3.

1 RESEARCH iMETHODOLOGY

Research iall ithe itime istarts iwith ia iquestion ior ia iproblem. iIts ipurpose iis ito iquestion ithrough
ithe iapplication iof ithe iscientific imethod. iIt iis ia isystematic iand iintensive istudy idirected

itowards ia imore icomplete iknowledge iof ithe isubject istudied. iMarketing iresearch iis ithe

ifunction iwhich ilinks ithe iconsumer, icustomer iand ipublic ilife iinsurance ito ithe imarketer

ithrough iinformation. iThat iinformation iis iused ito iidentify iand idefine imarketing iopportunities

iand ialso iabout iproblems iwhich igenerate, irefine, iand ievaluate imarketing iactions, imonitor

imarketing iactions, imonitor imarketing iperformance iand i improve iunderstanding iof imarket i as ia

iprocess.

The idata ifor ithis iresearch iproject ihas ibeen icollected ithrough iself iadmiration. iA istructured
iquestionnaire iwas iframed ias iit iis iless itime iconsuming, igenerates ispecific iand ito ithe ipoint

iinformation, ieasier ito itabulate iand iinterpret. iMoreover, irespondents iprefer ito igive idirect

ianswers. iIn iquestionnaires iopen iended iand iclosed iended, iboth ithe itypes iof iquestions ihas ibeen

iused.

The istudy iis idescriptive iin inature iwith isurvey imethod ibeing iused ito icomplete ithe istudy.

3.2 CONCEPTUALIZATION

The ipresent istudy iis igeared itoward ito iunderstand iconcerning ilevel iof isatisfaction iof ithe
icustomers iconcerning ithis iaccount iof ithe iicici iprudential iinsurance i. iThere iarea iunit imassive

inumbers iof ibanks ion ithe imarket ifor ithe icustomer ithat icould ibe ia ichallenge ifor ithe icorporate.

iA itrail ihas ibeen icreated ito isearch iout ithe iCustomer’s iLevel iof iSatisfaction iand itheir

iperception itowards ithe iicici iprudential iinsurance. i This istudy imay ibe ibenefited ias:

1) Company iwill icomprehend ithe iamount iof isatisfaction iof ithe iconsumers.

2) Company iwill iattract ia ilot iof icustomers iand imight iincrease itheir isale iof iaccounting.

3) Company iwill ibeat ithe icompetition.

3.3 SIGNIFICANCE iOF iTHE iSTUDY

1
The iresearcher idetermined i that i the i primary i areas i of i the istudy iwere icustomer i satisfactioni and

2
 customer iloyalty. iThese iareas iwere iidentified ibecause iof icurrent imarketing iliterature, iwhich
istrongly isuggests ia iconnection ibetween icustomer isatisfaction iand icustomer i loyalty.

3.4 OBJECTIVES iOF iTHE iSTUDY

Main iobjective

The imain iobjective iof ithis iproject iis ito istudy ithe icustomer ibehaviour iand ivarious ireactions iof
icustomers iwith ireference ito iIcici iprudential ilife iinsurance iCompany, iand isuggest iways ito

iimprove ithe imarketing iefforts.

Sub iobjectives

o This istudy iis ilimited ito ithe iconsumers iwithin ithe ilimit iof iPunjab. iThe istudy iwill ibe iable ito
ireveal ithe ipreferences, ineeds, iperception iof ithe icustomers iregarding ithe ilife iinsurance

iproducts. iAs ilarge iinsurance imarket iis istill iuntapped, iso ithe isurvey iis ibased ion ithe ipotential

iof ithe iIndian imarket ican ibe ievaluated.

o Customer ibehavior icould ialso ibe iused ifor ilaunching ia inew iproduct iwith iextra ibenefits iwhich
iare irequired iby icustomer i for itheir i investment.

o The iresult iof ithis iresearch iwould ihelp ithe icompany ito ihave ibetter iunderstanding iabout ithe
icustomer iperception itowards ilife iinsurance.

o To iunderstand ithe iselling imechanism iand ivarious itechniques iinvolved iin ithe imarketing iof
iinsurance iproducts.

o iThe istrategies ithat ican ibe iadopted ito imake ilife iinsurance iproducts ibetter ifor iexisting iand
iprospective icustomers.

