iciciprudential report
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PROJECT REPORT
CONSUMER RECRUITMENT OF FINANCIAL
ADVISOR AND INSURANCE PRODUCTS OF
ICICI PRUDENTIAL LIFE INSURANCE
CO.LTD.
. A Survey
ICICI PRUDENTIAL LIFE INSURANCE CO.
(BRANCH SHIMLA)
IN THE PARTIAL FULFILLMENT OF THE DEGREE OF
MASTER OF BUSINESS ADMINISTRATION (MBA)
(2!"2#)
SUBMITTED B$%
MAHENDER SINGH
MBA
PANJAB INSTITUTE OF MANAGEMENT & TECHNOLOG$ MANDI GOBINDGARH
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AC'NOLEDGEMENT
I* +,r- /re 0,1-ere- / y34,5 ,* /66r,v/5 /1- 7/8e1 ,* /66re0/7,1
79e1 5e7 79e +,r- 65/y 79e 9er/5-1: r,5e ,* e;6re1: 3y 10ere7
:r/77u-e /1- 79/18,=== advisors, and having
commenced operations in =? cities and to!ns in India, stretching from 3huj inthe !est to +u!ahati in the east, and Dammu in the north to 0rivandrum in thesouth.
0he compan has banc assurance partners, having tieups !ith ICICI 3an",3an" of India, 6ederal 3an", South Indian 3an", and Lord
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PRODUCTS
I1ur/10e S,5u7,1 *,r I1-v-u/5ICICI prudential Life Insurance offers a range of innovative, customercentric
products that meet the needs of customers at ever life stage. Its products can beenhanced !ith up to 9 riders, to create a customi2ed solution for each
policholder.
S/v1: & e/579 Cre/7,1 S,5u7,1
1. Cash plus is a transparent, featurepac"ed savings plan that offers levelsof protection as !ell as li:uidit options.. SaveFnFprotect is a traditional endo!ment savings plan that offers life
protection along !ith ade:uate returns.. Cashboo" is an anticipated endo!ment polic ideal for meeting milestonee#penses li"e a childFs marriage, e#penses for a childFs higher education or
purchase of an asset. It is available for terms of 1; and = ears.9. Lifetimes SuperG Lifetime Plus are unitlin"ed plans that offer customersthe fle#ibilit and control to customi2e the polic to meet the changing needsat different life stages. (ach offer 9 fund optionsH Preserver, Protector, 3alancerand Ma#i miser.;. Life Lin" Super is a single premium unit lin"ed insurance plan, !hichcombines life insurance cover !ith the opportunit to sta invested in the stoc"
mar"et.A. Premier Life +old is a limited premiumpaing plan speciall structuredfor longterm !ealth creation.?. Invest Shield Life )e! is a unit lin"ed plan that provides premiumguarantee on the invested premiums and ensures that the customer receives onlthe benefits of fund appreciation !ithout an of the ris"s of depreciation.>. Invest Shield Cashboo" is a unit lin"ed plan that provides premiumguarantee on the invested premiums along !ith fle#ible li:uidit options.
Pr,7e07,1 S,5u7,1
1. Lifeguard is a protection plan, !hich offers life covers at ver lo! cost. Itis available in optionsH Level term assurance, level term assurance !ith returnof premium and single premium.. 'ome &ssure is a mortgage reducing term assurance plan designedspecificall to help customers cover their home loans in a simple and costeffective manner.
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C95- P5/1
(ducation insurance under the Smart "id brand provides guaranteed
educational benefits to a child along !ith life insurance cover for the parent!ho purchases the polic. 0he polic is designed to provide mone at importantmilestones in the childFs life. Smart "id plans are also available in unitlin"edformH 3oth single premium and regular premium.
Re7re3e17 S,5u7,1
1. 6orever Life is a traditional retirement product that offersguaranteed returns for the first 9 ears and then declares bonusesannuall.. Lifetime Super Pension is a regular premium unit lin"ed pension planthat helps one accumulate over the long term and offers an annuit option$guaranteed income for life% at the time of retirement.. Life Lin" Super Pension is a single premium unit lin"ed pension plan.
He/579 S,5u7,1
1. 'ealth &ssure and 'ealth &ssure Plus8 'ealth &ssure is a regularpremium plan !hich provides long term cover against A critical illnesses bproviding policholder !ith financial assistance, irrespective of the actualmedical e#penses. 'ealth &ssure Plus offers the added advantage of ane:uivalent life insurance cover.. Cancer Care8 is a regular premium plan that pas cash benefit on thediagnosis as !ell as at different stages in the treatment of various cancerconditions.
Gr,u6 I1ur/10e S,5u7,1ICICI prudential also offers +roup Insurance Solutions for companies see"ingto enhance benefits to their emploees.
?. Gr,u6 Gr/7u7y P5/1% ICICI PruFs group gratuit plan helpsemploers fund their statutor gratuit obligation in a scientific manner.
0he plan can also be customi2ed to structure schemes that can provide benefitsbeond the statutor obligations.
