Vous êtes sur la page 1sur 80










Submitted in partial fulfillment of the requirements for qualifying






Under Supervision of

Submitted By: Name Programme Code Enrollment No. Name of the Study Centre Study Centre Code : : : : : MBA (Marketing)


This is to certify that the project titled COMPARISON BETWEEN


DISTRICT is an original work of the Student and is being submitted in partial

fulfillment for the award of the MASTER OF BUSINESS ADMINISTRATION of

. This report has not been submitted earlier either to

this University or to any other University/Institution for the fulfillment of the requirement of a course of study.

Signature of Supervisor

Signature of Student

Place: __________________

Place: __________________

Date : __________________

Date : __________________

With Candor and Pleasure I take opportunity to express my sincere thanks and obligation to my esteemed guide ... It is because of his able and mature guidance and co-operation without which it would not have been possible for me to complete my project.

It is my pleasant duty to thank all the staff member of the computer center who never hesitated me from time during the project.

Finally, I gratefully acknowledge the support, encouragement & patience of my family, and as always, nothing in my life would be possible without God, Thank You!

I hereby declare that this project work titled COMPARISON BETWEEN

DISTRICT is my original work and no part of it has been submitted for any

other degree purpose or published in any other from till date.





1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0

Introduction to the Study Industry Profile Review of Literature Objective of the Study Research Methodology Data Analysis and Interpretation Limitation of the Study Recommendation Conclusion Bibliography Questionnaire

8 37 44 55 57 59 70 72





Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the policy. Essentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed upon sum of money to the insured's named beneficiary so long as the insured's premiums are current.

With a large population and the untapped market area of this population insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 1520% annually. Together with banking services, it adds about 7 percent to the countries GDP. In spite of all this growth statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian populations are without life insurance cover and the health insurance. This is an indicator that growth potential for the insurance sector is immense in India.

Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured 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. 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 to the amount collected.

For Example, in a Life Policy, by paying a premium to the Insurer, the family of the insured person receives a fixed compensation on the death of the insured.

Similarly, in car insurance, in the event of the car meeting with an accident, the insured receives the compensation to the extent of damage.

It is a system by which the losses suffered by a few are spread over many, exposed to similar risks. Insurance companies also earn investment profits, because they have the use of the premium money from the time they receive it until the time they need it to pay claims. This money is called the float. When the investments of float are successful they may earn large profits, even if the insurance company pays out in claims every penny received as premiums. In fact, most insurance companies pay out more money than they receive in premiums. The excess amount that they pay to policyholders is the cost of float. An insurance company will profit if they invest the money at a greater return than their cost of float.

An insurance contract or policy will set out in detail the exact circumstances under which a benefit payment will be made and the amount of the premiums. Classification of insurance The insurance industry in India can broadly classify in two parts. They are. 1) Life insurance. 2) Non-life (general) insurance.

1) Life insurance: Life insurance can be defined as life insurance provides a sum of money if the person who is insured dies while the policy is in effect. 2) Non-life (general) Insurance: Triton insurance co. ltd was the first general insurance company to be established in India in 1850, whose shares were mainly held by the British. The first general insurance company to be set up by an Indian was Indian mercantile insurance co. Ltd., which was stabilized in 1907. There emerged many a player on the Indian scene thereafter. The general insurance business was nationalized after the promulgation of General Insurance Corporation (GIC) OF India undertook the post-nationalization general insurance business.

Insurance is desired to safeguard oneself and ones family against Possible losses on account of risks and perils it provides financial Compensation for the losses suffered due to the happening of any unforeseen event.

By taking life insurance a person can have peace of mind and need not worry about the financial consequences in case of any Untimely death.

Certain insurance contracts are also made compulsory by legislation. for examples, motor vehicles act 1988, stipulates that a person driving a vehicle in public place should have a valid insurance pertains to the environmental protection act, wherein a person using or carrying hazardous substance (as defined in the act) must hold a valid public liability (act) policy.


In India, insurance protection is made available through public sector insurance companies, namely, life insurance Corporation of India (LIC) and other private companies like- ICICI prudential, HDFC allianz bajaj, birla sun life, kotak mahindra etc.


The simplest procedure to obtain insurance is: o Approach the insurance company directly. o Through insurance agent of the concerned companies. o Intermediaries.


One alternative to insurance is to provide self-insurance i.e. the individual has to create a fund to meet risk exigencies. Specified trust has also tried to provide insurance by a scheme of self- insurance. However, these are not very popular. The postal insurance coverage to all people.


There are many financial instruments, which advocate savings and provide future returns at specific intervals such as the provident fund and pension plans. However, none of these provide for life coverage.


1. Tax relief:
a. Under section 80C of income tax act, a portion of premiums paid for life insurance policies are deducted from tax liability. Similarly, exempted from premiums.

b. Money paid as claim including bonus under a life policy is exempted from payment of Income tax.

Encourage Savings: An Insurance scheme encourages thrift among individuals. It inculcates the habit of saving compulsorily, unlike other saving instrument, wherein the saved money can be easily withdrawn. 1. The beneficiaries to an insurance claim amount are protected from the claims of creditors by affecting a valid assignment. 2. For a policy taken under the MWP Act 1874, (Married womens property act), a trust is created for wife and children as beneficiaries. 3. Life Policies are accepted as security for a loan. They can also be surrendered for meeting unexpected emergencies. 4. Based on the concept of sharing of losses, the society will benefit as catastrophic losses are spread globally

Growth and origin of insurance sector.

Insurance in modern form originated in the Mediterranean during the 13th century. (The earliest references to insurance- found in Babylonia, the Greeks and the Romans). Marine insurance is the oldest form of insurance followed by life insurance and fire insurance.


The history of life insurance in India dates back to 1818 when it was conceived as a means to provide for English Widows. A higher premium was charged for Indian lives than the non-Indian lives (considering to be more riskier for coverage). Oriental life Insurance Company was incorporated at Calcutta in 1818, followed by Bombay Life Assurance Company in 1823 and Triton Insurance Company for General Insurance in 1850. By 1938 there were 176 insurance companies. Insurance regulation formally began in India through the passing of two acts the Life Insurance companies Act of 1912 and The Provident Fund Act of 1912. However the first comprehensive legislation was introduced with the Insurance Act of 1938 that provided strict state control over insurance business in the country. The business of India Insurance grew at a faster place as competition amongst the Indian companies intensified. The decision of nationalization of life insurance business took place in 1956 when 245 Indian and foreign insurance provident societies were first merged and then nationalized. It paved the way towards the establishment of one nationalized monopoly corporation called Life Insurance Corporation (LIC). Nationalization was justified on the grounds that it would create the much needed funds for rapid industrialization and self-reliance in heavy industries. General Insurance followed suit and 1968; The Insurance Act was amended to allow for social control over the general insurance business. Subsequently in 1973, non-life insurance business was nationalized and the General Insurance Business (Nationalization) Act, 1972 was promulgated. Till end of FY 1999-2000, two state-run insurance companies, namely, Life Insurance Corporation (LIC) and General Insurance Corporation (GIC) were the monopoly insurance providers in India. Under GIC there were four subsidiaries National Insurance Company Ltd. Oriental Insurance Company Ltd. New India Assurance Company Ltd. United India Assurance Company Ltd.


In fiscal 2000-01, the Indian federal government lifted all entry restrictions for private sector investors. Foreign investment insurance market was also allowed with 26 percent cap. GIC was converted into India's national reinsure from December, 2000 .All the subsidiaries working under the GIC umbrella were restructured as independent insurance companies.


S. No. Registration Number 1. 101 Date of Reg. 23.10.2000 HDFC standard Life Insurance Company Ltd 2. 104 15.11.2000 Max New York Life Insurance Co. Ltd. 3. 105 24.11.2000 ICICI Prudential Life Insurance Company Ltd. 4. 107 10.01.2001 Om Kotak Mahindra Life Insurance Co. Ltd. 5. 109 31.01.2000 Birla Sum Life Insurance Company Ltd. 6. 110 12.02.2001 Tata AIG Life Insurance Company: td. 7. 111 30.03.2001 SBI Life Insurance Company Limited 8. 114 02.08.2001 Ing Vysya Life Insurance Company Private Limited 9. 116 03.08.2001 Allianz Bajaj Life Insurance Company Ltd. 10. 117 06.08.2001 MetLife India Insurance Company Pvt. Ltd. 11. 12. 121 122 03.01.2002 14.05.2002 AMP SANMAR Assurance Company Ltd. Aviva Life Insurance Co. India Pvt. Ltd. Name of the Company



The term ordinary life assurance in used to describe a particular style of doing business and is what many people will recognize as being life assurance. The other style is industrial (home service) life assurance, which relates to smaller values and normally involves collection of the premiums from the home of the assured person.

This is simplest and oldest form of assurance and provides for payment of the sum assured on death, provided death occurs within a specified term. Should the life assured survive to the end of the term then the cover ceases and no money is payable.

The sum assured is payable on the death of the assured whenever it occurs. Premiums are payable either throughout the life of the assured or, more normally, until retirement of the assured at age 60 or 65. Even if premiums cease at, say age 60 the policy is still in force, and should the person die at age 75 the policy would provide the benefits for his beneficiaries.

The sum assured is payable in the event of death within a specified period of between 10 and 30 years. However, if the life assured survives until he end of this period (until the maturity date), the sum assured will also be paid.


