PROJECT REPORT

On

CONSUMER’S FIRST PREFRENCE AMONG

ICICI PRUDENTIAL LIFE INSURANCE, HDFC
STANDARD LIFE INSURANCE AND AVIVA LIFE
INSURANCE

Project guide: Ms. SMITA TEJWANI

Submitted by: SONAL SINGH
Enrollment no: 1331471707
Programme: B.B.A (GEN)
Semester: V

MAHARAJA AGRASEN INSTITUTE OF

MANAGEMENT STUDIES

GURU GOBIND SINGH INDRAPRASTHA UNIVERSITY

1
 CERTIFICATE

This is to certify that the Training Report CONSUMER’S

FIRST PREFRENCE AMONG ICICI PRUDENTIAL LIFE
INSURANCE, HDFC STANDARD LIFE INSURANCE AND
AVIVA LIFE INSURANCE submitted in partial fulfillment of
the requirements for the award of the degree of
BACHELOR OF BUSINESS ADMINISTRATION TO
GURU GOBIND SINGH INDRAPRASTHA UNIVERSITY Is
a record of bonafide training carried out by SONAL SINGH
Under my supervision and guidance and that no part of this
report has Been submitted for the award of any other
degree/ diploma/ fellowship or similar titles or prizes.

FACULTY GUIDE

Signature:

Name: Ms. SMITA TEJWANI

2
 STUDENTS DECLARATION

I hereby declare that the Training Report conducted at

CONSUMER’S FIRST PREFRENCE AMONG ICICI
PRUDENTIAL LIFE INSURANCE, HDFC STANDARD LIFE
INSURANCE AND AVIVA LIFE INSURANCE Under the
guidance of Ms. SMITA TEJWANI Submitted in partial
fulfillment of the requirements for the Degree of BACHLEOR
OF BUSINESS ADMINISTRATION (GEN) TO GURU
GOBIND SINGH INDRAPRASTHA UNIVERSITY, KASHMIRI
GATE, DELHI Is my original work and the same has not
been submitted for the award of any other Degree/
diploma/fellowship or other similar titles or prizes.

Place: Delhi
Date: December, 2009

SONAL SINGH
Roll No - 1331471707
3
 ACKNOWLEDGEMENT

Our exposure to the work at ICICI Prudential life insurance

was wonderful. It was a challenge to compete and achieve

the requirements of the work allotted by the Organization.

There were highly experienced persons who have trained us

at the ICICI Prudential life Insurance. I am extremely thankful

to ICICI PRUDENTIAL LIFE INSURANCE. Many talented

people have contributed to the successful completion of this

work and I would like to extend a word of thanks and

appreciation to all of them.

First, I take this opportunity to acknowledge my institution

Maharaja Agrasen Institute Of Management Studies,

Indraprastha University where I am pursuing my degree of

Bachelor of Business Administration.

Second, I empress my thanks to Ms. SMITA TEJWANI,

Internal Project Guide, for her guidance, support and

4
encouragement which helped me in completing my project.

I also want to thank Dr. N.K.Kakkar (Director) for his

alacrity to provide all the necessary facilities in

accomplishing the task assigned.

Above all, I would like to thank the Almighty God without

whom this work could never have been completed.

SONAL SINGH

5
 TABLE OF CONTENTS

S. NO PARTICULARS PAGE
NO.

1 EXECUTIVE SUMMARY

INTRODUCTION TO THE PROJECT

OBJECTIVES

COMPANY PROFILE

2
RESEARCH METHEDOLOGY

2.1 STATEMENT OF THE PROBLEM

2.2 RESEARCH DESIGN

2.3 SAMPLING TECHNIQUE

2.4 SAMPLE SIZE

2.5 SOURCES OF DATA COLLECTION

2.6 DATA COLLECTION INSTRUMENT

6
 2.7 LIMITATIONS

3 DATA ANALYSIS

4 CONCLUSIONS AND SUGGESTIONS

5 BIBLIOGRAPHY

6 ANNEXURE

7.1QUESTIONNAIRE

7
 EXECUTIVE SUMMARY

ICICI PRUDENTIAL Life Insurance is a very reputed

company in the private sector of life Insurance. This project

is mainly undertaken to know the current position of ICICI

PRUDENTIAL in the customers’ minds and also its

competitiveness with two major players of this sector namely

HDFC Standard Life Insurance and AVIVA life Insurance.

