Dissertation Report: Rajesh M R

A STUDY ON ASTUDYON ICICI PRUDENTIAL LIFE INSURANCE POLICIES
DISSERTATION REPORT
STUDENT NAME: -Mr. RAJESH M R
ROLL NO: -1830CMD035
TOPIC: -A STUDY ON ASTUDYON ICICI PRUDENTIAL LIFE INSURANCE POLICIES
GUIDE NAME: -Miss DHANUJAKSHI A
DATE OF SUBMISSION: -11/09/2020
COOLEGE NAME: - ATMA COLLEGE
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‘‘ASTUDYON ICICI PRUDENTIAL LIFE INSURANCE

POLICIES ”
Dissertation submitted in partial fulfillment of the requirements for the award of
MASTER OF BUSINESS ADMINISTRATION

at
BANGALORE UNIVERSITY
Submitted By
RAJESH M R
1830CMD035
MBA SEMISTER IV
Under the guidance of

Prof. DHANUJAKSHI A
ACLIV TECHNOLOGY AND MANAGEMENT ACADEMY
BANGALORE UNIVERSITY
2018 – 2020
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CHAPTER – 1
INTRODUCTION
Insurance is one of those great movements which make secured and beneficent contribution
towards human happiness. It contributes to the internal and international stability, peace &
security in a planet poisoned with discord, hatred & jealousy. It signifies prudence of human
beings in protecting themselves against the odds of life. It renders signal service not only to
the individual but also to the community through its manifold branches and multifarious
activities. Insurance is basically a sharing device.
INSURANCE AND SOCIAL SECURITY
According to DRAWIN KINGSLEY “ Insurance is a social compact which merges the

individual into the mass & places behind the frailty of man, standing alone, the immeasurable
strength of man standing together”
In case of accidental death or disability, the insurance policy serves as a true helper and a
friend indeed. It leaves the family from financial ruin and relieves the country of the caries of
helpless person rendering the air. Against voluntarily assumed small and certain expenses in
the form of premium definite sum is available when the contingency insured against becomes
a reality. Certainty is substituted for uncertainty of course no one is going to know. In
advance that who is going to suffer. A veil of uncertainty hangs over their heads therefore life
insurance can be described as “there is nothing more than life insurance”.
OBJECTIVES OF INSURANCE:
 Family protection.
 Provision for old age.
 Tax concession.
 To serve as security to educational funds in respect of loans advanced for educational
purposes.
 To provide educational to charitable institution like hospitals and schools.
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 To create ‘Estate’ for beneficiaries under provision of section 6 of MWP act, 1874.
ROLE OF INSURANCE IN THE DEVELOPMENT OF THE ECONOMY
The insurance companies, particularly life insurance companies collect a large

amount of money from the policyholders, because of the nature of their business.
The life insurance agreements are long term contracts. By virtue of the contract, the
companies of the level premium system collect more money than what is required to cover
risks in the earlier years. This amount is utilized for recovering risk in later years when the
risk premium will be more than the amount collected in the earlier years with accrued interest
will accumulated to a very large amount which will be the trust money of the policy holders
and have to be invested properly, providing maximum yield to them. As the amount
accumulated is public money, it has to be utilized for public benefits instead of enriching the
coffers of private individuals.
Government therefore has, through legislation, detailed the procedure of such investment-
60% of such investment in government welfare projects, 25% on blue chip investment. The
money invested in government welfare.
Projects are those like,

 Generation and distribution of electricity
 Housing schemes
 Piped water supply and sewage projects/schemes
 Development of road transport and industrial development.
It is seen that the insurance companies play a vital role in improving the living conditions
of people through investment in government welfare projects besides helping industrial
development.
IMPORTANCE OF FINANCIAL PLANNING
We all hope to live our whole lives until old age. You need to be prepared to face the
uncertainty that comes to you at any stage of your life, to do the final work for your parents
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and for your children to stand on their own two feet. Why not do what you have control over
because you have no control over the obstacles and flows in life.
“PLAN FOR LIFE’S CONTINGENCIES”
Each one of us wants a secured future, for which financial independency plays a major
role. This study helps a person to plan his investment today for a better tomorrow.
Financial planning is nothing but investing our hard earned money for our future benefits.
Investment can be done:
 Understand liquidity matrix.
 Determine what amount of investable income one have
 Determine the objectives
 List down available investment instruments
 Select the best option and “SMART”
ADVANTAGES OF PLANNING FINANCES WITH LIFE INSURANCE:
 This is better than a standard savings plan: A life insurance policy guarantees the
full amount, but only the total savings accumulated in other savings plans. If deaths
occur in the first years, the latter will be much less than the sum assured.
 Uranus insurance promotes and encourages moderation: Savings deposits can be
withdrawn very easily. Life insurance, on the other hand, is becoming a premium
payment training and is taken with some seriousness as a mortgage interest payment.
So insurance provides compulsory savings.
 Easy Simple Settlement Protection Against Loans: A lifetime can be named by an
individual or person (nominee), whose policy can be repaid in the event of his or her
death. Enforcing the valid assignment of the policy can protect the income of the life
insurance policy from the claims of the policyholder debtors.
 Maintain the legacy of the beneficiary: If the money is invested in unhealthy
securities without any benefit to his dependents. These uncertainties can be given in
the case of insurance. At the time of death the beneficiary should receive (1) Net
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claim amount in equal installments in the specified years (2) Pay the claim amount in
small monthly installments and then the total amount after the selected period.
 Marketplace and Quick Loan Compatibility: If the policyholder is unable to
continue paying the premium, he can submit the policy in full. Instead, they may face
temporary hardship by borrowing from the sole security of the policy.
INCOME TAX ACT
“Section 88 of the income tax act, provides for income tax relief in respect of any
sums paid in the previous year by the assessed out of his revenueindictable to tax to keep in
force a life insurance policy including premiums, interest paid for delayed payment of
premiums and also sums paid in reduction of future premiums”.
AVAIL TAX BENEFITS UNDER
Section 10 (10D) specifies that