Employers sometimes arrange special terms for life assurance for their employees, with the sum assured being payable in the event of death of an employee during his term of service with the employer. Membership of the scheme is open to al employees working on the inception date, or the anniversary date in future years.


Key person insurance is a relatively recent form of cover taken out by a company on the life of an employee who is vital to the continued profitability of the business. An example would


be a marketing executive who has valuable contacts in overseas countries or he ideas person in a manufacturing company.

It is difficult to an access the sum assured needed in such circumstances, and careful financial underwriting is required. However, the company will be able to affect cover for: loss of profits; and The costs of finding, securing and training a successor. The most suitable type of contract is a term assurance, although whole- life policies are sometimes used. In addition to life assurance, key person permanent health insurance and critical illness cover is also available.


There are over 11 million people in pension a life assurance schemes, or benefiting from them, in the United Kingdom.

These schemes provide a variety of benefits for members, but their main aim is to ensure that some form of pension is available on retirement. Life assurance companies perform a vital role in running such pensions schemes. Those constructing a scheme may approach a company to: organize the whole scheme, including installation and documentation, receipt of premium contributions, investment of the funds and administration of the pensions; manage the fund of a pension scheme; or Provide life assurance benefits for members and their widow (er) s who dies before retirement.

An annuity is a method by which a person can receive a yearly sum in return for the payment to an insurance company of a sum of money. This is not life assurance as we have described it, but it is dealt with by life assurance companies and is based on actuarial principle.


We have already identified the life assurance industry as being of considerable size by considering the number of policies in force and value of premiums paid each year. These vast amounts of money are held by companies to meet future liabilities and are termed life assurance funds.

These funds do not lay dormant waiting for claims to come in; they are invested to provide income for the companies and so assist policyholders and shareholders. Not only do these two groups benefits, but the country as a whole benefits.

Successful financial planning is like a three-legged stool. One leg is investment planning, one is estate planning and the third is insurance planning. Take one leg away, and your ability to achieve your financial goals is likely to be severely threatened.

So, why is having the right level of insurance so important? Insurance is basically a sharing advice. The losses to assets resulting from natural calamities like fire, earthquake, accidents, etc. are met out of the common pool contributed by large number of persons who are exposed to similar risks. This contribution of many is used to pay the losses suffered by unfortunate few. However the basic principle is that loss should occur as a result of natural calamities or unexpected events, which are beyond the human control. Secondly insured person should not make any gain out of insurance. It is natural to think of insurance of physical assets such as motor car insurance or fire insurance but often we forget that creator of all these assets is the human being whose efforts have gone a long way in building up the assets. In that sense, human life is unique income-generating assets. Unlike the physical assets, which decrease in value with passage of time, the individual becomes more experienced and more matured as he advances in age. This raises his earning capacity and purpose of life insurance is to protect the income in the event of his premature death. The individual himself also needs financial security for the old age or on his becoming permanently disabled when his income will stop. Insurance also has an element of saying in certain cases. Life insurance is chiefly a risk management tool, meant to offer financial protection to your dependents in the unfortunate event of your death. If you are adequately insured, your life


insurance should enable to your dependents {spouse, children, and parents} to maintain their current life style and pursue their goals---till such time as they are in a position to set up an attractive income stream by themselves. Thats the basic purpose of life insurance. But in India, as the most other developing markets, life insurance has come to represent more than just risk cover. The best selling insurance products in the market double as investment options and offer attractive tax breaks.

VARIOUS PROMOTIONAL TOOLS USED IN INSURANCE INDUSTRY: Marketing Systems Sales Systems Referral Systems Live Training Events Video & Audio Training Coaches & Trainers Sales Tools Marketing Tools Image Building Direct Mail Companies Lead Companies Lead Generation Co. Education IMO, FMO & MGA Free Resources


Promotion Promotion is a marketing ploy that has shorter goals than advertising. Though creating awareness about the product and establishing it as a brand in the minds of the targeted audience is a goal of promotion also, this is not a paid form of communication like advertising. The biggest objective here is to generate more sales for the company. There are various ways of promoting a product or a service such as distributing free samples, giving away two for one campaigns, press releases, holding events to generate awareness about the product and so on. Promotion is easier than advertising and also involves lower costs. As such it is more suitable for companies that have just started out. However, from time to time, even large companies make use of promotion because of its cost efficiency. These days, distributing coupons carrying heavy discounts are being placed on websites to use the power of internet for promotional purposes.


Companies and small business owners can use many advertising promotional tools, including magazine ads, Internet marketing and direct mail. Social media sites such as Facebook, MySpace and Twitter also provide advertising sources for savvy business owners. The key in advertising is finding cost-effective ways to reach potential customers. Companies can also use free advertising by writing articles or listing their websites in search engines like Yahoo and Google.

As a marketing tool, advertising is utilized by middle to higher level of companies. It is actually paid form of communication with the public and involves buying slots on radio, cable TV and newspapers and also putting up billboards at prominent places of the city to let maximum people know about the product. Internet is these days being increasingly used as a wonderful medium for advertising. The goal of advertising is to create awareness and also to lure people into buying the product by telling them the features and unique selling point of the product.


Advertising is a long term concept and has to be taken up on a consistent level to achieve results for a company. This is one marketing tool that even the most successful companies resort to. You must have seen the ads of giant cola makers MetLife and HDFC. Despite having created a niche for themselves in the cola market, they keep on advertising as they know the importance of branding through advertising. People tend to have short memories and out of sight is out of mind. Things that are visible are the things that sell more and this is what prompts even very successful MNCs to keep on advertising.

Display Ads
The first step in creating a display ad knows your key objective: Do you want to produce leads or orders? Mail-order companies, for example, will often ask for money directly in an ad. These direct-response ads will usually require ample space for describing a particular product. Large corporations will usually design ads to pull business leads or attract customers. Display ads usually contain a heading, copy and a contact source. A display ad should follow the AIDA (attention, interest, desire, action) principle of advertising, according to advertising experts at Dave Dolak, a business-to-business marketing professional. Headings, pictures and illustrations should attract the reader's attention. The body of the ad or copy should build interest by highlighting key benefits for the readers. Ultimately, the ad should increase the reader's interest and prompt him to make a purchase.

Direct Mail Marketing

Direct mail is one of the most cost-effective types of advertising. Direct mail is also highly targeted. You can reach specific buying groups with direct mail. For example, if you sell proteins or sports nutritional products, you can purchase mailing lists of consumers who buy these products. One mailing list source is the Direct Marketing Association. A direct mail package usually includes a sales letter, brochure and order form. Create a twoto-four-page sales letter that highlights the key benefits of your product or service. Include a colorful brochure that shows key features of your product or services you offer. Key all orders forms with a code so you can track the effectiveness of your campaign. For example, you can use "Suite 1" in your address to keep track of your first 5,000-piece mailing. Add up


the orders produced from that mailing, and then subtract your mailing expenses to calculate your profit.

Search Engine Optimization

Search engine optimization is for companies that use websites in their advertising. Use search engine optimization if you want to reach national and international customers. The objective of search engine optimization is to appear on the first page of Google or Yahoo results when people search for your type of business. Hire a search engine optimizer. Most Web designers will either know a search engine optimizer or offer the services themselves. Help your search engine optimizer develop three-to-five-word phrases that best describe your products or services. Include phrases that are frequently used in your website, which will enhance your ranking status.


We look at the individual tools of marketing communications. Specifically however we are investigating the tools of sales promotion and personal selling. Both sales promotion and personal selling share the characteristic of being the most immediate of the promotional tools - both focus on attempting to create or cause an immediate sale. Although a theme of this course is the need for integrated marketing communications plans based on the overlap and interaction between all the different tools of promotion, often sales promotion and personal selling are used closely together in promotional campaigns. After completing this course, you should be able to:

Understand the role of sales promotion in the marketing communications mix Explain the range of sales promotion methods and current thinking about how they work develop plans for using sales promotion strategically in a range of applications and settings

Understand the role of personal selling in the marketing communications mix explain the range of selling roles and tasks and current views about how selling works as a communications tool

Explain the issues in planning and managing personal selling in the communications mix Evaluate some key trends and developments in personal selling.



The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era - past few centuries - yet its beginnings date back almost 6000 years.

Life Insurance in its modern form came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil. All the insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them. Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Starting as Indian enterprise with highly patriotic motives, insurance companies came into existence to carry the message of insurance and social security through insurance to various sectors of society. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance companies. The United India in Madras, National Indian and National Insurance in Calcutta and the Cooperative Assurance at Lahore were established in 1906. In 1907, Hindustan Co-operative Insurance Company took its birth in one of the rooms of the Jorasanko, house of the great poet Rabindranath Tagore, in Calcutta. The Indian Mercantile, General Assurance and Swadeshi Life (later Bombay Life) were some of the companies established during the same period. Prior to 1912 India had no legislation to regulate insurance business. In the year 1912,


the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. But the Act discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage.

