market. Consumer awareness has improved. Competition has brought more products and better customer servicing. It has had a positive impact on the economy in terms of income generation and employment growth.

Role of the Regulatory Body IRDA

Insurance is a federal subject in India. The primary legislation that deals with insurance business in India is: Insurance Act, 1938, and Insurance Regulatory & Development Authority Act, 1999.

Insurance Industry has ombudsmen in 12 cities. Each ombudsman is empowered to redress customer grievances in respect of insurance contracts on personal lines where the insured amount is less than Rs. 20 lacks, in accordance with the Ombudsmen Scheme

Insurance Regulatory & Development Authority (IRDA)

IRDA was constituted by an act of parliament. The Authority is a ten member team consisting of: (a) A Chairman (b) Five whole-time members (c) Four part-time members (1) The Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance business and re-insurance business. (2) Without prejudice to the generality of the provisions contained in sub-section (1), the powers and functions of the Authority shall include, (a) Issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or cancel such registration; (b) Protection of the interests of the policy holders in matters concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrender value of policy and other terms and conditions of contracts of insurance; (c) specifying requisite qualifications, code of conduct and practical training for intermediary or insurance intermediaries and agents; (d) Promoting efficiency in the conduct of insurance business; (e) Promoting and regulating professional organizations connected with the insurance and reinsurance business; (f) Levying fees and other charges for carrying out the purposes of this Act; (g) Calling for information from, undertaking inspection of, conducting enquiries and investigations including audit of the insurers, intermediaries, insurance intermediaries and other organizations connected with the insurance business;

(h) Specifying the form and manner in which books of account shall be maintained and statement of accounts shall be rendered by insurers and other insurance intermediaries; (I) Regulating investment of funds by insurance companies; (j) Regulating maintenance of margin of solvency; (k) Adjudication of disputes between insurers and intermediaries or insurance intermediaries; (l) specifying the percentage of life insurance business and general insurance business to be undertaken by the insurer in the rural or social sector;

About Prudential Life

Prudential is the one of the major insurance companies in the world with United Kingdom as its home country. Established in the year 1848, they started with mutual assurance and loan association but now they are an international financial service company with wide range of product portfolio to their credit including banking, insurance, retail investment and find management. Prudential was one of the few companies to world to work on industrial insurance and grew very rapidly and insured one third of Britain by early 1930s. They still continue to lead in term of market share in U.K in pension and annuity plans.

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 5 riders, to create a customized solution for each policyholder.

Saving solutions
ICICI Prudential offers a variety of policies that give you the benefits of protection and the opportunity to save for important assets or events, like a home, a car or a wedding. Invest shield life A regular premium unit-linked insurance plan with an assurance of Capital Guarantee and the facility of extended insurance cover.

Invest shield cash A regular premium unit-linked insurance plan with an assurance of Capital Guarantee along with flexible liquidity options. o Invest shield Gold A unit-linked insurance plan with an assurance of Capital Guarantee, which offers you the benefit of a limited premium payment and coverage term. o Premier Life A market linked insurance plans that meet your Investment and Protection needs. o Life Time Complete market-linked insurance plans that adapt itself to your changing protection and investment needs, throughout a lifetime. o Secure Plus An insurance plan that gives added protection savings and multiple options, all in one! o Cash Plus An insurance plan that gives added protection savings, multiple options, plus the power of liquidity.

o Save and Protect A traditional endowment savings plan that offers both high returns and protection. o Cash-back An endowment savings plan that allows you to get back substantial survival benefits.

Protection solutions
o Life Guard

ICICI Prudential Life Insurance offers Life Guard - a set of pure protection plans. Choose from amongst three different product structures to insure your life and provide total security to your family, at a very affordable cost.

child Plans
o Smart Kid Education Plan As a responsible parent, you will always strive to ensure a hassle-free, successful life for your child. However, life is full of uncertainties and even the best-laid plans can go wrong. Heres how you can give your child a 100% safe and assured tomorrow, whatever the uncertainties. Smart Kid is especially designed to provide flexibility and safeguard your childs future education and lifestyle, taking all possibilities into account

Retirement solution
Forever Life

A regular premium pension plan that helps you save for your retirement while providing one with Life Insurance protection. Secure plus pension

A regular premium pension plan that gives you the flexibility to choose between 3 levels of sum assured for the same level of total annual contribution Life time pension

A regular premium linked pension plan that gives you the freedom to choose the amount of premium, and invest in market-linked funds, to generate potentially higher returns.

o Golden years A flexible unit-linked retirement solution that offers flexibility during the accumulation as well as payout phase. Below listed are popular products that are being offered by ICICI Prudential. Based on the analyses which have been done later in this report, I have tried to position the products based on the age, living standard, a good investment option and the amount of risk involved.

Life Time: A tailor made product

A tailor made product to suit ones requirement. When one makes an investment what are the things that come to our mind: o Flexibility o Security o Withdrawal o High returns o Tax benefit

o Life time insurance cover o Life Time is one product that covers all your present and future needs. It has all the benefits that are listed above. Obviously one would like to go in for a product that offers you a list of benefits than a product that offers you feature.

Protection:
o Choose a specified level of protection (available only with Life Time). o Flexibility to increase or decrease your sum assured. o Add-on riders to protect you against any eventuality.

Savings:
o Flexibility to increase or decrease your contribution. o Facility of Premium Holiday, wherein the policy continues even if there is a temporary break in the payment of annual contribution. o Facility to top-up your investment any time you have surplus funds. o Additional allocation of units on a periodic basis. o Loans against the policy.

Investment:
o Choose from among four funds, based on your investment objective and risk appetite. o Choice to switch between investments options (4 free switches every policy year). o Tax benefit under section 80C up to a limit of Rs 1, 00,000. o Minimum investment Rs.1, 500 monthly or Rs.18, 000 annually.

This investment is basically for all and every one who looks for a basket of benefits rather than a handful of features. Its been more than 3 and half years since the launch of this product. It has reaped far higher benefits than the company must have planned for. This product just need to be explained to a prospect and things themselves take shape. It suits the need of the young, middle aged, old age individuals less then 65 years. Launched after the endowment policies of LIC it has proved to be immensely successful.

2. Golden Years: Retirement Solution

Why Retirement Planning? Increasing Life Expectancy Main Objective of this investment is retire from work and not from life. At IPRU we believe in an individual being independent in his/her financial needs even at the old age. The cost of holiday that you have planned today would be at least 8 times 20 years from now. Then there is an age in which you work hard for your family needs and when its time you want something of your own, its time for you to retire. We at ICICI Prudential concentrate on life after work, making your life a pleasant experience to live. How many times one thinks of retirement planning at an early stage in the life. The attitude generally exhibited is I am too young to plan for retirement. The there are also those sets of people who believe that slow and steady is the more smarter way to make an investment rather than making a huge investment at one go. Golden Years is a retirement plan that offers one following benefits: o You can choose to pay your premiums for a limited term of 3, 5, 7 or 10 years. o The policyholder can choose a Sum assured multiple at inception. The minimum is 5 times and a maximum is 15 times of the annual contribution. o You can choose a vesting age between 45 to 75 o Payouts can be done in any two of the three options. Lump sum Payment o Structured benefit payments (A new and unique feature) and annuity payments. This investment is good for individuals who are young executives and Business Men who are in a position to pay a good sum for some time. They can choose a vesting age between 45 to 75 and can

take any option of getting money in return. These options may range from one time redemption or life time annuity. IPRU also offers the option of purchase price, this option indicates that if there is any other company in this sector that gives an individual a higher amount of annuity then the company would transfer your fund with that company.

3. Smart Kid: A Child Education Plan

It is a plan that provides benefits to a child along with life risk cover on the parents life. There are different options under this plan like endowment as well as ULIP. Educational Benefits: Payments are done at the key educational milestones. You can also decide when you want this money- either during schooling, undergraduate Peace of Mind: In case of an unfortunate event, Smart Kid immediately pays the Sum Assured and pays all future premiums. So the savings benefit for your child continue Annual Allowance: For a nominal extra amount, Smart Kid would ensure that in your absence, a fixed annual sum is provided for the childs education and overall development. Five withdrawals are available throughout the term of the product.

