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The insurance landscape in India is undergoing a tectonic shift. Despite its ore than tee ing one !illion populations" India still has a lo# insurance penetration of $.%& percent" &$ t in the !orld" #lthough India boa t a a$ing rate of around %& 'ercent( le than & 'ercent i 'ent on in urance" 'ith the entr( of co petition" the rules of the ga e ha)e !egun to change. The ar*et is alread( !eginning to #itness a #ide arra( of products fro pla(ers #hose nu !er is set to gro#. In such a scenario" the differentiators a ong the different pla(ers s products" pricing + ser)ice. 'hat reall( increases the appeal of insurance is the !enefit of protection of li)es + assets fro insurance products. Toda(" the Indian Insurance industr( has a do,en of pri)ate pla(ers" each of #hich are a*ing strides in raising a#areness le)el" introducing inno)ati)e products + increasing the penetration of life insurance in the )astl( underinsured countr(. The success of effort is note#orth( -pri)ate insurers captured nearl( % percent of ne# !usiness pre iu inco e in t#o (ears of operations. The !iggest !eneficiar( of the co petition a ongst the life insurers is the consu er. . #ide range of products" custo er focused ser)ice + professional ad)ice has !eco e the ainsta( in the industr(. It is seen a dra atic increase in custo er a#areness" #ith penetration cutting across the socio/econo ic class + attracting people #ho ha)e ne)er purchased insurance !efore. 'ith the heightened a#areness co es a #illingness to e)aluate life insurance as an integral part of financial planning *it a significant change n earlier attitude" #here insurance is purchased as a ta0 sa)ing pool

In urance can be di$ided into three categorie " )" *ife In urance %" +eneral In urance ," -ealth In urance" 1ife insurance is a contract for pa( ent of a su of one( to the person assured 2or failing hi 3her" to the person entitled to recei)e the sa e4 on the happening of the e)ent insured against. Usuall( the contract pro)ides for the pa( ent of an a ount on the date of aturit( or at specified inter)als or at unfortunate death. The contract also pro)ides for pa( ent of pre iu periodicall( to the corporation !( the assured. 5eneral insurance includes an( areas of insurance li*e arine" otor" engineering" health" fire" etc. The contract pro)ides for the pa( ent of an a ount on the happening of so e contingenc(. These t(pes of contracts are annual

Com'any Profile
O$er$ie! ICICI Prudential *ife In urance Com'any *imited
ICICI Prudential 1ife Insurance Co pan( is a 6oint )enture !et#een ICICI 7an*" a pre ier financial po#erhouse" and Prudential plc" a leading international financial ser)ices group head8uartered in the United 9ingdo . ICICI Prudential #as a ongst the first pri)ate sector insurance co panies to !egin operations in Dece !er :;;; after recei)ing appro)al fro Insurance Regulator( De)elop ent .uthorit( 2IRD.4. ICICI Prudential 1ife<s capital stands at Rs. =">%? crores 2as of @une ?;" :;$:4 #ith ICICI 7an* and Prudential plc holding >=A and :BA sta*e respecti)el(. Cor the period .pril $" :;$: to @une ?;" :;$:" the co pan( has garnered total pre iu of Rs :"?D& crores and has under#ritten o)er $? illion policies since inception. The co pan( has assets held o)er Rs. >;";;; crores as on @une ?;" :;$:. Cor the past decade" ICICI Prudential 1ife Insurance has aintained its do inant position 2on ne# !usiness retail #eighted !asis4 a ongst pri)ate life insurers in the countr(" #ith a #ide range of fle0i!le products that eet the needs of the Indian custo er at e)er( step in life. plan is one that addresses the e0act insurance needs of the indi)idual #hich depends on the age and life stage of the indi)idual apart fro a host of other factors. ICICI Prudential *ife offer 'lan under the follo!ing ma.or need categorie :



'ealth plans Child plans Health plans Retire ent plans 5roup plans Rural plans

#im of the Com'any

Their )ision is to a*e ICICI Prudential 1ife Insurance Co pan( the do inant ne# insurer in the life it ent to e0cellence" focus on ser)ice" insurance industr(. This the( hope to achie)e through their co speed and inno)ation" and le)eraging our technological e0pertise. The success of the organi,ation #ill !e founded on its strong focus on )alues and clarit( of purpose. These includeE Understanding the needs of custo ers and offering the superior products and ser)ice

1e)eraging technolog( to ser)e custo ers 8uic*l(" efficientl(" + con)enientl(.

