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Inter Firm Review

LIC V/S ICICI Prudential


BY Group-10
Group-10

Companies under Insurance Sector


Life Insurance Corporation
Formed in September 1956 by an Act of Parliament, LIC Act 1956 with a contribution of Rs. 50 million. Presently the LIC has a network of seven zones 100 divisions 2,048 branches seven lakhs employees over six lakhs agents.

ICICI Prudential Life Insurance


India's Number One private life insurer, ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank-one of India's foremost financial services companies. The ICICI Prudential edge comes from their commitment to their customers, in all that they do - be it product development, distribution, the sales process or servicing.

Vision And Mission


Life Insurance Corporation
Vision: A trans-nationally competitive financial conglomerate of significance to societies and Pride of India. Mission: To explore and enhance the quality of the life of people through financial security by providing products and services of aspired attributes with competitive returns and by rendering resources for economic development.

ICICI Prudential Life Insurance


Vision: Wants to become the dominant Life and Pension player built on trust by world-class people and services. Mission- To become the best 'Customizable E-Learning and Applications Company' in terms of quality, cost and delivery.

PRINCIPLES AND INVESTMENT POLICY OF LICs


Security of funds and Maximization of return of investment
Investment Policy 1. Central Govt. marketable securities being not less than 20% 2. Loans to Housing Bank including above (1) being not less than 25% 3. State Govt. securities including Govt. Guaranteed marketable securities, inclusive of (2) above being not less than 50% 4. Socially oriented sectors including public sector, co-operative sector house building by policyholders, own house scheme, inclusive of (3) above not less than 75% 5. Private corporate sector, loans to policyholders for construction and acquisition of immovable property

PRINCIPLES AND INVESTMENT POLICY Of ICICI PRUDENTIAL

Working Of Insurance

Products
Life Insurance Corporation

ICICI Prudential Life Insurance


Education insurance plan. Wealth creation plan. Protection plan. Life plan. Term plan. Group plan.

Children plan Plans for handicapped dependents Endowment assurance plans. Plans for high worth individuals. Money back plan. Special money back plan for women. Whole life plans. Joint life plans, Pension plans.

SWOT Analysis
STRENGTHS Largest stateowned life insurance company in India, and also the country's largest investor Has over 2000 branches across all parts of India and more than 10,00,000 agents. WEAKNESS It has an image of a Government agency and hence lacks innovation Being a Government agency , red tape causes problem. STRENGTHS WEAKNESS

Strong Tie Up
Brand Equity Strong Network Huge Customer Database Strong

Low Customer
Awareness Less Promotion Untouched Rural Population

Financial Base

OPPURTUNITIES Use of Technology to provide effective services to cater to urban population. Government Schemes implementation

THREATS

OPPURTUNITIES
Economic crisis Entry of new NBFC in the sector Varying Government policies Large uninsured Population Network Building Targeting Rural

THREATS
Competitors. Customers belief in LIC Faster Turnover of Employees

Segment

Future Aspects
Life Insurance Corporation
ICICI Prudential Life Insurance

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