CHAPTER-1

INTRODUCTION

1|Page
INTRODUCTION OF UNIT LINKED INSURANCE PLAN

The introduction of unit-linked insurance plans (ULIPs) has been, possibly, the single-largest
innovation in the field of life insurance in the past several decades.

MEANING
A policy, which provides for life insurance where the policy value at any time varies
according to the value of the underlying assets at the time. ULIP is life insurance solution that
provides for the benefits of protection and flexibility in investment. The investment is
denoted as units and is represented by the value that it has attained called as Net Asset Value
(NAV).
ULIP came into play in the 1960s and became very popular in Western Europe and Americas.
The reason that is attributed to the wide spread popularity of ULIP is because of the
transparency and the flexibility which it offers.
As times progressed the plans were also successfully mapped along with life insurance need
to retirement planning. In todays times, ULIP provides solutions for insurance planning,
financial needs, financial planning for childrens future and retirement planning.

FEATURES OF ULIP:
ULIP distinguishes itself through the multiple benefits that it provides to the consumer. The
plan is a one-stop solution providing:
Life protection
Investment and Savings
Flexibility
Adjustable Life Cover
Investment Options
Transparency
Liquidity
Tax planning
Options to take additional cover against death due to accident
Critical Illness
Surgeries

2|Page
INTRODUCTION TO ICICI PRUDENTIAL

ICICI Prudential Life Insurance Company (ICICI Prudential Life) is a joint venture amid
ICICI Bank Ltd., India's largest private sector bank, and Prudential plc, a leading
international financial services group headquartered in the United Kingdom. ICICI
Prudential Life was among the first private sector life insurance companies to begin
operations in December 2000 after receiving agreement from Insurance Regulatory
Development Authority of India (IRDAI).
ICICI Prudential Life's capital infused stands at Rs. 48.16 billion (as of March 31, 2015) with
ICICI Bank Ltd. and Prudential plc holding 74% and 26% stake respectively. For the
financial year 2015, the company garnered a total premium of Rs. 153.07 billion. The
company has assets under management of Rs. 1001.83 billion as on March 31, 2015.

For over a decade, ICICI Prudential Life has maintained its dominant position (on new
business retail weighted basis) amongst private life insurers in the country, with an array of
products to match the different life stage requirements of customer and enable them to
achieve their long term financial goals.

PROMOTERS

ICICI Bank

ICICI Bank Limited (NYSE:IBN) is India's leading private sector bank, with consolidated
total assets of Rs 8260.79 bn. as at March 31, 2015. ICICI Bank's subsidiaries include India's
leading private sector insurance companies, the largest online retail brokerage and among its
largest mutual funds and private equity firms. ICICI Bank's presence currently spans 17
countries, including India.
About Prudential Plc
Prudential plc is a company incorporated and with its principal place of business in England,
and its affiliated companies constitute one of the world's leading financial services groups. It
provides insurance and financial services through its subsidiaries and affiliates throughout the
world. It has been in existence for more than 166 years and has 496 billion in assets under
management (as at 31 December 2014). Prudential plc is not affiliated in any manner with
Prudential Financial, Inc., a company whose principal place of business is in the United
States of America.

3|Page
The ULIPs from ICICI Prudential Life Insurance:

1. ICICI Pru Wealth Builder II: We all have dreams we want to fulfil for ourselves
and our families, and with this savings cum protection plan you have multiple choices
to make your investments to enhance your savings. Along with this you still are
protected with life insurance cover to help your family in your absence

The key features and benefits of this plan are:

o Get a choice between investment strategies with either a fixed portfolio or a

lifecycle based portfolio.

o Death benefit - Where in your nominee will receive a sum assured including
top-up sum assured, less any partial withdrawals or will receive fund value
including top-up Fund Value, if any or the minimum death benefit less any
partial withdrawals if applicable

o Maturity benefit - you will receive fund value including top-up Fund Value, if
any Applicable for all under the age of 50 years at entry

o Enjoy tax benefits as per the Income Tax Act of 1961

o Choose the life protection to the level you require.

o Enjoy loyalty rewards to help your savings grown further.

o Choose from 7 different fund options, to make your money multiply.