De)eloping + i ple enting superior ris* + sta!le returns to the polic( holders.

anage ent + in)est ent strategies to offer sustaina!le

7uilding long lasting relationships #ith their partners Pro)iding an ena!ling en)iron ent to foster gro#th and learning for their e plo(ees

The( !elie)e that the( can pla( a significant role in redefining and reshaping the sector. 5i)en the 8ualit( of their parentage and the co it ent of their tea " the( feel that there #ill !e no li its to their gro#th. it ent to fi)e core )aluesE / Integrity( Cu tomer The success of the co pan( lies in its unflinching co fir t( /oundary le ( O!ner hi'( 0 Pa ion"

ICICI ha no! de$elo'ed a !hole range of acti$itie to become a Uni$er al /an1" Some of ICICI 'ectrum of acti$itie include :
Co ercial 7an*ing / ICICI 7an*" India<s first internet !an*.

Infor ation Technolog( / ICICI InfoTech" transaction processing" soft#are de)elop ent In)est ent 7an*ing / ICICI Securities" one of the *e( pla(ers in the Indian Capital Mar*ets Mutual Cund / Prudential ICICI .MC" leading pri)ate sector utual fund pla(er in India

Fenture Capital / ICICI Fenture" leading pri)ate e8uit( in)estor #ith focus on IT and HealthCare Retail Ser)ices / ICICI PCS" Mar*eting and Distri!ution of Retail .sset Products Distri!ution / ICICI Capital" Distri!ution and Ser)icing of Retail 1ia!ilit( Products

ICICI is listed on the Indian Stoc* E0changes and on the Ge# Yor* Stoc* E0change 2GYSE4. On Septe !er ::" $%%%" it !eca e the first Indian co pan( to !e listed on the GYSE 2s( !olE IC and IC.D4.

Ob.ecti$e of the Study

7ased on the pro!le of the stud( the follo#ing o!6ecti)es ha)e !een outlinedE

$. To find out the )arious life insurance products !eing offered !( ICICI prudential. :. To find out the annual pre iu ?. To find out the ost profit collected under each plan. a*ing products under each plan.

=. 5eneral Perception of the ICICI prudential.

Re earch 2ethodology
I #ill conduct the stud( using !oth the pri ar( + secondar( data. I #ill start the research #or* #ith the help of secondar( data fro Then I #ill The o)e on to the pri ar( sources of data collection. )arious !oo*s + aga,ines. 'hen I collected a fair a ount of idea a!out the t(pe of stud( that should !e conducted + ho# i should go #ith it. ain source here #ill !e the inter)ie#s scheduled co prising of structured + se i/structured

8uestions. 'hen the inter)ie# schedule #ill ad inistered so e unstructured 8uestions #ill !e as*ed + noted do#n. I #ill opted for purposi)e + con)enient sa pling. The uni)erse of the stud( is chandigarh.

Re earch methodology Sample frame

The area for the stud( #ill !e chandigarh . The respondents #ill !e its channel net#or*. The respondents #ill !e + other professionals. fro all #al*s of life that included ser)ices" !usiness + e)en house#i)es. The respondents #ill !e li*e M7.Hs" !usiness en" self/e plo(ed" C.Hs" .d)ocates ostl( in the age group of :&/B; (ears" as these #ill !e the people #ho of increasing + de)eloping are the target for the co pan(Hs products as #ell as co pan(Hs ai

The sa ple si,e #ill !e concerned to the area of stud(. .!out ?;; people #ill !e contacted + roughl( &; #ill !e present for one to one interaction

Methodology Adopted
.s for the prospecting of the respondents is concerned" rando telecalling #ill !e used e0tensi)el(. Ge0t step in)ol)ed #ill !e of suspecting #hich #ill initiated !( getting the appoint ents + ha)ing a personal interaction. The sales pitch #ill !e pro)ided #ith the help of !usiness opportunit( presentation + also #ith the discussion + inter)ie#s conducted The last step #ill !e getting the 8uestionnaire + the application for pa( ent" training underta*en + depositing the for #ith DOPS. filled up #ith the re8uired sa pling fro the e0isting data!ase +

3ue tionnaire
$. Ho# an( co panies do (ou *no# are in the insurance !usinessI ost popular insurance co pan(I :. .ccording to (ou" #hich is the ?. Ho#

an( policies do (ou *no# a!out these co paniesI

=. Ha)e (ou ha)e purchased an( life insuranceI If (es" then of #hich co pan(I &. .re (ou satisfied #ith the ser)ice pro)ided !( the co pan(I B. Main reason of dissatisfactionI >. 'hich co pan( #ould (ou opt for as an alternati)eI D .ccording to (ou" #hich is the J J % $; $$ 1IC 7irla sunlife ost popular insurance co pan(I J J HDCC ICICI PRUDEGTI.1

Ha)e (ou purchased an( life insuranceI If (es" then of #hich co pan(I J (es J no .re (ou satisfied #ith the ser)ice pro)ided !( the co pan(I J (es J no 'hich co pan( #ould (ou opt for as an alternati)eI


Mar*eting Research

anage ent !( / Philip 9otler ethodolog( !( - CR. 9OTH.RI