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2. Gr,u6 Su6er/11u/71: P5/18 ICICI pru offers both definedcontribution $*C% and defined benefit $*3% superannuating schemes to
optimi2e returns for the members of the trust and rationali2e the cost. Membershave the option of choosing from various annuit options or opting for a partialcommutation of the annuit at the time of retirement.
@. Gr,u6 I33e-/7e A11u7e% In addition to the annuitiesoffered to e#isting superannuating customers, !e offer immediate annuities tosuperannuating funds not managed b us.
. Gr,u6 Ter3 P5/1%"ICICI PruFs fle#ible group term solution helpsprovide affordable cover to members of a group. 0he cover could be uniform orbased on designationran" or a multiple of salar. 0he benefit under thepolic is paid to the beneficiar nominated b the member on hisher death.
F5e;45e R-er O67,1
ICICI Pru Life offers fle#ible riders, !hich can be added to the basic polic at amarginal cost, depending on the specific needs of the customer.
?. A00-e17 & -/457y 4e1e*7% If death occurs as the result ofan accident during the term of the polic, the beneficiar receives an additionalamount e:ual to the rider sum assured under the polic. If the death occurs
!hile traveling in an authori2ed mass transport vehicle, the beneficiar !ill beentitled to t!ice the sum assured as additional benefit.
2 Cr70/5 I551e Be1e*78 Protects the insured against financial lossin the event of specified critical illnesses. 3enefits are paable to the insured
for medical e#penses prior to death.
@. I10,3e Be1e*7% 0his rider pas the 1=@ of the sum assured to thenominee ever ear, till maturit, in the event of the death of the life assured. Itis available on Smart "id and Cash Plus.
. /ver ,* Pre3u38 In case of total and permanent disabilit dueto an accident, the future premiums continue to be paid b the compan till thetime of maturit. 0his rider is available !ith Lifetime super, Lifetime Super
pension and Cash Plus.
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ABOUT THE PROMOTERS
ICICI B/18 $)JS(8I3)% is IndiaFs second largest ban" !ith an asset baseof Rs. ;1.> billion as on March 1, ==A. ICICI 3an" provides a broadspectrum of financial services to individuals and companies. 0his includesmortgages, car and personal loans, credit and debit cards, corporate andagricultural finance. 0he 3an" services a gro!ing customer base of more than1? million customers through a multichannel access net!or" !hich includesover A= branches and e#tension counter, == &0Ms, call centers and Internet
ban"ing $!!!.iciciban".com.%.
(stablished in London in1>9>, prudential plc, through its businesses in the 7
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CONTENTS
Pre*/0e
Cer7*0/7e
A081,+5e-:e3e17
I17r,-u07,1% "
De*17,1
Nee- *,r L*e I1ur/10e
R,5e ,* L*e I1ur/10e
Ev/5u/7,1 ,* I1ur/10e I1-u7ry 1 I1-/
V,1D7r4u7,1
Pr,-u07
Pr,3,7er
O6e11: ,* I1ur/10e Se07,r 1 I1-/
O4>e07ve ,* L4er/5/7,1 ,* I1ur/10e
C9/1:1: E;6e07/7,1 ,* Cu7,3er
M/>,r P5/yer 1 L*e I1ur/10e
L*e I1ur/10e ,* I1-/ (LIC)
ICICI Pru-e17/5
RELIANCE LIFE INSURANCE
C,36/r,1 ,* 79e 6r,-u07 ,* v/r,u 0,36/1e
Ree/r09 Me79,-,5,:y
Ree/r09 Me79,-,5,:y
O4>e07ve
T/r:e7
S7r/7e:y
A09eve3e17
L37/7,1
D/7/ A1/5y /1- F1-1:
C,105u,1
F1-1: Su::e7,1
A66e1-0e
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ue7,1
B45,:r/69y
I1ur/10e is basicall ris" management device. 0he losses to assets
resulting from natural calamities li"e fireB flood, earth:ua"e, accident etc. are
met out of the common pool contributed b large number of persons !ho are
e#posed to similar ris"s. 0his contribution of man is used to pa the looses
suffered b unfortunate fe!. 'o!ever the basic principle is that loss should
occur as a result of natural calamities or une#pected events, !hich are
beond the human control. Secondl insured person should not ma"e an
gains out of insurance.
It is natural to thin" of insurance of phsical assets such as motor car
insurance or fire insurance but often be forget that creator all these assets is
the human being !hose effort have gone along !a in building up to assets.
In that scene human life is a uni:ue income generating assets. 7nli"e
phsical assets, !hich decrease !ith the passage of time, the individual
become more e#perienced and mature as he advances in age. 0his raises his
earning capacit and the purpose of life insurance is to protect the income to
individual and provide financial securit to his famil, !hich is dependent on
his income in the event of his premature death. 0he individual also himself
also needs financial securit for the old age or on his becoming permanentl
disabled !hen his income !ill stop. Insurance also has an element of saving
in certain cases.
