A

Project Report
On

Customer Satisfaction Survey

on Insurance Products of

IN THE PARTIAL FULFILLMENT OF THE DEGREE OF

MASTER OF BUSINESS ADMINISTRATION
2010-2013

Submitted To:
Ms. Sunmeet kaur

Submitted by
Shekhar Prasad
BBA
VI sem

CONTENTS
Acknowledgement
Declaration
Executive Summary

Chapter-1 Introduction
Customer
Satisfaction
Objectives of the study
Profile of the Organisation

Overview
of
ICICI
Prudential Vision, Mission
Promoter
Fact SheetV
Sales
Distribution
Management Profile
Brand
Values
Achievements
Products

Stages
in
Policies
issuance Comparative Study
SWOT Analysis

Chapter-2 Research Methodology

Statement of the Problem
Research Design
Methodology
Sampling Techniques used
Selection of Sample Size
Data Collection
Statistical Tools Used
Limitations of the Study

Chapter-3 Data Analysis and Findings

Chapter-4 Conclusion and Suggestions
Conclusion
Suggestions

Annexure
Questionnaire
Bibliography
2

Acknowledgement
I express my sincere gratitude to the management of ICICI
PRUDENTIAL COMPANY Pvt. Ltd Morena Branch M.P., for providing
me material to prepare my project on their esteem organization.

I would like to thanks Dr. N.K Kakkar (Director) who has been
a constant source of inspiration and my special thanks to Ms.
Poonam Chawla (project guide from the institute) for her extensive
guidance, cooperation and support.

Finally, I wish to express my gratitude to all those who have in

one way or other helped me in the successful completion of my
project report. The Project was completed successfully with the
valuable cooperation of companys personnel.

I would be special thank to our college faculty Mrs. Ritu Singh

(HOD), Mr. Rakesh Rajput, Mr. Sudeep Shrivastava and Ms. Jyoti Jain
under supervision this topic. This Acknowledgement would be incomplete
if I fail to express my deep gratitude towards all the facility of NRI College
of Management who gave me a lot of support and guidance.

Last but not least I would be special gratitude to Ms. Reena Gupta
and Mr. Mahendra Sikarwar and our all friends who heartening me
to complete this project.

Chapter 1

INTRODUCTION

EXECUTIVE SUMMARY

This project is based on the Customer Satisfaction survey of the

ICICI PRUDENTIAL insurance Company ltd. It is done to find out

whether the customers are satisfied with the Benefits they get with their
respective policies or not Further, in this Project Chapter 1 includes the
introduction of the company wherein I told about the Objectives of the

study and profile of the ICICI Prudential. Chapter 2 includes the

Research Methodology wherein I have discussed the Research Design

and Various sources of the Data Collection. Chapter 3 includes the

Data analysis and Findings wherein I have analyze the data collected from

the Questionnaire.Chapter4 represents the conclusion

suggestions based on the customer satisfaction survey.

and

the

OBJECTIVES OF THE STUDY

The main objective of the project is to coduct a brief study on Customer

satisfaction survey on insurance products of ICICI PRUDENTIAL
Other objectives of this project are as follows:

To identify the insurance needs of the Indian population with respect to their
emotional, physical and financial conditions.

Comparative study of various insurance players in the market

To study the varied reasons of availing life insurance plans

Chapter 2

Research Methodology

Research Design:

The research design of this project is exploratory. Though each research

study has its own specific purpose but the research design of this project on
ICICI is exploratory in nature as the objective is the development of the

hypothesis rather than their testing.

METHODOLOGY

Every project work is based on certain methodology, which is a way to

systematically solve the problem or attain its objectives. It is a very
important guideline and lead to completion of any project work through

observation, data collection and data analysis.

According to Clifford Woody,
Research Methodology comprises of defining & redefining problems,
collecting, organizing &evaluating data, making deductions &researching to

conclusions.
Accordingly, the methodology used in the project is as follows: Defining the objectives of the study
Framing

of

questionnaire

keeping

objectives

in

mind

considering the objectives)

Feedback from the employees
Analysis of feedback
Conclusion, findings and suggestions.

Sampling Technique Used:

This research has used convenience sampling technique.
Convenience sampling technique: Convenience sampling is used in
exploratory research where the researcher is interested in getting an

inexpensive approximation of the truth. As the name implies, the

sample is selected because they are convenient

Selection of Sample Size:

For the survey, a sample size of 100 has been taken into
consideration.

Sources of Data Collection:

Research will be based on two sources:
1. Primary data 2. Secondary data
1) PRIMARY DATA:
Questionnaire: Primary data was collected by preparing questionnaire for
customers. The questionnaire was filled through telephonic research.

2) SECONDARY DATA:
Secondary data will consist of different literatures like
are published, articles,

internet

, the

books which

company manualsand

websites of company- www.iciciprulife.com.

In order to reach relevant conclusion, research work needed to be
designed in a proper way.
This research methodology also includes:

Familiarization with the concept of insurance and its various terms.

Thorough study of the information collected.

Conclusions based on findings.

Statistical Tools Used

The main statistical tools used for the collection and analyses of
data in this project are:

Questionnaire

Pie Charts

Bar Diagrams

Limitations of study
Due to the following unavoidable and uncontrollable factors the
factors, the result might not be accurate. Some of the problems
faced while conducting the survey are as follows:-

Time and cost constraints were also there.

Chances of some biasness could not be eliminated.
A Samples size of fifty has been use due to time limitations.
A majority of respondents show lack of cooperation and are
biased towards their own opinions.

Chapter 3
LITERATURE REVIEW

Customer Satisfaction

What is customer satisfaction?

Customer satisfaction refers to how satisfied customers are with the

products or services they receive from a particular agency. The level of

satisfaction is determined not only by the quality and type of customer
experience but also by the customers expectations.

A customer may be defined as someone who:

has a direct relationship with, or is directly affected by your agency and
receives or relies on one or more of your agencys services or

products. Customers in human services are commonly referred to

as service users, consumers or clients.

An organisation with a strong customer service culture places the

customer at the centre of service design, planning and service
delivery. Customer centric organisations will:

determine the customers expectations when they plan

listen to the customer as they design
focus on the delivery of customer service activities
Value customer feedback when they measure performance.
Why is it important?
There are a number of reasons why customer satisfaction is important in

Insurance Sector:

Meeting the needs of the customer is the underlying rationale for

the existence of community service organizations. Customers have
a right to quality services that deliver outcomes.

Organizations that strive beyond minimum standards and exceed the

expectations of their customers are likely to be leaders in their

sector.

Customers are recognized as key partners in shaping service

development and assessing quality of service delivery.

The process for measuring customer satisfaction and obtaining feedback

on organizational performance are valuable tools for quality and

continuous service improvement.

Chapter 4

Overview of
the Industry

Overview of the Industry

The Insurance Regulatory and Development Authority
(IRDA)

Reforms in the Insurance sector were initiated with the passage

of the IRDA Bill in Parliament in December 1999. The IRDA since its
incorporation as a statutory body in April 2000 has

fastidiously stuck to

its schedule Of framing regulations and registering the private sector

insurance companies.
The other

decisions taken simultaneously to

provide the supporting

systems to the insurance sector and in particular the life insurance companies
were the launch of the IRDAs online service for issue and renewal of

licenses to agents.
The approval of institutions for imparting training to agents has also
ensured that the insurance companies would have a trained workforce of
insurance agents in place to sell their products, which are expected to be
introduced by early next year.
Since being set up as

an independent statutory body the IRDA has

put

of

in

a framework

private sector 12 life

globally

compatible regulations. In the

insurance and 6 general insurance companies

have been registered.

