Project Work of D.Kumaresh (M.B.A) Revised

A Study on Customer Satisfaction towards ICICI
Prudential Life Insurance in

Bangalore City
CHAPTER - 1
INTRODUCTION TO INSURANCE
Insurance is a cover used for protecting oneself from the risk of a

financial loss. It is important to understand that risk is a part of any
person’s life and that it increases as a person increases in age,
responsibility and wealth.
Insurance may be described as a social device to reduce or

eliminate risk of loss to life and property. Under the plan of
insurance, a large number of people associate themselves by
sharing risks attached to individuals. The risks, which can be insured
against, include fire, the perils of sea, death, accidents and burglary.
Any risk contingent upon these may be insured against at a
premium commensurate with the risk involved. Thus collective
bearing of risk is insurance.
The insurance company works in a manner by collecting premiums

from policy holders, investing the money (usually in low risk
investments), and then reimbursing this same money once the
person passes away or the policy matures. The greater the
probability for a person to have a shorter life span than the average
mark, the higher premium that person has to pay.
HISTORY OF LIFE INSURANCE
Insurance began as a way of reducing the risk of traders, as

early as 5000 BC and 4500 BC in. Life insurance dates only to
MBA @ IDE, University of Madras Page 1

Bangalore City
ancient Rome; "BURIAL CLUBS" covered the cost of members'

funeral expenses and helped survivors monetarily. Modern life
insurance started in late 17th century, originally as insurance for
traders: merchants, ship owners and underwriters met to discuss
deals at Lloyd's Coffee House, predecessor to the famous.
The first insurance company was formed in 1732, but it provided

only fire insurance. The sale of life insurance in the U.S. began in
the late 1760s. The Synods in and created the Corporation for Relief
of Poor and Distressed Widows and Children of Presbyterian
Ministers in 1759; Episcopalian priests organized a similar fund in
1769. Between 1787 and 1837 more than two dozen life insurance
companies were started, but fewer than half a dozen survived. Prior
to, many insurance companies in the United States for their owners,
in response to bills passed in 2001 and in 2003, the companies have
been required to search their records for such policies for example
reported that Nautilus sold 485slaveholder life insurance policies
during a two-year period in the 1840s, they added that their
trustees voted to end the sale of such policies 15 years before.
BRIEF HISTORY OF INSURANCE SECTOR IN INDIA
The insurance sector in India has come full circle from being open
competitive market to nationalization and back to liberalized market
again. Tracing the developments in India, insurance sector reveals
the 360-degree turn witnessed over a period of almost two
centuries.

Bangalore City
• 1818: Oriental Life Insurance Company, the first life insurance

company on Indian soil started functioning.
• 1870: Bombay Mutual Life Assurance Society, the first Indian

life insurance company started its business.
• 1912: The Indian Life Assurance Companies Act enacted as

the first statute to regulate the life insurance business.
• 1928: The Indian Insurance Companies Act enacted to enable

the government to collect statistical information about both
life and non-life insurance businesses.
• 1938: Earlier legislation consolidated and amended to by the

Insurance Act with the objective of protecting the interests of
the insuring public.
• 1956: 245 Indian and foreign insurers and provident societies

are taken over by the central government and nationalised.
LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a
capital contribution of Rs. 5 crore from the Government of
India.
INSURANCE SECTOR REFORMS
In 1993 Malhotra committee, headed by former finance

secretary and RBI governor R N Malhotra was formed to evaluate
the Indian insurance industry and recommended its future direct on.
The Malhotra committee was set up with the objective of

Bangalore City
complimenting the reforms initiated in the financial sector.

Recommendation included in the report submitted by the
committee.
i) Structure
• Government stake in the insurance Companies to

be brought down to 50%.
• Government should take over the holdings of GIC

and its subsidiaries so that these subsidiaries can
act as independent corporations.
• All the insurance companies should be given

greater freedom to operate.
ii) Competition
• Private Companies with a minimum paid up capital

of Rs.1bn should be allowed to enter the sector.
• No Company should deal in both Life and General

Insurance through a single entity.
• Foreign companies may be allowed to enter the

industry in collaboration with the domestic
companies.

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• Postal Life Insurance should be allowed to operate

in the rural market. Only one State Level Life
Insurance Company should be allowed to operate
in each state.
iii) Regulatory Body
• The Insurance Act should be changed.
• An Insurance Regulatory body should be set up.
• Controller of Insurance- a part of the Finance

Ministry- should be made independent
iv) Investments
• Mandatory Investments of LIC Life Fund in

government securities to be reduced from 75% to
50%.
• GIC and its subsidiaries are not to hold more than 5%

in any company (there current holdings to be brought
down to this level over a period of time)
Insures an individual entity, there are basic legal requirements.

Several commonly cited legal principles of insurance include.

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1. Indemnity – the insurance company indemnifies, or

compensates the insured in the case of certain losses only up
to the insured's interest
2. Insurable interest – the insured typically must directly suffer

from the loss. Insurable interest must exist whether property
insurance or insurance on a person is involved. The concept
requires that the insured have a "stake" in the loss or damage
to the life or property insured. What that "stake" is will be
determined by the kind of insurance involved and the nature
of the property ownership or relationship between the
persons.
3. Utmost good faith – the insured and the insurer are bound
by a good faith bond of honesty and fairness
4. Contribution – insurers which have similar obligations to the

insured contribute in the indemnification, according to some
method.
5. Subrogation – the insurance company acquires legal rights

to pursue recoveries on behalf of the insured; for example, the
insurer may sue those liable for insured's loss
6. Causa Proxima or Proximate Cause – the cause of loss

(the "peril") must be covered under the insuring agreement of
the policy, and dominant cause must not be excluded
TYPES OF INSURANCE

Bangalore City
There are 2 major types of insurance

1. Life insurance
2. General insurance
Life insurance is a contract that pledges payment of an amount to

the person assured called policy holder on maturity of the policy or
to his nominee in case of death of the policy holder on the event of
happening of the insured against.
The contract is valid for payment of the insured amount called

premium during:
(a) The date of maturity(In case of endowment plans) or at

specific date at periodic intervals (in case of money back plans), or
upon unfortunate death, if it occurs earlier than maturity death.
(b) The legal heir of the policyholder is allowed to get the benefit
upon death of the policyholder.
(c) Major players/ Companies in Indian insurance sector:
1. Public sector companies
2. Private sector companies
Public sector companies includes LIC OF INDIA which is dominant

player in Indian insurance industry and holding up to 75% stake in
the insurance premium collected and number of lives insured. The
Life Insurance Corporation (LIC) of India founded in 1956 is the

