A

PROJECT REPORT

On
“Customer satisfaction survey on insurance products of
ICICI PRUDENTIAL LIFE INSURANCE PVT LTD.”

Under the Guidance of

Company’s guide Name Faculty’s Guide

Name

Mr . .Ashish Awasthi Ms.swati priya

Sales manager Lecturer of MBA DEPTT.

Submitted In Partial Fulfillment For the award of Master of Business

Administration
from
GBTU
Batch 2009-2011
SUBMITTED
By
SHIVENDRA SHARMA
MBA III semester ( Roll no. 0914170054)

1
2
 PREFACE
Marketing as a subject of study, has received wide-spread support from both
academic and business segment people.

The topic “CUSTOMER SATISFACTION ON INSURANCE PRODUCTS” in

HAL was selected as to understand the financial need and importance with
special reference to ICICI PRUDENTIAL LIFE INSURANCE PVT LTD .
LUCKNOW.

As the cost control refers to the administration of all the analysis of

cost control ratios and sources and application of funds and the
company by studying, interpreting various financial statements
using various techniques such as comparative statements analysis
etc.

Even efforts have been made to collect the relevant information about the
topic. The present study about “CUSTOMER SATISFACTION ON
INSURANCE PRODUCTS ” in ICICI PRUDENTIAL INSURANCE PVT
LTLD.LUCKNOW it based on my six weeks project study in SALES AND
MARKETING DEPARTMENT in ICICI PRUDENTIAL LIFE INSURANCE PVT
LTD.

This training gives me an opportunity to make a study and analysis

the system adopted by the organization. It enables me to build the
practical knowledge acquired during the class study with practical
training received during my project.

3
 Acknowledgement

I express my sincere gratitude to the management of ICICI PRUDENTIAL

COMPANY Pvt. Ltd, for providing me material to prepare my project on their
esteem organization.

I would like to thanks Prof. J.K. JAUHARI (Director) and Mr.K.K.MISRA

Associate prof ,HOD of MBA Deptt.who has been a constant source of
inspiration and my special thanks to Ms. Swati priya (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

company’s personnel.

SHIVENDRA SHARMA

4
TABLE OF CONTENTS

 Certificate from the Organization

 Certificate from the Institute
 Preface
 Acknowledgement
Executive Summary
 Chapter-1 Introduction Page No
1.1 Customer Satisfaction 13
1.2 Overview of the Industry 15
1.3 Objectives of the study 09
1.4 Profile of the Organisation 19
- Overview of ICICI PRUDENTIAL 20
- Competitive situation 20
- Vision & Values 23
- Sales Distribution 26
- Management Profile 28
- Achievements 30
- Products 48
- Stages in Policy insurance 49
1.5 Comparative Study 41
1.6 SWOT Analysis 60
Chapter-2 the project profile & review of literature
2.1Why his project was undertaken
2.2Problem environment

5
 Chapter-3 Research Methodology
Research Problem 64
Research objective&sub -objective 65
Research Design 65
Research instrument used 66
Sampling Techniques used 67
Selection of Sample Size 67
Data Collection 67
Statistical Tools Used 68
Limitations and scope 69

 Chapter-3 Data Analysis and Findings

3.1 Sample profile
3.2 Primary data tabulation & interpretation

 Chapter-4 findings
4.1 Findings & recommendation 84
4.2 conclusion 85
Bibliography 86
Appendix 90

6
 PREFACE
Marketing as a subject of study, has received wide-spread support from both
academic and business segment people.

The topic “CUSTOMER SATISFACTION ON INSURANCE PRODUCTS” in

HAL was selected as to understand the financial need and importance with
special reference to ICICI PRUDENTIAL LIFE INSURANCE PVT LTD .
LUCKNOW.

As the cost control refers to the administration of all the analysis of

cost control ratios and sources and application of funds and the
company by studying, interpreting various financial statements
using various techniques such as comparative statements analysis
etc.

Even efforts have been made to collect the relevant information about the
topic. The present study about “CUSTOMER SATISFACTION ON
INSURANCE PRODUCTS ” in ICICI PRUDENTIAL INSURANCE PVT
LTLD.LUCKNOW it based on my six weeks project study in SALES AND
MARKETING DEPARTMENT in ICICI PRUDENTIAL LIFE INSURANCE PVT
LTD.

This training gives me an opportunity to make a study and analysis

the system adopted by the organization. It enables me to build the
practical knowledge acquired during the class study with practical
training received during my project.

7
EXECUTIVE SUMMARY

Topic: - “CUSTOMER SATISFACTION ON INSURANCE

PRODUCTS “

OBJECTIVES

 The main objective of this study is to carry on brief study on “Customer

satisfaction survey on insurance products of ICICI

 PRUDENTIAL” through this I am able to get the different Life Insurance

Policies and their products.

 Comparative study of various insurance players in the market.

RESEARCH METHODOLOGY

Types of Research: - Descriptive research design for the final

survey.

