Pallavi Project

“A STUDY OF”
INSURANCE AS AN INVESTMENT WITH

REFRENCE TO ICICI BANK,
SATARA.
A Project Report Submitted to the

SHIVAJI UNIVERSITY,KOLHAPUR
In partial fulfillment of the Requirement

of Master of Commerce (M.Com)
Submitted by
Miss. PALLAVI SATISH RANGAT.
Under the Guidance

of Prof. Dr. Yadav. S.
V (M.COM, Ph.D.)
Through
THE PRINCIPAL
Dhananjayrao Gadgil College Of Commerce, Satara
DIST – SATARA
2021 -2022
DECLARATION
I hereby declare that the project titled “A STUDY OF INSURANCE AS AN
INVESTMENT WITH SPECIAL REFERNCE TO ICICI BANK, SATARA.” is an original
piece of research work carried out by me under the guidance and supervision of
Prof.Dr.Yadav.S.V. The information has been collected form genuine & authentic
sources. The work has been submitted in partial fulfillment of the requirement of master
of business administration to Shivaji University, Kolhapur.
Place: - Satara
Date: - Miss. Pallavi Satish Rangat

RECOMMENDATION
(From Principal)
This is to certify that Miss. Pallavi satish Rangat. A student of

M.com final has prepared a Project Report titled “A STUDY OF
INSURANCE AS AN INVESTMENT WITH SPECIAL REFERANCE TO
ICICI BANK, SATARA .” as a partial fulfillement of M.Com Degree for
academic year 2021- 2022. Which has been submitted to Shivaji University,
Kolhapur under my supervision satisfactory.
Place- Satara
Date – 10-01-2022
Principal
Dhananjayrao Gadgil College Of Commerce,
Satara.
CERTIFICATE
(From Guide)
This is to certify that Miss. Pallavi Satish Rangat. has

worked under my guidance and satisfactory and completed the
project report in partial fulfillment of M.Com course. This work is
based on original observations and efforts is being submitted under
the title of
“A STUDY OF INSURANCE AS AN INVESTMENT WITH
SPECIAL REFERENCE TO ICICI BANK, SATARA”
Her conclusions and recommendations are based on the

information collected by his during his project work. This has not
former a basis for the award of any degree by this university or any
other university.
Place – Satara
Date -
Research
(Prof. Dr. Yadav. S. V)
[INSURANCE AS AN INVESTMENT WITH REFERENCE ICICI BANK]
ACKNOWLEDGEMENT
I am highly obliged to mr. Rahul Mudgal ( Developemnt officer LIC) Who provided
me the opportunity for doing my summer training at LIC, and would like to thank
him for their guidance and help which had made it possible for me to complete my
project work successfully.
Finally, I would like to thank Dr.N.K.Kakkar ( director), Dhananjayrao Gadgil

collage of commerce studies and Mrs. Yadav S.V., my project guide at the institute,
for their enlightening and meticulous guidance for the consummation and evaluating
of this project.
I also wish to pay my sincere regards to all my respected teachers who helped me
build a concrete plant form before sending me for training So that I can land out
firmly in all respects.
Date :-
Dhananjayrao Gadgil College Of Commerce, Satara.
DISTANCE EDUCATION DGCS Page 1

EXECUTIVESUMMARY
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). As the
people are becoming more and more and aware of their Life Style and Income level. They
need a plan, which has an optimum balance between their Investment and Savings. They
require an integrated financial plan for investment. The customer requires those investment
options, which provide them with flexibility and Liquidity and tax benefit.
I am found out tools relates to investment in ULIP at ICICI Prudential life insurance. This
project emphasis on “Insurance as a investment tool with regards to ULIP at ICICI Prudential
Life Insurance Company Ltd, Hubli”
A PROJECT REPORT ON
“Insurance as a investment tool with regards to ULIP at ICICI Prudential Life Insurance
Company Ltd, Hubli”
Objectives
 To know the importance and awareness of investment in ULIP
 To know the risk perception investment relating to the financial management
 To know the elements of risk and returns in ULIP
 To examine the performance of the plan


INDEX
S.NO Titles Page No

1. Chapter – I
INTODUCTUON & RESEARCH
METHODOLOGY
- Introduction to the study

- Objectives of the study
- Significant to the study
- Scope of the study
Statement of the problem
- Limitation to the study
- Research & methodology
2.
Chapter – II
REVIEW OF LITERATURE / THEORETICAL

BACKGROUND/ CONCEPTUAL BACKGROUND
3.
Chapter – III
- PROFILE OF THE ORGANIZATION

(ICICI BANK )
- Organization Chart
4. Chapter – IV
ANALYSIS AND INTERPRETATION OF

DATA
5 Chapter – V
- Finding
- Suggestion
- conclusions
- Bibliography

CHAPTER I
CONTENTS
Introduction to the study
Objectives to the study
Significant to the study
Scope of the study
Statement of the problem

Limitation to the study
Research & methodology

INTRODUCTION
As finance is the lifeblood for all economic activities, one aspect of financial
arena, which plays a very important role, is the Insurance. Insurance is the outcome of Man’s
search for safety and security, and to find out ways and means to minimize the hardship,
which are beyond his control. Because of the economic reforms introduced by our
government we can see that due to this Globalization and privatization there is enormous
increase in the private sector players queuing in the insurance sector. This entry of Private
players has enhanced the competitiveness and Quality of service with many innovated
products.
Now in India there are totally 28 players including 14 Life and 14 General Insurance
Companies. And Life Insurance is one of the most common forms of insurance.
ICICI Prudential Life Insurance Company is an emerging star in the Private players with the
competition being Global in nature
BRIEF HISTORY OF INSURANCE:
The business of insurance started with marine business. The first
insurance policy was issued in 1583 in England.
Some of the important milestones in the insurance business in India are:
1818: -The British introduce to India, with the establishment of the Oriental Life Insurance
Company in Calcutta.
1850: - Non life insurance debuts, with Triton Insurance company.
1870: - Bombay Mutual Life Assurance Society is the first India-owned life insurer.
1907: - Indian Mercantile Insurance is the first Indian non-life insurer.
1912: -The Indian life assurance Companies act enacted to regulate the life insurance
business. 1938: - The insurance act, which forms the basis for most current insurance laws,
replaces earlier act.
1956: - Life insurance nationalized, government takes over 245 Indian and foreign insurers
and provident societies.
1972: - Non Life insurance nationalized, GIC set up.

1993: - Malhotra Committee, headed by former BBI governor R.N. Malhotra, set up to draw up a blue
print for insurance sector reforms

1997:-Insurance regulator IRDA (Insurance Regulatory and Development Authority) set up.
2000:-IRDA starts giving licences to private insurers, ICICI Prudential and HDFC Standard
Life first private insurers to sell a policy.
2002:- Banks were allowed to sell insurance plans, as TPAs enter the scene, insurers start
settling non-life claims in the cashless mode.
Insurance: Definition and Meaning
Functional definition:
In the words of R.S.Sharma “Insurance is a Co-operative devices to spread the loss
caused by particular risk over a number of persons who were exposed to it and who agree top
insure themselves against the risk”
Contractual Definition:
According to E.W.Patterson, “Insurance is a contract by which one party, for a
consideration called a premium, assures a particular risk of other party ad promises to pay to
him or his nominee a certain or ascertainable sum of money on a specified contingency.
According to the U.S Life Office Management Association Inc (LOMA), Life Insurance is
defined as follows: Life insurance provides a sum of money if the person who is insured dies
whilst the policy is in effect
Other terms used in relation to insurance and their meaning:

Agent: The authorized representative of the insurer, licensed by the concerned authorities
like IRDA to canvass insurance.
Bonus: The yearly share of policy holders profit declared by the company based on its profits
which gets added to the policy amount and is payable upon its maturity.
Claim: The amount entitled to the policy holder or his nominee/assignee under a policy
contract in the event of the happening of the contingency insured against.