This project was also aimed at getting to know about the

various products offered by ICICI PRU and then suggesting

the possible modifications to cover a larger market share.

For the purpose of our study we took a population size of 75

people and asked them to fill a questionnaire which contains

several questions regarding their details. After that the data

was analyzed with the help of tables and pie charts. It was a

8
very difficult task to tell which company is better because a

company is better in some aspect while another is good in

another aspect but on the basis of this analysis it can be said

that ICICI PRU is having a very good market value and the

other two companies are competing well with the company.

While working with ICICI PRUDENTIAL LIFE INSURENCE I

learned certain things like how to convert the normal

customer into a prospect (who are willing to buy). This type

of training helps me a lot in my marketing line because

through this we are more aware of market and market

capturing capacity of every company involved in insurance

sector. In this sector there are so many companies like

HDFC Standard life insurance , AVIVA life insurance etc.

But ICICI has changed the complete concept of insurance

with high returns. Most of the people trust ICICI

PRUDENTIAL because they feel secured about their money

while investing in it. In some private insurance companies

9
some people suffered losses because the company played

fraud. The main objective of this project is to make a

comparison between three major companies in life insurance

sector and to know where ICICI prudential life insurance

stands in the eyes of the customers. Our analysis suggests

that ICICI prudential life insurance is a top company both in

terms of customer satisfaction & returns and AVIVA life

insurance and HDFC life insurance are better in several

areas and competing the company well. The various

limitations and conclusions are described later in this project.

We learned all the procedures and how the people get

insured. We also learned about the superior subordinate

relationship and personally understood the official

environment. I am feeling glad about taking admission in this

university which provides great startup for young students to

communicate with outside world. Further conclusions and

suggestions are suggested in this project in detail.

10
 INTRODUCTION

1.1 Objective of the study

1. The main objective is to analyse the mindset of the

customer and to know the choice & preference of the

customers, among ICICI PRUDENTIAL Life Insurance,

AVIVA Life Insurance and HDFC Life Insurance.

2. To understand the social and commercial

requirements of the society from insurance sector and

provide them with different products accordingly.

3. To know the status of ICICI Prudential Life Insurance in

11
the Insurance sector and create the right perception about

the company in the minds of the people.

1.2 Company Profile

Overview

ICICI Prudential Life Insurance Company is a joint venture

between ICICI Bank - one of India's foremost financial

services companies-and prudential plc - a leading

international financial services group headquartered in the

United Kingdom. Total capital infusion stands at Rs. 29.32

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 735

12
offices, over 243,000 advisors; and 22 bank assurance

partners.

ICICI Prudential was 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.

Introduction of ICICI Prudential Life Insurance

Company Limited

13
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’ approval from Insurance

Regulatory Development Authority (IRDA).

ICICI Prudential equity base stands at Rs. 11.85 billion with

ICICI Bank and Prudential plc holding 74% and 26% stake

respectively. In financial year ended March 31, 2005, the

company garnered Rs1584 crore of new business premium

for a total sum assured of Rs 13,780 crore and wrote nearly

615,000 policies. The company has a network of about

56,000 advisors; as well as 7 bank assurance and 150

corporate agent tie-ups. For the past four years, ICICI

Prudential has retained its position as the NO.1 private life

14
insurer in the, country, with a wide range of flexible products

that meet the needs of the Indian customer at every step in

life.

Growth and development of the organization

History of ICICI

ICICI Ltd. Was established in 1955 by the World Bank, the

government of India and the Indian Industry, to promotes

industrial development of India by providing project and

corporate finance to Indian industry.

