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PROJECT REPORT on

STUDY OF ADVISOR RECRUITMENT AND SATISFACTION


At

ICICI PREUDENTIAL LIFE INSURANCE


JAIPUR

Submitted to

Kanoria P.G. Mahila Mahavidhyalaya, Jaipur


(For Partial Fulfillment of BBA Degree)

Supervised By:MISS SHRUTI GUPTA

Supervised By:DEEPTI

PREFACE
A PROJECT STUDY REPORT of a bachelor student plays an important role to develop her as a well groomed professional. It is a golden opportunity for her to give the theoretical concepts with a practical shape in the field of application. It gives an idea of dynamic and versatile professional world as well as an exposure to the intricacies. It was a real interesting experience and we enjoyed every part of it and hope that it would be helpful in our future. I choose ICICI as a platform to apply my skills. I opted the topic SIGNIFICANE OF INSURANCE, which will provide me a great opportunity. I am sure the experience gained in short duration from ICICI will go a long way in all my future endeavors.

ACKNOWLGEMENT
. First, of all, I am highly indebted to my collageKANORIA P.G.MAHILA MAHAVIDALYA and Dr.Rashmi Chaturvedi, Prinicipal of collage for giving me this opportunity to pursue my project report with this prestigious organization and their help & cooperation throughout our project. I express my sincere thanks to Miss Shruti Gupta, for guiding me right from the inception till the successful completion of the project .sincerely acknowledge her for extending his valuable guidance, support for literature critical reviews of project and the report and above all the moral support she had provided to me all stages of this project. Last but not the least I am thankful to Mr.Ashish Shukla for extending their unflinching moral support and encouragement during the preparation of the project study.

DEEPTI MANSUKHANI

TABLE OF CONTENTS S.NO


1. A. B. 2.

CONTENTS
COMPANY PROFILE Introduction To industry Introduction To company Methods & Limitations of Recruitment Methodology & Research

PAGE NO.

3. 4. 5. 6. 7.

IRDA Suggestion & Conclusion Bibliography Annexure

Executive summary

ICICI PRUDENTIOAL LIFE INSURANCE COMPANY LTD .


The company 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 company to begin operation in December 2000 after receiving approval from Insurance Regulatory Authority of India (IRDA). ICICI Prudentials equity base stands at Rs.1185 crore with ICICI BANK and Prudential plc holdings 74% and 26% stake respectively. For the period April-December 2000,the company garnered Rs.1430 crore of new business premium for a total sum assured of Rs. 15,170 crore and wrote 497765 policies. For the past four years, ICICI Prudential has retained its position as the NO.1 Private life insurer in the country, with a wide range of flexible product that meant the needs of the Indian customer at every step in life. ICICI Prudential is also the only private life insurer in India to receive a National Insurer Financial Strength rating of AAA (ind) from Fitch rating. The AAA rating is the highest credit rating and is a clear assurance of ICICI Prudentials ability to meet its obligation to customers at the time of maturity or claims.

Distribution
ICICI Prudential has one of the largest distribution network amongst private life in India having commenced operation in over 116 cities and town in India stretching from Bhuj in the west to Guwahati in the east , and Amritsar in north to Trivandrum in the south , the company has 8 banc assurance tie-ups, having Ernakulam Bank Lord Krishna Bank and some co operative banks as well as about 290 corporate agent and broker. It has also tied up with NGOs, MFIs and corporate for the distribution of rural policies and organization like Dhan for distribution of Salaam Zindagi a Policy for the socially and economically underprivileged sections of society. ICICI Prudential has recruited and trained more than 65000 insurance advisors to interface with advice customers. Further, it leverages its state of the art IT infrastructure to provide superior quality of services to customers.

PRODUCTS
Insurance solution for individual ICICI Prudential Life Insurance offers a range of innovative ICICI Prudential Life Insurance offers a range of innovative customers-centric products that meet the needs of customers at every life stages. Its products can be enhanced with up to 5 riders, to create a customized solution for each policyholder.

Saving Solutions
Secure Plus: is a transparent and feature packed savings plan that offers 3 levels of

protection.
Cash Plus: is a transparent ,feature packed savings plan that offers 3 level of protection

along with adequate returns.


Saves Protect: is a traditional endowment saving plan that offers life protection along

with adequate returns.


Cash bank: is an anticipated endowment policy ideal for meeting milestone expenses

like a childs marriage , expenses for a childs higher education of purchase of an asset.
Life time & life timeII offer: customers has flexibility and control to customize the

policy to meet the changing needs at different life stages. Each offer 4 Fund option Preserver, Protector, Balancer, Maximiser. Golden Years: is a limited premium paying retirement solution that offers tax benefits up to rs 100000 u/s 80c with flexibility Saving Solutions
Secure Plus: is a transparent and feature packed savings plan that offers 3 levels of

protection.
Cash Plus: is a transparent ,feature packed savings plan that offers 3 level of protection

along with adequate returns.


Saves Protect: is a traditional endowment saving plan that offers life protection along

with adequate returns.


Cash bank: is an anticipated endowment policy ideal for meeting milestone expenses

like a childs marriage , expenses for a childs higher education of purchase of an asset.
Life time & life timeII offer: customers has flexibility and control to customize the

policy to meet the changing needs at different life stages. Each offer 4 Fund option Preserver, Protector, Balancer, Maximiser.

Golden Years: is a limited premium paying retirement solution that offers tax benefits up to rs 100000 u/s 80c with flexibility in both the accumulation and payout stages. in both the accumul Saving Solutions
Secure Plus: is a transparent and feature packed savings plan that offers 3 levels of

protection.
Cash Plus: is a transparent ,feature packed savings plan that offers 3 level of protection

along with adequate returns.


