Synopsis of major research project On

A comparative study on the offerings of Insurance

products between ICICI Prudential Life Insurance Vs Life Insurance Corporation of India
Submitted in partial fulfillment of the requirements of the course

MASTER OF BUSINESS ADMINISTRATION

(Session: 2009-2011)

Project Guide Prof. Amit Vijay Patil Faculty VITS, Indore

Submitted By Rahul Rajoriya MBA III Semester

VINDHYA INSTITUTE OF TECHNOLOGY & SCIENCE INDORE (M.P.)

Submitted To DEVI AHILYA VISHWAVIDYALAYA, INDORE 2011

DECLARATION

This is to certify that Mr. Rahul Rajoriyastudent of MBA III Semester program has here with proposing to choose the Major Research Project titled as A comparative study on the offerings of Insurance products between ICICI Prudential Life Insurance Vs Life Insurance Corporation of India and prepared this Synopsis report under my guidance and supervision.

Guided By Prof. Amit Vijay Patil Faculty VITS Indore

Submitted By Rahul Rajoriya MBA III Semester

INDEX
S.No.
1 Chapter One :
INTRODUCATION OBJECTIVE OF THE STUDY RATIONAL OF THE STUDY

Page No.
4-6

Chapter two:
RESEARCH METHODOLOGY SAMPLE DESIGN DATA COLLECTION DATA ANALYSIS

7-8

Chapter three: PREFERENCES

WEBSIDES

INTRODUCATION
Insurance is an upcoming sector, in India the year 2000 was a landmark year for life insurance industry, in this year the life insurance industry was liberalized after more than fifty years. Insurance sector was once a monopoly, with LIC as the only company, a public sector enterprise. But nowadays the market opened up and there are many private players competing 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 five years the private players is able to expand the market (growing at 30% per annum) and also has improved their market share to 18%. For the past five years private players have launched many innovations in the industry in terms of products, market channels and advertisement of products, agent training and customer services etc.

OBJECTIVES
Thus, this project objectives is as follows . To know where ICICI Prudential Life Insurance Company & life insurance Corporation of India companies stands in the market. Find out the strength and the weakness of their plans.

And making comparative analysis between the products of ICICI Prudential Life insurance Company with Life insurance Corporation of India.

Rational of the study:

This study can be conducted by comparing the performances & products of three private & government insurance players in insurance industry. The number of respondents to be surveyed can be improved. The study can be conducted in Indore city only.

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

RESEARCH METHODOLOGY
TYPE OF RESEARCH Exploratory research: Descriptive research: Casual research:

Sample design
Population: Indore Sample Size: Population of 100 Sample Technique: Convenience Sampling Statistical Tools: Correlation. COLLECTION OF DATA Data sources: The sources of data include either secondary data or primary data and even some times the combination of both. The present study is more concentration on both primary and secondary data. Primary data: Primary data is collected through face-to face interaction with employees of the insurance companies, by meeting them in personal. Secondary data: The secondary data used for their study are inclusive of the data collected from the internet, catalogues and brochures and magazines.

COMPANY PROFILE
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services companies-and Prudential plc - 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%.

Life insurance Corporation of India

LIC of India is one of Indias leading financial institutions, offering complete financial solutions that encompass every sphere of life. From commercial banking to stock broking to mutual funds to life insurance to investment banking, the group caters to the financials needs of individuals and corporate. The LIC has a net of over Rs. 1,800 crore and employs over 7,500 employees in its various businesses. With a presence in 82cities in India and it services a customer base of over 20,00,000.

PREFRENCE
BIBLOGRAPHY BOOKS: Life and Health Insurance Kenneth Black and Harold D. Fundamental of Risk and Insurance- Emmet J Vaughan and John Willy WEBSITES www.licindia .com www.irdaindia.org www.iciciprulife.com