Insurable Interest: Evidence suggesting financial losses due to the occurrence of the event
insured against.
Policy: The evidence of contract between the insurer and the insured. A stamped sealed and
signed document issued by the insurer to the insured in proof of insuring his life.
Premium: The amount mentioned in the policy contract to be paid by the insurer periodically
to the insure to keep the policy in full force
Insurance in Indian Financial System:

In India insurance is in practice since 12 th century as per the records. The first life
insurance company to operate in India the Oriental Life Insurance company was established
in 1818 in Calcutta. However it was a British company. The first Indian Insurance company,
the Bombay Mutual Life Assurance Society started its operation in 1871. The Indian Life
Insurance company Act was passed in 1928.Subsequently, both of these Acts were merged
and the insurance Act 1938 was promulgated.
Independent India amended the Insurance Act in 1950 and in 1956, the then fiancé
minister of the nation Mr. C D Deshmukh nationalized all insurance companies, 154 Indian
Insurance companies and 75 provident societies. Finally the life insurance Corporation was
born on 1st September 1956.
The story of non-life insurance in India is no different. Though Lloyd’s insurance
pioneered the general Insurance way back in 1688, the first non-life Insurance Company
set up shop in India was the Triton Insurance company of Calcutta. In 1907 the first Indian
general insurer the Indian Mercantile insurance company started its operations. The New
India Assurance Company Limited was incorporated in 1919. After independence the India
Reinsurance Corporation was set up in 1956 and in 1957 the office of the controller of the
insurance was constituted. In 1968, that tariff advisory committee was set up to regulate the
investment of the players and finally in 1972, the non-life insurance business in the country
was nationalized and the general insurance company was formed as holding company with

four subsidiaries, the National Insurance, Oriental Insurance, United India Insurance and the

new India Assurance Company Limited. In the same year the National Insurance Company
Limited was amalgamated with 22 foreign and 11 Indian Insurance companies. Thus over a
period of two centuries, the Indian insurance industry has gone through the full circle. From
being an open competitive market, it went through nationalization and has been
subsequently liberalized again. Keeping in mind the national economic and commercial
objective of India the government has set up IRDA on 7th December 1999. Through which
the reforms process of the industry got under way.
Insurance in Indian Financial System – Its Importance

Insurance industry is one of the corner stone of any economy and financial System.
Insurance industry contributes its major part in increasing the saving and the fund collected is
utilized in developmental programs.
The Financial sector in our country is in the process of change with the objective o the
overall growth of the economy. The insurance sector as every one knows constitutes a very
important and vital financial intermediary for the growth of the economy.
Insurance has become part and parcel of the financial system because it:
 Reduces the uncertainty of business loses.
 Increases business efficiency.
 Identifies key men.
 Enhances the credit.
 Takes care of welfare of the society.
 Protect the wealth of the nation.
 Helps to attain economic growth.
 Reduces the inflation level.
The advantages of Life Insurance :
 Life insurance is brought not because someone is going to die, but because someone
is going to live.
 Life insurance means peace of mind.
 Life insurance promises payment of the full sum assured from the moment the first
premium is paid.

NEED FOR THE INSURANCE:
Unlike other avenues of savings where the amount saved with interest is payable only on
maturity, insurance plans provide for payment of the total sum assured along with a bonus, if
any, on any eventuality even before the maturity of the policy. And another advantage of
insurance is that an insurer can avail loans against the security of the policy from the insurance
company. Even banks and other financial institutions advances loans with insurance policies as a
collateral security.To provide for one’s family and perhaps; others in the event of death,
especially premature death. Originally, policies were to provide for short period of time,
covering temporary risky situations, such as sea voyages. As lie insurance became more
established, it was realized what a useful tool it was for a number of situation, including:
 Temporary needs/threats:-
The original purpose of life insurance remains an important element, namely
providing for replacement of income on death etc.
 Regular savings:-
Providing for one’s family and oneself, as a medium o long term exercise (through a
series of regular payment of premiums). This has become more relevant in recent times as
people seek financial independence from their family.
 Investment;
It is the insurance that builds up the savings of the society and thus safeguard the
economy from the ravages of inflation. Unlike regular saving products, investment
Products are traditionally lump sum investments, where the individual makes one time
payment.
 Retirement:Provisions for one’s own later years become increasingly necessary,
especially in a changing cultural and social environment. One can buy a suitable
insurance policy, which will provide periodical payments in one’s old age.
Why should you take insurance

Insurance is desired to safeguard oneself and ones family against possible losses on account
of risk and perils. It provides financial compensation for the losses suffered due to the
happening of unforeseen events. By taking life insurance a person can have peace of mind
and need not worry about the financial consequences in case of any untimely death.

Along with the growth of overall population in the country, crossing the benchmark of
hundred crore, there gas been a significant awareness for the need for insurance in the other
as well as
rural segments and even among the lower middle class and illiterate class of the
population.We in India have around 30 crore middle class educated and enlightened people
who have not realized that insurance is as necessary as the other basic necessities of life such
as food, shelter, clothing.
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.
Functioning of the IRDA
 To exercise all the powers and functions of controller of insurance.
 Protection of the interest of the policy holders.
 To issue, renew, modify, withdraw or suspend certificate of registration.
 To specify requisite qualification and training for insurance intermediaries and agents.

 To promote and regulate professional organizations connected with insurance.
 To conduct inspection/investigation etc.
 To prescribe method of insurance accounting.

 To regulate investment of funds and margins of solvency.
 To adjudicate upon dispute.
 To conduct inspection and audit of insurers intermediaries and other organization
concerned with insurance.
With a mission of : “ protect the interest of the policy holders to regulate promote and
ensure orderly growth of the insurance industry and for matters connected there with or
incidental thereto”.
IRDA Enablers:
In the new market set up, the IRDA’s role that of an enabler. The new insurers will
conduct insurance business in India according to the healthy norms prescribed the
IRDA. Regulations for all insurance intermediaries will specify sales-norms. Guidelines
for the code of conduct for the surveyors and loss assessors will help all concerned.
Efficiency will be promoted in the conduct of insurance business. Professional
organizations connected with insurance business will regulate.The role of IRDA, besides
regulating the market, it also intents to develop it. The IRDA has the task to promote fair
competition in hither to monopolistic insurance market. In such a fast develop scenario
were the prospected appears to be brighter both for insurers and the customers
COMPETITORS INFORMATION IN INSURANCE INDUSTRY:

a) LIC -Fully owned by Government.
b) Postal Life
Insurance.
 Private Players -
 Baja Allianz Life Insurance Co. Ltd.
 Birla Sun Life Insurance Co. Ltd

 HDFC Standard Life Insurance Co. Ltd.
 ICICI Prudential Life Insurance Co. Ltd.
 ING Vysya Life Insurance Co. Ltd.
 Max New York Life Insurance Co. Ltd.
a) MetLife India Insurance Co. Pvt. Ltd.

b) Kotak Mahindra Old Mutual Life Insurance Co. Ltd.
c) SBI Life Insurance Co. Ltd.
d) TATA AIG Life Insurance Co. Ltd
e) AMP Sanmar Assurance Co. Ltd.
f) Aviva Life Insurance Co. Ltd.
g) Sahara India Life Insurance Co. Ltd.
h) Shriram Sunlam.
 Other Likely Players – PNB Life Insurance, Reliance Life
Insurance, Axa Bharti Enterprises.
INDIAN FOREIGN
INSURER WEBSITE PROMOTER PROMOTER
Allianz Bajaj life allianzbajaj.co.in Bajaj Auto Allianz AG
insurance
Assurance ampsanmar.com Sanmar Group AMP, Australia
Birla Sun Life birlasunlife.com Aditya Birla Group Sun Life Financial,
Insurance Canada
Aviva Life avivindia.com Dabur India Aviva Plc

Insurance
HDFC Standard dfcinsurance.com HDFC Standard Life
Life insurance
ICICI Prudential iciciprulife.com ICICI Prudential Plc
Life Insurance
ING Vysya Life ingvysyalife.com Vysya Bank ING Group
Insurance
Life Insurance Licindia.com Govt of India None
Corporation
Max New York maxnewyorklife.com Max India New York Life

