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PROJECT REPORT ON

COMPETITIVE STUDY OF SERVICES PROVIDED BY LIC AND ICICI PRUDENTIAL

2010-11

Under the guidance of: Mr.SYED MOHD. GUFRAN (AM)

Submitted by: ABHINAV SHRIVASTAVA MBA-IV SEM

25, NEW MLA QUARTER, DEPOT SQUARE, AFFILITED TO SIKKIM MANIPAL UNIVERSITY,BHOPAL

CERTIFICATE

This is to certify that the Research Report entitled


COMPETITIVE STUDY OF SERVICES PROVIDED BY LIC AND ICICI PRUDENTIAL

which is submitted by ABHINAV SHRIVASTAVA for partial fulfillment for the degree of MBA (MARKETING) awarded by MAXIM BUSINESS SCHOOL BHOPAL (M.P), has been duly completed as a record of bona fide work under my supervision and guidance.

Place: BHOPAL
Date: ../../ .

DIRECTOR OF INSTITUTE
MR. SHIV PRATAP RAWAL

DECLARATION

ABHINAV

SHRIVASTAVA,

hereby

declare

that

the

Research

report

COMPETITIVE STUDY OF SERVICES PROVIDED BY LIC AND ICICI PRUDENTIAL entitled from 09/09/10 to 23/10/10 submitted for the partial fulfillment of MBA Programm is the original report submitted by me and has not been submitted to any other institute.

ABHINAV SHRIVASTAVA

Date: ../../ . MBA IV SEM

ACKNOWLEDGMENT
The research undertook was an attempt to overcome the boundaries of books before I take up this as my profession and starts my career as a practicing manager. I would like to take this golden opportunity to express deep sense of gratitude indebtedness to MR. PRAVIN (BRANCH MANAGER) and MR. SYED MOHD. GUFRAN (Agency Manager) " ICICI PRUDENTIAL LIFE INSURANCE Bhopal" for providing me the opportunity to undergo practical research in their esteemed organization. I express my sincere gratitude towards Mr. SHIV PRATAP RAWAL (DIRECTOR) MAXIM B SCHOOL Bhopal for providing such a wonderful opportunity to undergo this practical research work. Lastly no words can adequately express my debt of gratitude to my parents and friends to support me in completion of my project and also to almighty god for the successful completion of my research.

Place: Bhopal

Date: ../../

ABHINAV SHRIVASTAVA MBA IV SEM

CONTENTS
1. MAIN TEXT (1) (2) Executive Summary Introduction y Introduction y Objectives y Limitations 2. FINDINGS AND RESULTS (1) (2) (3) (4) (5) (6) (7) (8) Industry Profile Company Profile Company Products SWOT Analysis Learning Experience Research Methodology Advantages of Life Insurance Conclusion

3. QUESTIONNAIRE 4. BIBLIOGRAPHY

Executive summary
Management Thesis is a part of the MBP program. The objective of a Management thesis is to rain the student in designing and implementing a research project in respect of a business problem. A management thesis is the culmination of raining provided to the student on practical applicability of the theoretical concepts learned by them.

In this study we look at the option of experiential learning and embedding to the skills and how the org get the accreditation from its training course and develop the employee exactly and smartly using applying different models like 360o feedback, training by telephone, group training, mind mapping, perceptual awareness etc. Training is essential in order to understand how to implement the core principle of coaching and learning. Most of the people attracted up to the profession or precisely the once who are likely to make good trainers. People will integrity like helping other and enjoy making different others. Experiential learning and embedding skills is an action oriented behavioral situation. The purpose of the action situation is to have participants generate there own data about each of the key concepts to be studied.

To get the best from experiential learning and embedding skills method, the trainer must be a good observer of behavior, when the group starts to examine its experience and reflect upon them, he is in position to assist with his process. His responsibilities in focusing learning and making it leaves for each. Participant, are extremely important.

Introduction
Insurance is an upcoming rector in India the year 2000 was a landmark year for life insurance industry in this year the liberalized after more than fifty years.

Insurance sector was once a monopoly, with LIC as the only company, a public sector enterprise. But now days the market opened up and there are many private players completion in the market. There are fifteen private life insurance companies has entered the industry.