Since inception, ICICI has grown from a development bank

to a financial conglomerate and has become one of the

largest public financial institutions in India. ICICI has thus far

financial all the major sectors of the economy, covering

6,848 companies and 16,851 projects. As of March 31, 2000,

15
ICICI had disbursed a total of Rs 1, 13,070 crore, since

inception.

Prudential plc:-

Prudential plc. was founded in 1848. since then it has grown

to became one of largest provides of a large range of

savings products for the individual including life insurance,

pensions, annuities, unit trust and personal banking. It has a

presence in over 15 countries, and caters to the financial

needs of over 10 million customers. It manages assets of

over US$ 259 billion (Rupees 11, 39,600 crore approx.) as of

December 31, 1999.

Prudential is the largest life insurance company in the United

Kingdom (source: S & P’s UK Life Financial Digest, 1998).

Asia has always been an important region for Prudential and

it has had a presence in Asia for over 75 years. In fact

16
Prudential’s first overseas operation was in India, way back

in 1923 to establish Life and General Branch agencies.

The joint venture:-

ICICI Prudential Life Insurance Company Limited was

incorporate on July 20, 2000. The authorized capital of the

company is Rs.2300 million. The paid up capital is Rs.19000

million. The company is joint venture of ICICI (74%) and

prudential plc UK (26%).

The company was granted certificate of registration for

carrying out Life Insurance business, by the Insurance

Regulatory and Development Authority on November 24,

2000. It commenced commercial operation on December 19,

2000, becoming one of the first new private sectors players

to enter the liberalized arena.

17
 Organization structure

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

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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, EVP – Customer Service & Technology

Mr. Azim Mithani, Chief Actuary

Mr. Puneet Nanda, Executive Vice President & Chief

Investment Officer, ICICI Prudential Life Insurance Company

Limited

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Product and service profile of the organization

Retirement Solutions

To cater to the needs of a customer looking for retirement

planning, ICICI Prudential presents a wide array of products.

These products have been designed to take into account the

diverse set of needs that characterize individual customers.

Please click on the plans to know more about them and

identify which plan is just right for you.

Plan Name Plan Type

Premier Life Pension Unit linked

Life Time Super Pension Unit linked

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Life Link Super Pension Unit linked

Forever Life Traditional

Immediate Annuity Traditional

Life Insurance Plans

On the basis of which life stage you are in and the

corresponding insurance needs, ICICI Prudential plans can

be categorized into the following three types:

Education Insurance Plans

Wealth Creation Plans

Premium Guarantee plans

Protection Plans

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 AV I VA L I F E I N S U R A N C E C O M PA N Y

History of the Company

Aviva plc (LSE: AV.) is the world's fifth-largest insurance
group, the biggest insurance group in the UK and the
second-largest insurance group in Canada. Worldwide, it
trails behind AXA, Allianz, ING and Fortis [citation needed].
It is one of the leading providers of life and pensions
products in Europe and has a presence in 25 countries
worldwide, notably France and The Netherlands. The
company was formerly called CGNU, and was created by
a merger of Norwich Union and CGU plc (itself created by
the 1998 merger of Commercial Union and General
Accident) in 2000. The Aviva name was adopted in July
2002. The company still uses the Norwich Union name

22
 within the United Kingdom.

Its main activities are long-term savings, fund management

and general insurance. It has around £332 billion of assets
under management. The group has just fewer than 55,000
employees, including just fewer than 35,000 in the UK,
serving 35 million customers worldwide. Aviva plc is the
holding company of the Aviva group of companies, which
carries out life assurance and long-term savings business,
fund management and all classes of general insurance. It
also invests in securities, properties, mortgages and loans,
and trades in property.

Aviva approached the UK's other insurance giant

Prudential in March 2006, with a view to merging to form
the world's fifth largest insurance player, but withdrew once
it became clear the Prudential's board would not consider
the suggestion.

On 10 January 2007, it was announced that CEO Richard

Harvey would retire on 11 July 2007. He has been
succeeded by Andrew Moss, the former group finance
director.
23
HDFC Standard Life Insurance Co. Ltd.