4. Life Link Super:

5 years closed ended NFO launched on 13th March with Rs.10 as the value of unit. The main purpose of launching this new product was capturing the single premium segment. This market has been growing very rapidly because of the upsurge in Mutual Fund market. People are willing to invest a single time and ready to relax for life as what you get with high return is the life insurance cover which continues till the age of 70 years. Some features of this product are given below Minimum investment 25,000 for age 0-44 yrs and for 45 to 65 yrs minimum investment is 50,000. Sum Assured-125% or 500%.

Life Insurance cover till the age of 70 Years. Partial withdrawal after 3 years. Tax benefits u/s 80 C. No charge for investment greater than Rs 5, 00, 000.

It was after a while that company launched a new product in the market. This product was so simple to understand that it took Just 55 days from its idea inception to the product being launched in the market. Usually it takes around 5 to 6 months for any product to get the approval of IRDA. This product made quite an entry into the market collecting a swash buckling Rs 120 crores in the month of March 2007. A good investment for anybody between the age of 0 to 60 years and Life Insurance cover along with the return continuing till the age of 70 years. Here is a list of the insurance policies being undertaken by different Life Insurance Companies, public as well as private.

Name of the Endowment plan company LIC Bhavishya jeevan, Jeevan mitra, Jeevan shree, Asha deep, ICICI Pru Money back plan Cash-back-plan (15,20yrterm)

Term plan Bima sandesh, New bimakiran

Pension Bima nivesh, New jeevan dhara

Child plan Jeevan kishore, Komal jeevan

Life guard

Life time pension, Golden years, Forever life

Smart kid

HDFC standard life

Money back

Term assurance Retirement Solution plan

Childrens plan

BAJAJ Allianz

Cash care

Term care, Risk care

Swarna vishranthi

Above listed are the plans of some companies which are in competition with ICICI Pru. Though ICICI Pru has a direct competition with all the companies in the industry, but then there are companies which are close to eating the share of each other. So the above listed companies are in tough fight to be the number 2 in the insurance industry. Though ICICI Pru occupies the second slot for the last five years, but its Bajaj Allianz and HDFC Standard life that are catching ICICI Pru very fast. So ICICI Pru will have to keep innovating in the product that they provide along with keeping customer service as their priority. After all its the world where customer is the undisputed KING.

Company Profile
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). Since its inception ICICI Prudential has continuously focused on identifying and delivering what the customer wants be it in product range, distribution or service. It has strived to introduce new, customer-centric products, offer superior service and implement world-class risk and investment strategies. Over the past four years, the company has become the leading private life insurer and

has pioneered many initiatives, such as the introduction of child plans, retirement solutions and unit linked plans. Recent performance of the company has been very encouraging. The company has grown at a rate of 148% on a CAGR basis over the past three financial years. It has emerged as the only private life insurer to cross a number of milestones with amazing regularity, with the time taken to add on every additional 100,000 policies continuously decreasing. Possibly the most significant achievement in recent times is that ICICI Prudential crossed the 1 million policy milestone in midSeptember 2004, the first amongst private insurers to cross this mark. In the period AprilDecember 2004, the company garnered Rs 860 crore of new business premiums for a total sum assured of over Rs 7,360 crore and wrote nearly 345,000 policies. With 7 banc assurance tie-ups, 50,000 life insurance advisors, and offices in 70 locations, the company has spread its reach across the country. ICICI Prudential's equity base is the highest in the insurance sector, standing at Rs. 9.25 billion with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. Today, ICICI Prudential has emerged as the No. 1 private life insurer in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life. Along with a multi-product, multi-channel distribution capability, it offers its employees the right infrastructure support and robust training and development programs to accelerate their career on the fast track.

Company briefing: ICICI prudential Life Insurance Company Ltd Corporate Profile
ICICI Prudential Life Insurance Company is a joint venture between ICICI, a premier financial powerhouse and Prudential plc, a leading international financial services group headquartered in the United Kingdom. It was established in 2000 with a commitment to expand and reshape the life insurance industry in India. The company was amongst the first private sector insurance companies to begin operations after receiving approval from Insurance Regulatory Development Authority (IRDA), and in the time since, has taken several steps towards realization of its goals .

ICICI Indias premier financial institution stands for strength and security. Prudential is one of the worlds foremost life insurance companies . In 1923 , Prudential has paid billions in insurance claims including 324 passengers on the TITANIC . And thats just the tip of the iceberg ! Prudentials first life agency was first established in India , backed by over US$ 250 billion in funds under management worldwide , with over 150 years of listening in the UK , US and Asia . ICICI Prudential's equity base stands at Rs. 11.85 billion with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. In the financial year ended March 31, 2005, the company garnered Rs1584 crore of new business premium for a total sum assured of Rs13, 780 crore and wrote nearly 615,000 policies. The company has a network of about 75000 advisors; as well as 7 Bancassurance and 292 corporate agent tie-ups.
customers in India. Through its wide network of highly competent life insurance Agent Advisors and flexible products and solutions, ICICI Prudential is committed to creating a partnership for life with its

For the past four years, ICICI Prudential has retained its position as the No. 1 ICICI Prudential

private life insurer in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life.
both Indian and international disclosure norms. In line with its values of financial responsibility, has adopted prudent financial practices to ensure safety of policyholder's funds. It invests only in debt instruments and meets

Some briefing about two different companies About ICICI

The Industrial Credit and Investment Corporation of India (ICICI) was incorporated at the initiative of the World Bank, the government of India and the representative of India industry. With the objective of creating a development financial institution for providing medium and long term project financing to Indian businesses. Initially it was set up to give credit but with the passage of time it started foraying in different businesses like setting up of asset management companies, banking, securities division, capital services and personal financial services. Its banking division of ICICI Bank was the first Indian banking firm to get listed on the NYSE.

Achievements: The Company issued in excess of 4,30,000 policies in the year ended March 31st 2004 Total sum assured of over Rs. 8000 crores A premium income in excess of Rs. 980 crores In terms of distribution strength, the company has about 30,000 advisors & some 12 Banc assurance tie-ups

Awards:-

(1}India's Most Customer Responsive Insurance Company

Avaya Global Connect - Economic Times Customer Responsiveness Awards

(2) Most Trusted Private Life Insurer The Economic Times - A C Nielsen Survey of Most Trusted Brands 2003, 2004 and 2005

(3) Institute of Marketing & Management

IMM Award for Excellence

(4)

Best Life Insurer 2003

Outlook Money Awards 2003 & 2004

(5) Organization with Innovative HR Practices Indira Group of Institutes Organization with Innovative HR Practices Asia-Pacific H R Congress Awards for HR Excellence

Super brand 2003-04

(6)

Silver Effie for Effectiveness of the Retire from Work not life advertising campaign Effies 2003

Board of Directors

The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad. Mr. K.V. Kamath, Chairman Mr. Barry Stowe Mrs. Kalpana Morparia Mrs. Chanda Kochhar Mr. HT Phong Mr. M.P. Modi Mr. R Narayanan Mr. Keki Dadiseth Ms. Shikha Sharma, Managing Director Mr. N. S. Kannan, Executive Director

Mr. Bhargav Dasgupta, Executive Director

Management Team:The ICICI Prudential Life Insurance Company Limited Management team comprises reputed people from the finance industry both from India and abroad. Ms. Shikha Sharma, Mr. N. S. Kannan, Mr. Bhargav Dasgupta, Ms. Anita Pai, Mr. Azim Mithani, Mr. Puneet Nanda, Managing Director & CEO Executive Director Executive Director Chief Actuary Chief Investments Officer EVP Customer Service & Technology

VISION
To be the leading provider of financial services in India and a major global bank. To be the preferred brand for total financial and banking solutions for both corporates and individuals To be the dominant Life, Health and Pensions player built on trust by worldclass people and service. This we hope to achieve by: Understanding the needs of customers and offering them superior products and service . Leveraging technology to service customers quickly, efficiently and conveniently . Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders . Providing an enabling environment to foster growth and learning for our employees . And above all, building transparency in all our dealings. The success of the company will be founded in its unflinching commitment

to 5 core values -- Integrity, Customer First, 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.