Bangalore City
largest life insurance company in India owned solely by the

Government of India. Headquartered in Mumbai, which is considered
the financial capital of India, LIC presently has 7 Zonal Offices and
100 Divisional Offices situated all around the country. In addition to
an even distribution of 2048 branches located in different towns and
cities of India, LIC also has a network of around one million agents
who solicit life insurance policies to the public.
Upon privatization of insurance sector in India around 1999-2000 all

segments of the financial sector had been opened to private players
and it was only a matter of time before insurance followed. The
bigger private players claim that opening up insurance will give
policy holders better products and service; the opponents of
privatization argue that in a poor country like India insurance needs
to have social objectives and newcomers will not have that
commitment. Many international players are eyeing the vast
potential of the Indian market and are already making plans to
come in.
Many International players have made partnership with the local
companies and entered into the insurance sector and they are
slowing occupying the major share of insurance sector which was
earlier occupied by state hold LIC of India.
GROWTH OF LIFE INSURANCE
The Life Insurance market in India is an underdeveloped market that

was only tapped by the state owned LIC till the entry of private
insurers. The penetration of life insurance products was 19 percent

Bangalore City
of the total 400 million of the insurable population. The state owned
LIC sold insurance as a tax instrument, not as a product giving
protection. Most customers were under- insured with no flexibility or
transparency in the products. With the entry of the private insurers
the rules of the game have changed.
The US$ 41-billion Indian life insurance industry is considered the

fifth largest life insurance market, and growing at a rapid pace of
32-34 per cent annually, according to the Life Insurance Council.
Life Insurance Corporation of India (LIC) registered an 83 per cent

increase in new business income in March 2010, while private
players posted a 47 per cent growth in new business premium.
Moreover, according to IRDA, insurers sold 10.55 million new

policies in 2009-10 with LIC selling 8.52 million and private
companies 2.03 million policies. At the end of March 2010, LIC held
65 per cent market share in terms of new business income
collection with the private sector contributing the remaining 35 per
cent share in 2009-10.
According to IRDA, total premium collected in 2009-10 was US$

24.64 billion, an increase of 25.46 per cent over US$ 19.64 billion
collected in 2008-09.
The life insurance sector of India has added up to 4.1% of the GDP
in 2009; a considerable growth was recorded since the time the
sector was opened for the private companies. The contribution in
FDI by the life insurance segment was recorded at US $ 1.3 billion,

Bangalore City
even though the government is likely to increase the FDI cap limit
from 26% to 49%, a bill of which is pending at the Rajya Sabha.
As per the data provided by the IRDA, the businesses of the life
insurance companies had a growth of 22% at US$ 12 billion in April-
November 2009-10, in comparison to the US$ 9.8 billion during the
same period last year. Such a huge sale of single premium policies
led the industry to record a raise of 53.25% in November 2009
alone.
OBJECTIVES AND ADVANTAGES OF LIFE INSURANCE
• Protection against Risk of Untimely Death:
Life insurance is a product, with offers protection against the risk of

Death the full sum assured is made available under a life assurance
policy, whereas under other savings schemes, the total accumulated
savings alone will be available.
• Protection during old age:
Life insurance can also be used as a means of saving one’s future.

There are a number of life insurance policies which in addition to life
cover also provide the means of investing one’s income. The sum as

Bangalore City
per the policy will be received only after a period of time. This
amount thus provides for the old age.
• Forced savings:
Payment of life insurance premiums is compulsory and becomes a

habit. Saving in other scheme can be easily withdrawn and may be
used for less worthy purpose. Termination of a life insurance policy
by the policyholder usually results in substantial loss in benefits
under the policy to the policyholder. One is thus encouraged to save
and keep one’s policy alive.
• Educational Requirement and Charity:
The object of insurance may be to serve as a security to education

funds in respect of loans advanced for educational purpose or to
provide donations to charitable institution like hospital and school.
• Nomination and Assignment:
The life insured can name the person or person whom the policy
money would be payable in the event of his death the proceeds of a
life insurance policy can be protected against the claims of the
creditors of the life insured by effecting a valid assignment of the
policy. The beneficiaries are fully protected from creditors expect
the extent of any interest in the policy retained by the insured.
• Marketability and Suitability for Borrowing:

Bangalore City
After 3 years, if the policy holder finds that he is unable to continue

payment of premiums he can surrender a policy for a cash sum. A
life insured policy is accepted as a security for a commercial loan.
• Loan from the Insurance Company:
A policy holder can take a loan from his insurance company against
the security of his life insurance policy provided the term of the
terms of his policy allow such a loan can be taken usually after a
period of 3 years from commencement of the policy and is a
percentage of its surrender value.
• Investment Option
The unit link products gives comprehensive insurance solution that

cater to an individual’s need of earning potentially high return as
well as stay for life. Thus there is an option to invest money in the
products that combine the best of insurance and investment. In a
volatile market conditions it is possible to secure both as one can
hedge the investment with saver investment vehicles that provide a
diversified portfolio.
• Tax Benefits:
The Indian income tax act provides tax concessions to the policy
holder both on payment of premium and on the maturity amount.
Under sec 88 the benefits on premium paid by an individual for life

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insurance policy on his own life/on the life of spouse children minor
or major, including married daughters.
• Protection to Wife and Children:
Under sec 6 of the married woman’s property act if a married man

takes a policy of the life insurance on his own life and expenses on
the face of it to be for the benefit of his wife or of his wife and
children or any of them, than it shall be deemed to be a trust for the
benefit of his wife and children or any of them, according to the
interest so expressed and shall not so long as any object of trust
remains be subject to the controls of the husband or to his creditors
or from part of his estate. An insurance policy taken by a married
man in the above manner is ideal way to protect the interest of his
wife and children, even after his untimely death.
LIST OF INSURANCE COMPANIES IN INDIA
* Bajaj Allianz Life Insurance Company Limited

* Birla Sun Life Insurance Co. Ltd
* HDFC Standard life Insurance Co. Ltd
* ICICI Prudential Life Insurance Co. Ltd.
* ING Vysya Life Insurance Company Ltd.
* Life Insurance Corporation of India
* Max New York Life Insurance Co. Ltd

Bangalore City
* Met Life India Insurance Company Ltd.
* Kotak Mahindra Old Mutual Life Insurance Limited
* SBI Life Insurance Co. Ltd
* Tata AIG Life Insurance Company Limited
* Reliance Life Insurance Company Limited.
* Aviva Life Insurance Co. India Pvt. Ltd.
* Shriram Life Insurance Co, Ltd.
* Sahara India Life Insurance
* Bharti AXA Life Insurance
* IDBI Fortis Life Insurance
* Canara HSBC Oriental Bank of Commerce Life Insurance
* AEGON Religare Life Insurance
* DLF Pramerica Life Insurance
* Star Union Dai-ichi Life Insurance
* Apollo DKV Insurance
* Royal Sundaram Alliance Insurance
* United India Insurance
CHAPTER - 2

Bangalore City
COMPANY PROFILE
The Industrial Credit and Investment Corporation of India Limited

(ICICI) was formed in 1955 which is incorporated at the initiative of
the World Bank, the Government of India and representatives of
Indian industry, with the objective of creating a development
financial institution for providing medium-term and long-term
project financing to Indian businesses. Mr.A.Ramaswami Mudaliar
elected as the first Chairman of ICICI Limited. ICICI emerges as the
major source of foreign currency loans to Indian industry. Besides
funding from the World Bank and other multi-lateral agencies, ICICI
was also among the first Indian companies to raise funds from
international markets.
WHAT IS ‘ICICI GROUP’?