3.5 SCOPE iOF iTHE iSTUDY:

 This istudy iis ilimited ito ithe iconsumers iwithin ithe ilimit iof iPunjab. iThe istudy iwill ibe iable ito
ireveal ithe ipreferences, ineeds, iperception iof ithe icustomers iregarding ithe i life iinsurance

iproducts.

 As ilarge iinsurance imarket iis istill iuntapped, iso ithe isurvey iis ibased ion ithe ipotential iof ithe
iIndian imarket i can ibe ievaluated.

3
  Customer ibehavior icould ialso ibe iused ifor ilaunching ia inew iproduct iwith iextra ibenefits iwhich
iare irequired iby icustomer i for itheir i investment.

 The iresult iof ithis iresearch iwould ihelp ithe icompany ito ihave ibetter iunderstanding iabout
ithe icustomer iperception itowards ilife i insurance.

 To iunderstand ithe iselling imechanism iand ivarious itechniques iinvolved iin ithe imarketing
i of iinsurance iproducts.

3.6 RESEARCH iDESIGN

A iresearch idesign iis ia isimple iplan iwhich imonitors ithe iresearcher iin ithe icollection iand
ianalysis iof idata irequired ifor ipracticing ithe iresearch. iIn ifact, iresearch idesign iis ithe iconceptual

istructure iwhich ithe iresearch iis iconducted. iIt iconstitutes ithe i‘Blue iPrint’ ifor ithe icollection,

imeasurement iand ianalysis iof ithe idata. iThe istudy iis icarried iout ito iunderstand ithe iConsumer

iPerception iabout iIcici iprudential ilife iinsurance ipolicy iin iPUNJAB. iFor ithis istudy, ithe

iresearcher iused iexploratory iresearch idesign. iThis iresearch icovers i100 iconsumers iin iPunjab,

ibelonging ito ivarious iage igroups.

Since, iit iis inot ipossible ito istudy iwhole ipopulation, iit i is inecessary ito iobtain irepresentative
isamples ifrom ithe ipopulation ito i understand i its i characteristics.

Sampling iArea: iPUNJAB

Target iAudience: iICICI iPRUDENTIAL iLIFE iINSURANCE iIN iPUNJAB iREGION

Sample isize: i100.

Research iinstrument: iSelf iAdministered iQuestionnaire

3.7 COLLECTION iOF iDATA

After iidentifying iand idefining ithe iresearch iproblem iand idetermining ispecific iinformation
irequired ito isolve ithe iproblem ithe iresearcher iwill ilook ifor ithe itype iand isources iof idata i,which

imay iyield ithe idesired iresults, iwhile ideciding iabout ithe imethod iof idata icollection ito ibe iused

ifor ithe istudy, ithere iare itwo itypes iof idata. iThey iare ias i follows:

4
 TYPE iOF iDATA

Primary iData: iPrimary idata iare ithose iwhich iare icollected ifor ithe ifirst itime. iPrimary idata iis
icollected iby iframing iquestionnaires. iThe iquestionnaire icontained iquestions iwhich iare iboth

iopen iended iand iclosed iended. iOpen iended iquestions iare iquestions irequiring ianswers iin ithe

iresponders iown iwords. iClosed iended iquestions iare ithose iwherein ithe irespondent ihas ito

imerely icheck ithe iappropriate ianswer ifrom ia ilist iof ioptions iavailable. iAny idoubts iraised iby

ithe iRespondents iwere iclarified ito iget ithe iperfect ianswers ifrom ithe idistributors. iOpen iended

iquestions iyielded imore iinsightful iinformation, iwhereas iclosed iEnded iquestions iwere

irelatively isimple ito itabulate iand ianalyze.

Secondary iData: iSecondary idata imeans idata ithat iare ialready iavailable ii.e. ithey irefer ito ithe
idata iwhich ihave ibeen icollected iand ianalyzed iby isomeone iand ican isave iboth imoney iand itime

iof ithe iresearcher. iSecondary idata imay ibe iavailable iin ithe iform iof icompany irecords, itrade

ipublic ilife iinsuranceations, i libraries ietc.