2. ICICI Pru Elite Life II: It is a unit linked insurance plan, with a savings and
protection designed to suit your needs. With this plan you have many options for your
investment when it premium payment, fund choices. And above all it also provides
you with life cover to help your family with any financial needs in case of your
untimely death.

The key features and benefits of this plan are:

o Get a choice between portfolio strategies with either a fixed portfolio or a

lifecycle based portfolio.

4|Page
 o Flexible premium payment options, short or limited time or in a one-time
payment.

o Death benefit - Where in your nominee will receive a sum assured including
top-up sum assured, less any partial withdrawals or will receive fund value
including Top-up Fund Value, if any or the minimum death benefit less any
partial withdrawals if applicable

o Maturity benefit You will receive fund value including top-up fund value, if
any

o You have the choice to choose the protection you need when it comes to your
life coverage

o Enjoy loyalty rewards to help your savings grown further.

o Switch between funds with no charges.

3. ICICI Pru Elite Wealth II: With this savings cum protection plan you have the
choice to enhance your investments and turn your savings into wealth.

The key features and benefits of this plan are:

o Choose between a fixed portfolio and a lifecycle based portfolio for your
investments.

o Pay your premium in a one-time payment, or short or limited time and enjoy
full life coverage

o Death benefit - Where in your nominee will receive a Sum Assured including
Top-up Sum Assured, less any partial withdrawals or will receive fund value
including Top-up Fund Value, if any or the minimum Death Benefit less any
partial withdrawals if applicable

o Maturity benefit - You will receive fund value including Top-up Fund Value,
if any

o Enjoy tax benefits as per the Income Tax Act of 1961

o Choose the protection level you need when it comes to your life coverage

5|Page
 o Enjoy loyalty additions to help your savings boost higher.

4. ICICI Pru Guaranteed Wealth Protector: It is a ULIP which offers the chance of
high returns, by investing a certain part of your in equity, and assuring you of life
coverage and guarantee of capital.

The key features and benefits of this plan are:

o You can choose what type of investment portfolio suits you best, either fixed
portfolio or a lifecycle based portfolio.

o Make premium payments either in a one-time payment, or over a short or

limited time. But enjoy full life coverage for the entire policy term

o Maturity benefit - will receive fund value including Top-up Fund Value, if any

o Reap tax benefits for this policy as per the Income Tax Act of 1961

o Choose the level of life insurance you want and need.

o Loyalty additions will be rewarded to help give your savings the required
growth.

5. ICICI Pru Smart Life: It is a ULIP where you have the choice to invest your hard
earned money to achieve your financial goals and provide you the chance to
accumulate wealth and have enough life coverage as well.

The key features and benefits of this plan are:

o Decide what investment portfolio suits you best, either fixed portfolio or a
lifecycle based portfolio.

o Make a one-time payment, or short or limited time premium payments, and

still enjoy full life coverage for the entire policy.

o Death benefit - Where in your nominee will receive a lump sum payment or a
smart payment where future premiums will be waived and your savings will
continue to the goal set.

o Loyalty additions will be rewarded to help give your savings the required
growth.

6|Page
INTRODUCTION TO LIC

LIC need no introduction !. For some insurance still means to have a policy of LIC.

LIC is basically on the acme of the Indian insurance sector with the highest market share .

Life insurance corporation of India was formed on 1st September ,1956 , with a objective to
reach all the insurable people across the country and provide them with life insurance on
adequate or nominal premium.

LIC had started their operations with 5 zonal office, 33 divisional office , 212 branch office ,
apart from its corporate office in 1956.

Now LIC have 8 zonal office , 113 divisional offices , 2048 fully computerized branch
offices , 1381 satellite office with a corporate office.

It can be clearly seen from the figures the kind of growth LIC did in their past 50 years.

LIC continues to be the dominant life insurer even in the liberalized scenario of Indian
insurance and is moving fast on a new growth trajectory surpassing its own past records. LIC
has issued over one crore policies during the current year. It has crossed the milestone of
issuing 1,01,32,955 new policies by 15th Oct, 2005, posting a healthy growth rate of 16.67%
over the corresponding period of the previous year.