MetLife India metlifeindia.com J&K Bank,Pallonji Metropolitan Life

Insurance & Co Insurance

SBI life insurance sbilife.co.in State Bank of India Cardiff (arm of BNP
Paribas)
Tata-AIG life tata-aig.com Tata Group American
insurance International Group
.
INTRODUCTION ABOUT ULIP:
The concept of ULIP came in to existence in 1960’s to provide an optimum balance between
protection and investment.
ULIP distinguishes itself through the multiple benefits it provides to the policyholders. These
plans are designed with a view to help the customers to utilize the market opportunities by
investing in the share market, capital market and at the same time have the facility of Death
Benefit and Maturity Benefit.Unit-linked life insurance products are those where the benefits
are expressed in terms of number of units and unit price. They can be viewed as a
combination of insurance and mutual funds.The number of units that a customer would get
would depend on the unit price when he pays his premium. The daily unit price is based on
the market value of the underlying assets (equities, bonds, government securities, etc) and
computed from the net asset value.The advantage of unit-linked plans is that they are simple,
clear, and easy to understand. Being transparent the policyholder gets the entire upside on the
performance of his fund. Besides all the advantages they offer to the customers, unit-linked
plans also lead to an efficient utilization of capital.
Unit-linked products are exempted from tax and they provide life insurance. Investors
welcome these products as they provide capital appreciation even as the yields on
government securities have fallen below 6 per cent, which has made the insurers
slash payouts.
According to the IRDA, a company offering unit-linked plans must give the investor
an option to choose among debt, balanced and equity funds. If you choose a debt plan, the
majority of your premiums will get invested in debt securities like gilts and bonds. If you
choose equity, then a major portion of your premiums will be invested in the equity market.
The plan you choose would depend on your risk profile and your investment need.The ideal
time to buy a unit-linked plan is when one can expect long-term growth ahead. This is
especially so if one also believes that current market values (stock valuations) are relatively

low.So if you are opting for a plan that invests primarily in equity, the buzzing market
could

lead to windfall returns. If one invests in a unit-linked pension plan early on, say when one is
25, one can afford to take the risk associated with equities, at least in the plan's initial stages.
However, as one approaches retirement the quantum of returns should be subordinated to
capital preservation. At this stage, investing in a plan that has an equity tilt may not be a
good idea.Considering that unit-linked plans are relatively new launches, their short history
does not permit an assessment of how they will perform in different phases of the stock
market.
Even if one views insurance as a long-term commitment, investments based on performance
over such a short time span may not be appropriate.
Simply put, ULIPs work very similar to a mutual fund with a life cover thrown in.
They have a mandate to invest the premiums in varying proportions in gsecs (government
securities), bonds, the money markets (call money) and equities. The primary difference
between conventional savings-based insurance plans like endowment and ULIPs is the
investment mandate- while ULIPs can invest upto 100% of the premium in equities, the
percentage is much lower (usually not more than 15%) in case of conventional insurance
plans. ULIPs are also available in multiple options like `aggressive' ULIPs (which can invest
upto 100% in equities), `balanced' ULIPs (which invest 40-60% in equities) and `debt'
ULIPs (which invest only in debt and money market instruments). The exact expense
structure/ break-up for ULIPs is as transparent as one would have liked. Broadly speaking,
ULIP expenses are classified into three major categories:
1) Mortality charges:
Mortality expenses are charged by life insurance companies for providing a life cover to the
individual. The expenses vary with the age, sum assured and sum-at-risk for the individual.
There is a direct relation between the mortality expenses and the above mentioned factors.
In a ULIP, the sum-at-risk is an important reference point for the insurance company. Put
simply, the sum-at-risk is the difference between the sum assured and the investment value
the individual's corpus as on a specified date.
2) Sales and administration expenses:

Insurance companies incur these expenses for operational purposes on a regular basis. The
expenses are recovered from the premiums that individuals pay towards their insurance
policies. Agent commissions, sales and marketing expenses and the overhead costs incurred
to run the insurance business on a day-to-day basis are examples of such expenses.

to run the insurance business on a day-to-day basis are examples of such expenses.

3) Fund management charges (FMC):

These charges are levied by the insurance company to meet the expenses incurred on
managing the ULIP investments. A portion of ULIP premiums are invested in equities,
bonds, gsecs and money market instruments. Managing these investments incurs a fund
management charge, similar to what mutual funds incur on their investments. FMCs differ
across investment options like aggressive, balanced and debt ULIPs; usually a higher equity
option translates into higher FMC. Apart from the three expense categories mentioned
above, individuals may also have to incur certain expenses, which are primarily `optional' in
nature- the expenses will be incurred if certain choices that are made available to individuals
are exercised.
a) Switching charges:
Individuals are allowed to switch their ULIP options. For example, an individual can switch
his fund money from 100% equities to a balanced portfolio, which has say, 60% equities
and 40% debt. However, the company may charge him a fee for `switching'. While most life
insurance companies allow a certain number of free switches annually, a switch made over
and above this number is charged.
b) Top-up charges:
ULIPs allow individuals to invest a top-up amount. Top-up amount is paid in addition to the
premium amount for a particular year. Insurance companies deduct a certain percentage
from the top-up amount as charges. These charges are usually lower than the regular charges
that are deducted from the annual premium.
c) Cancellation charges: Life insurance companies levy cancellation charges if individuals

decide to surrender their policies (usually) before three years. These charges are levied as
a percentage of the fund value on a particular date.
Investment tools of unit linked insurance plans :
FUND NAME ASSEET MIN. MAX. POTENTIAL
AND ITS ALLOCATION RISK-
OBJECTIVES REWARD

R.I.C.H: Returns Equity and equity 80% 100%

from equity related securities High
investment in four Debt, money 0% 20%
types of industries, market, and cash.
viz, resources,

investment/capital
goods,
consumption and
human capital
leveraged.
Flexi growth II: Equity and equity 80% 100%
Long term returns related securities High
from an equity Debt, money 0% 20%
portfolio of large, market, and cash.
mid and small
capital companies.
Multiplier II: Long Equity and equity 80% 100%
term capital related securities High
appreciation from Debt, money 0% 20%
equity portfolio. market, and cash
Flexi Balanced II: Equity and equity 0% 60%

Balance of capital related securities Moderate
appreciation and Debt, money 40% 100%
stable returns from market, and cash
an equity (large,
mid and small
capital) and debt
portfolio.
Balancer II: Equity and equity 0% 40%
Balance growth related securities Moderate
and steady returns Debt, money 60% 100%
from an equity and market, and cash
debt portfolio.
Protector II: Debt insurance,
Accumulate steady money market, and 100% 100% Low
income at a lower cash
risk
Purpose of the Study:
The main purpose of the study is to find out the factors which are influencing the
investment tools regards with ULIP at ICICI Prudential and to suggest some strategies which
will help the organization.
Scope of the study:
 The scope of the study will helps to the peoples for there choice of investment.

 The study will help to know the expectations of the ULIP.in future.
 The company can find out the satisfaction level of the ULIP of their product plans.
 The scope of the study will help the company will find the problems of peoples
investing in ULIP.
Statement of the problem:

1) Lack of awareness about ULIP funds in rural areas. ICICI Prudential
insurance Advisor difficult to convince them.
2) Lack of co-operation between the branches.
Limitation to the study :
 As the studu is academic in nature, it suffer from time and cost

constraints
 As data was collected through personal survey, it suffer frem reverse
bias
 Respondent were asked to recall from their memory. Hence there are
chance of recall bias.
 The behavior of personnel might have changed under the condition
of observation.
 There might have been tendencies among the respondent to amplify
of their responses under testing condition.

RESEARCH AND METHODOLOGY
The Research Methodology section is inclusive of all those techniques that were
adopted in course of the research. The research was conducted mainly to understand
the position of a Commercial Bank with respect to Universal Bank in terms of
services offered. The research also aims at measuring the risk exposure of
commercial banks in course of offering diversified services under ‘one-roof’ and
also the perception of Managers and Customers of Commercial Banks on Universal
Banking concept. So, the research is both exploratory and descriptive in nature
Focus group discussion :
Focus Group Discussion A Focus group discussion was organised in Tezpur with
the practicing Bank Managers of both Public Sector and Private Sector banks. The
discussion took place in the month of November, 2006 in the premises of a
Commercial Bank of Tezpur. Altogether 5 (five) Bank Managers participated in the
discussion which lasted for nearly about 2 (two) hours. The purpose of the
discussion was
To explore the variety of banking and financial services presently offered by

commercial banks in India.
To group these services offered by banks under different points of a Six-point scale
so that it can reflect the progress of a Commercial bank in the direction of Universal
banking.