The first two decades of the twentieth century saw lot of growth in insurance business. From 44 companies with total business-in-force as Rs.22.44 crore, it rose to 176 companies with total business-in-force as Rs.298 crore in 1938. During the mushrooming of insurance companies many financially unsound concerns were also floated which failed miserably. The Insurance Act 1938 was the first legislation governing not only life insurance but also nonlife insurance to provide strict state control over insurance business. The demand for nationalization of life insurance industry was made repeatedly in the past but it gathered momentum in 1944 when a bill to amend the Life Insurance Act 1938 was introduced in the Legislative Assembly. However, it was much later on the 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization. Nationalization was accomplished in two stages; initially the management of the companies was taken over by means of an Ordinance, and later, the ownership too by means of a comprehensive bill. The Parliament of India passed the Life Insurance Corporation Act on the 19th of June 1956, and the Life Insurance Corporation of India was created on 1st September, 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.

LIC had 5 zonal offices, 33 divisional offices and 212 branch offices, apart from its corporate office in the year 1956. Since life insurance contracts are long term contracts and during the currency of the policy it requires a variety of services need was felt in the later years to expand the operations and place a branch office at each district headquarter. Re-organization of LIC took place and large numbers of new branch offices were opened. As a result of reorganization servicing functions were transferred to the branches, and branches were made accounting units. It worked wonders with the performance of the corporation. It may be seen that from about 200.00 crores of New Business in 1957 the corporation crossed 1000.00 crores only in the year 1969-70, and it took another 10 years for LIC to cross 2000.00 crore


mark of new business. But with re-organization happening in the early eighties, by 1985-86 LIC had already crossed 7000.00 crore Sum Assured on new policies.

Today LIC functions with 2048 fully computerized branch offices, 109 divisional offices, 8 zonal offices, 992 satallite offices and the corporate office. LICs Wide Area Network covers 109 divisional offices and connects all the branches through a Metro Area Network. LIC has tied up with some Banks and Service providers to offer on-line premium collection facility in selected cities. LICs ECS and ATM premium payment facility is an addition to customer convenience. Apart from on-line Kiosks and IVRS, Info Centres have been commissioned at Mumbai, Ahmadabad, Bangalore, Chennai, Hyderabad, Kolkata, New Delhi, Pune and many other cities. With a vision of providing easy access to its policyholders, LIC has launched its SATELLITE SAMPARK offices. The satellite offices are smaller, leaner and closer to the customer. The digitalized records of the satellite offices will facilitate anywhere servicing and many other conveniences in the future.

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

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



It is the oldest and most well experienced player having a Pan India presence. LIC has a strong and very well developed distribution network. It is having a huge consumer base and is evolved as one of the most powerful brands of the country. It has a large product portfolio and claim settlement is easier to get. It has the advantage of its own as the government guarantee is accompanied with it.

Its employees and other staff are lethargic and least motivated to render prompt and sincere customer service. Agents not taking into account the needs of people and promote policies having high commissions only. Very slow decision making process and internal problems between top management and lower cadre staff. Large scale corruption in offices.

Emergence of a huge middle income consumer market in the country. People becoming more aware and demanding so there is scope for a whole lot of innovative products. Pension markets, health insurance and large real estate portfolio.

There is too much internal discord. Entry of new private players in industry



In consonance with the changes taking place in the insurance market, the corporation has undergone a transformation, simultaneously requiring a revamp in its image. Systematic and focused PR initiatives and widespread publicity have resulted in markedly improved visibility. The corporation has emerged with a much younger and sleeker image.

A conscious effort was made to bring about a transformation in the corporate image. Through various campaigns, the corporation tried to depict the organization as one oriented towards the younger generation. strategies. The corporation advertising campaigns assisted the marketing

PR Activities for Consumer Relations: The business of insurance is purely service which cannot be seen or held. Hence, the consumer relations activities of LIC concentrate on the customer public and building relations with prospective customer.

The corporation has time and again made endeavors to reach out to the consumers, interact with them and keep them satisfied. The corporation tries to achieve its objective through a number of means

Oral Communication: Oral communication with the consumer public is the most effective means of presenting facts and creating understanding of the organizations policies and practices. Employee- Consumer Communication: The harmonious relationship that LIC has, through the years , built and maintained with its customers has only been possible due to its dedicated and committed team of Development Officers and scores of Insurance Agents throughout the country.

Press Conferences: Press Conferences are organized to announce new appointments of top executives, introduction of new schemes, etc. Audio-Visual Communication Television and Radio and Radio

broadcasts are a basic medium of consumer communication Television


advertising The corporations advertisements reached nearly 25 crore people through over 50 campaigns. There were 79 hours of TV advertising and 408 hours of Radio advertising.

Trans-slides: The Corporation has placed trans-slides at strategic places, like Railway Stations and Airports, for maximum exposure to public at large. Printed Communication. At LIC printed communications are used in conjunction with oral communication media.

Press Release : Press releases are frequently handed out to the media by the local PR department on behalf of the company. These generally comprise of any subject or issue concerning the company, containing information for policy holders or any item of news value to the media and its readers.

Journals and Publications: The corporation takes out its annual working results and several other publications from time to time to keep the public abreast of the happenings and achievements at LIC.

Financial Results: The annual financial report of the corporation is published in the National dailies and Is also circulated amongst the shareholders to keep them informed. It also aims at attracting new investors.

Booklets, Brochures and Pamphlets: Booklets, Brochures and Pamphlets are generally taken out to inform its internal and external public about its various new schemes and act as an effective medium of print communication.

Posters and Hoardings: These tools are not only an advertising medium but also a very effective PR tool. LIC uses posters and hoardings to get quick public notice. Poisters and hoardings are widely placed


throughout the city at busy intersections like subways, railway stations, roadsides, bus shelters, etc. Other Amenities Provided by LIC

Website: The Corporations website www.licindia.com gives information about the corporations products, services, subsidiaries and addresses of branches and about premium payment through the internet. It also provides Press releases, News sections, Online policy status Online Premium Payment.

LIC has tied up with HDFC Bank, ICICI Bank, UTI Bank, Bank of Punjab, Global Trust Bank, Corporation Bank, The Federal Bank Ltd., Citibank, and service providers like Bill Junction.com, timesofmoney.com to offer the online premium payment facility to its customers in select cities.

Information Kiosks: The corporation has installed online information kiosks at prominent places across the country. This provides information about the Products, services and policy status reports to the customers.

Customer Contact Programme: The purpose of such a campaign is to strengthen the relationship with the customers and to build bridges of understanding FINANCIAL RELATIONS There are quite a few financial publics of LIC. 1) Government Agencies 2) Banks and Financial Institutions 3) Statutory Bodies e.g. IRDA (Insurance Regulatory and Development Authority) 4) Auditors To communicate with them and to keep them informed of the companys progress several activities are undertaken by the PR Deptt. The Annual General Meeting, The Annual Report, The annual report is released annually to inform all publics of the companys working results. The chairmans statement is a


comprehensive guide to what the company is and where it strives to be. It comprises of the corporations corporate vision, philosophy and policies, management contributions, future plans and a host of other such important aspects.

COMMUNITY RELATIONS: LIC regularly provides Health vans to various organizations across the country. The corporation also sponsers many sports events at the national level. Numerous publicity projects with a social purpose are undertaken at the zonal level. Recently the North Zone (Delhi) associated itself with the Perfect Health Mela to propagate the cause of good health.



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%.

We began our operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). Today, our nation-wide reach includes 1,960 branches (inclusive of 1,096 micro-offices), over 237,000 advisors; and 6 bancassurance partners.

For three years in a row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands. As we grow our distribution, product range and customer base, we continue to tirelessly uphold our commitment to deliver world-class financial solutions to customers all over India.

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 companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA).

ICICI Prudential Life's capital stands at Rs. 4,780 crores (as of December 31, 2009) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the period April


1, 2009 to September 30, 2009, the company has garnered total received premium new business premium of Rs 2,128 crores and has underwritten over 10 million policies since inception. The company has assets held over Rs. 53,000 crores as on December 31, 2009. For the past nine years, ICICI Prudential Life has retained its leadership position in the life insurance industry with a wide range of flexible products that meet the needs of the Indian customer at every step in life.

ICICI Prudential Life has one of the largest distribution networks amongst private life insurers in India. It has a strong presence across India with 1,960 branches (including 1,096 micro-offices) and an advisor base of over 230,000 (as on December 31, 2009).

The company has 6 bancassurance partners having tie-ups with ICICI Bank, Jalgaon Peoples Co-op Bank, Ratanagiri District Central Co-op Bank, Ballia Kshetriya Co- operative Bank, Renuka Nagrik Sahakari Bank, Bhandara Urban Co-operative Bank.

About the Promoters

About ICICI Bank: ICICI Bank Ltd (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country with consolidated total assets of about US$ 102 billion as of June 30, 2009. ICICI Banks subsidiaries include Indias leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Banks presence currently spans 19 countries, including India.

Prudential Plc
Established in London in 1848, prudential plc, through its businesses in the UK, Europe, US, Asia and the Middle East, provides retail financial services products and services to more than 21 million customers, policyholder and unit holders and manages over 249 billion of funds worldwide (as of March, 2009). In Asia, Prudential is the leading Europe- based life insurer with life operations in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia,


the Philippines, Singapore, Taiwan, Thailand, and Vietnam. Prudential is one of the largest asset management companies in terms of overall assets sourced in Asia ex-japan, with 36.8 billion funds under management (as of March, 2009) and operations in ten markets including China, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and United Arab Emirates.


ICICI Prudential is No. 1 private life player in India. Innovative insurance policies with rider benefits. Motivation factors provided by the company. One of the largest financial Institution of Indias. Training provided to all people associating with ICICI prudential. Highest paid up capital deposited in IRDA, in comparison to all players. Assets base of ICICI is more than Rs 1, 08, 000 Crores.

Very huge premiums of policies. Compare to other insurance sector. Minimum premium is 19000.(Expect tax saving policy only 10,000) Target upper class people only. Policy charges are very high. Poor distribution is in English language only.


Tie up with more corporate agents all over India. Tie up with broker also No. of adopting new technology. Strong Brand of Company Helps to boost sales inn market Attract more people of providing customer centric products.

Threat from existing life insurance players Threat from new entrance. Threat to substitute products Change in the policy of IRDA People dont aware of different distribution channel.



It was time when the marketing team was thinking about an advertising campaign, almost everyone, including the company's board, pooh-poohed the idea. At that time people thought Company is wasting money. But ICICI discarded this fear" typically used for hawking insurance, choosing instead a "happy" platform to convey a more positive message. Even today after it has rolled out so many campaigns, ICICI remains among the top advertisers: ad spends, as a percentage of new business premium, range between 0.5 per cent and 0.75 per cent. Lowe (Lintas) has been the creative advertising agency for ICICI Prudential Life since the beginning.

The Target audience:

Representing an ideal mix of medium to high net worth individuals: The consumers most disposed towards buying life insurance. Middle-aged professionals, primarily male, salaried and self employed, age group: 28 - 45 years, household income: Rs.20, 000 and above.

Creative Strategy:
The essence of the creative strategy: To get the consumer to re look at Insurance as a means to lead a worry free life and not as a necessary evil. When ICICI Prudential Life Insurance first began operations, the task was to present the visiting card of the company to the public at large and build credibility and stature and to give the consumer the confidence that 'here was a company that could be trusted to invest funds with'. This required a corporate campaign, which started with advertising to establish the brand, build awareness and give the brand a larger than life image. To this effect the core brand insight highlighted was "As head of the family it's my responsibility to take care of my loved ones and protect them from the uncertainties of life", summed up in the advertising idea: We cover you at every step in life (Suraksha.. Zindagi ke har kadam par). ICICI Pru was positioned as an enabler of protection relevant to the needs of the life stage that you are in. Over the last few months, ICICI Prudential has been advertising in outdoor, TV and press.


The company launched a corporate television campaign - Saat Phere - which took the emotions and thoughts of initial Sindoor corporate film a few steps further. The film highlights the strength of promises that a husband makes to his wife, through the depiction of everyday situations, and then goes on to emphasize that ICICI Prudential will stand by the husband to help him fulfill all these promises. The TV campaign has also been extended to outdoor. The company has also undertaken press and internet campaigns to inform customers about benefits of some of its products, particularly retirement solutions, through the Chintamani campaign. Once the corporate image and brand identity were established, and as the company expanded and its product range grew, the next phase of communication was to give the consumer a rational and tangible reason to buy - first of all insurance and secondly from ICICI Prudential Life. This was tackled through product-specific advertising, such as for ICICI Pru Smart Kid, retirement solutions or Lifetime.

The Creative execution:

Through television channels: Building image and creating a differential in the most creative and compelling manner. The creative execution heightened the emotional connect with the ICICI Pru brand- Indian; satisfaction of knowing that ones loved ones are protected. Symbolic representation of the protector of the family through situations showcasing various life stages and creating endearing imagery of protection and familial bonding.

Press: Gave the consumer a rational and tangible reason to buy insurance first and secondly from ICICI Prudential. The product specific advertising focused on changing the prevalent perception about insurance and breaking a few myths: non- affordability, insurance not being good investment option and the myth that insurance was good only for tax saving. After the hugely successful Chintamani (retirement) and Saat Phere (corporate) campaigns, ICICI Prudential Life Insurance also introduced some innovations in the category, such as: having a tax planner by the name of Chintamani on radio, who would answer consumers queries about the role of insurance in financial planning.


Other Communications:
Other programs included direct mail, PR of communications campaign in press & TV, website marketing; and database generation through Bancassurance channels. Other initiatives included tie-up with the Dabbawalla Organisation in Mumbai for a direct marketing exercise, to talk to the customer through a non-cluttered route, and thereby have a higher impact. The direct mailer was about ICICI Prudentials retirement solutions and the tax benefits that one can avail of buy investing in any of these. About 100,000 direct mailers were attached to the dabbas, in areas such as Churchgate, Bandra and Andheri where there are mostly office-goers. ICICI Prudential Life Insurance has also announced a strategic distribution tie-up with Hariyali Kisaan Bazaar, the rural business arm of DCM Shriram Consolidated Ltd (DSCL). As a partner, Hariyali Kisaan Bazaar can now distribute ICICI Prudential's protection, wealth creation, retirement solutions and health insurance products to customers across the its growing number of rural business hubs in the country. In addition to advertising, the company has also initiated several activities to raise consumer awareness about life insurance and ICICI Prudential. It includes seminars - ICICI Prudential regularly holds consumer awareness meets on the need for retirement planning in different cities such as Pune, Aurangabad, Coimbatore, Nagpur, Bangalore and Mangalore. These are very well attended and have contributed significantly towards increasing awareness about the category and the company. Apart from this, company also entered into alliances with telecom companies, as well as companies like BPCL and Dominos. A successful product or service means nothing unless the benefit of such a service can be communicated clearly to the target market. An organization promotional strategy can consist of: Advertising: Is any non-personal paid form of communication using any form of mass media. Public relations: Involves developing positive relationships with the organization media public. The art of good public relations is not only to obtain favorable publicity within the media, but it is also involves being able to handle successfully negative attention. Sales promotion: Commonly used to obtain an increase in sales short term. Could involve using money off coupons or special offers.


Personal selling: Selling a product service one to one. By personalizing advertising, response rates increase thus increasing the chance of improving sales. Direct Mail: Is the sending of publicity material to a named person within an organization

LIC Vs ICICI Prudential

With private players paying much attention to advertising and promotional activities, LIC, too, was forced to make efforts to increase its visibility and enhance its brand image. The company commenced intense, systematic and well-focused public relations and publicity activities both at the corporate and operational levels. LIC upped its ad spend to tackle competition and succeeded in forging way ahead. LIC has advertised in satellite channels as well as terrestrial channels. LIC has to reach out to nonresident India policy holders as well as its other corporate customers who are based abroad. ICICI Prudential has advertised on several channels from the Star TV bouquet, Zee Network and Sony. The companies have spent about Rs 50 million on TV advertising last year. With the geographical expansion, TV became a viable medium and the corporate campaign for ICICI Pru Life was run on TV, because the medium lends itself well to an emotional type of films that strike a chord with the audience. Product advertising, which needs to impart information, was largely done through print and outdoor channels, as these are appropriate for rational type of messages, ICICI Prudential Life Insurance campaign was short-listed as one of the 12 most effective campaigns for the year 2001 in the EFFIE awards. According to an ORG MARG study, the ICICI Prudential brand name and advertising had the highest recall amongst all private players, and was only marginally behind LIC. ICICI Prudential Life was awarded the INDYs Award for Excellence in Mass Communication in the category of Most Creative Advertisement-Television.


A Brief history of the Insurance Sector
The business of life insurance in India in its existing form started in India in the year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. One of the important milestones in the life insurance in India is; 1912: The Indian Life Assurance

For over 50 years, life insurance in India was defined and driven by only one company- the Life Insurance Corporation of India (LIC). With the Insurance Regulatory and Development Authority (IRDA) Bill 1999 paving the way for entry of private companies into both life and general sectors there was bound to be new-found excitement- and new success stories. Today, just three years since their entry, their cumulative share has crossed 13% (source: IRDA), far exceeding expectations. Clearly insurance is on a growth path.

The percentage of premium income to GDP which was just 2.3% in 2000-01 rose to 3.3% in 2002-03; and life insurance has emerged as the dominant contributor to this growth. The industry presented a huge opportunity. Life insurance penetration, for instance, was at an abysmal 22% of the insurable population. However, private players have had to rise to many challenges. They were faced with attitudinal barriers towards the category and the perception that insurance was only a tax saving tool. Insurance per se had lost it basic rationale: protection. It wasnt surprising then that its potential lay frozen and unexploited. The challenge for private insurance players was to change the established category driver and get customers to evaluate life insurance as an investment-cum-protection tool.

Life Insurance sector is one of the key areas where enormous business potential exists. In India currently the life insurance premium as a percentage of GDP is 1.3 per cent against 5.2 per cent in the US, but in the liberalized scenario, the life insurance

premiums were projected to grow at around 18% to 20% from Rs 215 billion in 1998- 99 to


Rs 592 billion in 2004-05 and to Rs 1450 billion by 2009-10. Corporate non-life premium was projected to grow from Rs 84 billion in 1998-99 to Rs 386 billion in 2009-10 and personal line non-life from Rs 4 billion to Rs 51 billion.