Saves Protect: is a traditional endowment saving plan that offers life protection along

with adequate returns.


Cash bank: is an anticipated endowment policy ideal for meeting milestone expenses

like a childs marriage , expenses for a childs higher education of purchase of an asset.
Life time & life timeII offer: customers has flexibility and control to customize the

policy to meet the changing needs at different life stages. Each offer 4 Fund option Preserver, Protector, Balancer, Maximiser.
Golden Years: is a limited premium paying retirement solution that offers tax benefits up

to rs 100000 u/s 80c with flexibility in both the accumulation and payout stages.

Group Insurance Solution


ICICI Prudential also offers Group insurance solutions for companies seeking to enhance benefits to their employees.
ICICI Pru Group Gratuity Plan : ICICI Pru's group gravity plan helps employers fund

their statutory gravity obligation in a scientific manner. The plan can also be customized to structure schemas that can provide benefits beyond the statutory obligations.
Life Lind II : is a single premium market linked Insurance plan which combines life

insurance cover with the opportunity to stay invested in the stock market.
Premier Life : is a limited premium paying plan that offers customers life insurance

cover till the age of 75.


Invest Shield : life is a marked linked plan that provides capital grantee on the invested

premium and declared bonus interest along with flexible liquidity options.
Invest Shield Gold : is a marked linked plan that provides capital grantee on the

invested premium and declared bonus interest along with limited premium payment terms. Protection Solutions Life Guard : is a protection plan, which offers life cover at very low cost. It is available in three options? Level term assurance, level term assurance with return of premium and single premium.
Home Assure : is a mortgage reducing term assurance plan designed specially to the

help the customers cover their home loans in a simple and cost-effective manner. Child Plans

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Smart Kid education Plans : provides guaranteed educational benefits to a child along

with life insurance cover for the parent who purchase the policy. The policy is designed to provide money at important milestones in the child's life. Smart kid plans are also available in unit-link form? Both single premium and regular premium. Retirement Solutions
Forever Life : is a retirement product targeted at individuals in their thirties. Secure Plus Pension : is a flexible pension plan that allows one to select between three

levels of cover. Market-Linked Retirement Products


Life Time Pension I : is a regular premium market-linked pension plan. Life Link Pension II : is a single premium market-linked pension plan. Invest Shield Pension : is a regular premium pension plan with a capital guarantee on

the ingestible premium and declared bonuses


ICICI Pru Grop Superannuation Plan : ICICI Pru offers a flexible deigned

contribution superannuation scheme to provide a retirement kitty for each member of the group. Employees have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement.
ICICI Pru Group Term Plan : ICICI Pru's flexible group term solution helps to provide

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 to paid to the beneficiary nominated by the member on the his/her death.

Flexible Rider Options


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ICICI PRU Life offer flexible riders, which can be added to the basic policy at a marginal cost, depending on the specific needs of the customer.
Accident & disability benefit : If death occurs as the result of an accident during the

term of policy, the beneficiary receives an additional amount equal to the rider sum assured under the policy. If the death occurs while traveling in an authorized mass transport vehicle, the beneficiary will be entitled to twice the sum assured as additional benefit.
Accident Benefit : This rider option pays the sum assured under the rider on the death

due to accident.
Critical Illness Benefit : protects the insured against financial loss in the event of 9

specified critical illness prior of death.


Income Benefit : this rider pays a 10% of the sum assured to the nominees every year,

till maturity, in the event of the death of the life assured. It is available on the Smart Kid, Secure Plus and Cash Plus.
Waiver of Premium : in case of total and permanent disability due to an accident, the

premiums are waived till maturity. This rider is available with Secure Plus and Cash Plus.

Vision and Mission


Their vision is to make ICICI Prudential Life Insurance Company the dominant new insurer in the life insurance industry. This they hope to achieve through their commitment to excellence, focus on service, speed and innovation, and leveraging our technological expertise. The success of the organisation will be founded on its strong focus on values and clarity of purpose. These include: Understanding the needs of customers and offering them superior products and service.

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Building long lasting relationships with their partners Providing an enabling environment to foster growth and learning for their employees They believe that they can play a significant role in redefining and reshaping the sector. Given the quality of their parentage and the commitment of their team, they feel that there will be no limits to their growth. Sponsors ICICI Ltd was established in 1955 by the World Bank, the Government of India and the India Industry, to promote industrial development of India by providing project and corporate finance to Indian industry. Since inception, ICICI has grown from a development bank to a financial conglomerate and has become one of the largest public financial institutions in India. ICICI has financed all major sectors of the economy, covering 6,848 companies and 16,851 projects. In the fiscal year 2000-2001, ICICI had disbursed a total of Rs. 319.65 billion. ICICI has now developed a whole range of activities to become a Universal Bank. Commercial Banking - ICICI Bank, India's first internet bank. Information Technology -ICICI Infotech, transaction processing, software development Investment BankingICICI Securities, one of the key players in the India Capital Markets Mutual FundPrudential ICICI AMC, leading private sector mutual fund player in India Venture Capital- ICICI Venture, leading private equity investor with focus on IT and Health Care Retail Services- ICICI PFS, Marketing and Distribution of Retail Asset Products Distribution-ICICI Capital, Distribution and Servicing of Retail Liability Products ICICI is listed on the Indian stock Exchanges and on the New York Stock Exchange (NYSE). On September 22, 1999, it became the first Indian company t be listed on the NYSE (symbol:IC and IC.D). This has been followed by the listing of ICICI Bank on NYSE (symbol:IBN) on arch 28, 2000. Prudential Plc