Source of Data: - Personal Interviews and departmental analysis.

Sample Design: - Probability sampling design.

Sample Size: - 50 people

Sample universe ; - Lucknow

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 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 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.

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 SUGGESTIONS

 There should be facility of intranet so fax and such other

things must be done through it that can reduce time and
money.

 The time delay between rising of purchase order and

preparation of RDR should be reduced.

 Wages to direct workers should be given through piece rate

system.

 Efficiency of indirect workers should be measured so that

slackness can be sorted out.

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11
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 the private insurance companies on the

level of new trend of advertising to full 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.

12
13
INTRODUCTION

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 customer’s 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 agency’s services or products.

Customers in human services are commonly referred to as service users,

consumers or clients. They can be individuals or groups.

An organization with a strong customer service culture places the customer at

the centre of service design, planning and service delivery. Customer centric
organizations 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.

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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.

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16
Overview of the Industry

zThe 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 carrier’s 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 income-producing 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 and reinsurance. Direct carriers are responsible for the
initial underwriting of insurance policies and annuities, while reinsurance

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carriers assume all or part of the risk associated with the existing insurance
policies originally underwritten by other insurance carriers.

Direct insurance carriers offer a variety of insurance policies. Life insurance

provides financial protection to beneficiaries—usually spouses and dependent
children—upon 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 one’s life. Property-casualty insurance protects
against loss or damage to 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 people’s property.
Most policies, such as automobile and homeowner’s insurance, 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

18
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.

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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 IRDA’s 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 in a
framework of globally compatible regulations. In the private sector 12 life
insurance and 6 general insurance companies have been registered.

COMPANY PROFILE

About ICICI BANK:

ICICI Bank is India's second-largest bank with total assets of Rs. 3,997.95
billion (US$ 100 billion) at March 31, 2008 and profit after tax of Rs. 41.58
billion for the year ended March 31, 2008. ICICI Bank is second amongst all
the companies listed on the Indian stock exchanges in terms of free float
market capitalisation*. The Bank has a network of about 1,308 branches and
3,950 ATMs in India and presence in 18 countries. ICICI Bank offers a wide

20
range of banking products and financial services to corporate and retail
customers through a variety of delivery channels and through its specialised
subsidiaries and affiliates in the areas of investment banking, life and non-life
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).

ICICI Prudential Life Insurance

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. 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

21
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.

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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.

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1.4 COMPETITION INFORMATION:

 Bajaj Allianz General Insurance: Bajaj Allianz General

Insurance Company Limited is a joint venture between Bajaj
Auto Limited and Allianz AG of Germany. Both enjoy a
reputation of expertise, stability and strength.

 Birla Sun Life Insurance: The Aditya Birla Group

contributes its knowledge of the Indian market while Sun Life
Financial contributes global expertise in the areas of
protection and wealth management.

 HDFC Standard Life Insurance: HDFC and

Standard Life have a long and close relationship built upon
shared values and trust. Providing long term financial security
to policy holders will be the constant endeavor.

 ING Vysya Life Insurance: ING, the world’s second

largest life insurance company together with Vysya Bank, one
of India’s leading private sector banks, forms ING Vysya Life
Insurance.

 Life Insurance Corporation (LIC): Life Insurance

Corporation (LIC) has been one of the pioneering
organizations in India who introduced use of Information
Technology in their business.

24
 MetLife India: The Metropolitan Life Insurance
Company is the number one insurer in the U.S. It is helping
build financial independence for its customers.

 Oriental Insurance: The Oriental Insurance Company

Ltd. (OICL) is one of the leading General Insurance
companies in India and is a subsidiary of the General
Insurance Corporation (GIC) of India.

 Royal Sundaram Alliance Insurance: Royal

Sundaram marks the coming

 HDFC Standard Life Insurance: HDFC and

Standard Life have a long and close relationship built upon
shared values and trust. Providing long term financial security
to policy holders will be the constant endeavor.

 ING Vysya Life Insurance: ING, the world’s second

largest life insurance company together with Vysya Bank, one
of India’s leading private sector banks, forms ING Vysya Life
Insurance.

 Life Insurance Corporation (LIC): Life Insurance

Corporation (LIC) has been one of the pioneering
organizations in India who introduced use of Information
Technology in their business.

 MetLife India: The Metropolitan Life Insurance

Company is the number one insurer in the U.S. It is helping
build financial independence for its customers.

25
 Oriental Insurance: The Oriental Insurance Company
Ltd. (OICL) is one of the leading General Insurance
companies in India and is a subsidiary of the General
Insurance Corporation (GIC) of India.

 Royal Sundaram Alliance Insurance: Royal

Sundaram marks the coming together of Sundaram Finance,
one of India’s most respected and trusted finance companies,
and Royal and Sun Alliance, one of the largest insurance
groups in the world.

 Tata AIG Insurance: Life insurance & general

insurance for individuals & Corporate by Tata AIG. This
site will guide you on how to capitalize on opportunities
and protect against uncertainties.