The insurance industry provides protection against financial losses

resulting from a variety of perils. By purchasing insurance policies, individuals
and businesses can receive reimbursement for losses due to car accidents, theft

of property, and fire and storm damage; medical expenses; and loss of

income due to disability or death.

The insurance industry consists mainly of insurance carriers (or insurers) and
insurance agencies and brokerages. In general, insurance carriers are large
companies that provide insurance and assume the risks covered by the policy.
Insurance agencies and brokerages sell insurance policies for the carriers.
While some of these establishments are directly affiliated with a particular
insurer and sell only that carriers policies, many are independent and are thus
free to market the policies of a variety of insurance carriers. In addition to
supporting these two primary components, the insurance industry includes
establishments that provide other insurance-related services, such as claims
adjustment or third-party administration of insurance and pension funds.

Insurance carriers assume the risk associated with annuities and insurance
policies and assign premiums to be paid for the policies. In the policy, the
carrier states the length and conditions of the agreement, exactly which

losses it will provide compensation for, and how much will be awarded. The

premium charged for the policy is based primarily on the amount to be

awarded in case of loss, as well as the likelihood that the insurance carrier will
actually have to pay. In order to be able to compensate policyholders for their

losses, insurance companies invest the money they receive in

premiums, building up a portfolio of financial assets and incomeproducing real estate which can then be used to pay off any future claims
that may be brought. There are two basic types of insurance carriers.
Direct insurance carriers offer a variety of insurance policies. Life

insurance provides financial protection to beneficiariesusually spouses

and dependent childrenupon the death of the insured. Disability
insurance supplies a preset income to an insured person who is unable to work

due to injury

or illness,

and

health insurance pays

the expenses

resulting from accidents and illness. An annuity (a contract or a group of

contracts that furnishes a periodic income at regular intervals for a
specified period) provides a steady income during retirement for the remainder

of ones life. Property-casualty

damage to

insurance protects

against

loss or

property resulting from hazards such as fire, theft, and natural

disasters. Liability insurance shields policyholders from financial responsibility

for injuries to others or for

damage to other peoples

policies, such as automobile and homeowners insurance,

property. Most

combine both

property-casualty and liability coverage. Companies that underwrite this

kind of insurance are called property-casualty carriers.
Some insurance policies cover groups of people, ranging from

a few to thousands of individuals. These policies usually are issued to

employers for the benefit of their employees or to unions, professional
associations, or other membership organizations for the benefit of their
members. Among the most common policies of this nature are group life and
health plans. Insurance carriers also underwrite a variety of specialized
types of insurance, such as real-estate title insurance, employee surety and
fidelity bonding, and medical malpractice insurance.

In addition to individual carrier-sponsored Internet sites,

several lead-generating sites have emerged. These sites allow
potential customers to input information about their insurance policy
needs. For a fee, the sites forward customer information to a number of
insurance companies, which review the information and, if they decide to
take on the policy, contact the customer with an offer. This practice gives
consumers the freedom to accept the best rate.
The insurance industry also includes a number of independent
organizations that provide a wide array of insurance-related services to
carriers and their clients. One such service is the processing of claims forms for
medical practitioners. Other services include loss prevention and risk

management. Also, insurance companies sometimes hire independent claims

adjusters to investigate accidents and claims for property damage and to assign

a dollar estimate to the claim.

Chapter 5

COMPANY
PROFILE

COMPANY PROFILE
ICICI Prudential Life Insurance
Overview
ICICI Prudential Life Insurance Company is a joint venture
between ICICI Bank - one of India's foremost financial services companiesand Prudential plc - a leading international financial services group

headquartered in the United Kingdom. Total capital infusion stands at

Rs. 42.72

billion,

with ICICI Bank holding a stake of 74% and

Prudential plc holding 26%.

We began our operations in December 2000 after receiving approval from

Insurance Regulatory Development Authority (IRDA). Today, our

nation-wide team comprises of over 2000 branches (inclusive of
1,095 micro-offices), over 261,000 advisors; and 24 bancassurance

partners.
ICICI Prudential is the first life insurer in India to receive a National Insurer
Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a
row, ICICI Prudential has been voted as India's Most Trusted Private Life
Insurer, by The Economic Times - AC 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 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 long-term.
5. Last but definitely not the least, our 28,000 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.

Vision & Values

Our vision:-

To be the dominant Life, Health 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, Boundaryless, Ownership and
Passion. Each of the values describe 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.

Our values:Every member of the ICICI Prudential team is committed to 5 core

values:
Integrity

Customer First,

Boundaryless,

Ownership,

and

Passion. These

Values shine forth in all we do, and have become the keystones of our

success.

Promoters

ICICI BANK
ICICI Bank (NYSE:IBN) is India's second largest bank and largest private
sector bank with over 50 years of financial experience and with assets of Rs.
1812.27 billion as on 30th June, 2005. ICICI 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 and affiliates in the areas of investment banking, life and

non-life insurance, venture

capital and asset

management. ICICI

Bank is a leading player in the retail banking market and has over 13 million
retail customer accounts. The Bank has a network of over 570 branches
and extension counters, and 2,000 ATMs.

Fact Sheet
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. 42.72 billion (as of June 30, 2008)

with ICICI Bank and Prudential plc holding 74% and 26% stake
respectively. For the quarter ended June 30, 2008, the company garnered Retail
Weighted New Business Premium of Rs. 1,174 crores as against Rs 810 crores

for the quarter ended June 30, 2007, thereby posting a growth of 45% and
has

underwritten over

6 lakh

policies

over this

period.

The

company has assets held over Rs. 30,600 crore as on August 31, 2008.
ICICI Prudential Life 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 seven 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.

SALES DISTRIBUTION

Tied Agency
Tied Agency is the largest distribution channel of ICICI Prudential,
comprising a large advisor force that targets various customer segments.
The strength of tied agency lies in an aggressive strategy of expanding and
procuring quality business. With focus on sales & people development, tied
agency has emerged as a robust, predictable and sustainable business

model.
Banc assurance and Alliances
ICICI Prudential was a pioneer in offering life insurance solutions through
banks and alliances. Within a short span of two years, and with nearly a large

number of partners, B & A has emerged as a vital component of the

companys sales and distribution strategy, contributing to approximately one
third of companys total business. The business philosophy at B&A is to
leverage distribution synergies with our partners and add value to its
customers as well as the partners. Flexibility, adaptation and experimenting

with new ideas are the hallmarks of this channel.

About the Promoters
ICICI Bank
ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the
second largest bank in the country, with consolidated total assets of $1 1 2.6
billion as of June 30 , 2008. 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.

Management Profile
Board of Directors
The ICICI Prudential Life Insurance Company Limited Board comprises

reputed people from the finance industry both from India and abroad.