We are a part of the renowned ICICI Group, a diversified universal
banking group, with a track record of over 50 years in a variety of
financial services.
ICICI was formed in 1955, as a result of the focused efforts of

the World Bank, the Government of India and the representatives
of Indian Industry. Today, ICICI Bank has grown to become India’s
second largest bank, with over 24 million customers worldwide. It is
also the first bank from Asia (excluding Japan) to be listed on
the NYSE.
ICICI Bank is a truly global bank, with presence at key locations

Bangalore City
across the globe in Bahrain, Bangladesh, Belgium, Canada,

China, Dubai, Hong Kong, Indonesia, Malaysia, Russia,
Singapore, South Africa, Sri Lanka, Thailand, UK, USA and Quatar.
ICICI Group’s expertise spans a vast range of financial services,
including banking, broking, mutual funds, insurance, home loans,
venture funds and much more. The Group is the largest consumer
credit provider and the biggest private sector, life and general
insurer in India. Expertise across a vast range of products. All
blended to bring you seamless financial solutions that ensure you
have the advantage in every financial decision.
STRUCTURE OF ‘ICICI GROUP’

Bangalore City
OBJECTIVES OF ICICI GROUP
TRUST
We view each client relationship as a “partnership for success”. We
regard your financial needs as our own and aim to achieve your
investment goals with you. We put our best resources behind you to
ensure that your investment objectives are more than met.
AGILITY
We seek to deliver superior value to you. We respond quickly and
efficiently to market opportunities, and offer the most apt financial
solutions so that you can reap the best possible benefits.
INNOVATION

Bangalore City
We believe that the cornerstone of success in today’s competitive

environment is Innovation. We seek newer opportunities constantly,
to fulfill your emerging needs and wants.
ICICI PRUDENTIAL LIFE INSURANCE
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. 4,780 crores (as of March
31, 2010) with ICICI Bank and Prudential plc holding 74% and 26%
stake respectively. For the period April 1, 2009 to March 31, 2010,
the company has garnered total premium of Rs 16,532 crores and
has underwritten over 10 million policies since inception. The
company has assets held over Rs. 57,000 crores as on March 31,
2010.
The ICICI Prudential Life Insurance started operations in December

2000 after receiving a go signal from the IRDA or the Insurance
Regulatory Development Authority. Since then, they already gained
2100 branches including 1,116 micro-offices, over 290,000 advisors;
and 18 banc assurance partners

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It is India’s first life insurer to receive a rating of AAA from the

prestigious Fitch ratings. The Economic Times - Nielsen ORG Marg
surveys the country for the most trusted brand and ICICI Prudential
Life Insurance has been voted as the Most Trusted Life Insurer in
India for three years in a row now.
Their other awards include the Best Life Insurance Company in Asia,
Avaya Global Connect, Most Trusted Life Insurer and Prudence
Customer Centricity.
For new customers, this Insurance promises to be with you at the

various stages of your life. From your child’s education up until you
need to save up for your retirement. They have a range of
innovative products that is sure to suit your every need.
Their products are designed to tackle the market whether it goes

high or low and making you reach your long-term financial goal
whatever the case may be. If you stay invested over a period of
time, the company promises a gain of good returns.
The ICICI Prudential Life Insurance continues to expand its product

range and client base. At the same time, they keep to their
commitment in delivering world-class financial solutions across
India.
PROMOTERS

Bangalore City
ICICI Bank
ICICI Bank Limited (NYSE:IBN) About ICICI Bank: ICICI Bank Ltd
(NYSE:IBN) is India's largest private sector bank and the second
largest bank in the country with consolidated total assets of over
US$ 100 billion as of March 31, 2010. ICICI Bank’s subsidiaries
include India’s leading private sector insurance companies and
among its largest securities brokerage firms, mutual funds and
private equity firms. ICICI Bank’s presence currently spans 19
countries, including India.
Prudential Policy
Established in London in 1848, Prudential policy is an international

retail financial services group with significant operations in Asia, the
US and the UK serving around 25 million customers, policyholder
and unit holders worldwide. The company has £290 billion of assets
under management and it is one of the best capitalised insurers in
the world with an Insurance Groups Directive (IGD) capital surplus
estimated at £3.4 billion (at 31 December 2009). Prudential is a
leading life insurer in Asia with a presence in 12 markets and have
the top three positions in seven key locations of Hong Kong, India,
Indonesia, Malaysia, Singapore, the Philippines and Vietnam.
BOARD OF DIRECTOR OF ICICI

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Ms. Chanda D. Kochhar is the Managing

Director and Chief Executive Officer of ICICI Bank Limited. She also
heads the Corporate Centre of ICICI Bank. She began her career
with ICICI as a Management Trainee in 1984 and has thereon
successfully risen through the ranks by handling multidimensional
assignments and heading all the major functions in the Bank at
various points in time. Kochhar has also consistently figured in
Fortune's list of "Most Powerful Women in Business" since 2005. In
2009, she debuted at number 20 in the Forbes "World's 100 Most
Powerful Women list"
Chanda Kochhar was appointed as Deputy Managing Director of

ICICI Bank. She managed the Corporate and Retail banking business
of ICICI Bank. From October 2006 to October 2007, she handled the
International and Corporate businesses of ICICI Bank. From October
2007 to April 2009, Kochhar was also the bank's Chief Financial
Officer (CFO), Joint Managing Director (JMD) and the official
spokesperson. She also headed the Corporate Centre of ICICI Bank.
She is also a director of different ICICI group companies. She is the
chairperson of ICICI Bank Eurasia Limited Liability Company and

Bangalore City
ICICI Investment Management Company Limited. Kochhar is the

Vice-Chairperson of ICICI Bank UK PLC and ICICI Bank Canada. She is
a director in ICICI International Limited and ICICI Prudential Life
Insurance Company Ltd. and part of the Governing Council in The
ICICI Foundation for Inclusive Growth-Member
Ms. Kochhar was ranked 33rd in the Fortune's List of Most Powerful
Women in Business in 2007, awarded “Business Woman of the Year“
in 2005 by The Economic Times of India, and selected as “Retail
Banker of the Year“ in 2004 by The Asian Banker from amongst
prominent retail bankers in the Asia Pacific region.
Mr. N.S. Kannan is the Executive Director and

Chief Financial Officer of ICICI Bank. In addition to Finance, Taxation
and Communications, his responsibilities include Compliance,
Internal Audit, Corporate Legal and Global Treasury operations. He
has been with the ICICI group for over 18 years. He joined the ICICI
group in 1991 as a project officer. During his tenure at ICICI group,
he has handled project finance operations, infrastructure financing,
structured finance and treasury operations.

