A Project Report

Of

ICICI PRUDENTIAL LIFE INSURANCE COMPANY

LIMITED
On
TO FIND OUT THE CONSUMER PREFERENCE ABOUT THE
LIFE INSURANCE

Presented to

Dr. Ashwin Modi

Faculty Member,
S.K.School of Business Management,
Hemachandrachrya North Gujarat University, Patan
On
July 30, 2007

In partial fulfillment of the requirement of the

Entrepreneurship Development & Project Study in the
Post Graduate Diploma of Business Management Program
Semester-II

Presented By:

ASHISH PATEL (16)

JIGNESH MODH (11)
 CONTENTS

Preface I
Acknowledgement II
Executive Summary III

CHAP.-1 Introduction to the Life Insurance Sector in India

1.1 Brief History

1.2 India Insurance

1.3 Functions of the Insurance:-
• Primary
• Secondary
• Other
1.4 Hypothesis

CHAP.-2 Introduction of the Company

2.1 History of the Company

2.2 Achievements
2.3 Awards
2.4 Plan Overview
2.5 Managements:-
2.5.1 Board of Directors
2.5.2 Management Team
2.6 Registered Office

CHAP.-3 Functional Area of the Company

3.1 Products
3.2 Riders Policy of Insurance
3.3 About the Promoters
3.4 Functions of the Company:-
3.4.1 Sales Distribution
3.4.2 Consumer Services & Operations:-
• IT
• Marketing
• Finance
• HR
• Business
 3.5 Unit Plans Information

CHAP.-4 About Life Insurance

4.1 What is Life Insurance?

4.2 Key Benefits of the Insurance

CHAP.-5 Research Methodology

5.1 Research Designs

5.2 Data Collection Method:-
Primary Data
Secondary Data
Open Ended Questions
Close Ended Questions
5.5 Field Work
5.6 Sampling Plan

CHAP.-6 Analysis of the Question Samples

CHAP.-7 Finding & Suggestions

Annexure

Bibliography
 Preface
As a partial fulfillment of PGDFM (sem-II) we are required to undergo an analysis in
which we have to study the consumer preference or customer satisfaction or financial
study for any company. We have chosen ICICI PRUDENTIAL Life Insurance Company
Limited for the same. This report contains study of view of consumer preference
regarding to Life insurance.

Our university has made this course compulsory for the PGDFM students, so as to have
efficient and enough knowledge of practically running company. I think it is extremely
necessary for us. This is the result that why we under go a market survey of the ICICI
Prudential. We have tried my level best to acquired report is one include all required and
acquired necessary information in this report.

This report also contains general information about the company and the analysis, finding
and suggestion for the company.

Ashish Patel (16)

Jignesh Modh (11)
 Acknowledgement
“Learning is a continuous process”, at this moment of us substantial enhancement, we
have hardly enough words to express our gratitude towards those who were constantly
involve with us during this project. With a sense of gratitude and respect, we would like
to extend our heartiest thanks to all those who provided help and guidance to make this
project successfully.

First of all, our heartfelt thanks to Dr. Ashwin Modi, who helped us in every possible
manner. He ensured a proper environment to work in. He allowed complete freedom to
complete our work. He also ensured that we meet all those people who could make us
understand the system. We also thanks to all the members for their selfless co-operation
and help for complete this project. The opportunity to study and work here added a lot of
knowledge, experience and confidence.

From bottom of our heart we thank to all faculty members of S. K. School of Business
Management, Patan for providing guidance and help to complete this project. We thank
for their active involvement in the project work .They always there with us when we
needed any type of guidance. Their guidance and inspiration changed this project into a
fruitful and meaningful exercise.

At the last but not the least, our special thanks also to all those whose names have not
appeared here but whose contributions have not gone unnoticed.
 Executive Summary

As a part and partial fulfillment of Management Course subject of Project Management

for PGDFM programme, I have selected “ICICI Prudential” for general understanding of
the Market Survey. However in particular my emphasis was on to fulfill the objectives of
research and to find out and to explorer the analysis of collected primary data.

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a
premier financial powerhouse, and prudential plc, a leading international financial
services group headquartered in the United Kingdom. ICICI Prudential was amongst the
first private sector insurance companies to begin operations in December 2000 after
receiving approval from Insurance Regulatory Development Authority.

I have focus on Consumer Preference regarding to the Life insurance. I have. During my
market survey I have tried studied the all view or attitude of the people. In this project
report I have discussed the all aspects related to the organization of ICICI Prudential in
appropriate manner.
 1. Introduction of Life Insurance Sector
In India

1.1 Brief History Of Insurance Sector 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 sturn
witnessed over a period of almost 190 years.

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 business in India are:

1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate
the life insurance business.

1928 - The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.

1938 - Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.

1956 - 245 Indian and foreign insurers and provident societies taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956,
with a capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the
Triton Insurance Company Ltd., the first general insurance company established in the
year 1850 in Calcutta by the British.

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

1907 - The Indian Mercantile Insurance Ltd. set up, the first company to transact all
classes of general insurance business.
1957 - General Insurance Council, a wing of the Insurance Association of India, frames a
code of conduct for ensuring fair conduct and sound business practices.

1968 - The Insurance Act amended to regulate investments and set minimum solvency
margins and the Tariff Advisory Committee set up.

1972 - The General Insurance Business (Nationalization) Act, 1972 nationalized the
general insurance business in India with effect from 1st January 1973.