Any amount expected under a life insurance policy, containing the bonus fixed amount of
such policy, is not included in the total income of the individual.
A pension limited to a fixed amount does not include any payment in an individual’s gross
income in communication.
Section 80 CCC (1)

Premiums paid towards pension plan will be directly deducted from the taxable income.
Section 80 (D)
Premium paid towards medical riders will be directly deducted from the taxable income.
MEANING
INSURER – The party to the insurance contract who promise to pay losses or benefits.
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PRIMIUM – Premium is one has to pay during the specified period in order to subscriber to
a particular plan.
POLICY – It is the legal document issued by the company to the policy holder.
CLAIM – A request for payment of loss, which may come under the terms of an insurance
contract.
INSURED – A person an organization covered by an insurance policy.
NOMINEE – The custodian to the claim may or may not be the rightful owner to the claim
money.
RIDERS – Riders are option that allows enhancing your insurance cover qualitatively and
quantitatively.
Company Profile
ICICI PRUDENTIAL
Overview
ICICI Prudential Life Insurance Company ICICI Bank is one of India's foremost financial
services and is a joint venture with the prudent approach of the leading international financial
services group in the United Kingdom. The total capital infusion is Rs. 33.62 billion, 74% for
ICICI Bank and 26% for prudent policy.
We started operations in December 2000 after being approved by the Insurance Regulatory
Development Authority (IRDA). Today, our concept includes more than a thousand offices,
263,000 consultants and 22 Branch Assurance partners.
THE COMPANY
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ICICI Prudential Life Insurance Company, ICICI Bank, is a leading financial powerhouse
and prudent policy joint venture. ICICI Prudential was one of the first private sector
insurance companies to be launched in December 2000 after being approved by the Insurance
Regulatory Development Authority (IRDA).
Fitch Ratings ICICI Prudential Life is the only private life insurance company in India to
receive an AAA National Insurance rating. AAA rating is the highest rating and is a clear
guarantee of ICICI Prudential's ability to fulfill its obligations to clients in the event of
dismissal or complaint.
VISION & VALUES:
Vision:
A strong life, health and retirement player based on a belief in world class people and
services. We hope to achieve this by understanding the needs of our customers and providing
them with better products and services.
 Increasing machinery that helps clientsrapidly, proficiently and effectually
 Develop and implement sound risk management and investment policies to provide
consistent and defensible returns to our policyholders
 Employees provide an environment that enables our employees to grow and learn
quickly.
The achievement of the company is not committed to the 5 core values of integrity, customer
first, boundary reduction, ownership and passion. Each value represents the organization, the
characteristics of our people and the way we work. We believe we have an amazing new
opportunity to play an important role in the restoration and definition of the field. With the
quality of our parents and the commitment of our team, there are no limits to our growth.
PROMOTERS
ICICI Bank
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ICICI Bank Limited (NYSE: IBN) is India's largest private sector bank with a net worth of $
125 billion as of June 30, 2014. ICICI Bank's subsidiaries include India's leading private
sector insurer, largest online retailer, largest mutual fund and largest private equity firm.
ICICI Bank currently exists in 17 countries including India.
Values:
Each member of the ICICI Prudential group is dedicated to 5 core ethics;
1. Integrity
2. Consumer first
3. Reduce boundaries
4. Ownership
5. Hobbies
These ethics shine in everything we do and are the cornerstones of our triumph.
Products offered by ICICI prudential life insurance
Company has wide range of products to offer it to their customers,
Endowment plan - a) Secure plan b) Cash plus

c) Reassure d) Assure invest.
Term plan - a) Save ‘N’ protect b) Cash back

c) Smart kid d) Life guard.
Annuities - a) Forever life

b) Life time pension c) Life link pension
Unit linked plans - a) Life time b) Premier life

c) Life link
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Board of Directors:
The board companies of ICICI Prudential Life Insurance Company Limited are reputed
individuals in the financial industry from India and abroad.
Ms. ChandaKochhar Chairperson
Mr. Barry Stowe Director
Mr. K Ramkumar Director
Mr. Adrian O’ Connor Director
Mr. Rajiv Sabharwal Director
Mr. Punith Nanda Executive Director
Mr. KekiDadiseth Independent Director
Mr. Sandeep Bakshi MD & CEO
Mr. N.S Kannan Director
Mr. Madhivanan Balakrishnan Executive Director
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ICICI PRUDENTIAL SCHEME
SCHEME -1
ICICI PRUDENTIAL CASH BACK:
FEATURES:
 Fixed term plan.
 Term 15 years or 20 years.
 Premium are payable throughout the term.
BENEFITS:
 Cash inflows at regular intervals 9 more liquid) after 3 or 4 years.
 3 in 1: LIFE COVER, RETURNS AND LIQUIDITY.
 Asset acquisition / up-gradation.
RIDERS:
 Action & disability.
 Critical illness benefit.
 Major surgical assistance.
MATURITY:
 TOTAL BENEFITS: 120% SUM ASSURED + GUARANTEED
ADDITIONS AND BONUSES.