After the entry of these private players, the market share of LIC has been considerably reduced. In the last 5 year the private players in able to expand the market (acquiring at 30% per annual) and also has improve their market show to 10%

To the past five private players have launched many innovations in the industry in terms of products, market channels and advertisement of product, agent training and customer services etc.

The various life Insurers entered India. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) HDFC standard life Insurance company Ltd. Max New York life Insurance Co. ltd. ICICI Prudential Life Insurance Company Ltd. Kotak Mahindra Old Mutual Life Insurance Ltd. Birla Sun Life Insurance Co. Ltd. Tata AIG Life Insurance Co. Ltd. SBI Life Insurance co. Ltd. ING Vysya Life Insurance Company Private Ltd. Met Life India Insurance Co. Ltd. Royal Sundaram Life Insurance Co. Ltd. Aviva Life Insurance Co. India Pvt. Ltd. Sahara India Insurance Co. Ltd. Shriram Life Insurance Company. Life Insurance Corporation of India. Reliance Life Insurance Co. Ltd. Bharti AXA Life Insurance Company Ltd.

Through this project I want to study a bow the life insurance industry and also down the comparative analysis between two insurance players in this Industry They are:

ICICI PRUDENTIAL LIFE INSURANCE

LIFE INSURANCE CORPORATION ON THE INDIA

OBJECTIVES
The entry of foreign MNC'S and the conductive business environment fostered by the government it is no wonders that the re-entry of private insurance has market a second coming for the sector, In just five years, the sector has undergone a makeover offering move choice better services, quicker settlement, tighter regulation and greater awareness the end become more and more competitive and services and products become a like creating differentiation is, be coming extremity laugh. Thus, this project objectives are as follows:

To know where ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED and life insurance corporation of India companies stands in the market.

Find out the strength and the weakness of their plans

And making comparative analyses between the products of ICICI prudential life Insurance company limited with life Insurance Corporation of India.

Scope of the Study


This Study can be conductor by comparing the performances and products of private and government insurance players in insurance industry

The number of respondents to be surveyed can be improved

The study can be conductor in Bhopal city only

This study can be conducted to analyze the market stand of ICICI prudential life Insurance Company Limited and Life Insurance Corporation of India insurance companies

LIMITATIONS
Thought the present study aims to achieve the above mentioned and accuracy, it may be hampered due to certain limitations some of the limitations of this study may be summarized as follow.

This study is limited to two Insurance companies only. (ICICI Prudential Life Insurance Company Limited & Life Insurance Corporation of India)

This study is limited to Bhopal city only.

And getting accurate responses from the respondents due to chair inherent problems. They may be refusing to co-opiate.

Respondent may have to be contacted repeatedly on alternate respondent may have to be identified.

For want of time is restricted.

FINDINGS AND RESULTS

INDUSTRY PROFILE:
"Insurance is a contract b/w two parties where by one party called insurer undertakes in exchange for a fixed amount of money on the happening of a certain event. Insurance is a protection against financial loss arising on the happening of an unexpected event. The primary purpose of life Insurance is the protection of the family Insurance in its various forms protects against such misfortunes by having the losses for the unfortunate few paid by the contribution of the many that are exposed to the same risk. This is the essence of insurance the sharing of losses and substitution of certainly for uncertainty. Insurance companies collect premiums to provide for this protection A loss is paid out of the premiums collected from the insuring public and the insurance companies act as trustees of the amount collected It is the system by which the losses suffered by a few are spread over many, exposed to similar risks.

In the western world, Life Insurance evolved mainly from the maritime industry started by private financiers who used to gamble on the lives of seafarers by offering five times the money deposited with them in case of unlearn con leniencies?

In its present form, Life Insurance has its origin in England and made its debit in India in India in the year 1818. Initially, Indians were not considered on par with insurability was concerned, There were also many other failures It was in the early part of the 20th century that some kind of legislation was made to regulate the Industry from then on life Insurance made great strides in the country.