107 insurers amalgamated and grouped into four companies’ viz. the National Insurance
sCompany Ltd., the New India Assurance Company Ltd., the Oriental Insurance
Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a
company.

1.2 India Insurance:-

The end of the year 2000 marks a significant change and growth of 'India Insurance'
industry scenario. Monopoly of Public Sector Insurance company marks an end and
Private companies makes inroad. Foreign companies, both Life and General flocked,
collaborated and helped astronomical growth of 'Insurance Industry in India'.

'India Insurance' growth was long overdue. Within 1st 12 months of liberation of 'Indian
Insurance Industry' 10 licenses for selling life insurance products and 6 licenses for
selling non-life products were issued to private companies. The Public sector giant LIC
started losing its market share at the cost of stupendous growth of private players. Now
'India Insurance' industry has more than a dozen private life insurance players and 9
private general insurance companies. Aggressive and penetrative marketing strategy
coupled with wide product bandwidth was an instant success among the ignorant masses.
Most of the private companies registered more than 100% growth till then and are still
continuing with such monstrous growth figures. Although, 'Insurance in India' is not
regarded as a basic need but it is getting popular among semi urban to rural masses. Top
rank private companies like ICICI Prudential Life Insurance, Tata AIG, and Bajaj Allianz
etc are aggressively researching and innovating products for huge untapped rural 'India
Insurance' market. Collaboration with micro finance companies, post offices, rural banks
and village management authorities for selling insurance is doing wonders.

Life insurance products cover risk for the insurer against eventualities like death or
disability. Non-life insurance products cover risks against natural calamities, burglary,
etc. They are not as popular as life products in the ' Insurance India's' portfolio. Until very
recently it had only corporate buyers, but with natural disasters like, earth quakes,
tsunamis, storms and floods becoming more frequent and damaging there has been a
sudden spurt in sales of general insurance amongst individuals. Consumerism of life style
goods and modern amenities has also contributed to its growth. With more awareness and
wide bandwidth of insurance product portfolio the growth for 'India Insurance' story will
only get more competitive and more affordable to all sections of Indian society.

1.3 Functions of Insurance:-

The functions of Insurance can be bifurcated into two parts:

1. Primary Functions
2. Secondary Functions
3. Other Functions

The primary functions of insurance include the following:

Provide Protection - The primary function of insurance is to provide protection against

future risk, accidents and uncertainty. Insurance cannot check the happening of the risk,
but can certainly provide for the losses of risk. Insurance is actually a protection against
economic loss, by sharing the risk with others.

Collective bearing of risk - Insurance is a device to share the financial loss of few
among many others. Insurance is a mean by which few losses are shared among larger
number of people. All the insured contribute the premiums towards a fund and out of
which the persons exposed to a particular risk is paid.

Assessment of risk - Insurance determines the probable volume of risk by evaluating

various factors that give rise to risk. Risk is the basis for determining the premium rate
also.

Provide Certainty - Insurance is a device, which helps to change from uncertainty to

certainty. Insurance is device whereby the uncertain risks may be made more certain.

The secondary functions of insurance include the following:

Prevention of Losses - Insurance cautions individuals and businessmen to adopt suitable

device to prevent unfortunate consequences of risk by observing safety instructions;
installation of automatic sparkler or alarm systems, etc. Prevention of losses causes lesser
payment to the assured by the insurer and this will encourage for more savings by way of
premium. Reduced rate of premiums stimulate for more business and better protection to
the insured

Small capital to cover larger risks - Insurance relieves the businessmen from security
investments, by paying small amount of premium against larger risks and uncertainty.

Contributes towards the development of larger industries - Insurance provides

development opportunity to those larger industries having more risks in their setting up.
Even the financial institutions may be prepared to give credit to sick industrial units
which have insured their assets including plant and machinery.

The other functions of insurance include the following:

Means of savings and investment - Insurance serves as savings and investment,

insurance is a compulsory way of savings and it restricts the unnecessary expenses by the
insured's For the purpose of availing income-tax exemptions also, people invest in
insurance.

Source of earning foreign exchange - Insurance is an international business. The

country can earn foreign exchange by way of issue of marine insurance policies and
various other ways.

Risk Free trade - Insurance promotes exports insurance, which makes the foreign trade
risk free with the help of different types of policies under marine insurance
1.4 Hypothesis:-
 Ho.1. There are assume that 60% of the people using banking and 50% of the
people using insurance as financial services.

 Ho.2. Here assumes that 70 % people are taken insurance for them and their
family.

 Ho.3. Null hypothesis in this regards that 50% of the respondents taken insurance
for 3 members and 40 % of respondent taken insurance for every member.

 Ho.4. Assume that 60% of people taking insurance for purpose of security and
20% of people for tax benefits.

 Ho.5 Assume that 35% people investing in insurance up to 20% of their income
and 20% people are investing up to 10% of their income in insurance and 15 % of
the people invest more than 20 % of their income.

 Ho.6 Assumption is that 85% the respondents prefers Govt. Company and 15%
people prefer Pvt. Company.

 Ho.7 Assume that 50% of the people choose insurance for good feedback and
20% of the respondents choose to fewer premium and 15% of the people prefer
less time period.

 Ho.8 Assumes that 70% of the people have taken money back policy.

 Ho.9. Assume that 40% of the people invested in LIC and 20% of the people
taking insurance from ICICI. Others are taken from other Pvt.co.
 Ho.10. Here assumption is that more number of people knows from the news
paper and it is up to 50% of our sample.