Insurance is are rupees 9== billion business in India and et its spread in
the countr is relativel thin. Insurance as a concept has not being able to
ma"e head!a in India. Presentl LIC enjos a monopol in Life Insurance
business !hile +IC enjos it in general insurance business. 0here has been
ver little option before the customer to decide the insurer. & successful
passage of the IR& bill has clear the !a of private sector operators in
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collaboration !ith their overseas partners. It is li"el to bring in a more
professional and focused approach. More over the foreign plaers !ould
bring sophisticated actuarial techni:ues !ith them, !hich !ould facilitate
the insurer to effectivel price the product. It is ver important that the
trained mar"eting professionals !ho are able to communicate
Specific features of the polic should sell the polic. In the ne#t millennium
all these activities !ould pla a crucial role in the overall development and
maturit of the insurance industr.
DEFINITION GENERAL DEFINITION% "
In the !ords of Dohn Magee, 4 Insurance is a plan b !hich large
numbers of people associate themselves and transfer to the shoulders
Ef all ris"s that attach to individuals
FUNDAMENTAL DEFINITION% "
In the !ords of * S 'an sell, 4 Insurance ma be defined as a
social device providing financial compensation for the effects of misfortune,
the paments being made from the accumulated contributions of all
participating in the scheme.
CONTRACTUAL DEFINITION% "
In the !ords of justice 0indall 4 Insurance is a contract in !hich a sum of
mone is paid to the assured as consideration of insurer-s incurring the ris"
of paing a large sum upon a given contingenc.
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CHARACTERISTICS OF INSURANCE
Sharing of ris"
Cooperative device
(valuation of ris"
Pament on happening of special event
0he amount of pament depends on the nature of losses incurred
NEED OF THE LIFE INSURANCE% "
0he original, basic intention of life insurance is to provide for one-s
famil and perhaps others in the event of death. Eriginall, polices !ere to
provide for short periods of time, covering temporar ris" situations, such as sea
voages. &s life insurance became more established. It !as reali2ed !hat a
useful tool it !as in a number of situations, including8
?. Te36,r/ry 1ee- 79re/7%
0he original purpose of Life Insurance remains an important element,
namel providing for replacement of income on death etc.
2. Re:u5/r S/v1:%
Providing one-s famil and oneself, as a medium to longterm e#ercise
$through a series of regular pament of premiums%. 0his has become more
relevant in recent times as people see" financial independence from their
famil.
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@. I1ve73e17%
Put simpl, the building up of saving !hile safeguarding it from ravages
of inflation. 7nli"e regular saving products are traditionall lump sum
investments, !here the individual ma"es are one time pament.
. Re7re3e17%
Provision for one-s on later ears has become increasingl necessar,
especiall in changing culture and social environment. Ene can bu a
suitable insurance polic, !hich !ill provide periodical paments in one-s
old age.
BENEFITS%
?. I7 u6er,r 7, 7r/-7,1/5 /v1: 3/091e%
&s !ell as providing a secure vehicle to build up saving etc. it
provides piece of mind to the policholder. In the event ultimatel
death, of sa the main earner in the famil, the polic !ill pa out
guaranteed sum assured, !hich is li"el to be significantl more
then the total premiums paid. 5ith more traditional saving
vehicles, such as fi#ed deposits, the onl return !ould be the
amount invested plus an interested accrued.
2. I7 e10,ur/:e /v1: /1- *,r0e 79r*7%
Ence an insurance contract has been entered into, the insured has a
publication to continue paing premiums, until the end of the term
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of polic, other!ise the polic !ill lapse. In other !ords, it
becomes compulsor for the insure to save regularl and spend
!isel. In contrast savings held in a deposit account can be
accessed or stop easil.
@. I7 6r,v-e e/y e775e3e17 /1- 6r,7e07,1 /:/17 0re-7,r
Ence a person appointed for receiving the benefits or a transfer of
rights is made $assignment%, a claim under the life insurance
contract can be settled easil. In addition, creditors have no right to
an mommies b the insurer, !here the polic is !ritten under
trust. 7nder the married !oman-s act the mone available from the
polic forms a "ind of trust, !hich creditors cannot claim on.
. I7 0/1 4e e109/e- /1- */057e 4,rr,+1:%
Sum contracts ma allo! the polic can be surrendered for a cash
amount, if policholder is not in a position to pa the premium. &
loan, against certain polic, can be ta"en for a temporar period to
tide over the difficult. Presence of life insurance polic facilitates
credit for personal or commercial loans as it can be offered as
collateral securit.
!. T/; re5e*%
0he policholder obtains income ta# rebates b paing the insurancepremium. 0he specified form of saving !hich enjos a ta# rebate us
>> of the income ta# act. Include Life Insurance premiums and
contribution to a recogni2ed P6 etc.