History of the Company

HDFC Standard Life Insurance Co. Ltd. is a joint venture

between HDFC Ltd., India's largest housing finance

institution and Standard Life Assurance Company, Europe's

largest mutual life company. It was the first life insurance

company to be granted a certificate of registration by the

IRDA on the 23rd of October 2000.

Standard Life, UK was founded in 1825 and has experience

of over 180 years. Companies. The company is rated as

"very strong" by Standard & Poor's (AA) and "excellent" by

Moody's (Aa2).

HDFC Standard Life's cumulative premium income, including

the first year premiums and renewal premiums is Rs. 672.3

Crores for the financial year, Apr-Nov 2005. So far the

24
company has covered over 11,00,000 individuals and has

declared 5th consecutive bonus in as many years for its 'with

profit' policyholders.

The most successful and admired life insurance company,

which means that we are the most trusted company, the

easiest to deal with, offer the best value for money, and set

the standards in the industry'. 'The most obvious choice for

all'.

HDFC Standard Life Insurance Company Ltd. is one of

India’s leading private life insurance companies, which offers

a range of individual and group insurance solutions. It is a

joint venture between Housing Development Finance

Corporation Limited (HDFC Ltd.), India’s leading housing

finance institution and The Standard Life Assurance

Company, a leading provider of financial services from the

United Kingdom. Both the promoters are well known for

their ethical dealings and financial strength and are thus

25
committed to being a long-term player in the life insurance

industry.

We attribute the success of our company to our people, who

are our most important asset. We believe they are a key fact

of the company and it is their contribution that has enabled

us to achieve our current status. Since they deserve the

best, our efforts have been to provide them with the best

environment, culture and development opportunities

possible.

26
 RESEARCH METHODOLOGY

2.1 STATEMENT OF THE PROBLEM

In this problem we want to know the preferences of the

customers in relation to the life insurance of various
companies. In our problem we consider only three
companies. And according to the needs and wants of the
consumers we compare the products offered by ICICI
PRUDENTIAL LIFE INSURANCE and the other two.

2.2 RESEARCH DESIGN:

The research design is Descriptive and explanatory as both

already existing data and primary data has been collected
and analyzed to get the required conclusion.

2.3 SAMPLING TECHNIQUE:

The sampling technique refers to the way in which samples

27
have been selected. Here, Convenience sampling procedure
has been used. The data here has been collected through
questionnaire and direct questioning and then analysed.

2.4 SAMPLE SIZE:

In order to compare the rules in insurance industry only 75

persons have been covered in the study to know about ICICI
PRUDENTIAL Life insurance and their preferences
regarding other two companies Seventy five persons were
randomly selected for the study. Different groups of cast,
creed and religious groups were taken into consideration.
The sample surveyed included 54 i.e. 72% of males and 21
i.e. 28% of females of age group 25 to 65 years, of which
20% were between 25 and 35 years, 20 % between 35 and
45 years, 48 % between 45 and 55 years and 12% between
55 and 65 years. In reference to different types of
occupation, 41 i.e. 54.6% of them were government officials,
7 i.e. 9% professionals, 10 i.e. 13% self employed and 17 i.e.
22% were people contributing to private organizations

28
2.5 DATA COLLECTION

Primary data has been used in this project report. The data is
collected with the help of questionnaires and where ever
necessary clarifications were given to the respondents. For
some purposes the booklets of the organization are also
used.

2.6 DATA COLLECTION INSTRUMENT:

Keeping in view the above-mentioned objectives, a self-

reported questionnaire was designed. Beside demographic
antecedents, four major dimensions were analyzed. For this,
people were asked to fill a forced choice questionnaire.

2.7 LIMITATIONS

The time allotted was not sufficient, if allotted some extra

time for our project we could have done better and could

have analyzed certain other things also.

29
 People were not willing to disclose their investments and

were giving wrong and manipulated information.

Since we talk to people in public places, they were not

taking us seriously and were a little conscious.