26
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.

27
28
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.

PrudentialPlc
Established in London in 1848, Prudential plc, through its businesses in the UK and
Europe, the US and Asia, provides retail financial services products and services to
more than 16 million customers, policyholders and unit holders worldwide. As of
June 30, 2004, the company had over US$300 billion in funds under management.
Prudential has brought to market an integrated range of financial services products
that now includes life assurance, pensions, mutual funds, banking, investment
management and general insurance. In Asia, Prudential is the leading European life
insurance company with a vast network of 24 life and mutual fund operations in
twelve countries - China, India, Indonesia, Japan, Korea, Malaysia, the Philippines,
Singapore, Taiwan and Thailand.

 About the company

29
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.

30
Distribution

ICICI Prudential Life has one of the largest distribution networks

amongst private life insurers in India. It has a strong presence across
India with over 2000 branches (including 1,095 micro-offices) and an
advisor base of over 261,000 (as on August 31, 2008).

The company has 24 banc assurance partners having tie-ups with ICICI
Bank, Bank of India, South Indian Bank, Shamrao Vitthal Co-Op Bank,
Jalgaon Peoples Co-op Bank, Ernakulam District Co-op Bank, Idukki
District Co-op Bank, Ratnagiri Sindhudurg Gramin Bank, Solapur
Gramin Bank, Wainganga Kshetriya Gramin Bank, Aryawart Gramin
Bank, Jharkhand Gramin Bank, Narmada Malwa Gramin Bank, Baitarani
Gramya Bank, Ratnagiri District Central Co-op Bank, Seva Vikas Co-op
Bank, Sangli Urban Co-Operative Bank, Baramati Co-operative Bank,
Ballia Kshetriya Co-Operative Bank, The Haryana State Co-Operative
Bank, Renuka Nagrik Sahakari Bank, Amanath Co-Operative Bank,
Arvind Sahakari Bank, Bhandara Urban Co Operative Bank

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.

31
32
Bank 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 company’s sales and distribution strategy, contributing
to approximately one third of company’s 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 Bank’s subsidiaries
include India’s leading private sector insurance companies and among its
largest securities brokerage firms, mutual funds and private equity firms.
ICICI Bank’s presence currently spans 19 countries, including India.

Established in London in 1848, Prudential plc, through its businesses in

the UK, Europe, US, Asia and the Middle East, provides retail financial
services products and services to more than 21 million customers,
policyholder and unit holders and manages over  £256 billion of funds
worldwide (as of June 30, 2008). In Asia, Prudential is the leading
Europe-based life insurer with life operations in China, Hong Kong,
India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore,

33
Taiwan, Thailand, and Vietnam. Prudential is one of the largest asset
management companies in terms of overall assets sourced in Asia ex-
japan, with £34.3 billion funds under management (as of June 30, 2008)
and operations in ten markets including China, Hong Kong, India, Japan,
Korea, Malaysia, Singapore, Taiwan, Vietnam and United Arab Emirates.

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

34
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 &
Technology
Dr. Avijit Chatterjee, Appointed Actuary

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 life’s ups and downs. It is a powerful proposition; one,
which ICICI Prudential, is taking into the market place.

35
Achievements

Beginning operations in December 2000, ICICI Prudential’s 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 company’s
range of unique unit-linked policies and pension plans. The company’s
retail market share amongst private companies stood at 36%, making it
clear leader in the segment. To add to its achievements, in the year
2003/04 it was adjudged Most Trusted Private Life Insurer (Economic
Times ‘Most Trusted Brand Survey’ by ACNeilsen ORG-MARG). It was
also conferred the ‘Outlook Money-Best Life Insurer’ award for the
second year running. The company is also proud to have won Silver at
EFFIES 2003 for its ‘Retire from work, not life’ campaign. Notably,
ICICI Prudential was also short-listed to the final round for its ‘Sindoor
campaign in EFFIES 2002.

In Keeping with its belief that a happy customer is the best endorsement,
ICICI Prudential has embraced the ‘SIX SIGMA’ approach to quality, an
exercise that begins and ends with the customer from capturing his voice
to measuring and responding to his experiences. This initiative is
currently helping the company improve processes, turnaround times and

36
customer satisfaction levels. Another Novel introduction is the ICICI
Prudential Lifestyle Rewards Club, India’s first rewards programme for
Life Advisors; it allows ICICI Prudential Advisors to redeem points for
items ranging from kitchenware to gold, white goods, and even
international holidays.

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. It offers 7 fund options - Preserver, Protector,
Balancer, Flexi Balanced Multiplier, R.I.C.H and Flexi Growth.

37
LifeStage RP is unit linked plan that provides you with an option of
lifecycle-based portfolio strategy that continuously re-distributes 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
investor’s 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.

38
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 that

provides 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.