At the time of independence and there after there were more than 200 companies operating in India and not all of them on sound ethical principles many factors

companied together to prompt the then government to nationalize the life insurance industry in 1956 to from the Life Insurance corporation of India the years form 1956 to 1999 saw the life Insurance corporation of India emerge as a giant financial institution and the low organization purveying life insurance if we ignore the minimal presence of postal life insurance. The institution succeeded in penetrating in many areas and segments of the population and in garnering public money for public welfare.

It was in the 1990's that the winds of change started sweeping over many changes in the economy Liberalization ensured compel ion in many fields and there was a clamor that the Insurance industry too is opened up to private Indian and foreign players to provide the customers with a choice. The Malhotra Committee appointed in 1993 was given the mandate to study the industry and to suggest the changes that were necessary to make people's aspirations. The report submitted by the committee was the percussion or the IRDA Bill.

By the passing of the IRDA Bill, the Insurance sector has been opened up for the private companies to carry on insurance business. Now the life insurance industry in India is rapidly evolving and growing. It has unreleased a big growth as many Indian and foreign were entered in to the Indian insurance sector The life insurance industry in India has become fiercely by completive with the entry of several new players including major multinational insurers after the deregulation of the sector. It has opened up a range of untapped opportunities for new entrants into the industry, as the potential market for buyers is high since the emerging market in India has a low insurance penetration and high growth rates.

Company Profile
ICICI Prudential Life Insurance Overview:
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank India s foremost financial services Companies- and prudential plc one of

a leading

international financial services group headquartered in the United Kingdom. Total Capital infusion stands at Rs 47.80 billion with ICICI Bank holding a stake of 74% and Prudential plc holding 26%.

We began our operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). Today our nation wide team comprises of over 2100 branches (inclusive of 1,116 micro-offices over 2,90,000 advisors, and 18 banc assurance partners.

ICICI Prudential is the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (IND) from Fitch ratings. For three years in a row, ICICI Prudential has been voted as India s most trusted Private Life Insurer by the Economic Times AC Nielson ORG Marg Survey of Most Trusted Brands . As we grow our

customer base, we continue to tirelessly uphold our commitment to deliver world class financial solutions to customers all over India.

VISIONS & VALUES


Our Vision
TO BE THE DOMINANT LIFE, HEALTH AND PENSIONS PLAYER BUILT ON TRUST BY WORLD CLASS PEOPLE AND SERVICES.

This we hope to achieve by:

1. Understanding the needs of customers and offering them superior products and service.

2. Leverging technology to service customers quickly, efficiently and conveniently.

3. Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders.

4. Providing an enabling environment to faster growth and learning for our employees.

5. And above all, building transparency in all our dealing.

The success of the Company will be founded in its unflinching commitment to score VALUES- Integrity, Customer Ownership and Passion. Each of the Values describes what qualities of our people the way we work. We do believe that we are on the threshold of exciting new opportunities, where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth.

Our Values
EVERY MEMBER OF THE ICICI PRUDENTIAL TEAM IS COMMITTED TO 5 VALUES: 1. Integrity 2. Customer First 3. Boundary less 4. Ownership 5. Passion

These VALUES shine forth in all we do, and have the keystones of our success.

MANAGEMENT PROFILE
BOARD OF DIRECTORS
The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad.

Ms. Chanda D. Kochhar, Chairperson Mr. N. S. Kannan, Director Mr. K. Ramkumar, Director Mr. Barry Stowe, Director Mr. Adrian OConnor, Director Mr. Keki Dadiseth, Independent Director Prof. Marti G. Subrahmanyam, Independent Director Ms. Rama Bijapurkar, Independent Director Mr. Vinod Kumar Dhall, Independent Direct Mr. V. Vaidyanathan, Managing Director & CEO

MANAGEMENT TEAM
The ICICI Prudential Life Insurance Company Limited Management team comprises reputed people from the finance industry both from India and abroad.

Mr.V.Vaidyanathan, Managing Director & CEO Ms. Anita Pai, Executive Vice President - Customer Service,

Technology & Dr. Avijit Chatterjee, Appointed Mr. Puneet Nanda, Executive Vice President

Marketing Actuary

LIFE INSURANCE CORPORATION OF INDIA


LIC of India is one of India s leading financial institutions, offering complete financial solutions that encompass every sphere of life. From commercial broking to mutual funds to life insurance to investment banking, the group caters to the financial needs of individual and corporate.