MISSION
We will leverage our people, technology, speed and financial capital to: be the banker of first choice for our customers by delivering high quality, world-class products and services. expand the frontiers of our business globally. play a proactive role in the full realisation of Indias potential. maintain a healthy financial profile and diversify our earnings across businesses and geographies. maintain high standards of governance and ethics. contribute positively to the various countries and markets in which we operate. create value for our stakeholders Provide the social facilities to the society

MARKETING
Marketing deals with product. A product can be a good, service or an idea. Here as Icici prudential life insurance is an insurance company so the product here is SERVICE.

MARKETING OBJECTIVES OF ICICI PRUDENTIAL LIFE INSURANCE: The following are the marketing objectives of ICICI PRUDENTIAL LIFE INSURANCE

Focus on the productivity of each consultant, corporate or individual, while stressing on the quality of proposals Quick roll out of Products Efficiency of Operations Meet Social & Rural sector obligations Increase/improvement in all the key growth parameters

KEY GROWTH PARAMETERS:

Number of Financial Consultants

 Number of Policies Gross Premium Productivity - policies per month per consultant Physical points of presence

MARKETING MIX IN INSURANCE INDUSTRY (4 PS)

1. PRODUCT:

An Insurance company sells services and therefore services are their product. HDFC standard life insurance company faces a bigger challenge due to the unique nature of services provided by them. FUNCTIONALITY: ICICI prudential life insurance is one of the leading company offering insurance services to the users. Apart from offering life insurance policies, they also offer underwriting and consulting services along with it the assistance and advice of the agent, the prestige of the company and the facilities of claims and compensation. . STRATEGIES: ICICI prudential life insurance uses various strategies to market their services They try to offer same standardized services to all their customers e.g., a courier services They customize the service according to the needs of the customer: e.g., doctors, consultants, etc. BRAND: ICICI prudential life insurance also leverages on its brand name gained over the years. ICICIs brand name helps in differentiating its service and expressing brands rival brands. superiority over

It is natural that the customers expect a reasonable return for their investment and the insurance company wants to maximize their profitability. Hence, while deciding the product portfolio or the product-mix, the services or the schemes should be motivational. SERVICE (PRODUCT): ICICI prudential life insurance portfolio comprises solutions, which meet various customer needs such as Protection, Pension, Savings, Investment, and Health. The company currently has 25 retail and 6 group products in its portfolio, along with five optional rider benefits catering to the savings, investment, protection and retirement needs of customers. WARRANTY: These plans offer multiple advantages for the child, such as tax benefits and longterm financial security. The plan is an affordable means to ensure a childs security and, apart from the parents, it can also be chosen by the grand parents or other relatives of the child. However, its greatest strength is that company continues to make savings on your behalf, in your absence. The savings can be directed 100% towards your policy or 50% towards your policy and 50% will be available for the beneficiarys regular use until the original Maturity Date. The development of flexible products to suit individual requirements is what will differentiate the ICICI prudential life insurance from the other also-rans. 2. PRICING: In the ICICI prudential life insurance the pricing decisions are concerned with: i) The premium charged against the policies, ii) Interest charged for defaulting the payment of premium and credit facility, and iii) Commission charged for underwriting and consultancy activities. With a view of influencing the target market or prospects the formulation of pricing strategy becomes significant. In a developing country like India where the disposable income in the hands of prospects is low, the pricing decision also governs the transformation of potential policyholders into actual policyholders.

The strategies may be high or low pricing keeping in view the level or standard of customers or the policyholders. The pricing in ICICI prudential life insurance is in the form of premium rates. The three main factors used for determining the premium rates under a life insurance plan are mortality, expense and interest. The premium rates are revised if there are any significant changes in any of these factors.

Mortality (deaths in a particular area):

When deciding upon the pricing strategy the average rate of mortality is one of the main considerations. The Mortality Charge will apply on the Sum at Risk (SAR = Sum Assured less the Fund Value pertaining to regular premiums). It will be deducted by monthly cancellation of units from the accumulation unit account. The Mortality Charge shall remain guaranteed throughout the policy term.

Expenses:
The cost of processing, commission to agents, reinsurance companies as well as registration are all incorporated into the cost of installments and premium sum and forms the integral part of the pricing strategy.

Interest:
The rate of interest is one of the major factors which determines peoples willingness to invest in insurance. People would not be willing to put their funds to invest in insurance business if the interest rates provided by the banks or other financial instruments are much greater than the perceived returns from the insurance premiums. Price is a relevant differentiator only in two segments - pure term insurance and in pure annuities. Here too, service delivery and financial strength will need to be present at a minimum acceptable level for price to be a relevant differentiator. In case of savings oriented products, long term returns generated will be more relevant than just the price of the product.

A focus on generating good investment performance and keeping a tight control on costs will help in generating good long-term maturity value for customers. Norms have been laid down on all of these by IRDA and adhering to these while delivering good returns will be a challenge.

3. PLACE:
The Place Mix has two important dimension/ facets -i) ICICI PRUDENTIAL LIFE INSURANCE Managing the insurance personnel, and ii) Locating a branch i.e., No. of branch of ICICI located at different places

4. PROMOTION:
The insurance services depend on effective promotional measures. In a country like India, the rate of illiteracy is very high and the rural economy has dominance in the national economy. It is essential to have both personal and impersonal promotion strategies. In promoting insurance business, the agents and the rural career agents play an important role. Due attention should be given in selecting the promotional tools for agents and rural career agents and even for the branch managers and front line staff. They also have to be given proper training in order to create impulse buying. ICICI prudential life insurance follows personal and impersonal promotion strategies like

-- Organization of conferences and seminar, -- Competitions like 'Spell Bee-India Spells 2009 -- Exhibitions, -- Participation in fairs and festivals, -- Rural wall paintings and -- Publicity drive through the mobile -- Publicity van units That would be effective in creating the impulse buying and the rural prospects would be easily transformed into actual policyholders. To maintain the level of demand for product and to be activated considerably in the market ICICI has developed its market by using the above promotion strategies to make a Greater awareness of insurance and the need to have it as a protection tool rather than as a tax planning measure.

COMPETITORS

TATA AIG
Tata AIG Life Insurance Company Ltd. and Tata AIG General Insurance Company Ltd. (collectively "Tata AIG") are joint venture companies, formed from the Tata Group and American International Group, Inc. (AIG). Tata AIG combines the strength and integrity of the Tata Group with AIG's international expertise and financial strength. The Tata Group holds 74 per cent stake in the two insurance ventures while AIG holds the balance 26 per cent stake.

Tata AIG Life Insurance Company Ltd. provides insurance solutions to individuals and corporates. Tata AIG Life Insurance Company was licensed to operate in India on February 12, 2001 and started operations on April 1, 2001. Tata AIG Life offers a broad array of life insurance coverage to both individuals and groups, with various types of add-ons and options available on basic life products to give consumers flexibility and choice. The non-life insurance arm, Tata AIG General Insurance Company, which started its operations in India on January 22, 2001 offers the complete range of insurance for automobile, home, personal accident, travel, energy, marine, property and casualty, as well as several specialized financial lines.

THE AIG GROUP

American International Group, Inc. (AIG) is the world's leading international insurance and financial services organization, with operations in approximately 130 countries and jurisdictions.

AIG member companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In the United States, AIG is the largest underwriter of commercial and industrial insurance and is one of the top three life insurers. AIG's global businesses also include financial services, retirement savings and asset management. AIG's financial services businesses include aircraft leasing, financial products, trading and market making. AIG's growing global consumer finance business is led in the United States by American General Finance. AIG also has one of the largest U.S. retirement savings businesses through AIG SunAmerica and AIG VALIC, and is a leader in asset management for the individual and institutional markets, with specialized investment management capabilities in equities, fixed income, alternative investments and real estate. AIG's common stock is listed in the New York Stock Exchange, as well as the stock exchanges in London, Paris, Switzerland and Tokyo.