SCHEME-2
ICICI PRU SAVE ‘N’ PROTECT
FEATURES:
 Fixed term plan.
 Combines savings and life cover.
 Premium paid regularly during the term.
 Guaranteed additions for first 7 years & bonuses thereafter.
 Loan against the policy.
BENEFITS:
 Offers a combination of life cover & return on investment.
 Offers more as life cover continues even after maturity.
RIDERS:
 Accident & disability.
 Critical illness benefit.
 Major surgical assistance.
EXTENDED LIFE COVER: FREE LIFE INSURANCE FOR 5 YEARS AFTER

MATURITY.
ENDOWMENT ASSURANCE WITH EXTENTED LIFE COVERS.

SCHEME -3
ICICI PRU LIFE TIME
FEATURES:
 Death benefit is the sum assured or value of units whichever is greater.
 Life cover accessible to the extent of 275 times of premium.
 Top up investment with a lump sum payment any time.
OPTIONS:
 Income fund.
 Growth fund.
 Balance fund.
 Open-ended plan.
 Withdrawal any time after 3 years, with options to switch between plans.
RIDERS:
 Accident & disability.
 Critical illness benefit.
 Major surgical assistance.
REGULAR PREMIUM PAYMENT FOR AGES 0 TO 60 UNITS LINKED INSURANCE
PLAN.

SCHEME-4
ICICI PRU SMART KID
FEATURES:
 The parent can choose the maturity age between 22-25 for their child.
 Depending on the age of the child you can choose the maturity age and term of the
policy.
 Flexibility.
 Dreams fulfilled
-Good upbringing
-Best education
-Secured future
 Tailor made solutions
 Plan for key milestone
 Guaranteed education
 Regular income to the family
 Accident & disability cover.

SCHEME-5
ICICI PRU LIFE GUARD
SINGLE PREMIUM:
 Premium paid at one shot.
 This is non-profit plan.
 Term -5 years to 15 years.
REGULAR PREMIUM:
 Premium are payable throughout the term.
 This is non-profit plan.
 Term -5 to 25 years.
RIDERS:
Accident and disability rider
 PROTECTION FOR FAMILY.
 MINIMUM PREMIUM.
 MAXIMUM INSURANCE.

SCHEME-6
ICICI PRU LIFE LINK PENSION
SINGLE PREMIUM:
 For age 18 to 60.
 Unit linked pension plan.
 Tax benefits U/S 80 CCC (I).
 Open market option.
Death benefit is 105% of investment or value of units whichever is higher. Top up investment
with a lump sum anytime.
OPTIONS:
 Income fund.
 Growth fund.
 Balanced fund.
 Open ended plan.
 Exit any time after 1 year, with options to switch between plans.
PENSION MODES:
MONTHLY, HALF YEARLY, QUQTERLY, ANNUALITY.

SCHEME-7
ICICI PRU LIFE TIME PENSION
FEATURES
 Regular premium payment.
 For 18 to 60.
 Unit linked pension plan.
 4 pension option.
 Open market option.
Death benefit is the sum assured or value of units whichever is greater. Life cover accessible
to the extent of 150 times of premium. Top up investment with a lump sum payment any
time.
OPTIONS
 Income fund.
 Growth fund.
 Balance fund.
 Premium holiday after 10 years.
PENSION MODES
NONTHLY, HALF YEARLY, QUQTERLY, ANNUALLY.

SCHEME-8
ICICI PRU FOREVER LIFE
FEATURES
 Regular premium payment.
 Term 5 to 30 years.
 For ages 18 to 60.
 Vesting age 50 to 70 years.
The sum assured + guaranteed additions + bonuses at the end of the term are used as purchase
price to provide the annuity life insurance of SA +GA + Bonuses during anytime in the
deferment period.
PENSION OPTIONS
 Life annuity.
 Life annuity with return of purchase price.
 Life annuity guaranteed for 5, 10, 15 years.
 Joint life annuity with spouse with return of purchase price.
PENSIO N MODES
MONTHLY, HALF YEARLY, QUQTERLY, ANNUALLY

LEGISLATIVE AND REGULATORY MATTER
INSURANCE ACT 1938
In 1912, Indian Life Insurance Companies became operational and the Futures Fund
Insurance Society Act 1912 was passed. This is India's first comprehensive law governing
business insurance. The Insurance Act, which came into force on July 1, 1939, is intended to
"amend and amend the law relating to the insurance business." Major changes came into
effect in the 1950s, which allowed key agents, special agents, and key agents to avoid and
limit spending, and invested heavily in Amore, the Insurance Association, insurance boards,
and traffic advisory boards. After the nationalization of the insurance business, the
nationalized L.I.C, G.I.C. And approved the Insurance Act. The subsidiary was limited. Most
of the 1938 Insurance Act has been amended. Considering the new circumstances created by
the insurance industry since its inception in 2000 through the IRDA Act 1999.
LIFE INSURANCE CORPORATION ACT, 1956
The Life Insurance Business in India has been in operation since January 1956. To date, the
Government has acquired 154 Indian Life Offices, 16 Non-Indian Insurance Businesses in
India and 75 Provident Societies in India. The LIC of India Act was approved by Parliament
on 18-06-56 and came into force on 01-07-1956. LIC law regulates its operation. Some of the
major requirements of this Act (as amended by the IRDA Act 1999) will remain in effect
from today. LIC is a property with permanent inheritance, corporate and public seal and is
authorized to own, own and dispose of the property and may sue in its name. The corporation
should make actuarial valuation once in 2 years, vide section 26. Effective 1986, this
valuation is being done every year. At least 95% of the surplus disclosed by actuarial
valuation is to be distributed among with – profit policy holders. The remainder shall be paid
to the central government. Section 30 stated. That LIC shall have exclusive privilege has now
ceased as a result of amendments made in 1999.
INSURANCE REGULATORY AND DEVELOPMENT ACT 1999

