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Transcript of New Project of Health Saver Plans of ICICI Prudential
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IN COMPANY TRAINING REPORT
ON
ANALYTICAL STUDY ON HEALTH SAVER PLANS OF
ICICI PRUDENTIAL LIFE INSURANCE
COMPLETED IN
ICICI PRUDENTIAL LIFE INSURANCE
SUBMITTED IN THE PARTIAL FULFILLMENT OF THE REQUIREMENT OF
BACHELOR OF BUSINESS ADMINISTRATION (BBA)
GURU JAMBHESHWAR UNIVERSITY OF SCIENCE & TECHNOLOGY, HISAR
TRAINING SUPERVISOR SUMBITTED BY
Enrollment No.
SESSION 2009-2012
GURU JAMBHESHWAR UNIVERSITY OF SCIENCE & TECHNOLOGY,
HISAR-125001
STUDENT DECLARATION
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This is to certify that the project Report entitled Analytical study on Health Saver
plans is my original work and this has not been submitted in part or full to this or any
other university/institution for the award of any degree or diploma.
NAME:
ENROLMENT NO.:
ACKNOWLEDGEMNT
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It gives us immense pleasure and satisfaction in expressing our gratitude towards all
individuals who have indirectly helped us in this project report.
Working on this project was an excitement challenge and a new exposure in the field of
marketing at the outset we would like acknowledge our special thanks to
_____________________________ for his invaluable help and guidance without which
this project would not havebeen successful.
Enrollment No.
CONTENTS
1. INTRODUCTION
1.1 Overview of Industry as a whole
1.2 Profile of the organization
1.3 Introduction to the Topic
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2. OBJECTIVE AND METHODOLOGY
2.1 Objectives of the study
2.2 Research Methodology2.3 Limitations
3. DATA ANALYSIS & INTERPRETATION
4. FINDINGS
5. RECOMMENDATIONS
ANNEXURE
CHAPTER-1
1.1 OVERVIEW OF INDUSTRY AS WHOLE
Insurance in India
The insurance sector in India has come a full circle from being an open competitive
market to nationalization and back to a liberalized market again. Tracing the
developments in the Indian insurance sector reveals the 360 degree turn witnessed over a
period of almost two centuries.
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A Brief history of the Insurance Sector
The business of life insurance in India in its existing form started in India in the year
1818 with the establishment of the Oriental Life Insurance Company in Calcutta.
Some of the important milestones in the life insurance in India are;
1912: The Indian Life Assurance
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 and
Development Authority (IRDA) Bill 1999 paving the way for entry of private companies
into both life and general sectors there was bound to be new-found excitement- and new
success stories. Today, just three years since their entry, their cumulative share has
crossed 13% (source: IRDA), far exceeding expectations. Clearly insurance is on a
growth path.
The percentage of premium income to GDP which was just 2.3% in 2000-01 rose to 3.3%
in 2002-03; and life insurance has emerged as the dominant contributor to this growth.
The industry presented a huge opportunity. Life insurance penetration, for instance, was
at an abysmal 22% of the insurable population. However, private players have had to rise
to many challenges. They were faced with attitudinal
barriers towards the category and the perception that insurance was only a tax saving
tool. Insurance per se had lost it basic rationale: protection. It wasnt surprising then that
its potential lay frozen and unexploited. The challenge for private insurance players was
to change the established category driver and get customers to evaluate life insurance as
an investment-cum-protection tool.
PREMIUM UNDERWRITTEN BY LIFE INSURERS
The life insurance industry recorded a premium income of Rs.82854.80 crore during the
financial year 2005-06 as against Rs.66653.75 crore in the previous financial year, recording a
growth of 24.31 per cent. The contribution of first year premium, single premium and renewal
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premium to the total premium was Rs.15881.33 crore (19.16 per cent); Rs.10336.30 crore
(12.47 per cent); and Rs.56637.16 crore (68.36 percent), respectively. In the year2000-01, when
the industry was opened up to the private players, the life insurance premium was
Rs.34,898.48 crore which constituted of Rs. 6996.95 crore of first year premium, Rs. 25191.07
crore of renewal premium and Rs. 2740.45 crore of single premium. Post opening up, single
premium had declined from Rs.9, 194.07 crore in the year 2001-02 to Rs.5674.14 crore in
2002-03 with the withdrawal of the guaranteed return policies. Though it went up marginally in
2003-04 to Rs.5936.50 crore (4.62 per cent growth) 2004-05, however, witnessed a significant
shift with the single premium income rising to Rs. 10336.30 crore showing 74.11 per cent
growth over 2003-04.
(Rs. lakh)
Insurer 2004-05 2005-06
First year premium including Single premium
LIC* 1734761.74 2065306.36
(6.34) (19.05)
Private Sector 244070.58 556457.34
(152.74) (127.99)
Total 1978832.32 2621763.70
(14.68) (32.49)
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Renewal Premium
LIC 4618580.96 5447422.62
(19.47) (17.95)
Private Sector 67962.05 216293.48
(343.12) (218.26)
Total 4686543.01 5663716.10
(20.75) (20.85)
Total Premium
LIC 6353342.70 7512728.98
(15.63) (18.25)
Private Sector 312032.63 772750.82
(178.83) (147.65)
Total 6665375.33 8285479.80
(18.91) (24.31)
Brief Review of Scenario Insurance
Insurance in India started without any Regulation in Nineteenth century. It was story of a
typical colonial era. A few British companies dominated the market mostly in large
urban centers.
Insurance was nationalized mainly on 3 counts First, Indian lives were not insured.
Second, even if they were insured, they were treated as substandard lives and extra
premium was charged. Third, there were gross irregularities in the functioning of Life
insurance was nationalized in the year 1956, and then general insurance was nationalizedin the year 1972. In 1999, the private insurance companies were allowed back again into
insurance sector with maximum cap of 26 percent foreign holding.
1818 The British introduce to India, with the establishment of the Oriental Life
Insurance company in Calcutta.
1850 Non life insurance debuts, with Triton Insurance Company.
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1870 Bombay Mutual life Assurance Society is the first Indian-owned life insurer
1907 Indian mercantile Insurance is the first Indian non-life insurer.
1912 The Indian life assurance companies act enacted to regulate the life
insurance business.
1938 The insurance act, which forms the basis for most current insurance laws,
replaces earlier act.
1956 Life insurance nationalized, government takes over 245 Indian and foreign
insurers and provident societies.
1956 Government sets up LIC
1972 Non life insurance nationalized, GIC set up.
1993 Malhotra committee, headed by former RBI governor R.N.Malhotra, set up
to draw up a blue print for insurance sector reforms.
1994 Malhotra Committee recommends re-entry of private players, autonomy ot
PSU insurers.
1997 Insurance regulator IRDA (Insurance Regulatory and Development
Authority) set up.