 Ho.11. Here assumption that 60% of people never used ICICI and 40 % of people
used ICICI.

 Ho.12. Here assume that 45 % of the respondents like the services and 25 % of
them like Facilities and other.

 Ho.13. Here assumption that 50 % of the person can’t switchover to other

company and 30 % of them like to switchover to current insurance company to
other company.

 Ho.14. Here assumes that 40 % of people change the company, if service is not
good and 25 % of the people change, if company looses the market position.

 Ho.15. Here assumption is that 55 % of the people like the services and 25 %
people happy with their company.

 Ho.16. Here assumption is that 98 % of the people satisfied with their current
company.

 Ho.17. Assumption is that 60 % of the respondent satisfied with their Insurer and
25 % of the people are highly satisfied.
 2. Introduction of the Company

2.1 History of the Company:-

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

Since its inception ICICI Prudential has continuously focused on identifying and
delivering what the customer wants – be it in product range, distribution or service. It has
strived to introduce new, customer-centric products, offer superior service and implement
world-class risk and investment strategies. Over the past four years, the company has
become the leading private life insurer and has pioneered many initiatives, such as the
introduction of child plans, retirement solutions and unit linked plans.

Recent performance of the company has been very encouraging. The company has grown
at a rate of 148% on a CAGR basis over the past three financial years. It has emerged as
the only private life insurer to cross a number of milestones with amazing regularity, with
the time taken to add on every additional 100,000 policies continuously decreasing.
Possibly the most significant achievement in recent times is that ICICI Prudential crossed
the 1 million policy milestone in mid-September 2004, the first amongst private insurers
to cross this mark. In the period April-December 2004, the company garnered Rs 860
crore of new business premiums for a total sum assured of over Rs 7,360 crore and wrote
nearly 345,000 policies. With 7 banc assurance tie-ups, 50,000 life insurance advisors,
and offices in 70 locations, the company has spread its reach across the country.

ICICI Prudential's equity base is the highest in the insurance sector, standing at Rs. 9.25
billion with ICICI Bank and Prudential plc holding 74% and 26% stake respectively.
Today, ICICI Prudential has emerged as the No. 1 private life insurer in the country, with
a wide range of flexible products that meet the needs of the Indian customer at every step
in life. Along with a multi-product, multi-channel distribution capability, it offers its
employees’ the right infrastructure support and robust training and development programs
to accelerate their career on the fast track.

.
2.2 Achievements:-

 The Company issued in excess of 4,30,000 policies – in the year ended March 31st
2004
 Total sum assured of over Rs. 8000 crores
 A premium income in excess of Rs. 980 crores
 In terms of distribution strength, the company has about 30,000 advisors & some
12 Banc assurance tie-ups

2.3 Awards:-

(1)

India's Most Customer Responsive Insurance Company

Avaya Global Connect - Economic Times

Customer Responsiveness Awards

(2)

Most Trusted Private Life Insurer

The Economic Times - A C Nielsen Survey of Most Trusted Brands – 2003, 2004 and
2005

Prudence Customer Centricity Award 2004 & 2005

Prudential Corporation Asia
(3)

Institute of Marketing & Management

IMM Award for Excellence

(4)

Best Life Insurer 2003

Outlook Money Awards 2003 & 2004

(5)

Organization with Innovative HR Practices

Indira Group of Institutes

Organization with Innovative HR Practices

Asia-Pacific H R Congress Awards for HR Excellence

Super brand 2003-04

(6)

Silver Effie for Effectiveness of the ‘Retire from Work not life’ advertising campaign

Effie’s 2003
2.4 Plan overview:-

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

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

Life Insurance Plans:-

Under Life insurance plans, ICICI Prudential offers the plans under the following major
need categories

Education Insurance Plans

Wealth Creation Plans
Premium Guarantee Plans
Protection Plans

Retirement Solutions:

The primary objective of a retirement plan is to help you provide for your financial needs
in your post retirement years. Click here to know more about our retirement solutions

Forever Life
Lifetime Super Pension
Life link Super Pension

Health Product Suite:

Under Health Product Suite, ICICI Prudential offers plans under the following major
need categories

Health Assure
Health Assure Plus
Hospital Care
Cancer Care
Cancer Care Plus
Diabetes Care
Diabetes Care Plus
2.5 Management of the ICICI Prudential

 2.5.1 Board of Directors:-

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

Mr. K.V. Kamath, Chairman

Mr. Barry Stowe

Mrs. Kalpana Morparia

Mrs. Chanda Kochhar

Mr. HT Phong

Mr. M.P. Modi

Mr. R Narayanan

Mr. Keki Dadiseth

Ms. Shikha Sharma, Managing Director

Mr. N. S. Kannan, Executive Director

Mr. Bhargav Dasgupta, Executive Director

 2.5.2 Management Team:-

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

Ms. Shikha Sharma, Managing Director & CEO

Mr. N. S. Kannan, Executive Director
Mr. Bhargav Dasgupta, Executive Director
Ms. Anita Pai, EVP – Customer Service & Technology
Mr. Azim Mithani, Chief Actuary
Mr. Puneet Nanda, Chief Investments Officer
2.6 Registered Office Address of the ICICI Prudential

 Registered Office:

ICICI Prulife Towers,

1089 Appasaheb Marathe Marg,
Prabhadevi
Mumbai – 400025

 Registrant of Companies

Reg No. 11-127837

Date of Incorporation 20-Jul-2000
Registered with IRDA as Life Insurance Company Regn. No.105
TERMS AND CONDITIONS GOVERNING THE USE OF ICICI PRUDENTIAL'S
WEB SITE BY VISITORS, CUSTOMERS AND REGISTERED USERS (AS DEFINED
HEREIN).
 3. Functional Area of Company

3.1 Products:-

 Insurance Solutions for Individuals:-

ICICI Prudential Life Insurance offers a range of innovative, customer-centric products

that meet the needs of customers at every life stage. Its products can be enhanced with up
to 4 riders, to create a customized solution for each policyholder.