CHAPTER II
REVIEW OF LITERATURE
Banking is a prime mover in the economic development of a nation and research is so essential to
improve is working resuks. The management without any right policy is like "buikling a house on
sand". It means an effective management always needs a thorough and continuous search into the
nature of the reasons for, and the consequences of organization In line with this, some related
earlier studies conducted by individuals and institutions are reviewed to have an in-depth insight
into the problem and exploring the reformation of banking policy.
A literature review is a description of the literature relevant to a particular field or topic. It gives an
overview of what has been said, who the key writers are, what are the prevailing theories and
hypotheses, what questions are being asked and what methods and methodologies are appropriate
and useful As such, it is not in itself primary research, but rather it reports on other findings
> Mookerji (1998): Internet Banking is fast becoming popular in India. However, it is still in its
evolutionary stage. By the year 2005, harge sophisticated and highly competitive internet banking
markets will develop. Almost all the banks operating in India and having their websites but only a
few banks provide transactional internet banking.
> Daniel (1999) Customer's value features in internet banking such as convenience. increased
choice of access to the icici bank, improved control over their banking activities and finances, case
of use, speed and security. From the banks prospective the min benefits and electronic banking are
cost savings, reaching new segments and the population, efficiency, cross selling. Third party
integration, and customer satisfaction.
> Guru et al., (2000): Examined the various electronic chamels utilized by the Malaysian banks
and also assessed the consumers relations and reactions to these delivery channels. It was found
that either Internet banking was absent or it was not successful in the beal Malaysian barks due to
lack and adequate legal frame work and security purpose. However major percent of the
respondents were having internet access at home and this represented a positive indication for
personal computer based and e-banking in future.
Sanjay. J. Bhayani (2006): In his study analysed the performance of new private sector banks with
the help of the CAMEL Model The study covered 4 leading private sector banks-ICICI, HDFC,
UTI & IDBI for a period of 5 years from 2000 2004. It is revealed that the aggregate performance
of IDBI bank is the best among al the banks followed by UTI. Sanjay J. Bhayani (2006).
Performance of the new Indian private banks" -A Comparative Study.

▸ Sharma (1974) said. "The expansion of banking facilities was uneven and lopsided and banks
were concentrating their operations in metropolitan cities and towns. A fairly large number of rural
and semi urban centre with reasonable potentialities of growth failed to attract the attention of
commercial banks. As far as the deposit mobilization in the rural areas is concemed, much remains
to be done. "This gives emphasis on the rural and seni urban growth of banks.
> Furst et al., (2000): Contributed data on the number & National banks in U.S offering Internet
banking and the product and services being offered. Only 30 percent of National banks offered
Internet banking in the Fourth quarter of 1999. However as a groups these Internet banks
accounted for almost 90 percent of National banking systems assets, and 84 percent of smal
deposits banks in all size categories offering Internet banking tend to accounts less on interest -
yickling activities and core deposits than do non internet banks, ako institution with Internet
banking out performed non-Internet banks in Terms of Profitability.
> Suganthi ET, al. (2001): Conducted a review of Malaysian banking sites and revealed that
generally all banks are having a web access. Only Four banks out the ten mujor banks were in the
transactional sites. The rest of sites were at informal level There are various psychological and
behavioural issues such as trust, security of Internet Transaction, unwilling to change and
preference for human interface which appear to hinder and growth of Internet banking
➤ Kaushik Mukerjee (2006) in his paper "CRM in Banking-Focus on ICICI Bank's initiatives"
hnd focused on CRM in Banking and its applications in ICICI Bank. The CRM in ICICI is being
used for targeting customers, sales, consistent interface with customers, etc. ICICI Bank has
managed to focus better on customers by undertaking a serious approach that has enabled it to
manage its operations effectively. It included better targeting of customers; higher share of wallet;
more effective channel strategies; database marketing, etc. The bank is able to evaluate customer
usage. pattern through CRM data warehouse. New products are developed through extensive
customer profiling. Through CRM, ICICI is able to manage its data centrally
> Bearden, W.O. Teel., J.E. (1983): Used the data to examine the antecedents and
consequences of consumer satisfaction in an empirical consumer panel based a two phase study of
customer satisfaction. Their results supported pervious findings that expectations and
disconfirmation are plausible determinants of satisfaction, and ako suggested that complaint
activity muy be included in satisfaction/dissatisfaction research It highlights "A cognitive model of
the antecedents and consequences of satisfactions decisions". The study ako concluded that there is
a significant influence on customer satisfaction.
➤ Srinivasan, P.T. and Harish Kotadia; (1997): Have reviewed various theories of
customer satisfaction. They have stated that, "The theories are growing and gaining

CHAPER III
Contents
o Organization Profile
o Company profile
o Organization Chart
ORGANISATION PROFILE:
ICICI Prudential Life Insurance Company Limited (‘the Company’) a joint venture
Between ICICI Bank Limited and Prudential plc of UK was incorporated on July
20, 2000 as a company under the Companies Act, 1956 (‘the Act’). The Company
is licensed by the Insurance Regulatory and Development Authority (‘IRDA’) for carrying
life insurance business in India.
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 (UK). The company brings together the local market
expertise and financial strength of ICICI Bank and Prudential’s International life insurance
experience. The company was granted a certificate of Registration by the IRDA on
November 24, 2000 and eighteen days later, issued its first policy on December 12. 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).
From its early days, ICICI Prudential seemed to have the wherewithal for a large-scale
business. By March 31, 2002, a little over a year since its launch, the company had issued
100,000 policies translating into premium income of approximately Rs. 1,200 million on a
sum assured of over Rs.23 billion. When the company began its operations, the need was to

build a brand that was relatable to, symbolized trust and was easily recognized and
understood. It launched a corporate campaign ICICI Prudential also made using the theme
of ‘Sindoor’ to
epitomize protection, trust, togetherness and all that is Indian; endearing itself to the masses.
The success of the campaign, ‘the calling card of the company’ saw the brand awareness
scores
almost at par with its 40 year old competitor. The theme of protection was also extended to
subsequent product and category specific Campaigns –from child plans to retirement
solutions
–which highlight how the company will be with its customers at every step of life.
From day one, the company has unflinchingly focused on being mass-market player,
developing products, creating a distribution network and deploying resources that would
further its goal. Apart from ramping up thoroughly training its advisors, the company has
twelve ‘Banc assurance’ partners –the largest in the country. It swiftly revised and added to
its initial range of products, pioneering market-linked products and pension plans, to offer
customers the most flexible life insurance policies in the country. In February 2004, ICICI
Prudential increased its capital base by Rs. 500 million, its ninth capital hike, bringing the
total paid –up equity capital to Rs. 6,750 million. With the authorized capital of the company
standing at Rs. 12 billion, ICICI Prudential continues to have the highest capital base
amongst all life insurers in the country. The challenge ICICI Prudential now faces is to retain
its top- notch position and continue to deliver the finest life insurance and pension solutions
to its ever- growing customer base.
ICICI Prudential’s equity base stands at Rs. 1185 crore with ICICI Bank and Prudential plc
holding 74% and 26% stake respectively. For the year ended March 31, 2006, the company
garnered Rs.2, 412 crore of weighted new business premium and wrote 837,963 policies. The
sum assured in force stands at Rs.45, 888 crore. The company has a network of over 72,000
advisors; as well as 9 bancasurance partners and over 200 corporate agent and broker tie-
ups.ICICI Prudential is also the only private life insurer in India to receive a National Insurer
Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA rating is the highest
credit 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 five years, ICICI Prudential has retained its position as the No.1 private insurer
in the country, with a wide range of flexible products that meet the needs of the Indian
customer at every step in life.
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 AC Nielsen
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.
ICICI Prudential’s success is rooted in its philosophy to always offer the customer a choice.
This has been the driving force behind its multi-channel distribution strategy, which includes
advisors, banks, direct marketing and corporate agents. In fact, ICICI Prudential was the first
life insurer to invest in multiple channels and offer the customer choice and access; thus
reducing dependency on any one channel, great strides in the retirement solutions and
pensions market.The Company’s penetration of the retirement market was driven by the
focused approach towards creating awareness through sustained campaign; ‘Retire from

work, not life’. Within six months, the campaign rewarded ICICI Prudential with an
increased share of 23% of the total pensions market and 78% amongst private players.
ICICI Prudential Life's capital stands at Rs. 37.72 billion (as on March, 2008) with ICICI
Bank and Prudential plc holding 74% and 26% stake respectively. For the year ended March
31, 2008, the company garnered Retail New Business Weighted premium of Rs. 6,684 cores,
registering a growth of 68% over the last year and has underwritten nearly 3 million retail po

The company has assets held over Rs. 30,000 cores as on April 30, 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.
Company Profile:
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a
premier financial powerhouse and Prudential plc, a leading international financial services
group headquartered in the United Kingdom. ICICI Prudential was amongst the first
private sector insurance companies to begin operations in December 2000 after receiving
approval from Insurance Regulatory Development Authority (IRDA).
Vision:
To make ICICI Prudential the dominant Life and Pensions player built on trust
by world-class people and service.
Vision, Mission, and Quality Policy
Vision:
To be the dominant Life and Pension player built on trust by world class people and
service.
This they hope to achieve by:
 Understanding the needs of customers and offering them superior products

and service
 Leveraging technology service customers quickly, efficiently and conveniently
 Developing and implementing super risk management and investment
strategies to offer sustainable and stable returns to their policyholders
 Providing an enabling environment to foster growth and learning for their
employees