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Prudential Plc was founded in 1848. Since then it has grown to became one of the largest providers of a wide range of savings products for the individual including life insurance, pensions, annuities, unit trusts and personal banking. It has a presence in over 15 countries and caters to the financial needs of over 10 million customers. It manages assets of over US$ 259 billion (Rupees 11,39,600 crores approx.) as of December 31, 1999. Prudential plc has its presence in Asia for the past 75 years catering to over 1 million customers across 11 Asian countries. Prudential is the largest life insurance company in the United Kingdom (Source: S&P's UK Life Financial Digest, 1998). Asia has always been an important region for Prudential and it has a presence in Asia for over 75 years. In fact Prudential's first overseas operation was in India way back in 1923 to establish Life and General Branch agencies. In the US, Prudential controls approximately 4% of all the listed shares on the second largest stock exchange in the world, the London Stock Exchange, making it one of the largest institutional investors in the UK. Prudential is focused on the internet generation and is one of the first financial service organization to use the internet on a fully integrated basis. In October 1998, Prudential launched a "branchless" bank based on the internet. Unusual titled as "egg." The bank has in a short span of its existence become a leading banking service provider in the UK. Infect in the first six months of its existence it garnered over 5 billion (US$ 8 billion) in deposits from over 500,000 customers. Development of superior products and service that offer value for money and security while producing superior financial returns, enables Prudential to maximise the value of its shareholders investment and to establish lasting relationships with customers and policy holders. ICICI and Prudential came together in 1993 to provide mutual found products in India and today are the largest private sector mutual fund company in India. The two companies bring together two of the strongest financial service brands in Asia

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known for their professionalism , excellent quality of service and long term commitment to you.

ICICI Prudential Life Insurance


ICICI Prudential Life Insurance is joint venture between the ICICI Group and Prudential plc, of the UK. ICICI started off its operations in 1955 with providing finance for industrial development, and since then it has diversified into housing finance, consumer finance, mutual funds to being a Virtual Universal Bank and its latest venture Life Insurance. Foreign Partner: Established in 1848, Prudential plc. of U.K. has grown to be the largest life insurance and mutual fund company in U.K. Prudential plc. has had its presence in Asia for the past 75 years catering to over 1 million customers across 11 Asian countries. Prudential is the largest life insurance company in the United Kingdom (Source : S&P's UK Life Financial Digest, 1998). ICICI and Prudential came together in 1993 to provide mutual fund products in Indian and today are the largest private sector mutual fund company in India. Their latest venture ICICI Prudential Life plans to take care of the insurance needs at various stages of life. Account Information means with respect to each of the Relationship Accounts which includes but shall not be limited to information such as (as may be applicable to the concerned Relationship Account) details of policies, due dates of payment of premium, periodicity of payment, maturity date of policy, tax exemptions, if any, name and address of nominees, benefits payable under the policy, general terms and conditions applicable on the policy, locations of branches of ICICI Prudential where the Facilities are made available, details of previous transactions etc. ICICI Prudential shall however have full discretion to provide/not provide any or all of the details mentioned above. For the purpose of this definition of Affiliate, "control" together with

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grammatical variations when used with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of the vote carrying securities, by contract or otherwise howsoever, and "Person" means a company, corporation, a partnership, trust or any other entity or organisation or other body whatsoever. Advisor means a life insurance agent of ICICI Prudential who has completed the regulatory requirements for being an Advisor as prescribed by the Insurance Regulatory and Development Authority, holds a current and valid license issued by IRDA to act as a life insurance agent and is regd. as an advisor with ICICI Prudential. Advisor Account means the account accessible by an Advisor on the website by using the Advisor ID and the Advisor Password to view / download such info / documents as may be put up on the websites by ICICI Prudential including viewing information pertaining to Policy holders solicited by him, productivity of the Advisor, Commission tables etc. Advisor ID means the user identification provided to an Advisor by ICICI Prudential to enable access to the Facility. Advisor Password means the password provided to the Advisor for access to the Facility as may be put up on the websites by ICICI Prudential including viewing information pertaining to Policy holders solicited by him, productivity of the Advisor, commission tables etc. Alerts means e-mail/inbox reminders/ information which may be requested for by the Registered Users, Customers and Advisor with respect to general information, including the introduction of new life insurance products / policies, etc. and in the case of the Customers this would also include specific information in relation to Account Information such as such as reminders for payment of premia, etc and in the case of Advisors this would also include specific information pertaining to commissions etc. Bank Account refers to a customer's account with ICICI Bank / or any other bank acceptable to the Company ("Approved Bank"), which may either be a current account, savings account, fixed deposit, term deposit or any other account that ICICI Bank /

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Approved Bank may offer from time to time. Call Center means the call center of ICICI Prudential to assist Customers of ICICI Prudential with respect to various transactions and to furnish information etc. Credit Card Account means the account of the Customer with ICICI Bank / Approval Bank, in relation to the use and operation of an ICICI Bank credit card/Approved Bank credit card, by such Customer. Customer means a Policyholder accessing the Web Site for obtaining Account Information or conducting Account Transactions or Fund Transfer Transactions in relation to the respective Relationship Accounts, including all Facilities that are provided / offered to the Visitors, Customers and Registered Users from time to time on the Web. Site. Customer ID means the user identification provided to a Customer by ICICI Prudential to enable access to the Relationship Accounts. Customer Password means the password or other means of authentication as ICICI Prudential may specify from time to time provided to / required to be provided by provided to the Customer for access to the Relationship Account and using which the Customer may authorize transaction which shall include but shall not be limited to (as may be applicable to the concerned Relationship Account) downloadable request for application forms for various life insurance products that are offered by ICICI Prudential, change in policy details including but not limited to change in address and change in nominee details, stop transfers, payment of dues through Payment Account, Band Account etc. ICICI Prudential may decide to permit other transactions or to discontinue existing transactions from time to time, further details of which shall be provided on the Web Site (the Account Transactions). Customized News means information in the areas of insurance, finance etc or other information which may be requested by registered Users, Customers and Advisors and is provided by ICICI Prudential. Facility (ies) shall mean and include access to or use of all, any, or some of the following. HTML code, Graphics, ASP code, Java, Java script, literature, information software, products, analytical tools or services provided or available on the Website, whether pursuant to