The LIC has a net of over Rs 1,800 and employs 7,500 employees in its various businesses with a presence in 82 cities in India and it services a customer base of over 20, 00,000. DATE OF ESTABLISHMENT: 1st September 1956

MANAGEMENT TEAM
T.S. Vijayan D.K. Mehrotra Chairman MD, LIC MD LIC

Thomas Mathew T A.K. Dasgupta

MD, LIC

Arun Ramanathan Secretary, Financial Services, Dept. of Financial Services, Ministry of Finance, Government of India. Sindhushree Khullar Finance. Add Secretary, Dept. of Economic affairs, Ministry of

Yogesh Lohiya Chairman cum MD, LIC of India. T.C. Venkat Subramanian Chairman & MD, Export Import Bank of India.

Overview
The largest life insurance Company in India, LIC is fully owned by the government. It provides individual life insurance, group insurance and pension plans. Its subsidiaries include LIC of India International, LIC Nepal, LIC Lanka, LIC Housing Finance and LIC HFL Care Homes. It has en more than 12policyholders and over 9 lakh agents. It has underwritten more than 120 million policies.

LIC saw computers in 1964.Today the company is on the Internet and is utilizing Information 17 Technology in servicing its clients. It has bagged various award including Loyalty Awards 2008 in Insurance Sector, NDTV Profit Business Leading Award 2007, CNBC Awaaz Consumer Awards 2007 and Outlook Money NDTV Profit

Awards 2007

LIC provides a rewarding career as sales agents. It offers world class training freedom to work and unmatched financial strength.

COMPANY PRODUCTS
Product Details of ICICI Prudential Life Insurance products:

 Life Time Gold  Premium Life Gold  Pure Protect Health Saver  Crisis Cover  Smart Kid  Life Stage Pension  Life Time Super Pension  Hospital care  Life link Super  Premier Life Pension  Invest Shield Life

Product Details of Life Insurance Corporation of India:

 Children s Policy  Endowment Policy  Group Insurance Policy  Joint Life Policy  Money Back Policy( Investment Plan)  Pension Plans or Annuities  Special Plans  Term policy

 Whole Life Policy


Pension Plan Products of LIC India & its features:

LIC of India retirement income plan

LIC of India retirement income plan ( UNIT LINKED)

The LIC of India retirement Income Plan is a SAVING PLAN designed to meet your post retirement needs. It is a plan that gives you JEENE KI AZAADI . It gives you the choice to remain independent even after retirement.

The LIC of India retirement income Plan is a participating form: One with cover & one without cover. Who can avail of the LIC of India retirement income plan?

How old do you have to be to avail of this plan?

Minimum Age 18 years Maximum Age 60 years

For what term can choose to pay the premiums?

5 years

30 years

At What intervals can you pay premiums?

y y y

Quarterly Half Yearly Annually

What are the advantages of this plan?

y y y y

You can choose to retire any age between 45 years 65 Years On Retirement: Annuity option Early retirement benefits

Other Products are:

y y y y

Money Plus Auto Plus Child Plan Health Plan

Products of ICICI Prudential & its features:

y y

Life Stage Plan Retirement Plan

Life Stage plan

Life Stage Young & Single Young & Just married Married with kids Middle aged with grown up kids Across all lifestages

Primary Need Asset creation Asset creation & protection Children's education, Asset creation and protection Planning for retirement & asset protection Health plans

Life Insurance Product Wealth creation plans Wealth creation and mortgage protection plans Education insurance, mortgage protection & wealth creation plans Retirement solutions & mortgage protection Health Insurance

HUMAN LIFE VALUE


What is your Human Life Value? Beyond all doubt, your life is invaluable. Yet, there is a certain worth that can be attributed to the financial support you offer your parents, spouse or children. This worth is referred to as Human Life Value (HLV). In the future, if your family does not have the protective blanket of your presence, they will no longer be able to enjoy the benefits of the income you earned. Put simply, Human Life Value is the present value of your future earnings.