Bangalore City
Mr. Ramkumar, Executive Director on the Board

of ICICI Bank is responsible for Human Resources, Customer Service
& Operations. Prior to joining ICICI Bank in 2001 Mr. Ramkumar had
over 16 years of experience in companies such as Hindustan
Aeronautics, Brookebond Lipton India Limited (now Hindustan
Unilever Limited) and ICI India Ltd. His work in these companies has
mainly been in the areas of Human Resources Management and
Production Management.
Mr. Barry Stowe is a Director of

ICICI Prudential Asset Management Company Limited. He has been
the Chief Executive of Prudential Corporation Asia Limited since
October 9, 2006. Mr. Stowe is responsible for an extensive network
of over 50 life insurance and fund management operations spanning
13 diverse markets.

Bangalore City
Adrian O’Connor has been an Additional Director of ICICI

Prudential Life Insurance Company Ltd. since July 23, 2008.
Mr. Keki Dadiseth, Independent Director

Prof. Marti G. Subrahmanyam, Independent Director
Ms. Rama Bijapurkar, Independent Director
Mr. Vinod Kumar Dhall, Independent Direct
MANAGEMENT TEAM
Mr.
Sandeep
Bakhshi ,
Managing
Director &
CEO
Mr. Sandeep Bakhshi was appointed as the Managing Director &

Chief Executive Officer of ICICI Prudential Life Insurance Company
Limited in August 2010.
Sandeep is a veteran of the ICICI Group and has held a number of
roles since he joined the Group in 1986. He is a well recognized and
respected figure in banking circles and has won many awards and
recognitions.

Bangalore City
Mr. Puneet
Nanda
Executive
Director
Mr. Puneet Nanda is the Executive Director at ICICI Prudential Life

Insurance Company.
He looks after the Corporate Center which includes Investment
Management, Human Resources, Finance and Accounts,
Compliance, Investor/analyst relationship, Business Intelligence and
Corporate Strategy, Product Development, Corporate
Communications and Sales Strategy.
Mr.
Madhivanan
B.
Executive
Director
Madhivanan Balakrishnan is the Executive Director at ICICI

Prudential Life Insurance and is in charge of Customer Service,
Technology, Marketing and Infrastructure.

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He has overall responsibility for the entire backbone of the business,

including underwriting, claims, operations, technology, customer
service including the call centre and the Six Sigma quality initiative.
Registered Office:
ICICI Pru Life Towers,
1089 Appasaheb Marathe Marg,
Prabhadevi, Mumbai.
VISION AND VALUE
Vision
To be the dominant Life, Health and Pensions player built on trust by

world-class people and service.
CORE VALUES
The success of the company will be founded in its unflinching
commitment to 5 core values –
 Integrity
 Customer First
 Boundary less
 Ownership
 Passion.

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Awards and Recognition

Awards
India's Most Customer Responsive Insurance Company. AGC

Networks - Economic Times, Customer Responsiveness Awards,
2010.
The International Council of Customer Service Organizations (ICCSO)

recently awarded ICICI Prudential Life the International Service
Excellence Awards 2009 in the categories of Customer Charter –

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Winner, Service Excellence in Large Business – Highly Commended

and Customer Service Leader awarded to Ms. Priya Nayak, VP-
Service Quality.
ICICI Prudential Life Insurance has won the first runner up award for
the Best Defect Elimination in Service & Transaction category at
Asian Six Sigma Excellence Summit 2009.

Bangalore City
ICICI Pru Life ranked as the Most Trusted Pvt Life Insurance brand in
the Brand Equity "Most Trusted Brands 2009" survey
ICICI Prudential Life won a Gold award for AboutULIPS.com and

Health Saver campaign,innovation award for www.taxguru08-

Bangalore City
09.com and a silver award for its Insurance yoga campaign at the
ICICI Group Marketing Excellence award.
RECOGNITIONS
ICICI Prudential Life was recognized as the most trusted brand
amongst private life insurers in the Economic Times-Most Trusted
Brand survey 2008.
• IMM Award for Excellence. Institute of Marketing &

Management
• Organisation with Innovative HR Practices. Indira Group of
Institutes
• Organisation with Innovative HR Practices. Asia-Pacific H R
Congress Awards for HR Excellence
PRODUCTS
Insurance Solutions for Individuals
ICICI Prudential Life Insurance offers a range of innovative,

customer-centric products that meet the needs of customers at
every life stage. Its products can be enhanced with up to 4 riders, to
create a customized solution for each policyholder.
SAVINGS & WEALTH CREATION SOLUTIONS
• ICICI Pru Save 'n' Protect is an ideal plan for those who
want to accumulate funds on a regular basis while enjoying
insurance protection.

Bangalore City
• ICICI Pru CashBak is a single policy that combines the triple

benefit of protection, savings & periodic liquidity.
PROTECTION SOLUTIONS
• ICICI Pru iProtect is a term insurance plan that you can buy
online at your convenience at affordable premiums.
• ICICI Pru Pure Protect is a flexible and affordable term

product, with which you can ensure your life and provide total
security for your family in case of an unfortunate event.
• ICICI Pru LifeGuard is a protection plan, which offers life

cover at low cost. It is available in 2 options –level term
assurance with return of premium & single premium.
• ICICI Pru HomeAssure is a mortgage reducing term

assurance plan designed specifically to help customers cover
their home loans in a simple and cost-effective manner.
CHILD PLANS

Bangalore City
• ICICI Pru SmartKid Regular Premium is a fixed-term

insurance plan that provides you with funds at regular
intervals.
RETIREMENT SOLUTIONS
• ICICI Pru ForeverLife is a traditional retirement product that

offers guaranteed returns for the first 4 years.
• ICICI Pru Immediate Annuity is a single premium annuity

product that guarantees income for life at the time of
retirement. It offers the benefit of 5 payout options.
HEALTH SOLUTIONS
• ICICI Pru Hospital Care is a fixed benefit inpatient

hospitalisation plan, covering various stages of treatment with
a daily allowance, ICU, procedures & recuperating allowance.
It covers a range of medical conditions (900 surgeries) and
has a long term guaranteed coverage upto 20 years.
• ICICI Pru Crisis Cover is a 360-degree product that will

provide long-term coverage against 35 critical illnesses, total
and permanent disability, and death.

Bangalore City
• ICICI Pru MediAssure is a reimbursement inpatient

hospitalization health insurance policy that provides
guaranteed insurability till age 75 years.
GROUP INSURANCE SOLUTIONS
ICICI Prudential also offers Group Insurance Solutions for companies

seeking to enhance benefits to their employees.
• Group Gratuity Plan: ICICI Prudential Life's group gratuity

plan helps employers fund their statutory gratuity obligation
in a scientific manner and also avail of tax benefits as
applicable to approved gratuity funds.
• Group Leave encashment Plan: ICICI Prudential Life’s

Group offers a market linked and traditional leave encashment
plan designed to aid the employer to build a fund to meet
their future leave encashment liability. The contributions
made will be invested as per the chosen investment plans and
will be available for payment of the benefit when it falls due.
Additionally, the product also provides for term cover for all
the employees covered under the policy.
• Group Immediate Annuities: ICICI Prudential Life realises

the importance of prudent retirement planning. With this in
mind, it has developed a suite of life and joint life annuities

Bangalore City
which guarantee periodic payment to annuitant’s upto death.