Mr. K.V. Kamath, Chairman

Ms. Chanda Kochhar, Director
Mr. Barry Stowe, Director
Mr. H.T. Phong, Director
Prof. Marti G. Subrahmanyam, Director
Mr. Mahesh Prasad Modi, Director
Ms. Rama Bijapurkar, Director
Mr. Keki Dadiseth, Director
Ms. Shikha Sharma, Managing Director
Mr. N.S. Kannan, Executive Director
Mr. Bhargav Dasgupta, Executive Director

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

Ms. Shikha Sharma, Managing Director & CEO

Mr. N. S. Kannan, Executive Director
Mr. Bhargav Dasgupta, Executive Director
Ms. Anita Pai, Executive Vice President Customer Service & Tech.

Corporate history
ICICI Bank was established by the Industrial Credit and
Investment Corporation of India, an Indian financial institution,
as a wholly owned subsidiary in 1994. The parent company
was formed in 1955 as a joint-venture of the World Bank,
India's public-sector banks and public-sector insurance
companies to provide project financing to Indian industry. The
bank was initially known as theIndustrial Credit and
Investment Corporation of India Bank, before it changed its
name to the abbreviated ICICI Bank. The parent company was
later merged with the bank.
ICICI Bank launched internet banking operations in 1998. [12]
ICICI's shareholding in ICICI Bank was reduced to 46 percent,
through a public offering of shares in India in 1998, followed by
an equity offering in the form of American Depositary
Receipts on the NYSE in 2000. ICICI Bank acquired the Bank
of Madura Limited in an all-stock deal in 2001 and sold
additional stakes to institutional investors during 2001-02.
In the 1990s, ICICI transformed its business from a
development financial institution offering only project finance to

a diversified financial services group, offering a wide variety of

products and services, both directly and through a number of
subsidiaries and affiliates like ICICI Bank. 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.
In 2000, ICICI Bank became the first Indian bank to list on the
New York Stock Exchange with its five million American
depository shares issue generating a demand book 13 times
the offer size.
In October 2001, the Boards of Directors of ICICI and ICICI
Bank approved the merger of ICICI and two of its wholly
owned retail finance subsidiaries, ICICI Personal Financial
Services Limited and ICICI Capital Services Limited, with ICICI
Bank. The merger was approved by shareholders of ICICI and
ICICI Bank in January 2002, by the High Court of Gujarat at
Ahmedabad in March 2002 and by the High Court of
Judicature at Mumbai and the Reserve Bank of India in April
2002.
In 2008, following the 2008 financial crisis, customers rushed
to ICICI ATMs and branches in some locations due to rumors
of adverse financial position of ICICI Bank. The Reserve Bank

of India issued a clarification on the financial strength of ICICI

Bank to dispel the rumors. NEW UPDATES FROM THE SITE
ICICI Bank is India's second-largest bank with total assets of
Rs. 4,736.47 billion (US$ 93 billion) at March 31, 2012 and
profit after tax Rs. 64.65 billion (US$ 1,271 million) for the year
ended March 31, 2012. The Bank has a network of 3,100
branches and 10,486 ATMs in India, and has a presence in 19
countries, including India.
ICICI 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 specialised
subsidiaries in the areas of investment banking, life and nonlife insurance, venture capital and asset management.
The Bank currently has subsidiaries in the United Kingdom,
Russia and Canada, branches in United States, Singapore,
Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International
Finance Centre and representative offices in United Arab
Emirates, China, South Africa, Bangladesh, Thailand, Malaysia
and Indonesia. Our UK subsidiary has established branches in
Belgium and Germany.

ICICI Bank's equity shares are listed in India on Bombay Stock

Exchange and the National Stock Exchange of India Limited
and its American Depositary Receipts (ADRs) are listed on the
New York Stock Exchange (NYSE).
Corporate governance
Group Anti Money Laundering Policy
The ICICI Group AML Policy establishes the standards of AML
compliance and is applicable to all activities.
Code of Conduct
ICICI Bank has formulated a Code of Business Conduct and
Ethics for its directors and employees. The Bank of
Rajasthan(BOR) was acquired by the ICICI Bank in 2010 for
3,000 crores. RBI was critical of BOR's promoters not reducing
their holdings in the company. BOR has since been merged
with ICICI Bank. Each 118 shares of BOR will be converted
into 25 shares of ICICI Bank.
Creation of market infrastructure in India
ICICI Bank has contributed to set up different institutions which
include the following:
National Stock Exchange

The National Stock Exchange was promoted by Indias leading

financial institutions (including ICICI Ltd.) in 1992 on behalf of
the Government of India with the objective of establishing a
nationwide trading facility for equities, debt instruments and
hybrids, by ensuring equal access to investors all over the
country through an appropriate communication network.
Credit Rating Information Services of India Limited
In 1987, ICICI Ltd along with UTI set up CRISIL as India's first
professional credit rating agency. CRISIL offers a
comprehensive range of integrated products and service
offerings which include credit ratings, capital market
information, industry analysis and detailed reports.
National Commodities and Derivatives Exchange Limited
NCDEX is a professionally managed online multi-commodity
exchange, set up in 2003, by ICICI Bank Ltd, LIC, NABARD,
NSE, Canara Bank, CRISIL, Goldman Sachs, Indian Farmers
Fertiliser Cooperative Limited (IFFCO) and Punjab National
Bank.
Financial Innovation Network and Operations Pvt Ltd.
ICICI Bank has facilitated setting up of "FINO Cross Link to
Case Link Study" in 2006, as a company that would provide

technology solutions and services to reach the underserved

and underbanked population of the country. Using cutting edge
technologies like smart cards, biometrics and a basket of
support services, FINO enables financial institutions to
conceptualise, develop and operationalise projects to support
sector initiatives in microfinance and livelihoods.
Entrepreneurship Development Institute of India
Entrepreneurship Development Institute of India (EDII), an
autonomous body and not-for-profit society, was set up in
1983, by the erstwhile apex financial institutions like IDBI,
ICICI, IFCI and SBI with the support of the Government of
Gujarat as a national resource organisation committed to
entrepreneurship development, education, training and
research.
North Eastern Development Finance Corporation
North Eastern Development Finance Corporation (NEDFI) was
promoted by national level financial institutions like ICICI Ltd in
1995 at Guwahati, Assam for the development of industries,
infrastructure, animal husbandry, agri-horticulture plantation,
medicinal plants, sericulture, aquaculture, poultry and dairy in

the North Eastern states of India. NEDFI is the premier

financial and development institution for the North East region.
Asset Reconstruction Company India Limited
Following the enactment of the Securitisation Act in 2002,
ICICI Bank together with other institutions, set up Asset
Reconstruction Company India Limited (ARCIL) in 2003, to
create a facilitative environment for the resolution of distressed
debt in India. ARCIL was established to acquire non
performing assets (NPAs) from financial institutions and banks
with a view to enhance the management of these assets and
help in the maximisation of recovery. This would relieve
institutions and banks from the burden of pursuing NPAs, and
allow them to focus on core banking activities.
Credit Information Bureau of India Limited
ICICI Bank has also helped in setting up Credit Information
Bureau of India Limited (CIBIL), Indias first national credit
bureau in 2000. CIBIL provides a repository of information
(which contains the credit history of commercial and consumer
borrowers) to its members in the form of credit information
reports. The members of CIBIL include banks, financial
institutions, state financial corporations, non-banking financial

companies, housing finance companies and credit card

companies.
Corporate Social Responsibility programmes for Elementary
Education
Read to Lead Phase I
Read to Lead is an initiative of ICICI Bank to facilitate access
to elementary education for underprivileged children in the age
group of 314 years including girls and tribal children from the
remote rural areas. The Read to Lead initiative supports
partner NGOs to design and implement programs that mobilise
parent and community involvement in education, strengthen
schools and enable children to enter and complete formal
elementary education. Read to Lead has reached out to
100,000 children across 14 states of Andhra Pradesh, Bihar,
Delhi, Gujarat, Haryana, Jharkhand, Karnataka, Maharashtra,
Orissa, Rajasthan, Tamil Nadu, Tripura, Uttar Pradesh and
West Bengal.
Read to Lead Phase I is focused on

Bridge courses to support dropout children to re-enrol in

formal education

Remedial coaching to potential dropout children to

ensure their continuation in formal schooling

Educational kits that include uniforms, books, stationery,

woollen clothes etc.