2000 IRDA starts giving licensed to private insurers
2001 ICICI Prudential Life Insurance came into the market to sell a policy.
2002 Banks were allowed to sell insurance plans, as TPAs enter the scene,
insurers start settling non-life claims in the cashless mode.
The Insurance Regulatory and Development Authority (IRDA):
Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in
Parliament in December 1999. The IRDA since its incorporation as a statutory body in
April 2000 has fastidiously stuck to its schedule of framing regulations and registering
the private sector insurance companies.
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The other decisions taken simultaneously to provide the supporting systems to the
insurance sector and in particular the life insurance companies were the launch of the
IRDAs online service for issue and renewal of licenses to agents.
The approval of institutions for imparting training to agents has also ensured that the
insurance companies would have a trained workforce of insurance agents in place to sell
their products, which are expected to be introduced by early next year.
Since being set up as an independent statutory body the IRDA has put in a framework of
globally compatible regulations. In the private sector 12 life insurance and 6 general
insurance companies have been registered.
With the demographic changes and changing life styles, the demand for insurance cover
has also evolved taking into consideration the needs of prospective policyholder for
packaged products. There have been innovations in the types of products developed by the
insurers, which are relevant to the people of different age groups, and suit their
requirements. Continued innovations in product development has resulted in a wide range
of flexible products to meet the requirements for cover at different stages of life -today a
variety of products are available ranging from traditional to Unit linked providing
protection towards child, endowment, capital guarantee, pension and group solutions. A
number of new products have been introduced in the life segment with guaranteed
additions, which were subsequently withdrawn/toned down; single premium mode has
been popularized; unit linked products; and add-on/riders in cl ud in g accidental
death; dismemberment, critical illness, fixed term assurance risk cover, group hospital
and surgical treatment, hospital cash benefits, etc. Comprehensive packaged products
have been popularized with features of endowment, money back, whole life, single
premium, regular premium, rebate in premium for higher sum assured, premium moderebate, etc., together with riders to the base products.
Historical Perspective
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Prior to 1956 -242 companies operating
1956 -Nationalization- LIC monopoly player -Government control
2001 -Opened up sector
Contribution to Indian Economy
Life Insurance is the only sector which garners long term savings.
Spread of financial services in rural areas and amongst socially less privileged.
Long term funds for infrastructure.
Strong positive correlation between development of capital markets and
insurance/pension structure.
Employment generation.
Insurance Industry prior to de-regulation
Prior to deregulation in 2000, market was a public monopoly.
Public Monopoly
- 2000 Offices- Over 800,000 agents
Distribution through tied agents only
Sales approach primarily on a tax savings platform
Traditional style product offering : Endowment and money back plans
Inadequate and inflexible products
Pensions: Small part of product offer
Limited focus on customer needs
Improving Service Standards
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Pre Deregulation Limited Distribution
Post Deregulation Service through Distribution
1.2 PROFILE OF THE ORGANIZATION
COMPANY PROFILE
ABOUT ICICI PRUDENTIAL
Channel Access Service Points Use of IT
Advisors Branch Network Limited use of IT
Multi Channel Access Multiple Service
Points
Use of IT
Advisors
Brokers &
Corporate agents
Bancassurance
Call Centers
Email
Website
Branch Network
Shorter time aroundtime
Claims
Policy Issuance
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ICICI Prudential Life Insurance Company Limited (the Company) a joint venture
between ICICI Bank Limited and Prudential plc of UKwas incorporated on July 20,
2000 as a company under the Companies Act, 1956 (the Act). The Company is licensed
by the Insurance Regulatory and Development Authority (IRDA) for carrying life
insurance business in India.
ICICI Prudential Life InsuranceCompany is a joint venture between ICICI Bank, a
premier financial powerhouse and prudential plc, a leading international financial
services group headquartered in the United Kingdom (UK). The company brings together
the local market expertise and financial strength of ICICI Bank and Prudentials
International life insurance experience. The company was granted a certificate of
Registration by the IRDA on November 24, 2000 and eighteen days later, issued its first
policy on December 12. ICICI Prudential was amongst the first private sector insurance
companies to begin operations in December 2000 after receiving approval from Insurance
Regulatory Development Authority (IRDA).
From its early days, ICICI Prudential seemed to have the wherewithal for a large-scale
business. By March 31, 2002, a little over a year since its launch, the company had issued
100,000 policies translating into premium income of approximately Rs. 1,200 million on
a sum assured of over Rs.23 billion. When the company began its operations, the need
was to build a brand that was relatable to, symbolized trust and was easily recognized and
understood. It launched a corporate campaign ICICI Prudential also made using the
theme of Sindoor to epitomize protection, trust, togetherness and all that is Indian;
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endearing itself to the masses. The success of the campaign, the calling card of the
company saw the brand awareness scores almost at par with its 40 year old competitor.
The theme of protection was also extended to subsequent product and category specific
campaigns from child plans to retirement solutions which highlight how the company
will be with its customers at every step of life.
From day one, the company has unflinchingly focused on being mass-market player,
developing products, creating a distribution network and deploying resources that would
further its goal. Apart from ramping up thoroughly training its advisors, the company has
twelve Bancasurance partners the largest in the country. It swiftly revised and added to
its initial range of products, pioneering market-linked products and pension plans, to offer
customers the most flexible life insurance policies in the country. In February 2004,
ICICI Prudential increased its capital base by Rs. 500 million, its ninth capital hike,
bringing the total paid up equity capital to Rs. 6,750 million. With the authorized capital
of the company standing at Rs. 12 billion, ICICI Prudential continues to have the highest
capital base amongst all life insurers in the country. The challenge ICICI Prudential now
faces is to retain its top-notch position and continue to deliver the finest life insurance
and pension solutions to its ever-growing customer base.
ICICI Prudentials equity base stands at Rs. 1185 crore with ICICI Bank and Prudential
plc holding 74% and 26% stake respectively. For the year ended March 31, 2006, the
company garnered Rs.2, 412 crore of weighted new business premium and wrote 837,963
policies. The sum assured in force stands at Rs.45, 888 crore. The company has a
network of over 72,000 advisors; as well as 9 bancasurance partners and over 200
corporate agent and broker tie-ups.
ICICI Prudential is also the only private life insurer in India to receive a National Insurer
Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA rating is the highest
credit rating, and is a clear assurance of ICICI Prudentials ability to meet its obligations
to customers at the time of maturity or claims.
For the past five years, ICICI Prudential has retained its position as the No.1 private
insurer in the country, with a wide range of flexible products that meet the needs of the
Indian customer at every step in life.
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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 one
of the largest distribution networks amongst private life insurers in India, with branches
in 54 cities. The total number of policies issued stands at more than 780,000 with a total
sum assured in excess of Rs.160 billion.