The law was approved by Parliament in December 1999. In January 2000, the IR received the
President's approval. The Act offers for the formation of the power to regulate, promote and
ensure the systematic growth of the insurance industry in order to protect the interests of
policyholders of insurance policies. Where connected or accidental. Under the Act, the
Authority replaces the "Regulator" under the Insurance Act, 1938. The First Schedule
Insurance Act 1938 is amended. It says that the central government is suppressing 'power';
An insurance regulator may be appointed until the "authority" is restructured. Section 2 (f)
defines an intermediary or insurance intermediary to include insurance brokers, insurance
brokers, insurance consultants, surveyors and loss appraisers.
ABOUT PRIVATE LIFE INSURANCE
On October 24, 2000, the Government of India (GIOI) opened the insurance sector
to private players, thus opening a new chapter in the field. This new policy of the GOI is the
result of India's liberalization policy and its responsibility to sign in accordance with the
WTO Principles and Guidelines for Reducing Barriers to Trade in Services. GOI's decision
contains a set of rules and regulations governing this domain. Similarly, the Insurance
Regulation and Development Authority Act 1999 (IRDA Act) was enacted with the main
objective of establishing an autonomous body known as IRDA to standardise, stimulate and
confirm the systematic progress of the insurance industry.
RESEARCH DESIGN
TITLE OF THE STUDY

A STUDY ON PERFORMANCE OF LIFE INSURANCE POLICIES AT
ICICI PRUDENTIAL
STATEMENT OF THE PROBLEM

Most of the people may not have proper FINANCIAL PLANNING in their life
this project is to create awareness to those people who don’t have proper financial planning.
Getting insured is the good way of financial planning. The study is conducted to know the
financial planning in ICICI PRUDENTIAL LIFE INSURANCE COMPANY Ltd.

OBJECTIVES OF THE STUDY
 Toemphasize on the importance of financial planning.

 To bring out the importance of financial planning with life insurance.
 To know the purpose of insurance.
 To study the preferences of insured.
SCOPE OF THE STUDY
Financial planning is required for a person to protect against uncertainty, rising

life expectancy which is estimated to increase to 85 years from 77 years. The study is limited
to the financial planning ICICI PRUDENTIAL LIFE INSURANCE COMPANY ONLY.
RESEARCH METHODOLOGY
PRIMARY DATA: It will be composed through designed questionnaire.

SECONDARY DATA:It will be collected from ICICI prudential life insurance company.
SAMPLING TECHNIQUE
Random sampling
SAMPLE SIZE: 50 respondents
LIMITATIONS OF THE STUDY:

 The survey was conducted only within Bangalore city.

 The sample size is small when compared to large population.
 Samples is mainly compared with the term insurance
 The interest rate are very less when compare to total population
 In classification number of female respondents are very less
 Comparing in age the number of respondent are very less in 60 and above
 Most of the respondents that is 56% are employed in different companies
1.
REVIEW OF LITERATURE
1. Baal N. and Sandhog H. S. (August 2011), a study on Life Insurance Corporation of
India the capital demanding business, supplies the most important financial instruments to
customers directed at safety as well as long term savings.
2. Sharma M. and Vijay T. S. et al (January 2012), the animus of this study is to assay the
brunt of demographic factors on the level of satiety of investor’s contra insurance policies. The study
entraps the impact of demographics factors on the satisfaction of investors towards insurance policies
3. Meera C. and Eswari M. (November 2011), in modern aggressive environment

services are ameliorate accumulating more denotation. Nowadays, greater absorption is paid
to all the bank customer touch points, address to optimise the reciprocal and user friendly
services.
4. Friar F. and Khanbashi M. (December 2011), this study is one of the most
conscious actions taken in alluring and gratifying needs of customers is chattering a
charismatic information mechanism and feedback process between organisation and
customers
5. Ansari Z. A. (March 2012) in the present study examines the attitude of individuals
towards different kinds of risks and scope they prefer in Saudi Arabia

DATA INTERPRETATION AND INFERENCE
TABLE NO -1
Table showing that gender wise classification of respondents
GENDER NO OF PERCENTAGE (%)

RESPONDENTS
MALE 42 84
FEMALE 8 16
TOTOL 50 100
INTERPRETATION:
The list above explains that 84% of the 50 respondents were men. 16% are women.

GRAPH-1
Graph showing that gender wise classification of respondents
120
100
80
60 NO. OF RESPONDENTS
PERCENTAGE(%)
40
20
0
MALE FEMALE TOTAL
INFERENCE
Majority of the respondents that is 84% are of Male and 16% are female.

TABLE NO - 2
Age wise classification of respondents
AGE NO OF PERCENTAGE (%)

RESPONDENTS
25-35 18 36
36-45 14 28
46-55 12 24
56 & ABOVE 6 12
TOTAL 50 100
INTERPRETATION:
The above table reveals that36% of the respondents are among 25-35 age group 28% of the
respondents are between 36-45 age group24% of the respondents are between 45-55 , 12%
are 56 & above.
GRAPH-2

Graph showing that age wise classification of respondents
120
100
80
60 NO. OF RESPONDENT
PERCENTAGE(%)
40
20
0
25-35 36-45 46-55 56&ABOVE
INFERENCE
Most of the respondents that is 36% are between the age group of 25-35. 28% of the
respondents are between 36-45 age group24% of the respondents are between 45-55,12% are
56 & above.