From then to now, LIC has crossed many milestones and has set unprecedented performance
records in various aspects of life insurance business. The same motives which inspired our
forefathers to bring insurance into existence in this country inspire us at LIC to take this
message of protection to light the lamps of security in as many homes as possible and to help
the people in providing security to their families.

Different ULIP Plans offered by LIC

LIC offers 6 ULIP plans in India, each one designed to fulfil specific requirements. Each of
these plans are mentioned below.

1. Fortune Plus:
This is an investment plus insurance plan which helps your money grow over
a period of time. Individuals can choose a cover which they feel will suffice
their needs, making it flexible and convenient.

7|Page
 Features and Benefits
Some of the major attractions of Fortune Plus are mentioned below.
o A 5 year premium payment term.
o Option to choose between 4 different types of investment funds. One can
switch from one fund to another, if needed.
o Partial withdrawals provide you with liquidity.
o An individual is entitled to a death benefit and a maturity benefit.
2. Child Fortune Plus:
Children are the future of our nation and Child Fortune Plus is designed to
ensure that your children do not face any financial problems. This specially
crafted plan is perfect for parents who have children up to the age of 17 years.
Features and Benefits
Some of the main features and benefits of Child Fortune Plus are mentioned
below.
o Provides financial security for your children, ensuring they can pursue their
education without having to worry about money.
o Premiums can be paid either as a lump sum or in the form of regular
payments.
o Option to choose between 4 different fund types.
o Partial withdrawals are permitted, ensuring that a financial crunch doesnt
impact your life.
An individual is entitled to a death benefit, maturity benefit and surrender
value.
3. Market Plus I:
Planning for retirement can be hard, which is what makes Market Plus I ideal
for individuals who wish to secure their retired phase of life. This is a unit
linked deferred pension plan with an option for life cover.
Features and Benefits
Some of the major features and benefits of Market Plus I are mentioned below.
o One can choose between four investment funds.
o Option to add life cover under the plan, enhancing protection.
o Individuals have an option to reduce their cover, depending on their financial
condition.

8|Page
 o One can opt for additional riders, ensuring they are protected against certain
elements.
4. Money Plus I:
The Money Plus I plan offered by LIC serves a dual role, acting both as an
investment plus insurance scheme. This endowment plan helps you utilise
your income smartly, ensuring you reap the benefit of smart planning.
Features and Benefits
Some of the main features and benefits of Money Plus I are mentioned below.
o Individuals can choose between 4 investment fund types.
o Flexibility in terms of premium payments, with an option to pay annually,
half-yearly, quarterly or monthly.
o One can choose a policy term ranging between 10 and 30 years.
o An individual is entitled to a minimum sum assured which is equivalent to 5
times the annualized premium paid by them.
o Partial withdrawal is permitted on certain occasions.
5. Profit Plus:
This unit linked endowment plan is ideal for individuals who wish to have
flexibility in terms of their finances while staying protected.
Features and Benefits
Some of the major features of Profit Plus are mentioned below.
o Individuals are entitled to a sum assured which ranges from 1.25 times their
annualized premium and 5 times the premium.
o Partial withdrawal facility ensures that you are not cash strapped during
emergencies.
o Individuals have an option to choose between 4 investment funds, with the
choice to move between them.
o The fund value will be paid on maturity.
o Individuals can choose to settle their policies and receive money through
instalments.
6. New Endowment Plus:
This unit linked non-participating endowment plan serves dual roles, offering
an insurance cover and investment benefits to individuals. It ensures that one
gets a healthy mix of protection and savings, helping you utilise your money
effectively.