 Savings & Wealth Creation Solutions:-

CashPlus is a transparent, feature-packed savings plan that offers 3 levels of protection

as well as liquidity options

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

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

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

LifeLink Super is a single premium unit linked insurance Plan which combines life
insurance cover with the opportunity to stay invested in the stock market.

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

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

Invest Shield Cashbak is a unit linked plan that provides premium guarantee on the
invested premiums along with flexible liquidity options.
  Protection Solutions:-

LifeGuard is a protection plan, which offers life cover at low cost. It is available in 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 Smart Kid brand provides guaranteed educational
benefits to a child along with life insurance cover for the parent who purchases the policy.
The policy is designed to provide money at important milestones in the child's life.
Smart Kid plans are also available in unit-linked form - both single premium and regular
premium.

 Retirement Solutions:-

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

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

LifeLink Super Pension is a single premium unit linked pension plan.

Immediate Annuity is a single premium annuity product that guarantees income for life
at the time of retirement. It offers the benefit of 5 payout options.
  Health Solutions:-

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

Cancer Care: is a regular premium plan that pays cash benefit on the diagnosis as well
as at different stages in the treatment of various cancer conditions.
Diabetes Care: Diabetes Care is the first ever critical illness product specially for
individuals with Type 2 diabetes. It makes payments on diagnosis on any of 6 diabetes
related critical illnesses, and also offers a coordinated care approach to managing the
condition. Diabetes Care Plus also offers life cover.

 Group Insurance Solutions:-

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

Group Gratuity Plan: ICICI Pru's group gratuity plan helps employers fund their
statutory gratuity obligation in a scientific manner. The plan can also be customized to
structure schemes that can provide benefits beyond the statutory obligations.

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

Group Immediate Annuities: In addition to the annuities offered to existing

superannuation customers, we offer immediate annuities to superannuation funds not
managed by us.

Group Term Plan: ICICI Pru's flexible group term solution helps provide affordable
cover to members of a group. The cover could be uniform or based on designation/rank
or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated
by the member on his/her death.
3.2 Riders Policy of Insurance:-

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

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

2. Critical Illness Benefit: protects the insured against financial loss in the event of 9
specified critical illnesses. Benefits are payable to the insured for medical expenses
prior to death.

3. Income Benefit: This rider pays the 10% of the sum assured to the nominee every
year, till maturity, in the event of the death of the life assured. It is available on
SmarKid and CashPlus.

4. 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.

3.3 About the Promoters:-

ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank
with assets of Rs. 2958.32 billion as on December 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 customer base through a multi-channel access network which includes
over 695 branches and extension counters, 3051 ATMs, call centers and internet banking.

Established in London in 1848, Prudential plc, through its businesses in the UK and
Europe, the US and Asia, provides retail financial services products and services to more
than 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 funds
under management. In Asia, Prudential is the leading European life insurance company
with 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.
3.4 Functions of the Company:-

ICICI Pru offers exciting career opportunities for people from a variety of streams.
Read on to find out more about how each of the functions contributes to our growing
business.

 3.4.1 Sales Distribution:-

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
& 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 company's sales and distribution strategy,
contributing to approximately one third of company's 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.

Group
The Group Business of ICICI Prudential has been in existence for over 2 years. Today,
we are the Number 1 player among private life insurance companies in Group Business
excluding Mortgage Reducing Term Assurance (MRTA) with a market share of 26 %
(FY 2004-2005). We offer the entire gamut of products including Gratuity,
Superannuation Term Insurance, Leave Encashment, Employee Deposit Linked Insurance
(EDLI), Mortgage Reducing Term Assurance (MRTA) & Informal Group Term covers.
  3.4.2 Customer Service & 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.

IT
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 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 customised 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
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.

HR
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.
  3.5 Unit Plans Information:-

Unit Values of different

Plan options as on 31-07-
2007
Unit Value
Plan (Rs./unit)
Protector (Income) Plan* 15.5629