39
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 premium plan which

provides long term cover against 6 critical illnesses by providing
policyholder with 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 on the
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 pre-
diabetes. 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.

40
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 pre-existing
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.

41
• 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.

42
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.

RETIREMENT PLANS

Most of you picture yourselves enjoying the fruits of labor after

retirement, going on your dream vacation, or helping your
children's career take wing. But do you realize 28 that
financing all this will most likely depend partly on your
personal savings? Because personal savings and investments
represent a significant source of retirement income for many
people, you can never save too much.

Currently, you are at a stage where you are juggling many

roles, as nurturing parents ,dutiful caregivers to elders,
supportive life partners, while trying to maintain a career .It is
too easy to get carried away handling and solving the day-to-
day problems to not look into your retirement needs. It may
also seem too far away to be of concern. But a look at the

43
issues below will make the need for some strategic planning at
this stage amply clear.
Today, thanks to a healthier lifestyle and advances in medicine, the
average Indian lives longer. This makes the challenge of
accumulating enough money for retirement even more difficult,
since it may have to last longer. Also, with the falling interest rate
scenario and the rising costs of medical expenses retirement means
monetary uncertainty for most of us. More so, because there is also
the ever-persistent evil of inflation, which erodes your purchasing
power. The graph below illustrates how much Rupees will
10,000/- amount to after some year

Therefore, the message is simple - no matter whether you

are 30 or 50, you should start planning early to have a
healthy retirement kitty. (See graph below for an
illustration

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.

44
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.

Stages in Policy Insurance

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) Insurance

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

45
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:

46
LIFE TIME-
0-60YEARS
BIMA PLUS-
12-55 YEARS

ON THE BASIS OF TERM:

LIFE TIME-
Minimum premium payment term of three years.
BIMA PLUS-
10 YEARS

ON THE BASIS OF SUM ASSURED:

LIFE TIME-
Choose your sum assured; subject to a minimum sum assure of Rs 1 lakh.
BIMA PLUS-
Maximum limit up to Rs 12 lakh.

ON THE BASIS OF SURVIVAL BENEFIT:

LIFE TIME-
Value of unit three years onward.
BIMA PLUS-
Bid value of the funds units along with maturity bonus at 5% of sum assured.

ON THE BASIS OF DEATH BENEFIT:

LIFE TIME-
Higher of sum assured of value of units.
BIMA PLUS-
Death during the first six month-30% of SA+value of units, next six months-60% of
SA+value of units. Death after first year-SA+value of units.

ON THE BASIS OF WITHDRAWAL BENBEFIT:

LIFE TIME-

47
Partial or complete withdrawal is available from three years onwards.
BIMA PLUS-
Premature withdrawal allowed after one year.

ON THE BASIS OF CONTRIBUTION:

LIFE TIME-
Minimum Rs 18000 per annum.
BIMA PLUS-
Not specified.

ON THE BASIS OF INVESTMENT OPTION:

LIFE TIME-
Maximiser, balancer, protector and preserver.
BIMA PLUS-
Balanced, secured and risk.

2)LIFE TIME VS MAX NEW YORK LIFE MAKER

ON THE BASIS OF AGE:

LIFE TIME-
0-60 YEARS.
LIFE MAKER-
12-60 YEARS.

ON THE BASIS OF TERM:

LIFE TIME-
Minimum premium payment term of three years.
LIFE MAKER-
10-58 YEARS.

48
ON THE BASIS OF SUM ASSURED:
LIFE TIME-
Choose your sum assured subject to a minimum sum assured of Rs1lakh.
LIFE MAKER-
Choice of 2 insurance covers.

ON THE BASIS OF SURVIVAL BENEFIT:

LIFE TIME-
Value of units three years onwards.
LIFE MAKER-
Value of units.

ON THE BASIS OF WITHDRAWAL BENEFIT:

LIFE TIME-
Complete or partial withdrawals are available after three years.
LIFE MAKER-
Partial 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 TIME-
Minimum premium of Rs18000 per annum.
LIFE MAKER-

Minimum premium of Rs15000 per annum.

ON THE BASIS OF INCREASE OR DECREASE OF DEATH

BENEFIT:
LIFE TIME-
Available
LIFE MAKER-
Not available

49
ON THE BASIS OF BONUS UNIT:
LIFE TIME-
Available
LIFE MAKER-
Available in the last policy year.

3)LIFE TIME VS HDFC LINKED

ON THE BASIS OF AGE:

LIFE TIME-
0-60 YEARS
LINKED-
18-60 YEARS

ON THE BASIS OF TERM:

LIFE TIME-
Minimum premium payment term of three years.
LINKED-
10-30 YEARS

50
ON THE BASIS OF SUM ASSURED:
LIFE TIME-
Choose your sum assured, subject to a minimum sum assured of Rs1 lakh.
LINKED-
Only 5-20 (age based) multiples are allowed as assured.

ON THE BASIS OF SURVIVAL BENEFIT:

LIFE TIME-
Value of units third year onwards.
LINKED-
Value of units.