Brief Review of Scenario Insurance

Insurance in India started without any Regulation in Nineteenth century. It was story of a typical colonial era. A few British companies dominated The market mostly in large urban centers. Insurance was nationalized mainly on 3 counts First, Indian lives were not insured. Second, even if they were insured, they were treated as substandard lives and extra premium was charged. Third, there were gross irregularities in the functioning of Life insurance was nationalized in the year 1956, and then general insurance was nationalized in the year 1972. In 1999, the private insurance companies were allowed back again into with maximum cap of 26 percent foreign holding. 1818 The British introduce to India, with the establishment of the Oriental Life Insurance Company in Calcutta. 1850 Non life insurance debuts, with Triton Insurance Company. 1870 Bombay Mutual life Assurance Society is the first Indian-owned life insurer 1907 Indian mercantile Insurance is the first Indian non-life insurer. 1912 The Indian life assurance companies act enacted to regulate the life insurance business. 1938 The insurance act, which forms the basis for most current insurance laws, replaces earlier act. 1956 Life insurance nationalized, government takes over 245 Indian and foreign insurers and provident societies. 1956 Government sets up LIC 1972 Non life insurance nationalized, GIC set up. 1993 Malhotra committee, headed by former RBI governor R.N.Malhotra, set up to draw up a blue print for insurance sector reforms. 1994 Malhotra Committee recommends re-entry of private players, autonomy at PSU insurers. insurance sector


1997 Insurance regulator IRDA (Insurance Regulatory and Development Authority) set up. 2000 IRDA starts giving licensed to private insurers 2001 ICICI Prudential Life Insurance came into the market

The General Insurance Corporation of India

Although efforts were made to maintain an open market for the general insurance industry amending the Insurance Act of 1938 from time to time, malpractice escalated beyond control. Thus, the general insurance industry was nationalized in 1972. The General Insurance Corporation (GIC) was set up as a holding company. It had four subsidiaries: New India, Oriental, United India and the National Insurance companies (collectively known as the NOUN). It was understood that these companies would compete with one another in the market. It did not happen. They were supposed to setup their own investment portfolios. That did not happen either. It began to happen after29 years.

The GIC has a quarter of a million agents. It has more than 2,500 branches, 30million individual and group insurance policies and assets of about USD 1,800 million at market value (at the end of 1999). It has been suggested that the GIC should close 20-25% of its nonviable branches (Patel, 2001). The GIC has so far been the holding company and reinsurer for the state-run insurers. It reinsured about 20% of their business.

Two Committee Reports: One Known, One Unknown Although Indian markets were privatized and opened up to foreign companies in a number of sectors in 1991, insurance remained out of bounds on both counts. The government wanted to proceed with caution. With pressure from the opposition, the government (at the time, dominated by the Congress Party) decided to set up a committee headed by Mr. R. N. Malhotra (the then Governor of the Reserve Bank of India).

Malhotra Committee
Liberalization of the Indian insurance market was recommended in a report released in 1994 by the Malhotra Committee, indicating that the market should be opened for private-sector competition, and ultimately, foreign private-sector competition. It also investigated the level


of satisfaction of the customers of the LIC. Curiously, the level of customer satisfaction seemed to be high. The union of the LIC made political capital out of this finding. The following are the purposes of the committee. (a) To suggest the structure of the insurance industry, to assess the strengths and weaknesses of insurance companies in terms of the objectives of creating an efficient and viable insurance industry, to have wide coverage of insurance services, to have a variety of insurance products with a high quality service, and to develop an effective instrument for mobilization of financial resources for development. (b) To make recommendations for changing the structure of the insurance industry, for changing the general policy framework etc. (c) To take specific suggestions regarding LIC and GIC with a view to improve the functioning ofLIC and GIC. (d) To make recommendations on regulation and supervision of the insurance sector in India. (e) To make recommendations on the role and functioning of surveyors, intermediaries like agents etc. in the insurance sector. (f) To make recommendations on any other matter which are relevant for development of the insurance industry in India? The committee made a number of important and far-reaching recommendations. (a) The LIC should be selective in the recruitment of LIC agents. Train these people after the identification of training needs. (b) The committee suggested that the Federation of Insurance Institute, Mumbai should start new courses and diploma courses for intermediaries of the insurance sector. (c) The LIC should use an MBA specialized in Marketing (a similar suggestion for the GIC subsidiaries).(c) It suggested that settlement of claims were to be done within a specific time frame without delay. (d) The committee has several recommendations on product pricing, vigilance, systems and procedures, improving customer service and use of technology.(f) It also made a number of recommendations to alter the existing structure of the LIC and the GIC. (g) The committee insisted that the insurance companies should pay special attention to the rural insurance business. (h) In the case of liberalization of the insurance sector the committee made several recommendations, including entry to new players and the minimum capital level requirements for such new players should be Rs. 100 crores(about USD 24 million). However, a lower capital requirement could be considered for a cooperative sectors' entry in the insurance business. (i) The committee suggested some norms relating to promoters equity and equity capital by foreign companies, etc.


Mukherjee Committee
Immediately after the publication of the Malhotra Committee Report, a new committee (called the Mukherjee Committee) was set up to make concrete plans for the requirements of the newly formed insurance companies. Recommendations of the Mukherjee Committee were never made public. But, from the information that filtered out it became clear that the committee recommended the inclusion of certain ratios in insurance company balance sheets to ensure transparency in accounting. But the Finance Minister objected. He argued (probably on the advice of some of the potential entrants) that it could affect the prospects of a developing insurance company.

Insurance Regulatory Act (1999)

After the report of the Malhotra Committee came out, changes in the insurance industry appeared imminent. Unfortunately, instability in Central Government, changes in insurance regulation could not pass through the parliament.

The dramatic climax came in 1999. On March 16, 1999, the Indian Cabinet approved an Insurance Regulatory Authority (IRA) Bill that was designed to liberalize the insurance sector. The bill was awaiting ratification by the Indian Parliament.

However, the BJP Government fell in April 1999. The deregulation was put on hold once again.

An election was held in late 1999. A new BJP-led government came to power. On December 7, 1999, the new government passed the Insurance Regulatory and Development Authority (IRDA) Act. This Act repealed the monopoly conferred to the Life Insurance Corporation in 1956 and to the General Insurance Corporation in 1972.The authority created by the Act is now called IRDA. It has ten members. New licenses are being given to private companies (see below). IRDA has separated out life, non-life and reinsurance insurance businesses. Therefore, a company has to have separate licenses for each line of business. Each license has its own capital requirements (around USD24 million for life or non-life and USD48 million for reinsurance).


Some Details of the IRDA Bill

On July 14, 2000, the Chairman of the IRDA, Mr. N. Rangachari set forth a set of regulations in an extraordinary issue of the Indian Gazette that detail of the regulation.

Regulations The first covers the Insurance Advisory Committee that sets out the rules and regulation.

The second stipulates that the "Appointed Actuary" has to be a Fellow of the Actuarial Society of India. Given that there has been a dearth of actuaries in India with the qualification of a Fellow of the Actuarial Society of India, this becomes a requirement of tall order. As a result, some companies have not been able to attract a qualified Appointed Actuary (Dasgupta, 2001). The IRDA is also in the process of replacing the Actuarial Society of India by a newly formed institution to be called the Chartered Institute of Indian Actuaries (modeled after the Institute of Actuaries of London).Curiously, for life insurers the Appointed Actuary has to be an internal company employee, but he or she may be an external consultant if the company happens to be anon-life insurance company.

Third, the Appointed Actuary would be responsible for reporting to the IRDA a detailed account of the company.

Fourth, insurance agents should have at least a high school diploma along with training of 100 hours from a recognized institution. More than a dozen institutions have been recognized by the IRDA for training insurance agents

Fifth, the IRDA has set up strict guidelines on asset and liability management of the insurance companies along with solvency margin requirements. Initial margins are set high (compared with developed countries). The margins vary with the lines of business (for example, fire insurance has a lower margin than aviation insurance).

Sixth the disclosure requirements have been kept rather vague. This has been done despite the recommendations to the contrary by the Mukherjee Committee recommendations.


Seventh, all the insurers are forced to provide some coverage for the rural sector.

(1) In respect of a life insurer, (a) five percent in the first financial year; (b) seven percent in the second financial year; (c) ten percent in the third financial year; (d) twelve percent in the fourth financial year; (e) fifteen percent in the fifth year (of total policies written direct in that year). (2) In respect of a general insurer, (a) two percent in the first financial year; (b) three percent in the second financial year; (c) five percent thereafter (of total gross premium income written direct in that year).

Three days before the deadline that the IRDA had set upon itself (October 25, 2000), it issued three companies with license papers:


The literature for review to be collected from secondary sources such as magazines, articles, reports, budgets, news paper etc to highlight the problems and findings of the study done by many research and business professionals to understand the significance of the materials management of the companies. The objectives of the proposed topic have to be formulated based on the previous study by the many research professionals. Approximately ten to fifteen reviews has to be collected and presented in my project report.

Over a period of two centuries, the Indian insurance industry has gone through the full circle. From being an open competitive market, it went through nationalization and has subsequently liberalized again. Keeping in mind the national economic and commercial objective of India, the government has set up IRDA the reform process of the insurance industry. The rationale behind the opening of the sector was to give individual and corporate insurance consumers a competitive environment that can deliver products and services in tune to their requirements. At the same time an open insurance market will enable capital formation, reducing the need for India to seek external capital to support its infrastructure development program. The industry is believed to benefit from the increased private participation especially in terms of technology transfer from the other global players as these players enter into joint ventures with Indian counterparts. The partnership between Indian and foreign firms will also enable the market grow beyond the current rates and will offer wider choice for the consumer through the introduction of the new products, services and price options. Rajendra Nargundkar in his book titled Marketing Research used multidimentional techniques to identify the Brand Positioning of Insurance Companies in India. The technique of multidimentional scaling has received a lot of attention in Marketing Research because it is a visually and intuitively appealing way to obtain perceptual maps of brands in a given product category. The data are analysed by the computer and the output provides a wide range of solutions in a range of dimensions specified (usually from 1to 4 or 5 for a limited size of dataset.)