Further there are options which return the purchase price on
death of annuitants. These annuity options are offered to our
existing superannuation customers, and also to
superannuation funds not managed by us.
• Group Term Plan: ICICI Prudential Life's flexible group term

solution helps provide an affordable cover to members of a
group. The cover could be uniform or based on
designation/rank or a multiple of salary. The benefit under the
policy is paid to the beneficiary nominated by the member on
his/her death.
RURAL PLANS
• ICICI PRU Suraksha provides financial support to the policy

holder's family members or nominees in the unfortunate event
of the death of the policy holder. This plan is purely a 'life
cover' and does not provide for savings or maturity benefits.
• ICICI Pru Suraksha Kavach is different from Surkasha in

that it is sold exclusively through Micro Finance Institutions
(MFIs) when a customer avails of a loan. The primary goal of
Suraksha Kavach is to pay off the outstanding loan amount in
the event of the policy holder's death, thereby safeguarding
the financial future of his or her family members.

Bangalore City
MICRO INSURANCE
• ICICI Pru Sarv Jana Suraksha its first Micro Insurance Plan -
Sarv Jana Suraksha – especially designed for rural population
which provides total security to you and your family, at very
affordable cost.
FLEXIBLE RIDER OPTIONS
ICICI Prudential Life offers flexible riders, which can be added to the
basic policy at a marginal cost, depending on the specific needs of
the customer.
1. Accident & disability benefit: If death occurs as the result of

an accident during the term of the policy, the beneficiary
receives an additional amount equal to the rider sum assured
under the policy. If an accident results in total and permanent
disability, 10% of rider sum assured will be paid each year,
from the end of the 1st year after the disability date for the
remainder of the base policy term or 10 years, whichever is
lesser.

Bangalore City
2. Critical illness benefit: Critical Illness Benefit Rider provides

protection against 9 critical illnesses to the policyholder when
attached to the basic plan.
LIFE INSURANCE STATISTICS
Table showing premium collection by various insurance

companies
Table 2.1
Apr-Mar Apr-Mar %
Insurers
2009 2010 Chg
LIC 52,954 70,891 33.87
SBI Life 5,386 7,041 30.73
ICICI
6,813 6,334 -7.03
Prudential
Bajaj Allianz
4,492 4,451 -0.91
Life
Reliance Life 3,514 3,921 11.58
HDFC
2,644 3,261 23.34
Standard Life
Birla Sun Life 2,824 2,958 4.75
Max New York
1,844 1,848 0.22
Life
MBA @ IDE, University
Private total of Madras
34,154 38,399 12.43 Page 36
Total 87,108 109,290 25.46
Figures in Rs cr
Source: IrDA
Bangalore City
CHAPTER – 3

Bangalore City
McKINSEY 7S MODEL
The 7- S model is an outcome of an extensive research by the

famous management, consultancy firm, McKinsey & Co. (USA). This
frame work helps to establish a direct and meaningful relationship
between the efficiency and the very setup of the organization.

Bangalore City

Bangalore City
STRUCTURE OF ICICI PRUDENTIAL
Organizational Structure
CEO
Head of
sales (HOS)
Channel head
Vice president
Zonal
Manager /AVP
Regional
Manager
Ass.Regional
Mgr
Branch
Manager
Sales Agency
Manager Mgr
Unit Mgr AM SAM

Bangalore City
STRATEGY
Vision:
To be the dominant Life, Health and Pensions player built on trust by

world-class people and service.
This we hope to achieve by:
• Understanding the needs of customers and offering them

superior products and service
• Leveraging technology to service customers quickly,

efficiently and conveniently
• Developing and implementing superior risk management and

investment strategies to offer sustainable and stable returns
to our policyholders
• Providing an enabling environment to foster growth and

learning for our employees
• And above all, building transparency in all our dealings
Company is to give some allowance, rewards, arrange contests &

give many gift like TV, DVD player, branded watches, etc also they
provide cash benefits to employees

Bangalore City
STAFF
The staff will specify the process by which employees are recruited,
deployed and developed. It also specifies the skills that are to be
required by a particular branch according to their requirements and
this will be done with consultation of head office.
The training and developments programmes are provided to the

new employees and already existing employees. The job and the
responsibility are assigned according to their skills and the
experience.
The staff profile for all marketing job will be Graduate and MBA
degree from a reputed college. The staffs recruited or deployed in
the company is through campus selection and other sources of
recruitment.
ICICI Prudential has a training and developments program for its

new as well as existing employees. The induction program will be
provided to the newly recruited employees so as to make the
working environment familiar to them. The training to the
employees is provided in respective branches only. The employees
are sent to some other branches to understand the working of the
branches.
OBJECTIVES OF TRAINING AND DEVELOPMENT
1. To understand the working of the organisation
2. To help them in gaining knowledge and skills

Bangalore City
3. To bring out the attitudinal changes at work
4. To increase the contribution of the employees at work
5. To achieve the individual as well as company goals
Table 3.1
DESIGNATION NUMBER OF
EMPLOYEES
ZM 4
RM 2
BM 12
ASM 20
SAM 300

Bangalore City
AM 500
UM 2000
SYSTEMS
ICICI prudential life insurance ltd has tied with 3i infotech. The
Company integrates its products and services to create customized
solutions to allow you to undertake technology-based business
transformation that allows reorganization in line with today's
dynamic digital business environment.
Systems of an organisation refer to all rules, regulations and

procedures, both formal and informal related to different
department. This will specify the powers and authority of a
particular department.
The systems in the organisation are well established so as to take

easy and proper decision related to particular branch in the country.
In each branch also the company has maintained proper system so

as to facilitate the proper function of the organisation.
The formal rules and regulations of the organisation are in

accordance with the specification given by IRDA. The IRDA acts as a
watchdog in the whole insurance industry

Bangalore City
STYLE
The style of an organization refers to the patterns of action taken by

the top management over a period of time. The leadership style
depends upon the organization culture that is in practice.
ICICI Prudential follows an entrepreneurial, innovative and

centralized style of management.
SKILLS
Skills are very important because all the working and the future are
dependent on the decisions taken by the top management
personnel.
ICICI Prudential does have a distinctive and somewhat unique

marketing skill. The group as a whole itself is well known in the
marketing of quality products and services. The expertise and allied
knowledge is applied towards the future plans of diversification of
the organization.
The essential requirements for a top management will depend upon

the knowledge and the experience of the employees. The company
follows the following parameters while selecting the employees for
senior position:
• Educational qualification
• Experience