ON THE BASIS OF DEATH BENEFIT:

LIFE TIME-
Higher or sum assured or value of units.
LINKED-
Higher or sum assured or value of units.

ON THE BASIS OF WITHDRAWAL BENEFIT:

LIFE TIME-
Partial or complete withdrawals are available from third year onwards.
LINKED-
Partial 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 TIME-
Minimum Rs18000 per annum.
LINKED-
Minimum Rs10000 per annum.

51
ON THE BASIS OF INVESTMENT OPTION:
LIFE TIME-
Maximiser, balancer, protector and preserver.
LINKED-
Five fund option-balancer, defensive managed safe managed, liquid and growth.

4)LIFE TIME PENSION-2 VS LIC JEEVAN NIDHI

ON THE BASIS OF AGE:

LIFE TIME PENSION-2-
18-60 YEARS.
JEEVAN NIDHI-
18-65 YEARS.

ON THE BASIS OF TERM:

LIFE TIME PENSION-2-
Minimum term of 10 years.
JEEVAN NIDHI-
5-35 years.

ON THE BASIS OF SUM ASSURED:

LIFE TIME PENSION-2-
Default sum assured is zero, however, the policy holders can also opt for a sum
assured.
JEEVAN NIDHI-
Minimum of Rs50000 and multiples of Rs5000 thereafter.

ON THE BASIS OF SURVIVAL BENEFIT:

LIFE TIME PENSION-2-
Unit value to purchase an annuity.

52
JEEVAN NIDHI-
Sum 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 NIDHI-
Sum assured+guarantee additions+simple reversion bonus+terminal bonus.

ON THE BASIS OF CONTRIBUTION:

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

ON THE BASIS OF INVESTMENT OPTION:

LIFE TIME PENSION-2-
Protector 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 NIDHI-
Not available.

53
PROJECT PROFILE

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 customer’s expectations.
A customer may be defined as someone who:
• has a direct relationship with, or is directly affected by
your agency
• receives or relies on one or more of your agency’s
services or products.
Customers in human services are commonly referred to as
service users,consumers or clients. They can be
individuals or groups.
An organization with a strong customer service culture
places the customer at the centre of service design,

54
planning and service delivery. Customer centric
organizations will

1.determine the customers expectations when they plan.

2.listen to the customer as they design

3.focus on the delivery of customer service activities

4.Value customer feedback when they measure

performance

MEANING OF CUSTOMER SATISFACTION

Customer satisfaction, a business term, is a measure of

how products and services supplied by a company meet
or surpass customer expectation. It is seen as a key
performance indicator with in business and is part of the
four of a Balanced Scorecard.

In a competitive marketplace where businesses compete

for customers, customer satisfaction is seen as a key
differentiator and increasingly has become a key element
of business strategy

CUSTOMER FOCUS:

55
Materials are supplied as per the customers order, viz.,

- Quantity.

- Variety.

- Timely dispatched.

- Type of packing.

- Transport Selection.

SPECIAL REQUIREMENT OF CUSTOMER

In addition to our regular products, request for special

products are received. It is the endeavor of the company
to see that special characteristics are in built into the
products, to satisfy the specific requirement of the
customer. Some of the special requests are :-

- Size of end connection.

- Special packaging requirement.
- Special colours of paints used etc.

56
CUSTOMER GRIEVANCES:

As with the business, certain grievances would also be

arising. Prompt action is
taken to remove any irritants so that grievances are
reduced at the first place. Main

grievances that the unit gets are :

Supply of material at short notice period in the season.

We do inform, the customers, the minimum time required

to supply the materials.

Quality related problems are very few and the reasons

are;

1. Quality raw materials are used.

2. Proper processes are adopted at different stages of

manufacture etc.

57
CUSTOMER FEEDBACK

As a part of ISO-9001:2000 system, the company collects

feedback from the customers at regular intervals. Such

feedbacks

are by various methods, viz.,

- By sending a standard format & collecting the data.

- From our marketing personnel, while they interact with

customers during tours.

- As and when the customers visit the unit.

58
MEASURING CUSTOMER SATISFACTION

Organizations need to retain existing customers while targeting non-

customers. Measuring customer satisfaction provides an indication of
how Success full the organization is at providing products and/or
services to the Market place.

Customer satisfaction is an abstract concept and the

actual manifestation of the state of satisfaction will vary from person to
person and product/ service to product/service. The state of satisfaction
depends on a number of both psychological and physical variables
which correlate with satisfaction behaviors such as return and
recommend rate. The level of satisfaction can also vary depending on
other factors the customer, such as other products against which the
customer can compare the organization's products.

CUSTOMER COMMUNICATION

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.

59
• Organizations that strive beyond minimum standards and
exceed the expectations of their customers are likely to be leaders
in their sector.

The process for measuring customer satisfaction and obtaining feedback

on organizational performance are valuable tools for quality and
continuous service improvement.