Balancer (Balanced) Plan* 25.75

Maximiser (Growth) Plan* 53.2

Pension Maximiser (Growth) Plan # 53.86

Pension Balancer (Balanced) Plan # 24.22

Pension Protector (Income) Plan # 13.9721

Group Balanced Fund 16.59

Group Debt Fund 12.7984

Group Short Term debt fund 12.7353

Group Growth Fund 22.46

Group Capital Guarantee Short Term Debt

12.1534
Fund

Maximiser (Growth) Fund II ^ 28.77

Preserver (Short Term) Fund * ^ 12.2048

Balancer (Balanced) Fund II ^ 16.68

Protector (Income) Fund II ^ 11.6128

Pension Preserver (Short Term) Fund # ~ 12.1605

Pension Maximiser (Growth) Fund II ~ 30.27

Pension Protector (Income) Fund II ~ 11.6124

Pension Balancer (Balanced) Fund II ~ 17.11

Invest Shield Cash *** 11.6512

Invest Shield Life ** 14.29

Invest Shield Pension 14.4

ICICI Prudential Life Maximiser III ^^ 13.48

ICICI Prudential Life Balancer III ^^ 11.96

ICICI Prudential Life Protector III ^^ 10.9795

ICICI Prudential Life Preserver III ^^ 11.0544

*Group Capital Guarantee Debt Fund 11.2981

*Group Capital Guarantee Balanced Fund 12.16

InvestShield Life New Fund ## 12.02

Group Capital Guarantee Growth Fund 11.22

Cash Plus Fund 12.1924

Secure Plus Fund 12.09

Secure Plus Pension Fund 11.8227

Flexi Growth * 12.05

Flexi Growth II ^ 12.11

Flexi Growth III ^^ 12.03

Pension Flexi Growth # 12.2

Pension Flexi Growth II ~ 12.1

Flexi Balanced * 11.3

Flexi Balanced II ^ 11.4

Flexi Balanced III ^^ 11.24

Pension Flexi Balanced # 11.63

Pension Flexi Balanced II ~ 11.5

Group Capital Guarantee Short Term Debt

10.4802
Fund II

Group Capital Guarantee Debt Fund II 10.4815

Group Capital Guarantee Balanced Fund II 10.8

 4. About Life Insurance

4.1 What is Life Insurance?

Definition

Life Insurance is only covered for the Human Life Value. It is a contractual agreement
between two parties- Insured and Insurer. In this way Insured agrees to pay the premium
and Insurer agrees to pay the sum assured due to financial losses.

Life insurance is a guarantee that your family will receive financial support, even in your
absence. Put simply, life insurance provides your family with a sum of money should
something 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 children
married and even retire comfortably.

Life insurance also triples up as an ideal tax-saving scheme.

4.2 Key Benefits of Life 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. Modern
day investments include gold, property, fixed income instruments, mutual funds and of
course, life insurance. Given the plethora of choices, it becomes imperative to make the
right choice when investing your hard-earned money. Life insurance is a unique
investment that helps you to meet your dual needs - saving for life’s important goals, and
protecting your assets.

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

1) Assets Protection

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

The core benefit of life insurance is that the financial interests of one’s family remain
protected from circumstances such as loss of income due to critical illness or death of
the policyholder. Simultaneously, insurance products also have a strong inbuilt wealth
creation proposition. The customer therefore benefits on two counts and life insurance
occupies a unique space in the landscape of investment option available to a
customer.

1) Goal Based Saving

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

Clearly, as your life stage and therefore your financial goals change, the instrument in
which 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
for different life stages. It thus ensures that the benefits offered to the customer reflect the
needs of the customer at that particular life stage, and hence ensures that the financial
goals of that life stage are met.

The table below gives a general guide to the plans that are appropriate for different life
stages.
Life Stage Primary Need Life Insurance Product
Young & Single Asset creation Wealth creation plans
Young & Just married Asset creation & protection
Wealth creation and
mortgage protection plans
Married with kids Children's education, Asset Education insurance,
creation and protection mortgage protection &
wealth creation plans
Middle aged with grown up Planning for retirement & Retirement solutions &
kids asset protection mortgage protection

Across all life-stages Health plans Health Insurance

 5. Research Methodologies

5.1 Research Designs: -

Research design is the plan, structure, and strategy of investigation conceived so as to

obtained answers to research questions and to control variance.

The researcher has taken descriptive research design because with which the proportion
of people in a given population who behaved in a particular manner and projections of
certain things were easy to know data on a no. of characteristics from the sample element
were collected and analyzed.

5.2 Data Collection Method:-

The data has been collected form:
 Primary Data
 Secondary data

Project work contains the data collected from both the sources. Secondary data was to
collect the information about the company from the Annual Report, Web site etc.

Method of collecting primary data is as under:

 Survey Method:

In this method a Questionnaire is prepared for collecting relevant information, for

communicating with respondents, the researcher followed one way.

 Personal interview:

Researcher has used above survey method for collecting data. Personal interview which
is the direct form of investigation, which involves face to face communication with
respondent and free feedback of information. This method makes difficult question easier
and gives accurate information.

Types of question asked in the questionnaire are as under:

 Open-ended question

 Close-ended question
5.3 Field Work:-

 No. of Respondents: I have included the 50 respondent in the survey.

 Period of Coverage: Period of study was 1 month.

5.4 Sampling Plan:-

 Sample Size: I have the sample size of 50 respondents in Palanpur city and nearer
villages.
 Samples are taken from the Palanpur and nearer villages.

Title: “To find out the Consumer Preference about the Life Insurance
And the Functional Area of ICICI Prudential”

 Sample method: Sampling method used to the research is Area Sampling.

 Sampling media: Sampling media is concerned with how many sampling unit are
to be approached for obtaining the desired information.

In this project for collecting relevant information from sampling unit ‘questionnaire’ has
been used as sampling media. The researcher has taken both types of open-ended and
close-ended questions. Researcher has conducted a survey through personal interview.
 6. Analysis of the Question samples
1. Which type of financial services are you using and aware of?