Values
 Customer First: Own Customer; deliver the promise
o Keep customer interest in the centre of all decisions.
o Promise what you can, deliver it to finish.
o Proactively seek Voice of Customer and act on it.
 Boundary less: Never say ‘Its not my job’
o Offer help and support across functions to ensure business success.
o Seek and share ideas freely
o Recognize and respect internal customers.
o Understand and value contributions from colleagues.
 Ownership: If it is to be, it is up to me
o Take responsibility and see tasks through to completion.
o Own mistakes, learn from mistakes.
o Pursue goals relentlessly, never give up.
o Be a team player, take ownership for team performance.
 Passion: Boundless energy and enthusiasm
o Exhibit ‘Winning Instinct’.
o Demonstrate speed and urgency for achieving results.
o Challenge status quo and do things differently.
o Nurture and motivate team members to reach full potential.
 Integrity: Be honest and fair in what you say and do
o Practice what you preach
o Stand up honestly and fearlessly for what is right
o Act in a consistent and equitable manner
o Think and act for long term impact.
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, which is
one of India's foremost financial services companies, and Prudential plc, which is a leading
international financial services group headquartered in the United Kingdom. ICICI Prudential
began the operations in December 2000. Today, this company has over 2100 branches, which
include 1,116 micro-offices, over 290,000 advisors and 18 banc assurance partners.

ICICI Prudential Life Insurance Company is the first life insurer in India that received a
National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. ICICI Prudential
has been voted as India's Most Trusted Private Life Insurer for three consecutive years. ICICI
Prudential Life Insurance Company has various insurance plans that have been designed for
different individuals, as every individual has different insurance needs. Given below is a list
of plans provided by ICICI Prudential Life Insurance Company:
STAGES IN POLICY ISSUANCE
 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.
 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
 Reject
An Application gets rejected at the Branch Ops level due to necessary details not filled in
the form or necessary documents not submitted are a Reject. It is then sent back to the
Advisor for completion.
 Issuance
Issuance means a policy that is issued to the Customer by Central Ops.
 Decline Status
When a customer refuses to take a policy post login but before Issuance is called a Decline
 The healthier you are, the better the rates
It's true – healthy people get better rates on life insurance. You will be asked to pay a

higher rate for anything that shortens your life expectancy (e.g., if you smoke, take
medications regularly, are overweight, have a bad driving record).
 Buy sooner rather than later
If you've been putting off purchasing life insurance because you don't want to pay
the premiums, you may be doing yourself a disservice in the long run. The younger
you are when you purchase life insurance, the lower your premiums will be.
 Realize the importance of periodically reviewing your coverage
Any life change signals the need for a review of your overall financial plan. When it
comes to life insurance coverage, you'll want to make sure that this major life event
(e.g., birth of a child, children are grown) won't leave you underinsured or over
insured.
 You don't necessarily have to pay a commission
One of the reasons for higher premiums is that most life insurance policies pay
commissions to the agent/broker. However, you may be able to purchase a no-
load policy through an insurer that sells no-load policies directly to consumers.
 You may be paying more for monthly premium payments
You may not realize it, but you may be paying more for your life insurance if you
pay your premium in monthly installments. Many insurance companies charge extra
fees if you make monthly premium payments instead of paying the annual premium.
 Don't rely solely on the life insurance offered by your employer
Many employers offer their employees some sort of group life insurance. But this
amount of coverage is usually not enough to adequately meet your life insurance
needs. In addition, group life insurance policies are not portable, meaning that if
you leave your job, you can't take your life insurance coverage with you.
 Tell the whole truth and nothing but the truth
If you're thinking about lying on your insurance application, think again. If your
insurance company finds out that you lied about a health-related condition or your lifestyle
(e.g., smoking habit), they may be able to terminate your coverage.
Buying more is sometimes cheaper

Life insurance usually costs less per thousand dollars once you get into higher coverage
amounts (e.g., $250,000). If the numbers work out, you may be able to pay a lower
premium while increasing your coverage

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.
Prudential plc
Established in London in 1848, Prudential plc, through its businesses in the UK and Europe,
the US and Asia, provides retail financial services products and services to more than 16
million customers, policyholder 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, Hong Kong, India, Indonesia,
Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.
Management Profile:
Directors Investment
K. V. Kamath, Committee
Chairman Mark Norbom Lalita D. Gupte,
Lalita D. Gupte Chairperson
Kalpana Morparia H. T. Phong
Chanda Kochhar

H. T. Phong Shikha Sharma
M. P. Modi N. S. Kannan
R. Narayanan V. Rajagopalan
Keki Dadiseth Sandeep Batra
Shikha Sharma, Managing Director Puneet Nanda
N. S. Kannan, Executive Director
Governance Committee
Sandeep Batra, Chief Financial Officer &
Lalita D. Gupte
Company Secretary
H. T. Phong
Shikha Sharma
Risk Management & Audit Executive Committee

Committee Shikha Sharma
M. P. Modi, Chairman N. S. Kannan
H. T. Phong V. Rajagopalan
Kalpana Morparia Sandeep Batra
Anita Pai
Grievance Redressal Committee Joint Auditors

R. Narayanan, Chairman S. R. Batliboi & Co.
V. Rajagopalan Chartered Accountants
Sandeep Batra Haribhakti & Co.
Anita Pai Chartered Accountants
Promoterss
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 about US$ 95 billion as of March 31,
2009. 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.
Prudential
Established in London in 1848, Prudential plc is a leading internal retail financial services

group with significant operations in Asia, the US and the UK. Prudential has been writing
protection and savings insurance for over 160 years, and today has more than 21 million
customers worldwide and over 249 billion in assets under management (as of December 31,
2008). In Asia, Prudential is the leading Europe-based life insurer with operations in China,
Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan,
Thailand, and Vietnam. Prudential is one of the largest asset management companies in terms
of overall assets sourced in Asia ex-japan, with ?36.8 billion funds under management (as of
December 31, 2008) and operations in ten markets including China, Hong Kong, India,
Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and United Arab Emirates.
The Company
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier
financial powerhouse, and Prudential plc, a leading international financial services group
headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector
insurance companies to begin operations in December 2000 after receiving approval from
Insurance Regulatory Development Authority (IRDA).
ICICI Prudential Life's capital stands at Rs. 4,780 crores (as of March, 2009) with ICICI
Bank and Prudential plc holding 74% and 26% stake respectively. For the period April 1,
2008 to March 31, 2009, the company has posted a growth of 13%, garnering total received
premium (new business + renewal) of Rs 15,356 crores as against Rs 13,563 crores in
FY2008 and has underwritten over 9 million policies since inception. The company has assets
held over Rs. 32,000 crores as on March, 2009.
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 eight 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.
INSURANCE PRODUCT AND SERVICE:
ICICI Prudential’s ultimate promise is financial security. A strong brand certainly boosts
sale, but without customer-friendly, innovative products, even the best brand would not last
long. ICICI Prudential’s product range has been developed on the understanding that
different people have their own sets of needs at various stages of their lives. It has thus built a
flexible portfolio of products that can be customized to cater to varying needs of people at
each stage, and thus ensure protection in every step of life. The company’s philosophy has
been to help customers understand their financial needs and work closely with them to
customize a product that would meet. Advisors can offer a complete range of products –
Savings plans, Child plans, Market-linked plans, Protection plans, and Retirement plans – and
tailor a flexible solution to meet customers’ changing needs at every stage of life. In fact,
ICICI Prudential was the first to un-bundle product benefits, pioneering the concept of
‘riders’ and soon after introduce
comprehensive market-linked and retirement plans. ICICI Prudential has launched a handful
of products that are analyzed below: ICICI Prudential's life insurance products may be
loosely categorized under three forms: pure life insurance products without an investment
angle to them; a product that is a mix of a cumulative investment scheme and an insurance
product; and, finally, standard products such as money-back and endowment policies.
Life Insurance Plans

Education Insurance Plans
Smart Kid New Unit-
linked Regular Premium
Smart Kid New Unit-
linked
Single Premium

Smart Kid Regular
Premium Wealth Creation Plans
Wealth Advantage
LifeStage Assure
LifeTime Gold
LifeLink Super
LifeStage RP
Premium Guarantee Plans
InvestShield Life New
InvestShield CashBank
Protection Plans
Pure Protect
Life Guard
Save 'n'
Protect
CashBak
Home Assure
Retirement Solutions
Life Stage Pension
LifeTime Super
Pension LifeLink Super
Pension ForeverLife
Plan Immediate
Annuity
Health Coverage Plans
Health Saver