9|Page
 Features and Benefits
o Individuals can choose between 4 investment funds.
o There is flexibility in terms of premium payment modes.
o A death benefit equivalent to the fund value or sum assured will be paid in the
event of unfortunate demise of policyholder.
o A maturity benefit equivalent to the fund value will be paid.
o Individuals can choose to enhance their cover by opting for additional riders

10 | P a g e
 CHAPTER-2

LITERATURE REVIEW AND DEFINATION OF PROBLEM

11 | P a g e
 Literature Review

How a company does announced a name change especially when the old name was
well known ? How does the company explain itself to constituents who may have
known the company quite well in an earlier incarnation but may be struggling to
figure out what the new organization stands for? How can the company create a new
image while retaining the strengths of the old one ? and what role might corporate
advertising play in all this ? corporate advertising can tell a story about a company as
a whole large organisation may need to use corporate acts to simplify their image in
the mind of consequence and to show what unifies the company despite the
geographical spread and variety of business.

We can very well understand the concept of corporate advertising by taking the
example of ICICI prudential communication. When company first began operations
the task was to present the visiting card of the company to the public at large and
billed creditability and to give the consumer the confidence that here is a company
that can be trusted to invest funds with this requires a corporate campaign to
establish the brand ,build awareness and give the brand the larger than life image.

Selvavinayagam, K. and Mathivanan, R. (2010) article has revealed that the

competitive climate in the Indian insurance market has changed dramatically over the last
few years. At the same time, changes have been taking place in the government regulations
and technology. The expectations of policyholders are also changing. The existing insurance
companies have to introduce many new products in the market, which have competitive
advantage over the products of life insurance companies.

Sanu Praveen, Jaiswal Garauv and Panday Vijay (2009) in their article, A Study
of Buying Behaviour of Consumers towards Life Insurance Company, Prestige
institute of Management and Research, Gwalior, revealed that in present Indian
market, the investment habits of Indian consumers are changing very frequently. The
individuals have their own perception towards various types of investment plans.

Varaprasad, V. and Murali Krishna, B. (2009) article Insurance sector: Strategies

for Intermediation and Marketing, Smart Journal of Business Management studies

12 | P a g e
 revealed that the suggestions brought forward by this study are mixed. The
contribution of insurance sector to economic development hardly affects financial
intermediation. He concluded that in order to make insurance sector significant
component of financial intermediation process, complete deregulation and increase in
face of reforms are essential at the same time, by adopting proper segmentation
capture significant share in the market for the overall benefit of organization

Keerthi, P. and Vijayalakshmi, R. (2009) A Study on the Expectations and

Perceptions of the Services in Private Life Insurance Companies reveals that the
policyholders expectations are well met in the case of certain factors reacting to
service quality. But in the case of other variables, there exists a significant gap which
means that policyholders have experienced low levels of service as against their
expectations. If all the players in the Life insurance industry focus on the effective
delivery of services, they can win the hearts of customers and anticipate their
increased market share.

Acharya tanmay, Mishra Harshita and Venkataseshaiah, S. (2007) article

Customer Preferences in Insurance Industry in India. The ICFAI journal of
marketing services revealed that the purchasing decision of the consumer depends on
quality, accessibility, company type, recommendations and promptness of service.
India is poised to experience major changes in its insurance markets as insurers
operate in an increasingly deregulated and liberalized environment. For consumers,
opening up of the insurance sector will mean new products, better packaging and
improved customer service.

Raman, N. and Gayathri, C. (2004) have observed the customers awareness

towards new insurance companies. They found that 53% of the respondents belong to
the age group below 30, 24% to the age group 31-40, 2% belong to the group of 41-
50 and the rest of the respondents belong to the group of above 50. They also

13 | P a g e
 observed that a large percentage of the insured respondents (32%) are professional,
and 56% of the respondents are married. It is also found that 52% of the respondents
have taken a policy to cover risk and 44% of them to avoid tax and the remaining to
invest their surplus amount.

Azhagaiah and Varadharajan, R. (2003) in their study view that out of one billion
people in India; only 35 million people are covered by insurance. With the entry of
Private insurance Players, people have a host of schemes to choose with distinguished
features, giving importance to the return on investment. Life Insurance Company has
been withdrawing many of its assured return plans, due to the factors like changing
customer behavior, deregulation and government intervention, competition etc. The
ICICI prudential tops the rank with 40% progress followed by Max New York with
13% progress in the insurance business of India

Ramanathan, K.V. (2011) research has resulted in the development of a reliable and
valid instrument for assessing customer perceived service quality, awareness level,
and satisfaction level of customers towards life insurance industry. Here, service
quality needs to be measured using a six dimensional hierarchal structure consisting
of assurance, competence, personalized financial planning, corporate image, tangibles
and technology dimensions. This would help the service managers to efficiently
allocate resources, by focusing on important dimensions first. There is no right and
wrong in this. The success of marketing insurance depends on understanding the
social and cultural needs of the target population, and matching the market segment
with the suitable intermediary segment.