Why should you calculate your Human Life Value? You should calculate your Human Life Value so you can accordingly invest in insurance plans that provide your family with adequate finances and hence security even in your absence. How do you determine your Human Life Value? Your Human Life Value is determined by 3 factors: 1.Your age. 2. Current and future expenses. 3. Current and future income. As a thumb rule, if you are 30 years of age, you should insure yourself for an amount approximately 8 times your annual income. At 35, your investment should be close to 6 times your income. Of course, the exact amount of your investment should be determined by the number of people who depend on you, you re existing investments and your life stage. For example, if you are 30 years of age and have two children and parents to provide for, the amount you invest should be reflective of your requirements. Calculate your Human Life Value NOW Use our quick and easy human life value calculator, Value and the corresponding amount you should invest. Retirement Plan A retirement plan that you will continue to earn a satisfying income and enjoy a comfortable lifestyle, even when you are no longer working. To understand why an increasing number of individuals have already started planning for their on.
Independence is the new way of life: retirement,

read

An increasing number of young Indian professionals are

moving away from the traditional joint family structure. Since support no longer comes

easily, parents have realized the need to provide for themselves during their retirement years.
Costs set to soar:

Skyrocketing costs throw even a well-salaried person off balance. With

rates rising everyday, you can imagine how high they will be when you are ready to retire .Retirement plan a steady income every month, to arm you in the face of rising costs.

To understand how inflation can impact your monthly expenses, use our special tool, the inflation index plan.

Non-earning retirement phase is now longer:

Only 4% of India working population- mostly

government employees

are covered by pensions. The remaining 96% comprises self-

employed and salaried professionals who do not have a formal, mandated provision for pensions.

ICICI Prudential offers two key retirement plans Life link Super Plan & Life action Super Plan, you meet all your retirement requirements. So you can retire peacefully from work, but not from life.

SWOT ANALYSIS
STRENGTHS: ICICI Prudential is the largest private player in India, with a market share of around 36% amongst the private players.

ICICI Prudential has deposited a paid up capital of Rs 925 crore with IRDA caution deposit, the highest among all the life insurance company in India where as LIC has deposited Rs 60 crore so far.

ICICI Prudential is the first life insurance company to offer ECS debit facility.

ICICI Prudential is the first company to introduce unit link life insurance and pension products. Presently the maximum numbers of ranges are under ULIP life insurance, investment as well as pension plan.

WEAKNESSES: Industry in nascent stage.

Rural areas still not covered.

Not very known among Indian population.

Lack of credibility among the people because

ICICI being a private player.

Premiums are high as compared to its competitors.

Very few branches in the country.

OPPORTUNITIES: Liberalization of Indian economy.

As the industry is growing the whole market is virgin.

The whole private sector is opened to be trapped even though the competition is fierce from government owned insurance companies.

It s a volume business that is even if the company has few good corporate the turnover cease to increase by manifold.

THREATS: The government players will become aggressive thus growth is going to be tough.

Entry of other players is not ruled out.

Apprehension towards ICICI Prudential being a private life insurance company.

We expect the industry to rationalize in future that is mergers and acquisitions will happen, which will impact the industry and ICICI Prudential fortunes.

LEARNING EXPERIENCE
First week:My first week was quite interesting, because of my work profile. The type of work ,I had to perform here is advising the investment to customers and recruiting the financial advisers , under the guidance of my manager, So my first week responsibility was to get familiar with the investment plan's and how to convince people to be an adviser.

Second week:My manager provided me all the sources, and the link's of learning the insurance environment, and also guide me the do's n don'ts in insurance industry.

Third week:In my third week the actual part of my job started in which, I had to collect & manage the contacts of people and decide who are willing to invest and buy policies or who needs a job. I had to generate my contacts as much as possible, and made a separate list of different categories.

Fourth week:Now its time to approach the target or in the words of insurance industry "its time to convert a call" Approaching the target can be done threw two means, either: y y Telle calling. One on One interaction. So, I used both according to the need & suitability.