TABLE NO -3
Occupation of respondents
OCCUPATION RESPONDENTS PERCENTAGE (%)
BUSINESSMAN 09 18
EMPLOYEE 28 56
RETIRED 13 26
TOTAL 50 100
INTERPRETATION:
The above table illustrates the occupation of respondents. 18% respondents are doing
Business.56% are employed, 26% respondents are retired.
GRAPH-3

Graph showing that occupation of respondents
120
100
80
PERCENTAGE
40
20
0
BUSINESS EMPLOYEE RETIRED TOTAL
INFERENCE
Majority of the respondents that is 56% are employed in different companies and
organizations. Their main purpose of investment in insurance is to get tax benefits.
TABLE NO – 4

Income wise classification of respondents
INCOME (P/M) NO OF PERCENTAGE (%)

RESPONDENTS
Less than 20000 22 44

20000-40000 14 28
40000-60000 06 12
60000-80000 05 10
80000& above 03 06
TOTAL 50 100
INTERPRETATION:
The above table describes that ,44% of the respondents are of less than 20000 income
category,28% respondents lie between 20000-40000 income category,12% of the respondents
come under 40000-60000 income category,10% of the respondents are between 60000-80000
,6% of the respondents come under 80000 & above income category.
GRAPH-4

Graph showing that income wise classification of respondents
120
100
80
60
PERCENTAGE
20
0
00 00 00 00 E L
0 0 0 0 OV TA
20 40 60 80 A B TO
< 0- 0- 0- 0&
00 00 00 00
20 40 60 80
INFERENCE
The above graph reveals the fact that respondents earning less than 20000 constitute the
major part i.e. 22 out of 50 respondents. This may be due to the fact that people earning less
than 20000 have uncertain future. In order to cope with future risks they have taken policies.
TABLE NO -5
Respondents having types of insurance policies icici prudential

POLICY NO. OF PERCENTAGE (%)

RESPONDENTS
PENSION 17 34
SMART KID 12 24
LIFE GOLD 08 16
LIFE TIME SUPER 10 20
HOSPITAL CARE 03 06
TOTAL 50 100
INTERPRETATION:
The above table reveals 34% of the respondents invested in pension plus policy, 24% of the
respondents invested in Smart Kid policy,16% of the respondents invested in life gold policy,
20% of the respondents invested in Life time super policy ,16% of the respondents invested
in Hospital care policy.
GRAPH-5
Graph showing respondents having types of insurance policies icici

prudential

Chart Title
120
100
80
60
40
20
0
LIFE LIFE
PENSION SMART GOLD TIME HOSPITAL TOTAL
KID SUPER CARE
NO. OF PERCENTAGE (%)
INFERENCE
Pension plus has attracted more number of respondents. 17 out of 50 respondents have
pension plus policies. Policy that attracted second largest number of respondents is life time
super with 10 policy holders.
TABLES NO -6
Reasons for investing in life insurance

PARAMETERS NO. OF PERCENTAGE (%)

RESPONDENTS
SAVINGS 10 20
TAX EXEMPTION 33 66
RISK COVERAGE 03 06
SAFETY&SECURITY 04 08
TOTAL 50 100
INTERPRETATION:
The above table displays the purpose of investment in life insurance. 20% of the respondents
invested to save for the future.66% invested to get tax exemption. 6% invested against risk
coverage and 8% invested for safety and security purpose.
GRAPH-6
Graph showing that reason for investing in life insurance

120
100
80
60
PERCENTAGE(%)
20
0
GS N E TY L
IN IO AG RI TA
V PT VE
R CU TO
SA EM SE
EX CO Y&
X SK ET
TA RI F
SA
INFERENCE
As far as the reason for which respondents have policies is concerned, tax exemption
takes lead with 33 out of 50 respondents opting policies. Other reasons include savings (10),
Risk coverage (3), Safety & security (4).
TABLE NO -7
Showing the term of policy

TERM NO. OF PERCENTAGE (%)

RESPONDENTS
LONG 42 84
SHORT 8 16
TOTAL 50 100
INTERPRETATION:
The above table illustrates the duration of the policy. 84% of the respondents invested for
long term. 16% of the respondents invested for short term.
GRAPH-7
Graph showing the term of policy

Chart Title
120
100
80
60
40
20
0
LONG SHORT TOTAL
INFERENCE
Respondents seems to have inclined towards long term policies opting for that. Only few (8 )
respondents have short term policies. This is because customers can get more benefits in long
term than short term policies.
TABLE NO -8
Respondents sum assured amount

SUM ASSURED NO. OF PERCENTAGE (%)

AMOUNT (Rs) RESPONDENTS
< 50,000 05 10
50,000-1,00,000 32 64
>1,00,000 13 26
TOTAL 50 100
INTERPRETATION:
The above table describes that out of 50 respondents, 10% of them are taken insurance policy
for less than Rs. 50000. 64% of them are taken insurance policy from Rs. 50000-100000 and
26% of them are taken insurance policy for above Rs. 100000.
GRAPH-8
Graph showing that respondents sum assured amount

120
100
80
60
no of respodents
Column1
40
20
0
less than 50000 50000-100000 more than total
100000
INFERENCE
The above graph indicates that 32 respondents have taken policy for assured sum amount
ranging between 50000- 100000 which indicative of the fact that majority of the respondents
are from middle class. Besides 5 respondents have policies with assured sum amount less
than 50000 and 13 respondents have taken policy of sum assured more than Rs. 100000.
TABLE NO -9
Respondent’s preference toward premium payment options

OPTIONS NO. OF PERCENTAGE (%)