Inclusive and special education for children with special

needs, such as mentally challenged and physically disabled
children

Health and nutritional support for children

Community initiatives for sensitisation on importance of

education, including parent groups, school enrolment
drives, workshops and seminars, and publications

Holistic development of children through instruction in

arts and crafts, street plays, and life skills education

Read to Lead Phase II

In Phase II of the Read to Lead programme, ICICI Bank has
supported the establishment of 63 libraries that will reach out
to approximately 7,200 children in the rural areas of Jagdalpur
block of Bastar district in Chhattisgarh. The programme
includes building libraries, sourcing books and conducting
various interactive activities to make the library a dynamic
centre for learning.

Products
MySavings Rewards
ICICI Bank has rolled-out the programme MySavings
Rewards from September 1, 2012, where reward points are
offered to individual domestic customers for a variety of
transactions done through the savings bank account. Reward
points are offered automatically to customers for
activating Internet banking, shopping online/ paying utility bills
with Internet banking and auto-debit from savings account
towards equated monthly installments for home/ auto/ personal
loan/ recurring deposit. Customers are required to maintain a
monthly average balance of Rs.15,000 or more.
Customers can redeem their reward points by

logging into his ICICI Bank internet banking account

Calling up customer care

Walkin into the nearest ICICI Bank branch

iWish- the flexible recurring deposit

iWish is a flexible recurring deposit product launched by ICICI
Bank for its savings account customers. iWish is a fun and
flexible way to encourage savings among youth for fulfilling

aspirations. Unlike a traditional recurring deposit, iWish allows

customers to save varying amounts of money at any time of
their choice. Customers can create several goals and track
their progress on an easy-to-use online interface. They can
also share their wishes on Facebook and let their friends and
family be a part of their dreams by contributing to their account
from any bank account. There will be no penalties if a
customer misses his monthly contribution to the recurring
deposit. The minimum duration is six months and a customer
can open this account starting with Rs 500.
The key features of iWish are:

Flexibility: Flexible recurring deposit allows a customer

to deposit any amount at any point of time. Customers also
have an option of depositing money by giving a standing
instruction.

Better returns: Customers can earn recurring deposit

interest rates on their iWish account while enjoying the
freedom of not having to deposit every month.

Sharing: Customers can choose to share their wishes

on Facebook and let their friends and family be part of their
dreams.

Contributions: iWish gives an opportunity to the family

and friends of a customer to contribute and help him attain
his aspirations faster. Contributions can be made from any
bank account using a VISA debit card.

ICICI Bank has developed this product in collaboration with

Social Money.
Go Green Initiative
The Go Green Initiative is an organisation wide initiative that
moves beyond moving people, processes and customers to
cost effective automated channels to build awareness and
consciousness of our environment,our nation and our society.
Objective
ICICI Banks Green initiative is to make healthy environment in
the organisation i.e; to create intrapersonal skills amongs the
customer and understanding between employees of the
organisation.
Broad objectives of the ICICI are:
(a) to assist in the creation, expansion and modernisation of
private concerns;

(b) to encourage the participation of internal and external

capital in the private concerns;
(c) to encourage private ownership of industrial investment.
Green products and services
Instabanking
It is the platform that brings together all alternate channels
under one umbrella and gives customers the option of banking
through Internet banking, i-Mobile banking, IVR Banking. This
reduces the carbon footprint of the customers by ensuring they
do not have to resort to physical statements or travel to their
branches.
Vehicle Finance
As an initiative towards more environment friendly way of life,
Auto loans offer 50% waiver on processing fee on car models
which uses alternate mode of energy. The models identified for
the purpose are, Maruti's LPG version of Maruti 800, Omni and
Versa, Hyundai's Santro Eco, Civic Hybrid of Honda, Reva
electric cars, Tata Indica CNG and Mahindra Logan CNG
versions.
Carbon Footprint Calculator

Inputs include region, user input of the distance traveled in a

particular medium of transport daily, electricity consumed per
month and LPG cylinder/piped natural gas used per month. It
calculates the net carbon footprint to create awareness and
sensitize people about the environment.It also shows the
world's and India's average carbon footprint.
Subsidiaries
Domestic

ICICI Prudential Life Insurance Company Limited

ICICI Lombard General Insurance Company Limited

ICICI Prudential Asset Management Company Limited

ICICI Prudential Trust Limited

ICICI Securities Limited

ICICI Securities Primary Dealership Limited

ICICI Venture Funds Management Company Limited

ICICI Home Finance Company Limited

ICICI Investment Management Company Limited

ICICI Trusteeship Services Limited

ICICI Prudential Pension Funds Management Company

Limited

International

ICICI Bank UK PLC

ICICI Bank Canada

ICICI Bank Eurasia Limited Liability Company

ICICI Securities Holdings Inc.

ICICI Securites Inc.

ICICI International LImited

Acquisitions

1996: SCICI Ltd. A diversified financial institution with

headquarters in Mumbai

1997: ITC Classic Finance. Incorporated in 1986, ITC

Classic was a non-bank financial firm that engaged in
hire,m purchase, and leasing operations. At the time of
being acquired, ITC Classic had eight offices, 26 outlets,
and 700 brokers.

1998: Anagram Finance. Anagram had built up a

network of some 50 branches in Gujerat, Rajastan, and

Maharashtra that were primarily engaged in retail financing

of cars and trucks. It also had some 250,000 depositors.

2001: Bank of Madura

2002: The Darjeeling and Simla branches of Grindlays

Bank
2005: Investitsionno-Kreditny Bank (IKB), a Russian

bank
2007: Sangli Bank. Sangli Bank was a private sector

unlisted bank, founded in 1916, and 30% owned by the

Bahte family. Its headquarter were in Sangli
in Maharashtra, and it had 198 branches. It had 158 in
Maharashtra and 31 in Karnataka, and others in Gujarat,
Andhra Pradesh, Tamil Nadu, Goa, and Delhi. Its branches
were relatively evenly split between metropolitan areas and
rural or semi-urban areas.
2010: Bank of Rajasthan.

Awards
2004

Best Bank in India Award presented by Euromoney

Magazine

2007
ICICI Bank has been conferred the Euromoney Award

2007 for the Best Bank in the Asia-Pacific Region

ICICI Bank wins the Excellence in Remittance Business

award by The Asian Banker

2009
ICICI Bank bags the "Best bank in SME financing

(Private Sector)" at the Dun & Bradstreet Banking awards

2011

ICICI Bank is the only Indian brand to figure in the

BrandZ Top 100 Most Valuable Global Brands Report,
second year in a row

ICICI Bank ranked 5th in the list of "57 Indian

Companies", and 288 th in World Rankings in Forbes
Global 2000 list.