Working on the primary data was also a limitation

because we were not allotted much of the time to collect

data from a larger number of people and then analyze it.

30
 DATA ANALYSIS

Market Analysis & Interpretation

It can hardly be gainsaid that personal characteristics are

highly important in the development of individual reactive
tendencies, motivational structure, and life aspirations and
as a matter of fact, the knowledge about the environment.

For the present purpose, demographic antecedents like age,

sex, and occupation, salary of the respondents have been
brought under analysis.

31
 Table 1: Showing opinion of people, whether Life
Insurance is a good Investment or not?

Yes No N.A

72% 25.3% 2.6%

Percentage
(Frequency) 54 19 2

3%

25%

72%

YES NO N.A.

In the present study, analysis reveals that 72% people feel

that life insurance is a good investment while, 2.6% feel that
they have no answer in this regard and 25.3% feels life
insurance is not a better investment. They feel return on
32
investment is poor; it’s merely a security measure. Some of
them also feel it can be a good investment provided some
innovative programs like ulip and other active investments
are introduced. (See table 1)

Table 2: Showing percentage of people having life

Insurance policy.

Yes No N.A

33
Percentage 85.3% 14.7% 0%

(Frequency) 64 11 -

15% 0%

85%

YES NO N.A.

The above table shows that 85% of people that is 64 out of

our sample size of 75 are having a life Insurance policy and
11 out of 75 that is 15% of them are not having any life
Insurance policy. Through direct questions it was also
noticed that people at young age do not find it useful and old
34
age people think that at their age there is no point investing.

Table 3: Showing percentage of people invested in

different life insurance companies.

35
Name of the company No. of persons Percentage
Invested
ICICI PRU. 34 45.34
HDFC LIFE INSU. 24 32
AVIVA LIFE INSU. 17 22.66

Further Analysis suggest that out of 75, 34 i.e. 45.34%

people have invested in ICICI PRU. 32% in HDFC
STANDARD life Insurance 22.66% in AVIVA Life Insurance.
This shows that the majority of people prefer ICICI Prudential
among the private insurance companies which is mainly due
to the different products offered and the high returns of the
company.(Refer table 3)

36
 Table 4: Showing the percentage of the reasons of
purchasing a life insurance policy.

Future Security
Tax saving
plans

37
Percentag 40% 22.67% 37.33%
e 30 17 28
(Frequency)

Table 4 shows that, purposes of investment of people on life

insurance are many and varied. The main purpose of
investments as per the analysis is future plans. 30 people
express their opinion in favor of future plans, 17 people
purchase policy for the purpose of tax saving while, 28 feels,
life insurance is a better program as a security instrument.
This is due to the fact that because of nuclear family concept
people are now more worried about their future than their
present security or health and security or tax saving has
become a secondary issue.

38
Table 5: Showing the part of income people would like to
utilize for a Life-Insurance policy.
Income part Number Percentage

39
 Less than 1% 3 4%
1% to 5% 24 32%
5% to 10% 15 20%
10% to 15% 18 24%
15% to 20% 3 4%
More than 20% 3 4%
N.A. 9 12%
TOTAL 75

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 4%
12%

4%

4%
32%

24%

20%

LESS THAN 1% 1% TO 5% 5% TO 10%

10% TO 15% 15% TO 20% MORE THAN 20%
N.A.

Table 5 shows that the percentage investment of an

individual in life insurance differs from person to person on
the basis of their expenses, savings, other investments. It
can be clearly seen that 3 of 75 respondents would invest
less than 1% and more than 15%. The major share of
investment falls between 5-15%. Maximum number of

41
people, i.e., 24 persons(32%) will invest only around 5% of
their earnings in life insurance followed by 18 persons(24%)
around 10-15% and 15 persons(20%) around 5-10%. There
are still 12% of people who do not consider investing in life
insurance a good option as they still have a myth that
investing in insurance would bring them little returns and in
private sector there is no guarantee of any returns at all.
Though people are now going for such investments and
most of them choose ICICI Prudential Life Insurance as their
first preference in private Sector.