ROLE OF LIFE INSURANCE
R,5e ?% L*e I1ur/10e / 1ve73e171> as Eriental
Insurance Compan, mainl to provide for !ido!s of (uropeans. 0he
companies that follo! mainl catered to (uropeans and charged e#tra premium
on Indian Lives. 0he first insurance compan insuring Indian Lives at standard
rates !as 3EM3&J M707&L LI6( I)S7R&)C( CEMP&)J, !hich !as
formed in 1>?=. 0his !as also the ear !hen the 3ritish Parliament passed 1st
Insurance act. 0he ears subse:uent to the S!adeshi movement sa! the
emergence of several insurance companies. &t the end of the ear 1;; there
!ere 9; insurance companies. &ll the insurance companies !ere nationali2ed
in 1;A and brought under one umbrella LI6( I)S7R&)C( CERPER&0IE)
E6 I)*I& $LIC% !hich enjoed a monopol of the Life Insurance business
until near the end of ===. 3 enacting the IR*& act 1, the +ovt of India
effectivel ended LIC-s monopol and opened the doors for private Insurance
companies.
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OPENING OF INSURANCE SECTOR IN INDIA
0he union government of India decided to open the insurance sector to
ma"e it more dnamic and customer friendl.
OBJECTIVE OF LIBERALIATION OF INSURANCE %"
0he Main objective for the opening up the Insurance sector to the private
insures as under8
0o provide better coverage to the India citi2ens.
0o augment the flo! of longterm financial resources to finance the gro!th
of infrastructure.
Indian Insurance industr has ten ne! entrants in ear =====1 in Life
Insurance sector.
S.N, Re: N, D/7e ,* Re: N/3e ,* C,36/1y
1 Reliance Life Insurance Co. Ltd.
1=1 .1=.=== '*6C Standard Life Insurance CE. Ltd
1=9 1;.11.=== Ma# )e! Jor" Life Insurance CE. Ltd
9 1=; 9.11.=== ICICI Prudential Life Insurance CE. Ltd
; 1=? 1=.=1.==1 EM
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CHANGING CUSTOMER EPECTATIONS IN INSURANCE SECTOR
PRE TO POST LIBERALISATION
RESEARCH OBJECTIVE AND METHODOLOG$
OBJECTIVE% "
0o provide insight into customers e#periences prior to recent
liberali2ation, mapping changes in e#pectations after liberali2ation and
perceived performance of insurance plaers vis a vis e#pectations.
RESEARCH APPROACH% "
In depth :ualitative stud to capture indicative trends !hich can be
strictl validated, if re:uired8
+eographical coverage8 *elhi, Mumbai,
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ROLE OF IRDA%
(ducate public on regulator safeguards, investments guidelines and
plough bac" of profits $several people have e#pressed concern about
securit of their mone, credibilit of private insurance compan
investment of funds in foreign mar"ets.
Inform public on social and rural obligation of private plaers $several
people believed that onl LIC !as responsible for insuring the poor.
POST PURCHASE PROCESS% LIFE
Pre L4er/5/7,1 P,7 L4er/5/7,1
Premium )otice Intimation from companreminder from agent
N Cash 9@ N Cash 91@
N Che:ue ;?@ N Che:ue 9@
N Credit Card 1=@
N )o case of pament through Internet
5as observed, due to lo! a!areness
&nd securit apprehensions.
N Includes deposits at private compan
Collection centers.
HO DEPOSITS PREMIUM
N Self 99@ N Self ?@
N &gent 9@ N &gent 9@
N Salar saving Scheme ?@ N Salar saving Scheme 19@
Includes relatives G friends includes relatives G friends
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CORRESPONDENCE $Ether than premium notice% FROM
COMPAN$AGENT
+enerall no correspondence from
either compan or agent e#cept for
late premium pament reminder
from compan
&gent maintained informal contact
!ith close customers
Mailers from both private
companies and LIC on product and
services, greetings cards on
birthdas, anniversar and ne!
product.
Phone calls from private compan
call centers.
&gent in regular contact for offer
ne! product.
DELA$ IN PREMIUM PA$MENT
Incidence of dela high =@
$*ue to irregular receipt of premium
notice from companreminder from
agent%
Incidence of dela high =@
$*ue to irregular receipt of premium
notice from companreminder from
agent%
CHANGING TRENDS IN SAVINGS PATTERN
Pre L4er/5/7,1 P,7 L4er/5/7,1
Saving Instrument @ of Respondents Saving Instrument @ of Respondents
Insurance @
3an" *eposit >@
PP6 1@
)SC 1@
Share ?@
Post Effice ?@
3onds =
+old 9@
Insurance @
3an" *eposit 99@
PP6 >@
)SC =
Share @
Post Effice @
3onds @
+old =@
0otal 1== 0otal 1==
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INTRODUCTION
ICICI Pru-e17/5 L*e I1ur/10e C,r6,r/7,1 L7-. +/ 10,r6,r/7e- ,1
2.#.22. T9 0,36/1y / >,17 ve17ure ,* ICICI (#) /1- Pru-e17/5
650 U' (2).
0he compan !as granted certificate of registration for carring out Life
Insurance 3usiness, b the Insurance Registr and *evelopment authorit on
)ov 9.===. It commenced commercial operations on *ec 1.===, becoming
one of the fe! private sector plaers to enter the liberali2ed arena.
DETAILS OF ICICI% "
0his is Indian participate compan of this insurance Co. 5orld 3an", the
govt of India and the Indian Industr, to promote industrial development of
India b providing project and corporate finance to Indian Industr, established
ICICI L0* in 1;;.