ICICI Bank has won the "Banking Technology Awards

2010" at The Indian Banks Association in the following
categories

ICICI Bank was recognized for its Special Citation of the

Fully Electronic Branch Service Channel, first set up at

Hiranandani Estate, Thane, at the Financial Insights

Innovation Awards held in conjunction with Asian Financial
Services Congress

For the second year in a row, ICICI Bank was ranked

70th in the Brandirectory league tables of the worlds most
valuable brands by, The BrandFinance Banking 500

ICICI Bank was ranked 1st in the Banking and Finance

category and 9th in the "2010 Best Companies To Work
For" by Business Today

ICICI Bank UK, HiSAVE product range has been

awarded the Consumer Moneyfacts Awards 2011 for the
'Best Online Savings Provider'

For the second consecutive year, ICICI Bank was ranked

second in the "India's 50 Biggest Financial Companies", in
The BW REAL 500 by Business World

ICICI Bank was one of the winners in the Global Awards

for Enterprise & IT Architecture Excellence. ICICI Bank
bagged the award in the Business Intelligence and
Analytics' category.

The Brand Trust Report ranks ICICI among the top 4

most trusted financial institutions. ICICI Bank awarded

"House Of The Year (India)", by Asia Risk magazine, for

eighth time in a row since 2004
ICICI Bank awarded the most Tech-friendly Bank award

by Business World
ICICI Bank received the Best Trade Finance Bank in

India by The Asset Triple A Award, Hong Kong

ICICI Bank is the first and the only Indian brand to be

ranked as the 45th most valuable global brand by BrandZ

Top 100 Global Brands Report
2012

Airtel, ICICI among 'top 100 global brands' ICICI Bank

won the "Best Bond House (India) 2011", by IFR Asia ICICI
Bank awarded the Best Bank (India) by Global Finance

ICICI Bank won the "Century International Quality Era

Award" at Geneva ICICI Bank was awarded the "Best
Foreign Exchange Bank (India)" by Finance Asia Country
Awards.

ICICI Bank received the "Dataquest Technology

Innovation Awards 2012" for Data center migration by
Dataquest.

ICICI Bank was conferred the Best Performance Award

for Self Help Group (SHG) Bank Linkage Programme in
NABARD's State Level Awards announced by their
Maharashtra Regional Office. The Bank received the first
prize for the year 2010-11 in the Private Sector Bank
category and 2nd runner up for the year 2011-12 in the
Commercial Bank category.

For the second consecutive year, ICICI Bank won the

NPCI's NFS Operational Excellence Awards in the MNC
and Private Sector Banks Category for its ATM network.

Mr.K.V.Kamath was awarded the "Hall Of Fame" by

Outlook Money for his long standing contribution in the
financial services sector.

ICICI Bank won the Best Bank - India Award by The

Banker. Ms. Chanda Kochhar ranked 18th in the Fortune's
list of '2012 Businesspersons of the Year'. The 50 global
leaders is Fortune's annual ranking of leaders who are "the
best in business".

Ms. Chanda Kochhar tops the list of "50 Most Powerful

Women in Business" by Fortune India.

ICICI Bank tops the list of "Private sector and Foreign

Banks" by Brand Equity, Most Trusted Brands 2012. It
ranks 15th in the "Top Service 50 Brands".

For the third consecutive year, ICICI Bank ranked

second in "India's 50 Biggest Financial Companies" in The
BW Real 500 by Businessworld. For the second year in a
row, Ms. Chanda Kochhar, Managing Director & CEO was
ranked 5th in the International list of 50 Most Powerful
Women In Business by Fortune.

ICICI Bank tops the list of most fans in India and globally
ranks fifth amongst financial institutions on Facebook in the
social media engagement study conducted by Ketchum
Sampark.

ICICI Bank in the Private Sector Bank category won the

Best Technology Bank Of The Year ,Best Financial
Inclusion Initiative and Best Use Of Technology In Training
and e-Learning by Indian Bank's Association (IBA)
Technology Awards. The Bank also received the first
runner up for Best Online Bank, Best Customer
Relationship Initiative and Best Use Of Mobility Technology
in Banking by IBA Technology Awards .

ICICI Bank awarded the Best SME Bank for Treasury

and Working Capital (India) by The Asset Triple A.

ICICI Bank received the Best Trade Finance House and

Best Cash Management House by The Corporate
Treasurer Alliance Country Awards

ICICI Bank awarded the Best Private Sector Bank in

Global Business Development, Rural Reach and SME
financing categories by Dun & Bradstreet - Polaris Financial
Technology Banking Awards.

Controversy over debt recovery methods

A few years after its rise to prominence in the banking sector,
ICICI bank faced allegations on the recovery methods it used
against loan payment defaulters. A number of cases were filed
against the bank and its employees for using "brutal
measures" to recover the money. Most of the allegations were
that the bank was using goons to recover the credit card
payments and that these "recovery agents" exhibited
inappropriate and in some cases, inhuman behavior. Incidents
were reported wherein the defaulters were put to "public
shame" by the recovery agents.

The bank also faced allegations of inappropriate behavior in

recovering its loans. These allegations started initially when
the "recovery agents" and bank employees started threatening
the defaulters. In some cases, notes written by the bank's
employees asking the defaulters to "sell everything in the
house including family members", were found. Such charges
faced by the bank rose to a peak when suicide cases were
reported wherein the suicide notes spoke of the Bank's
recovery methods as the cause of the suicide. This led to a lot
of legal battles and the bank paying huge compensations
Credit Rating
On account of the growing concerns over the country's
sovereign debt ratings,credit ratings agency Moody's has
lowered the ratings for ICICI Bank

Brand Values

Market Research reveals that the values people associate with ICICI Prudential
are, indeed, those that the company hopes to project: lifelong protection and
value for money. The core value is protecting your loved ones,

throughout lifes ups and downs. It is a powerful proposition; one, which

ICICI Prudential, is taking into the market place.

Achievements

Beginning

operations in December 2000, ICICI Prudentials success

has been meteoric, becoming the number one private life insurer within months
of launch. Today, it has one of the largest distribution networks amongst private
life insurers in India, with branches in 54 cities. The total number of policies
issued stands at more than 780,000 with a total sum assured in excess

of Rs.160 billion.
ICICI Prudential closed the financial year ended march 31, 2004 with a total
received premium income of Rs. 9.9 billion; up 135% last years total

premium income of Rs.4.20 billion. New business premium income

shows a 106% growth at Rs. 7.5 billion, driven mainly by the companys
range of unique unit-linked policies and pension plans. The companys
retail market share amongst private companies stood at 36%, making it
clear leader in the segment.

PRODUCT/SERVICES PROFILE
Insurance Solutions for Individuals
ICICI Prudential Life Insurance offers a range of innovative,
customer-centric products that meet the needs of customers at
every life stage. Its products can be enhanced with up to 4 riders, to
create a customized solution for each policyholder.