CUSTOMER SATISFACTION IN 7 STEPS

It's a well known fact that no business can exist

without customers. In the business of Website design, it's
important to work closely with your customers to make sure the
site or system you create for them is as close to their requirements
as you can manage. Because it's critical that you form a close
working relationship with your client, customer service is of vital
importance. What follows are a selection of tips that will make your
clients feel valued, wanted and loved.

1. Encourage Face-to-Face Dealings

This is the most daunting and downright scary part of interacting

with a customer. If you're not used to this sort of thing it can be a

60
pretty nerve-wracking experience. Rest assured, though, it does
get easier overtime.

It's important to meet your customers face to face at least

once or even twice during the course of a project.

My experience has shown that a client finds it easier to relate

to and work with someone they've actually met in person,
rather than a voice on the phone or someone typing into an
email or messenger program. When you do meet them, be
calm, confident and above all, take time to ask them what they
need. I believe that if a potential client spends over half the
meeting doing the talking, you're well on your way to a sale.

2. Respond to Messages Promptly & Keep Your Clients

Informed

This goes without saying really. We all know how annoying it

is to

wait days for a response to an email or phone call. It might

not

always be practical to deal with all customers' queries within

the

space of a few hours, but at least email or call them back and
let

them know you've received their message and you'll contact

them

61
about it as soon as possible. Even if you're not able to solve a

problem right away, let the customer know you're working on

it.
 
Good example of this is my Web host. They've had some
trouble with server hardware which has caused a fair bit of
downtime lately. At every step along the way I was emailed
and told exactly what was going on, why things were going
wrong, and how long it would be before they were working
again. They also apologized repeatedly, which was nice. Now
if they server had just gone down with no explanation I think
I'd have been pretty annoyed and may have moved my
business elsewhere. But because they took time to keep me
informed, it didn't seem so bad, and I at least knew they were
doing something about the problems. That to me is a prime
example of customer service.

3. Be Friendly and Approachable

A fellow Site Pointer once told me that you can hear a smile
through the phone. This is very true. It's very important to be
friendly, courteous and to make your clients feel like
you're their friend and you're there to help them out. There will
be times when you want to beat your clients over the head
repeatedly with a blunt object - it happens to all of us.

62
It's vital that you keep a clear head, respond to your clients'
wishes as best you can, and at all times remain polite and
courteous.

4. Have a Clearly-Defined Customer Service Policy

This may not be too important when you're just starting out,
but a clearly defined customer service policy is going to save
you a lot of time and effort in the long run. If a customer has a
problem, what should they do? If the first option doesn't work,
then what?
Should they contact different people for billing and technical
enquiries? If they're not satisfied with any aspect of your
customer service, who should they tell?
There's nothing more annoying for a client than
being passed from person to person, or not knowing who to
turn to. Making sure they know exactly what to do at each
stage of
their enquiry should be of utmost importance. So make sure
your customer service policy is present on your site -- and
anywhere else it may be useful.
Have you ever received a Happy Birthday email or card

from a company you were a client of? Have you ever had a

personalised sign-up confirmation email for a service that you

could tell

63
5. Attention to Detail (also known as 'The Little Niceties')

Have you ever received a Happy Birthday email or card from a

company you were a client of? Have you ever had a
personalised sign-up confirmation email for a service that you
could tell was typed from scratch? These little niceties can be
time consuming and aren't always cost effective, but
remember to do them.
Even if it's as small as sending a Happy Holidays email to all
your customers, it's something. It shows you care; it shows
there are real people on the other end of that screen or
telephone; and most importantly, it makes the customer feel
welcomed, wanted and valued.

6. Anticipate Your Client's Needs & Go Out Of Your Way

to Help Them Out

Sometimes this is easier said than done! However, achieving

this

supreme level of understanding with your clients will do

wonders

for your working relationship.

Take this as an example: you're working on the front-end for

your client's exciting new e-commerce endeavour. You have
all the images, originals and files backed up on your desktop

64
computer and the site is going really well. During a meeting
with your client
he/she happens to mention a hard-copy brochure their internal
marketing people are developing. As if by magic, a couple of
weeks later a CD-ROM arrives on their doorstep complete
with high resolution versions of all the images you've used on
the site. A note accompanies it which reads:

7. Honour Your Promises

It's possible this is the most important point in this article. The
simple message: when you promise something, deliver. The
most common example here is project delivery dates. Clients
don't like to be disappointed. Sometimes, something may not
get done, or you might miss a deadline through no fault of
your own. Projects can be late, technology can fail and sub-
contractors don't always deliver on time. In this case a quick
apology and assurance it'll be ready ASAP wouldn't go a
promises.

65
SWOT ANALYSIS:

STRENGTHS:
i. ICICI Prudential is the largest private player in
India, with a market share of around 36%
amongst the private players
ii. 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.
iii. ICICI Prudential is the first life insurance
company to offer ECS debit facility.
iv. 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.
v. 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.