Magazine Insurance Chronicle Branding Insurance focused on insurance industry. The insurance industry in India has undergone a set change in terms of delivering value-added services to the consumers. Todays customer has an option to choose from policies offered by many insurers, depending on his needs. The transition of the industry from public monopoly to a competitive one now presents interesting challenges both to the new players and to the customers. In this context, priorities, preferences, and brand positioning of the products have essential for customers and insurance companies as well. So the multidimentional scaling is used to identify the product attributes that are important to the customer, and to measure their relative importance

Insurance sector is a major contributor to the financial savings of the household sector in the country, which are further channelized into various investment avenues. As per the Annual Report 2003-04 of IRDA, contribution of insurance funds to the financial savings was 14.9 per cent in 2003-04, viz 2.2 per cent of the GDP at current market price. The premium underwritten has grown from Rs 45,677.57 crore in 2000-01 to Rs.83, 645.11 crore in 200304. After liberalization of insurance sector, the private insurers have introduced innovative product and tailor made products which are absolutely sit to rural population. Efforts at increasing consumer awareness and putting the regulatory framework for protection of policyholders interest have been made both the industry and regulatory level. Global market conditions have also resulted in driving down premium rates/charges in respect of certain products and in improving the quality of services offered by the insurer. Finally, insurance sector has been penetrating in India, thus the proposed seminar has quite relevant to the society. Indian insurance is on the threshold of deep and fundamental changes. Floodgates of competition opened up by the privatization of insurance industry did throw a challenge to the well-protected nationalized sector and it seems they have picked up the gauntlet. GIC, both is trying to reposition them by having re-engineering done on the structure and operations of their respective organizations. It must be emphasized that the opening of the insurance market is far from a bad thing for nationalized insurers. With a strong presence, a wide network and considerable brand equity, they are in a good position to tap the very same segments profitably, while improving their product and service offerings. The Indian company should Leverage information technology


to service large numbers of customers efficiently and bring down overheads. Technology can complement or supplement distribution channels cost-effectively. It can also help improve customer service levels considerably. Besides this, other areas can be focused to grow and survive in the Indian Market Understanding Customer needs: Use data warehousing, management and mining to gauge the profitability and potential of various customer and product segments and ensure effective cross selling. Understanding the customer better will allow insurance companies to design appropriate and-customized products, determine pricing correctly and increase profitability. High-level Training and Development: Ensure high levels of training and development not just for staff but also for agents and distribution organizations. Existing organizations will have to train staff for better service and flexibility, while all companies will have to train employees to cope with new products and an intensive use of information technology. Alliance&Tieup: The importance of alliances and tie-ups means that companies will have to integrate related but separate providers into their systems to ensure seamless delivery. Agent Relationship: Build strong relationships with intermediaries such as agents. Market Segmentation: They must segment the market carefully to arrive at the appropriate products and pricing and should cater the needs of every individual. Revamped Marketing Strategy: Worldwide, insurance products move along a continuum from pure service products to pure commodity products then they could be sold through the medical shops, groceries, novelty stores etc. Once commodization, popularity and awareness of the products are attained then the products can move to remote channels such as the telephone or direct mail. In the UK for example, retailer Marks & Spencer now sells insurance products. At this point, buyers look for low price. Brand loyalty could shift from the insurer to the seller. Trust and Faith: Being government owned subsidiary, people of India have real faith and are confident in parting their valuable savings with Nationalized Insurance Companies. So, there is a big opportunity for the government companies to regain their goodwill and reproduce their policies in the interest of the general public.


According to D.Jame in 2003: A major issue is that of product innovation for rural contexts. Non-life general insurance has products to suit crop, agricultural equipment, weather risks and so forth. However, many of these products are on an experimental basis and not pure commercial products. Rural India is a target market for many players in the financial sector, and insurance companies are no exception. Public sector insurance companies boast that they have already captured this area; the extent of penetration of the insurance majors into rural India is not yet clear. Most of the policies are said to help the rural customers but there is still no improvement in the rural situation. So, in this area there is a need of making the policies which are realistic in the rural conditions and are made to meet the needs of the customers in rural area.

According to M.Jean in 2005: Indian general insurance companies in government sector are providing better policies to the customers. Many of the policies are very popular among the customers. Policies like Raj Rajeshwari Mahila Kalyan Yojana Policy, Bhagyashree Child welfare Policy, National swasthya bima policy are a big fund of money generation for insurance companies. These policies are fully supported by the government. In different states of the country various type of policies are popular and they have a different percent of share in overall income of Indian general insurance sector. All of these policies are successfully implemented in all the states of the country. These policies are specially designed to provide risk assurance to the policy holders. In union territories also these policies are successfully implemented and working with a good profit. These policies provide a helping hand to the person who faces problem due to some unforeseen event or accident. Going through the marketing aspect the insurance company has to prepare the product in determining its success in the market. According to Soureli in 2004: Questions whether quality is having as much impact in the financial services sector as the evidence of use of quality management techniques in the UK suggests. Explores the context within which quality is finding a place in financial services, and presents the findings of a postal questionnaire survey concerned with the extent of usage and the nature of the quality initiatives in the financial services sector.


According to Elena Kalotychoua and Sotiris IN 2007: The present study delves into the bankinsurance phenomenon in Greece. The paper explores the market-based practices surfacing through the bankinsurance interface and delineates the possible theoretical corporate structures. A review of the various financial ventures in the domestic market is provided aiming to unveil corporate patterns both in a cross-venture and time series framework. As a result of this survey, the existence of de jure limits versus de facto boundaries, as expanded by loopholes and avoidance activities, is established. The "traditional" subsidiary model is complemented by a number of multi-ventures as banks make inroads into the insurance business. The latter is associated with the presence of multinational firms and foreign direct investment in the region. The analysis is further extended by examining the drivers, motives and operational issues pertinent to these financial conglomerates. According to Prithviraj Dasgupta and Kasturi Sengupta IN 2002: With the advent of the Internet, online processes are replacing conventional models in our society. The greatest impact in online technology has been achieved by e-commerce. Ecommerce is attractive both to buyers and sellers as it reduces search costs for buyers and inventory costs for sellers. In this paper we investigate the impact of e-commerce on the insurance industry in India. The recent growth of Internet infrastructure and introduction of economic reforms in the insurance sector have opened up the monopolistic Indian insurance market to competition from foreign alliances. We study the evolving scenario in the insurance industry in India and identify the features of online insurance that improve the conventional insurance model and thus, makes it more attractive for the Indian insurance industry to go online.

Health Policy Challenges for India: Private Health Insurance and Lessons from the International Experienceby Ajay Mahal
Over the last few decades, the Indian population has experienced great advances in its health situation. For instance, life expectancy at birth increased from 50 years in 1970 to an estimated 62 years in 1995 and is possibly even greater now. Infant mortality rates have fallen as well, from 137 per 1,000 live births in 1970 to 69 per 1,000 live births in 1991


(World Bank 1995). These are substantial improvements, but much remains to be done, relative to some its neighbors as well in terms of reducing differences in performance across states and socioeconomic groups. For instance, China has done much better, with its life expectancy at birth hovering around 70 years, and Indias neighbour, Sri Lanka, has a life expectancy of nearly 73 years (World Bank 1997). Both countries have much lower infant mortality rates as well, and in the case of Sri Lanka, less than one-quarter that of India. Again, Kerala has infant mortality rates below those in China, but states such as Madhya Pradesh, Orissa and Rajasthan have infant mortality rates of well over 100 per 1,000 live births in rural areas (Dreze and Sen 1995; Mahal, Srivastava and Sanan 2000). Similarly, in rural India, the infant mortality rates among the top two income quintiles are nearly 34 - 50 per cent lower than the rates reported for the bottom two quintiles.1 Substantial differences in life expectancies at birth are present across states and socio-economic groupings (Dreze and Sen 1995). Another issue of concern is the growing prevalence of chronic illness in the Indian population, such as obesity, heart disease, diabetes, hypertension and the like. This has partly to do with changing dietary habits, from coarse grain to energy rich diets of meat, milk products, and sugar. It has also to do with an urban population growing at an average annual rate of growth of 3.2 per cent and sedentary lifestyles often characteristic. Authors estimate based on NCAER survey data.

(National Institute of Urban Affairs (NIUA) 2000, Popkin, Horton, Kim, Mahal and Shuigao 2001).
Thus, the prevalence of diabetes rates were nearly three times highe among urban residents than among rural residents in 1995-96, the prevalence of heart disease 70 per cent higher, and the prevalence of hypertension more than double. With the urban population expected to grow further in the future, the emergence of chronic illnesses will have significant consequences on the financial costs of providing health care, as many illnesses are extremely expensive to treat (Mahal 2000a).

Bull World Health Organ vol.80 no.8 Genebra Aug. 2002:

The findings have implications for community-based health insurance schemes in India and elsewhere. Such schemes can protect poor households against the uncertain risk of medical expenses. They can be implemented in areas where institutional capacity is too weak to


organize nationwide risk-pooling. Such schemes can cover poor people, including people and households below the poverty line. A trade off exists between maintaining the scheme's financial viability and protecting members against catastrophic expenditures. To facilitate reimbursement, administration, particularly processing of claims, should happen near claimants. Fine-tuning the design of a scheme is an ongoing process a system of monitoring and evaluation is vital.

Economic Reforms in India since 1991: Has Gradualism Worked? by Montek S. * Ahluwalia India was a latecomer to economic reforms, embarking on the process in earnest only in 1991, in the wake of an exceptionally severe balance of payments crisis. The need for a policy shift had become evident much earlier, as many countries in east Asia achieved high growth and poverty reduction through policies which emphasized greater export orientation and encouragement of the private sector. India took some steps in this direction in the 1980s, but it was not until 1991 that the government signaled a systemic shift to a more open economy with greater reliance upon market forces, a larger role for the private sector including foreign investment, and a restructuring of the role of government.

Indias economic performance in the post-reforms period has many positive features. The average growth rate in the ten year period from 1992-93 to 2001-02 was around 6.0 percent, as shown in Table 1, which puts India among the fastest growing developing countries in the 1990s. This growth record is only slightly better than the annual average of 5.7 percent in the 1980s, but it can be argued that the 1980s growth was unsustainable, fuelled by a buildup of external debt which culminated in the crisis of 1991. In sharp contrast, growth in the 1990s was accompanied by remarkable external stability despite the east Asian crisis. Poverty also declined significantly in the post-reform period, and at a faster rate than in the 1980s according to some studies (as Ravallion and Datt discuss in this issue).

However, the ten-year average growth performance hides the fact that while the economy grew at an impressive 6.7 percent in the first five years after the reforms, it slowed down to 5.4 percent in the next five years. India remained among the fastest growing developing countries in the second sub-period because other developing countries also slowed down after the east Asian crisis, but the annual growth of 5.4 percent was much below the target of 7.5


percent which the government had set for the period. Inevitably, this has led to some questioning about the effectiveness of the reforms.

Financial Sector Reforms in India: Policies and Performance Analysis By Rakesh Mohan: As the economy grows and becomes more sophisticated, the banking sector has to develop pari pasu in a manner that it supports and stimulates such growth. With increasing global integration, the Indian banking system and financial system has as a whole had to be strengthened so as to be able to compete. India has had more than a decade of financial sector reforms during which there has been substantial transformation and liberalisation of the whole financial system. It is, therefore, an appropriate time to take stock and assess the efficacy of our approach. It is useful to evaluate how the financial system has performed in an objective quantitative manner. This is important because Indias path of reforms has been different from most other emerging market economies: it has been a measured, gradual, cautious, and steady process, devoid of many flourishes that could be observed in other countries. Until the beginning of the 1990s, the state of the financial sector in India could be described as a classic example of financial repression a la MacKinnon and Shaw. The sector was characterised, inter alia, by administered interest rates, large pre-emption of resources by the authorities and extensive micro-regulations directing the major portion of the flow of funds to and from financial intermediaries. While the true health of financial intermediaries, most of them public sector entities, was masked by relatively opaque accounting norms and limited disclosure, there were general concerns about their viability. Insurance companies both life and non-life - were all publicly owned and offered very little product choice. In the securities market, new equity issues were governed by a plethora of complex regulations and extensive restrictions. There was very little transparency and depth in the secondary market trading of such securities. Interest rates on government securities, the predominant segment of fixed-income securities, were decided through administered fiat. The market for such securities was a captive one where the players were mainly financial intermediaries, who had to invest in government securities to fulfill high statutory reserve requirements. There was little depth in the foreign exchange market as most such transactions were governed by inflexible and low limits and also prior approval requirements. Compartmentalization of activities of different types of financial intermediaries eliminated


the scope for competition among existing financial intermediaries. In addition, strong entry barriers thwarted competition from new entrants.

The end result was low levels of competition, efficiency and productivity in the financial sector, on the one hand, and severe credit constraints for the productive entities, on the other, especially for those in the private sector. The other major drawback of this regime was the scant attention that was placed on the financial health of the intermediaries. Their capitalization levels were low. The lack of commercial considerations in credit planning and weak recovery culture resulted in large accumulation of non-performing loans. This had no impact on the confidence of depositors, however, because of government ownership of banks and financial intermediaries.

N Ravichandran (Professor, IIMA): The economic reforms initiated by the Government of India roughly about a decade ago have changed the landscape of several sectors of the Indian economy. The Indian banking sector is no exception. This sector is going through major changes as a consequence of economic reforms. The changes affect the ownership pattern of banks, availability of funds, the cost of funds as well as opportunities to earn, range of services (fee-based andfund-based), and management of priority sector lending.

As a consequence of liberalization in interest rates, banks are operating on reduced spread. Development financial institutions would have a lesser impact on the Indian economy. Consumerism is here to stay. Non-banking products like insurance would be a tremendous opportunity. The economic reforms have also generated new and powerful customers (huge Indian middle class) and new mix of players (public sector units, private banks, and foreign banks). The emerging competition has generated new expectations from the existing and the new customers. There is an urgent need to introduce new products. Existing products need to be delivered in an innovative and cost-effective way by taking full advantage of emerging technologies.

The new rules of competition require recognition of the importance of consumers and the necessity to address the needs through innovative products supported by new technology. As a consequence of competition, the managerial challenges include market segmentation, product positioning, innovative delivery channels, cross-selling, etc. At an organization level,


elaborate systems need to be evolved to manage, assess, and contain risk (including portfolio, client, and exchange rate).

The banks may have to reorient their resources in the form of reorganized branch networks, reduced manpower, dramatic reduction in establishment cost, honing the skills of the staff, and innovative ways of attracting talented managerial pool.The Government of India and the Reserve Bank of India (RBI) on their part would strengthen the existing norms in terms of governing and directing the functioning of these banks. Banks needs to strengthen their audit function. They would be evaluated based on their performance in the market place. It is in this context that we have invited the chief executive officers of Indian banks to respond to the issues mentioned earlier.

K V Kamath (MD and CEO, ICICI Bank): It is said that the banking sector mirrors the larger economy its linkages to all sectors make it a proxy for what is happening in the economy as a whole. Indeed, the Indian banking sector today has the same sense of excitement and opportunity that is evident in the Indian economy. The fundamental structural changes in recent years have taught us many lessons. A combination of developments arising from technological advancements and a liberalized marketplace

Disintermediation, blurring of traditional roles and boundaries, emphasis on shareholder value creation.

has led to a transformation of the banking sector. The ongoing developments in Indian industry and government and the integration of India with the global markets also offer myriad opportunities to the banking sector. Companies and governments are increasingly seeking high-quality banking services to improve their own operating efficiency. Companies seek to offer better customer service and maximize shareholder returns and governments seek to improve the quality of public services. The internationalization of India offers banks the opportunity to service cross-border needs of Indian companies and India-linked needs of multinationals. The growing Indian diaspora, with its strong home country linkages, seeks a unique combination of Indian ethnicity and global standards that offers a valuable niche opportunity for Indian banks. The biggest opportunity for the Indian banking system today is the Indian consumer. Demographic shifts in terms of income levels and cultural shifts in


terms of lifestyle aspirations are changing the profile of the Indian consumer. This is and will be a key driver of economic growth going forward. The Indian consumer now seeks to fulfil his lifestyle aspirations at a younger age with an optimal combination of equity and debt to finance consumption and asset creation. This is leading to a growing demand for competitive, sophisticated retail banking services. The consumer represents a market for a wide range of products and services he needs a mortgage to finance his house; an auto loan for his car; a credit card for ongoing purchases; a bank account; a long-term investment plan to finance his childs higher education; a pension plan for his retirement; a life insurance policy the possibilities are endless. And, this consumer does not live just in Indias top ten cities.


The foremost objective of the study is to find out the various promotional tools used in insurance industry. To find out the different promotional tools like advertising, personal contact, sales promotion etc. To study the most commonly used tools used by LIC and ICICI PRU. To find out which is the most effective among these used by LIC and ICICI PRU. to sell a policy to their customer. One of the hidden objective of the study was also to know how many people among the selected sample is using these tools while purchasing a insurance policy from any of the company among LIC and ICICI. To find out how ICICI PRU. can better utilize its existing promotional tools. To know how people rate ICICI PRU. in comparison to LIC.


Research is a careful investigation or inquiry especially through search for new facts in branch of knowledge or to establish relationship between effect and cause. And especially marketing research that helps in problem solving in the marketing field, demands critical analysis of the problems that are latent or potential in nature. Research methodology, is considered a kin to clinical operations where in-depth diagnosis, prescription and medicines are applied. Research methodology is the sketch and plans to define a problem, appropriating research design, designing instrument for collection of data, and data interpretations etc. In general, Research problem is the one that requires a researcher to find out the best solution for the given problem that is to find out the course of action, the action the objectives can be obtained optimally in the context of a given environment.

The research design of this survey has been considered as descriptive research as the survey is directed towards eliciting public opinion towards ICIC Prudential. A well-structured questionnaire qualifying objectivity of the survey is used to collect data from the respondents.

Sampling Design
Universe for this project is ALWAR DISTRICT.

Sample size
In view of the constraints, sample size was restrained to 100.

Sampling unit
Any person whether holding or not holding life insurance policy, in the age slab of 20 to 60 years and residing in the ALWAR DISTRICT. I will use the stratified sampling technique for data analysis and interpretation.