Savings & Wealth Creation Solutions

Save'n'Protect is a traditional endowment savings plan that offers

life protection along with adequate returns.
CashBak is an anticipated endowment policy ideal for meeting milestone

expenses like a child's marriage, expenses for a child's higher education

or purchase of an asset. It is available for terms of 15 and 20 years.

LifeTime Gold is a unit-linked plan that offers customers the flexibility

and control to customize the policy to meet the changing needs at

different life stages.

Protector,

It

Balancer,

offers7

fund

options

Preserver,

Flexi Balanced Multiplier, R.I.C.H and Flexi

Growth.
LifeStage RP is unit

linked plan that provides you with an

option of lifecycle-based portfolio strategy that continuously redistributes your money across various asset classes based on your life
stage. This will help you achieve the right Asset Allocation to meet
your desired financial goals.

LifeLink Super is a single premium unit linked insurance plan which

combines life insurance cover with the opportunity to stay invested
in the stock market.
Premier Life Gold is a limited premium paying plan specially
structured for long-term wealth creation.
InvestShield Life New is a unit linked plan that provides premium
guarantee on the invested premiums and ensures that the customer
receives only the benefits of fund appreciation without any of the risks of

depreciation.
InvestShield Cashbak is a unit linked plan that provides premium

guarantee on the invested premiums along with flexible liquidity options.

LifeStage Assure a unit linked insurance plan that provide upto 450
% of first year premium guarantee on maturity, with the additional
advantage of a lifecycle based portfolio strategy that allocates the
investors money across various asset classes based on his life
stage and risk appetite.

Protection Solutions
LifeGuard is a protection plan, which offers life cover at low cost. It is
available in 3 options - level term assurance, level term assurance

with return of premium & single premium.

HomeAssure is a mortgage reducing term assurance plan designed

specifically to help customers cover their home loans in a simple
and cost-effective manner.

Education Solutions
SmartKid New ULRP provides guaranteed educational benefits to a child
along with life insurance cover for the parent who purchases the policy.
The policy is designed to provide money at important milestones in the
child's life. SmartKid plans are also available in traditional form.

Retirement Solutions

ForeverLife is a traditional retirement product that offers guaranteed

returns for the first 4 years and then declares bonuses annually.
LifeTime Super Pension is a regular premium unit linked pension plan
that helps one accumulate over the long term and offers 5 annuity options
(life annuity, life annuity with return of purchase price, joint life last survivor
annuity with return of purchase price, life annuity guaranteed for 5, 10 and
15 years & for life thereafter, joint life, last survivor annuity without return of

purchase price) at the time of retirement.

LifeStage Pension is a regular premium unit linked pension
plan

thatprovides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset

classes based on your life stage, eventually providing you with a
customized retirement solution.
LifeLink Super Pension is a single premium unit linked pension plan.
Immediate Annuity is a single premium annuity product that guarantees

income for life at the time of retirement. It offers the benefit of 5 payout

options.
PremierLife Pension is a unique and convenient retirement solution with

a limited premium paying term of three or five years, to suit

professionals and businessmen, especially those who require more
flexibility and customization while planning their finances.

Health Solutions
Health

Assure

Plus: Health Assure

is a regular

which provides long term cover against 6 critical

providing policyholder with

premium plan

illnessesby

financial assistance, irrespective of the

actual medical expenses. Health Assure Plus offers the added advantage

of an equivalent life insurance cover.

Cancer Care: is a regular premium plan that pays cash benefit onthe

diagnosis as well as at different stages in the treatment of various

cancer conditions.

Cancer Care Plus: is a wellness plan that includes all the benefits of
Cancer Care and also provides an additional benefit of free
periodical cancer screenings.
Diabetes Care: Diabetes Care is a unique critical illness product
specially developed for individuals with Type 2 diabetes and prediabetes. It makes payments on diagnosis on any of 6 diabetes
related critical illnesses, and also offers a coordinated care approach
to managing the condition. Diabetes Care Plus also offers life cover.
Diabetes Care Plus: is a unique insurance policy that provides an additional

benefit of life cover for Type 2 diabetics and pre-diabetics

Hospital Care: is a fixed benefit plan covering various stages of treatment-

hospitalisation, ICU, procedures & recuperating allowance. It covers a

range of medical conditions (900 surgeries) and has a long term

guaranteed coverage upto 20 years.
Crisis Cover : is a 360-degree product that will provide long-term
coverage against 35 critical illnesses, total and permanent
disability, and death.
MediAssure is a health insurance policy that provides assured
insurability till age 75 years, assured coverage for accepted preexisting illnesses after 2 years and an assured price for 3 years.

Group Insurance Solutions

ICICI Prudential Life also offers Group Insurance Solutions for
companies seeking to enhance benefits to their employees.
Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps

employers fund their statutory gratuity obligation in a scientific manner

and also avail of tax benefits as applicable to approved gratuity funds.
Group Superannuation Plan: ICICI Prudential Life offers a flexible
market linked scheme that provides substantial benefits to both employers
and employees. Both defined contribution (DC) and defined benefit (DB)

schemes are offered to optimise returns for members of the trust

and rationalise cost. Members have the option of choosing from
various annuity options or opting for a partial commutation of the
annuity at the time of retirement.
Group

Immediate

Annuities:

ICICI

Prudential

Life

realises

the

importance of prudent retirement planning. With this in mind,

we have developed a suite of annuity products that not only give you an

income for life but also provide you options to match your needs. In addition
to the annuities offered to existing superannuation customers, we offer

immediate annuities to superannuation funds not managed by us.

Group Term Plan: ICICI Prudential Life's flexible group term

solution helps provide an affordable cover to members of a group.
The cover could be uniform or based on designation/rank or a
multiple of salary. The benefit under the policy is paid to the
beneficiary nominated by the member on his/her death.
Flexible Rider Options
ICICI Prudential Life offers flexible riders, which can be added
to the basic policy at a marginal cost, depending on the specific
needs of the customer.
Accident & disability benefit: If death occurs as the result of an accident
during the term of the policy, the beneficiary receives an additional amount
equal to the rider sum assured under the policy. If an accident results in total
and permanent disability, 10% of rider sum assured will be paid each year,
from the end of the 1st year after the disability date for the remainder of the
base policy term or 10 years, whichever is lesser. If the death occurs while
travelling in an authorized mass transport vehicle, the beneficiary will be
entitled to twice the sum assured as additional benefit.

Critical Illness Benefit: protects the insured against financial loss

in the event of 9 specified critical illnesses. Benefits are payable to
the insured for medical expenses prior to death.
Waiver of Premium: In case of total and permanent disability due to an
accident, the future premiums continue to be paid by the company till the

time of maturity. This rider is available with SmartKid, LifeTime

Plus, LifeTime Super and LifeTime Super Pension.

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

Stages in Policy Issuance

1) Proposal
A Proposal Stage is the First stage before the policy is issued at COPS. At

this stage, the application form is received by COPS, but it is pending for

issuance due to further clarifications required from the customer.

2) Login
A proposal which is complete i.e., duly filled with all necessary documents

attached to it & accepted by the Branch ops, is called a Login

3) Reject
An Application gets rejected at the Branch Ops level due to necessary details
not filled in the form or necessary documents not submitted is a Reject. It is

then sent back to the Advisor for completion.

4) Issuance
Issuance means a policy that is issued to the Customer by Central Ops.