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subscription or otherwise and shall further include the facility that is provided through the Web Site by ICICI Prudential both on behalf of itself with reference to some of the facilities and on behalf of ICICI Bank / Approved Bank and the payment utility sites, in the case of the facilities which are sourced from them, for. ICICI Bank means ICICI Bank Limited, a company incorporated under the Companies Act, 1956 and having its Registered Office at Landmark, Race Course Circle, Vadodara 390 007. The term shall include the successors and / or assigns of ICICI Bank. ICICI Prudential / We means ICICI Prudential Life Insurance Company Limited, a company incorporated under the Companies Act, 1956 and licensed under and in terms of the Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999 to carry out the business of life insurance and having its Registered Officer at ICICI Prolife Toweres, 1089 Appasaheb Marathe Marg, Prabhadevi Mumbai 400025. The term shall include the successors and / or assigns of ICICI Prudential. Infinity means the Internet banking facility, which is presently being offered by ICICI Bank to its customers who register for such service. Partner means persons / entities with whom ICICI Prudential may have a tie-up for online offering of their products and services or relationship accounts. Payment Account means an account that the Customer shall have with Billjuntction .com or any other payment utility site that ICICI Prudential may tie up with from time to time. Personal Information means the information provided by the Customer to ICICI Prudential in the application form availing of the Facility or otherwise from time to time. Policy means the various life insurance policies that ICICI Prudential has introduced or will introduce from time to time. Policy Holder means a person who purchases the Policy from ICICI Prudential. Registered User means a user of the Web Site who may access the facilities of Alerts and Customized News (and including all facilities that are provided to the Visitors) and other facilities offered from time to time on the Web Site with a Registered User ID and a Registered User for Password Registered User ID means the user name that is chosen by the Registered User for access to the Web Site. Registered User Password means the password that

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is chosen by the Registered User for access to the Web Site or such means of authentications as may be required by ICICI Prudential from a Registerd User. Terms or Terms and conditions means these terms and conditions for use of the Facility and website. Transaction Password means the password that is provided by ICICI Prudential or other means of authentication as ICICI Prudential may specify from time to time to the Customer upon provision of which, the Customer would be able to authorize direct debit from his Banjk Account to the credit of the ICICI Prudential., ICICI Prudential may decide to permit other transactions from time to time further details of which shall be provided on the Web Site (the Fund Transfer Transactions). Visitor means any person not being a Regd. User Customer and / or Advisor having general access (without ID) to the Web Site for general information about ICICI Prudential and its products including downloadable request for application forms for the same and other facilities offered from time to time on the Web Site. Web Site menas the website access through domain mane ww.iciciprulife.com, through which the Facility is offered to the Visitors, Registered Users, Customers and the Advisors. You / Your means the Visitor, Registered User, Customer or the Advisor, as the case may be. In this document, all references to the Visitor, Customer, Registered User and Advisrors being referred to in masculine gender shall be deemed to include the feminine gender and Singular include plural and vice and the world includes should to be construed without limitation.

Applicability of Terms These terms and Conditions, in so far as they refer to the Visitor, Registered User, Customer and the Advisor form the contract and agreement between the Visitor / Registered User / Customer / Advisor and ICICI Prudential unconditionally. Right to Alter The Services

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The facility shall be offered in a phased manner at the discretion of ICICI Prudential. ICICI Prudential reserves the right to add, amend, revise, suspend or cancel in whole or in part any of the services which are part ofr the Facility, without any prior notice to the Visitor , Customers, Registered Users or Advisors. Any addition, amendment, revision, suspension or cancellation shall be effective and binding on the Visitor, Registered User, Customer and the Advisor. ICICI Prudential may introduce new services on the Web Site from time to time. The existence and availability of the new services as part of the Facility will be notified on the Web Site as and when they become available and any revisions in the Terms and Conditions will take place in accordance with these Terms and Conditions B. Terms of usage of the site with reference to the VISITORS. Acceptance of the Terms By accessing the Web Site and the Facility, the Visitor unconditionally & absolutely acknowledges and accepts these terms and Conditions.