Banking Insurance Mutual Fund Other

User 42 47 14 3
Non User 8 3 36 47
Total 50 50 50 50

Interpretation:-

The basic purpose of this question is to know the financial user of different finance
related products. In this way we analyze of that there will be in the market, many part of
the people use insurance and banking. Other than that there are few people are
using/aware of the MF and other financial products like broking, commodity etc.

We find the percentage of the financial user by the said table.

We can also know by the chart that there are many of the people use Insurance and
Banking rather than the MF and other.

Banking Insurance Mutual Fund Other

User % 84 94 28 6
Non User% 16 6 72 94
Total % 100 100 100 100

Fin.User

6%
28%

Banking
84%
Insurance
Mutual Fund
Other
94%

Testing of hypothesis:-

Hypothesis is accepted because 84 % of the people using banking financial service and
94 % of the respondent using insurance financial service.

2. Are you taking insurance for you and your family member?
 Percentage %
Insurance User 94 %
Insurance Non-User 6%
Total % 100 %

Insurance User & Non User

94%
100%
80%
60%
Series1
40%
20% 6%
0%
Insurance User Insurance Non-
User

Interpretation:-

We find by the market survey that only 3 out of 50 people are not aware and not take the
life insurance for him/her and the family member. In this analysis we find that there are
many few people don’t know about the insurance.

We calculate the percentage of Life Insurance- user and Non user.

Testing of hypothesis:-

Hypothesis is accepted because that there are 94 % of the respondents have taken
insurance for them and their family members.

3. For how many members have you taken Insurance in your family?
 Figure out of 50 Percentage %
One Member 5 10 %
Two Member 9 18 %
Three Member 18 36 %
Every Member 15 30 %

Policy Holde rs Analys is

(fam ily m e be rs )

One
M ember,
10%
Every
M ember, Two
30% M ember,
18%

Three
M ember,
36%

Interpretation:-

The basic purpose of this question is to know for how many members they have taken
insurance. We have given the four options for the one, two, three, or every. We got the
maximum answer in each family & members have taken insurance.

According to our survey, we find that there are36 %( 18 out of 50) people have taken
insurance for their 3 member and 30% (5 out of 50) people have taken insurance for their
all family member. Only few, 10 and 18 % people have taken insurance for their 1 and 2
member respectively. We can see that there are many people are using the insurance for
them and their family. These show that growth of the insurance increase. People are
aware of insurance.

Testing of hypothesis:-

Hypothesis is rejected because 36% of the people taken insurance for 3 members and 30
% of the people taking insurance for every one.

4. What is your purpose for taking Insurance?

Purpose Percentage%
Tax Benefit 38 %
Security 80 %
Retirement 2%
Investment 26 %

Purpose of Taking Insurance

90%
80%
80%
70%
60%
50%
38%
40%
30% 26%
20%
10% 2%
0%
Tax Benefit Security Retirement Investment

Interpretation:-

The basic purpose of this question is to find why people are investing in the insurance &
which factor attracts to invest in the insurance. The survey gives us the different factors,
we have given here four option and people give multi purpose answers.

19 out of 50 people have taken insurance for tax benefits

40 out of 50 people have taken insurance for security.

This shows that most of people are taking insurance 80% of our sample size for security.
The main factors attract toward insurance 1 out of 50 people invested for the retirement
benefit. This shows that the people are not investing for retirement benefit.

Testing of hypothesis:-

Hypothesis is accepted because 80 % of people are taking insurance for security purpose
and 38 % for the purpose of tax benefit.

5. How much amount of your income spends for Insurance?

Income Spend for Insurance Percentage%
Up to 50% 4%
Up to 20% 38 %
Up to 10% 30 %
More than 20% 20 %

Income Spend Rate

38%
40%
30%
35%
30%
20%
25%
20%
15%
4%
10%
5%
0%
Up to Up to Up to More than
50% 20% 10% 20%

Interpretation:-

According to this analysis, we find that 38% people are ready to invest up to 20% of their
income in insurance & 30% of the people are ready to invest up to 10% of their income in
the insurance. Afterward that 20% people are interested to invest more than 20% of their
income in insurance.

So this shows that normally the people are ready to invest up to 20% of their income in
the insurance.

Testing of hypothesis:-

Hypothesis is accepted because 38% of the respondent spends their income up to 20% in
insurance and 30 % of the people invest up to 10% of their income. There are 20 % of the
people spend more than 20 % of their income in insurance.
6. From which types of Insurance Company are you taking the Insurance or like
to take?

Type of Company Percentage %

Pvt. Company 40 %
Govt. Company 78 %

Company Types Preference

Interpretation:-
Pvt.
Company,
40% From this question we try
Govt. to know that where the
Company, people are interested to
78% invest. So we can know
that the preference of the
people to select the Pvt.
Company or Govt.
Company. We got different opinions.

The people give the answer that 60% people are giving preference to the Govt. Company,
afterward that 40% of the people are giving the preference to the Pvt. Company.

We got another answer that one group of people who like to invest their money in both
sectors nearly 18 to 20% people like to invest in both Pvt. & Govt. sectors.

Testing of hypothesis:-

Hypothesis is rejected because 78 % of the people prefer Govt. Company and 40% of the
people prefer Pvt. Company

7. On which criteria are you choosing the Insurance?

Criteria for Choose Insurance Percentage %

Fewer Premium 24 %
Good Feedback 60 %
Less Time Period 16 %
Total 100 %

Criteria for Choose Insurance

60%

60%

50%
24%
40%
16%
30%

20%

10%

0%
Few er Premium Good Feedback Less Time Period

Interpretation:-

When we asked this question to the people, they asked that 24% are choosing insurance
on the fewer premium, 60% of the people are choosing insurance on the basis of good
feedback. After ward that 16% of the people like to take insurance on the condition of
that they want less time period of the insurance policy.