14 | P a g e
 Chapter-3

MATERIALS AND METHOD

15 | P a g e
 MATERIALS AND METHOD

Research methodology is defined as , providing a clear idea about what methods the
researcher is going to use in research to achieve the objectives in the research.

In order to achieve accurate results of the problem described in the research it is necessary to
formulate a research plan i.e how the research is going to be conducted or what is the
methods and process that can be used for the research. It includes proper planning about the
type of research, sample unit that has to be covered, what should be the appropriate sample
size , which tool of data collection is to be used , how to make a questionnaire that will give
the results to the researcher.

Right from the starting of the research i.e selecting the topic till the very end of the research ,
research methodology drives the researcher and keeps him on the right track.

With an ever increasing complexity of market and business activities the collection and
analysis of data of service sector has become much more complex.

3.1 Objectives of the study

The primary objective of the study was to gain a insight in the insurance market.
Although research are always conducted for specific reasons.
Following are some of the objectives of my study:-

1. To compare and analyse the difference between ICICI prudential life time
super and LIC bima plus .
2. To study the consumer perspective on products offered by ICICI prudential
3. To analyse the market share of ICICI in insurance market.
4. To check the awareness among the target audience about the business of
ICICI prudential.
5. To get an insight into the entire array of the insurance market
6. To familiarize or get comfortable in the market place related with insurance and get
a decent knowledge about how to approach customers.

16 | P a g e
3.2 Research Type

Exploratory research was used in this study.

3.3 Sample Design

3.31 Sample unit

Sample unit means ,who are the people to be surveyed. In this study 50 people above the age
of 20 are selected randomly.

3.32 Sample Size

A sample size of 50 random people were selected to fill the questionnaire , that was done

by random sampling .

3.33 Sampling Procedure

For this study, convenient sampling and judgemental sampling was done .

3.4 Data Collection:

1. Sample size 50 people.

2. Primary data collected through the survey and in depth interview of the respondent.
3. Secondary data was collected from different research article , research paper , internet
and from different books.
4. First of all , gather data from newspapers ,magazines, company , website etc.
5. Secondly,it is required to take a sample size, do a market survey using questionnaires
from customers to find out what different companies offer and how are taking a
sample size and doing a market survey by filling up questionnaires. Also keeping a
track and taking down the feedback regarding perception, attitude, taste and
preferences of the customer.
6. Lastly , analyze the data collected and Compare the products offered by ICICI with
LIC .

17 | P a g e
3.5 DATA COLLECTION METHOD:-

3.51 Analysis of secondary data :

Secondary data refers to the data that is collected by some other researcher previously and
is readily available. It is the quickest and the cheapest way for researcher to get the data
and take the advantage of that data in his research .

3.52 In-depth Interviews:

In depth interview is a type of research method in which the researcher ask open ended
questions to the respondent and record the respondent responses. In this study in depth
interview is used to talk freely to the respondent about the research topic.

3.53 Questionnaire Method:

The questionnaire used in this research is for the purpose to get a insight about what
people think about ICICI prudential . It was a structured type of questionnaire consisting
both open ended and closed ended questions .

3.54 Contact Method:

To get the right information from the organization , it was necessary for the researcher to
get in contact with the people in that organizations that can give him fruitful results.

18 | P a g e
 CHAPTER-4

RESULTS AND CONCLUSION

19 | P a g e
 RESULTS AND DISCUSSION

4.1 Market share

ICICI prudential life insurance market record a tremendous growth to 43 approx percent in
October November period last year , going up from 37.92 percent from first quarter and 39
percent in the second quarter ICICI Prudential.