ICICI Prudential closed the financial year ended march 31, 2004 with a total received
premium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20
billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven
mainly by the companys range of unique unit-linked policies and pension plans. The
companys retail market share amongst private companies stood at 36%, making it clear
leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged
Most Trusted Private Life Insurer (Economic Times Most Trusted Brand Survey by AC
Nielsen ORG-MARG). It was also conferred the Outlook Money-Best Life Insurer
award for the second year running. The company is also proud to have won Silver at
EFFIES 2003 for its Retire from work, not life campaign. Notably, ICICI Prudential
was also short-listed to the final round for its Sindoor campaign in EFFIES 2002.
ICICI Prudentials success is rooted in its philosophy to always offer the customer a
choice. This has been the driving force behind its multi-channel distribution strategy,
which includes advisors, banks, direct marketing and corporate agents. In fact, ICICI
Prudential was the first life insurer to invest in multiple channels and offer the customer
choice and access; thus reducing dependency on any one channel, great strides in the
retirement solutions and pensions market.
The Companys penetration of the retirement market was driven by the focused approach
towards creating awareness through sustained campaign; Retire from work, not life.
Within six months, the campaign rewarded ICICI Prudential with an increased share of
23% of the total pensions market and 78% amongst private players. ICICI Prudential has
one of the largest distribution networks amongst private life insurers in India, having
commenced operations in 132 cities and towns in India, stretching from Bhuj in the west
to Guwahati in the east, and Jammu in the north to Trivandrum in the south.
The company has 9 bank partnerships for distribution, having agreements with ICICI
Bank, Bank of India, Federal Bank, South Indian Bank, Lord Krishna Bank, and some
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co-operative banks, as well as over 200 corporate agents and brokers, it has also tied up
with NGOs, MFIs and corporates for the distribution of rural policies.
ICICI Prudential has recruited and trained more than 72,000 insurance advisors to
interface with and advise customers. Further, it leverages its state-of-the-art IT
infrastructure to provide superior quality of service to customers.
About the Promoters:
ICICI Bank (NYSE:IBN) is Indias second largest bank with an asset base of
Rs.2513.89 billion as on March 31, 2006. ICICI Bank provides a broad spectrum of
financial services to individuals and companies. This includes mortgages, car and
personal loans, credit and debit cards, corporate and agricultural finance. The Bank
services a growing a customer base of more than 17 million customers through a multi
channel access network which includes over 620 branches and extension counters, 2200
ATMs, call centers and internet banking
PRUDENTIAL plc, Established in London in 1848, through its business in the UK and
Europe, the US and Asia, provides retail financial services products and services to more
than 16 million customers, policy holder and unit holders world wide. As of December
31, 2005, the company had over US$ 400 billion in funds under management. Prudential
has brought to market an integrated range of financial services products that now includeslife assurance, pensions, mutual funds, banking, investment management and general
insurance. In Asia, Prudential is the leading European life insurance company with a vast
network of 23 life and mutual fund operations in twelve countries China, Hong Kong,
India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand
and Vietnam.
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 one
of the largest distribution networks amongst private life insurers in India, with branches
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in 54 cities. The total number of policies issued stands at more than 780,000 with a total
sum assured in excess of Rs.160 billion.
ICICI Prudential closed the financial year ended march 31, 2004 with a total received
premium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20
billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven
mainly by the companys range of unique unit-linked policies and pension plans. The
companys retail market share amongst private companies stood at 36%, making it clear
leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged
Most Trusted Private Life Insurer (Economic Times Most Trusted Brand Survey by
ACNeilsen ORG-MARG). It was also conferred the Outlook Money-Best Life Insurer
award for the second year running. The company is also proud to have won Silver at
EFFIES 2003 for its Retire from work, not life campaign. Notably, ICICI Prudential
was also short-listed to the final round for its Sindoor campaign in EFFIES 2002.
In Keeping with its belief that a happy customer is the best endorsement, ICICI
Prudential has embraced the SIX SIGMA approach to quality, an exercise that begins
and ends with the customer from capturing his voice to measuring and responding to his
experiences. This initiative is currently helping the company improve processes,
turnaround times and customer satisfaction levels. Another Novel introduction is the
ICICI Prudential Lifestyle Rewards Club, Indias first rewards programme for Life
Advisors; it allows ICICI Prudential Advisors to redeem points for items ranging from
kitchenware to gold, white goods, and even international holidays.
Promotion
ICICI Prudential is a case study in how advertising and marketing can play a vital role in
re-shaping an industry. It has demonstrated how an industry where the customer was
nothing more than a policy number has changed to one where customer preference rules
the roost.
Brand-building in a complex category like life insurance is an uphill and multi-faceted
task. At the time of launching operations, the communications task was to build
credibility, so as to give the customer the confidence that it was a company that could be
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trusted to invest funds with. The aim was to encourage people to view insurance not as a
compulsory tax saving instrument, but as a means to lead a worry-free, secure life and in
the process, create the differentiator for brand ICICI Prudential.
The brand proposition for all the campaigns was reflected in the line: Suraksha: Zindagi
ke har kadam par. The campaign featured a significant competitive advantage, the sound
financial backing and credentials of ICICI Prudential, and showcased products from
different segments. The advertising idea was encapsulated in the symbol of protection
the Sindoor. This campaign contributed extensively to raising brand awareness and
creating a distinctive identity for the company.
The Company recently tied up with the Forbes Six Sigma rated Dabbawalla organization
in Mumbai for a direct marketing exercise. In a Unique effort to create awareness about a
tax saving product, the company attached a creative of a bitten apple to Mumbais
ubiquitous lunchboxes. It worked wonderfully with Mumbais office-goers and one that
translated into substantial business for the company.
Brand Values
Market Research reveals that the values people associate with ICICI Prudential are,
indeed, those that the company hopes to project: lifelong protection and value for money.
The core value is protecting your loved ones, throughout lifes ups and downs. It is a
powerful proposition; one, which ICICI Prudential, is taking into the market place.
DISTRIBUTION SYSTEM
Tied Agency
Tied Agency is the largest distribution channel of ICICI Prudential, comprising a large
advisor force that targets various customer segments. The strength of tied agency lies in
an aggressive strategy of expanding and procuring quality business. With focus on sales
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& people development, tied agency has emerged as a robust, predictable and sustainable
business model.
Bancassurance and Alliances
ICICI Prudential was a pioneer in offering life insurance solutions through banks and
alliances. Within a short span of two years, and with nearly a large number of partners,
B&A has emerged as a vital component of the companys sales and distribution strategy,
contributing to approximately one third of companys total business.
The business philosophy at B&A is to leverage distribution synergies with our partners
and add value to its customers as well as the partners. Flexibility, adaptation and
experimenting with new ideas are the hallmarks of this channel.