66
67
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 doesn’t 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.

68
 iv. It’s a volume business that is even if the company
has few good corporates 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 demand and
therefore higher economic growth.

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.

69
 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.

70
 Research Methodology

Research Problem:

The research is carried on in a proper planned and systematic manner.

 The research was particularly a telephonic research. We have to

sell products to list of people which include their names and
contact numbers given by ICICI.

 During the telephonic we have to sell different products by

explaining the benefits of a particular product, but. The minimum
amount for selling a policy to a customer is equal to or more then
Rs. 12000 only.

 Age limit for selling a product/policies was 1 month to 60 yrs – this

mean that a policy can be sold to person between the age of 1
month to 60 yrs and not anything exceeding or below it.

71
RESEARCH OBJECTIVES

The main objective of this study is to carry on brief study on “Customer

satisfaction survey on insurance products of ICICI PRUDENTIAL”
through this I am able to get the different Life Insurance Policies and
their products.

Other objectives of this project are as follows:

 To identify the insurance needs of the Indian population.

 Comparative study of various insurance players in the

market.

 To study the varied reasons of availing life insurance plans.

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.

72
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.

73
Research Instrument
Structured questionnaire: open- ended and close- ended

Sampling Technique Used:

This research has used convenience sampling technique.

1) 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 50 has been taken into consideration.

Sources of Data Collection:

Research will be based on two sources:

1. Primary data

2. Secondary data

74
1) PRIMARY DATA:

Questionnaire: Primary data was collected by preparing questionnaire for

customers. The questionnaire was filled through people .

2) SECONDARY DATA:

Secondary data will consist of different literatures like books which are published,
articles, internet the company manuals and 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

75
76
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.

SCOPE OF THE STUDY

The study is for the products of ICICI Prudential Life

Insurance and Consumer Perception of life insurance product
will be limited to the Lucknow and NCR. The information will
be based on the company’swebsite, literature provided by the
company and questionnaire analysis.

77
78
 Data Analysis & Findings

Data Analysis

Q1. Are you currently insured?

Particulars No. of Respondents Percentage

Yes 31 62%
No 19 38%
Total 50 100%

No. of Respondents

19

Yes
No

31

ANALYSIS:

From the survey it was found that amongst 50 respondents

Q2. Are you satisfied with your current insurer?

79
Particulars No. of Respondents Percentage

Yes 41 82%
No 9 18%
Total 50 100%

No. of Respondents

Yes
No

41

ANALYSIS:

From the survey it was found that amongst 50 respondents

Q3. Which one is your favored insurance company?

Particulars No. of Respondents Percentage

LIC 24 48%
ICICI 7 14%
HDFC 5 10%

80
 Birla Sun Life 4 8%
Bajaj Allianz 4 8%
Others 6 12%
Total 50 100%

0.6

0.5

0.4
Share in %

0.3

0.2

0.1

0
LIC ICICI HDFC Birla Sun Bajaj Others
Allianz
Insurance companies

ANALYSIS:

From the survey it was found that amongst 50 respondents

Q4. Are you interested in the products offered by ICICI Prudential ?
a) 48% of the respondents likes LIC.
b) 14% of the respondents likes ICICI.
c) 10% of the respondents likes HDFC.
d) 8% of the respondents likes Birla Sun Life.
e) 8% of the respondents
Particulars No.likes Bajaj Allianz.
of Respondents Percentage
f) 12% of the respondents likes other companies.

Yes 30 60%
No 12 24%
Can’t Say 8 16%
Total 50 100%

81
 No. of Respondents

Yes
No
12 Can't Say
30

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 60% of the respondents are attracted towards ICICI products.

b) 24% of the respondents are not attracted towards ICICI
Q5. What isproducts.
your main concern while taking an insurance policy ?
c) 16% of the respondents Can’t Say about it.

Particulars No. of Respondents Percentage

Tax Benefit 20 40%

Security 16 32%
Investments/Savings 14 28%
Total 50 100%

82
 25
No. of Respondents
20

15
Series1
10 20
16 14
5

0
fit y s
ne u rit i ng
e c av
x
B Se t/S
Ta en
tm
ves
In

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 40% of the respondents are concerned about Tax Benefit.

b) 32% of the respondents are concerned about their Security.
c) 28% of the respondents are concerned about
Investment/Savings.

83
Q6. Does this policy satisfy your financial needs? (Please rate on the
scale of 1 to 5 with 1 being least satisfied) .

Rating No. of Respondents Percentage

1 9 18%
2 9 18%
3 8 16%
4 10 20%
5 14 28%
Total 50 100%

1
2
5
1
2
3
4
3
5

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 18% of the respondents are Highly unsatisfied.

b) 18% of the respondents are Unsatisfied.
c) 16% of the respondents are Moderate.
d) 20% of the respondents are Satisfied.
e) 28% of the respondents are Highly satisfied.