3.8 SOURCES iOF iDATA iCOLLECTION

The iinfo iarea iof iunit iis icollected iby ithe ifirst iand isecondary isources ieach ito iunderstand ithe
ijob’s isatisfaction ilevel i.

a) Primary iData:

The iprimary isources iarea iunit ithose ithrough ithat iinformation imay ibe icollected iby iinitial ihand.
iThe iinfo ihas ibeen icollected idirectly ifrom iPercent iof imembers iwith ithe iassistance iof

iquestionnaires iand ianalysis iwas idone ion ithe iidea iof iresponse ireceived ifrom ithe ipurchasers.

iThe iform ihas ibeen idesigned i in isuch ia iway ithat i the iconsumer’s isatisfaction ilevel imay ibe

i measured isimply.

b) Secondary iData:
c) The isecondary isources iarea iunit ithose ithrough ithat iinformation imay ibe icollected iby iused ior
ialready iexists. iThe i info i has ibeen icollected i from inet i services, ibooks, ietc.

5
 3.9 SAMPLING iTECHNIQUE: iConvenient isampling
Convenience isampling i(also iknown ias iavailability isampling) iis ia ispecific itype iof ino
iprobability imethod ithat irelies ion idata icollection ifrom ipopulation imembers iwho iare

iconveniently iavailable ito iparticipate iin istudy. iFace ibook ipolls ior iquestions ican ibe imentioned

ias ia ipopular iexample ifor iconvenience isampling.

Convenience isampling iis ia itype iof isampling iwhere ithe ifirst iavailable iprimary idata isource
iwill ibe iused ifor ithe iresearch iwithout iadditional irequirements. iIn iother iwords, ithis isampling

imethod iinvolves igetting iparticipants iwherever iyou ican ifind ithem iand itypically iwherever iis

iconvenient. iIn iconvenience isampling, ino iinclusion icriteria iidentified iprior ito ithe iselection iof

isubjects. iAll isubjects iare iinvited ito i participate.

3.10 ANALYTICAL iTOOLS iUTILIZED iIN iTHE iSTUDY

The icollected iinformation ihas ibeen ianalyzed iby ivictimization ishare ianalysis. iIt irefers ito
ispecial ireasonably iratio; ipercent iages iarea iunit iutilized iin icreating icomparison ibetween i2 ior ia

ilot iof iseries iof iknowledge, iand iaccustomed idescribe ithe irelation. iSince ito ishare ireduced

ieverything ito ia istandard iprimarily ibased iand ithereby ipermits imeaty icomparison ito i be

i created.

3.11 LIMITATIONS iOF iTHE iSTUDY

Although, ithe istudy iwas icarried iout iwith iextreme ienthusiasm iand icareful iplanning. iThere iare
iseveral ilimitations iwhich ihandicapped ithe iresearch iviz.

1. Time iConstraints:
The itime istipulated ifor ithe iproject ito ibe icompleted iis iless iand ithus ithere iare ichances ithat
isome iinformation imight ihave ibeen ileft iout. iHowever, idue icare iis itaken ito iinclude iall ithe

irelevant iinformation ineeded.

2. Sample isize:
Due ito itime iconstraints, ithe isample isize iwas irelatively ismall iand iwould idefinitely ihave ibeen
imore irepresentative, i if iI i had icollected iinformation ifrom imore irespondents.

6
3. Accuracy:
It i is i difficult i to i know i if iall ithe irespondents i gave i accurate i information; isome irespondents i tend
ito igive i misleading i information.

4. Lack iof iawareness iamong ithe ipeople:

This i is i the i biggest i limitation i found i in i this i sector. i Most i of i the i people i are i not i aware
i about iimportance iand ithe inecessity iof ithe iinsurance iin itheir i life.

5. Narrow iscope:
The istudy iwas icarried iout iin iPunjab ionly; ihence ithe iresult icannot ibe iextended ito inational ilevel.