Information and Advice The availability of the information, advice and the guidance as part of the Consulting Services does not constitute a recommendation by ICICI Prudential or any of their personnel or the experts used by ICICI Prudential for the Web Site, to buy any policies etc. Discussed therein by ICICI Prudential or any of their personnel or the experts invited by them. Anby investment of other decisions will be based solely on the Visitors own evaluation of the policies / products of ICICI Prudential, his financial circumstances and need for the same. While adequate care would be taken to ensure completeness, accuracy etc of the information / services provided, neither ICICI Prudential nor any of their personnel or any expert invited vby ICICI Prudential for the Web Site shall in any circumstance be liable for bay loss or damage (including any incidental or consequential loss or damage) caused by Visitors
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reliance on information obtained through the Web Site. It is the sole responsibility of the Visitor to evaluate the completeness, accuracy or usefulness of any opinion, guidance or other content made available on the Web Site and the Visitor should consult his/its own legal counsel, business Advisor and / or tax Advisor as to the legal, business, tax and related matters concerning any policies with respect to which guidance is sought or given. Acceptance of Terms By applying to the usage of and access the Web Site through choosing a Registered User ID and a Registered User Password, the Registered User acknowledges and accepts these Terms. Access The Registered User would have the right to access all the information on the Web Site, including the Consulting Services, Alerts, Customized News except for Account Information. However, in case of delay or error in inability to access or site not being available for any reason whatsoever neither ICICI Prudential nor any of their personnel representatives would be responsible for such delay, error, inability to access caused by any reason whatsoever including by reason of failure of systems, virus / denial of service attacks, natural calamity, flood, fire, natural disasters, legal restraints, telecommunications failure, software / hardware failure or error, any Act of God or for any reason beyond the control of ICICI Prudential. Under no circumstances shall ICICI Prudential or any of their personnel be liable for any damages whatsoever whether such damages are direct, indirect, incidental consequential and irrespective of whether any claim is based on loss of revenue, investment, production, goodwill, profit, interruption of business or any other loss of any character or nature whatsoever and whether sustained by the Registered User or any other person. Information and Advice

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The provisions, which are applicable to the of the Information and Advices Services by the Visitor (i.e. clause 5 of these Terms), shall apply mutatis mutandis to the Consulting Services that may be accessed by the Registered User. Alerts ICICI Prudential shall Endeavour to ensure that the Alerts are e-mailed / sent to the inbox of the Registered User in terms of the registration by the Registered User in this regard. However, neither ICICI Prudential nor any of their personnel would be responsible for non dispatch or delay in dispatch by ICICI Prudential or nay delay in the receipt of the Alerts by ther Registered User for any reason whatsoever including by reason of failure of systems, virus attacks, denial of service attacks, natural calamity, floods, fire and othe natural disasters, legal restraints, faults or failure of the telecommunication network or systems network, software or hardware failure or error or any other reason beyond the control of ICICI Prudential. Under no circumstances shall ICICI Prudential or any of their personnel be liable for any damages whatsoever whether such damages are direct, indirect, incidental consequential and irrespective of whether any claim is based on loss of revenue, investment, production, goodwill, profit, interruption of business or any other loss of any character or nature whatsoever and whether sustained by the Registered user or nay other person for such non-dispatch or delay in dispatch or any delay in the receipt of the Alerts. Non-receipt of Alerts does not remove / reduce the Customers liability to pay any dues to ICICI Prudential which have arisen and would have been paid by him in the normal course. What is Life Insurance ? Life insurance is a guarantee that your family will receive financial support, even in your absence. Put simply, life insurance provides your family with a sum of money should something happen to you. It thus permanently protects your family from financial crises. In addition to serving as a protective cover, life insurance acts as a flexible money-saving scheme, which

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empowers you to accumulate wealth- to buy a new car, get your children married and even retire comfortably. Life insurance also triples up as an ideal tax-saving scheme. To know more, read the Key Benefits of Life Insurance Key Benefits of Life Insurance Life insurance, especially tailored to meet financial needs. Need for Life Insurance ? Today, there is no shortage of investment options for a person to choose from. Modern day investments include gold, property, fixed income instruments that helps you to meet your dual needs- saving for lifes important goals, and protecting your assets. Asset Protection From an investors point of view, an investment can play two roles asset appreciation or asset protection. While most financial instruments have the underlying benefit of asset appreciation, life insurance is unique in that it gives the customer the reassurance of asset protection, along with a strong element of asset appreciation. The core benefit of life insurance is that the financial interests of ones family remain protected from circumstances such as loss of income due to critcal illness or death of the policyholder. Simultaneously, insurance products also have strong inbuilt wealth creation proposition. Goal based savings Each of us has some goals in life for which we need to save. For a young, newly married couple, it could be buying a house. Once, they decide to start a family, the goal changes to planning for the education or marriage of their children. As one grows older, planning for ones retirement will begin take precedence. Clearly, as your life stage and therefore your financial goals change, the instrument in which you invest should offer corresponding benefits pertinent to the new life stage. Life insurance is the only investment option that offers specific products tailor-made for different life stages. It thus ensures that the benefits offered to the customer

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reflect the needs of the customer at that particular life stage, and hence ensures that the financial goals of that life stage are met. Human Life Value Beyond all about 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 you 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. 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, your existing investment 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. Life Stage Profiler All through your life, several significant events the birth of your child, moving to a larger home, his or her education and wedding, buying a new car, retiring from work will occur at various stages and demand your financial commitment. If you plan in advance for these events, you will quite naturally be prepared when they occur. Life insurance is an effective tool that assists you to plan for your future such that you are financially equipped to meet all your goals. Which important goals should you plan for in advance?
Your Familys Protection :- so the your loved ones are secure should an

unfortunate event happen to you. Life insurance can guarantee that your family

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receives a lump sum that safely tides them over any financial crises that might occur in your absence.
Childs Education :- As parent, your primary responsibility is to guarantee your

childrens future. Our Education Insurance plans ensure your child receives money at key stages of his or her education even in your absence.
Savings :- Savings plans allow you to steadily save toward a pre-decided goal in a

secure manner. These plans provide you with a host of benefits. You can choose the premium, the underlying fudn in which you want to invest your money, the ratio between protection and investment as per your requirements.
Retirement:- Retirement plans help you secure guaranteed income for your retired

life. During the Accumulation phase, yu systematically save while you are working. When you retire, the Payout stage of the plan begins. You then purchase an annuity, which will serve as a steady stream of income, for the rest of your life.
Health :- An integral part for financial planning is protectin oneself against any

medical emergencies as well. Hence, a very prudent decision would be to choose a combination of plans that look after your finances and offer you a protective health cover to ensure your financial planning is in track despite any major illnesses. ICICI Prudential offers 3 comprehensive benefit based products that cover major critical illnesses. Types of Insurance Plans Traditional or Unit Linked Insurance Plan At a glance Broadly, insurance plans can be distinctly divided into ULIPs and traditional plans. A brief detail of both segments ULIPs have gained high acceptance due to attractive features they offer. These include:

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Flexibility Flexibility to choose sum Assured. Flexibility to choose premium amount. Option to change level of Premium/sum Assured even after the plan has started. Flexibility asset allocation by switching between funds. Transparency Charges in the plan & net amount invested are known to the customer . Convenience of tracking ones investment performance on a daily basis. Liquidity Option to withdrow money after few years (comfort required in case of exigency) Low minimum tenure. Partial / Systematic withdrawal allowed. Fund Options A choice of funds (ranging from equity, debt, cash or a combination ) Option to choose your fund mix based on desired asset allocation. Traditional Plans These are the oldest types of plans available. These plans caters to customers with a low risk appetite. Some of the common features of traditional plans are: Steady Investment Major chunk of inventible funds are in debt instruments.
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Steady and almost assured returns over the long term. Features Death benefit is Sum Assured + guaranteed & vested bonus. Helps in asset creation as they are for a long tenure. Premium to Sum Assured ratios are fixed for each plan and age. ICICI Prudential Life Insurance Company Limited was incorporated on July 20, 2000. The authorized capital of the company is Rs.2300 Million and the paid up capital is Rs. 1500 Million. The Company is a joint venture of ICICI (74%) and Prudential plc UK (26%). The Company was granted Certificate of Registration for carrying out Life Insurance business, by the Insurance Regulatory and Development Authority on November 24, 2000. It commenced commercial operations on December 19, 2000, becoming one of the first few private sector players to enter the liberalized arena. The Company is now operational in Mumbai, New Delhi, Pune, Chennai, Kolkata, Bangalore, Chandigarh, Ahmedabad, Hyderabad, Lucknow, Nasik, Jaipur, Cochin, Meerut, Mangaloreand Ludhiana . Till march 31, 2002 the Company has issued 100,000 polices translating into a Premium Income of around Rs. 1,200 Million and a sum assured of over Rs. 15,000 Million. The Company recognizes that the driving force for gaining sustainable competitive advantage in this business is superior customer experience and investment behind the brand. The Company aims to achieve this by striving to provide world class service levels through constant innovation in products, distribution channels and technology based delivery. The Company has already taken significant steps to achieve this goal.. About The Promoter ICICI Bank (NSYE:IBN) is Indias second largest bank and largest private sector bank with assets of Rs. 1892.18 billion as on September 30, 2005. ICICI Bank provides a broad
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spectrum of financial services to individuals and companies. This includes mortgages, car and personal loans, credit and debit cards, corporate and agricultural finance. The Bank services a growing through customer base of more than 14 million customer through a multi-channel access network which includes over 590 branches and extension counters, 2,030 ATMs call enters and Internet Banking (www.icicibank.com<http://www.icicibank.com>). Established in London in 1884, Prudential plc, through its business in the and Europe, the US and Asia, provides retail financial services products and services to more than 16 million customers, policyholder and unit holders worldwide. As of June 30, 2004, financial services product that now include life assurance, mutual funds, banking, investment management and general insurance. In Asia, Prudential is the leading European life insurance company with a vast network of 24 life and mutual fund operations in 12 countries China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia ,Singapore, Taiwan, Thailand and Vietnam. the company to
market an integrated range of

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S.W.OT.ANALYSIS OF ICICI PRUDENTIAL

STRENGTHS Strong Tie Up Brand Equity Strong Network Huge Database Strong Financial Customer

WEAKNESS Low Awareness Less Promotion Customer

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OPPURTUNITIES Large Population Network Building Targeting Segment the Rural uninsured

THREATS Large Population Network Building Targeting Segment the Rural Uninsured

INTRODUCTION TO ON THE JOB TRINING


Summer Training Program Is an opportunity to satiate your curiosity. There you are expected to actively participate and take ownership for the internship, and to experience the professional environment, thus making the internship meaningful to the company one works with and to oneself in ones career prospects. One the job training Is an important part of any professional course. The 45 days practical on the job training which is incorporated in the BBA course helps the students to see for it is my privilege that I had undergone On the job training in ICICI PRUDENTIAL COMPANY LTD. at Jaipur. I sincerely hope that the valuable experience I gained in ICICI Prudential Company Ltd. would be great help to me. I hereby got opportunities to making myself familiar with the various aspects of the management.

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In OJT my work is do recruitment, as my company has assigned me to recruit minimum 20 insurance advisors in our span of two months. TO active target, I prospect 20-30 peoples in a week and also follow up the customer of last week and try to get as more references from them. As I am working with ICICI Prudential it becomes my duty to recruit best fits for the vacant positions and to make population aware about the company. In two of Summer training Program I understand companys products, learn how to work under organizational pressure, also increase my marketing skills and how to manage time.

METHODLOGY
Marketing Research is a systematic and objective study of problem pertaining to the goods and services. Marketing Research specifies the information required to address these issues; designs the method of collecting information; manages and implements the data collection process; analyses the result and communicated the findings and their implications. For the survey a simple size of 100 was taken. The questionnaire was designed in such a manner that it is self explanatory, and the data thus collected has been very comprehensive one. Then a task of tabulating the whole data, editing the whole data ad finally analyzing the data was done to come out with certain conclusion. The questionnaire consisted of 7 questions regarding Insurance Advisors satisfaction on documentation process in Insurance Company.