5) Decline Status
When a customer refuses to take a policy post login but before Issuance is
called a Decline

6) Cancellation
When the cheque given by the customer bounces, it amounts to
cancellation of the policy.
7) Lapse
A policy for which the Customer fails to pay subsequent premiums is a Lapsed

Policy.
8) Free look
Post issuance of the policy, the policyholder has the option to turn down the
policy within 15 days from the date of issuance. This period of 15 days is

called Free look Period.

9) Surrender:
When a customer wants to discontinue with the policy.

COMPARATIVE STUDY

1) LIFE TIME VS LIC BIMA PLUS

ON THE BASIS OF AGE:

LIFE TIME0-60YEARS
BIMA PLUS12-55 YEARS

ON THE BASIS OF TERM:

LIFE TIMEMinimum premium payment term of three years.
BIMA PLUS10 YEARS

ON THE BASIS OF SUM ASSURED:

LIFE TIMEChoose your sum assured; subject to a minimum sum assure of
Rs 1 lakh. BIMA PLUSMaximum limit up to Rs 12 lakh.

ON THE BASIS OF SURVIVAL BENEFIT:

LIFE TIMEValue of unit three years
onward. BIMA PLUSBid value of the funds units along with maturity bonus at 5% of sum assured.

ON THE BASIS OF DEATH BENEFIT:

LIFE TIMEHigher of sum assured of value of
units. BIMA PLUSDeath during the first six month-30% of SA+value of units, next six months60% of SA+value of units. Death after first year-SA+value of units.

ON THE BASIS OF WITHDRAWAL BENBEFIT:

LIFE TIMEPartial or complete withdrawal is available from three years onwards.
BIMA PLUSPremature withdrawal allowed after one year.

ON THE BASIS OF CONTRIBUTION:

LIFE TIMEMinimum Rs 18000 per annum.
BIMA PLUSNot specified.

ON THE BASIS OF INVESTMENT OPTION:

LIFE TIMEMaximiser, balancer, protector and preserver.
BIMA PLUSBalanced, secured and risk.

2) LIFE TIME VS MAX NEW YORK LIFE MAKER

ON THE BASIS OF AGE:

LIFE TIME0-60 YEARS.
LIFE MAKER12-60 YEARS.

ON THE BASIS OF TERM:

LIFE TIMEMinimum premium payment term of three years.
LIFE MAKER10-58 YEARS.

ON THE BASIS OF SUM ASSURED:

LIFE TIMEChoose your sum assured subject to a minimum sum assured of Rs1lakh.

LIFE MAKERChoice of 2 insurance covers.

ON THE BASIS OF SURVIVAL BENEFIT:

LIFE TIMEValue of units three years onwards.
LIFE MAKERValue of units.

ON THE BASIS OF WITHDRAWAL BENEFIT:

LIFE TIMEComplete or partial withdrawals are available after three years.

LIFE MAKERPartial withdrawals are available from the third year and complete withdrawals
are available from first year onwards itself, subject to surrender penalties.

ON THE BASIS OF CONTRIBUTION:

LIFE TIMEMinimum premium of Rs18000 per annum.
LIFE MAKER-

Minimum premium of Rs15000 per annum.

ON THE BASIS OF INCREASE OR DECREASE OF DEATH

BENEFIT:
LIFE TIMEAvailable
LIFE MAKERNot available

3)LIFE TIME VS HDFC LINKED

ON THE BASIS OF AGE:

LIFE TIME0-60 YEARS
LINKED18-60 YEARS

ON THE BASIS OF TERM:

LIFE TIMEMinimum premium payment term of three years.
LINKED10-30 YEARS

ON THE BASIS OF SUM ASSURED:

LIFE TIMEChoose your sum assured, subject to a minimum sum assured of
Rs1 lakh. LINKEDOnly 5-20 (age based) multiples are allowed as assured.

ON THE BASIS OF SURVIVAL BENEFIT:

LIFE TIMEValue of units third year onwards.
LINKEDValue of units.

ON THE BASIS OF DEATH BENEFIT:

LIFE TIMEHigher or sum assured or value of units.
LINKEDHigher or sum assured or value of units.

ON THE BASIS OF WITHDRAWAL BENEFIT:

LIFE TIMEPartial or complete withdrawals are available from third year
onwards. LINKEDPartial withdrawals are available from third year onwards provided, that the
value of units does not go below the sum assured.

ON THE BASIS OF CONTRIBUTION:

LIFE TIMEMinimum Rs18000 per annum.
LINKEDMinimum Rs10000 per annum.

4)LIFE TIME PENSION-2 VS LIC JEEVAN NIDHI

ON THE BASIS OF AGE:

LIFE TIME PENSION-218-60 YEARS.
JEEVAN NIDHI18-65 YEARS.

ON THE BASIS OF TERM:

LIFE TIME PENSION-2Minimum term of 10 years.
JEEVAN NIDHI5-35 years.

ON THE BASIS OF SUM ASSURED:

LIFE TIME PENSION-2Default sum assured is zero, however, the policy holders can also opt for a sum

assured.
JEEVAN NIDHIMinimum of Rs50000 and multiples of Rs5000 thereafter.

ON THE BASIS OF SURVIVAL BENEFIT:

LIFE TIME PENSION-2Unit value to purchase an annuity.
JEEVAN NIDHISum assured+gurantee additions+terminal bonus.

ON THE BASIS OF DEATH BENEFIT:

LIFE TIME PENSION-2-

Value of units in case the sum assured is zero. In case a sum assured is
chosen, it will be higher of the sum assured or value of units.
JEEVAN NIDHISum assured+guarantee additions+simple reversion bonus+terminal bonus.

ON THE BASIS OF CONTRIBUTION:

LIFE TIME PENSION-2Minimum Rs10000 per annum.
JEEVAN NIDHIMinimum Rs3000 per annum.

ON THE BASIS OF INVESTMENT OPTION:

LIFE TIME PENSION-2Protector pension, balancer pension, maximiser pension and pension
preserver. JEEVAN NIDHI:
Not available.

ON THE BASIS OF INCREASE OR DECREASE OF DEATH

BENEFIT:
LIFE TIME PENSION-2-

Not available.
JEEVAN NIDHINot available.

STRENGTHS:
1. ICICI Prudential is the largest private player in India,

with

market share of around 36% amongst the private players

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

3. ICICI Prudential is the first life insurance company to offer

ECS debit facility.
4. ICICI Prudential is the first company to introduce unit link

life insurance and pension products. Presently the maximum

numbers of ranges are under ULIP life insurance, investment as

well as pension plan.

5. Products

Flexibility to switch your fund value at your own discretion four

times a year viz. maximizer, protector, balancer, preserver.

Greater transparency-policy holder knows what is happening to

his money and where the company has invested his money.

Liquidity options-you can make complete or partial withdrawals

any time after 3 years.

Life insurance plans are eligible for deduction under sec 80.

WEAKNESSES:

i.

Industry in nascent stage.

ii. Rural areas still not covered.

iii. Not very known among Indian population.
iv.

Lack of credibility among the people because ICICI

being a private player.

v.

Premiums are high as compared to its competitors.

vi. Very few branches in the country.

vii. Products:
The policy doesnt have the surrender option before third
year.
Plan does not offer any guarantee or assured return.
Product profile is not very comprehensive.
Mortality, management and administrative charges
are sky scrapping as compared to its competitors

OPPORTUNITIES
i.