Medi Assure
Hospital Care
Crisis Cover
Cancer Care
Diabetes Care
Active Diabetes
Assure
ICICI Pru Group Solutions
Advantage
Group Super Annuation
Group Gratuity
Plan Annuity
Solutions
Group Term Insurance Plan
Group Term Insurance in lieu of
EDLI Rural Plans
ICICI Pru Suraksha
ICICI Pru Suraksha
Kavach Micro Insurance Plans
ICICI Pru Sarv Jana Plan
PRODUCTS:
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.
 Life Time Gold is a unit-linked plan which offers potentially higher returns over the long
term with flexible investment options to help you achieve your goals. It offers 8 fund
options - Preserver, Protector, Return Guarantee Fund, Balancer, Flexi Balanced
Multiplier,
R.I.C.H and Flexi Growth.
 Life Stage 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 the customer’s profile, helping him achieve his desired financial goals.
 LifeLink Super is a single premium unit linked insurance which offers attractive premium
allocation along with the opportunity to enjoy potentially high returns over the long term,
without compromising on the protection of your family.
 Invest Shield Life New is a unit linked plan that provides premium guarantee and allows
the customer to enjoy the benfits of potentially higher returns while guaranteeing him that
he will get back atleast all the premiums paid by him, while providing protection to your
family with a life insurance cover.
 Invest Shield Cashbak is a unit linked plan that provides premium guarantee while
maintaing a balance between return, safety & liquidity.
 Wealth Advantage s a unique whole life single premium unit linked plan that provides
long term coverage upto the age of 70 years and provides you the option to
systematically
withdraw your money.

 Life Stage Assure a unit linked insurance plan that provides Guaranteed Maturity
Addition of 100%- 450% of first year premium based on the term and number of
premiums paid, with the additional advantage of a lifecycle based portfolio strategy that
allocates the investor’s money across various asset classes based on his age and risk
appetite
Protection Solutions
 Pure Protect is a flexible and affordable term product, with which you can ensure your
 life and provide total security for your family in case of an unfortunate event.
 Life Guard is a protection plan, which offers life cover at low cost. It is available in 2
options –level term assurance with return of premium & single premium.
 Home Assure is a mortgage reducing term assurance plan designed specifically to
help customers cover their home loans in a simple and cost-effective manner
Child Plans
Smart Kid New ULRP The policy is designed to provide money at key educational
milestones in the child's life. SmartKid plans are also
Retirement Solutions
 Forever Life is a traditional retirement product that offers guaranteed returns for
the first 4 years.
 Life Time 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.
 Life Stage 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 age and risk profile.
 Life Link 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.
Health Solutions
 Hospital Care is a fixed benefit plan covering various stages of treatment –
 hospitalization, 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.
 Diabetes Care Active is a long term insurance policy created for individuals with
Type II diabetes and pre-diabetes. It offers long term (upto 20 years) control over
diabetes through a specially designed Wellness Programme including regular
health checkups and a Diabetes Coach to facilitate diabetes management. It also
provides you coverage against seven major critical illnesses.
 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.
 Medical Assure 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.
 Health Saver provides comprehensive hospitalization cover and reimburses all

other medical expenses by building a health fund.
 available in traditional form
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 traveling in an
authorized mass transport vehicle, the beneficiary will be entitled to twice the sum assured
as additional benefit.
Critical illness benefit: Critical Illness Benefit Rider provides protection against 9 critical
illnesses to the policyholder when attached to the basic plan.
Waiver of premium: On total and permanent disablement due to accident all future
premiums under the base plan will be waived till the end of the term of the rider or death of
assured life, if earlier.
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.
AWARDS AND ACHIEVEMENTS

ICICI Pru Life ranked as the Most Trusted Pvt Life Insurance brand in the Brand Equity
"Most Trusted Brands 2009" survey

ICICI Prudential Life won a Gold award for AboutULIPS.com and Health Saver campaign,
innovation award for www.taxguru08-09.com and a silver award for its Insurance yoga
campaign at the ICICI Group Marketing Excellence award.
Confederation of Indian Industry (CII) - Western Region recently awarded ICICI Prudential Life a
'Commendation for Strong Commitment to HR Excellence 2008' at the CII HR Summit 2008.
[DISTANCE EDUCATION DGCCS] Page 44

ICICI Prudential Life Insurance was awarded with the coveted 'ICAI Award for Excellence in
Financial Reporting' by the Institute of Chartered Accountants of India (ICAI) for the
financial year ended March 31, 2008.
ICICI Prudential Life was awarded the Life Insurance Company of the Year at the12th Asia
Insurance Industry Awards 2008.
ICICI Prudential Life was awarded with two Bronze Effie's in the services category for its
Corporate campaign and Retirement Number campaign
ICICI Prudential Life Insurance won the award for the Best Life Insurer- Runner up at the
Outlook Money & NDTV Profit Awards 2008

ICICI Prudential Life was awarded the SAP ACE 2008 Best Business Objects Award for its IT
practices
ICICI Prudential Life won the Award for Brand Excellence in the Banking and Financial
services category at the Asia Brand Congress 2008
Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance Co. Ltd. Was adjudged the
Businesswoman of the year at The Economic Times Awards for Corporate Excellence, 2007-08.

ICICI Prudential Life won the UK Trade & Investment India Business Awards 2008 in the
Business Partnership Award-Large Company category
ICICI Prudential Life won the ICICI Group Marketing Excellence Award 2008 in three key
categories for its marketing initiatives
India's Most Customer Responsive Insurance Company. Avaya Global Connect - Economic
Times. Customer Responsiveness Awards, 2007

ICICI Prudential Life was awarded the INDY’s Award for Excellence in Mass
Communication in the category of Most Creative Advertisement-Television
India's Most Customer Responsive Insurance Company. Avaya Global Connect - Economic
Times. Customer Responsiveness Awards, 2007
Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was
adjudged as one of the 50 Most Powerful Women in Business by The Financial Express.

Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was adjudged the Entrepreneur
of the Year-Manager at the Ernst and Young Entrepreneur Awards 2007
Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was awarded the Outstanding
Businesswoman of the Year at CNBC TV18's India Business Leader Awards 2007
ICICI Prudential Life Insurance won the award for the Best Life Insurer- Runner up at the
Outlook Money & NDTV Profit Awards 2007

ICICI Prudential Life’s website, www.iciciprulife.com was awarded the best website among
private life insurers at the Web 18 and Frost & Sullivan Genius of the Web Awards 2007 for
commendable work in the online.
Recognitions
ICICI Prudential Life was recognized as the most trusted brand amongst private life insurers
in the Economic Times-Most Trusted Brand survey 2008.
IMM Award for Excellence. Institute of Marketing & Management
Organization with Innovative HR Practices. Indira Group of Institutes
Organization with Innovative HR Practices. Asia-Pacific H R Congress Awards for HR

Excellence
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
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.


CHAPTER IV
DATA ANALYSIS AND INTERPRETATION
BALANCE SHEET
Parameter MAR’17(cr) MAR’16(cr)
SOURCE OF FUND
Share capital 176.5 176.5
Reserve and Surplus 7155.2 6196.0
Total 7331.7 6372.5
NON CURRENT
LIABILITIES
Other long term liabilities 42.2 63.7
Long term provisions 355.4 281.3
Total 397.6 345
CURRENT LIABILITIES
Trade payable 1351.3 803.8
Other current liabilities 396.2 184.6
Short-term provision 296.5 474.6
Total 2244.0 1463.0
Total 9973.3 8180.5
Over all total 9973.3 8180.5
ASSETS
Non-current assets
Fixed Assets
Tangible assets 223.0 178.7

In tangible assets 30.3 33.6
Capital work in process 15.8 22.2
In tangible assets under 9.1 4.9
development
Non current assets 2551.0 2139.9
Different tax assets(net) 163.5 132.3
Long term Loan and advance 984.1 1707.7
Total 3976.8 4219.3

CURRENT ASSETS
Current Investment 3935.6 1523.9
Trade receivable 728.6 607.7
Cash and bank balance 20.0 85.7
Short term loan and advance 1277.1 1691.2
Other current assets 35.2 53.0
Total 5996.5 3961.2
Overall Total 9973.3 8180.5

CHAPTER V
Sampling
o Data collection method
o Instrumentation techniques
o Learning experience
 Sample size : 100 respondents
 Sampling Method : Random sampling
 Sample Plan : Personal Interview
 Sample Unit : Respondents in Hubli city
 Survey conducted on Geographic bases.
Every decision poses unique needs for information, and relevant strategies can be
developed based on the information gathered through research. Research is the systematic
objective and exhaustive search for and study of facts relevant to the problem.
Research design means the framework of study that leads to the collection and analysis of
data. It is a conceptual structure with in which research is conducted. It facilitates smooth
sailing of various research operations to make the research as effective as possible.
The study was conducted as an exploratory sampling survey method to collect primary and
secondary data.
DATA SOURCE:
PRIMARY SOURCE OF DATA:
Primary data are those collected by the investigator himself for the first time and thus
they are original in character, they are collected for a particular purpose.

