employe satisfaction level-kulwinder and amandeep

8/14/2019 employe satisfaction level-kulwinder and amandeep

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A PROJECT REPORT ON

(A special reference to ICICI Prudential Life Insurance Company)

Submitted To

PUNJAB TECHNICAL UNIVERSITYJALANDHAR

In the partial fulfillment of the requirement of the

Award of Degree of

Masters of Business Administration (MBA)

Submitted by:

Kulwinder Singh

R.No. 632222363

Amandeep Singh

R.No. 632222316

Submitted To:

Prof. Sanjeev Kumar

(Session 2007-2008)

RIMT-IMCT

Mandi Gobindgarh.

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AN INTRODUCTION

Market

For over 50 years, life insurance in India was defined and driven by only one company the Life Insurance Corporation of India (LIC). With the Insurance Regulatory andDevelopment Authority (IRDA) Bill 1999 paving the way for entry of private companiesinto both life and general sectors there was bound to be new-found excitement and newsuccess stories. Today, just three years since their entry, their cumulative share hascrossed 13% (Source: IRDA), far exceeding expectations.

Clearly insurance is on a growth path. The percentage of premium income to GDP whichwas just 2.3% in 2000/01 rose to 3.3% in 2002/03; and life insurance has emerged as thedominant contributor to this growth.

The industry presented a huge opportunity. Life insurance penetration, for instance, wasat an abysmal 22% of the insurable population. However, private players have had to riseto many challenges. They were faced with attitudinal barriers towards the category andthe perception that insurance was only a tax-saving tool. Insurance per se had lost it basicrationale: protection. It wasnt surprising then that its potential lay frozen andunexploited. The challenge for private insurance players was to change the establishedcategory driver and get customers to evaluate life insurance as an investment-cum-

protection tool.

Achievements

Beginning operations in December 2000, ICICI Prudentials success has been meteoric,becoming the number one private life insurer within months of launch. Today, it has oneof the largest distribution networks amongst private life insurers in India, with branchesin 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 receivedpremium income of Rs. 9.9 billion, up 135% from 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 companys range of unique unit-linked policies and pension plans.The companys retail market share amongst private companies stood at 36%, making it aclear leader in the segment.

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To add to its achievements, in the year 2003/04 it was adjudged Most Trusted PrivateLife Insurer (Economic Times Most Trusted Brand Survey by ACNielsen ORG-MARG). It was also conferred the Outlook Money Best Life Insurer award for thesecond 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-listedto the final round for its Sindoor campaign in EFFIES 2002.

ICICI Prudentials success is rooted in its philosophy to always offer the customer achoice. This has been the driving force behind its multi-channel distribution strategy,which includes advisors, banks, direct marketing and corporate agents. In fact, ICICIPrudential was the first life insurer to invest in multiple channels and offer the customerchoice and access; thus reducing dependency on any one channel.

ICICI Prudential also madegreat strides in the retirement solutions and pensions market. The company's penetration

of the retirement market was driven by the focused approach towards creating awarenessthrough a sustained campaign: Retire from work, not life. Within six months, thecampaign rewarded ICICI Prudential with an increased share of 23% of the total pensionsmarket and 78% amongst private players.

HISTORY OF ICICI PRUDENTIAL LIFE INSURANCE

COMPANY

ICICI Prudential Life Insurance Company Limited is a 74:26 joint venture between ICICI

Bank and Prudential plc, UK. The company brings together the local market expertiseand financial strength of ICICI Bank and Prudentials international insurance lifeexperience. The company was granted a Certificate of Registration by the IRDA onNovember 24, 2000 and eighteen days later, issued its first policy on December 12.

From its early days, ICICI Prudential seemed to have the wherewithal for a large-scalebusiness. By March 31, 2002, a little over a year since its launch, the company had issued100,000 polices translating into a premium income of approximately Rs. 1,200 million ona 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 corporatecampaign

Using the theme of Sindoor to epitomize protection, trust, togetherness and all that isIndian; endearing it to the masses. The success of the campaign, the calling card of thecompany, 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

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campaigns from child plans to retirement solutions which highlight how the companywill be with its customers at every step of life.

From day one, the company has unflinchingly focused on being a mass-market player,developing products, creating a distribution network and deploying resources that would

further its goal. Apart from ramping up and thoroughly training its advisors, the companyhas twelve Banc assurance partners the largest in the country. It swiftly revised andadded to its initial range of products, pioneering market-linked products and pensionplans, 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 ninthcapital hike, bringing the total paid-up equity capital to Rs. 6,750 million. With theauthorized capital of the company standing at Rs. 12 billion, ICICI Prudential continuesto have the highest capital base amongst all life insurers in the country. The challengeICICI Prudential now faces is to retain its top-notch position and continue to deliver thefinest life insurance and pension solutions to its ever-growing customer base.

India's Number One private life insurer, ICICI Prudential Life Insurance Company is ajoint venture between ICICI Bank-one of India's foremost financial services companies-and Prudential plc- a leading international financial services group headquartered in theUnited Kingdom. Total capital infusion stands at Rs. 18.15 billion, with ICICI Bankholding a stake of 74% and Prudential plc holding 26%.

We began our operations in December 2000 after receiving approval from InsuranceRegulatory Development Authority (IRDA). Today, our nation-wide team comprises,about 500 offices, over 200,000 advisors; and 22 banc assurance partners.

ICICI Prudential was the first life insurer in India to receive a National Insurer FinancialStrength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICIPrudential has been voted as India's Most Trusted Private Life Insurer, by The EconomicTimes - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As we grow ourdistribution, product range and customer base, we continue to tirelessly uphold ourcommitment to deliver world-class financial solutions to customers all over India.

THE ICICI PRUDENTIAL EDGE

What makes us no. 1

The ICICI Prudential edge comes from our commitment to our customers, in all that we

do - be it product development, distribution, the sales process or servicing. Here's a peekinto what makes us leaders.

1. Our products have been developed after a clear and thorough understanding ofcustomers' needs. It is this research that helps us develop Education plans that offer theideal way to truly guarantee your child's education, Retirement solutions that are a hedgeagainst inflation and yet promise a fixed income after you retire, or Health insurance thatarms you with the funds you might need to recover from a dreaded disease.

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2. Having the right products is the first step, but it's equally important to ensure that ourcustomers can access them easily and quickly. To this end, ICICI Prudential has anadvisor base across the length and breadth of the country, and also partners with leadingbanks, corporate agents and brokers to distribute our products3. Robust risk management and underwriting practices form the core of our business.

With clear guidelines in place, we ensure equitable costing of risks, and thereby ensure asmooth and hassle-free claims process.4. Entrusted with helping our customers meet their long-term goals, we adopt aninvestment philosophy that aims to achieve risk adjusted returns over the long-term.5. Last but definitely not the least, our 15,000 plus strong team is given the opportunity tolearn and grow, every day in a multitude of ways. We believe this keeps them engagedand enthusiastic, so that they can deliver on our promise to cover you, at every step inlife.

VISION & VALUES

OUR VISION:

To make ICICI Prudential the dominant Life and Pensions player built on trust by world-class people and service.

This we hope to achieve by:

Understanding the needs of customers and offering them superior products andservice.

Leveraging technology to service customers quickly, efficiently and conveniently.

Developing and implementing superior risk management and investmentstrategies to offer sustainable and stable returns to our policyholders.

Providing an enabling environment to foster growth and learning for ouremployees.

And above all, building transparency in all our dealings.

The success of the company will be founded in its unflinching commitment to 5 corevalues Integrity, Customer First, Boundaryless, Ownership and Passion. Each of thevalues describes what the company stands for, the qualities of our people and the way wework.

We do believe that we are on the threshold of an exciting new opportunity, where we canplay a significant role in redefining and reshaping the sector. Given the quality of our

parentage and the commitment of our team, there are no limits to our growth.

OUR VALUES:

Every member of the ICICI Prudential team is committed to 5 core values: Integrity,Customer First, Boundaryless, Ownership, and Passion. These values shine forth in all wedo, and have become the keystones of our success.

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PROMOTERS OF THE ICICI PRUDENTIAL

ICICI BANK

ICICI Bank is India's second-largest bank with total assets of about Rs. 2,513.89 bn (US$56.3 bn) at March 31, 2006 and profit after tax of Rs. 25.40 bn (US$ 569 mn) for the yearended March 31, 2006 (Rs. 20.05 bn (US$ 449 mn) for the year ended March 31, 2005).ICICI Bank has a network of about 614 branches and extension counters and over 2,200ATMs. ICICI Bank offers a wide range of banking products and financial services tocorporate 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-lifeinsurance, venture capital and asset management. ICICI Bank set up its internationalbanking group in fiscal 2002 to cater to the cross border needs of clients and leverage onits domestic banking strengths to offer products internationally. ICICI Bank currently hassubsidiaries in the United Kingdom, Russia and Canada, branches in Singapore, Bahrain,Hong Kong, Sri Lanka and Dubai International Finance Centre and representative officesin the United States, United Arab Emirates, China, South Africa and Bangladesh. OurUK subsidiary has established a branch in Belgium. ICICI Bank is the most valuablebank in India in terms of market capitalization.

ICICI Bank's equity shares are listed in India on the Bombay Stock Exchange and the

National Stock Exchange of India Limited and its American Depositary Receipts (ADRs)are listed on the New York Stock Exchange (NYSE).

ICICI Bank has formulated a Code of Business Conduct and Ethics for its directors andemployees.

At June 5, 2006, ICICI Bank, with free float market capitalization* of about Rs.

480.00 billion (US$ 10.8 billion) ranked third amongst all the companies listed on

the Indian stock exchanges.

ICICI Bank was originally promoted in 1994 by ICICI Limited, an Indian financial

institution, and was its wholly-owned subsidiary. ICICI's shareholding in ICICI Bank wasreduced to 46% through a public offering of shares in India in fiscal 1998, an equityoffering in the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's acquisitionof Bank of Madura Limited in an all-stock amalgamation in fiscal 2001, and secondarymarket sales by ICICI to institutional investors in fiscal 2001 and fiscal 2002. ICICI wasformed in 1955 at the initiative of the World Bank, the Government of India andrepresentatives of Indian industry. The principal objective was to create a developmentfinancial institution for providing medium-term and long-term project financing to Indian

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businesses. In the 1990s, ICICI transformed its business from a development financialinstitution offering only project finance to a diversified financial services group offering awide variety of products and services, both directly and through a number of subsidiariesand affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and thefirst bank or financial institution from non-Japan Asia to be listed on the NYSE.

After consideration of various corporate structuring alternatives in the context of theemerging competitive scenario in the Indian banking industry, and the move towardsuniversal banking, the managements of ICICI and ICICI Bank formed the view that themerger of ICICI with ICICI Bank would be the optimal strategic alternative for bothentities, and would create the optimal legal structure for the ICICI group's universalbanking strategy. The merger would enhance value for ICICI shareholders through themerged entity's access to low-cost deposits, greater opportunities for earning fee-basedincome and the ability to participate in the payments system and provide transaction-banking services. The merger would enhance value for ICICI Bank shareholders througha large capital base and scale of operations, seamless access to ICICI's strong corporate

relationships built up over five decades, entry into new business segments, higher marketshare in various business segments, particularly fee-based services, and access to the vasttalent pool of ICICI and its subsidiaries. In October 2001, the Boards of Directors ofICICI and ICICI Bank approved the merger of ICICI and two of its wholly-owned retailfinance subsidiaries, ICICI Personal Financial Services Limited and ICICI CapitalServices Limited, with ICICI Bank. The merger was approved by shareholders of ICICIand ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad in March2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India inApril 2002. Consequent to the merger, the ICICI group's financing and bankingoperations, both wholesale and retail, have been integrated in a single entity.

*Free float holding excludes all promoter holdings, strategic investments and crossholdings among public sector entities.

PRUDENTIAL PLC.

Established in London in 1848, Prudential plc, through its businesses in the UK andEurope, the US and Asia, provides retail financial services products and services to morethan 21 million customers, policyholder and unit holders worldwide. Today, Prudential

has millions of customers worldwide and over 238 billion (as of 30 June 2006) of fundsunder management. In Asia, Prudential is the leading European life insurance companywith a vast network of life and fund management operations in thirteen countries - China,Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore,Taiwan, Thailand, Vietnam and United Arab Emirates.

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MANAGEMENT PROFILE

BOARD OF DIRECTORS

The ICICI Prudential Life Insurance Company Limited Board comprises reputed peoplefrom the finance industry both from India and Abroad.

Mr. K.V. Kamath, chairmanMr. Barry StoweMrs. Kalpana MorpariaMrs. Chanda KochharMr. HT PhongMr. M.P. ModiMr. R. NarayananMr. keki DadisethMs. Shikha Sharma, Managing DirectorMr. N.S. Kannan, Executive DirectorMr. Bhargav Dasgupta, Executive Director

MANAGEMENT TEAM

The ICICI Prudential Life Insurance Company Limited Management team comprisesreputed people from the finance industry both from India and abroad.

Ms. Shikha Sharma, Managing Director & CEOMr. N. S. Kannan, Executive DirectorMr. Bhargav Dasgupta, Executive DirectorMs. Anita Pai, EVP Customer Service & TechnologyMr. Azim Mithani, Chief ActuaryMr. Puneet Nanda, Chief Investments OfficerMr. Binayak Dutta, Chief Sales and distribution

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http://www.iciciprulife.com/public/About-us/ProfileTeam-ShikhaSharma.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-NSKannan.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-AnitaPai.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-AzimMithani.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-AzimMithani.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-PuneetNanda.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-BinayakDutta.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-BinayakDutta.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-NSKannan.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-AnitaPai.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-AzimMithani.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-PuneetNanda.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-BinayakDutta.htmhttp://www.iciciprulife.com/public/About-us/ProfileTeam-ShikhaSharma.htm


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FACT SHEET

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and Prudential plc, a leading international financialservices group headquartered in the United Kingdom. ICICI Prudential was amongst thefirst private sector insurance companies to begin operations in December 2000 afterreceiving approval from Insurance Regulatory Development Authority (IRDA).

ICICI Prudential's capital stands at Rs. 18.15 billion with ICICI Bank and Prudential plcholding 74% and 26% stake respectively. For the 10 months ended January 31, 2007, thecompany garnered Rs 3,240 crore of weighted retail + group new business premiums and

wrote over 1.3 million policies. The company has assets held to the tune of over Rs.14,000 crore.

ICICI Prudential is also the only private life insurer in India to receive a National InsurerFinancial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating is thehighest rating, and is a clear assurance of ICICI Prudential's ability to meet its obligationsto customers at the time of maturity or claims.

For the past six years, ICICI Prudential has retained its position as the No. 1 private lifeinsurer in the country, with a wide range of flexible products that meet the needs of theIndian customer at every step in life.

Distribution

ICICI Prudential has one of the largest distribution networks amongst private life insurersin India. As of January 31, 2007 the company has over 540 offices across the country andover 200,000 advisors.

The company has over 20 bancassurnace partners, having tie-ups with ICICI Bank,Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank, Idukki District Co-operative Bank, Jalgaon Peoples Co-operative Bank, Shamrao Vithal Co-op Bank,

Ernakulam Bank and 9 Bank of India sponsored Regional Rural Banks (RRBs). It hasalso tied up with NGOs MFIs and corporates for the distribution of rural policies.

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Products

Insurance solutions for individuals

ICICI Prudential Life Insurance offers a range of innovative, customer-centric productsthat meet the needs of customers at every life stage. Its products can be enhanced with upto 4 riders, to create a customized solution for each policyholder.

Savings & Wealth Creation Solutions

Cash Plus is a transparent, feature-packed savings plan that offers 3 levels ofprotection as well as liquidity options.

Save'n'Protect is a traditional endowment savings plan that offers life protectionalong with adequate returns.

CashBak is an anticipated endowment policy ideal for meeting milestoneexpenses like a child's marriage, expenses for a child's higher education orpurchase of an asset. It is available for terms of 15 and 20 years.

LifeTime Super & LifeTime Plus are unit-linked plans that offer customers theflexibility and control to customize the policy to meet the changing needs atdifferent life stages. Each offer 4 fund options - Preserver, Protector, Balancer and

Maximiser.

Life Link Super is a single premium unit linked insurance Plan which combineslife insurance cover with the opportunity to stay invested in the stock market.

Premier Life Gold is a limited premium paying plan specially structured forlong-term wealth creation.

Invest Shield Life New is a unit linked plan that provides premium guarantee onthe invested premiums and ensures that the customer receives only the benefits offund appreciation without any of the risks of depreciation.

Invest Shield Cashbakis a unit linked plan that provides premium guarantee onthe invested premiums along with flexible liquidity options.

Protection Solutions

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LifeGuard is a protection plan, which offers life cover at low cost. It is availablein 3 options - level term assurance, 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

Education insurance under the SmartKid brand provides guaranteededucational benefits to a child along with life insurance cover for the parent whopurchases the policy. The policy is designed to provide money at importantmilestones in the child's life. SmartKid plans are also available in unit-linkedform - both single premium and regular premium.

Retirement Solutions

Forever Life is a traditional retirement product that offers guaranteed returns forthe first 4 years and then declares bonuses annually.

LifeTime Super Pension is a regular premium unit linked pension plan that helpsone accumulate over the long term and offers an annuity option (guaranteedincome for life) at the time of retirement.

Life Link Super Pension is a single premium unit linked pension plan.

Immediate Annuity is a single premium annuity product that guarantees incomefor life at the time of retirement. It offers the benefit of 5 payout options.

Health Solutions

Health Assure and Health Assure Plus: Health Assure is a regular premium planwhich provides long term cover against 6 critical illnesses by providingpolicyholder with financial assistance, irrespective of the actual medical expenses.Health Assure Plus offers the added advantage of an equivalent life insurancecover.

Cancer Care: is a regular premium plan that pays cash benefit on the diagnosisas well as at different stages in the treatment of various cancer conditions.

Diabetes Care: Diabetes Care is the first ever critical illness product especiallyfor individuals with Type 2 diabetes. It makes payments on diagnosis on any of 6diabetes related critical illnesses, and also offers a coordinated care approach tomanaging the condition. Diabetes Care Plus also offers life cover.

Group Insurance Solutions

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ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhancebenefits to their employees.

Group Gratuity Plan: ICICI Pru's group gratuity plan helps employers fund theirstatutory gratuity obligation in a scientific manner. The plan can also be

customized to structure schemes that can provide benefits beyond the statutoryobligations.

Group Superannuation Plan: ICICI Pru offers both defined contribution (DC)and defined benefit (DB) superannuation schemes to optimize returns for themembers of the trust and rationalize the cost. Members have the option ofchoosing from various annuity options or opting for a partial commutation of theannuity at the time of retirement.

Group Immediate Annuities: In addition to the annuities offered to existingsuperannuation customers, we offer immediate annuities to superannuation fundsnot managed by us.

Group Term Plan: ICICI Pru's flexible group term solution helps provideaffordable cover to members of a group. The cover could be uniform or based ondesignation/rank or a multiple of salary. The benefit under the policy is paid to thebeneficiary nominated by the member on his/her death.

Flexible Rider Options

ICICI Pru Life offers flexible riders, which can be added to the basic policy at a marginalcost, depending on the specific needs of the customer.

Accident & disability benefit: If death occurs as the result of an accident duringthe term of the policy, the beneficiary receives an additional amount equal to therider sum assured under the policy. If the death occurs while traveling in anauthorized mass transport vehicle, the beneficiary will be entitled to twice the sumassured as additional benefit.

Critical Illness Benefit: protects the insured against financial loss in the event of9 specified critical illnesses. Benefits are payable to the insured for medicalexpenses prior to death.

Income Benefit: This rider pays the 10% of the sum assured to the nominee everyyear, till maturity, in the event of the death of the life assured. It is available onSmarKid and Cash Plus.

Waiver of Premium: In case of total and permanent disability due to an accident,the future premiums continue to be paid by the company till the time of maturity.This rider is available with LifeTime Super, LifeTime Super Pension and CashPlus.

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LIFE INSURANCE

WHAT IS LIFE INSURANCE?

Life insurance is a guarantee that your family will receive financial support, even in yourabsence. Put simply, life insurance provides your family with a sum of money shouldsomething happen to you. It thus permanently protects your family from financial crises.

In addition to serving as a protective cover, life insurance acts as a flexible money-saving

scheme, which empowers you to accumulate wealth-to buy a new car, get your childrenmarried and even retire comfortably.

Life insurance also triples up as an ideal tax-saving scheme. To know more, read the KeyBenefits of Life Insurance.

WHY LIFE INSURANCE?

Life insurance has come a long way from the earlier days when it was originallyconcerned as a risk covering medium for short periods of time, covering temporary risksituations, such as sea voyages as life insurance become more established, it was realized

what a useful tool it was for a number of situations including.

1. Temporary needs or threats:-

The original purpose of life insurance remains an important element, normally providingfor replacement of income on death etc.

2. Regular Savings:-

Providing for ones family and oneself as a medium to long term exercise. This hasbecome more relevant in recent times as people seek. Financial independence for theirfamily.

3. Investment:-Put family, the building up of savings while safeguarding it from the ravages of inflation.Unlike regular saving product, investment products are traditionally lump suminvestments, where the individual make a one off payment.

4. Retirement:-

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A provision for later years becomes increasingly necessary, especially in a changingcultural and social environment. One can buy a suitable insurance policy, which willprovide periodically payments in ones old age.

Insurance is the device by which the loss likely to cause by an uncertain event is spread

over a number of persons who are exposed to it and who propose to insurance themselvesagainst such an event.

A contract of insurance may be defined as a contract between two parties where by aperson undertakes in consideration of a fixed sum to pay to the other a fixed amount ofmoney on the happening of a certain event (death or attaining a certain age in case ofhuman life) or to pay the amount of actual loss when it takes place through a risk insured(in case of property).

The instrument containing the contract of insurance is known as policy. The personwhose risk is ensured is called the insured or assured and the person or the company

which insures is known as insurer or underwriter. The consideration in return for whichthe insurer agrees to make good the loss is known as premium. The thing or propertywhich forms the basis of insurance is called the subject matter of insurance. The interestof the insured in the subject matter is called the insurable interest. However it may benoted that insurance can not prevent loss of property or goods by fire or other perils. Itcan merely provide financial compensation for the effect of misfortune.

KEY BENEFITS OF INSURANCE

Life insurance, especially tailored to meet financial needs

Need for Life Insurance

Today, there is no shortage of investment options for a person to choose from. Modernday investments include gold, property, fixed income instruments, mutual funds and ofcourse, life insurance. Given the plethora of choices, it becomes imperative to make theright choice when investing your hard-earned money. Life insurance is a uniqueinvestment that helps you to meet your dual needs - saving for life's important goals, andprotecting your assets.

Let us look at these unique benefits of life insurance in detail.

Asset Protection

From an investor's point of view, an investment can play two roles - asset appreciation orasset protection. While most financial instruments have the underlying benefit of assetappreciation, life insurance is unique in that it gives the customer the reassurance of assetprotection, along with a strong element of asset appreciation.

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The core benefit of life insurance is that the financial interests of ones family remainprotected from circumstances such as loss of income due to critical illness or death of the policyholder. Simultaneously, insurance products also have a strong inbuilt wealthcreation proposition. The customer therefore benefits on two counts and life insurance

occupies a unique space in the landscape of investment options available to a customer.

Goal based savings

Each of us has some goals in life for which we need to save. For a young, newly marriedcouple, it could be buying a house. Once, they decide to start a family, the goal changesto planning for the education or marriage of their children. As one grows older, planningfor one's retirement will begin to take precedence.

Clearly, as your life stage and therefore your financial goals change, the instrument inwhich you invest should offer corresponding benefits pertinent to the new life stage.