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This study is a survey covering the Insurance Companies in Jaipur itself, about the Insurance Advisors satisfaction regarding documentation process of recruitment and the recruitment criteria of those companies.

Research Type
For this particular research project explanatory as well as descriptive research design is used. Explanatory research design is used as this project deals with real problem faced in recruitment profess in human Resource.

Research Design
Universe / Population contain Insurance advisors of ICICI Prudential, HDFC Standard Life Insurance, Bajaj Allianz, ING Vyasa and LIC both who are working in the organization and who had left the job.

Sampling Plan
The study confines to the Insurance Advisors view and recruitment criteria of different Insurance Companies. As all the data has to be generated the basic research method is primary. In primary research, survey method is used to provide on orderly and structured approach to data gathering.

Time Frame
The over all project was covered in the period of two months out of which the time spent tabulation, analysis and presentation.

Analysis and Interpretation


The analysis interpretation of the collective data would be done in the following manner:32

Edit the collected data. Code the collected data. Tabulate the collected data. Analyze the data using the statistical tools. Interpret the data drawing inferences. Draw summary and Conclusion.

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INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY (IRDA)

Insurance regulatory and development authority was constituted in 1999 by an act of Parliament to protect the interest of the policy holders and to regulate, promote and ensure orderly growth of insurance industry. IRDA consist of a 10 member's team that comprises a chairman, 5 whole time members and 4 part time members. IRDA allows registration of new players in insurance field. It also has the authority to renew, modify, withdraw, suspend or cancel such registration. IRDA ensures protection of the interest of the policy holder in matter concerning assigning of policy, nomination by policy holders, insurable interest, settlement of insurance claim, surrenders values of policy and other term and condition of contract of insurance. It specify requisite qualification, code of conduct and practical training for intermediary or insurance intermediaries and agent. After creation of IRDA, insurance sector has been tremendous growth. Before IRDA came into force there were only player insurance field namely Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC). Since then 23 new players entered in the insurance sectors.

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DUTIES, POWERS AND FUNCTIONS OF IRDA

Sec of 14 IRDA Act, 1999 lays down the duties, powers and function of IRDA.

Subject to the provision of this act and any other law for the time being in force,

the authority shall have the duties regulate, promote and ensure orderly growth of the insurance business and re-insurance business.

without prejudice to the generality of the provision contain in sub-section 1, the

powers and function of the authority shall include.

Issue to the applicant a certificate of registration, renew modify, withdraw, suspend

or cancel such registration.

Protection of the interest of the policy holders in matters concerning assigning of

the policy, nomination by policy holder. Insurable interest, settlement of insurance claim surrender value of policy and other terms and condition of contact of insurances.

Specifying request qualification, code of conduct and practical training

intermediary or insurance intermediaries and agents.


Specifying the code of conduct for servers and loss assessors. Promoting efficiency in the conduct of insurance business. Promoting and regulating professional organization connected with the insurance

re-insurance business.

Levying fees and other charging for carrying out the purposes of this act. Regulating investment of funds by insurance companies.

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Regulating maintenance of margin of solvency. Supervising the functioning of the

tariff advisory committee.

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RECRUITMENT PROCESS OF ICICI PRUDENTIAL

Finding prospects

Convincing the person

Filling the recruitment form

Taking registration fee

18 days IRDA classes Training session

IRDA exam

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These are the documents required by the different insurance companies in Jaipur

Company Name D.O.B. Proof Residential Proof

ICICI Bajaj Prudential Alianz Required Required

ING Vysya Required

HDFC Standard Required

LIC of India ` Required

Not Required

Not Required Five 500 +2

Required

Required

Required

Photographs Seven Fees Higher Education Proof 1600 +2

Five 1500 +2

Eight 600 +2

Five 250 +2

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SAMPLE SIZE
There are the insurance companies in Jaipur and I had taken sample size of 100 insurance advisors, from which I had taken 20 advisors from every company.

IC I P ential IC rud Bajaj Allianz HDF S C tandard ING Vysya LIC

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The data has been collected from the following Insurance companies:-

ICICI Prudential. Bajaj Allianz. ING Vysya. HDFC Standard Life Insurance. Life Insurance Corporation of India.

Ques 1. Are you satisfied with the documentation process of Recruitment followed by your company if no why? Ans:According to the survey of different company agents I have collected following data.

20 15 10 5 0 IC I IC S tisfied a Not S tisfied a 13 7 L IC Ba j H C ING ja DF 15 5 14 6 12 8 11 9


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S tisfied a Not S tisfied a

From the above data more number of advisors is satisfied with the documentations process followed by the company. From the total sample size more number of LIC agent are satisfied due to less formalities and less charges.

Ques 2. An insurance advisor has to attend IRDA training classes, which is of 100 hrs. Or 50 hrs. Or 18 hrs?

Ans:-

According to the survey of different companies agent I have collected following data:-

20 15 10 5 0 S hould be S hould not be ICICI 18 2 L IC B ajaj H F ING DC 16 4 1 5 4 15 5 1 3 7


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S hould b S hould n

From the above data more number of advisors says that insurance advisors have to attend IRDA training. The largest number of advisors saying no is in ING Vysya because of more extra fee.

Ques 3. Advisors has to pass pre-recruitment exam conducted by IRDA. Are you satisfied with it?

YES [ ]

NO [ ]

Ans:-

According to survey of different company agents I have collected following data.