42
 Table 6: Showing the percentage of people planning to
invest in life insurance.

YES NO TOTAL
NUMBER 33 42 75

44% 56% 100%

PERCENTAGE

44%

56%

YES NO

43
Through their decision regarding income to be invested, it
appears that rationalization of the programs is needed.
Undoubtedly, people have inclination towards life insurance,
our study reflected 44% of the respondents are planning to
invest in private sector. So, still there lie potential markets,
which need to be tapped by these companies.
During past few years, private insurance companies have
proven themselves and they own 36% of market share. Data
reveals, ICICI, HDFC LIFE and AVIVA are doing well in the
market. (Refer Table 6)

44
 Table 7: Showing the percentage of people planning
invests in ICICI Pru life insurance.

YES NO TOTAL
NUMBER 46 29 75

PERCENTAGE 61.4% 38.6% 100%

39%

61%

YES NO

45
Further analysis reveals that ICICI Pru is still the best
company in which people want to invest. Second place is
given to HDFC Standard life Insurance and the third place is
allotted to Aviva life Insurance. This will be more clear with
the following data.

46
Table 8: Showing the percentage of people’s preference
about these companies in terms of return

Name of the No. of persons Percentage

company Invested
ICICI PRU. 37 49.40
HDFC LIFE 21 28
INSU.
AVIVA LIFE 17 22.66
INSU.

The analysis in the above table reveals that ICICI PRU is the
best company amongst the three companies as per our
47
survey in terms of the returns expected by the customers,
the products offered by the company and the satisfaction of
customers(as seen in the table below). HDFC is on the
second position and AVIVA Life Insurance on third positions.

Table 9: Showing the percentage of people’s preference

about these companies in terms of customer
satisfaction
48
Name of the No. of persons Percentage
company Invested
ICICI PRU. 35 46.67
HDFC LIFE 24 32
INSU.
AVIVA LIFE 16 21.33
INSU.

21%

ICICI PRU

47% HDFC STD LIFE

INS.
AVIVA

32%

The above table shows the people’s preference towards the

different insurance companies and it is observed that ICICI
Prudential Life is the most preferable. As the maximum 47%
people prefer it,32% prefer HDFC and 21% prefer Aviva.

49
This makes ICICI Prudential better. This is not just due to the
better returns it offers but also the different products it offers
for different age groups.

Table 10: Showing the percentage of people’s

preference about these companies in terms of goodwill

50
Name of the No. of persons Percentage
company Invested
ICICI PRU. 40 53.33
HDFC LIFE 20 26.67
INSU.
AVIVA LIFE 15 20
INSU.

20%

ICICI PRU
53% HDFC STD
AVIVA
27%

The above table shows the company’s goodwill as compared

to the different insurance companies and it is observed that
ICICI Prudential is having more goodwill status than the
others. As the maximum 53% are people prefer it in terms of
goodwill,27% prefer HDFC and 20% prefer Aviva Life
51
insurance. This makes ICICI Prudential better and most
preferable.

Table 11: Showing the percentage of people’s preference

about these companies in terms of Innovative plans.

52
Name of the No. of persons Percentage
company Invested
ICICI PRU. 27 36
HDFC LIFE 23 30.67
INSU.
AVIVA LIFE 25 33.33
INSU.

33%
36%
ICICI PRU
HDFC STD.
AVIVA

31%

Among all ICICI Prudential Life is considered to have the

maximum innovative plans which makes it different from all

and also opens up many options for the people to choose

different kinds of insurances. It has products from children to

53
old age people. It not only offers life insurance but also has

products for both short term and long term investments and

also has varieties of health plans. Therefore in terms of

innovative ideas again ICICI Prudential is most preferable

having the highest percentage of people going for it ,i.e, 36%

and the second preferable company is AVIVA Life(33%) and

HDFC stands last in terms of innovative ideas by 31%.