Fifth week:After approaching, the people who responded positively are called for a personal one on one interaction. In which following points discussed:

Family background.

y y y y y

Financial condition. Need Sum of money willing to invest Age Health.

On the basis of these points an analysis is done. That helps in selecting the best and most suitable investment option or a new job profile.

Sixth week:After that my work is to provide all the collected financial data, to Agency manager & help him in systematic arrangement of use full data. According to suitable investment plan, and finally final meeting and documentation is done and in the case of a financial Adviser one on one meeting is being arranged and then final documentation is done .

RESEARCH METHODOLOGY
This research is about understanding the market stand and also find the strength and weakness of the product of two Insurance Companies by making comparing analysis of the product of the companies mainly descriptive research methodology are adopted. Descriptive research was adopted since it provides accurate picture about some aspect of market environment such as which brand is performing well and what the company can do to improve its market share.

Sampling Procedure: How should the respondents be chosen? To obtain a representative sample and nonprobability sample can be drawn, they are

Judgment Sample: The researcher selects population numbers who are good prospects for accurate information. For collection of research date judgment sampling technique is used where all of them are employees of the two Insurance Companies as they are good prospect for accurate information.

Actual Collection of Data: The sources of data include either secondary data or primary data and even sometimes the combination of both. The present study is more concentration on both Primary and Secondary data.

Primary Data: is collected through face to face interaction with employees of the insurance companies by meeting them personal.

Secondary Data: used from their study are inclusive of the data collected from the internal, catalogues and brochures and magazines.

METHODOLOGY: The study well conducts on the basis of survey through questionnaires given to respondents.

Sampling Design: y y y y Population: Bhopal Sample Size: Population of 50. Sample Technique: Convenience Sampling Statistical Tools: Correlation

ADVANTAGES OF LIFE INSURANCE


Life and its circumstances are fragile. Therefore the need for some kind of financial protection for the future becomes mandatory. Various options are available for consideration as investment avenues. Let's take a closer look at Life Insurance and its many advantages.
y y y

The need to save for future family expenses and old age A house to call their own Financial assistance in the event of contingencies like accidents, etc., And of course a certain degree of tax relief

 Saving for the future  Loans  Accidents  Income tax rebate SAVING FOR THE FUTURE: The periodical payments of premium become a habit. Unlike other savings plans where only the accumulated savings is payable on maturity, the entire sum assured is payable in a Life Insurance plan. Plus there are the bonus and loyalty additions that many Life Insurance plans boast of. In the case of endowment policies, benefits can be received at the time of anticipated expenditure like education or marriage. Pension plans provide a steady monthly income after the productive years. Life insurance additionally provides financial protection against the risk of unforeseen death.

LOANS: Housing loans are granted by the Life Insurance Corporation against all plans that cover risk. In addition several Life plans have been especially introduced for housing

loan purposes. General loans are also available on Life plans that have surrender value. These loans are ideal to meet unforeseen expenses. Since LIC's interest rates are much lower than that of other financial institutions, the burden of paying interest is not acutely felt. Further, a life Insurance Policy document is acceptable surety for a commercial loan. The policy itself can be surrendered for a cash sum to help tide over any financial difficulties.

ACCIDENT BENEFITS:

Permanent disability benefit is given in the case of disability due to accident.

INCOME TAX REBATE: The premium paid on Life plans and specified investments like PF, NSC, etc., are eligible for income tax rebate, subject to a collective ceiling of Rs.60, 000 p/a. Maturity benefits, bonus, etc., received under a Life Plan are fully exempt from tax, with the exception of Key-man Insurance, and annuity schemes like Jeevan Adhar, Jeevan Akshay, Jeevan Dhara and Dhanaraksha Mutual Fund.

TAX PLANNING & TAX BENEFITS ON INSURANCE: Life insurance and retirement plans are effective ways to save taxes when doing your year end tax planning.To assist you in tax planning, the tax breaks that are available under our various insurance and pension policies are described below: 1. Our life insurance plans are eligible for tax deduction under Sec. 80C. 2. Our Pension plans are eligible for a tax deduction under Sec. 80CCC. 3. Our health insurance plans/riders are eligible for tax deduction under Sec. 80D. 4. The proceeds or withdrawals of our life insurance policies are exempt under Sec 10(10D), subject to norms prescribed in that section.