CUSTOMER SERVICE AND OPERATIONS
The Operations department oils the work processes between the customer and the
company to ensure consistent and quality service to the customer. To streamline the
operations, the Operations department interfaces between the clients and the agents, the
branches and the underwriters, and manages work processes.
The Vision at Customer Service is to deliver World Class Service at every opportunity.
Units such as the 9 to 9 contact centre, Outbound Call Centre, Customer Care and Query
Resolution Unit are all committed to providing effective solutions to over lakhs of
customers across the country.
Information Technology:The Information Technology function at ICICI Prudential is committed to enable
business through the use of technology. It is segmented into 4 groups to enable highest
levels of delivery to the customers: Life Asia Solutions Group that provides flexibility in
designing better product offerings to end-users, the Solutions Group- Web that provides
real-time information to customers and is responsible for customer relationship
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management, IT Architecture & Corporate Solutions Group is in charge of developing
and maintaining a blueprint for the IT architecture for the enterprise as a whole. This
team works as an in house R&D Solution Group, exploring new technological initiatives
and also caters to information needs of corporate functions in the organization. IT
Infrastructure group is responsible for providing hardware, software, network services to
the whole organization. This group runs the 'Digital Nervous System' of the Enterprise at
the highest levels of efficiency and provide robust, scalable and highly available platform
for deployment of business application.
Marketing:
The Marketing function at ICICI Pru covers an array of activities - brand and media
management, channel support, direct marketing and corporate communications. The
Brand and Communications team is in charge of advertising, consumer research, media
planning & buying and Public Relations; that helps develop and nurture ICICI
Prudential's corporate identity while effectively communicating its varied product
offerings to the customer. Channel marketing provides support to the sales force by
streamlining the design and development of collaterals and sales tools across distribution
channels. The Direct marketing team was set up to generate high quality leads for profitable business. The team achieves this through target database acquisition and
Communicating customized product information through e-mailers, telemarketing and
innovative direct mailers.
Finance:
Finance function in ICICI Prudential is committed to create an infrastructure that is
aligned to shareholder expectations. Finance basically comprises of four functions. .
Corporate Planning and MIS provide feedback on business strategies. This includes
driving the budgeting process, providing strategic inputs for decision-making and
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management reporting and analysis. The Accounts function includes preparation and
maintenance of financial records, funds management, and expense processing and
treasury operations. Compliance ensures that every action is within the regulatory
framework. This includes reviewing compliance requirements and supporting the ethical
framework of ICICI Pru life. Internal audit provides assurance to the management over
the organizations' control framework and includes process risk management, information
security assessment and business continuity assessment.
Human Resource:
The people strategy of ICICI Prudential is To build a committed team with a culture of
innovation, learning and growth. The Human Resource Function at ICICI Prudential
drives the people strategy of the business. With its initial focus on operational excellence
to deliver benefits and services to staff members, HR is now committed to building
capability through state of the art processes. A robust performance management system,
compensation system and a segmented training architecture enable it to deliver value to
the organization.
Business Excellence:
The Business Excellence function is committed to building a quality mindset across the
organization. ICICI Prudential is the first organization in the Insurance Industry that has
adopted the Six Sigma Methodology for process efficiency and measurement. The team
is also driving the Malcolm Baldrige framework across the organization, an intervention
that examines management of key inputs for Business Excellence.
Bancassurance :One of the most significant advances in the financial services sector over the past couple
of years has been the growth of Bancassurance which, in simplest terms, means the
distribution of insurance products through a banks distribution channels. In other words,
Banc assurance is a service which can fulfill both banking and insurance needs at the
same time. Bancassurance as a concept first began in India with the opening up of the
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insurance industry to private sector participation in December 1999 which saw the entry
of 20 new players - with 12 in the life insurance sector and 8 in the non-life sector.
Bancassurance has also seen significant rise in other Asian markets. For example,
Bancassurance accounted for 24% of new life insurance sales by weighted premium
income in Singapore in 2002. This is a significant increase on the equivalent 2001
statistic of 15% and is as a result of growth in significant bank-centric Bancassurance
operations.
Although the concept of Bancassurance looks simple enough, it is far from that in real
life practice. Legislative differences, consumer behavior, impact of history and culture,
product complexity, employee work culture and many such other factors have contributed
to significant differences in results across countries. For example, in France and Spain
60% to 80% of life insurance products are sold through bank branches compared to 10%
in UK and USA.
Bancassurance Models:
Globally we have 4 kinds of Bancassurance business models:
Distribution alliance between the insurance company and the bank
JV between the two Merger between bank and insurer
Bank builds or buys own insurance products
Most of the Bancassurance operations in India fall into the first model, which in a way is
quite a prudent decision. The Indian Bancassurance scene as of now looks as promising
as perilous, being a vast, unexplored and uncharted expanse. As banks are quite risk
averse, it is but natural for them to withhold from making any long term commitment,
which would be quite costly if the Bancassurance business runs into trouble. In terms of
the present regulatory framework, one bank can tie-up with only one life and one non-life
insurer, while insurers have the choice to tie-up with any number of banks. We also have
examples of joint ventures between the bank and insurer such as SBI Life and ICICI
Prudential.
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Stages in Policy Issuance:
1) Proposal
A Proposal Stage is the First stage before the policy is issued at COPS. At this stage, the
application form is received by COPS, but it is pending for issuance due to further
clarifications required from the customer.
2) Login
A proposal which is complete i.e., duly filled with all necessary documents attached to it
& accepted by the Branch ops, is called a Login
3) Reject
An Application gets rejected at the Branch Ops level due to necessary details not filled in
the form or necessary documents not submitted is a Reject. It is then sent back to the
Advisor for completion.
4) Issuance
Issuance means a policy that is issued to the Customer by Central Ops.
5) Decline Status
When a customer refuses to take a policy post login but before Issuance is called a
Decline
6) Cancellation
When the cheque given by the customer bounces, it amounts to cancellation of the policy.
7) Lapse
A policy for which the Customer fails to pay subsequent premiums is a Lapsed Policy.
8) Freelook
Post issuance of the policy, the policyholder has the option to turn down the policy within
15 days from the date of issuance. This period of 15 days is called Freelook Period.
9) Surrender
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When a customer wants to discontinue with the policy.
The joint strengths
Apowerful joint venture partnership with each carrying a set of strengths
complementing each others
Reputation
Insurance
expertise
Product
Distribution
Operations
Brand strength
Infrastructure
Customer base
Local knowledge
Market Innovators
PRUDENTIALICICI
SWOT ANALYSIS
SWOT Analysis is a tool used for understanding an organization's strengths, weaknesses,
opportunities and threatsThe SWOT Analysis tool can be used in identifying an
organization's strengths (S) and weaknesses (W), and examining the opportunities (O)
and threats (T) it is facing. The outcome from a SWOT Analysis enables organizations to
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focus on strengths, minimize weaknesses, address threats, and take the greatest possible
advantage of opportunities available.