7
 ANALYSIS iAND iINTERPRETATION

4.1 SWOT iANALYZES

STRENGTHS

1. Innovative ifinancial iproducts iof idiverse icategories

2. Icici iprudential iFinance iLtd. iis ithe ifirst icompany iin ithe iIndian ibanking ihistory ito iconvert
ito ia ibank

3. Comprehensive iCash iManagement

iSystem i4.Has iover i20,000 icustomers

5.Customer iaccount ibase iof iover i2.7 imillion

8
1. Lesser ipenetration ias ibeing ilate ientrants

2. Low ipublicity iand imarketing ias icompared ito iother ipremium ibanks iin ithe iurban iareas

9
 Increase iin iIndustry ibanking
 Explore iopportunities iabroad iby iInternational ibanking
 This insurance icompany ienjoy ihigh ilevel iof iautonomy ifacilitating ithem ifor ifaster
idecision imaking

 To iface istiff icompetition, ithey ican iinnovate inew iproducts iand iservices iand iachieve
ihigh icustomer isatisfaction

10
1. Economic islowdown
2. Highly icompetitive ienvironment
3. Stringent iBanking iNorms
4. Expansion iof iforeign iinsurance icompany iin ithe ipost iWTO iera iposes isevere icompetition.
5. Dominant iPSBs iwhich iare irecharged iwith ia ihigh imarket ishare iwill iovershadow ithe
icooperate isector.

6. Frequent iannouncements iof itakeover i/ iMergers i& iAcquisitions iby iPSBs ias iwell ias inew
iPrivate isector ibanks idisturb ithe ivery ifunctioning iof iold iPrivate iSector i Banks.

7. RBI i/ iGOI irelaxation iof iFDI iinvestment inorms icause iworry iamong ithe i managements

Competitors
Below iare ithe i3 imain iIcici iprudential icompetitors i:

o Axis ibank
o Union iBank iof iIndia
o Federal i bank

11
4.2 QUESTIONNAIRE iANALYSES

4.2.1. What iis iyour ioccupation?

Table i4.2.1

No. iof irespondants Percentage

BUSINESS 30 30%
SERVICE 32 32%

RETIRED 28 28%
OTHERS 10 10%
Total 100 100%

Column1
businessserviceretired
other

10%
30%

28%

32%

Figure i4.2.1

Source i: iprimary idata

Interpretation:

It ican ibe iinterpreted ithat ithe irespondent ifor ithe istudy iwere i30% ibusinessmen,,32% iwere iservice
ipeople iand i28% iare iretired iand ithe ileft iover iwhich iis i10% iwere iothers.

12
Q4.2 i2. iWhat i insurance icompany ido iyou iprefer?
TABLE i4.2.1

COMPANIES iNAME NO. OF SHARE i(%)

RESPONDENT

ICICI i LIFE iINSURANCE 76 76

HDFC 3 3

RELIANCE iLIFE iINSURANCE 5 5

L.I.C 9 9

ICICI iPRUDENTAL 7 7

TOTAL 100 100

INSURANCE iCOMPANIES

PNB iMETLIFE iHDFC iRELIANCE iLIFEiL.I.C

ICICI iPRUDENTIAL

FIG.4.2.2

Interpretation

This ican ibe iinterpret ithat iseventy ieight iof ithe iindividuals icontacted ilike iICICI i LIFE ipolicy
ito ithe iother ipolicies iand iso i it's igraded ino.1 ifrom iall iothers ipolicies

13
Q4.2.3. iReasons ifor iinvesting iin iInsurance iPlans iof iICICI i LIFE iINSURANCE?

Table i4.2.3

RETURNS SCHEMES RECOMMENDED NEEDS OFFERS

iARE iBY iFAMILY i& iMULTIPL

iGOOD iFRIENDS TO iSAVE E

iTAX iBENEFITS

No. iof i respondants 12 15 30 20

23% 12% 15% 30% 20%

Column1
schemes iare igood
returns
recommended iby ifamily iand ifriendsneed ito isave itax
offers imultiple ibenefits

20% 23%

12%
30%
15%

Figure i4.2.3

Source i: iprimary idata

Interpretation:

It ican ianalyzed ifrom ithe iresults ithat ithe ireason iof iinvesting iin iinsurance iplans iof iICICI
iPRUDENTIAL iLIFE iINSURANCE iare i23% ifinds ithat ithe ireturns ion ithe ipolicy iare igood iwhereas

i12% ishows ithat ischemes iare igood iand i15% iare irecommended iby ifamily iand ifriends iand i30%

iinvest ibecause ito isave itheir itaxes iand i20% ifor iother imultiple ibenefits.