This analysis shows that most of people are choosing insurance for better feedback.

Testing of hypothesis:-

Hypothesis is accepted because 60% of the respondent chooses for good feedback and
there are 24 % people choose the insurance for fewer premiums.

8. Which types of policy have you taken or like to take?

Taken Insurance Figure Out of 50 Percentage %

Money Back 36 72 %
Term Policy 19 38 %
Critical Policy 11 22 %
Other 0 0

Taken Insurance Policy

80%
70%
60%
50%
40%
72%
30%
20% 38%
10% 22%

0% 0%
Money Back Term Policy Critical Policy Other

Interpretation:-

Regarding to this survey that 36 people out of 50 like to take money back policy that
means 72 % of people like this policy. 19 people out of 50 are like to take term policy
means 38 % of our sample. Afterward that 11 people out of 50 are preferred to take
critical illness means 22 % of our respondent.

This shows that most of the people like to take money back policy.

Testing of hypothesis:-

Hypothesis is accepted because 72% of the samples have taken money back policy.

9. Which company’s Insurance have you taken or in future you like to take?

Insurance Company Percentage %

LIC 44 %
ICICI Prudential 26 %
Om Kotak 6%
Bajaj Allianz 20 %
Birla Sunlife 4%
 Insurance Company Analysis

50% 44%
45%
40%
35%
30% 26%
25% 20%
20%
15%
10% 6% 4%
5%
0%
LIC ICICI Om Kotak Bajaj Birla
Prudential Allianz Sunlife

Interpretation:-

From asking the question of company preference, there are approximately 44 % people
like to invested regarding to the insurance in LIC and 26 % people interested to invest for
life insurance in ICICI Prudential then after that there are 6 % people have taken or like
to take insurance of Om Kotak. Afterward that Bajaj Allianz insurance has taken or likes
to take by 20 % people according to the analysis. From initial stage they got good
response. There are 4 % people are interested in Birla Sunlife.
Due to this market survey we can give the rank of the company as below……

LIC 1st Rank

ICICI Prudential 2nd Rank
Bajaj Allianz 3rd Rank
Birla Sunlife 4th Rank
The LIC is the top most company to cover market and the ICICI Prudential is the Second
one to cover the Life insurance market.

Testing of hypothesis:-
Hypothesis is accepted because 44% of the people taken insurance from LIC and 26% of
the people taken insurance from ICICI.

10. From where do you know about this company?

Insurance Information Figure out of 50 Percentage %

Sources
News Paper 27 54 %
Television 15 30 %
Advertisement 15 30 %
Magazine 1 2%
From Friend/Relative 19 38 %
Other (Agent) 17 34 %

Analyisis of How People Knew of The Insurance Co.

60%
54%
50%

40% 38%
34%
30% 30% 30%

20%

10%

0% 2%

e
e
on

)
r

iv
en
pe

in

nt
at
si

az

ge
m
Pa

el
vi

se

ag

(A
/R
le
s

rti
Te

nd
ew

er
ve

th
ie
N

Ad

O
Fr
om
Fr
Interpretation:-

According to our survey, we find different sources from where the people get
information. 27 out of 50 respondents know from news paper means 54 % of the people
know from news paper and there are 15 respondents out of 50 knew from the Television.
Advertisement is also good source of information, about 30 % people knew from that.
The other sources are agent and relatives or friends, which plays vital role of information.
About 34 % respondent knew about insurance from agent.

Testing of hypothesis:-

Hypothesis is accepted because 54 % of people know this company from the News Paper.

11. Have you ever used “ICICI Prudential”?

Percentage %
User of ICICI Prudential 36 %
Non User of ICICI Prudential 64 %
 User & Non Use r Of
ICICI Prudential

User of 36%

Non User 64%

Interpretation:-

From the survey of the market that there are less people are using the ICICI Prudential
Life insurance because of that there are most of people prefer the Govt. company and the
ICICI Prudential is from Pvt. Sector. There are 58% of the respondent are never used of
ICICI Prudential , only 36 % of the respondent people are using the ICICI Prudential Life
insurance. There are 6 % people like to take the Life insurance of other Pvt. Sector’s
company.
So, in this way we can say that people give less preference to the ICICI Prudential Life
insurance then the Govt. Company like LIC.

Testing of hypothesis:-

Null assumption is rejected because only 36 % of the people have used ICICI Prudential
Life insurance.

12. What you like in “ICICI Prudential” Insurance Company?

Percentage %
Service 34 %
Facility 16 %
Position of Company 18 %
Ability/capacity 4%
 What People Like in ICICI Pru? .

Service, 34%

35% Position of
30% Facility, Company,
16% 18%
25%
20%
15% Ability/capacity,
4%
10%
5%
0%
1

Interpretation:-

For our survey that we can get information from some users only. According them, there
are different people say different view and features.

From the survey we find that 34 % of the people like services of the ICICI Prudential and
there are up to 16 % of the respondent like facility of the company. Afterward there are
up to 18 % people like Mkt. position of the company. Up to 4 % respondent like the
ability or capacity of the ICICI Prudential Company to perform or giving benefits. So,
people like different features in this company and for the company service and position is
the best.