RESPONDENTS
MONTHLY 03 06
QUARTERLY 06 12
HALF YEARLY 12 24
YEARLY 29 58
TOTAL 50 100
INTERPRETATION:
The above table reveals that out of 50 respondents.06% of them would like to pay premium
monthly. 12% quarterly. 24% half yearly and 58% pay premium yearly.
GRAPH-9
Graph showing that respondents preferance towards premium payment

options

120
100
80
PERCENTAGE(%)
40
20
0
MONTHLY QUARTERLY HALF YEARLY TOTAL
YEARLY
INFERENCE
Most of the respondents that is 58% prefers premium to be paid yearly and 6% of the
respondents prefers monthly premium payments.
TABLE NO -10
Respondents whether they are ready to invest more or not
READY TO INVEST NO. OF PERCENTAGE (%)

MORE RESPONDENTS
YES 28 56
NO 22 44
TOTAL 50 100
INTERPRETATION:
The above table explains that out of 50 respondents.28 respondents are ready to invest
further/more towards different insurance policies. 22 respondents are not ready to invest
further towards insurance policy.
GRAPH-10
Graph showing that respondents weather they are ready to invest more or
not

120
100
80
PERCENTAGE(%)
40
20
0
YES NO TOTAL
INFERENCE
As far as the intention of respondents to invest more in other policies is concerned 28

respondents intend to invest further but rest 22 respondents are reluctant to do so.
TABLE NO -11
Respondents source of information about ICICI prudential life insurance
SOURCES NO OF PERCENTAGE (%)

RESPONDENTS
ADVERTISEMENT 28 56
RELATIVES 8 16
FRIENDS 10 20
OTHER SOURCES 4 08
TOTAL 50 100
INTERPRETATION:
The above table explains that out of 50 respondents, 56% of them came to know through
Advertisement. 16% of them came to know through Relatives20% of them came to know
through Friends and the rest of respondents i.e. 8% came to know through other sources.
GRAPH-11
Graph showing that respondents source of information about icici

prudential life insurance

120
100
80
60
Column1
20
0
ADVERTISEMENTRELATIVES FRIENDS OTHERS TOTAL
INFERENCE
It is evident from the above graph that 28 out of 50 respondents have comes to know about
ICICI Prudential through advertisement. The source of awareness to others include Relatives,
Friends and other sources. This may be because media is becoming most popular than any
other information source.
TABLE NO -12
Showing respondents rating towards policies of icici prudential
RATING NOOF PERCENTAGE (%)

RESPONDENTS

EXCELLENT 09 18
VERY GOOD 32 64
GOOD 09 18
AVERAGE 00 00
TOTAL 50 100
INTERPRETATION:
The above table describes that out of 50 respondents, 18% rated as, Excellent.64% rated
Very Good. 18% rated Good and No one rated as Average.
GRAPH-12
Graph showing that respondents rating towards policies of icici prudential

120
100
80
Column1
40
20
0
EXCELLENT VERY GOOD GOOD AVERAGE TOTAL
INFERENCE
Above graph reveals that most of the respondents that is 64% rated ICICI Prudential to be
very good and no one as rated average.
TABLE NO -13
Showing respondents rating towards services offered by ICICI prudential

RATING NO. OF PERCENTAGE (%)

RESPONDENTS
EXCELLENT 28 56
VERY GOOD 18 36
GOOD 04 08
AVERAGE 00 00
TOTAL 50 100
INTERPRETATION:
The above table displays that out of 50 respondents.56% rated excellent. 36% rated very
well. 08% rated well and no one rated as average.
GRAPH-13
Graph showing that respondents rating towards services offered by ICICI

prudential

120
100
80
PERCENTAGE(%)
40
20
0
EXCELLENT VERY GOOD GOOD AVERAGE TOTAL
INFERENCE
Above graph reveals that most of the respondents that is 56% rated ICICI prudential as
excellent and no one rated as average.
TABLE NO – 14
Respondents having invested in different insurance policies

COMPANY NAME NO. OF PERCENTAGE (%)

RESPONDENTS
LIC 33 66
BAJAJ ALLIANZ 02 04
TATA AIG 02 04
OTHERS 13 26
TOTAL 50 100
INTERPRETATION:
The above table describes that out of 50 policy holders.66% invested in LIC, 04% invested
in BAJAJ ALLIANZ.. 4% invested in TATA AIG and 26% invested in OTHER companies.
GRAPH-14
Graph showing respondents having invested in different insurance

policies

120
100
80
60
40
20
0
LIC BAJAJ TATA AIG OTHERS TOTAL
ALLIANZ
INFERENCE
It is evident from the above graph that 33 respondents holding policies in ICICI Prudential
also holds policies in LIC. 2 respondents hold policies in BAJAJ ALLIANZ, 2 in TATA
AIG, 13 in others.
Findings, Suggestions & Conclusion
FINDINGS
 Based on the gender, out of 50 respondents taken for survey, 84% are male and 16%
are female respondents.

 It is found that the major chunk of policy holders fall in the age group of 25-35 years,
18(36%) out of 50 respondents. Next comes the age group 35-45 years with 14
respondents i.e. 28%. Other age groups 46-55 years and 56 and above include
12(24%) and 6(12%) respectively.
 So far as occupation of respondents is concerned there are 9 Businessmen, 28

employees and 13 Retired employees. Their respective percentage stand at 18, 56 and
26.
 It is surprising finding that respondents earning less than 20000 per month from major
part of policy holders with 22 out of 50 respondents. 14 respondents fall in the income
group 20000-40000. Respondents with monthly incomes ranging between 60000-
800000 plus constitute 5 and 3 respectively.
 It is discovered from the survey that 17, 12, 8, 10 & 3 have opted the policies pension
plus, Smart kid, Life Time super and Hospital Care respectively.
 As it is commonly held a large portion of respondents have opted policies mainly to

get tax exemption (33). Other purposes for which policies have been taken include
savings (3), Risk coverage (10), Investment (4).
 It is observed that there is a greater inclination towards long term policies. In tune to
this 84% of respondents i.e. 32 have long term policies and the rest 16% have short
term policies.
 About 5 respondents have policies with assured amount less than 50000. A large
portion of respondents i.e. 32 have policies with assured amount 50000-100000. 13
respondents have policies with assured some of more than 100000.
 If 3 respondents pay their premium monthly 6 pay quarterly, 12 half yearly and 29
yearly.