54
Conclusion and

Suggestions

Conclusion and Suggestions

Conclusion
55
On analyzing the data of the customer about Policy Premium

it is observed that charges levied on the Policy should be

less. There is need to communicate to the customers about

all the services which ICICI Prudential provides. Since the

competition is growing in this market it becomes very

important to make use of various promotional tools to

promote the ICICI Prudential to maintain Brand loyalty it is

important to constantly upgrade the offering and keep the

customer informed?

Other Insurance companies enter into the market ICICI

Prudential is no more a monopoly.

ICICI Prudential has to set to attract with their product and

better services.

ICICI Prudential is introducing new services for different age

group.

Suggestions

The insurance companies should now try to identify the

56
 gap between current level of customer service and

customer expectations. Some of the strategies being

recommended are as follows:

Product Differentiation: Offering a product that is

distinctly different from other products available in the

market.

Innovativeness: Identifying means of a delightful

customer experience.

Riders: These are additional offerings along with the main

product.

Flexibility: The companies should make their products

flexible for the convenience of their customer.

Hassle Free Service: All bureaucracy in customer

interactions should be eliminated.

Proper Policy Documentation: Wrong interpretations/

non-awareness of policy document by the customer

may have serious implications in the long term and the

57
 insurance companies should alleviate the possibility of

the same.

58
 BIBLIOGRAPHY

59
 BIBLIOGRAP

HY:

www.iciciprulife.com

www.outlookmoney.com

Insurance Advisor’s Manuals and Brochures of ICICI

Prudential.

The Hindu business line, Newspaper dated 2009/06/15

Economic Times. Newspaper dated 2009/05/12

Insurance Time, dated ,October 2008

Business World 18-24 SEPTEMBER 2009

60
 ANNEXURE

61
ANNEXURE

QUESTIONNAIRE

NAME:

AGE:

ADDRESS:

TELEPHONE NO.:

OCCUPATION:

(a) Service (b) Business (c) Professional

(d) Others

PERSONAL INCOME:

 100000-200000
 200000-400000
 Above 400000

Q. Do you have any insurance policy?

(a) Yes (b) No

Q. Which company would you go for?

(a) Public (b) Private
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Q. Have you heard about Privatization in Insurance Sector?
(a) Yes (b) No

Q. What all Companies are you aware of in the life

Insurance sector?

(a)AVIVA Life Insurance

(b)ICICI Prudential Life Insurance
(c)HDFC Standard Life Insurance
(d)Others

Q. Have you ever invested in Life Insurance?

(a) Yes (b) No

Q. If yes, then what do you think is life insurance a good

investment or not?
(a) Yes (b) No

Q. Are you interested in Life insurance?

(a) Yes (b) No

Q. If not then, what kind of insurance would you go for?

(a) Health (b) Life investment (c) Others

Q. Which company would you prefer if you are interested in

life insurance?

(a)AVIVA Life Insurance

(b)ICICI Prudential Life
(c)HDFC Life Insurance
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Q. Are you aware of ICICI Prudential Life Insurance?
(a) Yes (b) No

Q. If yes, then where did you come to know about ICICI

Prudential Life Insurance?

(a) Electronic Media

(b) Print Media
(c) Through Agents
(d) Others

Q. Have you ever invested in ICICI Prudential Life

Insurance?
(a) Yes (b) No

Q. If yes, then are you satisfied with the returns offered?

(a) Yes (b) No

Q. What all plans are you aware of?

(a)Future Plans
(b)Tax Saving
(c)Health Plans
(d)Security Plans
(e)Others

Q. Which plan have you invested in or are planning to

invest?
(a) Life Cover
(b) Future Plans
(c) Health Plans
(d) Security Plans
(e) Others
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Q. What is your monthly expenditure?
Range of :
(a)10000-20000
(b)20000-40000
(c)Above 40000

Q. What percent of your income have you or would like to

invest in an insurance plan?
(a) Less than 1% (b) 1% - 5%
(c) 5% - 10% (d) 10% - 15%
(e) 15% - 20% (f) 20% & above

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