84
Q7. Please express your opinion for the premiums paid for the above
policy?
Particulars No. of Respondents Percentage

Very High 14 28%

High 11 22%
Moderate 13 26%
Low 8 16%
Very Low 4 8%
Total 50 100%
No. of Respondents

8 14 Very High
High
Moderate
Low

13 Very Low
11

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 28% of the respondents think that Premium is Very High.

b) 22% of the respondents think that Premium is High.
c) 23% of the respondents think that Premium is Moderate.
d) 15% of the respondents think that Premium is Low.
e) 12% of the respondents think that Premium is Very Low.

85
Q8. How do you come to know about this policy?
Particulars No. of Respondents Percentage

Advertisements 10 20%
Friends and 12 24%
Relatives
Direct Selling 21 42%
Agents
Others 7 14%
Total 50 100%
No. of Respondents

7
10
Advertisements
Friends and Relatives
Direct Selling Agents
12 Others
21

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 20% of the respondents know about it from Advertisements.

b) 24% of the respondents know about it from Friends and
Relatives.
c) 42% of the respondents know about it from Direct Selling
Agents.
d) 14% of the respondents know about it from Other Sources.

Q9. Are you satisfied with the incentives (tax benefits or Bonuses)
associated with your policy?

86
Rating No. of Respondents Percentage

Highly satisfied 9 18%

Satisfied 12 24%
Moderate 10 20%
Unsatisfied 11 22%
Highly Unsatisfied 8 16%
Total 50 100%
No. of Respondents

8 9
Highly Satisfied
Satisfied
Moderate
11
12 Unsatisfied
Highly Unsatisfied

10

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 18% of the respondents are Highly Satisfied.

b) 24% of the respondents are Satisfied.
c) 20% of the respondents are Moderate.
d) 22% of the respondents are Unsatisfied.
e) 16% of the respondents are Highly Unsatisfied.

87
Q10. According to you, in what areas should the insurance companies work
upon?

Particulars No. of Respondents Percentage

Easy Procedures 14 28%

Fewer premiums 10 20%
More Returns 9 18%
Transparency 17 34%
Total 50 100%

18
16
14
No. of Respondents

12
10
17 Series1
8
14
6
10 9
4
2
0
Easy Returns Fewer More Returns Transperancy
premiums

ANALYSIS:

From the survey it was found that amongst 50 respondents

a) 28% of the respondents want Easy procedures.

b) 20% of the respondents want Fewer premiums.
c) 18% of the respondents want More returns.
d) 34% of the respondents want Transparency.

88
Q11. Do You think that services have improved after allowing private
players in insurance sector ?

Particulars No. of Respondents Percentage

Yes 40 80%
No 10 20%
Total 50 100%

20%

Yes
No
80%

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.

89
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.

 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.

90
91
 Conclusion and Suggestions

Suggestions

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.

92
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 the private 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..

93
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.

ANNEXURE

QUESTIONNAIRE

Name - _____________
Age - _____________
Occupation - _____________

Q1. Are you currently insured?

- Yes
- No

If yes, please give the details of company, plan, premium etc.

Q2. Are you satisfied with your current insurer ?

- Yes
- No

Q3. Which is your favoured insurance company ?

94
 - LIC
- ICICI
- HDFC
- Birla sun life
- Bajaj Allianz
- Others

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

- Yes
- No
- Cant say

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

- Tax benefit
- Security
- Investment/Savings

Q.6 Does this policy satisfy your financial needs? (Please rate on
the scale of 1 to 10 with 1 being least satisfied )

Q.7 Please express your opinion for the premiums paid for the above
policy?

95
 -Very high [ ]

-High [ ]

-Moderate [ ]

-Low [ ]

-Very Low [ ]

Q.8 How do you come to know about this policy? (Please tick).

-Advertisements [ ]

-Friends and relatives [ ]

-Direct selling agents [ ].

- Others (please specify) _____________________.

Q.9 Are there any incentives (tax benefits or Bonuses) associated with
this policy? (Please give appropriate details about it).

- ____________________________________________________
____________________________________________________
__________________

10. Are you satisfied with the incentives associated with your policy?

-Highly satisfied [ ].

-Satisfied [ ]

-Moderate [ ]

-Unsatisfied [ ]

-Highly Unsatisfied [ ].

96
Q11. According to you, in what areas should the insurance companies work
upon?

- Less complicated procedures

- Fewer premiums
- More returns
- Transparency

Q12. Do You think that services have improved after allowing private
players in insurance sector ?

- Yes
- No

Your comments on ICICI Prudential

_______________________________________________________________
___

_______________________________________________________________
___

97
Bibliography

 www.icicibank.com

 www.iciciprulife.com

 en.wikipedia.org/wiki/Main_Page

 www.licindia.com

 www.hdfcinsurance.com

 www.maxnewyorklife.com

 Brochures provided by the ICICI Prudential

 Kothari C R, ‘Research and Methodology- Methods &

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

98