 It is interesting that all the respondents have got their all family members insured.
 If 23 respondents are ready to invest further in other policies, 27 are reluctant to do so.
 It is evident from the survey that advertisement has played a major role in persuading
respondents to invest in ICICI Prudential (28). Other respondents have come to know
of this from friends (8), relatives (10) and miscellaneous sources (4).
 18% of respondents rate ICICI Prudential to be excellent, 64% very good, 18 good. It
is a highlighting fact that none rate it average.
 The services offered by the company towards customers have been rated excellent,
very good, good and average by 28, 18, 4 and nil respectively.
 Respondent’s possess policies in other Insurance companies as well- 33 in LIC, 2 in

Bajaj Allianz, 2 in Tata AIG, 13 in others.
CONCLUSION
 Since the inaugural of the Insurance sector to private sector to private sector in 1994,
20 private insurers are in the fray each one trying to garner more market share than
the other.
 From the above survey conducted 33 respondents that is 66% were taken policy for
Tax benefit purpose.
 Most of the respondents that are 58% of them prefer to pay the premium on annually
and most of the respondents taken insurance in pension plus plan.
 ICICI Prudential life insurance offers variety of schemes for children plan, tax
benefits, retirement plan etc., keeping in mind the needs of investors.

 Thus financial planning through life insurance is a very good option available for the
investors & the contribution of ICICI Prudential Life Insurance Company in this is
very good.
 Yet the survey has unveiled how far behind LIC is ICICI Prudential. But still the
increasing inclination of people towards ICICI Prudential cannot be denied.
 The company has provided good options for financial planning to people which
enables them to feel very safe about their life and are satisfied with the types of
returns that they will get in the future.
SUGGESTIONS
 ICICI Prudential Life Insurance Company should take measures to inform and
educate people about their company and the need of life insurance, as it is very
important to know about the company & the need of insurance.
 ICICI Prudential Life Insurance Company should provide new policies for
handicaps and the claim should be settle fast, easy remittance of premium,
simplified procedure for medical exams should be provided.
 It is suggested for ICICI Prudential life insurance Company limited to undergo

Re- engineering in order to overcome the problems of more formalities and
procedures.
 It is suggested for ICICI to respond to customers’ needs quickly by keeping

track of customer’s needs and preferences.

 ICICI has some advantageous of nearness to customers, it has good reputation

& safety. It should pay timely attention to retain & gain more customers in
order to take edge over insurance companies.
 Affordable schemes must be launched for the retired employees aged above
56years. This category includes wide range of population and ICICI Prudential
must concentrate so that it can generate more income.
 It has been observed that persons with monthly income exceeding constitute a
small portion of respondents. Hence ICICI Prudential must think in the
direction of chalking out new policies suiting the interest of this class people.
 Savings, risk coverage, investment, opportunities must be increased in the

policies of ICICI Prudential bank so that there would be overall increase in
business and purpose of policy holders would not corner only around tax
exemption.
 It should highlight in bold letters (not just a mention) that ICICI Prudential
working for under privileged for the society.
 ICICI Prudential should not be targeted only when people start earning, but
before that. In order to take advantage of early birding, they usually have to
attend sessions in schools and colleges that offer a description of life insurance
and especially ICICI Prudential.This will make the life insurance in general
and ICICI Prudential on particular. This will make the younger generation
more responsible making them go in far insurance in big way at the earliest
thus making ICICI prudential the ultimate beneficiary to enjoy the income
from customers from the very beginning of their service lives.
 ICICI Prudential needs to concentrate more towards advanced customer

service by means of redressing the grievances of the customers in case of any
errors or misappropriations.

ANNEXURE
QUESTIONNAIRE
I’M SHUBHA.V, a student of final semester of BBM at RJS Institute of Management

Studies, affiliated to Bangalore University, and am conducting “STUDY ON
PERFORMANCE OF LIFE INSURANCE POLICIES AT ICICI PRUDENTIAL. The
despondence would be a part of my dissertation study. I would be grateful if you could
please answer the following questionnaire. I assure you that all information will be kept
confidential and used for academic purposes only.
1 NAME:
2 GENDER: MALE ( ) FEMALE ( )
3 AGE: 25-35 ( ) 36-45 ( )

45-35 ( ) 56-ABOVE ( )
4 OCCUPATION: BUSINESSMAN ( )
EMPLOYEE ( )
RETIERED ( )
5 MONTHLY INCOME: LESS THAN 20,000

20,000-40,000 ( ) 40,000-60,000 ( )
60,000-80,000 ( ) ABOVE 80,000 ( )

6 WHICH POLICY HAVE YOU OPTED IN ICICI PRUDENTIAL?

PENSION PLUS ( )
SMART KID ( )
LIFE GOLD ( )
LIFE TIME SUPER ( )
HOSPITAL CARE ( )
7 PURPOSE OF INSURED?
SAVINGS ( ) TAX EXEMPTION ( )
RISK COVERAGE ( ) SAFETY AND SECURITY ( )
8 YOU HAVE POLICY FOR?
LONG TERM ( ) SHORT TERM ( )
9 WHAT IS THE SUM ASSURED AMOUNT ?
LESS THAN 50,000 ( )

50,000-1,00,000 ( )
MORE THAN - 1,00,000 ( )
10 HOW DO YOU PAY YOUR PREMIUM ?
MONTHLY ( ) QUATERLY ( )
HALF YEARLY ( ) YEARLY ( )
11 ARE ALL OF YOUR FAMILY MEMBERS INSURED ?

