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PROJECT REPORT

ON

“THE POTENTIAL OF POST OFFICES


AS A DISTRIBUTION CHANNEL”
FOR

PROJECT WORK DONE BY


NIRMAL J
(BATCH OF 2005)

Under the guidance of

Mr. Ramith
Team leader
Bancassurance and Alliances Division
ICICI Prudential Life Insurance Company Ltd
Bangalore.
ACKNOWLEDGEMENTS

I would like to thank Mr. Ramith, Team Leader for his direction, assistance, and guidance.

His recommendations and suggestions have been invaluable for the project. I also wish to thank

Ms. Beena Thomas, Sales Manager, who has given me an opportunity to work with ICICI

Prudential Life Insurance Company Ltd, Bangalore. Thanks are also due to all the Bancassurance

Officers of the five post offices for their assistance.

My special thanks to Mr.Y.Lakshman Kumar and the placement committee members for

getting me this Project. I am indebted to Director Prof. Sankaran and all the Faculty Members for

their invaluable academic support throughout the first year, which was really helpful for me in

successfully completing this project.

Regards,

Nirmal J

Batch of 2005

Bharathidasan Institute of Management, Trichy

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 2


TABLE OF CONTENTS
Chapter Page Number

Introduction…………………………………………………………………… 4

Executive Summary…………………………………………………………... 5

Insurance Industry – Global Scenario………………………………………… 6

Indian Insurance Industry…………………………………………………….. 9

Industry Players…………………………………………………………………. 12

Growth Potential……………………………………………………………… 14

About ICICI Prudential Life Insurance Company Ltd……………………….. 17

Product Portfolio……………………………………………………………… 17

Delivery Channels…………………………………………………………….. 19

Project Objective……………………………………………………………… 20

Approach To The Problem……………………………………………………… 21

Questionnaire Preparation…………………………………………………….. 45

Sampling And Pre-Testing The Questionnaire………………………………….. 46

Field Work And Data Collection………………………………………………… 46

Data Analysis………………………………………………………………….. 47

Interpretation And Findings……………………………………………………….. 58

Recommendations………………………………………………………………. 61

Limitations……………………………………………………………………. 62

Conclusion………………………………………………………………………. 63

Annexure……………………………………………………………………… 65

Bibliography………………………………………………………………….. 67

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 3


INTRODUCTION
What is Insurance?

Insurance is a contract between two parties whereby one party called insurer undertakes in
exchange for a fixed sum called premiums, to pay the other party happening of a certain event.

Insurance is a protection against a financial loss arising on the happening of an unexpected


event. Insurance Companies collect premium to provide for this protection. A loss is paid out of this
premium collected from the insuring public. The Insurance Company acts as a trustee to the amount
collected through premium.

Insurance is generally classified in three main categories,

• Life Insurance
• Health insurance and
• General Insurance

To get insurance an individual or an organisation can approach to an insurance company directly,


through Insurance Agent of the concerned company or through Intermediaries.

Benefits of Insurance

Insurance is the instrument of security, savings and peace of mind. It provide several benefits by
paying a small amount of premium to an insurance company as:

• Safeguards oneself and one's family for future requirements


• Peace of mind-in case of financial loss
• Encourage saving
• Tax rebate
• Protection from the claim made by creditors
• Security against a personal loan, housing loan or other types of loan
• Provide a protection cover to industries, agriculture, women and child

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 4


EXECUTIVE SUMMARY

The objective of the study is to analyse the potential of post offices as distribution channels
for selling the pension products of ICICI Prudential.

The data pertaining to the performance of post offices in India, Karnataka and Bangalore in
particular, was collected. Also the household savings and investment patterns over the years has been
collected and analysed.

A questionnaire is prepared to conduct interviews with people visiting the five major post
offices in Bangalore. The five post offices selected for this purpose were GPO, Jaya Nagar HPO,
Basawangudi HPO, Rajaji Nagar HPO and Indra Nagar HPO.

Discussion with the senior postmasters and employees working in key counters such as NSC,
PPF, KVP and POMIS was done. Based on the above study and discussions, it has been found that
post offices offer very good potential for selling the pension schemes.

The following were identified as key parameters for the better performance of this delivery
channel.