A well-structured questionnaire was personally administrated to the selected sample to
collect the primary data.
SECONDARY SOURCE OF DATA:
Secondary data are those, which have already been collected by some other persons
for their purpose and published. Secondary data are usually in the shape of finished products.
Two types of secondary data were collected for the preparation of the project
work: Internal Data was generated from company’s brochures, manuals and
annual reports.
External Data, on the other hand, was generated from research books and internet (websites).
SAMPLING TECHNIQUES
A sample is a representative part of the population. In sampling technique,
information is collected only from a representative part of the universe and the conclusions
are drawn on that basis for the entire universe.
A random sampling technique was used to collect data from the respondents. A random
sample is a sample selected from a population in such a way that every member of the
population has a equal chance of being selected and the selection of any individual does not
influence the selection of any other. The selection is purely depends on chance. So while
conducting the survey, 100 respondents were selected at random.
SAMPLE SIZE
Sample size denotes the number of elements selected for the study. For the present study,
100 respondents were selected at random.

INSTRUMENTATION TECHNIQUES:
To know the response, the researcher used questionnaire method. It has been
designed as a primary research instrument. Questionnaires were distributed to respondents
and they were asked to answer the questions given in the questionnaire.
The questionnaires were used as an instrumentation technique, because it is an important
method of data collection. The success of the questionnaire method in collecting the
information depends largely on proper drafting. So in the present study questions were
arranged and interconnected logically. The structured questionnaire will reduce both
interviewers and interpreters bias. Further using SPSS software and analysis was done for
each question’s response to reach into findings, suggestions and finally to the conclusion
about the topic.
Learning experience
The environment in which the company operates is that of a highly competitive
energetic atmosphere. And as a fresher that is an excellent start to begin ones
corporate experience especially in the service sector (life insurance) with. This
inplant training has provided a vital learning element in the career of freshers. As it
has enabled us to realize most of the classroom training obtained so far in a real
life corporate environment. And so there has been a link developed between
theory and practices. Through this inplant training students can experience the
kind of break that awaits us in the corporate world.
This exercise also gets us to understand the amount of dedication and
determination that professionals would have to put in, in their every day’s work
because the decisions they take is a matter of loss or profit for the company. And
mistakes are generally not entertained in the quality circles.
The study also enlightened us with the amount of togetherness the

staff of ICICI Prudential have as an expandable family in their working culture.

This is enumerated with all the employees taking mentioning interest in sharing
their colleague’s problems either physical or mental in comforting them, as would
normally happen in a family set up.
FINDINGS
Frequency Percen Valid Cumulati

t Percent ve Percent
Valid Male 94 94.0 94.0 94.0
Female 6 6.0 6.0 100.0
Total 100 100.0 100.0
gendor
female
male

Interpretation: According to our project survey we have come to now the out of 100
responds in that 94% are male and 6% female. Therefore male are more than female in
Hubli city.
1) Occupation
Frequen Percent Valid Cumulati

cy Percent ve
Percent
Valid business 10 10.0 10.0 10.0
man
professional 14 14.0 14.0 24.0
s
student 25 25.0 25.0 49.0
Others 51 51.0 51.0 100.0

Total 100 100.0 100.0
occupation
business man
proffesional
others
student

Interpretation:
According to our project survey we find business men 10%, professional 14%,student
25%, and then others are 51%. It will indicates that others are more compare to business
men, professional and student
2) Which of these are important while choosing life insurance?

t Percent ve
Percent
Valid investme 8 8.0 8.0 8.0
nt
security 15 15.0 15.0 23.0
savings 11 11.0 11.0 34.0
Tax 8 8.0 8.0 42.0
benefits
returns 27 27.0 27.0 69.0
financial 31 31.0 31.0 100.0
future
need
Total 100 100.0 100.0
hich of these are important whie choosing life insuranc
investment
financial future nee security
savings
tax benefits
returns
Interpretation:
According to our project survey out of 100 respondent, 8% investment, 15% security,11%
savings,8% tax benefits,27% returns, 31% financial future need. It suggests that more
people are choice insurance for financial future needs.
3) In which company you have invested

Frequency Percent Valid Cumulativ
Percent e Percent
Valid LIC 39 39.0 39.0 39.0
ICICI
Prudenti 51 51.0 51.0 90.0
al
Reliance
insuranc 2 2.0 2.0 92.0
e
Bajaj
Allianz’s 7 7.0 7.0 99.0
if any
1 1.0 1.0 100.0
other
Total 100 100.0 100.0
4) in which company you

have invested
5)
6)
7) if any other
bajaj allianzas
Reliance insurance
LIC
ICICI Prudential
8)
9) Interpretation:
10) According to our project survey out of 100 respondent 39% invest in LIC, 51%
invest in ICICI Prudential life insurance, 2% invest in Reliance insurance, 7% invest in
Bajaj Allianz’s and 1% of respondent other companies
11) How did you come to know the life insurance?
Frequency Percent Valid Cumulative

Percent Percent
Valid T.V. Advertisement 3 3.0 3.0 3.0
News 4 4.0 4.0 7.0

paper/magazines’
Company 61 61.0 61.0 68.0
advisor(agent)
reference(friends 26 26.0 26.0 94.0
relatives)
if any other 6 6.0 6.0 100.0
Total 100 100.0 100.0
how did you come to know the life insurance
if any other
reference(friends re T.V. Advertisement
new s paper/magzines
company advisor(agen

Interpretation: According to our project survey out of 100 respondent people get the
information 3% on T.V.advertisement, 4% on news paper and magazines,61% company
advisors, 26% reference( friends and relatives). According to our project survey shows that
more people get information from company advisors.
12) are you aware of ULIP in ICICI Prudential life insurance?
t Percent ve
Percent
Valid Yes 74 74.0 74.0 74.0
No
24 24.0 24.0 98.0
Not
respond 2 2.0 2.0 100.0
Total 100 100.0 100.0
are aware of ULIP in ICICI Prudential life insurance
not respond
no
yes

Interpretation: According to our project survey out of 100 respondent, awareness of

ULIP in ICICI Prudential life insurance is 74%, and non awareness of ULIP is 24%, and
not respondents are 2%.it indicates that awareness of ICICI Prudential is more.
13) If yes, which insurance plan would like to invest in ICICI Prudential life insurance?
t Percent ve
Percent
Valid Smart 20 20.0 20.0 20.0
kid
lifetime 17 17.0 17.0 37.0
gold
retireme 39 39.0 39.0 76.0
nt
solution
if other 1 1.0 1.0 77.0
specify
Not 23 23.0 23.0 100.0
respond
Total 100 100.0 100.0
which insurance plan

would like to invest in
ICICI Prud
smart kid
Not respond
if other specify
lifetime gold
retirement solution

Interpretation : According to our project survey out of 100 respondent 20% respondents
like to invest smart kid, 17% lifetime gold, 39% retirement solution, 1% respondents like to
invest rest of the plans, 23% not respondents, according to our survey people would like to
invest more in retirement solution plan.
14) What factor consider while making the ULIP in ICICI

Frequency Percent Valid Cumulat
Percent ive
Percent
Valid flexibility 9 9.0 9.0 9.0
security 11 11.0 11.0 20.0
returns 43 43.0 43.0 63.0
Full 14 14.0 14.0 77.0

withdraw
al
Not 23 23.0 23.0 100.0
respond
Total 100 100.0 100.0
what factor consider while

making the ULIP in ICICI
flexibility
not respond
security
full w ithdraw al
returns

Interpretation:
According to our project survey out of 100 respondents 9% considered for making
ULIP is flexibility, 11% considered for security, 43% for returns 14% for full withdrawals
and 23% not respondent It shows people considered ULIP for the purpose of returns.
15) Which premium payment method you have opted for