Bangalore City
• Track records
• Skills to handle the critical situations
• Communication skills …..Team worker
• High sense of responsibility
• Excellent leadership qualities
The company looks at the following characteristics as additional

requirements:
• Integrity
• Honesty
• Creativity
SHARED VALUES
The success of the company will be founded in its unflinching

commitment to 5 core values –
-Integrity,
- Customer First,

Bangalore City
-Boundary less,
- Ownership
-Passion.
Each of the values describes what the company stands for, the
qualities of our people and the way we work.
CHAPTER - 4
SWOT ANALYSIS
 Strengths:
o Highest Capitalized Company in the Private Insurance

Market
o Wide range of innovative and flexible products to suit
the needs of customers at every step in life

Bangalore City
o The company has a large network of branches which is

helpful to customer for the payment.
o Brand image, Business experience, and Innovative
products
 Weakness:
o High targets for financial advisors and for the sales

departments.
o Many competitors in the market offer same product by
the title difference in the premium and offerings.
o Sustainable to risk associated with investments in

money market.
 Opportunities:
o Untapped market opportunities
o The emerging trend of nuclear families in India with

high disposal income makes insurance a viable and
preferred mode of investment coupled with risk cover.
 Threats:

Bangalore City
o Intensive competition due to liberalization
o Entry of New players with foreign tie ups.
o Change in policy in IRDA
CHAPTER - 5
RESEARCH METHODOLOGY
“A STUDY ON CUSTOMER SATISFACTION TOWARDS ICICI

PRUDENTIAL LIFE INSURANCE IN BANGLORE CITY”

Bangalore City
OBJECTIVES OF THE STUDY
The overall objective of the study was to know the customer

satisfaction of ICICI pru life insurance in Bangalore
The specific objectives of the study are as under:
 To know about the various Investment alternatives that is

mostly preferred by the people.
 To find out the important criteria that people think about
before investing in a life insurance policy.
 Study & Analyze Customer level of Satisfaction towards ICICI
Pru life
 To conduct a survey on customer level of satisfaction &

recommend to the company where it is lagging in providing
service to the customer expectation.
SCOPE OF THE STUDY
• This study helps in understanding the satisfaction level of the

customer about ICICI Prudential Life insurance in Bangalore
city

Bangalore City
• It also helps the company to understand the level of customer

satisfaction and feedback from the customers regarding their
services and sales of the products.
RESEARCH METHODOLOGY
• Primary data:
Primary data is collected with the help of a structured

questionnaire. The questionnaire has been designed with the
guidance of internal guide and approved by the external
guide.
• Secondary data:
Secondary data is collected from various sources such as

company brochures, annual reports of IRDA and company
website.
• Sample size:
A sample size of 100 respondents has been selected for the

purpose of collecting the data.
• Sample technique:

Bangalore City
Convenience sampling method was used as a sampling

technique to choose the sample respondents.
LIMITATIONS OF THE STUDY
• The study was confined to Bangalore city only
• The time constraint was that the respondents gave only

limited time for the data collection.
• Due to limited time period and constrained working hours for

most of the respondents, the answers at times were vague.
CHAPTER – 6

Bangalore City
DATA ANALYSIS
Age
Table 6.1
Sl. No. Response No. of % of

Respondents Respondents
1 20-30 12 12%
2 30 – 40 48 48%
3 40 – 50 26 26%
4 Above 50 14 14%
TOTAL 100 100%
SOURCE: PRIMARYSOURCE
Fig 6.1

Bangalore City
Interpretation
 From the above we observe that 12% of respondent are
from the age 20-30,
 48% of the respondents are from the age of 30-40
 26% of the respondents are from the age of 40-50
 14% of the respondents are from the age of above 50

Bangalore City
GENDER
TSl. No. Response No. of % of

1 Male 78 78
2 Female 22 22
Total 100 100
Table 6.2
SOURCE: PRIMARY SOURCE
Fig 6.2
Interpretation

Bangalore City
 The above data maximum 78% of male are interested in

investment in insurance
 Only 22% of female are invested in insurance
Education qualification
Table 6.3
SI.NO. Response No. Of % of

Responden Respondents
ts
1 Undergraduate 36 36
2 Graduate 46 46
3 Post Graduate 5 5
4 Others 13 13
Total 100 100

Bangalore City
Fig 6.3
Interpretation
 From the above graph most of the people are from the under
graduate and graduate were interest in insurance

Bangalore City
OCCUPATION
Table 6.4
SI. Response No. Of % of

No. Responden Responden
ts ts
1 Businessman 18 18
2 Professional 14 14
3 salaried person 52 52
4 Student 6 6
5 Other’s 10 10
TOTAL 100 100

Bangalore City
Fig 6.4
Interpretation
 From above graph 52% of the respondents from salaried

persons, 18% of the respondents from businesses men, 14%
of the respondents from professionals, 6% are from students
and 10% others include housewives.
ANNUAL INCOME
Table 6.5
SI. No. Income(annual) No. Of % of

1 Up to 160000 26 26
2 160001 to 500000 69 69
3 Rs. 500001 to 5 5
800000
4 800001 and above 0 0
TOTAL 100 100

Bangalore City
Fig 6.5
Interpretation
From the above table
• 69% of the respondents are annual income from 160001 to
500000
• 28% of the respondents are annual income from 500001 to
800000

Bangalore City
WHAT ACCORDING TO LIFE INSURANCE MEAN
Table 6.6
Particular No. of % of
responde responde
nt nt
Risk coverage 16 16%
A saving scheme with 13 13%
good return
A financial securities for 45 45%
your family
A tax benefits 26 26%
Total 100 100%
Fig 6.6
Interpretation

Bangalore City

 16% of the respondents say risk cover
 13% of the respondents say a saving scheme with good
return.
 45% of the respondents say a financial security for family
 26% of the respondents say a tax benefits.
RANK VARIOUS INVESTMENT ALTERNATIVES
Table 6.7
Sl.n Particular 1 2 3 4 5 6 weighte Rank

o d
1 Bonds 3 8 4 7 15 63 188 6
and
debentur
es
2 Equities / 20 14 15 17 30 4 365 4
Shares
3 Mutual 12 15 16 23 18 16 332 5
Funds
4 Insurance 11 14 39 22 10 4 382 2
5 Bank 51 7 11 17 8 6 458 1
deposit
6 Post 3 42 15 14 19 7 375 3
office
Total 100 100 100 100 100 100

Bangalore City
Fig 6.7
Interpretation
• Bank deposit is ranked #1 in investment alternative which
respondents preferred
• Insurance is ranked#2 which respondents preferred
• Post office is ranked#3 which respondents preferred

Bangalore City
HOW WOULD YOU RANK THIS INSURANCE COMPANY’S?
Table 6.8
Sl.N Company's 1 2 3 4 5 Weighte Ranke

o Name d d
1 LIC 95 5 0 0 0 495 1
2 ICICI 5 54 23 12 6 340 2
Prudential
3 SBI Life 0 17 42 28 13 263 3
4 Bajaj Alliance 0 14 23 46 17 234 4
5 HDFC 0 10 12 14 64 168 5
Standard
Total 100 100 100 100 100