ICICI Pru is one of the largest Private Sector insurance with a market share of 21.9% in the
private sector and 11.3% share in the overall industry. The company had a persistency ratio
of 82.5% and solvency ratio of 320%, one of the best in the industry of the on- going fiscal
year.

The total share of the Rs 439.4-crore premium collection by private player during the April-
November period stood at 39.66 per cent. The aggregate estimated premium income amounts
to Rs 174 crore as at the end of November. According to ICICI , while the premium mop-up
by private companies in April-June 2002 was about Rs 117 crore, the corresponding figures
for the July-September and October-November periods were Rs 201.3 crore and Rs 120.8
crore. Out of this, ICICIs premium income stood at Rs 44.4 crore, Rs 78.2 crore and Rs 51.6
crore, respectively.

20 | P a g e
4.2 COMPARATIVE ANALYSIS OF ICICI LIFETIME SUPER

WITH LIC BIMAPLUS

FEATURES LIFETIME SUPER LICBIMA PLUS

AGE 0-60 years 12-55 years

TERM Minimum premium 10 years

expense time of 3 years

SUM ASSURED decide your sum assured, Max limit upto Rs. 2lakh

subject to a least sum

assured of Rs 1lakh

SURVIVAL BENIFIT Value of units (3rd year Bid value of the fund units

onwards) along with maturity bonus

at 5% of the sum assured.

DEATH BENIFIT Higher of sum assured or Basically depends on the

value of unit.. time period. % of sum

assured +value of units.

WITHDRAWL BENIFIT Complete or partial Premature withdrawals

withdrawals are available allowed after one year.

from the 3rd year onwards.

CONTRIBUTION Minimum Rs 18,000 per Not specified

annum.

FLEXIBILITYCONTRIBUTION Flexibility to increase or NOT AVAILABLE

decrease in contribution.

21 | P a g e
 Available Not available

INCREASE/DECREASE

Of DEATH BENIFIT

4 free switches a year , No free switches are

SWITCH with the minimum amount available.

being Rs. 2000.

INITIAL CHARGES % allocation of the Not available or disclosed .

premium.

18000-49,999 :1st year -

80% ; 2nd year 92.5% :

3rd year onwards _ 96%.

ADMIN CHARGES None Not applicable.

OTHER CHARGES Not applicable Not applicable

FUND-MANAGEMENT The annual administrative 1% of the fund per annum.

and fund management
CHARGES
charge is 2.25% for
maximiser , 2.25% for
balancer , 1.50% for
protector and 0.75% for
preserver.

22 | P a g e
4.2 DATA ANALYSIS AND INTERPRETATION

Survey

Different people have different perception towards the securities market. While some are of
the view that investing in the stock market can bring good financial returns, others simply
disagree. They perceive the stock market as risky and uncertain. To carefully assess the views
of the people, I have designed a simple questionnaire. Through this questionnaire, I am going
to assess and analyse the behaviour of people towards the ICICIprudential products related to
their ULIP products. This survey will be beneficial to ICICI as it would enable the company
to gain useful insights into the minds of its consumers, which would in turn enable it to make
better packages for its clients.

23 | P a g e
1. Have you ever heard of ICICI Prudential life Insurance company?

ANSWER Number of Percentage

respondent

Yes 50 100%

No 0 0%

TOTAL 50 100%

percentage of respondent
heard about ICICIpru

yes no

INTERPRETATION

According to the survey , all the respondent have heard about ICICI prudential , which

implies that ICICI is now a brand in insurance sector. And people are aware about ICICI

prudential.

24 | P a g e
2.Do you have any interest in products offered by the ICICI prudential?

Answers Number of percentage

respondent
Yes 33 66

5 10
No

12
Maybe or may 24
not

percentage of respondent
intrested in ICICIpru products

yes
no
may be or may not

INTERPRETATION

According to the data collected it is very clear that people are interested in ICICI pru products
if a product will satisfy the needs of consumer they will buy irrespective of what company it
is some people also have a view that no matter how good products ICICI will offer they will
stick to their previous companies.

25 | P a g e
3.Do you make investments ?

Answer Number of percentage

respondent.