Since inception, ICICI has gro!n from a development ban" to a financial
conglomerate and has become one of the largest public financial institutions in
India. ICICI has thus far financed all the major sectors of the econom, covering
A>9> companies and 1A>;1 projects.
DETAILS OF PRUDENTIAL PLC% "
Prudential Plc !as founded in ?.Since then it has gro!n to become
one of the largest providers of a !ide range of savings products for the
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individuals including life insurance, pensions, annuities, unit trust and personal
ban"ing. It has presence in 1; countries, and caters to the financial needs of
over 1= million customers.
Prudential is the largest life insurance compan in the 7nited
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Ma#imum &ge A= ears
Ter3 7, Av/5 79e 65/1 %
Minimum term 1= ears, ma#imum term = ears
0he ma#imum cover ceasing age is ?= ears.
A-v/17/:e ,* 79 65/1 %
0he plan not onl covers our life but also provides ou !ith a survives
benefit paout ever five ears.
In the unfortunate event of death of life insure, the beneficiar !ould
receive the death benefit.
En the maturit, ou !ould receive the sum of the survivals benefit, bonus
addition and guaranteed addition.
Jou have the choice of paing our premium either in earl, half earl
modes, depending upon our conveniences.
Mone bac" plan offers the ta# benefit 7s >>, Sec >=* and Sec 1=$1=*%
Ef the Income 0a# &ct, 1A1 are applicable.
Jou can ta"e a loan against this plan.
2. CASH BAN'% "
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& fi#ed term polic of 1; to = ears in !hich premiums are paid through
out the term of the polic. Survival benefit pament at regular intervals are
paid to provide ou !ith the li:uidit full sum assured, along !ith the
guaranteed addition .;@ compounded annuall for the 1st four ears at the
vested bonuses !ould be paable on death, irrespective of the survival benefit
paid. En death of the life assured, the beneficiar !ill get the full sum assure,
the guaranteed bonuses and the vested bonuses, irrespective of the survival
benefit alread paid. 0he survival benefit paable are as per the table8
P,50y Ter3 ?! $e/r P,50y Ter3 2 $e/r
&t end of ear Survival pa. a @
basic
sum assured
&t the end of ear Survival pa a @ bas
sum assured
1=@ 9 1=@
A 1;@ > 1;@
=@ 1 =@
1 ;@ 1A ;@
1; $Maturit% ;=@ gur add. 3onus = $Maturit% ;=@ gur add. 3onus
Minimum &ge 1A Jears
Ma#imum &ge ;; ears
Ter3 7, Av/5 P5/1%
Minimum 0erm 1; ears
Ma#imum 0erm = Jears
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0he ma#imum maturit age is ?= ears
A-v/17/:e ,* 79 P5/1 %"
0he plan not onl covers our life but also provide ou !ith a survivals
benefit paout ever five ears.
In the unfortunate event of death of the life insure, the beneficiar !ould
receive the death benefit.
En maturit, ou !ould receive the sum of the survivals benefit, bonus
addition and guaranteed addition.
Jou have the choice of paing our premium either in earl, half earl
modes, depending on our conveniences.
Mone bac" plan offers the ta# benefits 7s >>, Sec >=* and Sec 1=$1=*%
of the Income ta# &ct, 1A1 are applicable.
@. SMART 'ID% "
Smart "id is so designed that it provides ou the fle#ibilit to structure
the benefit in accordance to our needs. Jou get the securit of assured
paments under our plan depending upon the benefit structure chosen b ou.
5hat-s more, ou can decide the term of the plan, so that the benefit are paid
!hen ou need it. Jou can also choose the polic to mature bet!een ;
ears of the child-s age. In case of survivals during the term of the polic ou
can get the paouts after some intervals.
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A7 79e e1- ,* C95- /:e P/y,u7
1= r of the polic 1; ears =@ of the sum assured
1 r of the polic 1? ears ;@ of the sum assured
1; r of the polic = ears ;@ of the sum assured
1? r of the polic ears =@ of the sum assured
+& 3
Minimum &ge = Jears
Ma#imum &ge 1 ears
Parents of Minimum age = ears and Ma#imum age A= ears
Ter3 7, Av/5 P5/1%
Minimum 0erm 1= ears
Ma#imum 0erm ; JearsA-v/17/:e ,* 79 65/1 %"
En maturit ou !ould receive the sum assured plus the bonus addition
0he automatic cover maintenance facilit ensures the polic remains
enforce for at least ears.
Jou have the option of paing premium half earl or earl.
Mone bac" plan offers the ta# benefit 7s >>, Sec >=* and Sec 1=$1=*% of
the Income ta# &ct, 1A1 are applicable.
. LIFE TIME PLAN% "
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ICICI Prudential Life time Pension Plan combine the best of investment
and insurance. 0he solution gives the po!er of maintaining our life stle needs
for as long as ou live. It is a regular premium plan it gives ou the freedom to
choose the amount, the premium, and invest our mone in the mar"etlin"ed
funds, to generate potentiall higher returns. & part of the premium paid is used
to pa for the death benefit $if an% opted for b ou and the rest be invested in
the plan of our choice. En the retirement date the accumulated value of the
units !ill be used to purchase and annuitto provide ou !ith regular income
for life.