Liberalization of Indian economy.

ii. As the industry is growing the whole market is virgin.

iii.

The whole private sector is opened to be trapped even though

the competition is fierce from government owned insurance

companies.
iv.

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

v. Products:
Preserver funds look good due to comfortable
Liquidity in the economy and there is little chance hike
in short-term rate by RBI.

Finance minister unveiled a budget favoring consumer

spending,

boosting

economic growth.

demand

and

therefore

higher

THREATS
i.

The government players will become aggressive thus growth is going to

be tough.

ii. Entry of other players is not ruled out.

iii. Apprehension towards ICICI Prudential being a private life insurance

company.
iv.

We expect the industry to rationalize in future that is

mergers and acquisitions will happen, which will impact

the industry and ICICI Prudential fortunes.

v. Products:
Past performance of these plans is not

Indicative of the future performance of the plan.

The sum invested in the funds is subject to market risks and there can be no
assurance that the objective of plan will be achieved.

All benefits payable under the policy are subject to tax

Laws and other financial enactment, as they exist from time to

time.

Chapter 6

Data Analysis & Findings

Data Analysis
Q1. Are you currently insured?
Particular

No. of Respondents

Percentage

Yes

62

62%

No

38

38%

Total

100

100%

Q2. are you satisfied with your current insurer?

Particular

No. of Respondents

Percentage

Yes

82

82%

No

18

18%

Total

100

100%

Q3. Which one is your favored insurance company?

Particular

No. of Respondents

Percentage

LIC

48

48%

ICICI

14

14%

HDFC

10

10%

Birla Sun Life

8%

Bajaj Allianz

8%

Other

12

12%

Total

100

100%

Q4. Are you interested in the products offered by ICICI Prudential ?

Particular

No. of Respondents

Percentage

Yes

60

60%

No

24

24%

Cant say

16

16%

Total

100

100%

Q5. What is your main concern while taking an insurance policy?

Particular

No. of Respondents

Tax Benefit

40

40%

Security

32

32%

Investments/ savings 28

28%

Total

100%

100

Percentage

Q6. Does the policies offered to you satisfy your financial

needs? (Please rate on the scale of 1 to 5 with 1 being least
satisfied)
Rating

No. of Respondents

Percentage

18

18%

18

18%

16

16%

20

20%

28

28%

Total

100

100%

Q7. Please express your opinion for the premiums paid for the
above policy?
Particular

No. of Respondents

Percentage

Very High

28

28%

High

22

22%

Moderate

26

26%

Low

16

16%

Very Low

8%

Total

100

100%

Q8. How do you come to know about the policies?

Particular
Advertisement

No. of Respondents

Percentage

20

20%

Friend and Relatives 24

24%

Direct Selling agent

42

42%

Others

14

14%

Total

100

100%

Q9. Are you satisfied with the incentives (tax benefits or Bonuses)

associated with your policy?

Particular

No. of Respondents

Percentage

Highly satisfied

18

18%

Satisfied

24

24%

Moderate

20

20%

Unsatisfied

22

22%

Highly Unsatisfied

16

16%

Total

100

100%

Q10. According to you, in what areas should the insurance

companies work upon?
Particular

No. of Respondents

Percentage

Easy Procedure

28

28%

Fewer Premiums

20

20%

More Returns

18

18%

Transparency

34

34%

Total

100

100%

Q11. Do You think that services have improved after allowing private
players in insurance sector ?
Particular

No. of Respondents

Percentage

Yes

80

80%

No

20

20%

Q 12 .are you aware with the new unit link plane in the market?

Particular

No. of Respondents

Percentage

Yes

80

80%

No

20

20%

noof respondents

Yes
No

Q 13 provide the reason behind choosing particular investment

company?
-safety

-brand name
-good track record
-good return
Particular

No. of Respondents

Percentage

Safety

28

28%

Brand name

20

20%

Good track record

18

18%

Good return

34

34%

Total

100

100%

noof respondents

safety
brand name
good track record
good return

Q 14 have you ever made a claim on the payment protection

insurances you complaining about?
Particular

No. of Respondents

Percentage

Yes

80

80%

No

20

20%

noof respondents

Yes
No

Findings
According to my survey the noteworthy points are:
Most of the people buy life insurance as just a tax benefit tool
or as a life cover while only a few of the respondent take it as
a saving option. The reason for this is lack of knowledge of
insurance benefits among the people.
A Majority of the respondent buy insurance products because
of the need reason while rest of the respondents buy for the
brand purpose.
ANALYSIS:
From the survey it was found that amongst 50 respondents
a) 80% of the respondents think that services have improved.
b) 20% of the respondents think that services have not improved.

A Majority of the people come to know about the policies from

the Direct Selling Agents.
A Majority of the people are satisfied by the incentives
associated with their policies.
Most of the respondents are satisfied by the services offered
by there insurance company while some says that they are
not satisfied by the services.
Most of the respondents want more Transparency from the
side of the company.

Chapter 7

Conclusion and Suggestions

Conclusion
After overhauling the all situation that boosted a number of Pvt.

Companies associated with multinational in the Insurance Sector to

give befitting competition to the established behemoth ICICI in private sector,
we come at the conclusion that

There

are very tough competition among

theprivate

insurance

companies on the level of new trend of advertising to lull a major part of

Customers.

ICICI is not left behind in the present race of advertisement.

The entry of more Pvt. players in the Insurance Sector have expanded
the product segment to meet the different level of the requirement of the

customers. It has brought about greater choice to the customers.

ICICI has vast market and very firm grip on its traditional
customers and monopoly of life insurance products..

IRDA, is also playing very comprehensive role by regulating norms

mandating to private players in this sector, that increases the confidence level

of the customers to the private players.

Suggestion s

The study has provided with the useful data from the respondents. There

has a lot to be recommended. Following are the recommendations:

There is a need for better promotion for the investment

products & services. The bank should advertise its products
through television because it will reach to the masses.

More returns should be provided on Insurance plans.

As the bank provides the Insurance facility to its customers. It should

provide this facility by tie up with the other Insurance organizations as

well. The main reason is that, the entire customers do not want
Insurance of only one company. They should have choice while
selecting a suitable Insurance plans. This will definitely add to the

goodwill & profit for the bank.

Annexure

Questioner

Q 13.are you aware with the new unit link plane in the market?
-yes
-no
Q 14 provide the reason behind choosing particular investment
company?
-safety
-brand name
-good track record
-good return
Q 15 have you ever made a claim on the payment protection
insurances you complaining about?
-yes
- no

Bibliography

BOOKS
Kothari

R,

Research

and

Methodology-

Methods

&Techniques, New Age International (P) Ltd., 2004

Newspapers:
The Times of india
The Hindusthan times
The Economics times
WEBSITE:
http://www.icicibank.com/privilege-banking/index.html
http://www.icicibank.com/privilegebanking/personal/DedicatedServiceArea.html
http://www.icicibank.com/privilege-banking/personal/your-lifestage.html
http://www.icicibank.com/privilege-banking/personal/productsservices.html
http://www.icicibank.com/privilegebanking/personal/SpecialPrivileges.html
http://en.wikipedia.org/wiki/ICICI_Bank