Organization Study of ICICI Bank by Sanjay Gupta

INDEX Topics

Page no.

 Executive Summary

 Introduction • Objective of study • Company Profile

4 5

 Research Methodology • Statement Of Problem • Research Design • Sampling Technique • Sample Size • Source Of Data Collection • Data Collection Instrument • Limitation Of Study

59 60 61 62 62 62 63 64

    

Data Analysis Findings Conclusion & Recommendations Bibliography Annexure

65 68 79 80 81

EXECUTIVE SUMMARY In todayâ&#x20AC;&#x2122;s competitive and dynamic world, with every business providing same kind of product or service, only that firm that come up with innovative idea can hope to survive in long run, by attracting and luring customers. Insurance sure is an upcoming sector but with privatization of the same, selling insurance product has become tough due to competitive angle attached to it. It is usually said that if you can sell insurance, you can sell anything in the world including garbage. The reason behind this concept is the hesitant and unaware population, who simply run away at the mere mention of its name. Providing insurance to a huge population such as ours encompassing different strata of society has indeed been a formidable task for the last few decade. WHO statistics put the insurance access in India at around 65%. The remaining 35% do not have any access at all. Governments in most parts of the world developed or otherwise, realize the limitation when it comes to providing Insurance. In a globalized market-driven economy, it become imperative for each country to look for the solution and structure them to suit the domestic needs. While there will be various factors both internal and external influencing this research, there is no doubt that public and private health care providers and financers will have to keep the customers in focus when formulating a well thought out ad highly integrated approach to cover all sorts of requirements. It is true that in managing healthcare, the pre-payment route through insurance schemes rather than out-of-pocket are preferable and fairer form of revenue collection. But there are loopholes in the present indemnity-based insurance product offered by the public sector units and pricing of products are mostly none scientific. It is well known that Mediclaim is a loss making proposition with claim ratios being as high as 130%. The opening up of health insurance sector to private is seen as one that will provide better solutions. Insurance concepts in health care are changing from managed care to defined care and there is no doubt that the private insurers can provide the customersâ&#x20AC;&#x2122; with a wide variety of products. But health insurance is still in a limbo at the movement in absence of any clear-cut guidelines from IRDA. Pricing is the key issue and major international players already present in India are sort of waiting in the wings to see what and how their competitors go about theirs strategies.

ICICI BANK was originally presented in 1944 by ICICI Limited, an Indian financial institution, and was a wholly owned subsidiary; ICICI was formed in1955 at the initiative of the World Bank, the government of India and representatives of Indian Industry. The principal objective was to create a developed financial institution for providing medium-term and long-term project financing institution offering to Indian businesses. In 1990’s, ICICI transformed its business from a development financing institution offering only products and finance as a diversified financial services group offering a wide variety of products and services, both directly and through a number of subsidiaries and affiliated like ICICI bank. ICICI marked its first foray into retail banking by promoting ICICI Bank. The Bank was registered a banking company on January 15, 1994 and received its banking license from the Reserve Bank of India on May17, 1994. ICICI’s shareholding in ICICI bank was reduced to 46% through:  A public offering of shares in India in fiscal 1998  An equity offering in the form of ADR’s listed on the NYSE in fiscal 2001  ICICI Bank’s acquisition of the bank of madura limited in an all-stock amalgamation in fiscal 2001  Secondary market sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002 The first ICICI Bank branch was started in Madras in June 1994. It is now India’s second largest bank with total assets of about Rs. 1 trillion and a network of about 540 branches of offices and over 1,000 ATMs. The branches are fully computerized with state-of-the-art technology and systems. All of them are fully networked through V-SAT (Satellite) technology. The bank is connected to the international SWIFT network since March 1995. ICICI Bank’s infinity was the first internet banking service in the country and a prelude to banking in the next millennium. Currently, the bank has around 150,000 customers. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers trough a variety of delivery channels and through its specialized subsidiaries and affiliates in the area of investment banking , life and non-life insurance, venture capital, asset management and information technology. ICICI Bank’s equity shares are listed in India on stock exchange at Chennai, Delhi, kolkota and vadodara, the stock exchange, Mumbai and the National Stock Exchange of India Limited and its American Depository Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).

In 1999, ICICI become the first Indian company and the first bank or financial institution from non-Japan Asia to be listed on the NYSE. After the consideration of various corporate structuring alternatives in the context of the emerging competitive scenario in the Indian Banking industry, and the move towards universal banking, the management of ICICI with ICICI Bank would be the optimal strategic alternative for both entities, and would create the optimal legal structure for the ICICI’s group universal banking strategy. The merger would enhance value for ICICI shareholders through the merged entity’s access to lowcost deposits, greater opportunities for earning fee-based income and the ability to participate in the payments system and provide transaction-banking services. The merger would enhance value for ICICI bank shareholders through a large capital base and scale of operation, seamless access to ICICI’s strong corporate relationships built to over fine decades, entry into new business segments, higher market share in various business segments, particularly fee-based services, and access to vast talent pool of ICICI and its subsidiaries. In October 2001, the Board of directors of ICICI and ICICI Bank approved the merger of ICICI and two of its whole owned retail finance subsidiaries, ICICI Personal Financial Services Limited and ICICI Capital Services Limited, with ICICI Bank. Shareholders of ICICI and ICICI Bank approved the merger in january2002, by the high court of judicature at Bombay and the reserve bank of India in april2002. Consequently, on March 30, 2002, ICICI Bank became the first universal bank in India by integrating ICICI group’s financing and banking operations, both wholesale and retail, into a single-entity. The merger has created the country’s largest private sector bank and the second largest bank in terms of assets, with a growth model that brings together competency capability and provides opportunities hither to unavailable as separate entities.

OBJECTIVE OF STUDY

 To know about various policies of ICICI Prudential

 To know about various policies of ICICI Prudential.

 To learn and understand the distribution aspect of insurance products.

 To identify the insurance need of Indian population with respect to their emotion, physical and financial condition.

 To match the need of population with the products in hand or else design a new product.

Company Profile 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's capital stands at Rs. 20.60 billion with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. As of March 31, 2007, the company garnered Rs. 4,843 crore of weighted retail + group new business premiums and wrote over 1.96 million retail policies. The company has assets held to the tune of over Rs. 15,000 crore. ICICI Prudential is also the only private life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating is the highest rating, and is a clear assurance of ICICI Prudential's ability to meet its obligations to customers at the time of maturity or claims. For the past six years, ICICI Prudential has retained its position as the No. 1 private life insurer in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life. Distribution ICICI Prudential has one of the largest distribution networks amongst private life insurers in India. As of March 31, 2007 the company has over 580 offices across the country and over 234,000 advisors. The company has over 22 bank assurance partners, having tie-ups with ICICI Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank, Idukki District Co-operative Bank, Jalgaon Peoples Co-operative Bank, Shamrao Vithal Co-op Bank, Ernakulam Bank, 9 Bank of India sponsored Regional Rural Banks (RRBs), Sangli Urban Co-operative Bank, Baramati Co-operative Bank, Ballia Kshetriya Gramin Bank, The Haryana State Co-operative Bank.

About

the

Promoters

ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank with over 50 years presence in financial services and with assets of over Rs 3446.58 bn (USD 79 billion) as on March 31, 2007. The Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries in the areas of investment banking, life and non-life insurance, private equity and asset management. ICICI Bank is a leading player in the retail banking market and services its large customer base through a network of over 950 branches and extension counters, 3300 ATMs, call centers and internet banking to ensure that customers have access to its services at all times. Established in London in 1848, Prudential plc, through its businesses in the UK nd Europe, the US and Asia, provides retail financial services products and services to more than 20 million customers, policyholder and unit holders and manages over ÂŁ251 billion of funds worldwide (as of 31 December 2006). In Asia, Prudential is the leading European life insurance company with life operations in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, Vietnam. Prudential is the second largest retail fund manager for Asian sourced assets ex-Japan as at June 2006. Its fund management business has expanded into a total of ten markets : China, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and United Arab Emirates

Vision & Values

To make ICICI Prudential the dominant Life and Pensions player built on trust by world-class people and service. This we hope to achieve by: Understanding the needs of customers and offering them superior products and service Leveraging technology to service customers quickly, efficiently and conveniently Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders Providing an enabling environment to foster growth and learning for our employees And above all, building transparency in all our dealings.

The success of the company will be founded in its unflinching commitment to 5 core values -- Integrity, Customer First, Boundary less, Ownership and Passion. Each of the values describes what the company stands for, the qualities of our people and the way we work. We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth. Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundary less, Ownership, and Passion. These values shine forth in all we do, and have become the keystones of our success.

The ICICI Prudential Edge

The ICICI Prudential edge comes from our commitment to our customers, in all that we do - be it product development, distribution, the sales process or servicing. Here's a peek into what makes us leaders. 1. Our products have been developed after a clear and thorough understanding of customers' needs. It is this research that helps us develop Education plans that offer the ideal way to truly guarantee your child's education, Retirement solutions that are a hedge against inflation and yet promise a fixed income after you retire, or Health insurance that arms you with the funds you might need to recover from a dreaded disease. 2. Having the right products is the first step, but it's equally important to ensure that our customers can access them easily and quickly. To this end, ICICI Prudential has an advisor base across the length and breadth of the country, and also partners with leading banks, corporate agents and brokers to distribute our products 3. Robust risk management and underwriting practices form the core of our business. With clear guidelines in place, we ensure equitable costing of risks, and thereby ensure a smooth and hassle-free claims process. 4. Entrusted with helping our customers meet their long-term goals, we adopt an investment philosophy that aims to achieve risk adjusted returns over the longterm. 5. Last but definitely not the least, our 16,000 plus strong team is given the opportunity to learn and grow, every day in a multitude of ways. We believe this keeps them engaged and enthusiastic, so that they can deliver on our promise to cover you, at every step in life.

Awards & Recognitions

India's Most Customer Responsive Avaya GlobalConnect Customer Responsiveness Awards

Most

Trusted

Private

Insurance Economic

Life

Company Times

Insurer

The Economic Times - A C Nielsen Survey of Most Trusted Brands â&#x20AC;&#x201C; 2003, 2004 and 2005

Prudence

Customer

Centricity

Award 2004 & 2005 Prudential Corporation Asia

Best Life Outlook Money Awards 2003 & 2004

Insurer

IMM Award Institute of Marketing & Management

for

Organisation with Indira Group of Institutes

Innovative

2003

Excellence

Practices

Superbrand 2003-04

Organisation with Innovative Asia-Pacific H R Congress Awards for HR Excellence 11

Practices

Promoters ICICI

Bank

Plc

Established in London in 1848, Prudential plc, through its businesses in the UK and Europe, the US and Asia, provides retail financial services products and services to more than 20 million customers, policyholder and unit holders and manages over ÂŁ251 billion of funds worldwide (as of 31 December 2006). In Asia, Prudential is the leading European life insurance company with life operations in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, Vietnam. Prudential is the second largest retail fund manager for Asian sourced assets ex-Japan as at June 2006. Its fund management business has expanded into a total of ten markets : China, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and United Arab Emirates

Board of Directors The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad. Mr. K.V. Kamath, Chairman Mr.Barry Stowe Mrs. Kalpana Morparia Mrs. Chanda Kochhar Mr. HT Phong Mr. M.P. Modi Mr. R Narayanan Mr. Keki Dadiseth Ms. Shikha Sharma, Managing Director Mr. N. S. Kannan, Executive Director Mr. Bhargav Dasgupta, Executive Director Ms. Anita Pai, EVP â&#x20AC;&#x201C; Customer Service & Technology Mr. Azim Mithani, Chief Actuary Mr. Puneet Nanda, Chief Investments Officer

RECENT ADVERTISING CAMPAIGNS:

INSURANCE PLANS

ICICI Prudential has a wide array of insurance plans that have been designed with the philosophy that different individuals are bound to have differing insurance needs. The ideal insurance plan is one that addresses the exact insurance needs of the individual that will depend on the age and life stage of the individual apart from a host of other factors.

1) LIFE INSURANCE PLANS : a) EDUCATION INSURANCE PLANS: a)1. Smartkid One of your most important responsibilities as a parent is to ensure that your child gets the best possible education that can be provided. ICICI Prudential offers a wide portfolio of education insurance plans that are designed to provide peace of mind to you, as a parent, that your child's education will be secure. These plans ensure that money is made available at the crucial junctures in a child's education - Class X, Class XII, graduation and postgraduation - to fund crucial commitments for the child's future. Importantly, education insurance plans ensure that in the unfortunate event of the death of a parent, the child's education continues unhampered. Under the education insurance plans platform, ICICI Prudential brings the following products to you.

Plan Name Plan Type SmartKid Regular

New

SmartKid Single

New

Unit-linked

SmartKid Regular Premium

Premium Unit

Linked

Premium Unit

Linked

Traditional

Why SmartKid ICICI Prudential's Smart Kid is a fixed-term insurance plan that provides you with funds at regular intervals. The plan also keeps your family financially secure should an untoward event ever occur. Read more about the features and benefits of Smart Kid. Features and benefits of SmartKid SmartKid offers an exclusive choice of 3 education insurance plans: SmartKid New Unit-linked Regular Premium, SmartKid New Unit-linked Single Premium and SmartKid Regular Premium. Take a look at the features and benefits of each plan:

a)1.1 SmartKid New Unit-linked Regular Premium SmartKid New Unit-linked Regular Premium is a unit-linked plan, which enables you and your child to accumulate wealth by virtue of the performance of the underlying market-linked instrument. Take a look at the features of the plan: Premium: The minimum premium to be invested is Rs. 10,000 per annum. After deducting premium allocation charges from the premium, the remaining amount will be invested in a fund of your choice. Sum Assured: The minimum Sum Assured that the policyholder can opt for is Term * Annual Premium/2, subject to a minimum of Rs 1 Lac Policy term: The term of the policy will be calculated as the difference between your child's current age and the age of your child when the policy matures. Mortality, Policy Administration charges: These and other charges will be deducted from the units in the fund. a)1.2 SmartKid New Unit-linked Single Premium SmartKid New Unit-linked Single Premium works in much the same way as SmartKid New Unit-linked Regular Premium policy mentioned above. The only

different feature is the premium amount-you will be required to pay only a single premium, which starts at as low as Rs. 50,000. a)1.3. SmartKid Regular Premium Flexible investment option: Choose the amount of premium with which you wish to safeguard your child's education. Flexible policy tenure: The tenure of the plan will be calculated as the difference between your child's current age and his or her age at which the policy matures. Flexible premium options: The premium will be calculated based on 3 factors: Sum Assured, policy tenure and your age. Guaranteed bonus: A guaranteed bonus of 3.5% per annum is declared for the first 4 premium paying years plus an annual vested bonus declared in subsequent years. Additional

Features

and

Benefits

Common

All

Plans

Regular payouts: As your child approaches key educational milestones such as 12th standard or graduation exams, he or she will receive regular payouts, guaranteeing he or she continues to study, no matter what the circumstance. Death Benefit: Your child will receive the Sum Assured immediately, should something happen to you. ICICI Prudential will pay the remaining premiums, ensuring your child continues to receive policy benefits, as always. Income Benefit Rider: You can choose to add the benefits of this rider to your child's education plan. Should you depart before your son's or daughter's education is complete, you child will receive 10% of Rider Sum Assured, for the balance term of the policy. Add-on riders: 'Accidental Death and Disability Rider' and 'Waiver of Premium Rider' ensure your child stays doubly protected, at all times. You can choose to add these to your child's education policy. Tax benefits: Premiums you pay for a SmartKid policy are eligible for tax savings [u/s 80(C)]. Maturity and death benefits are eligible for tax exemptions [u/s 10(10D)]. b) WEALTH CREATION PLANS:

Wealth Creation Plans give the customer the dual benefit of protection along with the potentially higher returns of market-linked instruments. The most important benefit of ULIPs is the flexibility they give the customer in choosing the premium amount and also choosing the underlying fund in which this money is to be invested. Wealth creation plans also offer the customer more liquidity options as compared to traditional plans. As such, ULIPs are ideal for customers who want the protection of a life cover to be allied to the returns of market linked instrument â&#x20AC;&#x201C; giving them an unmatched combination of benefits. Under the wealth creation platform, ICICI Prudential brings the following products to you. Please click on the product name to know more about the plans. PLAN NAME

PLAN TYPE

LIFE TIME SUPER

UNIT LINKED

LIFE LINK SUPER

UNIT LINKED

PREMIER LIFE GOLD

UNIT LINKED

LIFE TIME PLUS

UNIT LINKED

b)1. LIFE TIME SUPER As an individual who desires a lot from life-a car, a beautiful home and of course, the comfort and contentment of your family-you would undoubtedly want to plan your finances such that you can take care of all your requirements. Invest in ICICI Prudential's LifeTime Super policy-a regular-premium unit-linked policy, which offers potentially higher returns that systematically enable you to meet your long-term financial objectives. In addition, LifeTime Super also provides the protective benefit of an insurance cover, which keeps your family secure, always.

LifeTime Super at a glance

Minimum/Maximum Entry Age 0 years to 65 years Maximum Age at Policy Maturity

75 years

Minimum/Maximum Policy Term

10 years to 75 years

Premium Payment Frequency

Monthly, half-yearly, yearly

Minimum Premium

Rs. 18,000 per annum

Minimum Sum Assured

Annual Premium x Term/2. Subject to a minimum of Rs. 1,00,000 Premium paid for the policy and critical illness benefit rider will be eligible for tax benefit under Sec. 80C and 80D respectively. Any amount paid to you will be eligible for tax benefits under Sec. 10 (10D) as per prevailing Income Tax laws.

Tax Benefit (8)

Features and benefits of LifeTime Super Flexible policy term: Decide for how long you want your policy. You can invest for a minimum of 10 years and a maximum of 75 years. 3 choices of premium payment: Opt to pay the premium on a monthly, biannual or an annual basis. 6 investment funds: Select among Flexi-Growth, Maximiser, FlexiBalanced, Balancer, Protector, and Preserver, based on your financial goals and risk profile. Systematic withdrawal of money: Withdraw money in installments from the 4th yearonwards. Maturity benefit: Receive the Fund Value when your policy matures. Choose to take this value as a single lump-sum amount or in monthly, biannual or annual installments.

b)2. LIFE LINK SUPER

Well-deserved financial incentives, rewarding business profits and even ancestral money are precious amounts that you should invest immediately so they earn you potentially higher returns in the long run. Minimum/Maximum Entry Age 0 years to 65 years Maximum Age at Policy Maturity 70 years Minimum Policy Term 5 years Minimum Single Premium Up to age 44: Rs. 25,000, age 45 and above: Rs. 50,000 Minimum Sum Assured

Annual Premium x Term/2. Subject to a minimum of Rs. 1,00,000

Tax Benefit

Premium payment up to 20% of the Sum Assured is eligible for benefit under Sec. 80C. Any amount paid to you will be eligible for tax benefits under Sec. 10 (10D) exemption, if premium paid in any year does not exceed 20% of the Sum Assured.

Invest in ICICI Prudential's LifeLink Super policy-a single-premium unit-linked policy that works best for investors who have in mind long-term financial goals, such as the education of a child or the purchase of a larger home. Apart from the potentially higher returns that you can earn, LifeLink Super insures your family against misfortunes with its protective insurance cover. LIFE LINK SUPER AT A GLANCE

Features and benefits of LifeLink Super 2 options of Sum Assured: Choose to receive either 125% or 500% of the single premium amount. Flexible policy term: Decide how long you wish to invest in this policy. You can invest for a minimum of 5 years and keep your investment growing for as long as you wish after that.

Partial withdrawal of money: Withdraw funds in installments from the 4th year onwards. Attractive premium allocation rates: Enjoy 100% allocation for premium amounts equal to or greater than Rs. 5 lacs. 6 investment funds: Select among Flexi-Growth, Maximiser, FlexiBalanced, Balancer, Protector, and Preserver, based on your financial goals and risk profile. Switch benefit: Switch between funds anytime to maximize on market movements. You can switch funds 4 times a year, at no cost. For subsequent switches, you will be required to pay a switch fee of Rs. 100. Maturity benefit: Receive the Fund Value when your policy matures. Choose to take this value as a single lump-sum amount or in monthly, biannual or annual installments spread over 1 to 5 years. Death benefit: Your family receives the higher of Fund Value or Sum Assured should something happen to you.

b)3. PREMIER LIFE GOLD Knowing the dynamic nature of the environment and your profession, you certainly prefer plans that do not require you to make long-term financial commitments. You would much rather have the freedom to invest for short

periods, say three or five years, and still enjoy good returns for the rest of your life. ICICI Prudential's PremierLife Gold has been tailored to precisely meet your requirements. One of the finest wealth creation plans available, PremierLife Gold provides you with the benefit of paying premiums for a brief period but enjoying the benefits of cover and potentially higher returns over the long run. Put simply, PremierLife Gold ensures you enjoy long-term benefits even when you make short-term investments. PremierLife Gold at a glance Premium Payment Term

3 years

5 years

Minimum Premium

Rs 100000

Rs 60000

Minimum Entry Age

Maximum Entry Age

69 years

65 years

Minimum Policy Term

6 years

10 years

Maximum Policy Term

30 years

Maximum Age at maturity

75 years

Minimum Sum Assured Higher of (5* Annual Premium AND Policy Term/2*Annual Premium) Premium paid for the policy and critical illness benefit rider will be eligible for tax benefit under section 80C & 80D respectively, any benefit amount received under this policy will be eligible for the tax benefit under section 10 (10D), as per prevailing Income Tax laws.

Tax Benefit

Features and benefits of PremierLife Gold PremierLife Gold is a limited premium paying policy that ensures you enjoy all the benefits of a long-term investment cum insurance plan. Take a look at the features and multiple benefits of this plan: Limited premium payment term: Choose to pay premiums for either 3 years or 5 years ONLY. Flexible policy term: Choose to remain invested and protected for as long as 30 years. Flexible minimum premium: Pay Rs. 60,000 or Rs. 1 lakh depending on the premium payment term you choose. 2 options of Sum Assured: The Sum Assured is the higher amount between Annual Premium x 5 and Policy Term/2 x Annual Premium. 6 investment options: Select among Flexi-Growth, Maximiser, FlexiBalanced, Balancer, Protector, and Preserver, based on your financial goals and risk profile. Partial withdrawal of money: Withdraw money in installments from the 4th year onwards. Settlement option: Withdraw your funds systematically after maturity in monthly, quarterly, bi-annual or annual installments. Maturity benefit: Receive the Fund Value when your policy matures. Choose to take this value as a single lump-sum amount or in monthly, biannual or annual installments spread over 1 to 5 years. Death benefit: Your family will receive the higher of Fund Value or Sum Assured should something happen to you. Switch benefit: Switch between your investment funds anytime to adjust your portfolio, based on your financial objectives. You can switch funds 4 times a year, at no cost. For subsequent switches, you will be required to pay a switch fee of Rs. 100. Tax benefits: Enjoy tax benefits on the premiums you pay (under u/s 80 C) and tax exemptions on maturity and death benefits [under u/s 10 (10 D)].

b)4. LIFE TIME PLUS Invest in ICICI Prudential's LifeTime Plus-the only unit-linked plan that provides your family with both, Sum Assured AND Fund Value. Both these amounts ensure your loved ones remain financially secure, regardless of life's uncertainties. This ideal wealth creation plan also serves as a protective insurance cover LifeTime Plus at a glance Minimum/Maximum Entry Age

10 years and 30 years

Minimum/Maximum Age of Entry

0 years and 65 years

Minimum/Maximum Premium

Rs. 20,000 and Rs. 3,00,000 per annum

Minimum Sum Assured

Annual Premium x Term/2

Tax Benefit

Premium paid for the policy will be eligible for tax benefit under Sec. 80C. Any amount paid to you will be eligible for tax benefits under Sec. 10 (10D) as per prevailing Income Tax laws.

Features and benefits of LifeTime Plus ICICI Prudential's LifeTime Plus is a regular premium unit-linked insurance policy that provides you with flexible investment options and of course, the protective benefit of an insurance cover. Take a look at the features and benefits of this plan: 6 investment funds: Select among Flexi-Growth, Maximiser, FlexiBalanced, Balancer, Protector, and Preserver, based on your financial goals and risk profile. Partial withdrawal of money: Withdraw funds in installments from the 4th year onwards. Maturity benefit: Receive the Fund Value when your policy matures. Choose to take this value as a single lump-sum amount or in monthly, biannual or annual installments spread over 1 to 5 years. Death benefit: Your nominee receives the Sum Assured AND Fund Value should something happen to you. Additional allocation of units: Receive an additional allocation of units every 4th year, starting from the end of the 8th year, at the rate of 5% of annual premium, into the investment fund. Tax benefits: Enjoy tax benefits on the premiums you pay (under u/s 80 C) and tax exemptions on maturity and death benefits [under u/s 10 (10 D)].

c) PREMIUM GUARANTEE PLANS: The latest addition to the life insurance product portfolio of ICICI Prudential is the Premium Guarantee plan - InvestShield Life New. Premium Guarantee plans are the ideal insurance-cum-investment option for customers who want to enjoy the potentially higher returns of a market linked instrument, but without taking any market risk. Under the Premium Guarantee Plans platform, ICICI Prudential brings to you the following products: PLAN NAME INVEST SHIELD LIFE NEW

PLAN TYPE UNIT LINKED

INVEST SHIELD CASH BACK

UNIT LINKED

c)1. INVEST SHIELD LIFE NEW Invest Shield Life New is a one of its kind market linked policy that gives the policyholder the chance of enjoying the potentially higher returns of a market linked instrument. The underlying investment fund in Invest Shield Life New has up to 40% investment in equities and related securities. Moreover, Invest Shield Life New also has the added assurance of a Premium Guarantee which ensures that in the event of the market returns being negative, the sum of all premiums paid is returned to the policyholder on maturity of the plan. In other words, Invest Shield Life New is a downside protected plan. In addition to this, the policyholder gets a life insurance cover for protecting the family against the financial implications of the death of the policyholder. InvestShield Life New at a glance

Minimum/Maximum Entry Age

0-65 years

Maximum Age of Maturity

0 years and 75 years

Minimum/Maximum Term

10-30 years

Minimum Premium

Rs 8000 per annum

Sum Assured

Annual Premium * Term/2

Tax Benefit

Premium paid for the policy will be eligible for tax benefit under Sec. 80C. Any amount paid to you will be eligible for tax benefits under Sec. 10 (10D) as per prevailing Income Tax laws.

Features and benefits of InvestShield Life New 27

Premium Guarantee: Sum of all premiums paid is guaranteed on maturity of the policy or death of the policyholder. This value is referred to as Guaranteed Value. The Guaranteed value will come into play only if all the premiums due from the policyholder have been paid. Maturity Benefit: On completion of term of the policy, the higher of the fund value or guaranteed value is paid to the policyholder Death Benefit: On death of the policyholder, Sum Assured PLUS higher of fund value or guaranteed value at the time of death, will be paid out to the nominee of the life assured. Tax Benefits: The premiums paid towards this policy are eligible for tax deductions u/s 80 C. Maturity proceeds and death benefits are eligible for tax exemption u/s 10 (10 d) as per prevailing tax laws.

c)2. INVEST SHIELD CASH BACK Invest Shield Cash Back is a one of its kind market linked policy that gives the policyholder the benefit of capital appreciation while maintaining a balance between return, safety and liquidity. Moreover, Invest Shield Cash Back also has the added assurance of a Premium Guarantee which ensures that in the event of the market returns being negative, the sum of all premiums paid is returned to the policyholder on maturity of the plan. In other words, Invest Shield Cash Back is a downside protected plan. In addition to this, the policyholder gets a life insurance cover for protecting the family against the financial implications of the death of the policyholder. Invest Shield Cash Back at a glance

Minimum/Maximum Entry Age

0-65 years

Maximum Age of Maturity

0 years and 75 years

Minimum/Maximum Term

10-30 years

Minimum Premium

Rs 8000 per annum

Sum Assured

Annual Premium * Term/2

Tax Benefit

Premium paid for the policy will be eligible for tax benefit under Sec. 80C. Any amount paid to you will be eligible for tax benefits under Sec. 10 (10D) as per prevailing Income Tax laws.

Features and benefits of Invest Shield Cash Back As a market-linked plan with premium guarantee and enhanced life insurance, InvestShield CashBak offers a host of benefits to the policyholder. Key

Benefits:

Premium Guarantee:Sum of all premiums paid minus the partial withdrawals is guaranteed on maturity of the policy or death of the policyholder. This value is referred to as Guaranteed Value. The Guaranteed Value will come into play only if all the premiums due from the policyholder have been paid. Partial Withdrawals: From the 6th year onwards, you are allowed one partial withdrawal per year, up to a maximum of 10% of your fund value till the end of the term Maturity Benefit: On completion of term of the policy, the higher of the fund value or guaranteed value is paid to the policyholder Death Benefit: On death of the policyholder, Sum Assured PLUS higher of fund value or guaranteed value at the time of death, will be paid out to the nominee of the life assured. 29

Tax Benefits: The premiums paid towards this policy are eligible for tax deductions u/s 80 C. Maturity proceeds and death benefits are eligible for tax exemption u/s 10 (10 d) as per prevailing tax laws.

d) PROTECTION PLANS: The sole objective of these plans, as their name indicates, is to serve the protection needs of the customer and by doing so, safeguard one’s family from the financial implications of unfortunate circumstances than one cannot foresee. Under the Protection Plans platform, ICICI Prudential brings to you the following products: PLAN NAME LIFE GUARD

PLAN TYPE TRADITIONAL

SAVE ‘n’ PROTECT

TRADITIONAL

CASH BACK

TRADITIONAL

HOME ASSURE

TRADITIONAL

d)1. LIFE GUARD Protect your family with ICICI Prudential's Life Guard. Life Guard acts as a shield that safeguards your loved ones from financial insecurity, at all times. A cost-effective plan, Life Guard comes in three variants: Life Guard (life cover without maturity benefit), Life Guard with Return of Premium (life cover with maturity benefit), and Life Guard Single Premium (premium at policy inception, cover till policy matures). Invest in a plan that best suits your requirements and guarantee your family lifelong comfort and security. Life Guard at a Glance A cost-effective plan, LifeGuard comes in three variants: LifeGuard (life cover without maturity benefit), LifeGuard with Return of Premium (life cover with maturity benefit), and LifeGuard Single Premium (premium at policy inception, cover till policy matures). Invest in a plan that best suits your requirements and guarantee your family lifelong comfort and security.

Plan

Minimum Assured

Sum Policy Term

LifeGuard Rs 5 Lakhs LifeGuard Rs 5 Lakhs with Return of Premium LifeGuard Single Rs 2.5 Lakhs Premium

Premium* Installments

Between 5 & Monthly, half-yearly 30 years or annually Monthly, half-yearly Between 10 & or annually 30 years Single Premium Between 3 & plan 15 years

*Premium is calculated based on your age and level of cover you choose.

Features and Benefits of Life Guard LifeGuard offers a choice of 3 life insurance plans: LifeGuard, LifeGuard with Return of Premium and LifeGuard Single Premium. Take a look at the features and benefits of the plans: Death benefit: Provide for your beneficiary to receive the Sum Assured should something happen to you.

Extended life cover: Invest in LifeGuard with Return of Premium plan and safeguard your family with an additional cover—at 50% of the original Sum Assured—for 5 years after your policy terminates. Additional riders: Protect your family from accidents and disability by adding on the Accident and Disability Benefit Rider (ADBR) and the Waiver of Premium Rider (WOPR). ADBR: The rider benefit amount will be paid to your family in the event of death or disability due to an accident. WOPR: In the case of total and permanent disability due to an accident, all further premiums will be waived and policy benefits will continue. Tax benefits: Receive tax deductions on premiums paid (u/s 80 C). Enjoy tax exemptions on maturity proceeds and death benefits [u/s 10 (10 D)] as per prevailing Income Tax laws. Maturity benefit: Invest in LifeGuard with Return of Premium plan and receive all the premiums you have paid, when your policy matures.

d)2. SAVE ‘n’ PROTECT Guarantee your loved ones stay secure, even when you are unable to hold up the protective umbrella yourself. Invest in ICICI Prudential's Save'n'Protect. In addition to safeguarding your family, Save'N'Protect enables you to make regular, systematic savings, so you can effortlessly provide your family with every comfort and meet your long-term financial objectives.

Minimum Sum Assured (1)

Rs 50,000

Minimum Term (2)

10 years

Maximum Policy Term (3)

30 years

Minimum Entry Age (4)

Maximum Entry Age (5)

60 years

Maximum Age at maturity (6)

70 years

Minimum Premium (7)

Rs 6000 p.a.

Tax Benefit (8)

Premium paid for the policy and critical illness benefit rider will be eligible for tax benefit under section 80C & 80D respectively, any benefit amount received under this policy will be eligible for the tax benefit under section 10 (10D), as per prevailing Income Tax laws.

SAVE ‘n’ PROTECT AT A GLANCE

Features and benefits of Save 'n' Protect When you invest in Save ’N’ Protect, you give yourself the guarantee of safeguarding your family’s well being in addition to savings towards some important goals. Take

look

the

features

and

benefits

this

plan:

Sum Assured: Choose your Sum Assured depending on the level of cover with which you want to protect your family. The minimum Sum Assured is Rs. 50,000. 3 premium paying modes: Choose to pay your premium in monthly, bi-annual or annual installments. Your premium is determined based on your age and the Sum Assured you choose. Death benefit: Your nominee will immediately receive the Sum Assured and accrued guaranteed and vested bonuses, should something happen to you. Maturity benefit: Receive guaranteed and vested bonuses plus the Sum

Assured

when

your

policy

matures.

Extended life cover: Opt to protect your family even after you have stopped paying the premium. Enjoy an extended cover for 5 years, at 50% of the Sum Assured, after your policy matures. Additional riders: Keep your family financially secure even in the event of a critical illness, accident and disability. Invest in Critical Illness Rider (CIR), Accident and Disability Benefit Rider (ADBR) and Accident Benefit Rider (ABR). Tax benefits: Enjoy tax deductions on your premiums (u/s 80 C) and tax exemptions on maturity proceeds and death benefit [u/s 10 (10 D)] as per prevailing Income Tax laws.

d)3. CASH BACK ICICI Prudential's Cash Back is a fixed-term insurance plan that provides you with funds at regular intervals. The plan also keeps your family financially secure should an untoward event ever occur. Cash Back at a glance

Minimum/Maximum Entry Age

16 years and 55 years

Minimum Sum Assured

Rs. 75000

Liquidity years for CashBak 15 years

3 rd , 6 th , 9 th and 12 th year

Liquidity years for CashBak 20 years

4 th,8 th, 12 th and 16 th year

Maturity Benefit

50% of Sum Assured + Guaranteed Additions and Vested Bonuses

Features and benefits of Cash Back Cash Back is a fixed-term insurance plan that you can invest in for either 15 or 20 years, depending on your financial goals and objectives. Take a look at the features and benefits of this plan: Guaranteed additions: Receive additional sums at the rate of 3.5% compounded annually on the Sum Assured, for the first four years. Liquidity benefit: Receive a percentage of the basic Sum Assured at the end of year 3, 6, 9 and 12, if you choose a 15-year plan. If you choose a 20year plan, receive payouts at the end of year 4, 8, 12 and 16. Death benefit: Should something happen to you, your nominee will receive the Sum Assured along with guaranteed additions for the first 4 years, along with vested bonuses, irrespective of the survival benefits already paid. Maturity benefit: Receive 50% of the Sum Assured along with guaranteed additions, for the first 4 years, and vested bonuses (if any). Tax benefits: Enjoy tax savings on your premiums (under u/s 80 C) and tax exemptions on your death and maturity benefits [under u/s 10 (10 D)].

d)4. HOME ASSURE Own

your

dream

home,

will

cover

it!

Owning your very own home is a cherished dream. We want to ensure that this dream comes true, irrespective of what the future holds. We are pleased to bring you Home Assure. This extremely affordable Term Life Insurance Plan offers you protection against your loan amount with complete convenience in application. In case of an unfortunate event of death, the financial security of your family is not affected. The family need not direct their savings towards paying off the outstanding loan. ICICI Prudential will pay the outstanding amount to the bank directly. Your family will continue to retain the home purchased by your hard earned money.

Home Assure at a glance

Age at entry

18 - 60 years

Maximum Cover ceasing age

70 years

Term of the plan

2 -22 years

Minimum Sum Assured

Rs.25,000

Maximum Sum Assured

Equivalent to the loan amount

Features and benefits of Home Assure 1. All you have to do is pay a single premium to opt for the insurance cover and you will continue to remain covered throughout the insurance tenure i.e. the under-construction period (if applicable) + the original home loan tenure.

2. You will need to state in advance the expected under-construction period as 0,1, or 2 years. This will be added to the home loan term to compute the total insurance term. 3. You will be covered for the entire loan amount (santioned home loan + single premium paid). The premium is very affordable and there will be a minimal increase in the EMI due to the loan for the insurance premium 4. The insurance cover would start from the date of first disbursement of the home loan and ICICI Prudential shall accept risk from the date the premium is debited to the account of the life assured. 5. The insurance cover would be as per the original loan schedule. 6. On survival up to the end of term, no benefit will be payable. Tax benefits: Premium paid for the policy and critical illness benefit rider will be eligible for tax benefit under Sec. 80C and 80D respectively. Any amount paid to you will be eligible for tax benefits under Sec. 10 (10D) as per prevailing Income Tax laws.

2) RETIREMENT SOLUTION PLANS: a) FOREVER LIFE PLAN ICICI Prudential's Forever Life is a complete insurance cum pension plan that performs two crucial roles: it acts as a protective cover while you earn for your retirement, and provides you with regular pensions once you retire. Forever Life at a glance

Minimum Sum Assured

Rs. 50,000

Minimum Premium

Rs. 6,000 per annum

Minimum/ maximum entry age

20 years â&#x20AC;&#x201C; 60 years

Minimum/Maximum Term

5 years â&#x20AC;&#x201C; 30 years

Minimum/Maximum vesting age

50 years - 70 years

Features and benefits of Forever Life Forever Life is a regular premium deferred pension plan, which provides you with the security of a life cover during your working years (the Accumulation phase of the policy) and regular pensions once you retire (Annuity phase of the policy). Take

look

the

features

and

benefits

this

plan:

Premiums: Choose the Sum Assured and Vesting Age (age at which you want to start receiving your pensions). Depending on these as well as your age at entry, we determine your annual premium. Pre-decided vesting age: Choose the date from which you want to receive your

pensions. Life cover: Enjoy the protective benefits of a life cover during the term of your policy i.e. the time from when you purchase the policy to the time you retire. The life cover amounts to the Sum Assured along with guaranteed additions and vested bonuses. Annuities: Receive the Sum Assured along with guaranteed additions and vested bonuses when you retire. Choose how you want to receive your annuities. 5 options of annuity payouts: Choose to receive your annuity out of five annuity options that come with this retirement plan. Guaranteed additions: Receive additional sums at the rate of 3.5% per annum compounded on the Sum Assured, for the first four years. Vested bonuses: Receive these from the 5th year onwards, as an annual compounded percentage of the Sum Assured. Death benefit: Should something happen to you, your nominee will receive the Sum Assured along with guaranteed additions and vested bonuses. Tax benefits: Enjoy tax savings on the premiums you pay (under u/s 80 CCC) and tax exemptions on death benefits [under u/s 10 (10 D)].

b) LIFE TIME SUPER PENSION ICICI Prudential's Life Time Super Pension policy is especially designed to help you systematically save towards a joyful and satisfying retirement. Life Time Super Pension is a cost-effective plan that delivers great value in the long run. A regular-premium unit-linked pension policy, Life Time Super Pension ensures you earn a fixed income, for your entire life after retirement. So you can relax and live moments that truly matter. Life Time Super Pension at a glance

Minimum/Maximum Entry Age

18 years to 65 years

Maximum Cover Ceasing Age

75 years

Minimum/Maximum Policy Term

10 years to 57 years

Minimum/Maximum Vesting Age

45 years to 75 years

Premium Payment Frequency

Monthly, half-yearly, yearly

Minimum Premium

Rs. 834 monthly, Rs. 5,000 halfyearly, Rs. 10,000

Tax Benefit

Under Section 80CCC, as per prevailing Income Tax laws on premium paid for base policy

Features and benefits of LifeTime Super Pension ICICI Prudential's LifeTime Super Pension policy is a regular-premium unit-linked pension policy. When you invest in this policy, you provide yourself with a guarantee that you will enjoy a fixed income-even when you are no longer working. Take a look at the additional features of ICICI Prudential's LifeTime Super Pension policy: 5 annuity options: Pick one option based on how long you want your annuity to last and the extent of coverage you want. 6 investment funds: Select among Flexi-Growth, Maximiser, Flexi-Balanced, Balancer, Protector, and Preserver, based on your financial goals and risk profile. You can switch funds 4 times a year, at no cost. For subsequent switches you will be required to pay a switch fee of Rs. 100. 2 variations of Sums Assured: Opt for a Zero Sum Assured or a Sum Assured 42

that can be chosen between a minimum of Rs. 1 lakh and maximum of the annual premium multiplied by the policy term. Tax benefits: Receive up to one-third of the accumulated value as a tax-free lumpsum on your retirement day. Also enjoy tax benefits on the premiums you pay (under u/s 80 CCC) and tax exemptions on death benefits [under u/s 10 (10 D)].

c) LIFE LINK SUPER PENSION ICICI Prudential's Life Link Super Pension has been especially tailored for individuals who would much rather make a lump-sum investment than pay premiums at regular intervals for their retirement planning. A cost-effective single premium unit-linked pension policy, Life Link Super Pension provides potentially higher returns that ensure your golden years are secure and peaceful. Invest in Life Link Super Pension today and watch your money multiply every month, right up to the day you retire. Receive an assured income from your retirement day, for the rest of your life. Read more about the features and benefits of this plan.

Life Link Super Pension at a glance Minimum Premium Minimum/Maximum Entry Age Minimum/Maximum Policy Term Minimum/Maximum Vesting Age

Rs. 25,000 18 years â&#x20AC;&#x201C; 70 years 5 years â&#x20AC;&#x201C; 57 years 45 years to 75 years

Tax Benefit

Under Section 80 CCC, as per prevailing Income Tax Laws on premium paid

Features and benefits of LifeLink Super Pension One-time lumpsum payment: Make a single investment of as little as Rs. 25,000. Investment funds: Select among Flexi-Growth, Maximiser, Flexi-Balanced, Balancer, Protector, and Preserver, based on your financial goals and risk profile. Pension options: Out of the five annuity options, pick one that will best suit your post-retirement requirements. Pre-decided retirement age: Determine the age at which you want to start receiving your pensions. The minimum age of receiving pensions is 45 years. Switch benefit: Switch between funds anytime to adjust your portfolio, based on your goals and risk profiles. You can switch funds 4 times a year, at no cost. For subsequent switches, you will be required to pay a switch fee of Rs. 100. Tax benefits: Receive up to one-third of the accumulated value as a tax-free lump sum on your retirement day. Also enjoy tax benefits on the premiums you pay (under u/s 80 CCC).

3) HEALTH PRODUCT SUITE: Under Health Product Suite, ICICI Prudential offers plans under the following major need categories: a)

HEALTH ASSURE

When you suffer at the hands of an illness, your loved ones urgently do all they can to heal you and restore your health and happiness. During their difficult moments you would undoubtedly wish they had strong support-an additional source of income with which you and your family could meet the sudden medical

expenses. ICICI Prudential's Health Assure has been thoughtfully structured, by compassionate insurance experts, such that you can financially secure your health. Health Assure provides an insurance cover against 6 critical illnesses, including Cancer, Bypass Surgery and Heart Attacks. In an emergency, you can claim up to Rs. 10 lakhs and safely meet your critical expenses. Health Assure at a Glance Coverage Against

Minimum Sum Assured Maximum Sum Assured Minimum/Maximum Entry Age Maximum Age at Policy Maturity Minimum Policy Term Maximum Policy Term Minimum Premium Freelook Period

Tax Benefits

Cancer, Coronary Artery Bypass Graft/Surgery, Heart Attack, Kidney Failure, Major Organ Transplant, and Stroke 1,50,000 10,00,000 18 years to 55 years 65 years 10 years 30 years Rs. 1,800 p.a 15 days from the date on which you receive your documents Tax benefits under Sec. 80 (D) up to Rs. 10,000

Features and Benefits of Health Assure ICICI Prudential's Health Assure Plan is a long-term insurance cover, which empowers you to claim up to as much as Rs. 10 lakhs on the diagnosis of any of the 6 covered critical illnesses. Take a look at the features and benefits of investing in Health Assure:

cover, for as long as 30 years with a premium guarantee for 5 years, depending on your age. Sum Assured of up to Rs. 10 lakhs: Receive the Sum Assured on diagnosis of any of the 6 covered critical illnesses: Cancer, Coronary Artery Bypass Graft/Surgery, Heart Attack, Kidney Failure, Major Organ Transplant, and Stroke. Flexible withdrawal options: Choose to receive the benefit amount either in a lump-sum amount or in installments over 5 years. These installments will be payable as 25% in the first year and 20% each year for the next 4 years. No medical/other bills: Receive your claim amount on diagnosis without having to show any bills. No medical examinations: Enjoy a waiver on medical examinations if you choose a Sum Assured up to Rs. 5 lakhs till age 45.

HEALTH ASSURE PLUS:

Illnesses have a way of sneaking up on us, weakening our financial stability and stealing our family's peace of mind. It is best to keep one self insured at all times against the most critical illnesses that are also the most common: Cancer,

Coronary Artery Bypass Graft or Surgery, Heart Attack, Kidney Failure, Major Organ Transplant, and Stroke. ICICI Prudential's Health Assure Plus financially insures you against these six critical illnesses. Should you ever be diagnosed with one or more of these, Health Assure Plus provides you with a fixed sum, irrespective of your actual medical expenses. The health plan thus shoulders the heavy costs of your treatment and ensures you stay financially stable, come what may. This financial guarantee during illness is not all that Health Assure Plus delivers. Health Assure Plus comes with an added benefit: it insures your life, as well. So should an unexpected accident or disability claim your life, your family will receive the entire Sum Assured-an amount large enough to ensure they live securely, even in your absence. Features and Benefits of Health Assure Plus Long-term coverage against 6 critical illnesses: Choose a cover, for as long as 30 years with a premium guarantee for 5 years, depending on your age. Sum Assured of up to Rs. 10 lakhs: Receive the Sum Assured on diagnosis of any of the 6 covered critical illnesses: Cancer, Coronary Artery Bypass Graft/Surgery, Heart Attack, Kidney Failure, Major Organ Transplant, and Stroke. Life Insurance Sum Assured: This amount is paid to the nominee should something happen to the policyholder. Flexible withdrawal options: Choose to receive the benefit amount either in a lump-sum amount or in installments over 5 years. These installments will be payable as 25% in the first years and 20% each year for the next 4 years. Waiver of premium: Enjoy a waiver of premiums towards your Life Cover even after you receive the benefit amount on being diagnosed with a critical illness.

Life and Six Critical Illnesses: Cancer, Coronary Artery Bypass Graft or Surgery, Heart Attack, Kidney Failure, Major Organ Transplant, and Stroke

Coverage Against

Rs. 1 lakh Minimum Sum Assured Rs. 10 lakhs Maximum Sum Assured 18 years to 55 years Minimum/Maximum Entry Age 65 years Maximum Age at Policy Maturity 10 years Minimum Policy Term 30 years Maximum Policy Term Yes, calculated on basis of no claims made

Maturity Benefit

Payable after 3 years of plan

Surrender Value

15 days from the date on which you receive your documents

Free look Period

Tax benefit under Sec. 80 (C) for premiums paid towards both, Life and Critical Illness covers.

Tax Benefits

Health Assure Plus at a Glance

HOSPITAL CARE:

Today, when you are young and healthy, planning for a contingency is not always a priority but the cost of treating even the smallest of ailments is on the rise. You realize it only when you or your loved ones has to undergo some 48

medical emergency and you are faced with the challenge of organizing funds to meet the hospitalization related expenses. Hence a medical emergency comes not only with emotional turmoil but also with a huge expense attached to it. During such an unexpected situation, your only concern should be that the best doctors and medical facilities are available and cost should not be a constraint so that you can take care of things without compromise but to ensure that best in class treatment is provided, the key to that is to be financially prepared for it. To help you manage this unexpected emergency, ICICI Prudential, India's No. 1 private life insurer presents Hospital Care - a comprehensive insurance policy that has: • Facility of cashless hospitalization in more than 3000 network hospitals. • Benefit amount will be paid in addition to payment received by you from other medical insurance plans. • You will receive lump-sum benefit amount, irrespective of the actual billing. •

Long

term

guaranteed

coverage

years.

• Tax benefits on premium paid up to Rs.15,000 under Section 80D. Hospital Care at-a-glance Minimum / Maximum Age of Entry

1 year - 60 years (age nearest birthday)

Minimum Term

10 years - 20 years

Maximum

Policy

Maximum Cover Ceasing Age

80 years

Premium Payment Frequency

Yearly, half-yearly & monthly

Maturity / Death Benefit

No maturity / death benefit is payable

The premiums are valid for one year from the date of commencement of the policy. Thereafter, the company reserves the right to change the premium. Any change in the above premiums will take place subject to approval from IRDA and after giving notice to the policyholder. These premiums are exclusive of any service tax and education cess. 49

Premium rates for Male and Female lives for term 10 - 20 years excluding service tax and Education cess. Age Band

Plan A

Plan B

Plan C

Plan D

1-5

2,876

4,685

6,494

8,304

6-10

2,631

4,174

5,717

7,263

11-15

3,415

5,742

8,068

10,394

16-20

3,905

6,720

9,535

12,351

21-25

4,062

7,034

10,005

12,977

26-30

4,330

7,570

10,810

14,050

31-35

4,861

8,631

12,402

16,172

36-40

5,542

9,991

14,439

18,888

41-45

6,532

11,967

17,402

22,837

46-50

7,883

14,662

21,440

28,218

CANCER CARE:

As someone who has seen family members and friends struggle to survive Cancer, you have undoubtedly suffered yourself. You know the extent to which the illness drains the family; that the loss is both emotional, and financial. You would have also read, time and again, articles where medical experts unanimously agree that Cancer can attack anyone, anywhere, at any time. But this truth is only one part of the whole picture. Doctors also verify that those with a family history of Cancer are especially prone to being affected by it. Given all these important facts, have you stopped for a moment and asked yourself, "Why have I not insured myself against Cancer?" ICICI Prudential suggests you insure yourself, right away, with Cancer Carea comprehensive Cancer insurance policy, which enables you and your family to stay financially and mentally secure should you be diagnosed with early or advanced Cancer. Cancer Care at a Glance

Coverage Against

Cancer

Minimum/Maximum Sum Assured

5 units to 25 units (Cover of Rs. 5 lakhs to Rs. 25 lakhs)

Minimum/Maximum Entry Age

20 years to 55 years

Maximum Age at Policy Maturity

70 years

Minimum/Maximum Policy Term

10 years to 50 years

Minimum Single Premium

Rs. 1,200 per annum

Free look Period

15 days from the date on which you receive your documents

Tax Benefit

Tax benefit under Section 80 (D) for premiums paid

Types of Cancer Covered by Cancer Care Cancer Care covers most forms of early and advanced stages of cancer that affects both men and women. Following are the most common cancers that are covered under Cancer care: Cancers that commonly affects women: Breast Cancer Cancer of Cervix Ovary Cancer Oesophagus Cancer Lung Cancer Cancers that commonly affects men: Lung Cancer Oesophagus Cancer Larynx Stomach Cancer Hypolarynx Cancer Prostrate Cancer Early cancers that affect men and women: Hodgkinâ&#x20AC;&#x2122;s Disease Chronic Lymphocitic Leukemia Chronic Lymphocitic Leukemia Cancer of Colon or Rectum Cancer of Urinary Bladder Cancer of the stomach, large bowel, bladder, head and neck, liver, pancreas, gall bladder, brain, kidney, lymphoma, leukemia, thyroid, and skin. These cancers also affect men and women at an advanced stage.

Features and Benefits of Cancer Care Comprehensive cancer insurance plan: Get covered for most forms of cancer. Unique design: Receive pay benefits at both early and advanced stages. Cash payouts: Meet your expenses at for diagnosis, treatment and surgery, with cash payouts at various stages. Sum Assured up to Rs. 10 lakhs: Receive this amount for a premium as low as Rs. 250 a month. No medical bills required: Enjoy a hassle-free claim procedure. Receive the benefit amount without showing any medical bills. No medical examinations: Enjoy a waiver on medical examinations if you purchase up to 15 units (equivalent to Rs. 15 lakhs). Waiver of premium: Have your premiums waived if diagnosed with advanced Cancer. Tax benefits: Enjoy tax benefits on the premiums you pay (under u/s 80 D). Benefits accrued: The benefits accrued if you purchase 10 units (equivalent to Rs. 10 lakhs) of Cancer Care are enumerated in the table below:

If an early Cancer If no early Cancer claim has been claim has been made made Diagnosis of Early Cancer*

Rs. 1 lakh

Oncological Treatment Benefit for Early Cancer Rs. 1 lakh

Diagnosis Cancer

Rs. 6.5 lakh

Advanced Rs. 5.5 lakh

Oncological Treatment Benefit for Advanced Cancer Rs. 1 lakh Surgery for Advanced Cancer

Maximum Cover

Rs. 1.5 lakh

Rs. 2 lakh

Rs. 10 lakh

CANCER CARE PLUS:

This Plan goes a set beyond providing you comprehensive coverage against Cancer by providing a wellness program to all the Cancer Care Plus policy holders. Cancer does not discriminate between the rich and poor, young and old, educated and uneducated. But the good news is that if detected early, the chances of surviving the illness increases substantially. Keeping this in mind, ICICI Prudential introduces Cancer Care Plus - A wellness plan that includes all the benefits of Cancer Care and also provides an additional critical benefit: FREE periodical cancer screenings at a partner diagnostic centre close to you. These regular cancer screening tests empower you to proactively keep a track of your health, detecting any early signs of cancer and taking immediate treatment.

With Cancer Care Plus, you not only safeguard your well-being but also your savings, which stays intact, for this comprehensive plan pays for diagnosis, ontological treatment and surgery of early and advanced Cancer. Cover yourself with Cancer Care Plus today. It is the surest way to keep yourself well-armed against India's most rapidly growing illness. Wellness

Program

What sets apart Cancer Care Plus is its unique Wellness Program. This is a screening package that enables you to undergo specific tests, free of cost. The tests will be conducted once in 2 years, starting from the second year of the policy. This program will help in diagnosing the possibility of cancer at the earliest stage, thereby initiating early treatment and increasing the chances of survival. The tests will be conducted by the Company's empanelled medical centers. Benefits of the Wellness Program are applicable only on policies whose premiums have been paid till date. However, there is no alternative cash benefit in lieu of these tests.

Cancer Care Plus at a Glance

Coverage Against

Cancer

Minimum/Maximum Sum Assured

5 units to 25 units (Cover of Rs. 5 lakhs to Rs. 25 lakhs)

Minimum/Maximum Entry Age

20 years to 60 years

Maximum Age at Policy Maturity

70 years

Minimum/Maximum Policy Term

10 years to 50 years

Minimum Single Premium

Rs. 1,200 per annum

Freelook Period

15 days from the date on which you receive your documents

Tax Benefit

Tax benefit under Section 80 (D) for premiums paid

Wellness Program

Free Cancer Screen at predefined frequency for the entire term of the policy

DIABETES CARE:

Diabetes Care is the 1st ever critical illness insurance policy for Type 2 diabetics and pre-diabetics. Diabetes Care not only provides financial support but also helps you manage your condition more effectively. Key Benefits of Diabetes Care Lump-sum payment on diagnosis of any one of the six critical illnesses. Optional cover for eye & foot complications. Wellness program - 3 Free check-ups and a consultation with a doctor every year. Reduced Premium on display of good control. Tie-ups with leading healthcare partners to help you Manage diabetes. Web support for better diabetes control. Tax benefit under Section 80D of the Income Tax Act. The lump-sum amount is paid on diagnosis, irrespective of your expenses. We don't require any medical bills and you can use the benefit amount to meet cost of treatment and any other concomitant expenses. Product Features

Eligibility Type 2 Diabetics or Pre-Diabetics (IFG/IGT) Impaired Fasting Glucose - IFG is a condition wherein, after overnight fasting the blood glucose values are between 110 and 125 mg/dl.^ Impaired Glucose Tolerance - IGT is a condition wherein along with IFG, blood glucose values after 2 hours of meals are between 140 and 199 mg/dl.^ Age (Nearer Birthday): 25-60 Years

Sum Assured Base Sum Assured Options: Rs. 3 Lakhs, Rs 5 Lakhs, Rs 10 Lakhs Diabetes Enhanced Benefit Rider: 10% of Base Sum Assured No Maturity/Death Benefit is payable The Sum Assured will be paid as per the table below Time of Diagnosis

CI Benefit Amount

Rider Benefit Amount

First 6 months of the policy

Return of premiums paid till date

Return of rider premiums paid till date

6-12 months

50% of Sum Assured *

50% of Rider Sum Assured

After 1 year

100% of Sum Assured *

100% of Rider Sum Assured

Premium Premium payment frequency: Half Yearly and Annual Premiums payable for Sum Assured of 3 Lakhs for a male are given below: Age(Years)

Base Premium(Rs.)#

Premium with maximum reduction after Year 1(Rs.)#

11,250

9,562

13,764

11,012

16,072

12,857

19,625

15,700

23,900

16,730

Policy Term There is a fixed policy term of 5 Years ^ * #

As per Indian Council of Medical Research (ICMR) Guidelines The claim is payable only on survival for 28 days from the date of diagnosis of the critical illness The premiums shown are inclusive of service tax and education cess

Wellness Program Managing your diabetes is the key to staying healthy. As part of our Wellness Program, we will sponsor you for three diagnostic tests and one consultation every year, absolutely FREE. In the 4th and 8th month every year after issue of the policy, you will need to undergo HbA1c test and need to get your blood pressure and pulse rate measured, which will help monitor your condition. There will be a comprehensive and compulsory medical check-up every year (except at the end of 5th policy year), which will include tests such as sequential medical analysis of 12 tests (SMA 12 covering blood sugar, lipids, S Creatinine etc), HbA1c, ECG, routine urine analysis and urine test for Microalbuminuria. We will also offer a free consultation every year with an empanelled doctor, for advice and an appropriate health care plan.

To make sure you don't miss any of your tests, we will send you periodic reminders also. Improving Health, Reducing Premiums Age at Entry (years)

2535

3650

51-60

Premium Reduction Level 1

10%

12.5%

Premium Reduction Level 2

10%

15%

20%

Premium Reduction Level 3

15%

20%

30%

If your results worsen or you miss any of the tests, your Diabetes Control Index will go up. If it rises beyond a scale, you will be required to pay a higher premium for the following year, as indicated below: Age at Entry (years)

2535

3650

51-60

Higher Premium (over 1st year's Base Premium)

10%

15%

17.5%

RIDERS: ICICI Prudential gives you the freedom to form your very own comprehensive insurance policy by adding the rider benefits to the basic life insurance policy. Add from the following list of benefits to increase the scope of your policy, at a nominal cost. a)

Critical

Illness

Benefit

Rider

This rider provides protection against 9 critical illnesses, namely: Major organ transplants, Complete renal failure, Stroke, Paralysis, Heart attack, Valve replacement surgery, Major surgery of the aorta, CAGS (Bypass) and Cancer . Benefits

paid

contracting

the

illness

Accelerated benefits (available with Save â&#x20AC;&#x2DC;nâ&#x20AC;&#x2122; Protect and Cash Back) : If the policyholder is diagnosed with any of the specified illnesses, then the policyholder is paid the entire sum assured under the rider. The policy along with all the riders (to the extent of the Rider Sum Assured) is then terminated. However, the remainder of the base policy continues till the end of the term. The policyholder will have to continue paying his premiums for the remainder of the policy. Standalone benefits (available with Life Time Super ,Premier Life Gold, Life Time Plus, Forever Life, Group Term Plan) : If the policyholder is diagnosed with any of the specified illnesses, he/she is paid the rider Sum Assured and the rider terminates. However, the base policy continues till maturity. Premiums paid under this rider are eligible for tax benefits under Section 80D. b) Benefits

Accident

payable

Disability

death

Benefit

due

Rider

accident

If the policyholder dies due to an accident, 100% of the rider sum assured is paid in addition to the basic sum assured. In case the policyholder dies in a land surface, mass public transport system wherein the policyholder was traveling as a fare-paying passenger, then 200% of the rider sum assured is paid. Benefits payable in case of permanent disability due to an accident If the policyholder survives an accident but becomes permanently disabled then

the premium for the basic plan is completely waived off to the extent of the rider sum assured. Plus, 10% of the rider sum assured is paid for the next 10 years, which helps in providing that extra money and takes care of sudden financial set back that occurs after a tragic disability. Accident & Disability Benefit rider is available with Life Time Super, Premier Life Gold, Life Time Super Pension ,Life Time Plus, Smart Kid New ULRP ,Save nâ&#x20AC;&#x2122; Protect, Cash back, Forever Life, Life Guard ROP, Life Guard WROP, Group Term Plan. Premiums paid under this rider are eligible for tax benefits under Section 80C. c)

Income

Benefit

Rider

In case of death of the life assured during the term of the policy, 10% of the rider sum assured is paid annually to the beneficiary, on each policy anniversary till maturity of the rider. Income

Benefit

rider

available

with

Smart

Kid

Child

Plans.

Premiums paid under this rider are eligible for tax benefits under Section 80C. d)

Waiver

Premium

Rider

(WOP)

On total and permanent disability due to an accident, all future premiums for both the base policy and rider(s) will be waived till the end of the term of the rider or death of the life assured, if earlier. Waiver of Premium rider is available with Life Time Super ,Life Time Plus, Life Time Super Pension, Smart Kid New ULRP, Life Guard ROP ,Life Guard WROP. Premiums paid under this rider are eligible for tax benefits under Section 80C.

RESEARCH METHODOLOGY Research in common parlance refers to a search for knowledge. One can also define research as a scientist and systematic search for pertinent information on a specific topic. Research is an art of scientific investigation. It is actually a voyage of discovery. It is an academic activity and as such the term should be used in a technical sense. It comprises defining and redefining problems, formulating hypothesis or suggested solutions; collecting, organizing and evaluating data; making deductions and reaching conclusions; and at last carefully testing the conclusions to determine whether they fit the formulating hypothesis. Research is an original contribution to the exiting stock of knowledge making for its advancement. It is the pursuit of truth with the help of study, observation, comparison and experiment. In short, the search for knowledge through objective and systematic method of finding solution to a problem is research. The systematic approach concerning generalization and the formulation of a theory is also research. As such the term â&#x20AC;&#x2DC;researchâ&#x20AC;&#x2122; refers to the systematic method consisting of enunciating the problem, formulating a hypothesis, collecting the facts or data, analyzing the facts and reaching certain conclusions either in the form of solutions towards the concerned problem or in certain generalizations for some theoretical formulation. STATEMENT OF PROBLEM Quite often we all hear that a problem clearly stated is a problem half solved. The problem to be investigated must be defined unambiguously for that will help to discriminate relevant data from the irrelevant ones. Formulation of a problem is often more essential than its solution. First of all the problems should be stated in a broad way, keeping in view either some practical concern or some scientific or intellectual interest. For this purpose, the researcher must immerse himself thoroughly in the subject matter concerning which he wishes to pose a problem. In case of social research, it is considered advisable to do some field observation and as such the researcher may undertake some sort of preliminary survey or what is often called pilot survey. Then the researcher can himself state the problem or he can seek the guidance of the guide or the subject expert in accomplishing this task. 62

RESEARCH DESIGN A research design is the arrangement of conditions for collection and analysis of data in a manner that aims to combine relevance to the research purpose with economy in procedure. Research design is he conceptual structure within which research is conducted . It constitutes the blueprint for the collection measurement and analysis will do from writing the hypothesis and its operational implication to the final analysis is the data. A research design is a framework for the study and is used as a guide in collecting and analyzing the data. It is a strategy specifying which approach will be used for gathering and analyzing the data. It also includes the time and cost budget since most studies are done under these two constraints. Research design can be categorized as: Exploratory research Descriptive research Diagnostic research Experimental research The present study is DESCRIPTIVE in nature, as it seeks to discover ideas and insights and to ring out new relationship. Research design is flexible enough to provide opportunity for considering different aspects of problem under study. It help in bringing into focus some inherent weaknesses in enterprise regarding which in depth study can be conducted by management .

SAMPLING TECHNIQUES For the purpose of this research, non-probability sampling was applied. Non-probability sampling has the following sub types  Convenience sampling  Judgment sampling  Quota sampling Convenience sampling has been used to conduct this research. As the name suggests, a convenience sample is one chosen purely out of convenience. The convenience may result out of easier accessibility, lower cost, etc.

SAMPLE SIZE A total of 50 respondents were to be approached.

SOURCE OF DATA COLLECTION PRIMARY SOURCE

DATA COLLECTION INSTRUMENT There are primarily three methods of communication a questionnaire 1. Personal interview 2. Telephone For conducting this research, I used the first two methods (Personal and telephone interviews).

A telephone interview is similar except that the communication between interviewer and respondent is via a telephone. For the personal interviews, I approached the respondents in the following places:  Respondent’s residents  ICICI Prudential offices The following table describes quite well my reasons for choosing personal (and some telephone) interviews: Factor Quality of information Quantity of information Responses rates Time required

Personal Good Excellent Excellent Good

Telephone Excellent Good Good Good

Mail Excellent Limited Poor Poor

LIMITATION OF STUDY  ICICI PRU LIFE & its product analysis in this report is limited in number & is taken into consideration based on market performance.  Accuracy of secondary data is ltd. Based on secondary information collected  Findings of the project is also ltd because of availability of lesser information

ANALYSIS During the training period in ICICI Prudential, we carried out the telephonic interview of different people, to check their satisfaction level regarding the policies if were taken and if they are interested to give the company more business by further investing or buying more policies. For this criteria set of questions were asked such as: 1. Whether they are new customers or existing customers. 2. Providing information to customers for different insurance policies. 3. To know the interest of customers in different kind of policies. 4. Asking if the customers are interested into invest in a new policy. 5. Taking in account satisfaction level of existing customers. 6. Convincing customers who are interested in a particular policy. 7. Detail of number and kind of policy sold are shown as :-

During the whole training period what was found that convincing customers to buy a particular policy was really a tough task to accomplish. And from the list of contacted people I was able to sell policy to only 3 people, both life time policies. Further after convincing on telephone to buy a life time policy I personally went to their place on particular address being provided by the customers to further explain them clearly about the policy such as minimum policy amount, benefits from the policy and also to get the detail of the person interested in buying the policy. Later on these persons were further contacted by our executives to complete the final process.

Detail of customers to whom policies were sold is as: S.No. NAME

AGE

Raj Malik

Gagan Arora

Sahil Makkar

ADDRESS TELEPHONE TYPE NO. OF POLICY AC-136 9968456147 Life Time Shalimar bagh, New Delhi A-35, Ram 9871565532 Life Time Nagar, Uttam Nagar, New Delhi C-5/13 27126541 Life Time Model Town, New Delhi

AMOUNT 18000

40000

20000

Customer no 2 i.e. Gagan Aroar has divided his policy into two parts 20000 each, as this will give the customer a flexibility option by paying premium on one continuous for 9 years and not paying premium on other after 3 years. After carrying the above telephonic interview what was found that people who are unaware of these insurance policies showed a comparatively more interest to invest in these policies than aware people.

Percentage of each policies sold at ICICI

17% 39% 27%

Smart kid Cash back Save n Protect Life time

17%

From the above diagram it is very much clear that the current scenario of investment in different policies offered by ICICI Prudential, the life time policies with a 39%, play an upper hand as far as policies are concerned. Customers are more favorable toward this policy is due to it is compatible to changing needs of different lifestyles.

FINDINGS Q.1 2

How 3

many 4

members

you

have

your

family?

Others(specify)_____________

25% 20% Percentage

15% 10%

Percentage

5% 0% 1/1/1900

1/3/1900

1/5/1900

1/7/1900

No. of fam ily m em bers

2% of the people’s have a family consisting of 1 person. 12% of the people’s have a family consisting of 2 persons. 10% of the people’s have a family consisting of 3 persons. 16% of the people’s have a family consisting of 4 persons. 20% of the people’s have a family consisting of 5 persons. 16% of the people’s have a family consisting of 6 persons. 24% of the people’s have a family consisting of more than 6 persons.

Q.2 Net Family Income from all sources (monthly in Rs.) Below 10000

10000 to 20000

20000 to 40000

40000 & above

PERCENTAGE DIVISION 60% 50% 40% 30% 20% 10% 0%

Below 10000

1000020000

20000- 40000 & 40000 above

Income of people

2% of people have an income below 10000. 12% of people have an income between 10000-20000. 52% of people have an income between 20000-40000. 34% of people have an income above 40000.

Precentage Division

Q.3 How much do you invest yearly in insurance plan? Below 10000 10000 to 20000

20000 to 40000

40000 & above

Percentage of people 35% 30% 25% 20% 15% 10% 5% 0%

Percentage of People Below 10000- 20000- 40000 & 10000 20000 40000 above Annual investment of people

34% of people invest below 10000. 32% of people invest between 10000-20000. 25% of people invest between 20000-40000. 9% of people invest above 40000.

Q. 4 Are you insured , if yes then? LIC

ICICI Prudential METLIFE

HDFC SLIC AVIVABIRLA SUN LIFE

TATA AIG

OTHERS (Specify)

LIC, 10

HDFC SLIC, 15

ICICI Prudential, 10

HDFC SLIC

SBI LIFE, 15

SBI LIFE

ICICI Prudential

LIC

Q.5 Are you satisfied with the service of your insurance company? Very Good

Good

Average

Poor

12% 10% 8% 6%

Satisfied

Not Satisfied

2% 0% ICICI Prudential

12% of people unsatisfied. 10% of people unsatisfied. 6% of people unsatisfied. 8% of people unsatisfied.

HDFC SLIC

SBI LIFE

LIC

are satisfied with ICICI prudential whereas 3% were are satisfied with ICICI prudential whereas 5% were are satisfied with ICICI prudential whereas 4% were are satisfied with ICICI prudential whereas 2% were

Q.6 What type of life cover you have taken? ULIP MEDICLAIM

PENSION OTHERS……………..

OTHERS ULIP

MEDICLAIM PENSION

ULIP

PENSION

MEDICLAIM

35% of people are covered under ULIP. 15% of people are covered under PENSION. 35% of people are covered under MEDICLAIM. 15% of people are covered under OTHERS PLAN. 74

OTHERS

Q.7 Have you invested in any sources of investment like? Bonds

Mutual Funds & Shares

40% 35% 30% 25% 20% 15% 10% 5% 0%

Post Office

Others (specify)………….

Series 1

Bonds

Mutual Funds & Shares

Post Office

20% of people have invested in Bonds. 36% of people have invested in Mutual Funds & Shares. 26% of people have invested in Post Office. 18%% of people have invested in others.

Others

Q.8 Are you satisfied with the return that your company gives? YES

NO 60% 50% 40% 30%

Series 1

20% 10% 0% YES

55% people say that they are satisfied whereas 45% people are not satisfied with their return.

Q.9 Do you know about ICICI PRUDENTIAL? YES

100% 80% 60% Series 1

40% 20% 0% YES

98% of the respondent knows about ICICI PRUDENTIAL whereas 2% are unaware.

Q.10 Have you ever seen the advertisement of ICICI PRUDENTIAL CO? YES

100% 80% 60% Series

40% 20% 0% YES

88% have seen the advertisement of ICICI Prudential whereas 12% have not seen any advertisement.

Q.3 How much do you invest yearly in insurance plan? Below 10000 10000 to 20000

20000 to 40000

40000 & above

25% 20% 15% Series

10% 5% 0%

Liquidation Prem ium Holidays

Waivers of Prem ium

Health Cover

Tax Benefit Bonuses & Interest

22% of the respondents say that their insurance provides liquidation. 18% of the respondents say that their insurance provides Premium Holidays. 10% of the respondents say that their insurance provides Waivers of Premium. 18% of the respondents say that their insurance provides Health Cover. 18% of the respondents say that their insurance provides Tax Benefit. 14% of the respondents say that their insurance prov

CONCLUSION & RECOMMENDATIONS Before arriving at any conclusion or suggestion, I would like to mention that it was absolutely incredible experience working in ICICI prudential life insurance. Due to cooperation of staff members and other people I gained so much knowledge that today I know each and every aspect of insurance. All I can say is that after working with them I have been able to increase my marketing skills and to understand the consumer behavior. I observed that the policy of ICICI are relative better and flexible but if we compare it with that of LIC policies then iciciâ&#x20AC;&#x2122;s policies are comparatively costlier than of LIC. But all in all we can say that USP of icici pru is that serving of polices is very fast. Though policies are almost same as of other pvt. Cos. But difference is that they adopt better strategy to sell them. They send more on advertising and training of their advisors. They provide me the opportunity to deal with various customers. While dealing, I observed that majority of the people were unaware of insurance, so I answered or solved their queries and able to sell 3 policies in 2 months. I also met some people who are aware of insurance and they asked some technical questions in which I faced some sort of difficulty. All I observed while dealing with people is that the majority of them are not fully aware of the benefits of insurance and those who are, will most likely to buy policy from LIC or ICICI Prudential. Since ICICI pru is leader in Pvt. Sector & capturing the market very fast so there are not too many things to suggest but all I can say is that they need to spread more awareness about insurance and they must try to provide insurance to

masses rather than being specific to particular group. Policies must be designed in such a way that every one can afford it. Also in all it was pleasure working with them and wish them success in future. BIBLIOGRAPHY The information has been derived from various reliable sources: 1. Books and Authors:  Modern concept of insurance -

M.N. Mishra

IC-02, IC-03

C.R. Kothari

S.I. Gupta

ICFAI Press

 Insurance institute of India  Research methodology  Marketing Research  Life Insurance Volume 1 2. Newspaper and magazine:  Insurance conical by ICFAI  Economic times  Times of India 3. Website reached:  www.iciciprudential.com  www.iciciprulife.com  www.google.com 4. Brochure of ICICI prudential life insurance

QUESTIONNAIRE 81

Q.1

How

many 4

members 6

you

have

your

family?

Others(specify)_____________

Q.2 Net Family Income from all sources (monthly in Rs.) Below 10000 10000 to 20000

20000 to 40000

40000 & above

Q.3 How much do you invest yearly in insurance plan? Below 10000 10000 to 20000

20000 to 40000

40000 & above

Q. 4 Are you insured , if yes then? LIC

ICICI Prudential

BIRLA SUN LIFE

HDFC SLIC AVIVA

METLIFE

TATA AIG

OTHERS (Specify)

Q.5 Are you satisfied with the service of your insurance company? Very Good

Good

Average

Poor

Q.6 What type of life cover you have taken? ULIP MEDICLAIM

PENSION OTHERS……………..

Q.7 Have you invested in any sources of investment like? Bonds

Mutual Funds & Shares

Post Office

Others (specify)………….

Q.8 Are you satisfied with the return that your company gives?

YES

Q.9 Do you know about ICICI PRUDENTIAL? YES

Q.10 Have you ever seen the advertisement of ICICI PRUDENTIAL CO? YES

Q.11 Which type of benefit your insurance plan provide? Liquidation Premium Holidays Waivers of premium Health Cover Tax Benefits Bonuses & Interest Q12. AnY Suggestions.!!

______________________________________________________________.

THANK YOU