Minimum &ge 1> Jears
Ma#imum &ge A= ears
Ter3 7, Av/5 P5/1%
Minimum 0erm 1= ears
Ma#imum 0erm ; Jears
A-v/17/:e ,* 79 P5/1 %"
Po!er to choose the retirement age bet!een ;?= ears.
Jou can increase our investment during the deferred period.
Jou can increase or decrease the protection level.
Jou can invest in a plan based on our priorities.
Mone bac" plan offers the ta# benefit 7s >>, Sec >=* and Sec 1=$1=*% of
the Income ta# &ct, 1A1 are applicable.
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Jour polic ac:uires a paid up and surrender value after ears premiums
are paid in life time pension plan.
!. LIFE GUARD% "
7nder this plan, a sum assure is paable in case of death of the life assure
during the term of contract. Ene can choose the lump sum that !ould replace
the income lost to one-s famil in the unfortunate event of the one-s death. Since
this nonparticipating $!ithout profits% plan is a pure, ris" cover plan, no
benefits are paable on survival to the end of the term of the polic.
Minimum &ge 1> Jears
Ma#imum &ge ;= ears
Ter3 7, Av/5 P5/1%
Minimum 0erm ; ears
Ma#imum 0erm ; Jears
Ma#imum age that plan covers is A; ears
Minimum premium paable is 9== per annum
A-v/17/:e ,* 79 P5/1% "
En maturit, ou !ould receive the sum assure plus the bonuses addition.
3onuses addition is the amount in the accumulation account. In cases of the
sum assure.
Cover ou for a term $ears% of our choice
&t the same time does not burden ou !ith the liabilit to pa premiums for
the entire life
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(ntitled ou to a bonus addition for the entire term of the plan.
Premium to be paid for the 6ull polic term or polic holder-s death,
!hichever is earlier.
Jou have the choice of paing premium either in earl, half earl and
:uarterl modes or of paing a single one time premium
Level term &ssurance life guard plan !ill have the option !ith returns of
premium. In case of death ou !ill receive the sum assure plus bonuses. Ensurvival till maturit, all the premium paid, !ill be returned !ithout interest.
0he minimum premium paable is Rs 9== per annum
Mone bac" plan offers the ta# benefit 7s >>B Sec >=* and Sec 1=$1=*% of
the Income ta# &ct, 1A1 are applicable.
GENERAL BENEFITS
A00-e17 De/79 Be1e*7% "
0his benefit provides an additional amount $Ever and above basic sum
assured% to the beneficiar in the death of the accidental death of the assured.
0he ma#imum cover available under this benefit is e:ual to the basic sum
assured $subject to a ma#imum of Rs 1= lac%. If accident death occurs !hile
traveling as a passenger in mass transport sstem li"e train or bus amount
paable !ould be double of the sum assure.
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Cr70/5 I551e Be1e*7% "
0he benefit can be ta"en !ith the basic life insurance polic to provide
financial support in the event of medical emergencies. En the first occurrence of
critical illness during the term of the polic, ou !ould receive a portion of the
sum assured to reduce our financial burden in this emergenc.
Per3/1e17 D/457y Be1e*7% "
0his benefit provides financial support in case of our permanent
disabilit due to an accident. 0he amount paable is over and above the basic
sum assured and !ould be paid out as an annuit. 0he ma#imum permanent
disabilit benefit that permanent disabilit is defined as a permanent and
immediate inabilit to !or", the permanent loss of t!o limbs or a total and
permanent loss of a sight.
M/>,r Sur:0/5 R-er% "
0his is a cover available against the major surgical procedures.
*epending upon the surger, ;=@, =@ or =@ of the sum assured under the
rider is paid. 0his provides the cover of the sum, subject to ma#imum of A;
ears. Claims for this rider are not admitted for the first A months of the polic.
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OTHER BENEFITS% "
1. 0a# 3enefit
. Loan 6acilit
. 0he polic holder can pa the premium earl, half earl and :uarterl
9. If polic holder avail an additional, he !ill paid more premium
;. 5hen the age of the person gro! old. 0he premium also increased
A. Premium rate increased in case of person ta"ing into#icants in
comparison to health person.
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9=
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(?) O4>e07ve
(2) T/r:e7T/8
(@) S7r/7e:y
() A09eve3e17
(!) L37/7,1
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Ebjective of on the training is to understand
$1% 'o! !or" goes in corporate !orld$% 'o! to !or" in a compan$% 'o! to adjust our self in a compan$9% 'o! practical is different from our theoretical
"no!ledge$;% 'o! to relate our theoretical "no!ledge to practical$A% 'o! to handle different situations$?% 'o! to come out from the problems$>% *ecisionma"ing$% 0o ta"e e#perience0his training !ill tell us that !here actuall !e stand and it
!ill ma"e us a!are of our !ea"nesses so that !e can improveon that in future.
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M targets for on the job training are as follo!ing8
$1% 0o recruit 1; people as life insurance advisors in 9= das.
$% 0o get the references of persons as man as possible
$% 0o convince ever person about our compan $brandbuilding%
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6ollo!ing are the strategies follo!ed b me to achieve mtargets8
$1% 6irstl I see that !hich age group !ants to do the !or" inthis sector.
$% 0here after I see !here I can find most of these agegroups.
$% 0hen I ta"e references of other people from then.
$9% 0hen to contact reference persons and to get morereferences.
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$1% 0ill date I have recruited 9 persons as life insurance&dvisors.
$% 0ill date I have got references of 1== persons.
$% 0ill date I have got 1= hot leads.
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$1% It is ver difficult to convince an person about private insurancecompan because most of the people !ant to do !or" !ith government
companies.
$% People are not satisfied !ith the commission rates provided b ourcompan because it is less than other companFs.
$% People those !ho !ant to do !or" are of 7niversit age group and rightno! there are e#ams in universit so people donFt have time to do this !or"
$9% &s 3ilaspur is a ver small to!n so !e donFt found man peoples in a citli"e 3ilaspur
$;% In starting !e are doing both the things recruitment insurance but after Imonth !e have been told to do recruitments onl
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OBJECTIVES OF THE STUD$% "
1. 0o "no! about the re:uirement habit of the people in the region of
3IL&SP7R $'.P%
. 0o "no! about the vie!s of people regarding various Insurance
Companies.
. Position of the Insurance companies in the mind of the consumer
9. 0o "no! about the competition regarding various Insurance Companies.
;. 0o find out the position of Insurance Companies in the mar"et.
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DATA ANAL$SIS AND FINDINGS% "
UES ?% A+/re1e ,* 79e v/r,u 0,36/1e%
S.N,. P/r70u5/r A:e
A ICICI
B HDFC #!
C OM ',7/8 M,91-r/ !
D RELIANCE LIFE INSURANCE @
E SBI L*e I1ur/10e ?
0%
10%
20%
30%
40%
50%
60%
70%
80%
ICICI
HDFC
OM KOTAKMOHINDRA
RELIANCE
LIFE
INSURANCE
SBI LIFE
INSURANCE
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UES 2% 9/7 79e 6e,65e 7918 /4,u7 79e ICICI PRUDENTIAL
S.N,. P/r70u5/r /:e
& )ecessit for protection
Securit
>@
3 Imposition of an e#tra burden of
e#penses
;@
C & compulsor tool for ta#
saving
?>@
0%
20%
40%
60%
80%
100%
%age
Nee!"#$ &' ('e#"&) Se*'"#$
I+(&!"#"&) & a) e,#'a -*'.e) & e,(e)!e!
A &+(*/!&'$ #&&/ &' #a, !a")g
;=
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UES @% I *1/10/5 A-v,r 79e reure3e17 ,* 73e
S.N,. P/r70u5/r /:e
& Jes >=@
3 )o =@
0%
10%
20%
30%
40%
50%
60%
70%
80%
%age
e! N&
UES % Fr,3 +9ere / re6,1-e17 6ur09/e 79e 6rev,u I1ur/10e
P,50y
S.N,. P/r70u5/r /:e
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& *irectl from the compan 1=@
3 &n un"no!n agent 1=@
C &n "no!n agent =@
* Ethers ;@
0%
10%
20%
30%
40%
50%
60%
70%
80%
0%
%age
D"'e#/$ '&+ #e &+(a)$
A)$ *))&) age)#
A)$ )&) age)#
O#e'!
MAR'ET SURVE$ TO RECRUITMENT OF FINANCIAL ADVISOR
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Re6,1-e17% 2 0u7,3er
?. D, y,u 81,+ /4,u7 ICICI 6ru-e17/5 L*e I1ur/10e
Jes )o
?;@ ;@
0%
10%
20%
30%
40%
50%
60%
70%
80%
e!
N&
2. H,+ 3u09 36,r7/10e y,u +55 :ve 7, 7,6 79ree I1ur/10e C,36/1e
LIC ICICI PRUENTIAL BAJAJ ALLIAN
9=@ >@ @
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0%
5%
10%
15%
20%
25%
30%
35%
40%
LIC
ICICI
BAA
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@. 9/7 -, y,u 7918 e;6e07e- ,* I1ur/10e A:e17
3etter Services =@
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A+/re N,7 /+/re
A=@ 9=@
0%
10%
20%
30%
40%
50%
60%
aa'e
) aa'e
;A
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!. Are y,u /+/re ,* / 5/r:e 1u34er ,* u00e*u5 I1ur/10e A-v,r ,* /
0,36/1y :r,+1: u6 79e v/5ue 09/1 /1- 4e0,31: 5e/-er +79 7/45e
e/r11: ,* 3u09 3,re 79/1 ! 5/89
$e N,
9=@ A=@
0%
10%
20%
30%
40%
50%
60%
e!N&
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. ,u5- y,u 58e 7, :e7 re:7ere- +79 ICICI Pru-e17/5 L*e I1ur/10e /
*1/10/5 /-v,r
$e N,
A=@ 9=@
0%
10%
20%
30%
40%
50%
60%
e!
N&
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#. H/ve y,u 7/8e1 5*e I1ur/10e *,r y,u
$e N,
>=@ =@
0%
10%
20%
30%
40%
50%
60%
70%
80%
e!
N&
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. 9, y,ur 1urer
I)S7R(R P(RC()0&+(
LIC >;@
Private sector insurance 1=@
3oth ;@
0%
10%
20%
30%
40%
50%60%
70%
80%
0%
LIC
9'"a#e !e#&'
")!*'a)e
B
A=
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UES.! Re0ru73e17 ,* *1/10/5 /-v,r /00,r-1: 7, 07y.
Cit to!n )o. Ef people
3ilaspur
+humar!in 1
'amirpur 1
0
02
04
06
08
1
12
14
16
18
2
B"/a!(*'
:*+a'")
Ha+"'(*'
A1
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. H,+ 3/1y 6e,65e 81,+ /4,u7 e;7e- *1/10/5 A-v,r 1 79er 1/7ur/5
M/r8e7
3ilaspur ?=@
+humar!in A=@
'amirpur >=@
0%
10%
20%
30%
40%
50%
60%
70%
80%
B"/a!(*'
:*+a'")
Ha+"'(*'
A
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?. H,+ 3/1y *1/10/5 A-v,r /7*e- +79 79e erv0e 6r,v-1: 4y
ICICI Pru-e17/5 L*e I1ur/10e
Satisfied ?=@
)ot satisfied =@
0%
10%
20%
30%
40%
50%
60%
70%
Sa#"!"e.
N !a#"!"e.
A
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?. H,+ 3u09 0,r6,r/7e y,u +55 :ve 7, ICICI Pru-e17/5 L*e I1ur/10e
7, 4e0,3e / / F1/10/5 A-v,r
'igh ?=@
Medium =@
Lo! 1=@
0%
10%
20%
30%
40%
50%
60%
70%
H"gMe."*+
L&
A9
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??.H,+ 3u09 6e,65e re5/7e- +79 /55 L*e I1ur/10e C,36/1e / /
*1/10/5 A-v,r
LIC =@
ICICI >=@
3&D&D &LLI&)Q A=@
R(LI&)C( I)S7R&)C( ?=@
0&0& I)S7R&)C( ;=@
0%10%
20%
30%
40%
50%
60%
70%
80%
0%
LIC
ICICI
BAA
RELIANCE
TATA
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CONCLUSIONS
FINDINGS AND RECOMMENDATIONS%
1. 0he Monopol of LIC has been bro"en because private Insurance
companies came into the mar"et.
. =@ respondents are a!are of privati2ation of Insurance Industr and
1=@ respondents do not "no! about private companies.
. >=@ people "no! about ICICI Insurance Compan. ?;@ people "no!
about '*6C Insurance Compan and 1;@ people "no! about other
companies.
9. Some people preferred to the private companies because of their better
services.
;. Some people believe onl or preferred onl Public Insurance companies
li"e LIC.
A. &s majorit of the population of 3IL&SP7R $'.P% belongs to the service
class so the consider ta# saving rather than purchasing a Life insurance.
?. 0he 6inancial gro!th of Private companies is much more than LifeInsurance companies
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>. 0he private companies al!as "eep in touch !ith their customers !ith
the latest information.
. Most of the respondent said that private companies should not be
trust!orth
1=.Most of the people go for Children benefit because of 0riple benefit.
11.)o!, a da people preferred to invest the mone in Insurance polic
rather than in 3an"s because of better benefits of Insurance polices
gro!th mone !ith life cover.
1.0he respondents are above 9; the believe in Public Insurance companies
and those respondents !ho are less than 9; believe in Private Insurance
companies
1.'*6C has made its presence felt in the mar"et in a short span of time.
SUGGESTIONS%
1. &dvertisement should be done on 0elevision and especiall Posters and
3anners. 0his !ill greatl help in raising a!areness level.
. Insurance compan should sho! more commitment !ith the customer.
. Private companies give better services to the customers comparativel to
Public companies.
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9. 0he private compan should create good relation and communication.
;. Private companies should !or" together to spread a!areness regarding
the benefit given b the Private Companies.
A. Private Insurance Companies give some discount to attract the customer
?. & public relation officer should be appointed in the compan !ho deals
!ith customers and their needs.
>. Cross training should introduce in Private Companies.
. Private Companies needs to the mar"et their product better and should
create greater a!areness about their product and services. 0he need
e#tensive mar"eting advertising about the additional benefit provided b
them in comparison to the policies offered b LIC.
1=.&gents have got ma#imum influence on a customer. 0he are the one
!ho introduce the prospect to different policies. So agents should be
given fullfledged training and the training should be strict.
11.Special emphasi2es should be on "no!n cover policies because these tpe
of policies have more potential in the mar"et.
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BIBLIOIGRAPH$
Stud Material Ef LIC
Stud Material Ef ICICI PRUDENTIAL
Stud Material Ef F1/10/5 A-v,r
EBSITES
+++.006ru-e17/55*e1ur/10e.0,.1