Yes 38 76%

No 12 24%

percentage of respondents who make

investments

yes
no

INTERPRETATION

According to the survey, it was found out that nowadays people have started to

invest their money but some people still thinks that making investment will

give them loss.

26 | P a g e
4. If yes, where do you make investment?

Investments Number of respondent

Bank deposits 26

Insurance 22

Mutual funds 15

Shares

15

Real estate 5

30

25

20

15

10 number of people

INTERPRETATION
According to the survey and the data given above it is clear that people who are interested in
making investment are not only restricted to invest in one place. Almost every respondents
was involved with either 2 or 3 investment program.

27 | P a g e
5. DO you have any idea about ULIP ?

Answers Number of respondents Percentage

Yes 29 58

No 21 42

percentage of the respondents who

have idea about ULIP

YES
NO

INTERPRETATION

According to the data given above it is very clear that people in Gwalior are still not very
well aware about the ULIP . some of the respondents was actually hearing this term for the
first time. So ICICI prudential needs to aware the people about the advantages of ULIP.
People still rely on traditional plans only.

28 | P a g e
6. What are the reasons that respondent think while taking insurance
policy?

Reasons Number of percentage

respondents

Security 18 36

Returns 14 28

Tax rebate 12 24

Investments 6 12

percentage of the respondents

security
returns
tax rebate
investments

INTERPRATATION

According to the survey , the main concern for the respondents to go for insurance policy
vary with respect to the needs to the respondent. There were mixed replies from the
respondents .

29 | P a g e
 7. Do you have any idea about Lifetimesuper introduced by ICICI
prudential limited ?

Answers Number of Percentage

respondents

Yes 26 52

No 24 48

PERCENTAGE OF THE RESPONDENT

YES
NO

INTERPRETATION

According to the survey , and the data collected above clearly indicates that even now LIC
rule the insurance market as lifetime super is one of the most attracting plan but then also
respondents are not aware about it.

30 | P a g e
 8. Do you think ULIP is a risky investment ?
Answers Number of percentage

respondents

Very risky 10 20

Moderate 4 8

Less risky 9 18

Safe 6 12

Dont know 21 42

PERCENTAGE OF
RESPONDENTS

VERY RISKY
MODERATE
LESS RISKY
SAFE
DONT KNOW

INTERPRETATION

According to the survey , it can be seen that there was very mixed responce of the

respondent. Those of who got good returns consider it less risky and vice versa.

31 | P a g e
 9. What steps do you suggest to the companies to make their ULIP
plans more popular?

SUGGESTIONS NUMBER OF PERCENTAGE

RESPONDENT

MORE 22 44

ADVERTISMENT

MORE 5 10

SEMINARS

INCREASE IN 8 16

WORKSHOPS

REDUCE 15 30

CHARGES

PERCENTAGE OF RESPONDENTS
MORE ADVERTISMENT

MORE SEMINARS

INCREASE IN
WORKSHOP
REDUCE CHARGES

INTERPRETATION

According to the survey and the data collected , one can see that the company is lacking
behind because of lack of advertisements basically.

32 | P a g e
 CHAPTER-5

CONCLUSION AND FUTURE PROSPECT

33 | P a g e
 CONCLUSION and FUTURE PROSPECT

In times where new players in the insurance market are entering very frequently or the

competitors are increasing at a rapid pace ICICI prudential has manage not only to retain

their market share but also has increased it from previous years. To even compete with a

company called LIC, it itself is a thing to appreciate. ICICI prudential with respect to only

private companies is, on the top , when talking about market share. ICICI prudential is

growing continuously from their beginning. Talking about the comparative study , ICICI still

needs to improve a lot many things when compared to LIC like their charges or transaction

fees , premium charges etc . ICICI needs to spend more of their capital on advertisement as

some people are only aware with LIC as a insurance company , the data collected in this

study ,when analysed , clearly shows that the suggestions that respondent gave was to

increase the frequency of advertisement. Company should focus on their advertisement also

because there are many competitors in this insurance market. In Gwalior , the knowledge

about insurance policies, insurance benefits etc is still very low , as in the study it is clear that

only about 58% percent of the respondent are aware about ULIP. So there is a need to

provide the customer with enough knowledge that he can choose the best insurance policy

according to their benefit. With LIC, still being on the acme in the insurance market is getting

a tough competition with ICICI prudential .