14
 Q4.2.4. iWhat ido iyou ifeel iafter iinvesting iin iICICI i Insurance
iPlans?

table i4.2.4

GOOD AVERAGELY iSATISFIED CHEATED

60% 38% 2%

Column1
goodaveragely isatisfiedcheatedi2% i 0%

38%

figure i4.2.4

Source i: iprimary idata

Interpretation:

The ithird iquestion iinterprets ithe isatisfaction ifrom iinvesting iin iinsurance iplans iof iICICI
iPRUDENTIAL iLIFE iINSURANCE iwhich ishows ithat i60% ifeels igood iand iare imuch isatisfied iwhereas

i38% iare iaveragely isatisfied iand i2% ifeels ithat ithey iare icheated.

15
Q5.2.5. iDo iyou ithink ithe irecommendation ifor iIcici iprudential ilife iinsurance iis iauthentic iand ithe
iagents

/ iMarketing iExecutives iof iIcici iprudential ilife iinsurance iare igiving icorrect iinformation irelated
ito ithe iproducts iand icharges?

table i4.2.5

Yes 80%

No 20%

Column1
yesno

figure i4.2.5

Source i: iprimary idata

Interpretation:

It iis iinterpreted ithat ithe iauthentication iof iagents iof iICICI iPRUDENTIAL iLIFE iINSURANCE iare
igiving iright iinformation ior inot iin iwhich iI ifounded ithat i80% ifeels ithat ithe iinformation iis icorrect

iwhereas i20% ifeels ithat ithe iinformation igiven iby ithem iis iincorrect.

16
Q4.2.6. iDo iyou iinvest iin iInsurance iPlans iof iIcici iprudential ilife iinsurance ibecause iof iTax iBenefits?

table i4.2.6

YES NO

70% 30%

Column1
yesno

figure i4.2.6

Source i: iprimary idata

Interpretation:

It iinterprets ithat iif ithe iconsumers iinvest iin iICICI iPRUDENTIAL iLIFE iINSURANCE ibecause iof itax
ibenefits iwhich ishows ithat i70% iinvest ibecause iof itax ibenefits iand i30% idoes inot ifeel ithe isame.

17
Q4.2.7. iHow iis ithe iPremium iAmount ito iRisk iCoverage iin iInsurance iPlans iof iICICI i life iinsurance?

table i4.2.7

HIGHLY SATISFACTORY AVERAGE DISSATISFACTORY HIGFHLY

iSATISFACTOR iDISSATISFACTOR

Y Y
40% 25% 20% 10% 5%

Column1
highly isatisfactorysatisfactoryaveragedissatisfactoryhighly idissatisfactory

5%
10%
40%
20%

25%

figure i4.2.7

Source i: iprimary idata

Interpretation:

This irepresents ithe isatisfaction iabout ithe ipremium iamount ito ibe ipaid iin iinsurance iplans iof iICICI
iPRUDENTIAL iLIFE iINSURANCE iwhich iresembles ithat i40% iare ihighly isatisfied iand i25% iare isatisfied

iand i20% iare iaveragely isatisfied iwhereas i10% iare idissatisfied iwith ithe ipremium iamount ito ibe

ipaid in i5% iare ihighly idissatisfied.

18
Q4.2.8. iHow iare ithe iInsurance iPolicy iof iICICI ilife iinsurance?

table i4.2.8

SATISFACTORY AVERAGE DISSATISFACTORY HIGHLY

iDISSATISFCTOR

Y
60% 25% 10% 5%

Column1
satifactoryaveragedissatisfactory
highly idissatisfactory

5%
10%

25%
60%

Figure i 4.2.8

Source i: iprimary idata

Interpretation:

This ishows ithat ihow imuch ithe icustomers iare isatisfied iwith ithe iinsurance ipolicy iof iICICI
iPRUDENTIAL iLIFE iINSURANCE ithat i60% iare isatisfied iand i25% iare iaveragely isatisfied iand i10% iare

idissatisfied iand i5% iare ihighly idissatisfied

19
Q4.2.9. iHow iare ithe iReturns iin iInsurance iPolicy iof iICICI i life iinsurance?

table i4.2.9

SATISFACTORY AVERAGE DISSATISFACTORY HIGHLY

iDISSATISFACTOR

Y
45% 40% 10% 5%

Column1
averagedissatisfactoryhighly idissatisfactory
satisfactory

0%
5%

45%

40%

figure i4.2.9

Source i: iprimary idata

Interpretation:

This iinterprets ithe ireturn iin iinsurance ipolicy iof iICICI iPRUDENTIAL iLIFE iINSURANCE iwhich
iinterprets ithat i45% iare isatisfied iand i40% iare iaveragely isatisfied iand i10% iare idissatisfied iand

i5% iare ihighly idissatisfied.

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Q4.2.10. iHow iare ithe iCharges iin iInsurance iPolicy iof iicici i life iinsurance?

table i4.2.10

HIGH AVERAGE LOW

15% 35% 50%

Column1
highaveragelow

0%
15%

50%

Figure i4.2.10

Source i: iprimary idata

Interpretation:

This ishows ithe icharges itaken iby iinsurance ipolicy iof iicici iprudential ilife iinsurance iare i15% ihigh iand
i35% iaverage iand i50% ilow.

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Q4.2.11. iWhat iwould iyou ilike imore iin iInsurance iPolicy iof iIcici i Life iInsurance? itable

4.2.11

MORE iRETUR iBENEFITS MORE iSECURITY/RISK

60% 40%

Column1
more ibenefitsmore isecurity

40%

60%

Figure i4.2.11

Source i: iprimary idata

Interpretation:

This iinterpret ithe ilikeness ior ipreferences iof ilife iinsurance ipolicy iof iicici iprudential ilife iinsurance
which idepicts ithat i60% iare ipreferences ibecause iof ithe ibenefits iand i40% ibecause iof isecurity ireason.

22
 Q4.2.12. iRate iyour ioverall isatisfaction iwith iInsurance iPolicy iof iicici i life
i insurance?

table i4.2.12

HIGHLY SATISFACTORY AVERAGE DISSATISFACTORY HIGHLY

iSATISFACTOR iDISSATISFACTOR

Y Y
30% 30% 20% 15% 5%

Column1
highly isatisfactorysatisfactoryaveragedissatisfactory
highly idissatisfactory

5%

15%
30%

20%

30%

Figures i 4.2.12

Source i: iprimary idata

Interpretation:

This ishows ithe ioverall isatisfaction iwith iinsurance ipolicy iof iicici iprudential ilife iinsurance iwhich
ishows ithat i30% iare ihighly isatisfied iand i30% iare isatisfied iand i20% iare iaveragely isatisfied iand

i15% iare idissatisfied iand i5% iare ihighly idissatisfied

23
 FINDINGS
 The irespondent ifor ithe istudy iwere i30% ibusinessmen,,32% iwere iservice ipeople iand i28% iare
iretired iand ithe ileft iover iwhich iis i10% iwere iothers.

 The iindividuals icontacted ilike iICICI i LIFE ipolicy ito ithe iother ipolicies iand iso iit's igraded ino.1
ifrom iall iothers ipolicies

 The iresults ithat ithe ireason iof iinvesting iin iinsurance iplans iof iicici iprudential ilife iinsurance iare
i23% ifinds ithat ithe ireturns ion ithe ipolicy iare igood iwhereas i12% ishows ithat ischemes iare igood

iand i15% iare irecommended iby ifamily iand ifriends iand i30% iinvest ibecause ito isave itheir itaxes

iand i20% ifor iother imultiple ibenefits.

 The isatisfaction ifrom iinvesting iin iinsurance iplans iof iicici iprudential ilife iinsurance iwhich ishows
ithat i60% ifeels igood iand iare imuch isatisfied iwhereas i38% iare iaveragely isatisfied iand i2% ifeels

ithat ithey iare icheated.