Bangalore City
Fig 6.8
Interpretation
 LIC is the ranked # 1 due to most trusted and marked leader
in sector
 ICICI Prudential is ranked #2 due to which excellent sales and
service,
 SBI Life is ranked #3 due to better banking performance

customer where aware of service.
WHAT PARAMETER DO YOU PREFER BEFORE TAKING AN

INSURANCE POLICY?
Table 6.9
Highly Important Neutral Least Not

important important important
Premium 78 22 0 0 0
policy term 56 45 0 0 0
Bonus and interest 26 40 34 0 0
Particular
Accessibly 36 48 16 0 0
company image 80 20 0 0 0

Bangalore City
Fig 6.9
Interpretation
 Before taking the policy company image is highly important
for the respondent which they have insured
 Premium is also highly important for respondent
DO YOU HAVE ICICI PRUDENTIAL LIFE INSURANCE POLICY?
Table 6.10
Particula No. respondent % of respondent

r
yes 78 78%
NO 22 22%
Total 100 100%

Bangalore City
Fig 6.10
Interpretation
 From above table among 100 respondents, only 78 were the

policy holder of the ICICI Prudential and rest 22 respondents
were enquired about the product.

Bangalore City
How did you know about it?
Table 6.11
particula No. of % of
r respondent respondent
ICICI 6 8%
bank
Advisor 46 59%
Direct marketing 3 4%
Friends and relative 18 23%
Others 5 6%
Total 78 100%
Fig 6.11

Bangalore City
Interpretation
 59% of the respondents were aware about the product detail

from advisor
 23% of the respondents are from friends and family
 8% of respondents are from ICICI Bank
Which policy do you have?
Table 6.12
Particular No. of % of
responden respondent
ts s
Traditional policy 27 35%
term /pure policy 5 6%
ULIP 41 53%
Health policy 5 6%
Total 78 100%

Bangalore City
Fig 6.12
Interpretations
 About 53% of respondents are taken ULIP policy
 35%of the respondents are traditional policy
 6%of the respondents are health policy
 6% of the respondents are term policy

Bangalore City
DO YOU HAD ANY CLAIMS?
Table 6.13
Particula No of % of
r respondents respondents
YES 15 18%
NO 63 82%
Total 78 100%
Fig 6.13
Interpretation

Bangalore City
 From the above table it is found that about 82% of the

customers have no climes & only 18% of the customers have
climes
If yes, your eperience is with claim settlement?
Table 6.14
particular No. of % of respondents

responden
ts
Highly satisfied 3 20
satisfied 8 53
moderate 4 27
Dissatisfied 0 0
Highly 0 0
dissatisfied
Total 15 100%

Bangalore City
Fig 6.14
Interpretations
From the above table it is found that about
 20% of the respondents are highly satisfied with the clime
settlement
 53% of the respondents are satisfied with the clime
settlement ,
 27% of the respondents are moderate with the clime

settlement,
Rank the following activities
Table 6.15
Activity 1 2 3 4 5

Bangalore City
Particular Highly satisfie Moderat Dissatisfie Highly

satisfie d e d dissatisfie
d d
Sale and 21 36 17 4 0
service
Advice given 12 32 25 6 3
Customer care
Advice given 12 32 25 6 3
by advisor
Relevant 16 27 31 4 0
documents on
time

Bangalore City
Fig 6.15
Sales and service

Interpretations
 27% of the respondents are highly satisfied the sales and
service given by the company
 46% of the respondents are satisfied with the sales and
 12% of the respondents are moderate with the sales and

Approach to Customer care

Interpretations
 15% of respondents are highly satisfied the advice give to the
respondents by customer care service
 41% of respondents are satisfied the advice give to the
 32% of respondents are moderate the advice give to the

Advice given by advisor

Interpretations
 The advisor has highly satisfied by respondent which they
have advice while taking the policy

Bangalore City
 18% of the respondents are highly satisfied
 46% of the respondents are satisfied
 33% of the respondents are moderate the advice given by

advisor
Relevant documents on time

Interpretation
 23% of the respondents are highly satisfied
 36% of the respondents are satisfied
 41% of the respondents are moderate
Overall experience in ICICI prudential life insurance
Table 6.16
Ratings No. of % of Respondents

Respondents
Excellent 6 8%
Good 46 59%
Average 24 31%
Bad 2 2%
Very bad 0 0%

Bangalore City
Total 78 100%
Fig 6.16
Interpretations
From the above table overall experience of respondents with
ICICI prudential
 8% of the respondents had an excellent experience in ICICI
prudential,
 59% of the respondents had good experience in ICICI
prudential,
 31% of the respondents felt remain neutral,
 2% of the respondent’s bad experience in ICICI prudential

Bangalore City
CHAPTER - 7
FINDINGS

Bangalore City
◊ Bank Deposits are the most preferred investment alternative

which is available to people followed by alternatives such as
Insurance, post office savings etc.
◊ Company image is highly important for respondents which

they have selected for their savings and investments
◊ Most of the customers are aware only through the insurance

advisors or their friends who might have their policies.
◊ Large number of men are interested in insurance because of
financial security to their family
◊ Only 18% of the respondents have claimed for the insured and
investment amount
CHAPTER - 8
RECOMMENDATION

Bangalore City
 There is a need for better promotion for the investment

products & services. The bank should advertise its products
through television because it will reach to the masses.
 Try to sell the product/plan which the consumer requires and
not the plan where the advisors benefit is higher
 Attract the youth of India with higher returns on investment as
returns are the motivating factor which influence purchase of
insurance policy.
 Company should publish their performance by comparing it
with their competitors.
 Company should adopt strategies to explore that private
insurance companies are safer and securer than public
insurance company like LIC.
 Company should demonstrate their ability for quick and
efficient service.
 Company to demonstrate their empathy for customers fo as to
build customers confidence, which in turn will improve their
business.
CHAPTER - 9
CONCLUSION

Bangalore City
Insurance is a tool by which fatalities of a small number are

compensated out of funds collected from majority of customers.
Insurance is a safeguard against uncertain events that may occur in
the future. Over the last 5 to 6 years, the ICICI Prudential life
insurance company has tripled investor’s money than the other
competetors, this progress leads to increase the company image
and makes a way to lead the total insurance market share.
Thus the study also confines that company image is the highly
important criteria that consumers consider before taking up a life
insurance policy. This is mainly because people expect safety and
security for their money which they invest, followed by the factor
like Premium which we pay to the insurer and then Bonus and
Interests paid by the company, to services etc.
Bank Deposits are the most preferred investment alternative which

is available to people followed by alternatives such as Insurance,
post office savings etc. Thus they have to introduce new policy to
attract the bank depositors by giving more returns and tax benefits
to the customers.
BIBLIOGRAPHY