Frequency Percent Valid Cumulativ
Percent e Percent
Valid yearly 28 28.0 28.0 28.0
half yearly 34 34.0 34.0 62.0
quartely 9 9.0 9.0 71.0
monthly 6 6.0 6.0 77.0
not 23 23.0 23.0 100.0
responden
t
Total 100 100.0 100.0
which preimum payment

method you have opted for
not respondent
yearly
monthly
quartely
half yearly

Interpretation:
According to our project survey out of 100 respondent 28% opted for yearly, 34%
half yearly, 9% quarterly and remaining 6% for monthly. It will indicates more people
opted for investment premium payment method for half yearly basis.
16) How much risk involved in ULIP

t Percent ve
Percent
Valid Low 5 5.0 5.0 5.0
average 40 40.0 40.0 45.0
High 32 32.0 32.0 77.0
Not
23 23.0 23.0 100.0
respond
Total 100 100.0 100.0
how much risk

involved in ULIP
low

not respond
average
high
Interpretation:
According to our project survey out of 100 respondent risk involved in ULIP 5%
said low risk, 40% said average, 32% said high risk and 23% not responded for ULIP. It
indicates that risk in ULIP average, its depend upon the market condition.
17) What is the premium you are paying per annum?
Frequenc Percent Valid Cumulati

y Percent ve Percent
Valid 10000 33 33.0 33.0 33.0
10000 -33 33.0 33.0 66.0
25000
25000- 7 7.0 7.0 73.0
50000
50000- 3 3.0 3.0 76.0
100000
Not 24 24.0 24.0 100.0
respond
Total 100 100.0 100.0
what is the premium you

are paying per annum

not respond
10000
50000-100000
25000-50000
10000 -25000
Interpretation:
According to our project survey out of 100 respondent 33% people pay 10000 per
annum, 7% people pay 10000-25000 per annum, 3% people pay 50000-100000 per annum
and rest of 24% peoples not respond
18) In future would like to invest in
Frequency PercentValid Cumulati

Percent ve
Percent
Valid insurance 63 63.0 63.0 63.0
mutual 7 7.0 7.0 70.0
fund
Equity 5 5.0 5.0 75.0
Share 11 11.0 11.0 86.0
market
investing in 1 1.0 1.0 87.0
gold
Bank 13 13.0 13.0 100.0
deposits

Total 100 100.0 100.0
in future would
like to invest in
bank deposits investing in gold

share market
equity
insurance
mutul fund
Interpretation:
According to our project survey out of 100 respondent 63% people invest in
insurance, 7% people invest in mutual funds, 5% people invest in invest in equities, 11%
people invest in share market, 1% people invest in gold and remaining 13% invest in bank
deposits. It shows that in future more people interested to invest in insurance.
19) Are you satisfied with the performance of the ULIP in ICICI Prudential life
insurance?
Valid Highly 53 53.0 53.0 53.0

satisfied
satisfied 41 41.0 41.0 94.0
neither 3 3.0 3.0 97.0
satisfied
or
dissatisfi
ed

dissatisfi 3 3.0 3.0 100.0
ed
Total 100 100.0 100.0
20) isfied level towards

ULIP in ICICI Prudential
life insura
21) dissatisfied
neither satisfied or
satisfied highly satisfied
22) Interpretation:
According to our project survey out of 100 respondent levels of satisfaction about ULIP
53% people are highly satisfied, 41% only satisfied, 3% neither satisfied or dissatisfied
and rest of 3% peoples are dissatisfied.
23) OBSERVATION
1. It was found that 94% male and 16% female are participating in our survey.

2. It was found that occupation of respondents is business man 10%, professional,
14%,student 25% and others are 51%
3. It was found that the peoples choice of insurance, is investment is 8%, security
15%,savings 11%,tax benefits 8%, returns 27%, and financial future need is
31%, it shows that the people think more for financial future needs.
4. It was observed that peoples are interested to invested in 39% in LIC, 51% in
ICICI, 2% in Reliance, 7% in Baja Allianz and rest of the peoples other
companies
i.e. Birla sun life, HDFC, ING VYSYA etc. it indicates that more peoples are
interested to invest in ICICI Prudential life insurance company.
5. It was found that people get the information is 3% on T.V.advertisement, 4% on
news paper and magazines,61% company advisors, 26% reference( friends and
relatives) it shows that people get more information from company advisors.
6. awareness of ULIP in ICICI Prudential life insurance is more 74%,
Recommendations:-
 For ICICI to have a larger market share it has to widen the customer base, so it

should come up with intensive market strategy and aggressive publicity stunts such
as:
 Deployment of addition sales force for proper marketing.

 Continuous bombardment of Advertisement by ICICI Prudential as a Life Insurance
 Company for a common man as well as for well educated and good salaried people.
 Hoardings in and around the important areas(public concentrated areas)
 The company should concentrate on the people aged between 18-25 for individual
and also the age category 35-55 for family.
 Since individuals are interested in insuring their family members the company
should concentrate on insuring the individual’s family members.
 ICICI Prudential should concentrate on geographical areas for its expansion and
to penetrate through rural areas it should tie-up with rural banks such as M.G.Bank
etc.
 34% respondents would like to pay half yearly premium. The company should
also emphasis on yearly payment of premium
 Top of mind insurance company is LIC, because of its trust what people keep in it
and its awareness. So ICICI Prudential should emphasis heavy advertisement.
 31% respondents would like to invest money in insurance for financial future need.
So ICICI to provide different financial future satisfaction plans to the people.
Conclusion
To conclude, the survey results highlight some important facts, though ICICI Prudential
may be comparatively competitive with other companies ULIP. The choice of people
investing in insurance is more as 31% and awareness of ICICI Prudential ULIP is more as
74%,
61% people get information from company advisors and satisfaction level of ULIP is more
as 53% it will shows that ULIP is grow more in future days.

Bibliography
1. www.iciciprulife.com
2. www.google.com
3. www.insurance.com

Pallavi Project

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Pallavi Project

Uploaded by

Copyright:

Available Formats

“A STUDY OF”

INSURANCE AS AN INVESTMENT WITH

A Project Report Submitted to the

In partial fulfillment of the Requirement

Under the Guidance

I hereby declare that the project titled “A STUDY OF INSURANCE AS AN

INVESTMENT WITH SPECIAL REFERNCE TO ICICI BANK, SATARA.” is an original

of business administration to Shivaji University, Kolhapur.

Date: - Miss. Pallavi Satish Rangat

This is to certify that Miss. Pallavi satish Rangat. A student of

This is to certify that Miss. Pallavi Satish Rangat. has

Her conclusions and recommendations are based on the

Finally, I would like to thank Dr.N.K.Kakkar ( director), Dhananjayrao Gadgil

Dhananjayrao Gadgil College Of Commerce, Satara.

DISTANCE EDUCATION DGCS Page 1

ICICI Prudential Life Insurance Company is a joint venture between

receiving approval from Insurance Regulatory Development Authority (IRDA). As the

Company Ltd, Hubli”

DISTANCE EDUCATION DGCS Page 1

DISTANCE EDUCATION DGCS Page 2

S.NO Titles Page No

- Introduction to the study

REVIEW OF LITERATURE / THEORETICAL

- PROFILE OF THE ORGANIZATION

ANALYSIS AND INTERPRETATION OF

DISTANCE EDUCATION DGCS Page 1

Introduction to the study

Objectives to the study

Significant to the study

Scope of the study

Statement of the problem

Research & methodology

The business of insurance started with marine business. The first

insurance policy was issued in 1583 in England.

Some of the important milestones in the insurance business in India are:

1850: - Non life insurance debuts, with Triton Insurance company.

1907: - Indian Mercantile Insurance is the first Indian non-life insurer.

replaces earlier act.

and provident societies.

1972: - Non Life insurance nationalized, GIC set up.

DISTANCE EDUCATION DGCS Page 3

DISTANCE EDUCATION DGCS Page 4

Life first private insurers to sell a policy.

settling non-life claims in the cashless mode.

Insurance: Definition and Meaning

In the words of R.S.Sharma “Insurance is a Co-operative devices to spread the loss

insure themselves against the risk”

According to E.W.Patterson, “Insurance is a contract by which one party, for a

him or his nominee a certain or ascertainable sum of money on a specified contingency.

whilst the policy is in effect

Other terms used in relation to insurance and their meaning:

like IRDA to canvass insurance.

contract in the event of the happening of the contingency insured against.

DISTANCE EDUCATION DGCS Page 5

to the insure to keep the policy in full force

Insurance in Indian Financial System:

and the insurance Act 1938 was promulgated.

born on 1st September 1956.

The story of non-life insurance in India is no different. Though Lloyd’s insurance

DISTANCE EDUCATION DGCS Page 6

DISTANCE EDUCATION DGCS Page 7

the reforms process of the industry got under way.