 The iauthentication iof iagents iof iicici iprudential ilife iinsurance iare igiving iright iinformation ior inot
iin iwhich iI ifounded ithat i80% ifeels ithat ithe iinformation iis icorrect iwhereas i20% ifeels ithat ithe

iinformation igiven iby ithem iis iincorrect.

 The iconsumers iinvest iin iicici iprudential ilife iinsurance ibecause iof itax ibenefits iwhich ishows ithat
i70% iinvest ibecause iof itax ibenefits iand i30% idoes i not ifeel ithe isame.

 The isatisfaction iabout ithe ipremium iamount ito ibe ipaid iin iinsurance iplans iof iicici iprudential ilife
iinsurance iwhich iresembles ithat i40% iare ihighly isatisfied iand i25% iare isatisfied iand i20% iare

iaveragely isatisfied iwhereas i10% iare idissatisfied iwith ithe ipremium iamount ito ibe ipaid in i5% iare

ihighly idissatisfied.

 The icustomers iare isatisfied iwith ithe iinsurance ipolicy iof iicici iprudential ilife iinsurance ithat i60%
iare isatisfied iand i25% iare iaveragely isatisfied iand i10% iare idissatisfied iand i5% iare i highly

idissatisfied.

 The ireturn iin iinsurance ipolicy iof iICICI iPRUDENTIAL iLIFE iINSURANCE iwhich iinterprets ithat
i45% iare isatisfied iand i40% iare iaveragely isatisfied i and i10% iare idissatisfied iand i5% iare

ihighlydissatisfied.

 The icharges itaken iby iinsurance ipolicy iof iicici iprudential ilife iinsurance iare i15% ihigh iand i35%
iaverage iand i50% ilow.

 The ilikeness ior ipreferences iof ilife iinsurance ipolicy iof iicici iprudential ilife iinsurance iwhich idepicts
ithat i60% iare ipreferences ibecause iof ithe ibenefits iand i40% ibecause iof isecurity ireason.

 The ioverall isatisfaction iwith iinsurance ipolicy iof iicici iprudential ilife iinsurance iwhich ishows ithat
i30% iare ihighly isatisfied iand i30% iare isatisfied iand i20% iare iaveragely.

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 RECOMMENDATIONS

 The iicici iprudential ilife iinsurance iought ito iprescribe ithere iapproaches ito ieach iclassification
iof iindividuals iwith ithe igoal ithat iindividuals ican isecure ithere ilife ihowever imuch ias icould

ireasonably ibe iexpected.

 The iicici iprudential ilife iinsurance iought ito iexpand itheir ipromoting iwith ithe igoal ithat imost
iextreme iindividuals ican iget i mindful iabout ithe iarrangements i figured.

 The iicici iprudential ilife iinsurance iought ito imake itheir iclients ifulfilled iby ithe iprofits ion ithe
iarrangement.

 The iindividuals iare iputting iresources iinto iprotection iarrangements iin ilight iof idanger
iadvantages iand inot iwith ithe isecurity ihazard icollaborate iwith iindividuals iso ithat ithe igeneral

ipopulation iput imore i in idanger ibenefits

 The iindividuals iare inot ivery imindful iabout ithe ipredominant istrategies iin ithe ibusiness isector,
imake ithem imuch imindful iabout ithe iarrangements iin iicici ilife i insurance.

 The icustomer isatisfaction ishould ibe ithe imain ifocus iof iany iservice ifirm iespecially ito ithe iicici
iprudential ilife iinsurance icompany. iThis iwill ibe iresult iin icustomer iretention ileading ito

iimproved iprofitability iand igrowth iof ithe iLife i insurance i institutions.

 The imarketing ipersonnel iat iall ilevels ishould iappreciate ithe isignificant icomponents iof
imarketing ieffectiveness. iThe isufficient ifund iallocation ihas ito ibe imade ifor ithe iexecution iof

imarketing ifunction iin iany ilife i insurance icompany.