Invest in ICICI Prudential Life insurance and retirement plans and avail of these tax planning services to save tax at your year end tax planning!

Conclusion
The Financial markets have continued to witness unprecedented liberalization, growth & reforms over the last decade promoted by regulatory compulsions and a raped integration between domestic & global markets. And as a result, one has seen substantial growth in the number of financial firms (insurance companies, mutual funds, brokerages, banks etc) and in the number and variety of financial products and service offered by them. As the need of the people is changing so in changing the investment habits of the people and this has brought In a spate of new products and schemes where people can invest The concept of insurance as an investment option has arrived where people first identify the varying needs of money then converts the needs into specific amount of money and time required to achieve the objective of investments plans. The objective of insurance as an investment is to ensure then investments are driven by predetermined & well thought out investment plan and that. The investments are suitable and adequate to meet these plans. But for this planner must understand the universe of investment options. He/she must be well informed on the risk and return attribution of these options. Its addition to the above, companies should also innovate to come up with better products that would sit the Indian population and should also try to market and sell their products through new channels of distribution that can be effective in selling their products to the masses. People should identify their needs and then decide on the type of policy they want to trust in. Insurance is a good investment option for than people who do not know where to invest and who do not want to the risk of capital erosion. But people who are financial savvy can opt for term insurance and invest the rest in other options that may give them high returns.

Questionnaire
NAME ____________________________________________________________ AGE _____________________NATIONALITY _____________________________ INCOME__________________ CONTACT No. ______________________________________________________ ADDRESS __________________________________________________________

(1)

OCCUPATION (A) (C) Business Man Students (B) (D) Professional Housewife

(2)

Do you have Insurance? If yes of which company? (A) Yes (B) No

__________________________________________________

(3)

Have you heard about ICICI Prudential Life Insurance? (A) Yes (B) No

(4)

Are you aware about the various plans offered by Insurance Company? (A) (B) No

(5)

According to you, Insurance policies are for? (A) (C) Child [ ] (B) (D) Adults [ ] Old People [ ]

Couple [ ]

(6)

Is there any age, gender or other limitation in getting insurance? (A) Yes (B) No

(7)

At what age should a person think about taking an insurance policy? _________________________________________________

(8)

Have you or any of your family members got the benefit out of Insurance?

(9)

Do you know about unit Linked Insurance plans (ULIP)? (A) Yes (B) No

(10)

How did you come to know about ULIP? (A) (C) (E) Friends Periodicals Investment (B) (D) Advertisements Agents

(11)

In which ICICI prudential Life Insurance did you invest? (A) (C) Life stage plan Crisis Cover (B) (D) Smart kid Health

If any other please specify _______________________________________________

(12)

Why did you prefer above mentioned ICICI prudential Life Insurance policy? (A) (C) High returns Tax benefit (B) (D) Security Loss risk

(13)

How long have you been investing in the above policy? (A) (C) Less than 1 year 2 years - 3 years (B) (D) 1 year 2 years

3 years and more

(14)

Did you try out any other company policy? (A) Yes (B) No

If any other please specify ______________________________________________

(15)

How do you rate ICICI prudential Life Insurance policy? (A) (C) (E) Good Average Can't say (B) (D) Very Good Bad

Thank You Date Signature

CONCLUSION
ICICI PRUDENTIAL being no.1 in pvt. player in life insurance in country with largest distribution network has made efforts to update its recruitment process to keep pace with the fast changing world and such effort are necessary to face competition.

The major findings with respect to training program by are-

ICICI PRUDENTIAL

y Advisor have chosen career in insurance to earn additional income and have quick growth. y Advisor has joined
ICICI PRUDENTIAL

mostly through reference.

BIBLIOGRAPHY
Books:

 Life and Health Insurance

Kenneth Black and Harold D. Emmet J Vaughan and John

 Fundamental of Risk and Insurance Willy.

Websites:

 www.licindia.com  www.irdaindia.com  www.iciciprulife.com

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