icici prud

7/31/2019 icici prud.

1/82

INDUSTRIAL TRAINING REPORT

ON

Prepared By

Chandni P. Patel

S.Y.B.B.A

Roll No: 60

Seat No:

Academic Year: 2007-2008

CollegeJ.H. Bhalodia Womens College , Rajkot.

Submitted ToSaurashtra University

Guided By

Prof. Smita C.Vyas


2/82

PREFECE

T he I nd ia n m a r ke t f o r i n su ra n ce i s b i g . T h er e a re

c h a l l en g e s f a c ed b y n e w e n t r an t s t o t h e b u s in es s.

T a p p i n g t h e f u l l p o t e n t i a l w o n t b e e a s y . I C I C I

P r u de n t i a l , a j o in t v e nt u r e b e t w e e n t h e l o c al I C I CI a n d

U K b as ed i ns ur e r P ru de nt ia l , h as a l r ea dy k ic ke d o ff

o pe r at i on s i n I n d i a . I CI C P r u de n t i a l i n t en d s t o p a y a

l ea di ng r ol e i n r es ha pi ng t he i ns ur an ce s ec to r i n t he

c o u n t r y a n d d r i v e m a r k e t e x p a n s i o n .

I C I C I P r u d e n t i a l f e e l s t h a t w i t h t h e i r n e e d b a s e d s e l l i n g,

d i f f e r e n t i at e d p r o d u c t - o f f e r i n g s a n d s e r v i c e , t h e y w i l l b e

a b le t o e x pa n d t h e m a r ke t s i g ni f i ca n t ly . T h ei r p r o du c t s

h av e b ee n d es ig ne d t o p ro vi de t he c on su me rs m or e

f r e e d o m o f c h o i c e , c o m p r e h e n s i v e p r o t e c t i o n a n d v a l u e

p r i c i n g . I n a d d i t i o n , t h e y h a v e i n c o r p o r a t e d s o m e

f ea tu re s , w hi ch a r e u ni qu e t o t h ei r p r od uc ts . T he ir

m a r ke t i ng s t r at e g y i s c l ea r l y t o r e p os i t io n t h e c a t eg o r y

b y c h a n g i n g c o n s u m e r a t t i t u d e s .

I C I C I w i l l b e h a p p y t o g o f o r a m u l t i - c h a n n e l

d is t r ib ut i on n et wo rk i n t h e f or m o f b an ca ss ur an ce ,

c or po ra te a ge nt s , e tc . , s ub je ct t o c er ta in r eg ul a t or y

c h an g es , w h i c h a r e ex p ec t e d s oo n . D i r ec t m a r ke t i ng i s

g o i n g t o p l a y a k e y r o l e , a n d s o w i l l t h e I n t e r n e t , w h i c h

I C I C I P r ud e n t i a l p l a n s t o u s e f o r d i s s e m i n a t i n g

i n f o r m a t i o n a n d p r o d u c t s o u r c i n g .


3/82

In order to find how the management is handled at organization, we

made a detailed study of the marketing department and Human

Resource department at ICICI Pru Life Insurance Company. We

have tried our best to prepare this organizing report, as well our

understanding and views about it.


4/82

Acknowledgements

One must thank those who have been guiding them like milestones in

their journey. We are lucky enough to get the opportunity to thank the

guiding stars for our project.

Through this acknowledgement to all those who helped us in the

preparation of this project report which has been a clearing experience.

First of all, we would like to thank our project co-ordinater Mrs

Smita C. Vyas(Prof.) and Mr Kanani(Principal). They had been really

very supportive and kind enough to share his views with us. We are alsothankful other staff members.

I must thank my project guide at ICICI Prudential, Mr. Pankaj

Sankhavra (Unit Manager) for his generous support and guidance at each

and every step of the project.


5/82

Sr. No. Particulars1. General Information

2 Marketing Department

3 Personnel Department

4 Financial Department

5 Products of ICICI Prudential

6 About Project

7 SWOT Analysis

8 Findings and Suggestions

9 Conclusion

10 Bibliography


6/82

GeneralInformation


7/82

INDEX

SR NO

1 Background

2 What is life insurance?

3 The Company

4 Vision


8/82

1. INTRODUCTION

================================================

=============

1.1 BACKGROUND

ICICI Prudential Life Insurance was established in 2000 witha 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

its realizing its vision.

The companys wide range of products, distribution strengthsand powerful brand has driven its growth across a cross-

section of people and cities. As on March 31,2003, the company

had issued nearly 350000 policies, with a total premium

income of over INR 5 billion and a total sum assured in excess

of INR 87 billion. Today, the company has established itself as

the No. 1 private life insurer in the country.


9/82


10/82

can be much lesser than the sum assured. Evidently, the potential financial

loss to the family of the policyholder is sizable.

Encourages And Forces Thrift

A savings deposit can easily be withdrawn. The payment of life insurance

premiums, however, is considered sacrosanct and is viewed with the same

seriousness as the payment of interest on a mortgage. Thus, a life insurance

policy in effect brings about compulsory savings.

Easy Settlement and Protection Against Creditors

A life insurance policy is the only financial instrument the proceeds of

which can be protected against the claims of a creditor of the assured by

effecting a valid assignment of the policy.

Administering The Legacy For Beneficiaries

Speculative or unwise expenses can quickly cause the proceeds to be

squandered. Several policies have foreseen this possibility and provide for

payments over a period of years or in a combination of installments and

lump sum amounts.

Ready Marketability and Suitability for Quick Borrowing

A life insurance policy can, after a certain time period (generally three

years), be surrendered for a cash value. The policy is also acceptable as a

security for a commercial loan, for example, a student loan. It is particularly

advisable for housing loans when an acceptable LIC policy may also cause

the lending institution to give loan at lower interest rates.


11/82


12/82

THE COMPANY

ICICI Prudential Life Insurance Company is a joint venture

between ICICI, a premier financial powerhouse andPrudential Plc, a leading international financial services group

headquartered in the United Kingdom.

ICICI Bank is Indias second largest bank with an asset base

of Rs.106812 crores. ICICI Bank provides a broad spectrum of

financial services to individuals and companies. This includes

mortgages, car and personal loans, credit and debit cards,

corporate and agricultural finance. The Bank services agrowing customer base of more than 7 million customer

accounts and 5 million bondholders accounts through a multi-

channel access network. This includes about 450 branches and

extension counters, 1675 ATMs, call centers and Internet

banking (www.icicibank.com). ICICI Bank posted a net profit

of Rs.1206 crores for the year ended March 31, 2003. ICICI

Bank is the only Indias company to be rated above the

country rating by the international rating agency Moodysand the only India company to be awarded an investment

grade international credit rating. The Bank enjoys the highest

AAA (or equivalent) rating from all leading India rating

agencies.

Prudential Plc Established in 1848, is a leading international

financial services company in the UK, with some US$ 250

billion funds under management and more than 16 million

customers worldwide. Prudential has brought to market an

integrated range of financial services products that nowincludes life assurance, pensions, mutual funds, banking,

investment management and general insurance. In Asia,

Prudential is UKs largest life insurance company with a vast

network of 22 life and mutual fund operations in twelve

countries- China, Hong Kong, India, Indonesia, Japan, Korea,
http://www.icicibank.com/http://www.icicibank.com/


13/82

Malaysia, the Philippines, Singapore, Taiwan, Thailand and

Vietnam. Since 1923, Prudential has championed customer

centric products and services, supported by over 60,000 staff

and agents across the region.

1.2 VISION


14/82

To make ICICI Prudential the dominant Life and Pension

player built on trusty by world-class people and service.

This vision of ICICI

Understanding the need 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


15/82

2 - MARKETING

MANAGEMENT


16/82

SR NO PARTICULARS

1 Introduction

2 Organisational chart

3 Marketing Mix of ICICI Prudential

4 Marketing Strategies of ICICI Prudential5 Promotional Campaign for Distribution

Channel Development

6 Advertisement Strategy of ICICI Prudential


17/82

IntroductionThe term marketing may be defined as the performance of

all those business activities that direct the flow of goods and

services from producers to consumers.

Marketing is frequently considered as synonymous with

selling, but selling refers to the transfer of goods and services,

which are already sold to the customer in exchange of money.

In marketing, understanding of the needs and wants of

customers is of prime importance and then production and

distribution of the goods and services takes place accordingly.

Selling concept:

Focus: products already manufactured

Means: selling and promoting

Aim: profit through sales volume

Marketing concept:

Focus: customer influencing the production goods.

Means: consumer oriented marketing mix.Aim: profit through consumer satisfaction.

Marketing under sellers and buyers market:

While deciding the marketing strategy businessmen

have to basically consider the market situation for the

concerned product and service.

Sellers market is a market situation in which there is a

shortage of goods on the one hand and large number of

unsatisfied buyers on the other hand. There is tremendous

demand of goods but supply is not adequate to satisfy them.

Manufacturer-suppliers have complete control over the

market. Consumers may have accept the goods and services of

whatever the quality and price of them.


18/82

ORGANISATION CHART OF THE MARKETING

DEPARTMENT

MARKETING MANAGER

SALES MANAGER

SALES DEPARTMENT EXECUTIVES

SLAES REPRESENTATIVES


19/82

2.1MARKETING MIX OF THE ICICI Pru LIFE

INSURANCE

2.1.1 PRICING POLICY:

Price means the amount of money charged for a product or

service, or the sum of the values that consumers exchange for

the values that consumers exchange for the benefits of having

or using the product or service. Price is all around us. All

Profit organization and many non-profit organizations must

set prices on their products or service. Price has been the

major factor affecting buyer choice. Price is one of the most

flexible demands of the marketing mix.

Particularly in the case of Life Insurance sector the prices arethe premiums paid by the policyholders. In the case of the

premiums the first premium and subsequent premiums are

two categories. The premium charges are differing from case

to case.. Further there are many criteria, which are necessary

for determining the premiums. They are:

1 Age of the policyholder.

2 Time span of insurance coverage

3 Medical check-up of the policyholder4 The ability of policyholder for payment.

5 Convenience of policyholder.

6The place where the policyholder live.

7The occupation of the policyholder means whether he is doing

service, he has some business, or he is engaged in some

profession.

The family background of the person, etc.

Particularly in the ICICI Pru they are using different schemes

determining the premium charges. They have major 9 schemes

recently designed for each category of the persons and their

requirement. This schemes includes all the matters like:

1 The amount of Insurance

2 The time duration


20/82

3 Annual premium charges

4 Income tax benefit

5 After tax actual amount to be paid

6 The total amount obtained on the maturity

7 total amounts to be obtained8 The net profit

9 The timing of various instalments to be obtained

10 The various other benefits obtained by the policyholder, etc.

2.1.2 PRODUCT PLANNING

A Product means anything that can be offered to a market for

attention, acquisition, use, or consumption that might satisfy awant or need. The following are the product, which the ICICI

Pru provides for the customers

ICICI Prudential

PRODUCTS DETAILS

Single premium bond Investing bonus or a windfall

as a one-time premium. Term

plan for 5 to 10 years.

Level term assurance Providing financial support to

family in case of death. Term

plan of 5 to 25 years.

Forever life (deferred annuity) Retirement planning. Annuity

for life or for 5,10,15 years.

Cash back (anticipated

endowment assurance)

Meeting periodic financial

requirements. Fixed term of

15 or 20 years.

Save n protect (endowment

Assurance with extended life

cover)

For those who want to

accumulate funds on regular

basis while being recovered.

Works like an endowment

policy.


21/82

Riders: Accident/disability benefit.

Critical illness

Major surgical assistance benefit

Flexible term


22/82

2.1.3 PLACE

Delivering products elements to customers involves decision on

the place and time of delivery as well as on the methods and

channels employed.

Distribution, so critically important for Insurance products, isa bottleneck that new player have to navigate. In their attempt

to tap distribution channels, insurance companies are hawking

their products through the ready distribution channels of

banks, NBFCS and housing companies. It is the only way that

the new insurance company can expand its reach, say Vijay

Singh, director, Birla Sun Life Insurance. The companies have

to be a little careful because they are creating levels of

distribution and distance that they cant control. The distanceexposes the company to quality control issue.

.

As the IRDA is fixing norms for delivery channels, or

intermediaries, even the public sector companies will have to

follow suit. New India has already got IRDA accreditation for

its corporate and regional training centres at Chennai,

Bangalore and Coimbatore. The company started training

agents at its Chennai centre in January this year.

Making the technology face complete are the IVRS

(Interactive Voice Recognition System) across 60 locations,

which offers complete information about policy status, survival

benefit, due dates for premium payments, and should you need

a lone, then how to go about that as well. Every possible

operation from issuing a policy to claim settlement has been

computerized.

Earlier, a successful agent was one who would be needy and

greedy. Today, he just has to be tech savvy.


23/82


24/82

2.2 STRATEGIES OF ICICI Pru LIFE INSURANCE

ICICI Prudential a joint venture between the local ICICI and

UK based insurer Prudential has already kicked of its

operation in India. ICICI-prudential life insurance co has six

products. These bare a combination of saving and protection

products, which have certain rider options that can take along

with the basic policy. For example, the critical illness rider

providers accelerated payment of maturity benefits in case the

policyholder is affiliated by critical illness. This provides living

benefits towards medical expenses or the major surgical

assistance rider, which provides for payment of lump sum in

the event of medical emergencies that involve surgicalprocedures. The level term rider offers the policyholders the

option to in cress his protection at a marginal incremental cost.

The accident and disability rider provides added protection

against accidental death and disability caused as a result of an

accident. The difference lies in the various rider option that a

person can opt for. Most of our products are priced lower than

other comparable products available in the market, says

ICICI-Prudentials Chief marketing officer, Saugata Gupta.Companies products are design to provide the customer more

freedom of choice, comprehensive protection and value in

pricing. Their marketing strategy is clearly to reposition the

category by changing consumer attitudes. This will be achieved

through differentiated products; need base sealing,

communication and service

2.2.1 MARKETING STRATEGY

Importance of service

Characteristics of a service product

Marketing of services has come to occupy a prominent place in

the economy of every country. Service is assuming paramount

importance in terms of contribution to the GDP of a country


25/82

and also in generation of employment. In our country also in

service sector. In our country also it has gone beyond 60% Life

insurance industry is also part of the services sector. Life

insurance industry is also part of the services sector. Life

insurance industry is also part of the service and therefore it isnecessary that the concepts and practices of this sector are

understood and appreciated.

1. IMPORTANCE OF SERVICES:

Concepts of marketing initially developed for selling

physical products. But the society cannot depend upon only

manufactured products. There are several industries whichprovide the much needed services like hotels airlines, banks

insurance companies etc. Rising affluence, more leisure time

and growing complexity of products all require servicing.

Service industry varies greatly. Government itself is a great

provider of services to the people through courts, employment

services hospital military and police services and fire and

postal service schools etc.

2. CHARACTERSTICS OF A SERVICE PRODUCTR:A service is any activity of benefit that one party can

offer to another that is essentially intangible and does not

result in the ownership of anything. The characteristics of any

service product are..

Intangibility

Inseparability

Variability and

Perishability

2.3PROMOTIONAL CAMPAIGN FOR DISTRIBUTION

CHANNEL DEVELOPMENT

One of the major challenges faced by the private insurance

companies is to develop a strong distribution channel to

compete against their big competitor LIC, who commands


26/82

91% market share. LIC has around 200,000 insurance agents

whereas ICICI Prudential has around 18,000 advisors. Most of

these private have following channels of distribution.

Insurance Advisors

Direct Selling Agents

Insurance Brokers & Financial Consultants

Banc assurance

ADVERTISING STRATEGY OF ICICI PRUDENTIAL

LIFE INSURANCE

The Marketing Challenge facing ICICI Prudential:

The task for ICICI Prudential was to build a relevant brand

that customers could trust. It also involved breaking some

myths. Life insurance had long been regarded as expensive,

rigid, and difficult to understand and good only for tax saving.


27/82

The Challenges established category drivers (death payment &

tax saving) and to get the consumer to evaluate insurance on a

more emotional platform (protection) rather than a mere

rational decision (tax saving).

The Campaign Objectives:

Reposition the category in the consumers mind.

Influence the consumer to view it as a protection

instrument and not as a tax saving product alone.

In the process, create differentiation of the ICICI

Prudential brand as a provider of social security and

family protection.

Achieve leadership status in image and product

parameters.

Build credibility and trust.

To present the visiting card of the company to the public

at large and build credibility and status, so as to give the

consumer the confidence that here is a company that

can be trusted to invest funds with.


28/82

To position ICICI Prudential as the new and modern face

of the life insurance provider in India.

Change the perceptions of the target audience to view

insurance not as a compulsory tax saving instrument, but

as a means to lead a worry free and secure life.

This required a corporate campaign, which started with

advertising to establish the brand, build awareness and give

the brand a larger than life image.

The Target Audience:

Target Audience representes an ideal mix of medium to high

net worth individuall and the consumers most disposed

towards buying life Insurance.They are: Middle-aged

professionals, salaried and self employed, age group: 28-45

years, household income: Rs.20, 000 and above.

:

The Creative Execution:.

Amongst ICICI Prudentials innovative was the introduction

of life stage and need-based Solutions selling, thereby

unshackling the category and meeting specific customer needs.

The brand proposition for all the ad campaign was reflected inthe line We cover you. At every step in life, i.e., that ICICI

Prudential Life is the only private life insurance company that

provides consumer insurance solution which are relevant to

the unique needs at every stage of life.


29/82

The campaign also provided several lines of support serving to

inculcate trust and belief in the company, such as the

competitive advantage or product performance, a showcase of

product available for different segments, the flexibility and

value addition in products and the sound financial backing andcredentials of ICICI and Prudential.

The advertising idea was encapsulated in an endearing, lasting

and universally recognized symbol of protection- the

sindoor. The company launched a mass media campaign

print, outdoor Internet and radio and finally culminating in

the corporate film.

TVC: With the geographical expansion of the company, TVbecame a viable medium and the corporate campaign was run

on TV, because the medium lends itself well to an emotional

type of film that strikes a chord with the audience

Radio: ICICI Prudential has bought spots both in the morning

(8 am to 9:30 am) and the evening (7 pm to 8:30 pm) on Radio

City. Says Saugata Gupta, chief marketing officer, ICICI-

Prudential: Our target audience for insurance is the young

executive driving to office and back home in his car. Soadvertising in the right time segmentation makes immense

sense.

Press: It gives the consumer a rational and tangible reason to

buy insurance first and secondly from ICICI Prudential. The

product specific advertising focussed on changing the

prevalent perception about insurance and breaking a few

myths like non- affordability, insurance not being good

investment option and the myth that insurance was good onlyfor tax saving.

Selling the Product: Once the corporate image and brand

identity were established, we had to give the customer a

rational and tangible reason too buy- first of all insurance, and


30/82


31/82

Personnel

Department


32/82

INDEX

SR NO PARTICULARS

1 Introduction

2 Recruitment and Promotion

3 Resignation, Increament and Travelling Allowance

4 Benefits to Employees

5 Training to Sales Agents

6 Three Import Concept

7 What is in for Advisor


33/82

INTRODUCTION

Only LIC is an old player in life insurance market of India. Otherplayers are new. So in person most of the information available is about LIC

only. P&IR and OS Department of the Divisional Office should the

responsibility of providing the main infrastructure facilities like men and

material, for smooth functioning of all the offices of the Division. These two

departments also look after various needs of the employee and benefits to

employees.

Managers (P&IR) & (OS) are in charge of the Department. Some of

the important function of Managers P& IR can be said to be.

Man- power planning which includes recruitment, training,

promotion, placement, transfer, etc. This requires great care as

manning pattern is to be developed keeping in view the needs of

various offices and long term regards to future expansion.

Playing the role as Industrial Relation Manager, by creating a sense of

belonging to the organization in each member and also developing

cordial relation with Employees Union and Association, employees

and colleagues.

Disseminate and formulate new concept as are useful in proper

utilization of human resource.

Interpreting policies of the organization. Effective communication

would make every one participate in the achievement objectives of

the corporation ..

Maintaining high standard of discipline and keeping the moral of the

staff high, which helps in the general working.

Keeping record of latest developments in the spheres of labors laws.


34/82

Holding Training sessions for Division Office and Branch Personnel

including induction training for newly recruited assistants.


35/82

Recruitment and Promotion

Recruitment

Section 49 of the LIC act, empowers corporation, to make regulation with

the previous approval of the central government by notification in thegazette of India, to prove for the method of recruitment of employees and

the terms and conditions of their service, as also the terms and conditions of

service of persons, who have become employees of the corporation by virtue

of their service, as also the terms and condition of service of person, who

have become employee of the corporation by virtue of their being

transferred employees under section 11 of the Act. Sub- section 23(i) of the

Act empowers the corporation to employ such number of persons as it

deems fit for the purpose of enabling it to discharge its functions. Staffs of

the corporation are classified as:

Class I OfficerClass II Team Leader

Class III supervisory and Clerical Staff

Class IV subordinate staff (Agent)

.

Promotion

As per (staff) Regulation 1960 (as amended up to date) promotions

are based on merit, seniority and suitability. Eligible candidates for

promotion within class III cadre or from class IV cadre to class III cadre are

required to qualify in written test/tests and also qualify in the interview.

.


36/82

Resignation, Increament and Travelling Allowance

Resignation

An employee (other than probationary) shall leave or discontinueservice on giving notice in writing. Period of notice is 3 months in case of

class I officers and 1 month in case of other employees. Notice may be

waived in part or full by the competent authority at his discretion. On the

alternative three months or one month salary respectively may be paid to the

corporation in lieu of notice.

Increments

Increments shall fall due on the first day of the month following that

in which employee completes 12 months service from the date of hisappointment. Increments shall ordinary be drawn as a matter of course,

unless employee has reached maximum of the grade or is with held as a

disciplinary measure. In case of release of E.B (Employee Benefit) and also

for stagnation increments a special C.R (Customer Relation) is obtained

before releasing the increment.

Travelling Allowance

The competent authority may sanction Tours on official business.Rates of Travelling allowances and conditions under which they become

payable are regulated in accordance with Schedule V of Staff Regulations,

and the (Travelling & transfer Allowances in India) Instruction, 1977 as

revised and amended from time to time.


37/82

Some Of The Benefits Available To Employees

Housing loan with concessional rate of interest.

Rebate on life insurance premium.

Medical benefits

Reimbursement of medical expenses for ailments of casual nature.

Reimbursements from LIC Employees Relief Fund in deserving

cases.

Injuries arising out of accident while on duty.

Emergency Medical / First Aid arising during office hours.

Leave travel concession.

Travelling allowance and daily allowance on tours and transfers.

Group personal accident insurance scheme.

Encashment of Privilege leave.


38/82

Training To The Sales Agents

The stress is now on the quality of agents. Hence, the training

program is more stringent. IRDA has recommended 100 hours of trainingfor insurance consultants or agents for both life and non-life areas.

Nationwide, there are 47 training institutions, both registered with and

approved by the IRDA. These institutions are currently conducting pre-

licensing training for recently licensed private sector insurance. For now, the

focus is on Mumbai and Delhi.

The IRDA specified 100 hours of training would get the consultants

license to sell. However, most companies are going beyond the stipulated

100 hours. HDFC Standard Life has structured its course in such a way that

75 per cent of the time is spent on the technicalities of insurance-what

insurance is all about and how to develop selling skills through interactive

training programs. It has spent as many as 20 months in developing its

training program. In fact, the National Stock exchange has been authorized

by IRDA to conduct on line examination for insurance agents.

ICICI Pru provides its advisor with additional in company training

of 50 hours, so that the advisor are well aware of the culture, codes and

products details before venturing out in the market. The end result is a

different class of agents altogether. In addition, it is necessary for the agentto be able to compete with multiple other channels like corporate agents,

corporate brokers, banks and the Internet. Hence employee with right set of

knowledge skill and attitude are needed to service the insurance sector. The

need of the customer will be identified accurately and the right product will

be targeted.


39/82

THREE IMPORT CONCEPTS

On the onset of the project we were understand that SALES here has

three important aspects:FIND: This deals with the identification of the target segment. It is an

exercise involving how to find the segment and where to get them. This part

of the project deals with the survey of the area.

WIN: This step deals with convincing the target segment. Here one has to

make the following vital decisions:

What to say?

Where to say?

How to say?

What will be the follow up exercise?

KEEP: This is a corporate policy to maintain communication with the

segment to retain them. This is much of human resource but sales also play

a vital role in it.


40/82

WHAT IS IN IT FOR AN ADVISOR.

ICICI Prudential Life Company Limited aspires to provide state of the art

customer service and opportunities and avenues for enterprising people to

grow and prosper. Backed by the latest technology, we will offer our customer:

Complete and diversified product portfolio

Faster and more accurate service.

Multi-channel distribution system.

Highly trained professional salesperson offering high quality pre and

post sales service.

BENEFIT:

Your earning potential is unlimited.

You have a clear career path

You are supported in your effort with exclusive advertising, your own

in-house consult, and supervisor training.

Flexi-time business Being a part of world class sales team


41/82

THE DETAILS OF THE OFFER:

ICICI Prudential Life Insurance Company Limited has the following

career options available

The Agency Offer

This involves enrolling a prospective advisor for the training program

and after the training program, the prospect has to clears an examination

conducted by IRDA. Then the prospect is issued a license by IRDA to issue

policies.

To keep the agency active the advisor has to sell at least 12 policies in

a year. The advisor receives commissions on the premium he collects by

selling policies.

The commission structure:

% of the premium collected

1st year 25-35%

2nd & 3rd 7.5%

4th to the end of policy term 5%

Over and above these commissions the advisor is also given

incentives if he achieves his minimum targets, which include: monetary

benefits, Membership to various worldwide clubs.

Career Option for Advisors

In this offer if the advisor is able to sell around 30-40 policies within

6 months of issue of the license, then he gets an offer letter from the

company to join in as Unit Manager (Average package 2-2.5 lakhs). The

Unit Manager is responsible for heading and guiding a team of 30 advisors.He can further grow in the organization to Agency Manager.


42/82


43/82

FinanceDepartment


44/82

Products OfICICI

Prudential


45/82

PRODUCTS OF ICICI PRUDENTIAL

Market Linked Plans

Lifetime:

Life time is a Regular Premium Product that has the option of

the yearly, half yearly and monthly modes of premium.

Lifetime works in the form of units, which are issued to the

policyholder depending upon the U nit Value and the investment done

in the form of premium.

The riders associated to this are Accidental DeathBenefit(ADB), Major Surgical Assistance (MSA) and Critical Illness

Rider (CI)

Key Features:

Death Benefit: Death benefit will be the multiple of the yearly

premium. The policy holder has the flexibility to choose the death benefit.

Withdrawal: the policy holder can withdraw the units at the unit

value on the pricing date following the receipt of the withdrawal request.

The value of withdrawal reduces the sum assured with the same amount.

Flexibility Option:

o Increase in death benefit: the policy holder can increase the

death benefit by 25% subject to a maximum of Rs. 100,000 every time. This

can be done every third year (3rd, 6th, & 9th year), without further

underwriting. The DB can be increased further with underwriting.


46/82

o Decrease in Death Benefit: the policy holder has the option of

decreasing the death benefit in the multiples of Rs.100,000. However a

minimum residual death benefit of Rs. 100,000 will have to be maintained.

o Premium Holiday: The policy holders can discontinue the

premium payment, but his death benefit and the rider benefits cover would

continue. The premium for this will be deducted from the unit fund. The

policyholder can enjoy this facility if hes facing some financial constraints

and he wants to discontinue the premium payment for a certain period.

Choice of fund: There are four funds options for the policy holder to

invest the money. He has the flexibility of investing in all the four funds inthe proportions he wishes, fewer than one single policy.


47/82

The funds are as follows :

PLANPLAN

OBJECTIVE

RISKINVESTMENT

PATTERN

Protector

(Income)

Steady Returns

over a long timeModerate

Debt Instruments: Max

100%

Money Market and Cash:

Max 25%

Balancer

(Balanced)

Balance of capital

appreciation and

steady returns over

a long term

Average

Debt, Money Market and

Cash: Min 60%

Equity and Equity Related

security: Max 40%

Maximiser

(Growth)

High growth and

capital

appreciation over a

long time

High

Equity and equity related

Security: Max 100%

Debt, Money market and

Cash: Max 25%

Preserver

(Liquid)

Capital

PreservationLow

Debt Market: Max 50%

Money Market and Cash:

Min 50%

Switching: The policy holder would have the control to direct his

investments depending upon the market conditions by switching the money

between the funds. Four switches a year are free for the policy holder.


48/82

Top - Ups: the policyholder can put top up premium only if he has

paid up to date regular premiums. Top up gives the flexibility to the policy

holder of increasing the value of his investments over a long term.

Flexible Contribution: The regular premium can be increased or

decreased. The policyholder can up to 20% of the initial premium choose

the maximum decrease on any occasion at the time of inception of the

policy.

Bonus Units Allocation for Policyholders: At the end of 4th, 8th and

12

th

years the policy holder will be provided with additional allocation ofunits. This would be credited to the policyholders unit account, only if the

regular premiums are completely paid.

Loans: A loan can be availed on the policy if it has acquired a

surrender value. No partial withdrawal can be done during the loan period. If

the loan amount along with the accrued interest becomes equal to the value

of units, then the policy will be terminated.


49/82

Minimum age at entry 0

Max age at entry 60 years

Max cover ceasing age 70 years

Minimum contribution

Annual Rs.18000

Half Yearly Rs.9000

Monthly Rs.1500

Modes of payment Yearly, half yearly and monthly

Death Benefit

The death benefit is higher of the

sum assured reduced by the

withdrawals or the value of units, at

the time of death.

Life Link:

Life link is a unique single premium market linked plan that combines the

security of a life insurance policy with the opportunity of enjoying high

returns on investments.


50/82

Key features

Death Benefit: Death benefit in this plan is the higher of the sum assured

chosen reduced by the amount of withdrawals made and the value of

investments at the time of death.

Sum Assured: Sum assured in life link is a multiple of the single

contribution that is paid by the policyholder. However, this product has two

options of sum assured, which the policyholder can choose from at the

inception of the policy.

Value of Units: Value of units in the policy would be the total sum of all the

value of units held by the policyholder in the various investment options at a

particular point of time.

Life Cover: life cover is the part on which the cost of insurance is charged,

in case of Life link. Life cover at any point of time during the tenure will be

Life cover = sum assured at that point of time value of units at that

point of time

Mortality charges are always calculated on the life cover

Investment Options:

Single contribution : The policy holder has the option to put

a contribution amount that he is comfortable with and that

would be required as per the financial requirements of the

person.

Minimum contribution to be done is Rs. 50,000.

Choice of Funds : It is same as in case of Life Time plan.

Switch Between The Funds : Same as Life Time.

Top Ups : The allocation of all the top up is 99%. The

policyholder can make as many top ups as he may like


51/82

during the tenure of the policy. The top ups can be invested

in any of the funds irrespective of the fund pattern of the

regular contribution.

Liquidity with withdrawal Option : ULIP offer the liquidity

to the policyholder to make the product more attractive for

them. Life link provides the flexibility of partial

withdrawal from the value of the investments of the

policyholders, after first year of the policy. Minimum

amount of partial withdrawal should be Rs. 2000.

Liquidity with Loan Option : the loan facility is alsoavailable with life link. Loan will be available after the

first year premium is paid. The amount of loan would be

linked to the surrender value of the policy and would be

40% of the surrender value, at the time of taking loan

Surrender Value : life link allows the policy holder the

option of surrendering the policy from the first year of the

policy itself.


52/82

Policy Specifications

Min Age at Entry 0 years

Max Age at Entry 62 years

Max Cover Ceasing Age 65 yearsMin. Contribution Rs.50,000/-

Min Term 5 years

Unit Linked Smart Kid

It is a regular premium unit linked child solution, which provides

flexible options for the client so as to match the requirement of the

childs education and other future needs.

Key Features:

1. Sum Assured: In Smart Kid plan the sum assured is the multiple of

the annual contribution that is paid by the policyholder.

2. Premium Holiday: Even in case if the policyholder discontinues the

premium payment, the death benefit and the rider benefits will

continue. The premium for this will be debited from the unit fund.

Premium holiday option can be used only after 5 complete policy

years.

3. Death Benefit: In this case even after the death of the policy holder,

the policy continues. Therefore on death of the policy holder, the

product offers following benefits;

4. The sum assured chosen at the inception by the policy holder is paid

immediately on death.

5. The policy keeps on continuing and hence the withdrawals from the

plan can be done as per the needs and the appointee will have the

right to do so.


53/82

6. All the future annual premiums are waived, till the end of the term of

the policy i.e. the co. will pay on behalf of the policyholder.

Additional Protection Options:

Cover for annual recurring expenses in case

of death: in the income benefit rider in case of death, 10% of the sum

assured under this rider is paid from the year of death till the maturity

of the plan.

Cover against accidental death/disability: An extra accidental cover is

available by help of added benefit of accidental death benefit rider.With this protection, the nominee of the policy holder would receive

additional insurance cover over and above the death benefit payable

by the base product.

Cover against accidental disability: the added protection against the

accidental disability with this plan can be availed by taking the

advantage of Waiver of Premium Rider.

Annual Contribution : The policyholder has the option to start with a

contribution amount that he is comfortable with and that would be

required as per the financial requirements of the person. Minimum

contribution to be made is Rs.18000 per annum.

Change in Annual Contribution : the policy holder can change the

annual contribution;

Increase in contribution: Under Smart kid plan the policy holder has

this added flexibility to increase the contribution. But this can be done

only on the policy anniversaries. Minimum increase has to be Rs.

500.


54/82


55/82

Traditional Plans

Traditional plans are those plans, which work only on insurance and saving

objectives, usually are of low premium and long term.

Save n Protect:

It is a with profit endowment plan with free extended life cover. The

prospect chooses a term and a sum assured for this plan. It provides life

cover during the term of the plan. After the end of the term, on maturity

the policy holder gets the whole sum assured along with the bonuses if

any.

Key Features:

Death Benefit:

o If age at death is less than 7 years then death benefit is equal to

the sum of the total premiums paid.

o If the age at death is 7 years or more then the death benefit is

sum assured + guaranteed additions (GA @ 3.5% compounded

annually on SA for the first 4 years) + vested bonus.

o If death occurs during extended life cover period then death

benefit is 50% of sum assured.

Extended Life Cover:

After maturity of the plan, free life cover is

provided to the policyholder for 5 more years. It

makes this plan very useful for senior citizens because

they can enjoy the free life cover.


56/82

Maturity Benefit: On maturity the policyholder is paid Sum assured

+ guaranteed additions for 4 years + vested bonus.

Target Market:

Young people who have just started career

Low income groups i.e. min 10,000 pm.

Cash Back:

It is also with profits anticipated endowment plan. It provides liquidity at

regular intervals of time and also helps in saving money.Key Features:

Death Benefit: Death Benefit is sum assured + guaranteed additions

+vested bonus.

Maturity Benefit: On maturity the policy holder is paid 50% of sum

assured + guaranteed additions for 4 years + vesting bonus on entire

sum assured.

General Features:

o Surrender: It can be surrendered after three completed policy

years

o Loan: No loans are provided, as regular payouts are allowed.

o Paid Up: policy attains paid up after three years.

o Tax Benefits: It carries sec 88 on the premium and sec 10(10)

D benefit on death and maturity claim.


57/82

A. Target Market:

Young people of the age group 20-30 years who have just

started a career and family

Income group of minimum Rs. 10,000 per month.

Middle aged professional, service holders and businessmen.

ForeverLife :

Life Guard is with profit deferred annuity plan with life cover. This plan

is made keeping in mind the recent increase in life expectancy and

decrease in earning period. That is well live long but will earn for a

short time. There fore theres a need to make money work for us.

ForeverLife is a retirement solution that assists in meeting with that need

in a disciplined planner.

Key Features:

Death Benefit: If death occurs during the deferment period and the

spouse survives the annuitant has the following options

o Take the sum assured along with the guaranteed additions and

vested bonuses accrued.

o Commute up to 33.33% of the money as a lump sum and use

the remaining fund to take an annuity.

o Use the entire money to take an annuity

Maturity Benefit: the plan vests once the deferment

period is over. The annuitant then uses the purchasing price to

purchase an annuity. On maturity the following options are

available:


58/82

Life Annuity: Provides an annuity till the time the annuitant lives, once

the annuitant dies then the contract ends. It is suitable for people who

dont have any dependent or heirs.

Life Annuity with return of Purchase Price: The annuity is paid till the

annuitant survives and after the demise the purchase price is given as a

claim to the nomination or beneficiary.

Joint Life Annuity, Last survivor Annuity: annuity is paid to the

annuitant and after the annuitant passes away and the spouse survives,the same annuity will be disbursed to the spouse. With the death of

spouse annuity will stop and nothing will be payable.

Annuity option once taken cannot be changed, it has a 5

or 7 years reset option


59/82

OTHER PLANS AT A GLANCE

Insurance Solutions for IndividualsICICI Prudential Life Insurance offers a range of innovative, customer-

centric products that meet the needs of customers at every life stage. Its 20

products can be enhanced with up to 6 riders, to create a customized solution

for each policyholder.

Savings Solutions

Secure Plus is a transparent and feature-packed savings plan that offers

3 levels of protection.

Cash plus is a transparent, feature-packed savings plan that offers 3

levels of protection as well as liquidity options.

Save-n-Protect is a traditional endowment savings plan that offers life

protection along with adequate returns.

CashBakis an anticipated endowment policy ideal for meeting milestone

expenses like a childs marriage, expenses for a childs higher education

or purchase of an asset.

Lifetime & Lifetime II offers customers the flexibility and control to

customize the policy to meet the changing needs at different life stages.

Each offer 4 fund options i.e. Preserver, Protector, Balancer and Maxi

miser. Life Link II is a single premium Market Linked Insurance Plan, which

combines life insurance cover with the opportunity to stay, invested in the

stock market.


60/82

Premier Life is a limited premium paying plan that offers customers life

insurance cover till the age of 75.

Invest Shield Life is a Market Linked plan that provides capital

guarantee on the invested premiums and declared bonus interest.

Invest Shield Cash is a Market Linked plan that provides capital

guarantee on the invested premiums and declared bonus interest along

with flexible liquidity options.

Invest Shield Gold is a Market Linked plan that provides capital

guarantee on the invested premiums and declared bonus interest alongwith limited premium payment terms.


61/82

Protection Solutions

Lifeguard is a protection plan, which offers life covers at very low cost. It is

available in 3 options i.e. level term assurance, level term assurance with

return of premium and single premium.

Child Plans

Smart Kid education plans provide guaranteed educational benefits to a

child along with life insurance cover for the parent who purchases the

policy. The policy is designed to provide money at important milestones in

the childs life. Smart Kid plans are also available in unit-linked form both

single premium and regular premium.

Retirement Solutions

ForeverLife is a retirement product targeted at individuals in there

thirties.

Secure Plus Pension is a flexible pension plan that allows one to select

between 3 levels of cover.


62/82

Market-linked retirement products

Lifetime Pension II is a regular premium market-linked pension plan

Life Link Pension II is a single premium market-linked pension plan.

Invest Shield Pension is a regular premium pension plan with a capital

guarantee on the investible premium and declared bonuses.

ICICI Prudential also launched Salaam Zindagi, a social sector group

insurance policy targeted at the economically underprivileged sections of the

society.

Group Insurance Solutions

ICICI Prudential also offers Group Insurance Solutions for companies

seeking to enhance benefits to their employees.

ICICI Pru Group Gratuity Plan: ICICI Prus group gratuity plan helps

employers fund their statutory gratuity obligation in a scientific manner. The

plan can also be customized to structure schemes that can provide benefits

beyond the statutory obligations.

ICICI Pru Group Superannuating Plan: ICICI Pru offers a flexible

defined contribution superannuating scheme to provide a retirement kitty for

each member of the group. Employees have the option of choosing from

various annuity options or opting for a partial commutation of the annuity at

the time of retirement.


63/82

ICICI Pru Group Term Plan: ICICI Prus flexible group term solution

helps provide affordable cover to members of a group. The cover could be

uniform or based on designation/rank or a multiple of salary. The benefit

under the policy is paid to the beneficiary nominated by the member on

his/her death.

Flexible Rider Options

ICICI Pru Life offers flexible riders, which can be added to the basic policy

at a marginal cost, depending on the specific needs of the customer.

Accident & disability benefit: If death occurs as the result of an

accident during the term of the policy, the beneficiary receives an additionalamount equal to the sum assured under the policy. If the death occurs while

traveling in an authorized mass transport vehicle, the beneficiary will be

entitled to twice the sum assured as additional benefit.

Accident Benefit: This rider option pays the sum assured under the

rider on death due to accident.

Critical Illness Benefit: protects the insured against financial loss in

the event of 9 specified critical illnesses. Benefits are payable to the insured

for medical expenses prior to death.

Major Surgical Assistance Benefit: provides financial support in the

event of medical emergencies, ensuring benefits is payable to the life

assured for medical expenses incurred for surgical procedures. Cover is

offered against 43 surgical procedures.


64/82

Income Benefit: This rider pays the 10% of the sum assured to the

nominee every year, till maturity, in the event of the death of the life

assured. It is available on Smart Kid, Secure Plus and Cash Plus

Waiver of Premium: In case of total and permanent disability due to

an accident, the premiums are waived till maturity. This rider is available

with Secure Plus and Cash Plus.

Cancer Care : it s new product for cancer people, which is launch recently

by company.


65/82

About

Project


66/82

About the Project

During this 1.5 months training period that Ive undergone at ICICI

Prudential (Barouche Branch), my project was to do the Recruitment Calls

and to make the Sales Presentations.

First I would like to tell about what are recruitment calls.

Recruitment Calls means to meet people or call people to make them awareof the Organization and its functions and then to offer them the business

opportunity of joining the organization as an Advisor. Under this job, I too

met people and talked about the business opportunity of joining with ICICI

Prudential. The person should be HSC Pass for becoming an Advisor, but if

hes from rural area then he should be SSC pass. For conducting this

project, Ive visited homes of people and even contacted the people on

phone by getting a prospective list of phone numbers from job website. The

following method was used to inform .By joining like an advisor the person

will have role:

To provide the financial advice to the clients; this can be done by ;

o Identifying the future clients

o Making appointments

o Conduct financial review meetings with prospects/ clients

o Get referrals

o Provide service to clients.


67/82

The opportunity:

o No start up capital required

o Flexible working environment

o Hes his own boss

o Unlimited earning potential

o Being a part of world class team

Working environment

o Being part of markets number one player

o Work from own office or home

o Work full time or part time

o No upper limits on earning

Support Package for advisors:

o High quality management support

o Attractive payments and benefits

o Strong reputation

o Excellent customer service

o Extensive training

o Superior products

Extensive Product Portfolio:

o Product range that provides financial solutions to cover all

basic needs like;

o Premature death

o Living too long

o Living death

o Childrens future


68/82

o Wealth creation

Trainings conducted on:

o Selling skills

o Product knowledge

o Relationship skills

Training delivery by:

o Face to face

o Online

o Self Learning

Recognition Programs:

o Foreign trips and seminars

o Select club memberships

o MDRT (Million Dollar Round Table) memberships

Career Progression and Future Opportunities:

o Exclusive program for high achievers

o A fast tract career path

o Recognition as Tiger

o Continuance as Advisor

o Criteria

Age 25 40 years

At least 1 year in system

2 cases per month

Mobile Tigers

o Part time career as a trainer

o Conduct foundation programs


69/82


70/82

Agency Champion:

o Take business to next level

o Now act like entrepreneurs, i.e. develop own

business

o Recruit new advisors and make own team

o Increased reach and earning potential

o Criteria:

Age at least 1 year in system

Minimum 36 policies and 3.6 laces

premium

Selection process(assessment centers)

for further development

o Next Step:

Confirmation of mutual interest

Selection interview

Profiling test dates

Draft payment favoring

ICICI Prudential Life Insurance Company payable at

Mumbai

Finalize training dates and venue.


71/82

The Procedure for Recruitment

The procedure for recruitment as an Advisor in the ICICI Prudential

Life Insurance Company is either through personal contact or by phone

calls. Since personal contact could be done when we know that person so I

followed the calling option. I got the prospective list of people form my

peers group, my friends or other source i.e. from internet or reference from

other people. From total 75 people I talked to, almost 20 people were

interested in the opportunity that I discussed. From those 20 people 5 are on

way to turn up as advisors and others will take time in deciding for it. From

the 75 people I contacted 80% were jobbers and rest 20% people were small

or middle level businessmen. There were 10% housewives also and they too

show the interest in joining the business as it will be a source of extra

income.

The people who refused to join the organization had the following

reasons for it:

They wanted to finish studies first.

They were happy with their respective job and salary

They were already having a part time business.

They could not find time for extra works.

After talking to the interested people, and finalizing their admission in the

organization they were made to attend the 18 days IRDA training conducted

at RNIS College of Insurance, Shalimar Complex, Barouche.

After that they will attend the 3 days product training given by the trainer

from Baroda Office. After completing this part they will give their exam for

the license at Ahmedabad, which will be conducted by Insurance Institute of


72/82

India. After 15 20 days theyll get their licenses and they can start the

career as an Insurance Advisor for ICICI Prudential.

Sales Presentation:

Apart from giving the recruitment calls I also did the sales

presentation along with my Project Guide and Unit Manager Mr. Ahoy

Polecat. Under this exercise I had to tell the prospect about insurance and

the various assistance provided by ICICI Prudential in the area of life

insurance. It is more of convincing act of making the prospect convert into

client. For this purpose I had gone through the 18 days IRDA training and 3

days product training conducted by the organization it self. This trainingmade me through in area of what is insurance and its other details and the

product training provided the details of the products that the company

provides. At the starting level I have avoided going for the cold sales calls

(contacting people who are unknown to us), so I took the natural market for

my prospecting.

Procedure adopted for giving the sales presentation:

The Opening:

In the opening of the presentation firstly I introduced the company and

myself. And the following points were discussed

As an insurance company what ICICI Prudential is doing and how it

is functioning in the corporate world.

The various needs of a person in life (i.e. premature death, accidental

disability, childrens future etc) and how to deal with them.

What my role is? I.e. how I can help the person according to the

different needs of his life.


73/82


74/82

or higher personnel if needed, which included my project guide and other

Unit Managers.

In usual cases, there were some common doubts that almost every

client asked so the solution for that was prepared.

The following approaches were followed in dealing with the

doubts/objections:

Listening with out interrupting: listening is the first step of good

communication so or dealing with clients objections also we have to listentheir part of case. Interruption will deny the kind of respect the client needs

which may lead to misunderstanding. Even though I knew what the client

was going to say I listened to his part then gave him the respective solution.

Agree and counter: According to this approach I agreed to the clients

statement but countered it in terms of what the reality was. For example, a

client referred to the competitors policy and asked if the same thing is in

our policy or not. So the simple thing was told that it is not available but

other benefits are available.

Closing the Presentation:

Closing was the last step in presentation, in this the client was asked

summarized over what all things were discussed by me and what the

objections and solutions given, in a way the whole presentation was

discussed in a nut shell. In this I also asked the client about their

interest in investing money, or what they feel about all things

discussed. If interested then further formalities were done.


75/82

Follow Up:

If the client shows not enough interest then also he has to be taken

care of, his details like name, phone no. and other information taken

earlier was taken along in case he changes his decision and can be

converted into prospect to client.

While giving the sales presentation the following main points were

discussed

About ICICI Prudential

o The bank

o The joint venture

o About prudential

Life style Changes

o Talking about how the needs change as per our age.

My Role

oIt explains what I am doing and how I can help the client

with by suggestions

oHow to make the life of the client smooth i.e. with less of

uncertainty.

The Risks in Life

o Premature Death

How one can make his family financially sound

even if

hes not in the family (if hes the bread winner)

To make them aware of the need of insurance.


76/82

o Living Too Long

It is the retirement solution that what to do after

job, with no source of income.

The decreasing rupee value and increasing

prices

The medical expenses

o Living Death

It is the unfortunate situation when the person is not in

state of good health i.e. he may not be able to do any

work for income.

There will be additional medical expenses.

oChildrens Future

The increasing expenses of education needs some

extra source of money

To give the best possible education to the child.

No compromise on their future

oWealth Creation

For the financially independent future


77/82


78/82

SWOT ANALYSES OF ICICI Pru LIFE INSURANCE

1.STRENGTH

Introduction of innovate wide range of products, by Way of

trying up with foreign companies.

Fully computerized environment

Make most use of the groups experience & brand name.

Less manpower with increased working hours

Created flexibility.

Settlement of smaller claims within 24 hrs.

2. WEAKNESS

Lack of experience in the Indian insurance sector

Fear of insolvency in the minds of public.

Large finding for creating the good brand image.

Less distribution network.

Difficulty to tap the Indian rural mkt.

3. OPPORTUNITIES

Target the industrial as well as industrial customer with better

service.

Speedy settlement of claims.

Can attracts the experience insurance professionals with better

Package.

4. THREATS

Large distribution network public sector companies.


79/82


80/82

FINDING AND SUGGESTION

Though there are many private insurance companies in the market it is

evident that ICICI prudential one of the leading company. ICICI has the

major proportion of the market share then its competitors but there is much

to be done as in Ahmedabad there is a large market which is still untapped.

In the current situation the financial and investment field is saturated

and there is a tough competition which is haunting the companies in such a

perspective it is the marketing and sales people who are promising and canmake the required changes which can help in giving a winning edge over its

competitors.

From the research conducted it is evident that the people are aware

about the life insurance and the players that are involved in it. Thus now

there is a need to give them the full knowledge about the products which are

offered by the company and the benefits which the people can receive by

taking the policies.

To increase the market share the company must come up with new

attractive gift packages for the customers and also provide more benefits to

the investors. It is the only possible way in which the company can make

more profit.


81/82

CONCLUSION

The success of any company depends on the quality of staff it holds

and it is convincing power of this staff, which leads to the success of the

company. Thus Marketing can be said as the important section of the ICICI

Prudential because it is this section that is involved in direct marketing of

the products offered by the company.

The competition within the insurance companies is intensifying day

by day. But with its prudent portfolio and its wide distribution ICICIPrudential Life Insurance Co., is the number one player in private Life

Insurance Sector.

Other Insurance players are also looking forward to compete with the

Product of the Company. Company is going to provide good job

opportunities for management graduates, along with a lot of growth

potential.

Gradually we gained much confidence talking with people and it was

a great experience working with the ICICI Prudential.


82/82

BIBLIOGRAPHY

www.iciciprulife.com

Principal of Management L.M. Prasad

Management Sherleker & Sherleker
http://www.iciciprulife.com/http://www.iciciprulife.com/

icici prud

Documents