Bangalore City
Books:
a. Pal, karam & others (2007), ‘Insurance Management –

Principles & Practice’, 1st edition, Deep & Deep
publications private Limited, New Delhi.
b. Cooper R Donald & Schindler S Pamela (2009),
‘Business Research Methods’, 9th edition, Tata McGraw
Hill Publishing Company Limited, New Delhi.
Websites:
• http://www.iciciprulife.com/public/default.htm
• http://en.wikipedia.org/wiki/Insurance
• http://www.irda.gov.in/Defaulthome.aspx?page=H1
• http://economictimes.indiatimes.com
• http://www.ibef.org/industry/insurance_industry.aspx

Bangalore City
ANNEXURE
QUESTIONNAIRE
I, D.KUMARESH, student of MBA of Madras University as a part of

our academic curriculum. I am undertaking major project on “To
study the Customer Satisfaction Towards ICICI Prudential
Life Insurance” in Bangalore. I would be glad if you contribute
some of your valuable time in responding to these Questions. It
would be a great value addition. I assure you that the information
collected would be used only for academic purpose and kept
confidential.
1. Name ___________________________________
2. Age
a) 20-30 b) 30-40
c) 40-50 d) 50 & above
3. Gender
Male Female

Bangalore City
4. Education Qualification
a) Under Graduate b) Graduate
c) Postgraduate d) Other Discipline
specify___________
5. Occupation
a) Business b) Professional
c) Salaried person c) Student
e) If other specify _____________
6. Annual income
a) Up to 160000 b) 160001 to 500000
c) 500001 to 800000 d) 800001 and above
7. Rank these various investment alternatives according to your
preferences.
Sl.no Investment alternatives Rank

1 Bonds & debentures
2 Equity/shares
3 Mutual funds
4 Insurance
5 Bank deposit
6 Post office

Bangalore City
8. How would you rank this insurance company’s?

Company’s name Rank
LIC
ICICI Prudential
SBI Life
Bajaj Alliance
HDFC standard
9. What according to you, life insurance mean

1. Risk coverage
2. A saving scheme with good return
3. A financial security for your family
4. A Tax saving benefit
10. What parameter do you look into before taking an insurance

policy?

Bangalore City
Highly Important Neutral Least Not

important important important
Premium
Policy
term
short term
long term
Bonus and
interest
Accessibly
Company
image
11. Do you have ICICI prudential life insurance policy?
a) Yes b) No
12. How did you know about it
a) ICICI Bank b) Advisor
c) Direct marketing d) Friends & relatives
e) Others specify
13. The process of explaining the complications was ( by advisor

)
a. Superior
b. Very satisfied

Bangalore City
c. Above average
d. Somewhat satisfactory
e. Very poor
14. Which of the following qualities of advisor customer service
represent stood out?
f. Patience
g. Enthusiastic
h. Listening carefully
i. Friendly
j. Response
k. Others
15. Which policy do you have?

a) Traditional policy b) pure /Term policy
c) ULIP d) Health policy
16. What is your premium paid annually?
17. Have you received all relevant documents on time

Receipt
a) In a day b) In two day
c) In three day d) More than three day

Bangalore City
Insurance bond
a)1-3 days b) 4-6 days
c) 7-10 day’s d) 11-14 days
e) 14 days and above
Premium notice
a) One month before b) 15 days before
c) 10 days before d) Did not get
18. Did you ever have any claim in ICICI prudential life
insurance?
a. Yes b. No
If Yes, your experience with claim settlement?

a. Highly satisfied
b. Satisfied
c. Moderate
d. Dissatisfied
e. Highly dissatisfied

Bangalore City
19. Rank the following activities
Activity 1 2 3 4 5
Particular Highly satisfie Moderat Dissatisfie Highly
satisfie d e d dissatisfie
d d
Sale &
service
Approach of
Customer
care
Advice
given by
advisor
Relevant
documents
on time
20. What is your opinion with overall experience in
ICICI prudential life insurance?
a. Excellent
b. Good
c. Average
d. Bad
e. Very bad

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A Study on Customer Satisfaction towards ICICI

Prudential Life Insurance in

Insurance is a cover used for protecting oneself from the risk of a

Insurance may be described as a social device to reduce or

The insurance company works in a manner by collecting premiums

HISTORY OF LIFE INSURANCE

Insurance began as a way of reducing the risk of traders, as

MBA @ IDE, University of Madras Page 1

ancient Rome; "BURIAL CLUBS" covered the cost of members'

The first insurance company was formed in 1732, but it provided

BRIEF HISTORY OF INSURANCE SECTOR IN INDIA

MBA @ IDE, University of Madras Page 2

• 1818: Oriental Life Insurance Company, the first life insurance

• 1870: Bombay Mutual Life Assurance Society, the first Indian

• 1912: The Indian Life Assurance Companies Act enacted as

• 1928: The Indian Insurance Companies Act enacted to enable

• 1938: Earlier legislation consolidated and amended to by the

• 1956: 245 Indian and foreign insurers and provident societies

INSURANCE SECTOR REFORMS

In 1993 Malhotra committee, headed by former finance

MBA @ IDE, University of Madras Page 3

complimenting the reforms initiated in the financial sector.

• Government stake in the insurance Companies to

• Government should take over the holdings of GIC

• All the insurance companies should be given

• Private Companies with a minimum paid up capital

• No Company should deal in both Life and General

• Foreign companies may be allowed to enter the

MBA @ IDE, University of Madras Page 4

• Postal Life Insurance should be allowed to operate

iii) Regulatory Body

• The Insurance Act should be changed.

• An Insurance Regulatory body should be set up.

• Controller of Insurance- a part of the Finance

• Mandatory Investments of LIC Life Fund in

• GIC and its subsidiaries are not to hold more than 5%

Insures an individual entity, there are basic legal requirements.

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1. Indemnity – the insurance company indemnifies, or

2. Insurable interest – the insured typically must directly suffer

4. Contribution – insurers which have similar obligations to the

5. Subrogation – the insurance company acquires legal rights

6. Causa Proxima or Proximate Cause – the cause of loss

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There are 2 major types of insurance

Life insurance is a contract that pledges payment of an amount to

The contract is valid for payment of the insured amount called

(a) The date of maturity(In case of endowment plans) or at

Public sector companies includes LIC OF INDIA which is dominant

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largest life insurance company in India owned solely by the

Upon privatization of insurance sector in India around 1999-2000 all

GROWTH OF LIFE INSURANCE

The Life Insurance market in India is an underdeveloped market that

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The US$ 41-billion Indian life insurance industry is considered the

Life Insurance Corporation of India (LIC) registered an 83 per cent

Moreover, according to IRDA, insurers sold 10.55 million new

According to IRDA, total premium collected in 2009-10 was US$

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OBJECTIVES AND ADVANTAGES OF LIFE INSURANCE

• Protection against Risk of Untimely Death: