INTRODUCTION PROFILE OF GENERAL INSURANCE INDUSTRY

History of Indian Insurance Market Insurance in India goes back to the time of the British. The first life insurance company to operate in India the Oriental Life Insurance Company was established in 1818 in Calcutta. It was, however, a British company. The first Indian insurance company, the Bombay Mutual Life Assurance Society started its operations in1871. In 1956 the Indian life insurance industry was made up of 154 domestic life insurers, 16 foreign life insurers and 75 provident funds, and was still governed by the Insurance Act of 1938.In 1956 all life insurance companies were nationalized, the story of non-life insurance in India is no different. Though Lloyd. Insurance pioneered general insurance way back in 1688, the first non-life insurance company to set up shop in India was the Triton Insurance Company of Calcutta. In1907, the first Indian general insurer, the Indian Mercantile Insurance Company started its operations. The New India Assurance Company Ltd. was incorporated in1919. In 1972, the non-life insurance business in the country was nationalized and the GIC (General Insurance Corporation of India) was formed as a holding company with four subsidiaries: The National Insurance, Oriental Insurance, United India Insurance and the New India Assurance Company Ltd. Since then, insurance in India had a protective wall built around it, to keep it local players Market. The above companies controlled the insurance industry for nearly 30 years or so. Current Insurance Market Structure General Insurance business in India
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was under complete control of four Governments insurance companies for nearly three decade. After much deliberation finally the market was opened for competition from December2000 and also Government has de-linked four Public sector companies from holding company GIC to operate as independent company. In addition to four Public Sectors insurance companies the Insurance Regulatory and Development Authority (.IRDA.)Has issued licenses to the eight Private.

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COMPANY PROFILE ICICI Prudential Life Insurance Company Limited

ICICI Prudential is a joint venture between ICICI Bank and Prudential

plc engaged in the business of life insurance in India.ICICI Prudential is the largest private insurance company and second largest insurance in India after LIC. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential Life's capital stands at Rs. 37.72 billion (as on March, 2008) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the year ended March 31, 2008, the company garnered Retail New Business Weighted premium of Rs. 6,684 crores, registering a growth of 68% over the last year and has underwritten nearly 3 million retail policies during the period. The company has assets held over Rs. 30,000 crore as on April 30, 2008.ICICI Prudential Life is also the only private life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating is the highest rating, and is a clear assurance of ICICI Prudential's ability to meet its obligations to customers at the time of maturity or claims.For the past seven years, ICICI Prudential Life has retained its leadership position in the life insurance industry with a wide range of flexible products that meet the needs
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of the Indian customer at every step in life. Since the liberalization of Indian Insurance sector, ICICI Prudential Life Insurance has been one of the earliest private players. Since the time, ICICI Pru Life has been the leader in terms of market share as indicated by the IRDA (Insurance Regulatory and Development Authority, the regulator for Indian Insurance Industry) at its website. Arguably the most innovative Indian Life insurer in terms of customer services and products, ICICI Prudential has one of the largest distribution and servicing network with over 2,000 proprietary offices & customer touch points across India. The 30,000 employee strong organization has one of the largest agency distribution in the industry. With a growing product range to match the complex needs of the demanding customers in a growing economy, the organization also has a history of successful. During 2007-08, the

organization's focus on rural business has proved its complex project execution capability and strong partnerships for customer servicing. In June, 2009 ICICI Prudential Life Insurance has decided to snap its tie up with TTK Healthcare to settle insurance claims of its user.

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GROUP COMPANIES Domestic subsidiaries

ICICI Prudential Life Insurance Company Limited o ICICI Venture Funds Management Company Limited o ICICI Securities Limited o ICICI Lombard General Insurance Company Limited o ICICI Home Finance Company Limited o ICICI Investment Management Company Limited o ICICI Trusteeship Services Limited o ICICI Brokerage Services Limited o ICICI Distribution Finance Private Limited International subsidiaries o ICICI Bank UK Limited o ICICI Bank Canada o ICICI Securities Holdings Inc o ICICI Securities Inc o ICICI International Limited

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INSURANCE PLANS
ICICI Prudential has a wide array of insurance plans that have been designed with the philosophy that different individuals are bound to have differing insurance needs. The ideal insurance plan is one that addresses the exact insurance needs of the individual that will depend on the age and life stage of the individual apart from a host of other factors. Life Insurance Plans Life insurance products assure your family will receive financial support, even in your absence. Put simply, when you buy insurance you provide your family with a sum of money, should something happen to you. It thus permanently protects your family from financial crises. In addition to serving as a protective cover, when you buy insurance you create a flexible money-saving scheme, which empowers you to accumulate wealth to buy a new car, get your children educational solutions, and even retire comfortably. Today, there is no shortage of investment options for a person to choose from. Given the plethora of choices, it becomes imperative to make the right choice when investing your hard-earned money, and online insurance is an ideal choice in todays technology driven world. Buying Life insurance online is a way to make a unique investment that helps you to meet your dual needs - saving for life's important goals, and protecting your assets. From an investor's point of view, an investment can play two roles asset appreciation or asset protection. While most financial instruments have the underlying benefit of asset appreciation,
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buying life insurance online gets you the unique reassurance of asset protection, along with a strong element of asset appreciation. When you buy life insurance online the core benefit is that the financial interests of ones family remain protected from circumstances such as loss of income due to critical illness or death of the policyholder. Simultaneously, buying life insurance online gives a strong inbuilt wealth creation proposition. The customer therefore benefits on two counts and online insurance products occupy a unique space in the landscape of investment options available to a customer. As your life stage and therefore your financial goals change, the instrument in which you invest should offer corresponding benefits pertinent to the new life stage. Online insurance products are the only investment option that offer specific products tailor-made for different life stages. You are thus ensured that the benefits offered to the customer reflect the needs of the customer at that particular life stage, and hence ensures that the financial goals of that life stage are met. On the basis of which life stage you are in and the corresponding insurance needs, ICICI Prudential plans can be categorized into the following three types: Education Insurance Plans Wealth Creation Plans Protection Plans Education Insurance Plans One of your most important responsibilities as a parent is to ensure that your child gets the best possible education that can be provided.
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ICICI Prudential offers a wide portfolio of education insurance plans that are designed to provide peace of mind to you, as a parent, that your child's education will be secure. These plans ensure that money is made available at the crucial junctures in a child's education - Class X, Class XII, graduation and post- graduation - to fund crucial commitments for the child's future. Importantly, education insurance plans ensure that in the unfortunate event of the death of a parent, the child's education continues unhampered. Under the education insurance plans platform, ICICI Prudential brings the following products to you. Please click on the product name to know more about the plans. Plan Name Plan Type ICICI Pru SmartKid Assure ICICI Pru SmartKid Maxima ICICI Pru SmartKid Regular Premium Unit Linked Unit Linked Traditional Wealth Creation Plans Wealth Creation Plans give the customer the dual benefit of protection along with the potentially higher returns of market-linked instruments. The most important benefit of ULIPs is the flexibility they give the customer in choosing the premium amount and also choosing the underlying fund in which this
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money is to be invested. Wealth creation plans also offer the customer more liquidity options as compared to traditional plans. As such, ULIPs are ideal for customers who want the protection of a life cover to be allied to the returns of market linked instrument giving them an unmatched combination of benefits. Under the wealth creation platform, ICICI Prudential brings the following products to you. Please click on the product name to know more about the plans. Plan Name Plan Type ICICI Pru LifeStage Wealth ICICI Pru ACE ICICI Pru Premier Wealth ICICI Pru Assure Wealth ICICI Pru LifeTime Maxima ICICI Pru Pinnacle Protection Plans The sole objective of these plans, as their name indicates, is to serve the protection needs of the customer and by doing so, safeguard ones family from the financial implications of unfortunate circumstances than one cannot foresee. Under the Protection Plans platform, ICICI Prudential brings to you the following products:

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Plan Name Plan Type Pure Protect LifeGuard Save'n'Protect CashBack Retirement Solutions To cater to the needs of a customer looking for retirement planning, ICICI Prudential presents a wide array of products. These products have been designed to take into account the diverse set of needs that characterize individual customers. Please click on the plans to know more about them and identify which plan is just right for you. Plan Name Plan Type ICICI Pru LifeTime Pension Maxima ICICI Pru LifeStage Pension Advantage ICICI Pru Elite Pension II ICICI Pru Assure Pension ICICI Pru ForeverLife ICICI Pru Immediate Annuity

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Health Insurance Products ICICI Prudential offers health insurance plans under the following major need categories: Comprehensive health coverage: Health Saver A comprehensive whole life plan that covers you against hospitalization expenses and creates a health fund to cover any other health expenses. Hospitalisation coverage: MediAssure A reimbursement hospitalization plan covering hospitalization stay and treatment. The claim payout is based on actual expense incurred. Hospital Care Get free quote and buy online A fixed benefit cashless hospitalization plan covering various stages of treatment and over 900 surgeries. Critical illness coverage: Crisis Cover A comprehensive health insurance policy that covers 35 critical illnesses, death and disability.

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NEED FOR THE STUDY

ICICI Prudential Life Insurance Company Limited division was started in December 2000. Hence the company wanted to know to what extent the people were aware of ICICI Prudential Life Insurance company and their perception towards life, pension & retirement insurance products. Hence this research was undertaken. The company wanted to assess whether the present level of marketing efforts is sufficient or not and the medium of communication which was most effective in creating awareness. Hence its need for this research.

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OBJECTIVES
Primary Objective To assess the level of awareness of the brand ICICI Prudential Life Insurance Company. Secondary Objectives To assess the level of awareness about different types of insurance and the companies operating in the general insurance domain. To assess the relative importance of life insurance among different insurance products. To assess the extent of the need for life insurance as perceived by the public and their reasons. To estimate the degree of brand recall achieved through logo, slogan and Company name. To assess the role of different media in generating awareness about the brand ICICI Prudential Life Insurance.

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SCOPE OF THE STUDY

This study undertaken for ICICI Prudential Life Insurance aims to study and understand the level of awareness of the company and the market potential for life insurance among the individuals residing in Bhagalpur. This has been done by preparing the questionnaire which contains questions put forth to the prospective individuals, which would help in analyzing the profile and individuals perception towards life insurance, factors influencing the

individuals in going for life insurance, and awareness of various schemes and insurance companies. This study would help in determining the future market potential for life insurance. The study would also help ICICI Prudential Life Insurance to direct their marketing efforts by identifying customer preference and also the role of different media in creating awareness. LIMITATION OF THE STUDY The area of study is limited to Bhagalpur region only, hence the results may not be true for other geographical areas. Validity & Reliability of the data obtained depends on the correctness of the responses by the respondents, The time at the disposal of the researcher was limited and the size of the sample comparing to the population was very less and hence it cannot be said to represent the whole population.

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RESEARCH METHODOLOGY
A proper research Methodology is imperative to derive meaningful inferences and conclusions from the study. The Methodology followed for this study is as follows. RESEARCH DESIGN In this market survey, the design used is descriptive in nature. The information is collected from the individuals and analyzed with the help of different statistical tools for describing the relationship between various types of variables pertaining to market potential for life Insurance. Moreover Cross table Analysis has been done for multivariate data and information has been obtained to meet the objectives of the study

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DATA
Nature of Data Both primary and secondary data are used in this study in order to meet the requirements of the objectives. Under the study primary data was collected by using a Questionnaire. Source of Data The Primary data was collected from the individuals residing in Bhagalpur, with the help of the questionnaire, which was prepared after getting inputs from the experts and executives in ICICI Prudential Life Insurance. Secondary data are sourced from General Insurance Companies, Magazines, Books, Pamphlets, Websites etc. METHOD OF DATA COLLECTION Structured Questionnaire method is used as an instrument for collecting information from the individuals. A Pilot study was conducted based on which a few changes were made in the Questionnaire. SAMPLING Since the population of consumers of general Insurance is large in number, researcher was unable to collect information from all individuals due to limitation of time. So part of the population is taken for analyzing and generating the findings.

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Sampling Method Cluster sampling method is used. The area to be surveyed was divided into blocks. A number of blocks was chosen at random. Every household in the chosen block was surveyed. TOOLS USED The data has been analyzed mainly by using the following methods, namely. Cross Tabulation and Percentage method supplemented by appropriate charts. Preference of the Respondents for different insurance products has been analysed using Ranking method. Percentage Analysis This is a univariate analysis where the percentage of a particular factor with different categories is calculated, in order to help one get fair an idea regarding the sample and thereby that of the population. Cross Tabulation While percentage analysis is applicable to single variable, cross tabulations help in identifying relationship between different variables. Ranking method This type of analysis is particularly useful when the purpose of the question is to identify the preferences of the sample among different choices. The respondents indicated the importance they assign to different types of policies. The ranking was in the order of 1 for most important and 5 for the least important. While doing the analysis the first rank was given a weightage of 5 and the least rank was given the weightage of 1.
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The rank assigned by all the respondents was cumulated using the weightage. Accordingly the type of policy with the larger cumulative weightage was ranked number 1 and so on. Questionnaire The questionnaire includes both open ended and closed ended questions with multiple choices, Open-ended questions enable wide range of responses. This enables the respondent to express his views in his own words. However this is difficult to tabulate and analyse. Close-ended questions offer a limited choice of response. Respondents find these easier to complete. Close-ended questions can also be tabulated and analysed more easily.

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ANALYSIS OF DATA
GENDER OF THE RESPONDENTS

S.No.

Gender

No. of Respondents

Percentage

Male

179

74.6

Female

61

25.4

Total INFERENCE

Total

240

100.0

From the above table it is inferred that 74.6% of the respondents are male and 25.4% of the respondents are female

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AGE OF THE RESPONDENTS

S No.

Age

No. Respondents

of Precentage

1 2. 3. 4. 5. 6. 7.

20-30 31-40 41-50 51-60 61-70 71-80 Above 80 Total

81 69 43 14 22 6 5 240

33.8 28.8 17.9 5.8 9.2 2.5 2.1 100.0

Average age of respondents = 39.375 INFERENCE From the above table it is inferred that, 33.8% of the respondents are in the age group of 20-30 years followed by 28.8% of the respondents who are in the age group of 31-40 years followed by 17.9% of the respondents who are in the age group of 41-50 years followed by 5.8% of the respondents who are in the age group of 51-60 years followed by 9.2% of the respondents who are in the age group of 61-70 years followed by 2.5% of the respondents who are in the age group of 71-80 years and 2.1% of the respondents who are in the age group of above 80 years.
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RELATIVE IMPORTANCE OF TYPES OF INSURANCE POLICY S No. 1 2. 3. 4. 5. Policy Types Pension Health Retirement Home Life Weightage Score 632 761 344 617 1040 Rank III II V IV I

INFERENCE From the above table the relative importance assigned by the respondents to different types of insurance can be clearly inferred. Life insurance occupies Ist rank with the highest score of 1040 points. Health insurance occupies IInd rank with the score of 761 points. Pension insurance occupies IIIrd rank with the score of 632 points. Home insurance occupies IVth rank with the score of 617 points. Retirement insurance occupied Vth rank with the low score of 344 points

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FINDINGS & SUGGESTIONS

Level of awareness- life Insurance &Companies Among the respondents, majority is salaried employees and most of the respondents have annual income below Rs2Lakh. Among the various types of insurance, only (27.1%) of the total respondents are aware of all types of insurance such as life, Health, Pension and Home insurance. Majority of the respondents (around 60%) are aware of life insurance and next to it (58%) are aware of health insurance. Among various general insurance products, life insurance was most commonly used (i.e.) with around 60% of the respondents using it, The next most common used product was Home Insurance (36%) health insurance came third with 33% of the respondents using it. When the preference among various insurance products was studied, majority of respondents ranked Life insurance as number 1, followed by Health insurance as number 2, Pension insurance as number 3 and Home insurance was ranked 4th. When opinion about the necessity of life insurance is studied, majority of them (i.e.) 200 out of 240 respondents opined that it is necessary, but still when the preference among the various insurance products is studied home insurance was ranked at 4th place. When respondents who did not have a home insurance policy were asked whether they were willing to be approached by sales personnel, equal number of respondents replied affirmatively and negatively.

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When the awareness level of various companies providing life insurance was studied, majority of the respondents (i.e.) 70% of them, were aware of ICICI Prudential Next to it around 50% of them were aware of L.I.C and almost 40% of them are aware of TATA AIG. Most of the respondents expressed that they have good or fair knowledge about life insurance. Almost 90% of the respondents opined that home insurance is Necessary. Responding to the question as to why home insurance was necessary, 42.5% stated Burglary as the cause and 27.5% stated natural disaster as the reason Among the total respondents, 10% opined that home insurance is Not Necessary and among them (45%) fell it is a waste of money. Brand awareness Only (30%) of the total respondents were able to recall ICICI Prudential without any assistance, However, among the various insurance companies, the recall of ICICI Prudential was the highest (i.e.) 72 out of 240 respondents could name ICICI Prudential. Many of respondents (20.42%) who identified ICICI through the LOGO were influenced by television and (8%) of them who identified ICICI Prudential were influenced by the sales people. Most of respondents (5.42%) who identified ICICI through the SLOGAN were influenced by sales people and most of the respondents (10%) who identified ICICI Prudential were also influenced by the sales people. Majority of respondents (72.5%) identified ICICI Prudential through the
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assistance of the company name, logo and slogan and were able to recognize the industry with which the company is associated. Among those respondents (48.33%) of them recognized it is a general insurance company, (15%) of them recognized it as a home insurance company. SUGGESTIONS Below given are a few suggestions to enhance the awareness and preferences for life insurance product and ICICI Prudential in general. The attractiveness of the offering can be communicated more clearly. The attractiveness includes communicating the product attributes (less premium, easy settlements, and brand credibility), benefits (emotional benefit, security and peace) and value (low premium but high value and worth). The core need that underlines the existence of the product, the essence of the brand (relates to the deeper and abstract goals that the customers are willing to satisfy with the brand) must reach the man to create awareness and preference. Life insurance is classified under the category of unsought goods (these are goods which the customer does not know about (or) does not normally think of buying). Hence it cannot do well without personal selling effort and oneto-one marketing efforts. At the same time many consider sales people as a nuisance. So the company must improve the level of awareness and also create a perceived need for life insurance. Once this background has been created, then the customer resistance to sales call by insurance counselors will be reduced.
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CONCLUSION
The study could be concluded by saying that life insurance is deemed to be a great necessity today, especially after natural disasters like Tsunami took place. However priority wise, it has a lower priority when compared with other forms of insurance like life, health and home. ICICI Prudential has fairly good recall levels. The need, awareness and preferences for life insurance can be enhanced by communicating the core need of the product consciously. REFERENCES 1. Umasekaran (2002), ' Research Methods for Business', John Wiley & Sons, Inc. 4th edition. 2. Richard I. Levin, David S. Rubin (2002), 'Statistics for Management', Prentice Hall of India Private Limited, New Delhi, 7th edition. 3. Kothari C.R (2002), 'Research Methodology', Wishwa Prakashan, New Delhi, 2nd edition. 4. Philip Kotler (2003), Marketing Management, Pearson Education Limited, Singapore, 11th edition. Websites: www.irda.com www.iciciprolife .com www.google.com

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