YES ( ) NO ( )
12 ARE YOU READY TO TAKE OR INVEST MOE IN OTHER POLICIES ?
YES ( ) NO ( )
13 HOW DID YOU COME TO KNOEW ABOUT ICICI PRUDENTIAL
ADVERTISEMENT ( ) FRIENDS ( )
RELATIVES ( ) OTHERS ( )
14 HOW DOYOU RATE THE POLICIES AVAILABALE AT ICICI

PRUDENTIAL LIFE INSURANCES?
EXELLENT ( ) VERY GOOD ( )

GOOD ( ) AVERAGE ( )
15 IN WHICH COMPANY DO YOU HAVE ANY OTHER POLICIES?
LIC ( ) BAJAJ ALLIANZ ( )

TATA AIG ( ) OTHERS ( )
16 HOW DO YOU FELL ABOUT THE SERVICES OFFERED / EXTENDED

TOWARDS CUSTOMER ?
EXCELLENT ( ) VERY GOOD ( )

GOOD ( ) AVERAGE ( )
17 ACCORDING TO YOUR LIFE INSURANCE
TAX SAVING PLAN ( )

SAVING SCHEME WITH GOOD RETURN ( )
RISK COVERAGE ( )

ALL THE ABOVE ( )
18 YOUR FAMILY SIZE
ABOVE 5 MEMBERS ( )
5-10 MEMBERS ( )
ABOVE 10 MEMBERD ( )
19 ARE YOU AWARE OF YOUR POLICY YES/NO
IF YES- WHAT ARE THEY
SUM ASSURED ( )
ADDITIONAL BENIFITS ( )
MATURITY DATA ( )
RISK COVERAGE ( )
20 ARE YOU SATISFIED WITH ICICI LIFE INSURANCE SERVICES

PROVIDED BY ICICI?
YES ( ) NO ( )
PLEASE GIVE YOUR VALUABLE SUGGESTIONS TO IMPROVE THE

SERVICES OF ICICI
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------
THANK YOU

BIBLOGRAPHY
1. WEBSITES
 WWW.iciciprulife.com
 WWW.google.com
 WWW.insurancemagic.com
2. BROUCHERS
 ICICI PRU CASH BACK
 ICICI PRU SAVE N PROTECT
3. MAGAZINES AND JOURNALS

 BUSINESS INDIA
 BUSINNES WORLD
 DALAL STREET

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A STUDY ON ASTUDYON ICICI PRUDENTIAL LIFE INSURANCE POLICIES

STUDENT NAME: -Mr. RAJESH M R

ROLL NO: -1830CMD035

TOPIC: -A STUDY ON ASTUDYON ICICI PRUDENTIAL LIFE INSURANCE POLICIES

GUIDE NAME: -Miss DHANUJAKSHI A

DATE OF SUBMISSION: -11/09/2020

COOLEGE NAME: - ATMA COLLEGE

ATMA COLLEGE Page 1

‘‘ASTUDYON ICICI PRUDENTIAL LIFE INSURANCE

MASTER OF BUSINESS ADMINISTRATION

Under the guidance of

ACLIV TECHNOLOGY AND MANAGEMENT ACADEMY

ATMA COLLEGE Page 2

INSURANCE AND SOCIAL SECURITY

According to DRAWIN KINGSLEY “ Insurance is a social compact which merges the

ROLE OF INSURANCE IN THE DEVELOPMENT OF THE ECONOMY

The insurance companies, particularly life insurance companies collect a large

Projects are those like,

IMPORTANCE OF FINANCIAL PLANNING

ATMA COLLEGE Page 4

“PLAN FOR LIFE’S CONTINGENCIES”

ADVANTAGES OF PLANNING FINANCES WITH LIFE INSURANCE:

ATMA COLLEGE Page 5

INCOME TAX ACT

AVAIL TAX BENEFITS UNDER

Section 10 (10D) specifies that

Section 80 CCC (1)

ATMA COLLEGE Page 6

ATMA COLLEGE Page 7

VISION & VALUES:

ATMA COLLEGE Page 8

Products offered by ICICI prudential life insurance

Company has wide range of products to offer it to their customers,

Endowment plan - a) Secure plan b) Cash plus

Term plan - a) Save ‘N’ protect b) Cash back

Annuities - a) Forever life

Unit linked plans - a) Life time b) Premier life

ATMA COLLEGE Page 9

Ms. ChandaKochhar Chairperson

Mr. Barry Stowe Director

Mr. K Ramkumar Director

Mr. Adrian O’ Connor Director

Mr. Rajiv Sabharwal Director

Mr. Punith Nanda Executive Director

Mr. KekiDadiseth Independent Director

Mr. Sandeep Bakshi MD & CEO

Mr. N.S Kannan Director

Mr. Madhivanan Balakrishnan Executive Director

ATMA COLLEGE Page 10

ICICI PRUDENTIAL SCHEME

ICICI PRUDENTIAL CASH BACK:

ATMA COLLEGE Page 11

ICICI PRU SAVE ‘N’ PROTECT

EXTENDED LIFE COVER: FREE LIFE INSURANCE FOR 5 YEARS AFTER

ATMA COLLEGE Page 12

ICICI PRU LIFE TIME

ATMA COLLEGE Page 13