 The iicici iprudential ilife iinsurance icompanys ishould iensure ieffective imarketing iinformation
iand icommunication ifacilities. iThe istrategic iplanning ishould ibe iadopted ideliberately ito

iidentify iand isatisfy ithe icustomer' ineeds iand iwants

 The iinsurance icompanies ishould ieducate itheir ipersonnel ifor ia ipleasing ibehaviour. iThis ican
icreate ia igood iimage iamong ithe iinsurance icustomers iabout ithe icompany. iIt iwill ibe

iappropriate ito ispend ilot iof imoney ifor ipromoting ithe iinsurance iservices, iwhen ithe ioffered

iservices ido inot iattract iand isatisfy ithe icustomers' ineed.

 The iservice iof iinsurance ido inot ireach imajority iof ithe icustomers iin ithe irural iareas. iThe irural
imass ishould ibe iexposed ito ithe iavailability iof iinsurance iand iits ibenefits. iThis iis ipossible iby

ipersonal iselling. i Most i of i the i customers i of i insurance i in i general i do i not i understand i the

i clear i and i correct

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 calculation iof ipremium, isum iassured, ibenefits ietc. iSo ithe iicici iprudential ilife iinsurance
iCorporation ishould ieducate itheir icustomers iclearly iabout ithe ibenefits iof iinsurance.

 The iInsurance icompany, iif ipossible ishould iinvest iin iadvertising, iconduct iroad ishows, iand
ispend imoney ion ihoardings, iso ithat iit ican ipropagate ibetter iawareness iabout iits ivarious ilesser

iknown iproducts.

 Icici i should ialso itie iup iwith iseveral iother ibanks iapart ifrom ithe iexisting iones ito isell iits i products
i.e. ithrough ibancassurance.

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CONCLUSION

Protection iis ia imechanical iassembly iby iwhich ifatalities iof isomewhat inumber iare ireimbursed
iout iof ibenefits iaccumulated ifrom iplenteous. iInsurance iis ia ishield iagainst ivague ievents ithat imay

ihappen ilater ion. iAssociation ipicture iis ithe isignificantly ibasic icriteria ithat ibuyers iconsider

ibefore itaking iup ian iadditional isecurity. iThis iis igenerally, isince ipeople iexpect iprosperity iand

isecure ifor itheir imoney, iwhich ithey icontribute, itrailed iby ithe ivariable iPremium iwhich iwe ipay

ifor ithe ireinforcement iarrangement iand ia ishort itime ilater iBonus iand iInterest ipaid iby ithe

iassociation, iorganizations iet icetera. iicici iprudential ilife iinsurance icharges ithe iIndian

iassurance iindustry. iIn itoday's iforceful iworld, ibuyer ifulfillment ihas itransformed iinto ia ibasic

ipoint iof iview ito ihold ithe icustomers, ito icreate iand iin iaddition ito iserve. iExtended icompetition,

ibroad iassortment iof ithing iofferings iand idistinctive iscattering ichannels icause iassociations ito

iregard isatisfied iand iincredibly iuseful icustomers. iCustomer iorganization iis ithe iessential

iaccomplishment ipart iin ian iassociation iand igiving itop iof ithe iline icustomer iorganization

iisolates ithe iunbelievable icustomer iorganization ifrom ithe iuninterested icustomer iorganization.

iThe isection iof iprivate ipart iprotection ioffices iinto ithe iIndian iassurance iportion iinitiated ioff ia

imovement iof ichanges iin ithe ibusiness. iFor isure, ieven iwith ithe isolidified icontention iin ithe

ibusiness ifocus, iit iis iclear ifrom ithe istudy ithat ithings ioffered iby ithe iicici iprudential ilife

iinsurance iare iinnovative, iimaginative iand iof ithe iadoring iof ithe icustomers, ilikewise ithey iare

isatisfied iby ithe icertifiable idata igave iby ithe iassociation ior iadministrators iand ithey iare

isuccessfully iopen, iFlexible iportion iarranges iwith ino ihid icost, ithere iis ino iundue ideferral iin

icases isettlement, icustomers iare isignificantly isatisfied iby ithe igrievance iredressal iinstrument,

iand iwithin ithe inear ifuture iif ithey iwill igo ifor ithe itechnique ithey iwill iheld ifast ito iicici

iprudential ilife iinsurance iof iIndia, iwhich ishows ithe itremendous icertainty iand ipositive

iimpression iof ithe icustomers itowards iicici iprudential ilife i insurance iof iIndia.

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