20 15 10 5 0 YS E NO IC I IC 4 16 L IC 6 14 Ba j ja 2 18 HF DC 2 18 ING 3 17
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Y N

From the above data the advisors from Bajaj Allianz and HDFC Standard have largely saying no

Ques 4. From how much time you are working in the organization? [a] 0-1 Year [c] 2-3 Year Ans:1 6 1 4 1 2 1 0 8 6 4 2 0 ICICI L IC B ajaj H C DF ING 0-1 Y ear 1-2 Y ears 2-3 Y ears > Y 3 ears

[b] 1-2 Year [d] more than 3 Year

According to the survey of different company agents I have collected following data.

ICICI 0-1 Year 8

LIC 5

Bajaj 9

HDFC 10

ING 15
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1-2 Years 2-3 Years >3 Years

9 2 1

8 5 2

7 4 0

8 2 0

5 0 0

According to the above data the insurance agents of company like ICICI and LIC work for longer time and for the other work. Ques 5. Company charges fees for license, examination also for product training it should be charged? [a] At the time of recruitment [b] After completing IRDA training. [c] After passing exam [d] After getting first policy

Ans:- According to the survey of different company agents I have collected following data.

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1 4 1 2 1 0 8 6 4 2 0 ICICI L IC B ajaj HDF C ING [a] [b] [c] [d]

ICICI [a] [b] [c] [d] 2 2 6 10

LIC 2 2 6 10

Bajaj 0 3 7 10

HDFC 0 2 4 14

ING 1 1 5 13

Ques 6. Insurance Advisors has to work on commission basis. Are you satisfied or not?

Yes []

No[]

Ans:- According to the survey of different company agents I have collected following data.

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14 12 10 8 6 4 2 0 YS E N O IC I IC 11 9 LIC 12 8 B ja H C IN a j DF G 10 10 14 6 13 7 YS E N O

FUTURE POSSIBLITIES
Job opportunities are likely to increase manifold. The number of people working in the insurance sector in India is the roughly the same as in the UK with a population that is 1/7 Indias; the US with a population 1/4th the size of India has nearly 4 times the number. The liberalization r the insurance sector promises new jobs opportunities for those employed in the

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finance sector that are equipped with degrees in finance. There will be demand for marketing specialist, finance expert, human resource professionals, engineers from diverse streams like the petrochemical and power sectors, systems professionals, statisticians and even medical professionals. There could be a huge inflow of funds into the country. Given the industrys huge requirement of start-up capital, the initial year after opening up are bond to see a strong inflow of foreign capital. Substantial shift in the distribution of insurance in India is likely to take place. Initially, insurance is seemed as a complex product with a high advice and service component. Buyers prefer a face-to-face interaction and place high premium on brand name and reliability.

Finally, some potential Indian entrant into insurance hope to ride their existing distribution networks and customer bases.

For example, financial organizations like, ICICI, HDFC, or Kotak Mahindra intend to tap the thousands of customers who already buy their deposits, consumer loans or housing finance. Other hopeful entrants anticipate specific alliances such as with hospitals to provide health cover.

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LIMITATIONS OF THE STUDY


The primary data used for present study is very time consuming. The primary data obtained consists of personal biases of the respondents and even the non-response factor was observed. To obtain the secondary data which is sufficiently accurate and which exactly Fits the needs of study is difficult to find. The data collected by using a questionnaire, involves uncertainty about the response given by the respondent and hence the accuracy of the answers given is difficult to presume.

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RECOMENDATIONS
After a through and careful analysis of all the result obtained in present study, I would like to put forward the following suggestions, which would in turn if successfully implemented, could give much needed boost to the insurance companies.

Various suggestions given by the advisors are helpful improving the satisfaction level. Some of the suggestions given by the advisors are: Insurance company has to charge their registration fees and training fees after getting the policy from the insurance advisors.

IRDA has to maintain equal commission rate to every company in this insurance sector to advisors. There is a need of regular meetings between the unit manager and insurance advisors. There should be regular training classes for the advisors, if there is any amendment in the companys products.

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CONCLUSION Personal Information


Every insurance company gives due consideration on the personal information about the candidate before hiring them.

Qualification
Almost every insurance company looks at academic background of the candidate before observing.

References
All the insurance companies are very keen to know about the number of references candidate have in the company.

Date of Birth Proof


Every company demand D.O.B. proof from every candidate.

Formalities
LIC and Bajaj Allianz are only companies which have less formality in the recruitment from such as less fees and photographs etc.

Satisfaction

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Insurance advisors of LIC and ICICI Prudential are satisfied with the brand name of the company because of that there targets become easy to achieve where as insurance advisors of other companies are satisfied with there high commission rates.

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BIBLIOGRAPHY

www.licidia.com www.bimanonline.com www.irdaindia.com www.insurancefinder.com www.bazazallianz.com www.iciciprudentiallife.com www.hdfcslic.com www.google.com www.iciciprulife.com www.ingvysya.com

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QUESTIONNAIRE
Insurance Advisor Satisfaction on Documentation Process of Recruitment In Insurance Company.

Personal Information Name Name of the Company Contact No. Land Line/ Mobile

...................................... ...................................... ...................................... ......................................

1. Are you satisfied with the documentation process of recruitment followed by your company? If no, why? Yes No [ [ ] ]

2. Working in the Organization from last? 0-1 Year 1-2 Year 2-3 Year More than 3 Year [ [ [ ] ] ]

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3. An insurance advisor has to attend IRDA training classes, which is of 100hrs or 50hrs or 18hrs? Yes No [ [ ] ]

4. For becoming insurance advisor you have to pass-recruitment exam are you satisfied with it? Yes No [ [ ] ]

5. Company charge fees for license, exam and for product training should be charged? a). At the time or recruitment b). After completing IRDA training c). After passing exam d). After getting first policy

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6. Insurance advisor have to work on commission basis are you satisfied with it? Yes No [ [ ] ]

7. Any suggestion from your side?

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