Strengths
End-user sales control and direction.
Right products, quality and reliability.
Superior product performance vs competitors.
Better product life and durability.
Spare manufacturing capacity.
Some staff has experience of end-user sector.
Have customer lists.
Direct delivery capability.
Product innovations ongoing.
Can serve from existing sites.
Products have required accreditations.
Processes and IT should cope.
Management is committed and confident
Weaknesses
Customer lists not tested.
Some gaps in range for certain sectors.
We would be a small player.
No direct marketing experience.
We cannot supply end-users abroad.
Need more sales people.
Limited budget.
No pilot or trial done yet.
Don't have a detailed plan yet.
Delivery-staff need training.
Customer service staff need training.
Processes and systems, etc
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Management cover insufficient
Opportunities
Could develop new products. Local competitors have poor products.
Profit margins will be good.
End-users respond to new ideas.
Could extend to overseas.
New specialist applications.
Can surprise competitors.
Support core business economies.
Could seek better supplier deals.
Threats
Legislation could impact.
Environmental effects would favour larger competitors.
Existing core business distribution risk.
Market demand very seasonal.
Retention of key staff critical.
Could distract from core business.
Possible negative publicity.
Vulnerable to reactive attack by major competitors.
1.3 INTRODUCTION TO THE TOPIC
HEALTH SAVER PLANS
Health insurance insures you and your family against expenses arising due to a
medical emergency and uncertainty of health such as a hospitalisation or the onset
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of a critical illness. It prevents a medical emergency from becoming a financial one;
it ensures your health care needs are taken care of without you having to dip into
your existing savings or compromising your future goals.
Need of health insurance
Medical emergencies can strike unexpectedly : 30% of the population suffers
from heart attacks before the age of 40 years. Rare non-communicable diseases
are now becoming common, affecting an increasing number of urban Indians. #
Lifestyles have changed : Indians today suffer from high levels of stress. Long
hours at work, little exercise, unhealthy diet food have weakened our immune
systems and put us at an increased risk of contracting illnesses.
Quality health care is unbelievably expensive : Single episode of a critical
illness like an angioplasty can cause a huge dent (around 3 lakhs) in your lifetime
savings and with rising medical costs, it can get worse. #
Indirect costs add to the financial burden : Indirect sources of expensetravel,
boarding and lodging, and even temporary loss of income account for as much as
35% of the overall cost of treatment. #
Incomplete financial planning : Complete financial planning includes saving for
an uncertain future, childrens education, retirement and the most important
aspect of your life your health
Different Health insurance needs :
There are different kinds of health insurance plans available to suit your individual needs:
Hospitalisation insurance : Cover yourself for hospitalization expenses incurred.
You have a further choice between a reimbursement plan (claim your expenses as
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actually incurred) or a fixed benefit plan. (claim as per pre-decided limits defined
by the plan you select )
Critical illness insurance : Cover yourself against critical illnesses which are life
changing catastrophes, expenses for which are big in nature.
ICICI PRU HEALTH SAVER
ICICI Pru Health Saver is a comprehensive whole of life health insurance plan that
takes care of hospitalization costs as well as all your health care needs.
While the hospitalisation insurance benefit ensures complete coverage for expenses
incurred in the event of a hospitalisation, the health fund created; by investing a
part of your premium in market linked funds, under the health savings benefit,
ensures you of an adequate support system to take care of any other medical
expenses.
Minimum / Maximum
age at entry
25 years / 55 years (90 days / 55 years for family
floater)
(maximum cover ceasing age for children is 25 years
under the family floater cover)
Maximum cover
ceasing ageHospitalisation benefit ceases at 75 years
HOSPITALISATION BENEFITS OF PLAN
Get a hospitalisation insurance benefit for you and your family under a single
policy.
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Create a health fund which can be utilized to meet any health care expenses
including daily medicines and doctor visits.
Coverage for 30 days pre hospitalisation & 60 days post hospitalisation expenses
besides the hospitalisation cost itself.
Coverage for over 125 listed day care procedures.
A health check up is available once every 2 years after the first year.
Cashless hospitalisation across an extensive network of hospitals.
You can opt to continue hospitalisation cover anytime post 5 years even after
stopping premiums.
Enjoy tax benefits under Sec 80D on premiums paid.
Take advantage of cashless hospitalisation through our extensive list of network hospitals
available across the country. This is particularly convenient also in the case of paying the
hospitalisation charges for a planned hospitalisation.
You can also claim your hospitalization benefit amount for treatment in any out of
network hospital through our hassle free claims process.
4 easy steps to process a hospitalisation claim:
Hospitalisation insurance benefit claim Health Savings benefit claim
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Show Health Card and fill the pre-
authorisation form
Hospital will submit the pre-
authorisation form and we will verify
the hospitalisation claim request
Cashless hospitalisation will be
authorised
ICICI Prudential pays amount to the
hospital
Submit original bills or
proof of hospitalisation
expenses
We will verify your
hospitalisation claims
A cheque will be send
to your address
FUND OPTIONS UNDER THIS PLAN
To create the health fund, part of the premium paid by you is invested in unit linked
funds. You have the option to choose from two unique portfolio strategies
LifeCycle-based Portfolio Strategy
This strategy takes into account your life stage. Your investments will be
distributed between two Funds Health Flexi Growth and Health Protector in a
proportion that depends on your age. As you move from one age band to another,
we will redistribute your funds based on your age.
Fixed Portfolio Strategy
This strategy allows you to allocate your investments into different classes based
on your personal judgment. Under this strategy, you can choose to invest fully in
any one fund or various funds. You have a range of seven funds to choose from.
CHARGES OF THE PLAN
Charges Particulars
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Premium
Allocation
Charge
This will be deducted from the premium amount at the time of premium
payment and the balance amount will be used for allocation of units. The
charges are as follows
Policy Year Year 1 Year 2 -3 Year 4-10 Year 11 onwards
Charges 20% 9% 2% 0%
Policy
Administration
Charge#
Rs. 60 per month where premium payment frequency is yearly or half-
yearly Rs. 90 per month for monthly frequency
Fund
Management
Charge (FMC)#
Health
RGF
Health
Flexi
Growth
Health
Multiplier
Health
Flexi
Balanced
Health
Balancer
Health
Protector
Health
Preserver
1.50%
p.a
1.50%
p.a
1.50%
p.a
1.00%
p.a
1.00%
p.a
0.75%
p.a
0.75%
p.a
The annual fund management charges, which will be adjusted from the
Net Asset Value (NAV) and would be deducted on a daily basis
Health
Insurance
Charges (Rs.)#
The health insurance charges will be based on age of eldest memebr ,
number of family members and annual limit selected. The charge may be
revised only post approval from the regualtor.
MAJOR EXCLUSIONS UNDER THE PLAN
Any kind of service charge, surcharge, admission fees, registration fees levied by
the hospital
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Pregnancy, infertility, congenital external diseases / genetic conditions.
Non-allopathic medicine, Domiciliary treatment, treatment outside India.
Cosmetic surgery & plastic surgery, refractive error correction, hearing
impairment correction, corrective & cosmetic dental surgeries.
Any treatment for substance abuse, self-inflicted injuries, STDs and AIDS.
ICICI PRU HOSPITAL CARE-II
ICICI Pru Hospital Care II is a fixed benefit hospitalisation and surgical plan that
offers you and your family, fixed payouts at various stages of hospitalisation inaddition to benefit received from other medical insurance plans. It also offers whole
life guaranteed insurability at renewal and cashless facilities across an extensive
network of hospitals in India.
ICICI Pru Hospital Care II at a glance
Minimum / Maximum age at
entry
1 year / 65 years (nearest birthday)
(90 days / 24 years for dependent children in
case of family floater)
Policy term 10 years
Maximum cover ceasing age Whole life guaranteed insurability at renewal
CoverageIndividual / Family floater ( self, spouse, First 3
dependent children)
Premium payment
frequencyYearly, half yearly & monthly
Waiting period 30 days
BENEFITS OF THE PLAN
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ICICI Pru Hospital Care II is a fixed benefit plan covering various stages of treatment
hospitalisation, ICU, surgical, non-surgical, prolonged stay & recuperating allowance.
Daily hospitalisation cash benefit (DHCB) : Get a daily fixed benefit amount if
you are hospitalized for more than 24 hours.
Intensive care unit benefit (ICUB) : Get an additional benefit of 100% of
DHCB in case you ever need to be admitted in the Intensive Care Unit.
Surgery benefit (SB) : A lump sum benefit is payable in case you undergo any of
the surgeries covered under the plan. You are covered for more than 1000
surgeries under this plan.
Non-surgical benefit : Get an additional 100% of DHCB amount in the event of
hospitalisation without any surgery.
Recuperating benefit : An additional benefit of 3 times DHCB is payable on
being hospitalised for 7 or more days in addition to all other benefits.
Prolonged stay benefit : A long hospital stay can drain your savings & may even
lead to loss of income. An additional benefit of 100% of DHCB payable per day
of continuous hospitalisation, tries to lower the impact of prolonged confinement
in the hospital.
Health check-up : Get a health check-up for all family members under the plan, once
every two years after completion of the first policy year up to a maximum of Rs 4,000 per
policy irrespective of plan type.
Policy benefit limits
Benefit Plan A (Rs.) Plan B (Rs.) Plan C (Rs.) Plan D (Rs.)
Annual limit 4,00,000 8,00,000 12,00,000 16,00,000
Lifetime limit 20,00,000 40,00,000 60,00,000 80,00,000
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MAJOR EXCLUSIONS
Pregnancy, infertility, congenital external diseases or anomalies / geneticconditions
Non-allopathic medicine,
Domiciliary treatment,
Circumcision, sex change surgery, cosmetic surgery & plastic surgery
Organ donor expenses
Any treatment for substance abuse, self-inflicted injuries, STDs and AIDS
Hazardous hobbies or avocations, war, terrorism, civil war or breach of law
ICICI Pru Crisis Cover
Minimum / Maximum age at
entry18 years / 60 years
Maximum cover ceasing age 75 years
Maximum policy term 10 years / 50 years
Minimum / Maximum Sum
AssuredRs 3 lakhs / Rs 20 lakhs
Premium payment frequency Monthly, Half-yearly, Annual
Tax Benefit As per prevailing tax laws under Section 80C
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& 80D
BENEFITS OF THE PLAN
Get a long term health insurance coverage against 35 critical illnesses, disability
and death
Receive benefit amount in addition to payment received by any other plan
Receive a lumpsum benefit irrespective of actual billing
Your cover under the policy continues even after claiming benefit on selected
critical illnesses
Enjoy tax benefits on premium paid u/s. 80D and u/s. 80C of the income tax act
MAJOR EXCLUSIONS
Any pre-existing illness / conditions / unless specifically accepted by the
company
Pregnancy, infertility, congenital external diseases / genetic conditions
Non-allopathic medicine, Domiciliary treatment
Diagnosis and treatment outside India, unless specified in the policy document
Cosmetic surgery & plastic surgery, refractive error correction, hearing
impairment correction, corrective & cosmetic dental surgeries
Any treatment for substance abuse, self-inflicted injuries, STDs and AIDS
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CHAPTER-2OBJECTIVE AND METHODOLOGY
OBJECTIVES:
PRIMAY OBJECTIVE: ANALYTICAL STUDY ON HEALTH SAVER PLANS OF
ICICI PRUDENTIAL LIFE INSURANCE
SECONDARY OBJECTIVE:
TO KNOW THE BENEFITS OF HEALTH PLANS
TO GET MORE INFORMATION ON HEALTH PLANS OF OTHER
INSURANCE COMPANIES
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TO COMPARE HEALTH PLANS OF ICICI PRUDENTIAL WITH OTHER
INSURANCE COMPANIES
TO MAKE AN ANALYSIS OF THE SHORTCOMINGS ICICI
PRUDENTIAL AS COMPARED TO ITS COMPETITORS
RESEARCH DESIGN
A research design is the arrangement of conditions for collections and analysis of data in
a manner that aims to combine relevance to the research problem with economies in a
procedure.
I have used descriptive research design for my research.
Descriptive ResearchDescriptive research includes surveys and fact findings enquiries of different kinds. It
basically gives a description of the state of affairs as it exists at present. A researcher has
no control over the variables so they can only report what has happened or what is
happening. We can also use the survey method for this purpose.
DATA SOURCESA research design is one, which simplifies the framework of plan for the study and adds
itself in the quick collection and analysis of the data. It is a blue print that has been filled
in completing the study. Data sources are:
Primary data
The primary data are those which are collected fresh for the first time and thus happen to
be original in character. In other words, it is obtained by design to fulfill the data are
original in character and are also generated in a large number of surveys conducted
mostly by government and also by institution and research bodies.
A questionnaire was prepared for the respondents, where there views were collected.
Secondary data
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The secondary data are those which have already been collected for some purpose other
than the problem in hand and passed through the statistical process. In other words, data
that are not originally collected rather obtained from Published and Unpublished Sources.
The secondary data has been collected through various sources:
Internet
Books
Newspaper
Magazines
Brochure
Journals
Websites
QUESTIONNAIRE DESIGN / FORMULATION
Questionnaires: - A questionnaire consists of a set of questions presented to respondent
for their answers. It can be Closed Ended of Open Ended.
Open Ended: - Allows respondents to answer in their own words & are difficult
to Interpret and Tabulate.
Close Ended: - Pre-specify all the possible answers & are easy to Interpret and
Tabulate.
Types of question included:
Dichotomous questions: - Which has only two answers Yes or No.
Multiple choice questions: - Where respondent is offered more than two choices.
Importance scale: - A scale that rates the importance of some attribute.
Rating scale:- A scale that rates some attribute from highly satisfied to highly
unsatisfied and very inefficient to very efficient
But in this project report, the questionnaire includes only closed type questions because it
saves respondents time and helps them to understand easily.
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SAMPLE DESIGN
A sample design is a definite plan for obtaining a sample from given population. It refers
to the techniques or procedures, the researcher would adopt in selecting items for the
sample.
i. Sample element /unit
The primary data was collected through survey that was systematically carried in
north-east region of Delhi. The data was collected through questionnaire. The
responses of the respondents were recorded in the questionnaire prepared for them.
ii. Extent
Extent refers to the area from the respondents belong. We have conducted the
research mainly on the people of Delhi, that too specifically, north-east region.
iii. Time frame
Time frame is the time spent on research. The time frame for our research is 8 weeks.
iv. Sampling technique
Sampling technique refers to the technique or procedure the researcher would adopt
in selecting items for the sample. We have used judgmental sampling for our research
because gathering information from every individual is not possible.
v. Sample size
Sample size refers to the number of respondents. To get a clear view we have
conducted our research on 100 people.
LIMITATIONS OF THE RESEARCH
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Since the sampling was done in Delhi only it does not represent the entire picture
of Indian market.
The questionnaire might have been filled without much attention to the questions
due to lack of time by the respondents.
Incase of Primary data, respondents were not very much interested in filling the
questionnaire and sometimes it was difficult to contact or meet the clients,
because of their work schedules and personal reasons.
There may be biasness against some personal preferences and which would have
led to unjustified responses from the respondents.
Personally contacting the clients involved time and cost.
Secondary data when collected was invaluable but due to passage of time and
with many dynamic changes taking place in the markets, the information losses its
value in the current scenario.
As gathering information from every individual was not possible so we have to
take judgmental sampling.
CHAPTER-3
DATA ANALYSIS AND INTERPRETATION
Q1 Do you know about the ICICI prudential life insurance company?
PARTICULARS PERCENTAGE
Yes 17
No 83
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TOTAL 100
17
83
Yes
No
Q2) Are you aware of the Health saver plans of ICICI prudential life insurance?
PARTICULARS PERCENTAGEYes 2
No 98
TOTAL 100
ANALYSIS:
From the survey it was found that amongst 100 respondents
a) 83 percent of the respondents say that they are aware of ICICIPrudential life insurance co.
b) 17 percent of the say that they are unaware of ICICI Prudentiallife insurance co
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2
98
Yes
No
ANALYSIS:
From the survey it was found that amongst 100 respondents
a) 98 percent of the respondents say that they are aware of insurance.b) Only 2 percent are unaware of insurance.
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Q3) Percentage of respondents who are under different plans of ICICI Prudential
life insurance co.
PARTICULARS PERCENTAGE
Retirement plans 41
Health saver plans 36Child gain plan 8
Whole life plan 15
TOTAL 100
PERCENTAGE
41%
36%
8%
15%
Retirement plans
Health saver plans
Child gain plan
Whole life plan
Q4.) Percentage of respondents benefits of choosing the particular products
PARTICULARS NO.OF.RESPONDENT PERCENTAGE
ANALYSIS:
From the survey it was found that amongst 100 respondents
a) 41 percent of the respondents are under invest gain planb) 36 percent of the respondents are health saver planc) 8 percent of the respondents are child gain pland) 15 percent of the respondents are whole life plane) No body under pension plan
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Risk coverage 60 60
Additional benefit 20 20
Maturity date 12 12
Sum Assured 8 8
TOTAL 100 100
PERCENTAGE
6020
128
Risk coverage
Additional benefit
Maturity date
Sum Assured
Q5.) Percentage of disadvantages in insurance plan
PARTICUALRS NO.OF.RESPONDENT PERCENTAGE
Liquidity 35 35
Lapsation 20 20
Unable to decide 19 19
ANALYSIS:
a) 36 percent of the respondents say that a benefit of choosing the particularProduct is for Safety of life.
b) 20 percent of the respondents say that a benefit of choosing the particularproducts is for additional benefit to family
c) 12 percent of the respondents say that a benefit of choosing the particularproducts is for maturity date
d) 8 percent of the respondents say that a benefit of choosing the particular
products is for sum assured
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premium
High risk coverage 14 14
Fixed Term 12 12
TOTAL 100 100
PERCENTAGE
35
2019
14
12
Liquidity
Lapsation
Unable to decide
premium
High risk coverage
Fixed Term
Q6.) Percentage of respondents who want to invest in these different avenues.
PARTICUALRS NO.OF.RESPONDENT PERCENTAGERecurring Deposit 40 40
Equity Fund 25 25
Balanced Fund 10 10
Mutual Fund 11 11
Debt Fund 5 5
Cash Fund 9 9
TOTAL 100 100
ANALYSIS:From the survey it was found that amongst 100 respondentsa) 35 percent of the respondents say that disadvantages in insurance plan areliquidity.b) 20 percent of the respondents say that disadvantages in insurance plan arelapsation.c) 19 percent of the respondents say that disadvantages in insurance plan is unable
decide premium.d) 14 percent of the respondents say that disadvantages in insurance plan are high
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40
25
10
115
9Recurring DepositEquity Fund
Balanced Fund
Mutual Fund
Debt Fund
Cash Fund
Q7.. Which product/plans give the most returns and savings?
ANALYSIS:
From the survey it was found amongst 100 respondents
a) 40 percentage of respondents say that they want to invest in R.Db) 25 percentage of respondents say that they want to invest in equityc) 10 percentage of respondents say that they want to invest in balanced
fund
d) 11 percentage of respondents say that they want to invest in mutualfund
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% AGE
15
3530
20
1 Smart Kid
2 ULIP Plans
3 Forever Life
4 Save & Protect
S.NO TYPE OF CHOICE % AGE
1 Smart Kid 15
2 ULIP Plans 35
3 Forever Life 30
4 Save & Protect 20
INTERPRETATION:
From the above chart, it is clear that ULIP plans gives the most returns and savings as
compared to the 30 percent ratio of the people which like Forever Life (Retirement
Plans)
Q8.. Through which source do you come to know about ICICI PRUDENTIAL LIFEINSURANCE?
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25
10
35
301 Print Media
2 Radio
3 Television
4 Campaign/Boardings
S.NO TYPE OF CHOICE % AGE
1 Print Media 25
2 Radio 10
3 Television 35
4 Campaign/Boardings 30
INTERPRETATION
From the above pie chart, it is clear that most of the people (about 35 percent ) are
influenced by the Television advertisement to buy the insurance product as compared to
the people (about 30 percent ) which like Campaign or Boardings ) for the insurance .
Only 10 percent of the people are influenced by the Radio
Q9.Which features do you think ICICI PRUDENTIAL LIFE INSURANCE Companyshould have ,apart from other companies ?
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% AGE
25%
20%15%
40%
1 High growth of Returns
and Security
2 Customer Care Service
3 ULIP Plans
4 Claiming of the case
S.NO TYPE OF CHOICE % AGE
1 High growth of Returns and Security 25
2 Customer Care Service 20
3 ULIP Plans 15
4 Claiming of the case 40
INTERPRETATION
From the above pie chart, it is clear that most of the people (about 40 percent) like
Claiming of the case as the most important factor which makes ICICI PRUDENTIAL
Life Insurance, a unique company as compared to other companies. On the other hand
only 15 percent of the people like ULIP Plans as a factor .
Q10.. Are you satisfied with the after-sales service of the Life Insurance Company ?
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% AGE
35%
30%
20%
15%
1 Normal
2 High
3 Very poor
4 Cant say
S.NO TYPE OF CHOICE % AGE
1 Normal 35
2 High 30
3 Very poor 20
4 Cant say 15
INTERPRETATION
From the above pie chart, it is clear that most of the people (about 35 percent) Had
normal Customer Satisfaction level of the ICICI PRUDENTIAL LIFE INSURANCE.
Only 20 percent of the people had very poor Customer Satisfaction level. About 15
percent of the people cants say about the satisfaction level
Q11.. Which features of the company attracts the most ?
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% AGE
20%
10%
40%
30%
1 More returns
2 Complimentary gift
3 Guarantee Bonuses
and Returns
4 High growth rate
S.NO TYPE OF CHOICE % AGE
1 More returns 20
2 Complimentary gift 10
3 Guarantee Bonuses and Returns 40
4 High growth rate 30
INTERPRETATION
From the above pie chart, it is clear that most of the people (about 40 percent ) are
satisfied with the ICICI PRRUDENTIAL LIFE INSURANCE after buying the insurance
product . The ratio of dissatisfied people is only 15 percent . Only 20 percent of the
people are completely satisfied with the services of the company
FINDINGS
From the project study, it is clear that most of the people (about 35 %) are
influenced by the Television advertisement to buy the insurance product as
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compared to the people (about 30 %) which like Campaign or Boardings ) for the
insurance . Only 10 % of the people are influenced by the Radio
From the project study, it is clear that most of the people like ICICI
PRUDENTIAL LIFE INSURANCE (about 42% ) for the insurance products .
Only 11 % of the people like Aviva Life Insurance due to less returns and less
advertisements.
From the project study, it is clear that most of the people (about 40 %) are
satisfied with the ICICI PRUDENTIAL LIFE INSURANCE after buying the
insurance product. The ratio of dissatisfied people is only 15 %. Only 20 % of the
people are completely satisfied with the services of the company
From the project study, it is clear that most of the people (about 40 %) like
Claiming of the case as the most important factor which makes ICICI
PRUDENTIAL Life Insurance, a unique company as compared to other
companies. On the other hand only 15 % of the people like ULIP Plans as a factor
From the project study, it is clear that most of the people (about 35 % ) Had
normal Customer Satisfaction level of the ICICI PRUDENTIAL LIFE
INSURANCE . Only 20 % of the people had very poor Customer Satisfaction
level. About 15 % of the people cants say about the satisfaction level
From the project study, we found that majority of the people (about 55 %) are
satisfied with the premium paid towards the life insurance product as compared to
the 35 % ratio of the people which are not satisfied and thinks that the premium
are high .
From the project study, it is clear that most of the people (about 40 % ) are
satisfied with the ICICI PRRUDENTIAL LIFE INSURANCE after buying the
insurance product . The ratio of dissatisfied people is only 15 %. Only 20 % of the
people are completely satisfied with the services of the company
RECOMMENDATIONS
The company should concentrate more on sales and marketing department so that
more and more products can be sold out.
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Advertisements should be the best method to advertise the products and popular
among the public
Cheaper products should be introduced by the company so that it can reach the
middle class public
Transparency should be made in between the product details and the original
product sold to the customers.
Company customer ratio should be maintained
Brand Enhancement and promotion.
Technical configuration at par with other competitors.
Improve the quality and create awareness and brand trust.
More range of colors with designer looks and finishing.
Better and improvised after sales services.
Competitive price
Customer satisfaction ratio should be maintained
ANNEXURE
QUESTIONNIARE
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Name :________________
Age :_________________
Address:________________
Phone No.________________
1. Do you know about ICICI Prudential life insurance?
a. Yesb. No
2. Are you aware of Products of the ICICI Prudential life insurance?
a. Yesb. No
3 . What percent of the respondents are under different plans of ICICIprudential life insurance?
a. Retirement plansb. Health Saver plansc. Child gain plansd. Whole life plan
4 . What percentage of respondents benefits of choosing the particular
product?a. Risk coverage
b.Additional benefitsc.Maturity dated. Sum assured
5.What are the disadvantage in the insurance plans?a. Liqudity
b. Lapsationc.Unable to decide premiumd High Risk coveragee. Fixed Term
6. What percentage of respondents who want to invest in different avenues?a. Recurring deposit
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b.Equity fundc. Balanced Fundd. Debt funde.Cash fund
7. Which product/plans which gives the most returns and savings?a. Smart Kid
b. ULIP plansc. Forever Lifed. Save and protect
8. Through which source do you know about ICICI prudential lifeinsurance?
a. Print mediab .Radioc. Televisiond. Campaign/hoardings9.Which features do you think that ICICI PRUDENTIAL LIFEINSURANCE Company should have ,apart from other companies ?
a. High growth of returns and securityb. Customer care servicec.ULIP plansd. claiming of the case
10. Are you satisfied with the after-sales service of the Life InsuranceCompany ?a. Normal
b. Highc. Very poord. Cant say
BIBLIOGRAPHY
Books
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Kotler Philip, Marketing Management ,Prentice Hall of India Pvt. Ltd ,3RDedition,2001
Valatic A.Zeithaml ,Mary Jo Bitner,Service marketing ,TMH,2nd Edition,2004
Newspapers & Magazines:-
1. TIMES OF INDIA
2. HINDUSTAN TIMES3. BUSINESS TIMES
4. INSURANCE TODAY
5. THE HINDU
Websites:-
1. www.iciciprulife.com
2. www.yahoo.com
3. www.rediff.com
4. www.hdfcslic.com
http://www.yahoo.com/http://www.rediff.com/http://www.hdfcslic.com/http://www.yahoo.com/http://www.rediff.com/http://www.hdfcslic.com/