Products: 1. CHILDREN PLANS

2. ADULT PLANS 3. RETIREMENT PLANS 4. LIFE PLANS

CHILDREN PLANS
a. ASSURE EDUCARE b. ASSURE CAREER BUILDER c. MAHALIFE GOLD d. ASSURE 21YEARS MONEY SAVER

ADULT PLANS
a. TATA AIG INVEST ASSURE b. ASSURE LIFELINE c. LIFEPLUS

d. ASSURE 21YEARS MONEY SAVER e. ASSURE SECURITY AND GROWTH f. TATA AIG HEALTH FIRST g. MAHALIFE GOLD

RETIREMENT PLANS
a. ASSURE GOLDEN YEARS b. MAHALIFE GOLD c. NIRVANA d. NIRVANA PLUS

BIRLA SUN
Birla Sun Life Insurance is the coming together of the Aditya Birla group and Sun Life Financial of Canada to enter the Indian insurance sector. The Aditya Birla Group, a multinational conglomerate has over 75 business units in India and overseas with operations in Canada, USA, UK, Thailand, Indonesia, Philippines, Malaysia and Egypt to name a few. Birla Sun Life Insurance Company Limited is a joint venture between The Aditya Birla Group, one of the largest business houses in India and Sun Life Financial Inc., a leading international financial services organization. The local knowledge of the Aditya Birla Group, coupled with the expertise of Sun Life Financial Inc., offers a formidable for your future.

Aditya Birla Group

The Aditya Birla Group is India's first truly multinational corporation. Global in vision, rooted in Indian values, the Group is driven by a performance ethic pegged on value creation for its multiple stakeholders. A US$ 7.59 billion conglomerate, with a market capitalization of US$ 7 billion, it is

anchored by an extraordinary force of 72,000 employees belonging to over 20 different nationalities. Over 30 per cent of its revenues flow from its operations across the world. The Group's products and services offer distinctive customer solutions. Its 66 state-of-the-art manufacturing units and sectoral services span India, Thailand, Indonesia, Malaysia, Philippines, Egypt, Canada, Australia and China. A premium conglomerate, the Aditya Birla Group is a dominant player in all of the sectors in which it operates. Such as viscose staple fibre, non-ferrous metals, cement, viscose filament yarn, branded apparel, carbon black, chemicals, fertilisers, sponge iron, insulators and financial services. It is: The world no. 1 in viscose staple fiber The world's largest single location palm oil producer Asia's largest integrated aluminum producer A globally competitive, fast-growing copper producer The world's third largest producer of insulators Globally, the fourth largest producer of carbon black The world's eighth largest producer of cement, and the largest in a single geography India's premier branded garments player Among India's most energy efficient private sector fertilizer plants India's second largest producer of viscose filament yarn The no. 2 private sector insurance company, and the fourth largest asset management company in India The Group has also made successful forays into the IT and BPO sectors.

Sun Life Financial

Sun Life Financial is a leading international financial services organization. With a history that dates back to 1871, Sun Life Financial has evolved from a single mutual life insurance to one of the most highly rated insurance and wealth management institutions in the world. Sun Life

Financial knows its value lies in more than assets and history. It also lies in the culture of integrity and the pursuit of excellence that have marked all of the organizations endeavors. Today, the Sun Life Financial Group of companies and partners are represented globally in Canada, the United States, the Philippines, Japan, Indonesia, India and Bermuda.

Boundless Expansion
In March of 2000, Sun Life Financial Services of Canada, Inc., Sun Life Financials parent company, listed its shares on stock markets in Toronto, New York, London and the Philippines. This new access to shareholder equity provides Sun Life Financial with even greater opportunities to grow around the world.

Innovation
The Sun Life Financial group of companies around the world, offer innovative and practical financial solutions to individuals and corporations.

Products:
1. PRIME LIFE

2.LIFE COMPANION 3.FLEXI LIFE LINE PLAN 4.FLEXI CASH FLOW MONEY BACK PLAN 5.FLEXI SAVE PLUS ENDOWMENT PLAN 6. FLEXI SECURELIFE RETIREMENT PLAN 7. CLASSIC LIFE 8. CLASSIC LIFE PREMIER 9. BIRLA SUN LIFE TERM PLAN 10. SINGLE PREMIUM BOND 11. PREMIUM BACK TERM PLAN 12. FLEXI LONG TERM SAVINGS 13. FLEXI ACCESS MONEY

14. WOMAN FIRST PLAN 15. MY CHILD PLAN 16.BIMA KAVACH YOJANA

SWOT ANALYSIS

STRENGTHS OF ICICI PRU LIFE

o A strong backup by two giant organizations, ICICI is Indias premier financial institution. And Prudential Life Insurance, which is UKs largest and worlds second largest Life Insurance organization o ICICI Pru Life offers a wide range of insurance policies covering all types of income groups. o The organization offers maximum number of riders / Add On benefits along with the insurance policies o ICICI Pru offers triple cover in case of accidental death in mass surface public transport. o Only ICICI Pru Life offers major surgical benefit rider. o Under savings plan or money back, ICICI Pru Life is the only company to offer 120 % as surgical benefit. o In case of money back or savings plan, liquidity is maximized at ICICI Prudential Life at an interval of 3 years for 15 years term. o ICICI Pru offers accidental death, disability benefit and waiver of premium into one rider. o Most competitive premium rates of base plan and riders are that of ICICI pru Life. o Under Term Assurance, ICICI Pru Life has no maximum limit on Sum Assured which is not offered by any other existing insurer. o Under single premium policies, in case of death, ICICI Pru Life offers a death benefit of 25 % addition to the face amount.

WEAKNESSES OF ICICI PRU LIFE

o ICICI Pru Life does not offer a critical illness rider, i.e. the policy continues even after claim to the full face amount. This rider is only offered by HDFC Standard Life Insurance Company.

o Only Max New York Life offers COMA, Multiple Sclerosis in critical illness rider. o LIC charges Re. 1 per thousand for accidental death, disability benefit and waiver of premium rider, but ICICI Pru Life charges Rs. 1.35 per thousand for the same. o ICICI Pru Life does not offer competitive group insurance policies. o ICICI Pru does not offer minimum S.A. of Rs. 50,000 as offered by LIC in case of Term Assurance.

OPPORTUNITIES FOR ICICI PRU LIFE

o Change in business cycles contributes as an opportunity for the company because it offers various policies suitable in different economic scenarios. o Large size of untapped population is also an opportunity for ICICI Pru Life. o Change in life style and perception in favor of Life insurance is another opportunity for ICICI Pru Life. o Increased awareness among people regarding benefits of life insurance also contributes to the opportunities of the company. o Continuous improvement in technology is an opportunity for the organization. o Lower inflation rate is also an opportunity for ICICI Pru Life.

THREATS TO ICICI PRU LIFE

o Reducing interest rates for government securities also poses a threat to the organization. o Competition posed by the existing life insurers and new entrants is also a threat to the company.

A fast technological obsolescence is another threat posed by the organization

CHAPTER 2

OBJECTIVES OF STUDY

:-To study the sales and distribution channel of insurance industry. :-Analyze the consumer behavior, response and mindset towards the product and services the company offers. :-To compare the various products the company offers. :-Market share of various Life Insurance companies :-Role of regulatory body :-Future scope :-Development of business development strategies.

LIMITATIONS OF STUDY

:-The major limitation faced is the time constraint. The time span of 8-10 weeks is too short for understanding the Industry as a whole and make Business strategies. :-The other limitation is the cost factor. :-The probability of biasness cannot be ignored. :-Scope of this project is limited to Delhi and cannot be generalized for the whole of India.

SCOPE OF STUDY
This section brings forth the future of this industry with regards to Increase in the FDI limit for foreign players in Life Insurance Industry. It also brings forth an overview about the next big opportunity for Insurance in India, which is Rural India.

FDI in Insurance Sector

The government of India is planning to increase the equity limit for foreign direct investment from the current 26 per cent to 49 per cent in the insurance sector. Indian insurance companies have been pushing for the FDI limit to be raised. The current paid-up requirement of Rs 2 billion for life insurance companies have become difficult targets to achieve for the companies. The companies feel that injection of additional foreign equity would reduce their costs. The sector was liberalized for private players towards the end of 1999. Currently, there are 14 insurance companies, including the key public sector company Life Insurance Corporation in the life insurance sector The Finance Minister has commended on the growth in the insurance sector, although in this budget 2006-2007 there was no mention of the steps being taken for increasing FDI in insurance sector. There is a dire need to attract more foreign capital in the sector. However it seems that the Union Finance Ministry is looking at proposals to de-link the FDI limit from the Insurance Act, when it is amended. This move would empower any future government to increase the FDI limit through an executive order without taking the issue to the Parliament.