Data Collection
To accomplish the objectivity of this survey, primary data were needed, however, secondary data of the ICICI and other companies were used for literature review and to have general inferences. To elicit data from the survey universe, Alwar, a well-structured questionnaire was administered. The secondary data required were explored from company information brochures and Internet.

The personal interviewing was carried out to elicit information from the respondents who were selected at random or convenient sampling in the Alwar city.



Q.1 Do you have any insurance policy?

Criteria Yes No Frequency 78 22 Percentage 78% 22%

ANALYSIS AND INTERPRETATION:As per shown in the above graph, the maximum respondent are have any insurance policy, and 22% respondent have not any insurance policy.


Q.2 you have which company insurance policy?

Criteria ICICI Prudential LIC Both Other Frequency 33 48 15 4 Percentage 33% 48% 15% 4%

ANALYSIS AND INTERPRETATION:As per shown in the above pie graph, 48% of respondent have LIC company

insurance policy, 33% of respondent have ICICI Prudential company insurance policy, 15% of respondent have both LIC & ICICI Prudential and other 4% have any other company insurance policy.


Q.3- If yes, From where you come to know about this policy?

Criteria Electronic Media Print Media Advisor/ Agent Other Frequency 20 28 42 10 Percentage 20% 28% 42% 10%

ANALYSIS AND INTERPRETATION:As per shown in the above pie graph, 100 out of 42% of respondent come to know about this policy from Advisor/ Agent, 28% of respondent Print Media , 20% of respondent come to know about Electronic Media, and 10% of respondents from other.


Q.4 After getting the information about this policy, Did you confirm from any other source about the policy?

Criteria Yes No Frequency 86 14 Percentage 86% 14%

ANALYSIS AND INTERPRETATION:As per shown in the above graph, 100 out of 86% of respondent were After getting the information about policy, so, they try to confirm from any other source about the policy and 14% of respondents dont do like that.


Q.5 If yes, from which source

Criteria Personal contact Company Branch From existing customer Other Frequency 42 21 18 5 Percentage 49% 24% 21% 6%

ANALYSIS AND INTERPRETATION:As per shown in the above pie graph, 100 out of 49% of respondent confirm from Personal contact source about the policy, 24% of respondent confirm from Company Branch source about the policy, 21% of respondent from existing customer and 5% of respondents from other source.


Q.6 Are you satisfied from the company?

Criteria Yes No Frequency 74 26 Percentage 74% 26%


ANALYSIS AND INTERPRETATION:As per shown in the above graph, 100 out of 74% of respondent are satisfied from the company, and 26% respondent were not satisfied.


Q.7 If No, Then where company lacks your expectations?

ICICI Prudential TABLE 7.1

Criteria Company Services Claim Related Agent Services Other Frequency 9 7 6 4 Percentage 35% 27% 23% 15%

ANALYSIS AND INTERPRETATION:As per shown in the above pie graph, 35% of respondent are feel Company Services lacks their expectations, 23% of respondent feel Agent Services, 27% of respondents feel Claim Related issues, and 15% respondent feel other reason of company.



Criteria Company Services Claim Related Agent Services Other Frequency 5 7 9 5 Percentage 19% 27% 35% 19%

ANALYSIS AND INTERPRETATION:As per shown in the above pie graph, 35% of respondent are feel Agent Services lacks their expectations, 27% of respondent feel Claim Related issues, 19% of respondents feel Company Services issues, and 19% respondent feel other reason or issues which of company does not fulfill customer expectations.


Q.8 According to you which advertising media is best?

Criteria T.V. Newspaper Internet Other Frequency 49 26 17 8 Percentage 49% 26% 17% 8%

ANALYSIS AND INTERPRETATION:As per shown in the above graph, 49% of respondent are feel that T.V is best advertising media, 26% of respondent think Newspaper is best advertising media tool, 17% of respondents feel Internet , and 8% advertisement tools. of respondent agree with other


Q.9 How would you rate ICICI Prudential in comparison to LIC?

Criteria Good Average Poor Frequency 45 55 0 Percentage 45% 55% 0%

ANALYSIS AND INTERPRETATION:As per shown in the above graph, 45% of respondent are give good rate to ICICI Prudential in comparison to LIC, 55% of respondent given average rate, and 0% of respondent given poor rate.


Q .10 Do you want to adopt any policy in future?

Criteria Yes No Frequency 95 5 Percentage 95% 5%

ANALYSIS AND INTERPRETATION:As per shown in the above graph, 95% of respondents want to adopt any policy in future, only 5% of respondent were not want any policy in future.


Q .11 IF Yes, Then from which company

ICICI Prudential LIC

Frequency 40 55

Percentage 40% 55%

ANALYSIS AND INTERPRETATION:As per shown in the above graph, 55% of respondents want to adopt their policy from LIC, and other 40% of respondent want to adopt their policy from ICICI Prudential Life Insurance Company.



It is said, Nothing is perfect and if the quite is true, I am sure that there would be few shortcoming in this project also. Sincere efforts have been made to eliminate discrepancies as far as possible but few would have reminded due to limitations of the study. These are:

1. Limited scope
The survey was conducted in Alwar District thus the respondents belonged to only this region of the country. This could have brought bias into the study.

2. Nature of the study

The survey concentrated on personal information about income, saving and investment. All these issues are highly sensitive and of secretive nature therefore there could have been untrue answers to some of the questions.

3. Ambiguous replies
Some of the respondents gave ambiguous replies for certain questions or omitted the responses to some of them. The interpretation of such responses becomes difficult and could generate wrong results.

4. Unrepresentative sample size

The sample size taken for the purpose of the study does not very significantly represent the whole society and their saving investment patterns may not clearly bring out the average trends existing in the market.


5. Assumption for the purpose of analysis

Some assumption was made while doing analysis and interpretation; there could be few limitations in regard to these.







1. Chuganee Bhakti ;The rush into insurance, Surya Publisher, New Delhi, November 15-28, 1999, 8th ed. 2. Kothari C.R., Research Methodology: Research & Techniques, Vishva Parkashan , New Delhi, 1998, 4th edition. 3. Insurance chronicle; Branding Insurance An India perspective. 4. Nargundkar Rajendra ; Marketing Research, , 2nd Edition Tata McGraw Hill Publishing Co. Ltd. New Delhi, 2003 5. Dick, William. 2005. Commodity Risk Management Group. World Bank, Washington DC. 6. Hess, U. 2003. Innovative Financial Services for Rural India: Monsoon-IndexedLending and Insurance for Smallholders. Agriculture and Rural DevelopmentWorking Paper No. 7. The World Bank, Washington, DC. 8. Hubka, Asheley, and Ornsaran Manuamorn. 2005. BASIX Case Study. Agriculture and Rural Development (Unpublished) World Bank, Washington, DC. 9. Mishra, P.K. 1996. Agricultural Risk, Insurance and Income: A Study of the Impact and Design of Indias Comprehensive Crop Insurance Scheme. Brookfield: Avebury Press. 10. Skees, J.R., P.B.R. Hazell and M. Miranda. 1999. New Approaches to Public/Private Crop-Yield Insurance. EPTD Discussion Paper No. 55. International Food Policy. 11. Research Institute, Washington, DC. Available at www.cgiar.org/ifrpi. 12. Syroka, Joanna. 2005. Case Studies of Agricultural Weather Risk Management, Appendix II to Managing Agricultural Production Risk: Innovations in Developing


Countries. ESW report of the Agricultural and Rural Development. 13. Department. The World Bank, Washington, DC. 14. World Bank. 2005. Managing Agricultural Production Risk: Innovations in Developing Countries. ESW report by the Agricultural and Rural Development Department. The World Bank, Washington, DC.



Dear Sir/ Madam,

I am .. student of MBA from Indra Gandhi Open University, conducting Survey on Comparison between Promotional tools used by LIC and ICICI Prudential and Effectiveness of each. Please share your few minutes to full fill this questionnaire.

Q.1 Do you have any insurance policy? Yes No ..

Q.2 From which company 1. ICICI Prudential 2. LIC 3. Both 4. Other

Q.3- If yes, From where you come to know about this policy? 1. Electronic Media 2. Print Media 3. Advisor/ Agent 4. Other


Q.4 After getting the information about this policy , Did you confirm from any other source about the policy? Yes No . .

Q.5 If yes, from which source 1. Personal contact 2. Company Branch 3. From existing customer 4. Other ... ... ...

Q.6 Are you satisfied from the company? Yes No . .

Q.7 If No, Then where company lacks your expectations? ICICI Prudential 1. Company Services 2. Claim Related 3. Agent Services 4. Other .. .. .. ..

LIC 1. Company Services 2. Claim Related 3. Agent Services 4. Other ... ... ... ..


Q.8 According to you which advertising media is best? 1. T.V. 2. Newspaper 3. Internet 4. Other . .. .. ...

Q.9 How would you rate ICICI Prudential in comparison to LIC ? Good Average Poor ....

Give comments. Q .10 Do you want to adopt any policy in future? Yes No .

Q .11 IF Yes, Then from which company ICICI Prudential LIC .. .

1. Name . 2. Sex: Male Female Below 18 18-35 35-50 Above 50 . . ... ...

3. Age:


4. Education:

Under Graduate Graduate Post Graduate

. . .

5. Occupation:

Service Profession Business Other

... .. . .

6. Address

7. Phone no.

.. .. .. .

*Thanks for your valuable time and co-operation*