Life insurance is the only investment option that offers specific products tailor-made fordifferent life stages. It thus ensures that the benefits offered to the customer reflect theneeds of the customer at that particular life stage, and hence ensures that the financialgoals of that life stage are met.

The table below gives a general guide to the plans that are appropriate for different lifestages.

Life Stage Primary Need Life Insurance ProductYoung & Single Asset creation Wealth creation plans

Young & Just married Asset creation & protection Wealth creation andmortgage protection plans

Married with kids Children's education, Assetcreation and protection

Education insurance,mortgage protection & wealthcreation plans

Middle aged with grownup kids

Planning for retirement &asset protection

Retirement solutions &mortgage protection

Across all life-stages Health plans Health Insurance

MAIN FEATURES OF INSURANCE

The insured must be exposed to a risk.

The event should be uncertain.

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There must be large number of persons exposed to similar risk.

The loss should be accidental in nature.

The potential loss should be large.

The risk should be capable of estimation.

The loss must not be a nature of a type of calamity likely to hit most of the

insured. There must be insurable risk.

The insurance must be affordable.

The insurance must not be against public policy.

PRODUCTS OF ICICI PRUDENTIAL

PLANS OVERVIEW

ICICI Prudential has a wide array of insurance plans that have been designed with thephilosophy that different individuals are bound to have differing insurance needs.

The ideal insurance plan is one that addresses the exact insurance needs of the individualthat will depend on the age and life stage of the individual apart from a host of otherfactors.

Life Insurance Plans:

Under Life insurance plans, ICICI Prudential offers plans under the following major needcategories:

1. Education Insurance Plans

2. Wealth Creation Plans3. Premium Guarantee Plans4. Protection Plans

1. Education Insurance Plans

One of your most important responsibilities as a parent is to ensure that your child getsthe best possible education that can be provided.ICICI Prudential offers a wide portfolio of education insurance plans that are designed toprovide peace of mind to you, as a parent, that your child's education will be secure.These plans ensure that money is made available at the crucial junctures in a child's

education - Class X, Class XII, graduation and post-graduation - to fund crucialcommitments for the child's future.Importantly, education insurance plans ensure that in the unfortunate event of the death ofa parent, the child's education continues unhampered.Under the education insurance plans platform, ICICI Prudential brings the followingproducts to you.

Smartkid new unit-linked ( Regular Premium ) ( Unit-linked )

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ICICI Prudential's SmartKid is a fixed-term insurance plan that provides you with fundsat regular intervals. The plan also keeps your family financially secure should anuntoward event ever occur.

Smartkid new unit-linked ( Single Premium ) ( Unit-linked )


Smart kid regular premium ( Traditional )


2. Wealth Creation Plans

Wealth Creation Plans give the customer the dual benefit of protection along with thepotentially higher returns of market-linked instruments. The most important benefit ofULIPs is the flexibility they give the customer in choosing the premium amount and alsochoosing the underlying fund in which this money is to be invested. Wealth creationplans also offer the customer more liquidity options as compared to traditional plans. Assuch, ULIPs are ideal for customers who want the protection of a life cover to be allied tothe returns of market linked instrument giving them an unmatched combination of

benefits.Under the wealth creation platform, ICICI Prudential brings the following products toyou.

Life Time Super ( Unit Linked )

As an individual who desires a lot from life-a car, a beautiful home and of course, thecomfort and contentment of your family-you would undoubtedly want to plan yourfinances such that you can take care of all your requirements.

Invest in ICICI Prudential's LifeTime Super policy-a regular-premium unit-linked policy,

which offers potentially higher returns that systematically enable you to meet your long-term financial objectives. In addition, LifeTime Super also provides the protective benefitof an insurance cover, which keeps your family secure, always.

Life Link Super ( Unit Linked )

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Well-deserved financial incentives, rewarding business profits and even ancestral moneyare precious amounts that you should invest immediately so they earn you potentiallyhigher returns in the long run.

Invest in ICICI Prudential's LifeLink Super policy-a single-premium unit-linked policy

that works best for investors who have in mind long-term financial goals, such as theeducation of a child or the purchase of a larger home.

Apart from the potentially higher returns that you can earn, LifeLink Super insures yourfamily against misfortunes with its protective insurance cover.

Premier Life Gold ( Unit Linked )

Knowing the dynamic nature of the environment and your profession, you certainlyprefer plans that do not require you to make long-term financial commitments. You

would much rather have the freedom to invest for short periods, say three or five years,and still enjoy good returns for the rest of your life.

ICICI Prudential's PremierLife Gold has been tailored to precisely meet yourrequirements. One of the finest wealth creation plans available, PremierLife Goldprovides you with the benefit of paying premiums for a brief period but enjoying the benefits of cover and potentially higher returns over the long run. Put simply,PremierLife Gold ensures you enjoy long-term benefits even when you make short-terminvestments.

Life Time Plus ( Unit Linked )

Invest in ICICI Prudential's LifeTime Plus-the only unit-linked plan that provides yourfamily with both, Sum Assured AND Fund Value. Both these amounts ensure your lovedones remain financially secure, regardless of life's uncertainties. This ideal wealthcreation plan also serves as a protective insurance cover.

3. Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is thePremium Guarantee plan - InvestShield Life New. Premium Guarantee plans are the ideal

insurance-cum-investment option for customers who want to enjoy the potentially higherreturns of a market linked instrument, but without taking any market risk.

Under the Premium Guarantee Plans platform, ICICI Prudential brings to you thefollowing products:

Invest Shield Life New ( UnitLinked )

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Save n Protect ( Traditional )

Guarantee your loved ones stay secure, even when you are unable to hold up theprotective umbrella yourself. Invest in ICICI Prudential's Save'n'Protect. In addition to

safeguarding your family, Save'N'Protect enables you to make regular, systematicsavings, so you can effortlessly provide your family with every comfort and meet yourlong-term financial objectives.

CashBak( Traditional )

ICICI Prudential's CashBak is a fixed-term insurance plan that provides you with funds atregular intervals. The plan also keeps your family financially secure should an untoward

event ever occur.

Home Assure ( Traditional )

Own your dream home, we will cover it!

Owning your very own home is a cherished dream. We want to ensure that this dreamcomes true, irrespective of what the future holds. We are pleased to bring you HomeAssure. This extremely affordable Term Life Insurance Plan offers you protectionagainst your loan amount with complete convenience in application. In case of anunfortunate event of death, the financial security of your family is not affected. The

family need not direct their savings towards paying off the outstanding loan. ICICIPrudential will pay the outstanding amount to the bank directly. Your family willcontinue to retain the home purchased by your hard earned money.

Retirement plans:-

To cater to the needs of a customer looking for retirement planning, ICICI Prudential presents a wide array of products. These products have been designed to take intoaccount the diverse set of needs that characterize individual customers.

1. Forever Life ( Traditional )

ICICI Prudential's ForeverLife is a complete insurance cum pension plan that performstwo crucial roles: it acts as a protective cover while you earn for your retirement, andprovides you with regular pensions once you retire.

2. Immediate Annuity ( Traditional )

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Security and comfort during retirement is a top priority for everyone. It forms the centralaspect of a dream that everyone hopes to achieve and realize at some point or the otherduring his or her life as a senior citizen.

If you fear that you've missed the bus as far as retirement planning is concerned, there is

no reason to despair. With ICICI Prudential's Single Premium Product, you can startearning an annuity income immediately after paying the premium. What's more, theannuity income is guaranteed for life which means that the insurance company pays youand your spouse (as the case maybe) a guaranteed pension till you live.

3. LifeTime Super Pension ( Unit Linked )

ICICI Prudential's LifeTime Super Pension policy is especially designed to help you

systematically save towards a joyful and satisfying retirement.

LifeTime Super Pension is a cost-effective plan that delivers great value in the long run.A regular-premium unit-linked pension policy, LifeTime Super Pension ensures you earna fixed income, for your entire life after retirement. So you can relax and live momentsthat truly matter.