The growth of the Indian insurance sector is critical from the aspect of a social security measure. Fresh Foreign Direct Investment (FDI) is required to fuel this and to ensure that customers in India get access to world-class products, which the foreign partners bring into India. The increase in FDI will give the Indian insurance industry the necessary capital infusion required for its development. Many top management individuals are hoping that the government keeps its promise of increasing the FDI and all political parties look at the FDI limit in an overall perspective and encourage the growth of the insurance industry in the country. In insurance the proposal is to raise FDI to only 49%, so the majority control still remains with the Indian partners. Insurance is a capital-intensive industry. It also has a long-gestation business. Indias insurance industry needs capital, and a major source of capital would be from foreign investors, who are now limited to 26 percent ownership. India needs to raise the cap on Foreign Direct Investment (FDI) to attract capital for the industry. Once the gates for FDI are opened up, the private insurance companies would not only get fresh blood from its infusion but it can also look forward by working on the principle of economies of scale. Except for Max New York Life no other Private Life Insurance company has managed to breakeven. As has been discussed above that Insurance industry is a capital intensive industry, needs very high cost to expand so later an organization break even the better it is for them. As the cost incurred initially would help an organization to remain profitable in the long run.

Rural Market: an Opportunity

Rural India seems to have an appetite for mobile phones, computers, and cars and to add to it we have insurance. In India with the private players having entered into the insurance industry, the expected explosion in job opportunities may not actually happen but for them the catchments area is the opportunities in the rural India. In India the insurance business can be said to be "a marathon, not a sprint". This is because of the nature of the business being long term. With merely five years of the industry being opened, not surprisingly, the new comers are making losses. The public sector companies, notably the LIC, have gained in strength, thanks to the deepening of the market consequent to the awareness created by the new companies. However this does not

deterred the private sector, which knows know that the race is a marathon, not a sprint. However it seems that they if not anything, are only increasing their spending, though only out of the capital. Today, there are 14 Life Insurance companies in India excluding the PSU. If the Insurance companies go more and more rural in search of business, there will be opportunities in the rural sector. Those who understand rural India better will be in demand. The rural consumer is now exhibiting an increasing propensity for insurance products. A research conducted exhibited that the rural consumers are willing to dole out anything between Rs 3,500 and Rs 29,000 as premium each year. In the insurance the awareness level for life insurance is the highest in rural India, but the consumers are also aware about motor, accidents and cattle insurance. In a study conducted by MART the results showed that nearly one third said that they had purchased some kind of insurance with the maximum penetration skewed in favor of life insurance. The study also pointed out the private companies have huge task to play in creating awareness and credibility among the rural populace. The perceived benefits of buying a life policy range from security of income bulk return in future, daughter's marriage, children's education and good return on savings, in that order, the study adds. Insurance Regulatory and Development Authority (IRDA) have set stiff rural targets for insurance companies. For the life sector, in the first year, 5 per cent of the total policies written should come from the rural sector. This will go up to 15 per cent in five years. Similarly are the targets for the non-life sector and these targets are also expected to go up in some time to come. As of now companies are just concentrating on getting the minimum business and then concentrate on more lucrative avenues. Selling rural plans to suit the needs of villagers doesnt help company in making its cash register ringing compared to ULIP plans which is gain and gain for the organization. Initially getting revenue from the rural areas is a challenge as there is a lack of infrastructure in place. None of the Private Life insurance companies has had break-even even though its more then 5years since coming into inception. Its all because if the initial cost being on the higher side. Setting up infrastructure in these rural villages only put the pressure on the cost rather than helping in amassing revenue. And also for the fact that its a service industry and involves continuous interaction between the advisor and the policy holder. No point selling policies without proper infrastructure in place.

However with government determined to increase compulsory business from rural sector, investment in infrastructure setup in rural areas is not far off. Someone rightly said about the rural Life Insurance that its a marathon rather than a sprint. So have a long vision rather that being short sighted.

DATA ANALYSIS
DATA Analysis indicates the importance of political, economical, social and technological influence on the organizations, and providing clues to the questions: What environmental factors are affecting the organization? Which of these have significant affect at the present time?

POLITICAL INFLUENCE
Monopolies: Before opening up of insurance sector, LIC had a monopoly in the Life Insurance Industry. After privatization of Insurance sector in 1999 many insurance companies have jumped into the fray, viz; ICICI Prudential Life Insurance Company, Birla Sun Life, Max New York Life, etc. This has posed a threat to the monopoly of LIC. Foreign Trade Regulation: According to the IRDA Act 1999, foreign capital is encouraged in the insurance sector. A foreign partner can hold a minimum of 26 % in a joint venture. Therefore, Prudential Life Insurance (a UK based organization) has formed a JV with ICICI, which led to the incorporation of ICICI Prudential Life Insurance Company.

ECONOMIC INFLUENCE
Business Cycles: During the recession period, people tend to invest their funds in the debt market because it provides security of funds and suitable returns. In consideration to this ICICI Pru Life provides certain policies like Life-Time and Life-Link, through which one can invest in debt funds and earn suitable returns but can also get ones life insured at a minimal cost. Interest rates: As per the guidelines of IRDA, all the Life Insurance organizations have to deploy 50 % of their premium collected in government securities. Therefore, if the interest

rates are reduced, the income of the organization will also reduce ultimately leading to lower business generation. Disposable income: In the current scenario people have less disposable income in their hands? Therefore, it poses a threat to the organization to canvass people and generate more business. Inflation: Since the rate of inflation is low , ICICI Pru Life is charging premium at a very low and competitive rate .

SOCIO CULTURAL INFLUENCE

Population Demographic: Due to vast potential available to the organization, of a large size population, this factor contributes as an opportunity to ICICI Pru Life. Moreover only 10 % of the population has been tapped by the existing players. Income Distribution: ICICI Pru Life is offering various types of policies for different income groups viz Safe Guard is a policy which provides high risk coverage of life at a very nominal rate of premium, for people belonging to the low income group. Save n Protect is a policy which comes under savings plan providing suitable returns, for people belonging to the higher income group. Life style Changes: Now the standard of living of the Indian population has been improved. Therefore, in order to maintain these standards, people dont want to take risk of losing such standards due to death of earning member in the family and increasingly shifting to the Insurance covers. Consumerism: Due to the wider choice available to the consumers because of entry of new players in the insurance sector, this factor proves to be beneficial for the consumers. Level of Education: The private insurers have contributed a lot in educating the general public regarding benefits of Life insurance leading to improved awareness for insurance. The effect of which has been an increase in the growth of insurance business in general.

TECHNOLOGICAL INFLUENCE
Audio and Video Conferencing: With the development of sophisticated and advanced technologies ICICI Pru Life will be able to make use of facilities like audio and video conferencing for faster information sharing and decision making at a much lower cost.

Internet: Internet contributes as an efficient and effective tool for communication with the facilities like e mail etc. In addition to this, the organization also utilizes it for advertising purposes.

ANALYSIS Consumer behavior

The aim of marketing is to meet and satisfy target customers needs and wants. The field of consumer behavior studies how individual groups and organizations select, buy, use, dispose of goods, services, ideas and experiences to satisfy their needs and desires. Understanding consumer behavior is never simple. Customers may see one thing but do another. They may not be in touch with their deeper motivations. They may respond to influences that change their mind at the last minute. Sometimes huge companies stand to gain from understanding the needs of the customers and sometimes they fail. Success would be of only those companies who understand needs better. In this part of the project I have tried to put some light on buying pattern of consumer in the financial market.

To understand the consumer behavior a set methodology was followed which included: 1Direct interviews 2Questionnaire Based on the responses to those questions and open thoughts during direct interaction cum interviews helped me in analyzing the behavior and factors that triggers the investment. Results have thus been helpful in positioning a particular product based on age, social status and requirement. Questionnaire has been attached in the appendix section along with the analysis of responses received. For long Life Insurance has just been taken a tool of tax savings rather than a security and investment product. It started of with endowment plans, which required individuals to pay for a period of 15-20 years. It was more of an obligation and compulsion rather than a flexible solution for an individual needs. With the liberalization came the private Life Insurance Companies and with them came the innovation which aimed at providing need based solution rather than a rigid solution. Compared to older plans private companies gave consumer the more flexible product with no compulsion after three years and also the facility of withdrawal which LIC offered after the expiry of around 15-20 yrs. Based on the responses the following points came to light; 1Age factor

The Younger an individual, the higher would be his appetite for taking risk so he would
prefer an investment in equity rather than a mutual funds and government bonds. With an individual getting no younger his responsibilities also tends to grow, now whether its related to marriage or the responsibility of parents and children. These responsibilities only increases rather than seeing a downtrend. A graph below would help us understanding the responsibility of an individual better.