Testing of hypothesis:-

Null assumption is rejected because 34 % of like service and 16 % like facility in ICICI
Prudential Life insurance company.

13. Would you like to switchover for other company?

Percentage %
Yes (Like to Switchover) 38 %
No (Don’t Like to Switchover) 58 %
 Sw itchoverer Analysis to Other Co.

70%
58%
60%

50%
38%
40%

30%

20%

10%

0%
Yes (Like to Sw itchover) No (Don’t Like to Sw itchover)

Interpretation:-

The basic purpose of this question is to know the function of people preference about one
company and loyalty towards other one company. According to the survey we find that
people are very loyal to their current insurance company.

From the survey, we find that 58 % of the respondents don’t want to switchover their
company and 38 % of the respondent want or like to switchover to other company, but
normally we find that people don’t want to leave old company

Testing of hypothesis:-

Hypothesis is accepted because 58 % of them don’t want to switchover for other

company and 38 % of the people like to switchover to current insurance company to
other company

14. On which position you will change the Insurance Company?

Reason for Switchover Percentage %

If service is not Good 34 %
If not provide facility 14 %
If co. Loose the mkt. position 20 %
Other 0%
 Reason Analysis For Sw itchover
40%
35%
30%
25%
20%
15%
34%
10% 20%
5%
14%
0% 0%
If service is not If not provide If co. Loose the Other
Good facility mkt. position

Interpretation:-

According to the information which have taken from the respondent during the mkt.
analysis, there are 38 % people find out who like to switchover from current company to
other company. They give the reason for that there are 34 % respondent told that if
company not provide the company, they switchover to other insurer. Afterward that there
are 14 % people and 20 % people told that if current company is not provide facility and
if company loose the mkt. position respectively, they will switchover to current insurance
company to other insurance company.

Testing of hypothesis:-

Null assumption is rejected because 34 % of the respondent like to change company, if

service is not good and up to 20 % of them switchover, if company loose the market
position.

15. Why you want to stick to your current Insurance Company?

Testing of hypothesis:-

Hypothesis is accepted because 60 % of the people like services and 30 % the people
happy with their company.
16. Are you satisfied with current insurance company?

Testing of hypothesis:-

Null assumption is accepted because the all people of the sample size are satisfied with
their current company.
17. How much your satisfaction by your current Insurer?

Testing of hypothesis:-

Hypothesis is accepted because 65 % of the people are satisfied and 30 % of people are
highly satisfied with their current insurance Company.
 Annexure
Respected Sir/Madam,
We are management students and doing project on “Consumer
preference for Life Insurance” of “ICICI PRUDENTIAL Insurance Pvt. Ltd”. In this
regard we want some information from you for our survey purpose. Your cooperation will
lead our project towards success. So, please give some of your precious time for
answering.
1. Which type of financial services are you using?

Banking
Insurance
Mutual Fund
Other
 (Specify)

2. Are you aware of any Insurance Company?

Yes
No
(If Yes- Proceed ahead)
(If No- Terminate the respondent)

3. Are you taking insurance for you and your family member?

Yes
No

4. For how many members have you taken Insurance in your family?

One
Two
Three
Every

5. What is your purpose for taking Insurance?

Tax Benefit
Security
Retirement
Investment Purpose

6. How much amount of your income spends for Insurance?

Up to 50%
Up to 20%
Up to 10%
More then 20%

7. From which types of Insurance Company are you taking the Insurance or like to
take?

PVT. Company
Govt. Company

8. On which criteria are you choosing the Insurance?

Fewer premiums
 Good feedback
Less time period
Other
(Specify)

9. Which types of policy have you taken or like to take?

Money back
Term Policy
Critical Illness
Other
(Specify)

10. Which company’s Insurance have you taken or in future you like to take?

Life Insurance
ICICI Prudential
Om Kotak
Bajaj Allianze
Birala Sunlife
Other
(Specify)

11. From where do you know about this company?

News paper
Television
Advertisement
Magazine
From Friend/Relative
Other
(Specify)

12. Have you ever used “ICICI Prudential”?

Yes
No
(If Yes- go to Que. 11)
(If No- continue asking Que.12)

13. What you like in “ICICI Prudential” Insurance Company?

Service
Facility
Position of Co.
 Ability/capacity

14. Would you like to switchover for other company?

Yes
No
(If Yes- go to Que. 13)
(If No- continue asking Que.14)

15. On which position you will change the Insurance Company?

If service is not good

If not provide facility
If co. loose Mkt. Position
Other
(Specify)

16. Why you want to stick to your current Insurance Company?

I don’t like changes

I am happy with my insurance company
I like the services
Other
(Specify)

17. Are you satisfied with current insurance company?

Yes
No
(If Yes- go to Que. 16)
(If No- continue asking Que.17)

18. How much your satisfaction by your current Insurer?

Highly Satisfied
Satisfied
Neutral
Dissatisfied
Highly Dissatisfied
 -: PERSONAL INFORMATION:-

19. Name:

20. Gender:

21. Occupation

22. Age(years):

23. Contact No:

We are deeply thankful to you for your cooperation regarding to our analysis.
 Bibliography
● R. Narayanswamy, Financial Accounting – A managerial prospective, Second Edition,
Prentice-Hall of India private Limited, New Delhi-110 001.
www.phiindia.com

● Annual Report of Tata Iron and Steel Company Ltd

2005-06
2004-05
2003-04

● www.tatasteel.com