4. LifeLink Super Pension ( Unit Linked )

ICICI Prudential's LifeLink Super Pension has been especially tailored for individualswho would much rather make a lump-sum investment than pay premiums at regularintervals for their retirement planning. A cost-effective single premium unit-linkedpension policy, LifeLink Super Pension provides potentially higher returns that ensureyour golden years are secure and peaceful.

Invest in LifeLink Super Pension today and watch your money multiply every month,right up to the day you retire. Receive an assured income from your retirement day, forthe rest of your life. Read more about the features and benefits of this plan.

Health Product Suite:-

1. Health Assure

When you suffer at the hands of an illness, your loved ones urgently do all they can toheal you and restore your health and happiness. During their difficult moments youwould undoubtedly wish they had strong support-an additional source of income withwhich you and your family could meet the sudden medical expenses.

ICICI Prudential's HealthAssure has been thoughtfully structured, by compassionateinsurance experts, such that you can financially secure your health. HealthAssure

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provides an insurance cover against 6 critical illnesses, including Cancer, Bypass Surgeryand Heart Attacks. In an emergency, you can claim up to Rs. 10 lakhs and safely meetyour critical expenses.

2. Health Assure Plus

Illnesses have a way of sneaking up on us, weakening our financial stability and stealingour family's peace of mind. It is best to keep oneself insured at all times against the mostcritical illnesses that are also the most common: Cancer, Coronary Artery Bypass Graft orSurgery, Heart Attack, Kidney Failure, Major Organ Transplant, and Stroke.

ICICI Prudential's HealthAssure Plus financially insures you against these six criticalillnesses. Should you ever be diagnosed with one or more of these, HealthAssure Plusprovides you with a fixed sum, irrespective of your actual medical expenses. The healthplan thus shoulders the heavy costs of your treatment and ensures you stay financially

stable, come what may.

This financial guarantee during illness is not all that HealthAssure Plus delivers.HealthAssure Plus comes with an added benefit: it insures your life, as well. So should anunexpected accident or disability claim your life, your family will receive the entire SumAssured-an amount large enough to ensure they live securely, even in your absence.

3. Cancer Care

Cancer can attack anyone, anywhere, at any time. But this truth is only one part of thewhole picture. Doctors also verify that those with a family history of Cancer areespecially prone to being affected by it.

Given all these important facts, have you stopped for a moment and asked yourself,"Why have I not insured myself against Cancer?"

ICICI Prudential suggests you insure yourself, right away, with Cancer Care-acomprehensive Cancer insurance policy, which enables you and your family to stayfinancially and mentally secure should you be diagnosed with early or advanced Cancer.

4. Diabetes Care

Diabetes Care is the 1st ever critical illness insurance policy for Type 2 diabetics and pre-diabetics. Diabetes Care not only provides financial support but also helps you manageyour condition more effectively.

Key Benefits of Diabetes Care

Lump-sum payment on diagnosis of any one of thesix critical illnesses.

Optional coverfor eye & foot complications.

Wellness program - 3 Free check-ups and a consultation with a doctor every year.

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Reduced Premium on display of good control.

Tie-ups with leading healthcare partners to help you Manage diabetes.

Web support for better diabetes control.

Tax benefit under Section 80D of the Income Tax Act.

The lump-sum amount is paid on diagnosis, irrespective of your expenses. We don'trequire any medical bills and you can use the benefit amount to meet cost of treatmentand any other concomitant expenses.

5. Diabetes Care Plus

Diabetes Care Plus is the 1st ever insurance policy that covers critical illnesses and deathfor Type 2 diabetics and pre-diabetics. Diabetes Care Plus not only provides financial

support but also helps you manage your condition more effectively.

Key Benefits of Diabetes Care Plus

Lump-sum payment on diagnosis of any one of thesix critical illnesses or death.

Wellness program - 3 free check-ups and a consultation with a doctor every year.

Reduced Premium on display of good control.

Tie-ups with leading healthcare partners to help you Manage diabetes.

Web support for better diabetes control.

Tax benefit under Section 80C of the Income Tax Act.

The lump-sum amount is paid on diagnosis, irrespective of your expenses. We don'trequire any medical bills and you can use the benefit amount to meet cost of treatmentand any other concomitant expenses.

Group Plans:-

ICICI Prudential offers a suite of Group Insurance plans that provide both you and youremployees with a host of benefits:

1. Group Super Annuation:

This flexible plan for both, defined benefit and defined contribution, provides retirement& tax benefits applicable to an approved superannuation trust.

2. Group Gratuity Plan:

This hassle-free plan enables you to effortlessly fund your statutory gratuity obligation.

3. Annuity Solutions:

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This suite of retirement plans enables you to provide your employees with a steadyincome all through their retired lives.

4. Group Term Insurance Plan:

This insurance plan provides affordable cover to all your employees.

5. Group Term Insurance in lieu of EDLI:

This plan is certified by Employee Provident Fund Organization (EPFO) as a superioralternative to Employee's Deposit Linked Insurance Scheme.

RIDERS:-

Critical Illness Benefit Rider

Accident & Disability Benefit Rider

Income Benefit Rider Waiver of Premium Rider (WOP)

ICICI Prudential gives you the freedom to form your very own comprehensive insurancepolicy by adding the rider benefits to the basic life insurance policy. Add from thefollowing list of benefits to increase the scope of your policy, at a nominal cost.

1. Critical Illness Benefit Rider:-

This rider provides protection against 9 critical illnesses, namely: Major organtransplants, complete renal failure, Stroke, Paralysis, Heart attack, Valve replacement

surgery, Major surgery of the aorta, CAGS (Bypass) and Cancer.

Benefits paid on contracting the illness:-

Accelerated benefits (available with savenProtect and CashBak): If the policyholder isdiagnosed with any of the specified illnesses, then the policyholder is paid the entire sumassured under the rider. The policy along with all the riders (to the extent of the RiderSum Assured) is then terminated. However, the remainder of the base policy continuestill the end of the term. The policyholder will have to continue paying his premiums forthe remainder of the policy.

Standalone benefits (available with LifeTime, Super, PremierLife, Gold, Lifetime Plus,Forever Life, Group Term Plan): If the policyholder is diagnosed with any of thespecified illnesses, he/she is paid the rider Sum Assured and the rider terminates.However, the base policy continues till maturity.

Premiums paid under this rider are eligible for tax benefits under Section 80D.

2. Accident & Disability Benefit Rider:-

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Benefits payable on death due to an accident

If the policyholder dies due to an accident, 100% of the rider sum assured is paid inaddition to the basic sum assured.

In case the policyholder dies in a land surface, mass public transport system wherein thepolicyholder was traveling as a fare-paying passenger, then 200% of the rider sumassured is paid.

Benefits payable in case of permanent disability due to an accident

If the policyholder survives an accident but becomes permanently disabled then thepremium for the basic plan is completely waived off to the extent of the rider sumassured. Plus, 10% of the rider sum assured is paid for the next 10 years, which helps inproviding that extra money and takes care of sudden financial set back that occurs after atragic disability.

Accident & Disability Benefit rider is available with LifeTime Super,PremierLife Gold,Lifetime Super Pension, Lifetime Plus,SmartKid New ULRP,Save n Protect, Cashbak,ForeverLife,LifeGuard ROP, LifeGuard WROP, Group Term Plan.

Premiums paid under this rider are eligible for tax benefits under Section 80C.

3. Income Benefit Rider:-

In case of death of the life assured during the term of the policy, 10% of the rider sumassured is paid annually to the beneficiary, on each policy anniversary till maturity of the

rider. Income Benefit rider is available with SmartKid Child Plans.


4. Waiver of Premium Rider (WOP) :-

On total and permanent disability due to an accident, all future premiums for both thebase policy and rider(s) will be waived till the end of the term of the rider or death of thelife assured, if earlier.

Waiver of Premium rider is available with LifeTime Super, Lifetime Plus, Lifetime Super

Pension, SmartKid New ULRP, LifeGuard ROP, LifeGuard WROP.


Rural Plans:-

1. Preamble on ICICI prus Rural Business Initiative:-

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ICICI Prudential covers more than 6,50,000 lives across as many as 17 states in India.Both our rural plans, Suraksha and Suraksha Kavach, are tailored to meet the uniquerequirements of rural investors. The plans offer:

Life Cover

Low and Affordable Premiums Hassle Free Procedure

2. ICICI PRU Suraksha:-

ICICI Prudential's Suraksha provides financial support to the policy holder's familymembers or nominees in the unfortunate event of the death of the policy holder. This planis purely a 'life cover' and does not provide for savings or maturity benefits. The policy

can be availed in both the regular and single premium modes.

3. ICICI Pru Suraksha Kavach:-

Suraksha Kavach is different from Surkasha in that it is sold exclusively through MicroFinance Institutions (MFIs) when a customer avails of a loan. The primary goal ofSuraksha Kavach is to pay off the outstanding loan amount in the event of the policyholder's death, thereby safeguarding the financial future of his or her family members.

This policy can be availed in single premium modes only. The policy is assigned to alending institution that becomes the beneficiary and provides the policy holder with a

cover for the loan amount.

NRI Plans:-

Being away from India doesn't mean you have to compromise the safety and security ofyour loved ones. In fact, your savings from your time overseas can be easily channeled tomeet your family's needs - now and for the future. So, whether it's your dream to retire inyour hometown; to secure funds for your children's education; or to build assets, ICICIPrudential has a range of solutions that can be customized to meet your needs.

Life Insurance

Retirement Solutions Health Solutions

NRI Premium Payment Options:

Using our premium payment options, you can make your premium payments online in asimple, hassle-free manner.

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Choose the mode of payment mode that suits you from the following options.

Credit Card:

You can use the convenience of an International Credit Card (MasterCard or Visa) tomake your premium payments. All you have to do is to submit this form along with aclear photocopy of the front side of your Credit Card. You can submit the form at any ofourbranch offices, mail it to ourcommunication addressor hand it over to your advisor.

Premium Payment Through Website:

Online Premium payment enables you to make renewal premium payments and reviveyour policies through our website. To avail this facility, you have to log into your

customer account and choose 'Pay Online' option. Payment options for premium paymentare credit card (Master/Visa) and Net Banking.

Banks for which Net Banking facility is available are: Bank of India, Centurion bank ofPunjab (erstwhile Bank of Punjab), HDFC Bank, ICICI Bank, IDBI Bank, IndusIndBank, Punjab National Bank, Union Bank of India, UTI Bank.

Cheque / Demand Draft ( DD ):

If you choose to pay your premiums through cheques, please draw your cheque in favourof "ICICIPrulife, Policy Number xxxxxxxx". Do mention your name and contact

number on the reverse of the cheque. Incase you choose to make your premiumpayments through demand drafts, please draw your demand draft in favour of "ICICIPrudential payable Mumbai''. Please do mention your name, policy nos & contact noson the reverse of the demand draft. Please note, we only accept cheques and demanddrafts which are in Indian rupee denominations. The premium cheques can either besubmitted at our Bahrain Representative office or can be given to our sales personnel.

Electronic Clearing System ( ECS ):

ECS is an automated facility which debits your premium from the bank account specifiedby you, within 7 days of your premium due date.

To avail this facility, you have to submit the ECS form along with a cancelled cheque(which helps us record the MICR code of your bank- see image). Once you submit thisform, we can activate the ECS facility for your policy number.

Please note that the ECS facility can be availed only through NRE accounts & premiumwill be debited in Indian currency.

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Bill Junction:

You can authorize your premium payments online through Bill Junction.

Register yourself at Bill Junction and follow the instructions on their web-sites.

Direct Remittance:

You can now make your payments by directly remitting money from your ICICI BankNRI account into our ICICI Prudential a/c.

Life Insurance FAQs

Nomination

Claims

Policy Servicing

Surrender / Partial Withdrawal / Assignment

1) What is life insurance?

Life Insurance is an agreement that guarantees payment of a stated amount of monetarybenefits at the end of a specified term or on the death of the life insured.

2) Why do I need life insurance?

Life Insurance provides for financial security in the event of death or on the inability toearn due to physical disabilities. Besides providing for financial security in the case of

one's untimely death, it can be used to accumulate a kitty for your old age, systematicallybuild assets, for funding your child's education and also for saving on taxes.

3) I know I need life insurance, but cannot afford the coverage I need. Can I do

anything to lower the cost?

The cost of life insurance depends on three factors: your age, health and your income. Wesuggest that you not compromise on the level of protection you require. You could purchase a basic protection policy that gives you the opportunity to pay only theminimum premium. You can choose this affordable policy, without any riders.

4) Where can I find more information on life insurance?

Our certified insurance advisors understand your requirements and propose the suitablelife insurance policy for you. To get in touch with our advisors click here or write to us [email protected].

Nomination

1) What is nomination? And who is a nominee?

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Nomination is a right conferred on the life insurance policyholder to appoint a person orpersons to receive the policy monies in the event of the policy becoming a claim bydeath. Any policyholder, who is a major and the life insured under a policy, can make anomination.A nominee is the person designated by the policyholder to receive the proceeds of an

insurance policy, upon the death of the insured.

2) Can I change my nomination?

Yes. You can change your nomination at any time till the maturity date. All you need todo is to inform us about the change through the specified form.

3) What details am I to provide about the nominee/s?

The following details are necessary when filling in the proposal form: full name of thenominee, address, age, and the relationship between you and the nominee.4) What is the difference between nomination and assignment?

While nomination is an authorization to receive the policy monies in the event of death of

the life assured, it does not give the nominee an absolute right over the money received tothe exclusion of other legal heirs. Further, the nomination can be revoked or cancelled atany time during the lifetime of the policyholder at his will and pleasure or by asubsequent assignment.On the other hand, assignment of an insurance policy is a transfer or assignment of allrights and liabilities of the insurance policy in favour of the assignee.

Claim

1) What is a Claim?

A claim is the payment made by the insurer to the insured or claimant on the occurrenceof the event specified in the contract, in return for the premiums paid for the insured.

2) What parameters are considered by the company while asking the claimant to

submit particular records / document?

The Company considers the Sum at risk, cause, circumstances of claim and duration ofthe policy while asking for certain requirements. Eg. For accidental death, specific proofssuch as Post Mortem and Police Report are required whereas for death due to illness, theCompany calls for records from hospital, test reports, etc

3) Once all the requirements are submitted, how much time does the Company take

to settle the Claim?

The Company settles the Claim within 8 working days after all the records, documentsand necessary forms are submitted and documentation is completed.In case, the Claim warrants further verification, the Company keeps the Claimantinformed of the same. Subsequently, when the decision is taken, it is communicated tothe Claimant by a letter. From November 2005, we have started sending SMS Alerts tothe advisor of the policy to enable the quick communication of the decision of theclaimants.

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4) What is IRDA?

IRDA is Insurance Regulatory Development Authority, that has been set up to protect theinterests of the policy holders, to regulate, promote and ensure orderly growth of theinsurance industry and for matters connected therewith or incidental thereto. [Thisdefinition has been taken from the IRDA website]

5) What are IRDA guidelines pertaining to Claim processing?

As per IRDA (Insurance Regulatory Development Authority), the Insurance Company isrequired to settle a claim within 30 days of receipt of all requirements.However, if the claim warrants further verification, the Company should complete its procedures within 6 months from receipt of written intimation of the claim. If theCompany settles the claim beyond 6 months period, the interest is payable by theCompany on the claim amount. The interest is payable only where the Claimant hassubmitted all the requirements. Further, rate and period of interest are decided as perIRDA guidelines.

6) Who is entitled to receive the Claim benefit? The nominee or appointee (in case of minor nominee) last recorded under the Policy incase of Policy on own life. The proposer in case the Policy is not on own life. Assignee in case the Policy was assigned. Life Assured himself in case of policy on own life for living benefit claims (Eg CriticalIllness rider)

7) How do I make a Maturity Claim?

You must send us the:- Completed Claim form- Policy of life assurance- Proof of age, if not submitted earlier

Policy Servicing

1) What is the benefit of opting for riders / add-ons?

Riders / add-ons are the additional benefits that can be added to the basic old policiesprior to July 1, 2006, by paying a marginal additional premium. Riders offered by us are:a. ADBR: Accident & Disability Benefit Riderb. ABR: Accident Benefit Riderc. CIBR: Critical Illness Benefit Riderd. WOPR: Waiver of Premium Ridere. IBR: Income Benefit Rider.

2) What is the difference between switch and redirection?

A switch will enable you to shift the existing units of your unit-linked policy into a newfund and will not change your future premium allocation.

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A premium redirection will enable you to change your allocation for all the futurepremiums of your policy. However, your existing units will not be shifted into a newfund.

3) In case I lose my policy document how do I obtain a duplicate policy?

You will need to pay the charges towards the issue of a duplicate policy, which will alsoinclude the charges for stamp fee. We will send a Duplicate Policy Request form thatyou will need to fill and send us. You will also need to send us additional requirementslike FIR copy/advertisement in the newspaper

4) How will the Net Asset Value (NAV) be calculated for my servicing requests?

The Net Asset Value (NAV) is applicable at the time of valuation/purchase. It iscalculated as the value on the day you make a transaction request (provided it is aworking day).

5) How do I notify a change in address? OR How can I change my policy details?

You have the following options:1. Download the Change Request form from the Download Centre section of ourwebsite, fill and send it to us.2. Call our Customer Service Helpline numbers mentioned in the Contact Us section ofthe website.3. Or write to us at the corporate address mentioned in the Contact Us section of thewebsite.

6) How do I effect a Top- up/Fund Switch/Premium Redirection?

1. Download the appropriate form from the Download Centre section of our website, fillin and send it to us.2. Alternatively, you can Contact Us at any of our touch points.

7) Can I change the frequency of payment for my policy?

Yes, you can change the premium frequency from low (annual) to a higher frequency (bi-annual or monthly) or vice-versa.

8a) What do I need to do when the life assured becomes a major?

When the life assured becomes a major, you need to submit the proof of his/her age withhis/her correct date of birth. You also need to write a covering letter.

8b) Can I change the date of birth after the free look period? If yes, what are the

documents required?

Yes, you can change the date of birth after the free look period. All you need to do issubmit the proof of age with the correct date of birth, along with a covering letter.

9) When does a policy lapse?

A policy lapses when the policy holder fails to pay the premium even within the graceperiod. In this case, the policy loses all its benefits.

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Surrender / Partial Withdrawal / Assignment

1) Can I surrender my policy?

After you pay premiums for at least three consecutive years, your policy acquires asurrender value and you can surrender the policy. If you have an ICICI Prudential single

premium policy, you can surrender your policy after the first year.

2) What do I need to do to surrender my policy?

You need to submit a Surrender Request form which is available in Download Centresection of our website. Alternatively, you can contact us at any of our touch points.

3) What is partial withdrawal?

Partial withdrawal of a policy implies withdrawal of only a part of the funds of yourpolicy. The applicable norms for partial withdrawal may differ for every product. Forproduct-specific details on the same, please refer to the respective product brochures thatare available in the Products section of our website.

4) What are Top-ups?

Top-ups are one-time payments. You have the flexibility to make an additionalinvestment through a top-up, which is over and above your regular premium payments.You can make a top-up at any time while your policy is in force. The applicable normsfor top-ups may differ for every product. For product-specific details on the same, pleaserefer to the product brochures available in the Products section of the website.

5) What is transfer or assignment of a life insurance policy?Transfer or assignment is a method of transferring ones transferable interest in a lifeinsurance policy to another person or institution, for example, as a security for repaymentof loans.

6) Can I assign a policy?

Yes, you can assign a policy. To assign the policy, you have to notify us regarding theassignment.

7) How do I assign a policy or transfer a life insurance policy?

Assignment or transfer of a life insurance policy may be made by simply making anendorsement to that effect in the policy document. Another way of transferring orassigning the life insurance policy is to get a separate assignment deed executed.The former case is the preferred mode of assignment as it is exempt from further stampduty. An assignment should be signed by the assignor or his duly authorized agent, andshould specifically state the fact of transfer or assignment. The document should beattested by at least one witness.

8) Is assignment allowed on all the insurance plans?

Assignment is applicable on all insurance plans except Pension Policies and MarriedWomens Property Act (MWP).

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TAX BENEFITS ON INSURANCE

Tax Benefits on Insurance & Pension:

Life insurance and retirement plans are effective ways of saving taxes.

The tax breaks that are available under our various insurance and pension policies aredescribed below:

1 Our life insurance plans are eligible for deduction under Sec. 80C.

2 Our Pension plans are eligible for a deduction under Sec. 80CCC.

3 Our health insurance plans/riders are eligible for deduction under Sec. 80D.

4 The proceeds or withdrawals of our life insurance policies are exempt under Sec10(10D), subject to norms prescribed in that section.

Tax Rates for Individuals:

Total Income (Rs.) Rate of Tax

Senior Citizens Women Below

65 years

Others

Upto Rs. 100000/- Nil Nil Nil

Upto Rs. 100000/- to Rs. 135000/- Nil Nil 10%Above Rs. 135000/- to Rs. 150000/- Nil 10% 10%

Above Rs. 150000/- to Rs. 185000/- Nil 20% 20%

Above Rs. 185000/- to Rs. 250000/- 20% 20% 20%

Above Rs. 250000/- 30% 30% 30%

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In case where the Total Income exceeds Rs 10,00,000, there would be a surcharge @10%.Marginal relief is available to assessee whose income just exceeds Rs. 10,00,000.

Education Cess on Income Tax

Education Cess @2% will be payable on the amount of income tax (including surcharge).

Explanation of Tax Benefits:

Premiums paid for Life insurance - Deduction under Section 80C

1. Category of assesses allowed deduction: Individual assessee and Hindu UndividedFamily assessee.

2. Eligible Savings: Premiums paid or deposited by assessee to effect or to keep in forceinsurance on the life of following persons:- In case of individual assessee - Himself/herself, spouse, children of such individual- In case of HUF assessee - any member

3. 20% limit: If the amount of premium paid in a financial year for a policy is in excess

of 20% of the actual capital sum assured, then deduction will be allowed only forpremiums upto 20% of the sum assured.

4. Limit on amount of deduction: Deduction will be restricted to investments upto Rs100,000 in savings specified under Section 80C (including life insurance premiums). Ifany investments have been made under Section 80CCC and 80CCD, then the qualifyingamount under Section 80C will stand reduced to that extent.

Premiums paid for Pension plans - Section 80CCC

1. Permitted Deduction: Section 80CCC allows for deduction of premiums paid under

a pension plan. As per this Section, premiums paid upto Rs 1, 00,000 by an individual isallowed as deduction from his total income.

2. Disallowance: This benefit will be reversed if the policy lapses / is cancelled.

3. Limit: It may be noted that from FY2005-06, the limit of deduction under Section80CCC will be part of the overall limit prescribed under Section 80CCE.

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4. Receipt under Policy: Amounts received on surrender (whole/part) of annuity plan,amounts received as Pension is taxed as income.

Premiums paid for medical insurance - Section 80D

1. Category of assesses allowed deduction: Individual assessee and Hindu UndividedFamily assessee.

2. Eligible premiums: Premiums paid by assessee by cheque out of his taxable incometo effect or to keep in force insurance on the health of following persons:

- In case of individual assessee - Himself/herself, spouse, dependantchildren and dependant parents.

- In case of HUF assessee - any member of HUF3. Deduction and upper limit: The qualifying amounts under Section 80D is up to Rs10,000/-. However, a higher amount of up to Rs 15,000/- is permitted if the person, forwhose health insurance the premium was paid, was aged 65 years or more at any timeduring the financial year in which the premium was paid. Such amounts of premium paidwould be allowed as deduction from the total income of the assessee.

Overall deduction limit - Section 80CCEA new Section 80CCE has been inserted from FY2005-06. As per this section, themaximum amount of deduction that an assessee can claim under Sections 80C, 80CCCand 80CCD will be limited to Rs 100,000.

Benefits under insurance policy - Section 10(10D)

As per Section 10(10D) of Income tax Act, 1961, any sum received under a life insurance

policy, including the sum allocated by way of bonus on such policy is exempt from tax.However, this rule does not apply to following amounts:

- sum received under Section 80DD(3), or - any sum received under a Key man Insurance Policy, or - any sum received other than as death benefit under an insurance policy which has

been issued on or after April 1 2003 and if the premium paid in any of the years duringthe term of the policy is more than 20% of the sum assured.

Rebate in respect of Securities Transaction Tax (STT) paid

1. Section 88E has been introduced by Finance Act (No 2) of 2004.

2. As per the provisions, where total income of an assessee includes any income underthe head 'Profits and Gains from Business or Profession' arising from taxable securitiestransactions, he shall be entitled to a rebate from the income tax on such income.

3. Amount of rebate: Amount of STT paid in respect of taxable securities transactionsentered into in the course of business during that previous year.

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4. The deduction will be allowed if proof of payment of STT is furnished along with thereturn. The proof has to be furnished as per the format prescribed by Income Tax.5. Maximum deduction shall be equal to the amount of income tax on above income.

The above information is to give a general overview of some aspects of the tax laws asprevailing currently (as of end Jan 2006), and is not and neither intended to be a taxadvice. The above information is subject to change with the change in tax laws. Companyis not liable to inform change in the above to any person. The above provisions mayapply differently as per the specific situation of a person.

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OBJECTIVES OF THE STUDY

To study the satisfaction level of the employees.

To study the turnover of the employees.

To study the relationship between job satisfaction and turnover.

To analyze the stability of existing employees and their desire for change.

To give suggestion so that the problem of turnover can be eliminated.

SOURCES OF THE STUDY:-

In order to meet the requirement of the project various primary and secondary sourceswere used. It includes:-

PRIMARY SOURCES:-

Questionnaires were used as a source to retrieve the required information. Moreover,employees at various levels were personally interviewed so that a true picture can beanalyzed.

SECONDARY SOURCES:-

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To make the projects requirement conducting personal interviews and filling up ofquestionnaires by employees is necessary but it is not possible to interview all theemployees, so sampling technique is used. And for the information of the ICICIPrudential life Insurance Company the internet service is used.

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Scope of the Study

Scope defines the units to be covered and the practical implications of the study. To getgood results there must be a specific area and a respondent to which your study isconcerned. Therefore we covered following areas for our study-

Mohali

Barnala

Fatehgarh Sahib

We met the employees of the ICICI Pru. Life Insurance Company and we met with alllevel of employees. We divided the respondents in following segments.

Top Level Employees

Middle Level Employees

Lower Level Employees

The findings of the survey will be useful for the ICICI Recruitment Department. Theywill be able to know about there employees level of job Satisfaction and what steps willbe taken in future to increase the employees satisfaction level.

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AN INTRODUCTION

Job satisfaction is the amount of pleasure or contentment associated with the job. It is anindividuals emotional reaction to the itself. It is his attitude towards his job. Jobsatisfaction is the end feeling of a person after performing a task. The job will besatisfying if it fulfills his dominant needs and is consistent with his expectations andvalues. Job satisfaction is the result of various attributes possessed by an employee. In anarrow sense, these attributes are related to the job and are concerned with such specificfactors as wages supervision, steadiness of employment, conditions of work,

advancement opportunities, recognition of ability fair evaluation of work, social relationson the job, prompt settlement of grievances, fair treatment by employee and other similaritems.

However, a more comprehensive approach requires that many additional factors beincluded before a complete understanding of job satisfaction can be obtained. Suchfactors as the employees age, health, treatment, desires, and level of aspiration should beconsidered. Further, his family relationships, social status, recreational outlets, activity inorganizations labor, political or purely social contribute ultimately to job satisfaction.

In short, job satisfaction is a great attitude, which is the result of many specific attitudesin three areas namely specific job factors, individual characteristics and grouprelationship outside the job.

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ATTRIBUTES OF JOB SATISFACTION

There are various attributes of job satisfaction:-

1. CONGENIAL ENVIRONMENT:-

Congenial environment refers to the friendly environment in which everyone is enjoyingthe company of others. Congenial situation is one which is pleasant, friendly, cooperativeand enjoyable.

2. OPPORTUNITY & ADVANCEMENT:-

Opportunity refers to a chance to do something or a situation in which it is easy foreveryone to do something and this enhanced the growth of the employees. Advancementin job denotes the formal progress in career, which helps to develop the personal skills ofan employee and keep them visionary.

3. SECURITY & STABILITY:-

Security gives a person a possession regarding the job. It is social and job security tosatisfy our needs. We all need security i.e. job security and self security. They too needpensions, gratuity, insurance plans to feel secure.

Stability refers to a situation in which things happen as they should and there are noharmful changes. Stability can be political, economic or social stability.

4. JOB RELATED AUTONOMY:-

Job means that we are doing work under someones authority but when we talk about jobautonomy, than it means that while working we have some own right to work.Somewhere our WILL play role, i.e. to govern ourselves.

5. COMMITMENT TO WORK:-

When we join organization we do take oath for the fulfillment of organization objectivesand for this we always try to accomplish the work properly and show positive attituderegarding fulfillment of work.

6. ATTACHMENT TO THE ORGANISATION:-

When an employee join an organization, it has some own personal job to be fulfilled butslowly he start attaching to the environment prevailing in the organization till the day hework over there.

7. CHALLENGING JOB:-

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Each task is always challenging while employee may be at high/medium position. Ateach level of work risk is present and facing that risk and giving our efforts for fulfillingthe goals of organization, the job itself becomes challenging job.

8. SHARED VALUES:-

Every person has his own feelings and values, as his attachment with organizationpredicts that how he share his values with other employees and how others agree abouthis views and how he too agree on others values.

9. HEALTH AND SAFETY:-

Every organization takes the responsibility about health and safety. The measures aretaken special care of it, how arrangements made by company for the protection andmaintainence of employees health. They are protected from hazardous chemicals, specialmedical facilities; special transportation is available for emergency.

10. WORK LIFE BALANCE:-

Our professional and personal life is part of work life balance. They should be properlymanaged. It is not like that one should be careless regarding his work if taking of his personal life and same, if handling work, should not forget his family, as he hasresponsibility of family also.

11. COMPENSATION:-

Remuneration plays a important role while working. Every body needs a good amount ofsalary package and with regular time they too needs some bonus or incentives or cashgifts occasionally or for other time.

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EMPLOYEE TURNOVER

As we all know that there is reverse relationship between job satisfaction and employeeturnover. If the employees are not satisfied with their job then the employee turnoveroccurs. If the employee satisfied with their job then the employee turnover does notoccurs. There are many reasons for employee turnover e.g. better designation; salary etc.employee turnover refers to rate of change in the workforce of an organization during agiven period of time. It is a measure of the extent to which old employees leave theorganization for an reason such as better future prospects, growth, further studies etc.turnover in any organization can be viewed both in positive and negative ways. Turnovercan be considered positive in a way that at provides opportunities to new employees toserve the organization.

High turnover is costly to the employers in the following ways:-

Hiring cost involved in repeated recruitment, selection and placement ofemployees.

Expenditure incurred on orientation and training of employees goes waste.

Smooth working of the organization and quality of the work suffer.

The team spirit among employees is distributed as well as new employees needssometimes to develop friendly relations with existing employees.

Market reputation of the organization suffers due to high turnover.

High turnover is harmful to the employees in the following ways:-

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An employees who changes his job quite often looses the opportunity ofpromotion on the basis of seniority.

The special skills and experience developed in an organization may becomemeaning less in another organization.

The work environment differs from one organization to another. The shifting

employees may not be able to adjust to the new organization.

JOB SATISFACTION

Various factors that influence job satisfaction are as follows:

Job content in terms of achievement, recognition, advancement and responsibility.

Higher pay and better opportunities for promotion.

Healthy working environment.

Understanding with peers and superiors.

Personal characteristic.

DEFINITI

employe satisfaction level-kulwinder and amandeep

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