L b yC r e ia ilit u v
H U IN OS G K S ID R A IA E MR G C IL R N H DE E U A IO D CT N C IL R N H DE M R IA E AR G S S

L B I IE IA ILT S
CLE E OLG B T IR H

R T E ET E IR M N

A E G

As one grows older touching retirements then his needs and desires changes his requirement for different funds or avenues for investment also changes. At the age of 55 to 60 an individual demands more of a security and regular returns in the form of pension. 2Forms of Investment Based on the responses from 80 respondents it can be clearly seen that 25% of the respondents have an appetite for taking higher risk as they want to invest in equities and IPOs and be a part of the stock market directly. 38% of the respondents however feel the need to diversify the risk and invest directly into mutual funds and then there are 31% of the respondents also feel the importance of insurance in ones portfolio of investment. Though the question did not contain exhaustive list but just about everything that people invest in. 3Purpose of Investment Most of the individual responded that whenever they think of investment, its because of tax savings and more than 48% of individual take Life Insurance for availing exemption u/s 80 C. though then there are also that school of thought who believes that long term gain is also good as it gives them a feeling of security. 4Medium of Reliability Nearly two-fifth of the respondents believed that they would be influenced by corporate agent and broker, and the trust on individual broker is sliding down. Here is an opportunity for company to concentrate on and reap good benefits. Though around 70% of the business comes from the tied agency but group and alternate channel including corporate channel presents a good opportunity. Media and peer pressure also plays an important role in guiding individual to finally

making an investment. Wouldnt we all drink boost just because Sachin Tendulkar drinks it. The answer lies in the question itself. Its the promotion which plays an important role and ICICI Prudential has been on its toes. We all are aware of the advertisement Chintamani and retirement solutions made easy. Arent we ? 5Confidence of the Investment

Nearly three fourth of Individuals are happy and content with the decision that they have
made. This also includes people who are not even bothered as it is just any other investment for them. Some people make an investment and are not even concerned whether it is fetching good returns. While there is a school of thought which believe it is very important to keep a regular watch over your investment. This school of thought includes people who have suffered during Harshad Mehta scam of 1992 and Ketan Parekh.

IMPACT OF BUDGET ON INSURANCE

The impact of this Budget on the insurance industry will be felt positively in the realm of Pension plans and Group Superannuation funds. This years budget has taken a positive step towards rationalizing tax-benefits on life insurance products. It has also put a smile on individuals planning for retirement. The budget has enhanced the overall Section 80CCC limit available on pension plans. In layman language, what it means is that individuals can now contribute up to Rs 100,000 towards premiums paid annually for pension / retirement plans. With this move, Section 80C (which is inclusive of Section 80CCC) offers a lot more flexibility to the individual. He can now take life insurance plans and/or pension plans in line with his needs without worrying about the restrictive limits for the purpose of claiming tax benefits. In our view, there was a crying need for enhancing the pension plan Section 80CCC limit to promote retirement planning. Till date, individuals were given benefits only to the extent of Rs 10,000 for investments in pension plans.

Fixed deposits with a lock-in period of more than 5 years have also been roped into the limit of Rs 1, 00,000 which is exempted u/s 80C. This also takes away the share of the Life insurance which people used to look as the first priority for saving on the taxes.

EEE (exempt, exempt, exempt) to continue

As things stand today, the exempt-exempt-exempt (EEE) regime of taxation holds good. This regime is applicable to tax-saving instruments that fall under the Section 80C. With respect to life insurance products, an individual is eligible for tax exemption based on the premium paid; similarly the maturity proceeds are also exempt from tax in most cases. In the last years budget, the finance minister spoke of moving towards an EET (exempt-exempttax) regime. Under the proposed EET structure individuals would have to pay a tax on the maturity proceeds. We expect EET to be introduced in a phased manner as against a one-time full and final introduction. This is because as yet there is much uncertainty with regards to the tax treatment on insurance products in the proposed EET structure. Moreover, we are not sure how well-geared the system is to implement the EET regime for the various investment avenues.

Market share of various Private Players Operating in the Market

Private and foreign players entered the Indian insurance market in 1999 after the reforms were initiated. Innovative products, smart marketing, and aggressive distribution have enabled fledgling private insurance companies to sign up Indian customers faster than anyone expected. Their entry ushered in new competition and improved the service quality offered to the customer. With awareness increasing, customer expectations also increased. New distribution channels and innovative promotional strategies also evolved because of the increased competition. All these led to the development of the insurance industry and expanded the market in India. Indians, who had always seen life insurance as a tax saving device, are now suddenly turning to the private sector and snapping up the new innovative products on offer. In INDIA there are a total of 14 Life Insurance Companies operating in India including the mammoth LIC. Listed below is the list of operators. o Birla Sun-Life Insurance Company Limited o Allianz Bajaj Life Insurance Company Limited

o HDFC Standard Life Insurance Company Limited o ICICI Prudential Life Insurance Company Limited o ING Vysya Life Insurance Company Limited o Max New York Life Insurance Company Limited o MetLife Insurance Company Limited o OM Kotak Mahindra Life Insurance Company Limited o SBI Life Insurance Company Limited o TATA AIG Life Insurance Company Limited o Reliance Life Insurance Company Limited o AVIVA Life Insurance Company Limited o SAHARA Life Insurance Company Limited o LIFE Insurance Corporation of India

M arket sh are o f life in su ran ce in d u stry

20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 0 SBI Life HDFC Standard Birla Sunlife Bajaj Allianz ICICI Prudential LIC

Hundreds

S eries 1

The above graph gives the overview of the break up of revenue of the major players in the Life Insurance market. This data corresponds to the revenue up till period ending February 2006. Market share of the huge colossal company LIC have been slowly and slowly declining with the entry of private life insurance companies. It had at one time monopoly in Life Insurance sector; however it has come down to 72.40% for the period ending February 2006 and ICICI Prudential has been the undisputed number one in private life insurance company. Lately IPRU has been

facing stiff competition from BAJAJ Allianz who have been increasing their market share very rapidly mainly on the back of one time investment.

P em mC r iu ollectedincrtill F 2006 L vs P p eb IC vt. layer s

2 ,0 0 0 0 1 ,0 0 8 0 1 ,0 0 6 0 1 ,0 0 4 0 1 ,0 0 2 0 1 ,0 0 0 0 8 0 ,0 0 6 0 ,0 0 4 0 ,0 0 2 0 ,0 0 0 LC I All 1 P P ye 4 vt. la rs 7 5 ,4 1 Prem mC iu ollected in cr 1 ,8 4 8 3

Even now it would childish to say that these private insurance companies are in direct competition to LIC. These companies are just competing within themselves and are penetrating into areas which have not been touched upon. By competing between themselves they are eating away the share of LIC. Though people might say that the giant is sleeping but again it would be foolish to say it as it is also very aggressive. Its the rural village that they have huge market. Life Insurance in rural villages still represents LIC as cricket with Sachin Tendulkar. In Urban and semi urban areas that LIC is loosing big time and thats what private companies are playing on. Lets look at the market share of the private insurance companies excluding the revenue from LIC. Market share of private insurance companies
250,000 200,000 150,000 100,000 50,000 0 1 Bajaj Allianz ING Vysya SBI Life Tata AIG HDFC Standard Kotak Mahindra Old Mutual Birla Sunlife Aviva ICICI Prudential Max New York Reliance Life Met Life sahara

Graphical presentation of the private Life Insurance sector indicates that it is being dominated by two major players ICICI Prudential and Bajaj Allianz who are fighting for the market share. Bajaj Allianz has caught IPRU on the wrong foot with upsurge in single premium policies collecting a huge Rs 1128.00 crores amount of revenue compared to IPRU which has amassed just Rs 80 crores. While IPRU was concentrating on renewal premium policies Bajaj Allianz was concentrating on one time investment which proved to be easy to sell in the market. These two companies account for around 53% of the total revenue and rest of it being shared by rest 11 players. Shriram Life has too meager share to be considered having a good market share. The other major players would be HDFC Standard life, Birla Sunlife and SBI Life. All of these companies are vying for the same market share. With penetration still at the very lower level every company has a lot to show in terms of the potential. For increasing the market share companies need to continuously innovate with the product and provide a personal touch to the customer and thus building a long term relation rather that temporary relationship. Overview given above pertains to the data till February 2007. In the month of March 2007 IPRU launched a new product under a one time umbrella Life Link Super. This product has helped company amass Rs120 crores when the company was just expecting Rs100 crores. This last weapon has again made ICICI Prudential occupy the Number one slot in the Private Life Insurance Industry. This industry is more about who innovates, one who does that reap good benefits.

