1. ROLE OF ICICI PRUDENTIALLIFE INSURANCEIN LIFE INSURANCE SECTORPresented by: Md. Abu ShahamDeptt. Of BusinessAdministration,Aligarh Muslim University

2. ABOUT THE COMPANY Joint venture b/w ICICI bank & prudential life insurancecompany. ICICI bank has 74% of stake & rest is of prudential. ICICI bank is Indias 2nd largest bank and Headquartered inMumbai. Prudential is international financial service group havingheadquarter in U.K.It started its operations in December 2000, after getting approvalby IRDA & today this is the No. 1 co. in private sector in India. 3. OBJECTIVES OF STUDYTo know about life insurance, its benefits and need To find out possible advantages and need To find out the suitable person for the recruitment of insurance advisorTo understand the procedure of recruitment and selection of life insuranceadvisors TO know the customer idea about the ICICI PRU 4. RESEARCH METHODOLOGY 5. PRIMARY DATA 1. Questionnaires 2. Interview 3.Survays 4. Direct phone call 6. SECONDARY DATA 1. Past records 2. Articles from news papers and magazines 3. Phone directory 4. Various web sites of the insurancecompanies and related sites 7. InsuranceInsurance is defined as the equitable transfer of the risk of aloss, from one entity to another, in exchange for a premium,and can be thought of as a guaranteed and known small lossto prevent a large, possibly devastating loss. 8. Who is an insurance advisor ? Back bone of insurance company They get certain commission on policy they held ICICI PRU have 2,10,00 insurance advisors Identify future clients Provide services to clients 9. HOW THE INSURANCE ADVISORS ARE RECRUITED?Fill the recruitment form and has to pay 1,000 infavor of ICICI PRUHas to pass a test compiled by IRDAAwarded a license to of insurance advisors and theirtraining startsThere are two types of trainingClass room trainingOnline training 10. Major players 11. Products :ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that meet the needs of customers at every life stage. Itsproducts cab is enhanced with up to 6 riders, to create a customizedsolution for each policyholder.ProductsRiders -Savings Solutions. -Accident & disability benefit -Protection Solutions.-Accident benefit -Child Solutions. -Critical Illness Benefit -Market-linked Solutions. -Major Surgical Assistance Benefits -Retirement Solutions.-Income Benefit -Health solutions.-Waiver of Premium 12. ICICI Prudential Life is allaboutTotalProtection Life 13. Details ofpoliciesPOLICY NAME AGE PREMIUMTERM BENEFITSICICI Pru iCare 18 - 65 Rs 3,000 5-30 years Premium paid towards the policywill be eligible for tax benefits u/syears 80C of the Income Tax Act, 1961 2ICICI Pru Pure18 / 65 Rs. 2,40010 / 30any benefit amount received underthis policy will be eligible for theProtect years p.a. yearstax benefit under section 10 (10D),as per prevailing Income Tax lawsICICI Pru 18 / 65 Rs. 2,40010 / 30In case of total and permanentdisability due to an accident, thisLifeGuard years p.a. yearsrider would waive future premiumstill maturity.ICICI Pru Home18 / 60 Rs. 6,0002-30 years On the death of the life assured, thebenefit based on the initial loanAssureyears p.a.schedule will be payable.ICICI Pru 3018,000 15 Years You have a choice of payingpremiums for either 7 or 10 years,GuaranteedYears while enjoying a long term savingsSavings Insurance benefit under the plan.Plan 14. Details of policiescont..POLICY NAME AGE PREMIUMTERM BENEFITSICICI Pru Whole 0 / 60 yearsRs. 6,000 perWhole life Life cover, WealthLifeannum creation,Additional lifecover, Avail of taxbenefitsICICI Pru 0 / 60 yearsRs. 6,000 p.a. 10 / 30 yearsAccident andDisability BenefitSavenProtectRider, extendedcover for 5 yearsafter maturity ofthe policyICICI Pru 0 / 25 yearsRs. 8,400 p.a10 / 25 yearsBenefits at criticaleducationalSmartKid20 / 70 years milestones,guarantRegular eea regular incomePremium to secure yourchilds academiccareerICICI Pru 0 / 25 years18,000 10 / 15 / 20 / Coverage options,Multiple portfolioSmartKid 25 years strategy, Partial 15. SegmentationProducts AgeSocio-economic GeographicGroup Gratuity Plan 18-60Working class urbanGroup leave 18-60Working class urbanencashment planAnnuity Solutions 45-80Working class urbanGroup Term18-70Working class urbanInsurance PlanCredit Assure Utility 18-60Working class urbanSarva Jana Suraksha 18-55Farmers /lower income RuralAnmol Nivesh18-50 Farmers /lower incomeRural 16. Underserved segment2.5 million lives across as many as 16 states inIndia.Sarva Jana Suraksha and Anmol Nivesh are tailoredto meet the unique requirements of rural investors.The plans offer Life cover, low and affordablepremiums. 17. SWOT Analysis 18. Strengths ICICI Prudential is No. 1 private life player in India. Innovative insurance policies with rider benefits. One of the largest financial Institution of India. Second largest insurance company with networkof 2,100 offices and 2,90,000 advisors across India. Training provided to all people associating with ICICIprudential. Highest paid up capital deposited in IRDA, in comparison toall players. 19. WEAKNESS Very huge premiums of policies. Compare to other insurance sector. Target upper class people only. Policy charges are very high. And problematic to advisors also. Poor distribution is in English language only. 20. OPPORTUNITIES Tie up with more corporate agents all over India. Tie up with broker also No. of adopting new technology. Strong Brand of Company Helps to boost sales inn market Attract more people of providing customer centric products 21. THREATS Threat from existing life insurance players Threat from new entrance. Threat to substitute products Change in the policy of IRDA Competition from more & more new players 22. FINDINGS 23. 50454035Below 253025 To 352535 To 452045 To 5515Above 5510 5 0 1. Graph in terms of age 24. 35 30 25 20 15 Cash BackLife Time 10 5 0 Below35 To Above25 45552 .Graph in terms of cash back policy 25. 35302520Fully Satisfied15Satisfied10Not Satisfied 5 0 Below35 To Above25 45553 .Graph in terms of satisfactionlevel 26. Conclusions Market leader in insurance sector in India inprivate sector Can grow faster if ties wit the other players Should adopt new technology Should prove more customer centric product