34 | P a g e
 Future prospects of this study:-

1. This study only talks on the basis of a survey of 50 respondents which can be

increased to some 500 respondents to get more accurate results.

2. This study can be conducted on the basis of financial perspective . comparison of the

balance sheet of both the companies.

3. This study can be conducted on a large scale by changing the geographical area .

4. This study can also be conducted on the basis of human resource means comparative

study of employment satisfaction in both companies.

5. This study can be done by using different techniques of secondary data.

6. In this study survey technique was used to get results further it can be done by using

different primary tools like expert advise etc.

35 | P a g e
 CHAPTER-6
REFRENCE AND BIBLOGRAPHY

36 | P a g e
 REFRENCE AND BIBLOGRAPHY

WEBSITES

1. https://www.bankbazaar.com/life-insurance/ulip/icici-prudential-ulip-plans.html.
Retrieved from June 14, 2016 at 8.30 p.m.
2. https://www.bankbazaar.com/life-insurance/ulip/lic-ulip-plans.html Retrieved from
June 14, 2016 at 8.40 p.m.
3. https://www.iciciprulife.com/about-us/company-overview.html Retrieved from July 4,
2016 at 6 p.m.
4. https://www.licindia.in/Top-Links/About-Us . Retrieved from July 21,2016 at 4.30
5. http://www.moneycontrol.com/india/stockpricequote/finance-
general/iciciprudentiallifeinsurancecompany/IPL01. Retrieved from October 16,2016
at 4.30 a.m.
6. https://www.scribd.com/document/143214498/ICICI-Prudential. Retrieved from
august 12,2016
7. https: // www.scribd.com/doc/13900740/Customer-Satisfaction-Survey-on-Insurance-
Products-of-ICICI-Prudential. Retrieved from October 15, 2016 at 6 p.m.
8. https://www.scribd.com/document/143214498/ICICI-Prudential
9. https://www.scribd.com/doc/15023364/Comparative-Study-of-Services-Provided-By-
LIC-ICICI-Prudential-Life-Insurance . Retrieved from September 20, 2016 at 7 p.m.
10. https://www.scribd.com/doc/7287509/Study-of-Promotional-Strategy-of-ICICI-
Prudential-Life-Insurance-Co-Ltd . retrieved from august 20, 2016 at 7.30
11. https://www.scribd.com/document/24848984/Comparative-Analysis-of-Icici-
Prudential-With-Hdfc-Standard-Life. Retrieved from october 14,2016 at 4.30 p.m.
12. https://www.scribd.com/doc/312115702/Market-Analysis-of-Icici-Prudential-and-
Other-Insurance-companies-MARKAT. september 18,2016 at 5 p.m.
13. https://www.scribd.com/document/106535753/A-Project-Report-on-Organization-
Study-and-Awareness-of-ICICI-Prudential-Life-Insurance-Co-Ltd. Retrieved from
sept 18,2016 at 6 p.m.

37 | P a g e
 ANNEXURE

1. Have you ever heard of ICICI prudential life insurance company ?

a) Yes b) No

2. .Do you have any interest in products offered by the ICICI prudential ?

a) Yes b) No

c)May be or may not

3. Do you make investment ?

a) Yes b) No

4. If yes, where do you make investment?

a) Bank deposit b) Insurance

c) Mutual funds d) Shares

e) Real estate

5. Do you have any idea about ULIP ?

a) Yes b) No

6. What are the reasons that respondents thinks while taking insurance policy ?

a) Security b) Returns

c) Tax rebate d) Investment

7. Do you have any idea about Lifetime super introduced by ICICI prudential limited ?

a) Yes b) No

8. .Do you think ULIP is a risky investment ?

a) Very risky b) Moderate risky

c) Less risky d) Safe

e) Dont know

9. What steps do you suggest to the companies to make their ULIP plans more popular?

a) More advertisement b) More seminars

b) Increase in workshops d) Reduce charges

38 | P a g e