FINANCIAL STATEMENT STOCK EXCHANGE

ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE). Lists of Exchanges Bangalore Stock Exchange Ltd. Calcutta Stock Exchange Association Ltd. Cochin Stock Exchange Ltd Delhi Stock Exchange Assoc. Ltd Inter-connected Stock Exchange of India Ludhiana Stock Exchange Assoc. Ltd. Madras Stock Exchange Ltd., National Stock Exchange of India Ltd. Over The Counter Exchange Of India Ltd The Stock Exchan of Mumbai assoc Ltd Uttar Pradesh Exchange Assoc Ltd.

Profit loss account

Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 Income Operating income Expenses 38,250.39 39,467.92 28,457.13 17,517.83 11,838.10

Material consumed Manufacturing expenses Personnel expenses Selling expenses Adminstrative expenses Expenses capitalised

Mar ' 09 1,971.70 669.21 7,475.63 -

Mar ' 08 2,078.90 1,750.60 6,447.32 -

Mar ' 07 1,616.75 1,741.63 4,946.69 -

Mar ' 06 1,082.29 840.98 2,727.18 -

Mar ' 05 737.41 601.71 1,248.31 2,587.43 2,679.78 448.46 3,128.25 6,570.89 590.36 2,537.88 522.00 2,007.28 -2.08 2,005.20 2,058.29 632.96 90.10 1,335.22

Cost of sales Operating profit Other recurring income Adjusted PBDIT Financial expenses Depreciation Other write offs Adjusted PBT Tax charges Adjusted PAT Non recurring items Other non cash adjustments Reported net profit Earnigs before appropriation Equity dividend Preference dividend Dividend tax Retained earnings

10,116.54 5,407.91 330.64 5,738.55 22,725.93 678.60 5,059.96 1,830.51 3,740.62 17.51 -0.58 3,757.55 6,193.87 1,224.58 151.21 4,818.07

10,276.82 5,706.85 65.58 5,772.43 23,484.24 578.35 5,194.08 1,611.73 4,092.12 65.61 4,157.73 5,156.00 1,227.70 149.67 3,778.63

8,305.07 3,793.56 309.17 4,102.73 16,358.50 544.78 3,557.95 984.25 2,995.00 115.22 3,110.22 3,403.66 901.17 153.10 2,349.39

4,650.45 3,269.94 466.02 3,735.96 9,597.45 623.79 3,112.17 556.53 2,532.95 7.12 2,540.07 2,728.30 759.33 106.50 1,862.46

Balance sheet
Mar ' 09 Sources of funds Owner's fund Equity share capital Share application money Preference share capital Reserves & surplus Loan funds Secured loans Unsecured loans Total Uses of funds Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05

1,113.29 350.00 48,419.73

1,112.68 350.00 45,357.53

899.34 350.00 23,413.92

889.83 350.00 21,316.16

736.75 0.02 350.00 11,813.20

2,18,347.82 2,44,431.05 2,30,510.19 1,65,083.17 99,818.78 2,68,230.84 2,91,251.26 2,55,173.45 1,87,639.16 1,12,718.75

Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 Fixed assets Gross block 7,443.71 7,036.00 6,298.56 5,968.57 5,525.65 Less : revaluation reserve Less : accumulated depreciation 3,642.09 2,927.11 2,375.14 1,987.85 1,487.61 Net block 3,801.62 4,108.90 3,923.42 3,980.71 4,038.04 Capital work-in-progress 189.66 147.94 96.30 Investments 1,03,058.31 1,11,454.34 91,257.84 71,547.39 50,487.35 Net current assets Current assets, loans & advances 34,384.06 31,129.77 23,551.85 15,642.79 11,115.99 Less : current liabilities & 43,746.43 42,895.38 38,228.64 25,227.88 21,396.16 provisions Total net current assets -9,362.37 -11,765.62 -14,676.78 -9,585.09 -10,280.17 Miscellaneous expenses not written Total 97,497.56 1,03,797.62 80,694.15 66,090.96 44,341.52 Notes: Book value of unquoted investments Market value of quoted investments Contingent liabilities 8,40,670.63 4,01,114.91 1,99,771.41 1,34,920.99 1,07,311.46 Number of equity 11126.87 11126.87 8992.67 8898.24 7367.16 sharesoutstanding (Lacs)

Ratios
Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 Per share ratios Adjusted EPS (Rs) Adjusted cash EPS (Rs) Reported EPS (Rs) Reported cash EPS (Rs) Dividend per share Operating profit per share (Rs) Book value (excl rev res) per share (Rs) Book value (incl rev res) per share (Rs.) Net operating income per share (Rs) Free reserves per share (Rs) Profitability ratios Operating margin (%) Gross profit margin (%) Net profit margin (%) 33.62 39.72 33.78 39.87 11.00 48.60 445.17 445.17 343.77 351.22 14.13 12.36 9.74 36.78 41.97 37.37 42.56 11.00 51.29 417.64 417.64 354.71 346.21 14.45 12.99 10.51 33.30 39.36 34.59 40.64 10.00 42.19 270.37 270.37 316.45 199.52 13.33 11.41 10.81 28.47 35.48 28.55 35.56 8.50 36.75 249.55 249.55 196.87 193.24 18.66 15.10 14.12 27.25 35.26 27.22 35.23 8.50 36.37 170.35 170.35 160.69 110.70 22.63 17.64 16.32

Adjusted cash margin (%) Adjusted return on net worth (%) Reported return on net worth (%) Return on long term funds (%) Leverage ratios Long term debt / Equity Total debt/equity Owners fund as % of total source Fixed assets turnover ratio Liquidity ratios Current ratio Current ratio (inc. st loans) Quick ratio Inventory turnover ratio Payout ratios Dividend payout ratio (net profit) Dividend payout ratio (cash profit) Earning retention ratio Cash earnings retention ratio Coverage ratios Adjusted cash flow time total debt Financial charges coverage ratio Fin. charges cov.ratio (post tax) Component ratios Material cost component (% earnings) Selling cost Component Exports as percent of total sales Import comp. in raw mat. consumed Long term assets / total Assets Bonus component in equity capital (%)

Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 11.45 11.81 12.30 17.55 21.14 7.55 8.80 12.31 11.40 15.99 7.58 8.94 12.79 11.43 15.97 56.72 62.34 82.46 56.24 70.54 0.01 4.42 18.46 5.14 0.78 0.13 5.94 36.60 31.00 63.23 68.87 49.41 1.25 1.20 1.74 0.75 0.01 5.27 15.95 5.61 0.72 0.10 6.42 33.12 29.08 66.35 70.51 52.34 1.25 1.20 4.43 0.78 0.01 9.50 9.52 4.52 0.61 0.08 6.04 33.89 28.84 64.80 70.22 65.12 1.25 1.22 6.12 0.80 0.01 7.45 11.83 2.94 0.62 0.08 6.64 34.08 27.36 65.82 72.58 52.30 1.39 1.33 4.80 0.82 0.02 7.98 11.13 2.14 0.51 0.09 4.98 36.05 27.85 63.98 72.17 38.43 1.48 1.40 5.08 0.83 -

CHAPTER 5 FINDINGS
80% of the respondents have bought a life insurance policy from ICICI Prudential Life Insurance Company Ltd. ICICI Prudentials Life Time, Retirement Solutions and Smart Kid are the most preferred policies among all types of policies of the company 63% of the respondents have a High level of satisfaction for the policy service and all of the respondents are satisfied with the existing features of their life insurance policy Life Risk cover is the main criterion for buying a Life Insurance policy followed by benefit of income tax rebate Majority of the respondents have implicit faith in Private Life Insurance companies as they believe they are trustworthy 90% of the policy holders opined that the prices of policies of Private Life Insurance companies are affordable The most important guidance/service expected from a Life Insurance advisor is the

thorough and detailed explanation of policy features All the respondents (100%) are aware of ICICI Prudential their main source of awareness being Life Insurance advisors and advertisements

CHAPTER-6 RECOMMENDATIONS & CONCLUSIONS

RECOMMENDATION
Companys sale executives should have constant touch with the financial advisor in customers to get the direct information about the latest market development. The company should advertise more through print media and television media. This can be costly for them, but it helps to increase the awareness of the company. Company should open more branches in Delhi and other regions especially rural areas. Product and policies of the company should me more customer centric and flexible. Commission rates for the advisor should be increased. Bonuses should be provided to the customer within time. The company should offer higher margin to the dealers to motivate them. The company should offer higher margin to the dealers to motivate them.

The company should increase its producr range and include some new and innovative products. Company should keep pace wih the changing taste of customers. The company should go for strategy. more aggressive marketing.

CONCLUSIONS
There are many areas that company can look for an opportunity to make its cash register ringing. This world presents the opportunity for those who have acumen for risk and also for finding the right time to make innovation. After all its all about providing service with a little differentiation and being a little creative. So below are the listed areas that ICICI Pru needs to focus on to consolidate its second position in the insurance industry and then start it from there to topple the public sector giant in insurance sector, the LIC.

1. GROUP INSURANCE
In this regard the group insurance business would be a dynamic form of enlarging the scope. While this form of business has been showing trends over the years, it has still not taken off in a desirable way. In most cases, it has been found that it has been a case of harnessing the corporate associate of the insurance firms. But if group insurance is to be promoted as a dynamic tool, one should look beyond the corporate relationships. There should be a greater thrust in this area, and wherever required, the availability of reinsurance should be ensured so that larger groups can be covered. This would be a very viable form of spreading the domain of insurance in a market where the orientation of the masses is not very high. Just to bring the facts on the table ICICI Pru gets only 2% of the revenue from this segment where as when we compare this with the global insurance which collects 25% of their revenue from this sector, ICICI Pru figure stands minimal.

2. UPSURGE IN SINGLE PREMIUM

Another interesting feature that has been observed recently has been the sudden rise in the quantum sales with regard to sales of the single premium policies, which are all associated with the investment in the market. For example the business of the largest life insurer in the country was around 25%. Similarly these figures of private players like ICICI Pru have gone up rapidly. This presents a wonderful opportunity for the players and come up the ranks in direct competition with the insurance major, LIC. This presents an opportunity in the current scenario when equity markets are at high and returns generated by the funds are very high. Single premium policy by the investor is being seen as a good investment as they feel a sense of security along with the prospect of higher returns. Another area that is worth thinking about is that this investment is good for business class and people at the management level. So these kinds of policies are in the market to counter Mutual Funds which sells like hot cakes. To get a share of pie this segment, single premium policies were launched by the various Life Insurance companies.

3.PENSION MARKET
One area where a great deal needs to be done is the pension and the annuity sector. It is here that general psychology of the masses comes into play. For long the average Indian has been interested in tangible benefits and that too getting then at the earliest. In this situation the pension products are not very appealing unless they are attached to employment condition. Thus there is a huge potential in this sector as all the jobs in this world are not linked to pension for life. Insurers have an opportunity here to market this product aggressively and they also have to be a very imaginative in their publicity campaigns and thus capturing this segment of the market. In the long run, it would also facilitate the older generation in their attempt o be a reduced burden on their young ones.

4. CUSTOMER RELATIONSHIP MANAGEMENT

CRM principally revolves around marketing. It involves integrating information gathered from all distribution channels and analyzing the data with the help of information technology to understand the consumer behavior. The continuous analysis and improvement over a period should result in enhancing customers life time value with the firm. The insurance sector remains a very competitive market and those companies that are able to best utilize their data and provide their

customer with the most personalized options will have the distinct competitive advantage. The insurers that come up to the top will be those who leverage the appropriate technology solutions effectively in order to foster customer loyalty, attract new customers and improve operational efficiency by providing common information across their lines of business. Relationship is the key to every business, more so in case instead of a tangible product something intangible is being offered. A satisfied customer would in turn give you more clients whereas an unsatisfied would harm the reputation of the organization and in turn the business. The need of the hour for an advisor is to concentrate on few individual rather than going berserk in search of new customers. If you just concentrate on retention of the customer by providing him requisite service, he will not only give you repeat business but also the much needed referrals and there by expanding your own horizon and taking business to the higher level. Make an effort to be in touch with them even if it involves going out of your own way. After all its because of him that you are in this business.

5. MRTA (Mortgage Reducing Term Assurance)

In the age of fierce competition every organization has to keep innovating with the channel it finally decides to distribute its policies through. MRTA deals with covering the risk of payment of loan if the person who has taken the loan expires. Normally the responsibility of paying the loan comes on the legal heirs of the property however MRTA ensures that family doesnt have to go through this trauma. At this point as the insurance company will make good the payment to the loan company as at the initially the insurance company adds a premium to the EMI, resultant is the MRTA EMI (EMI loan + Life Insurance premium). The premium charged is very minimal however it gives security to the family. This is a new avenue that company should concentrate on as the number of family taking home loan, personal loan and car loan has been ever burgeoning.

6. CORPORATE CHANNEL
Based on analysis there are people who would still like to go in for a channel rather that approaching the company directly so here is an opportunity for ICICI Prudential to tap on. There are also those sections of people that would lay some weight on the advice of someone who is an expert player. People associate corporate agency as a person of sound knowledge about business. Collaboration with schools and hospitals would go a long way to help companies collect additional source of revenue.

Schools already have an infrastructure in place and getting associated with IPru would not only give the organization greater access to the market but would also prove as an additional source of revenue for the school. The target audience would be primarily the students who will be admitted to the Nursery, Prep and KG classes. Insurance fund can be added to the number of fund that these schools initially charge parents, this fund would provide educational finance to the student in case of the unfortunate death of the parents, and thus the studies of the potential students are not affected. Schools can thus be made Corporate Individual Agent and thus can carry on business on behalf of the company.

7. HEALTH INSURANCE
ICICI Prudential has been pioneer in launching a plan in health insurance segment launching health assure plus. Though sometimes it is confused with mediclaim, but unlike mediclaim it just doesnt pay the sufferer the amount incurred at the hospital for treatment but the amount that the person at the time of taking the policy sought for, which most of the time is way higher than the amount spent for treatment. This market has very high potential with people getting more and more health conscious and getting them insured not only for life but also for health. Company has already launched a product Cancer Life to cater to different types Cancer. This market demands continuous innovation to cater to different needs of different individuals.

8. PRODUCT INNOVATION
With the demographic changes and changing life styles, the demand for insurance cover has also evolved taking into consideration the needs of prospective policyholder for packaged products. There have been innovations in the types of products developed by the insurers, which are relevant to the people of different age groups, and suit their requirements. Continued innovations in product development has resulted in a wide range of flexible products to meet the requirements for cover at different stages of life today a variety of products are available ranging from traditional to Unit linked providing Protection towards child, endowment, capital guarantee, pension and group solutions.

In this industry change is the only word which is constant. Changing demand requires continuous innovation by the company. Every company offers more or less the same product, so the company which offers the maximum value with the least cost will be the one which will be preferred over the other one. More customers are buying products and services based on their true needs and not just traditional money back policies. There are lots of saving and investment plans in the market with the like of LIFE LINK SUPER that ICICI Pru recently launched in the market. They are also the pioneer in launching a health assure plus plan targeting the segment of health insurance. These health insurance plans work on the lines of life insurance. So keep innovating in the product to

stay ahead in the race of the number one private insurance company in India.

BIBLIOGRAPHY Websites
www.iciciprulife.com www.irdaindia.org www.indiainfoline.com www.thehindubusinessline.com www.theeconomictimes.com