• Postal employees participation


• Senior postmaster’s initiative
• Visibility of ICICI Prudential’s space in post offices and
• Awareness about of ICICI Prudential pension products and its tie-up with post offices

And finally, suggestion has been given for improving the performance and participation of post
offices as a delivery channel.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 5


INSURANCE INDUSTRY – GLOBAL SCENARIO

World life and non-life insurance premiums, 1993-2002


(DIRECT PREMIUMS WRITTEN, US $ IN MILLIONS)

Year Non-Life Life Total


1993 792,087 1,010,490 1,802,731
1994 846,600 1,121,186 1,967,787
1995 906,781 1,236,627 2,143,408
1996 909,100 1,196,736 2,105,838
1997 896,873 1,231,798 2,128,671
1998 891,352 1,275,053 2,166,405
1999 912,749 1,424,203 2,336,952
2000 926,503 1,518,401 2,444,904
2001 969,945 1,445,776 2,415,720
2002 1,090,775 1,536,122 2,626,898
Source: Swiss Re, sigma, various issues

WORLD LIFE AND NONLIFE INSURANCE PREMIUMS, 1993-2002

3,000,000

2,500,000

2,000,000
DIRECT
PREMIUMS Non-Life
WRITTEN, 1,500,000
US $ Life
IN MILLIONS
1,000,000

500,000

0
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

YEAR

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 6


The world’s leading insurance countries, 2002
(Direct premiums written, U.S. $ billions)

% Change % Of total
Non-Life Life
Rank Country Amount from prior world
Premium Premium
year premiums
1 United States 519.9 480.5 1,000.3 10.7 38.08
2 Japan 91.0 354.6 445.6 0.2 16.96
3 United Kingdom 77.0 159.7 236.7 7.9 9.01
4 Germany 74.9 60.9 135.8 9.7 5.17
5 France 44.6 80.4 125.1 8.8 4.76
6 Italy 31.6 52.4 84.1 23.0 3.20
7 South Korea 16.1 39.3 55.4 9.7 2.11
8 Canada 28.5 20.7 49.2 8.6 1.87
9 Spain 20.4 23.8 44.3 21.6 1.68
10 The Netherlands 18.9 20.8 39.8 2.2 1.51
19 India 3.2 12.3 15.5 - 0.59
Source: Swiss Re, sigma, No. 8/2003

COUNTRY RANKINGS, 2002

40

35

30

25
% OF
TOTAL 20
WORLD
PREMIUM 15

10

0
Kingdom

South Korea

Canada

Netherlands
France
United

Japan

Spain
Germany

India
States

Italy
United

The

1 2 3 4 5 6 7 8 9 10 19

COUNTRY

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 7


Top ten global life / health insurance companies, by revenue, 2002

Rank Company Revenue ($ millions) Country


1 ING Group 88,102 Netherlands
2 AXA 62,051 France
3 Nippon Life Insurance 61,175 Japan
4 Assicurazioni Generali 53,599 Italy
5 Aviva 49,533 U.K.
6 Dai-ichi Mutual Life Insurance 43,134 Japan
7 Sumitomo Life Insurance 36,305 Japan
8 Prudential 35,819 U.K.
9 MetLife 34,104 U.S.
10 Aegon 29,445 Netherlands
Source: Fortune

TOP 10 GLOBAL COMPANIES

90,000

80,000

70,000

60,000

50,000
Revenue
in
US$ Million 40,000

30,000

20,000

10,000

0
Nippon Life Insurance

Dai-ichi Mutual Life

Aegon (Netherlands)
Insurance (Japan)
(Netherlands)

AXA (France)

Prudential (UK)

MetLife (USA)
Generali (Italy)

Aviva (UK)

Insurance (Japan)
Assicurazioni
ING Group

Sumitomo Life
(Japan)

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 8


INDIAN INSURANCE INDUSTRY

Introduction – India at a glance

Population : 1.027 persons as on 1st March 2001

Economy : 5th largest in the world in terms of Purchasing Power Parity (PPP)

GDP Growth Rate : Over 6% per year on an average for the last decade

Savings Rate : Around 26% of GDP

Estimated middle : 300 Million

class population

Insured population : 70 million only

India is the largest democracy in the world having a population more than one billion. It is
5th largest in the world in terms of purchasing power parity (PPP). India GDP growth rate is over 6
percent per year on average for the last decade and saving rate is around 26 percent of GDP.

The per capita spend on insurance in India is $9, compared with $2,500 in the US and
$50-100 in Southeast Asia. The rise in the number of nuclear families will provide an impetus for
growth. However, this needs to be supported with parallel developments in the industry.

Through India's economic development, it becomes the most lucrative insurance markets in
the world. Before the year 1999 there were monopoly of state run Life Insurance Corporation of
India (LIC) in life insurance sector and General Insurance Corporation of India (GIC) with its four
subsidiaries in general sector. In the wake of reform process and passing Insurance Regulatory
Development Act (IRDA) through Indian Parliament in 1999, Indian Insurance was opened for
private companies. It has been three years since the Indian insurance market has opened up, and the
new entrants into the market have set up shop in every major city.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 9


The public sector companies have already established themselves in the market. But there are
multiple challenges faced by these insurance companies, of which two are critical:

• Designing of products suiting the market


• Using the right distribution channel to reach the customer

While the companies have been quite successful in dealing with the first of these challenges using
the existing product features and leveraging the technical know-how of their partners, most are still
grappling with the right channel mix for reaching potential customers.

History

Insurance industries in India have a long history. Life insurance in existing form came in
India from UK in 1818 with Oriental Life Insurance Company. The Indian life Assurance companies
Act, 1912 was the first measure to regulate life Insurance business. Later in 1928 the Indian
Insurance Companies act was enacted, which was amended in 1938. Finally, Government of India
amended this act in 1950. Life Insurance Corporation of India was formed in September 1956 by
passing LIC Act, 1956 in Indian parliament.

The first general insurance company, Triton Insurance Company Ltd. was established in
Calcutta in 1850. In 1957 the General Insurance Council a wing of Insurance Association of India
formed a code of conduct. In 1961 an insurance act was passed to form General Insurance Company
Ltd., which was amended in 1968. General Insurance business was nationalised with effect from
1.1.73 by the General Insurance Business Act. With effect from Dec'2000, the four subsidiaries of
GIC have been de-linked from parent company and made as an independent insurance companies.

• National Insurance Company Ltd.,


• New India Assurance Company Ltd.,
• Oriental Insurance Company Ltd. and
• United Assurance Company Ltd.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 10


Regulatory framework

The Insurance Act, 1938 had provided for setting up of the Controller of Insurance to act as
a strong and powerful supervisory and regulatory authority for insurance. Post nationalization, the
role of Controller of Insurance diminished considerably in significance since the insurance
companies were owned by the Government.

Tariff Advisory Committee is a statutory body under The Insurance Act, 1938 controls and
regulates the rates, advantages, terms and conditions that may be offered by insurers in respect of
General Insurance Business relating to Fire, Marine (Hull), Motor, Engg. and Workmen
Compensation. Effective 22 July1998, the TAC Board has been reconstituted with seven members
representing the present General Insurance Industry and eight members from government and
Industry. The Controller of Insurance cum Chairman IRDA is the Chairman of TAC.

With the opening up of the insurance industry to the private sector, the need for a strong,
independent and autonomous Insurance Regulatory Authority was felt. As the enacting of legislation
would have taken time, the then Government constituted through a Government resolution an
Interim Insurance Regulatory Authority pending the enactment of a comprehensive legislation.

The Insurance Regulatory and Development Authority Act, 1999 is an act to provide for
the establishment of an Authority to protect the interests of holders of insurance policies, to regulate,
promote and ensure orderly growth of the insurance industry and for matters connected therewith or
incidental thereto and further to amend the Insurance Act, 1938, the Life Insurance Corporation Act,
1956 and the General Insurance Business (Nationalisation) Act, 1972 to end the monopoly of the
Life Insurance Corporation of India (for life insurance business) and General Insurance Corporation
and its subsidiaries (for general insurance business). The act extends to the whole of India and will
come into force on such date as the Central Government may, by notification in the Official Gazette
specify. Different dates may be appointed for different provisions of this Act.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 11


INDUSTRY PLAYERS

In the first two years of insurance market liberalisation (April 2-December 31, 2001) as much
as 24 private sector companies including joint ventures with leading foreign insurance companies
have entered the Indian insurance sector. Of this, thirteen were under the life insurance category, ten
under general insurance and one in the reinsures category.

Today the Indian general insurance market is valued at Rs 14,000 crore. It is growing at a
rate of 20 per cent and is expected to reach Rs 45,000 crore in about 10 years. Private players have
already gained a 10 per cent share in three years. No mean achievement when compared to the
growth rates of countries like South Korea and Thailand, where the private sector took 15 years to
gain a 15 per cent share of the market.

Life Insurance Corporation, LIC, has lost more than 8% market share after posting a
marginal 1.9% growth in business when compared to the fiscal year 2002-2003, while private
players grew by more than 153% during 2003-04. Despite the flat growth of market leader LIC, the
life insurance industry as a whole grew by a modest 10.5% to mop up Rs 18,710 crore (Rs 187.10
billion) in premium income for new businesses in 2003-04, as against Rs 15,977 crore (Rs 159.77
billion) in 2002-03.

LIC’s market share in terms of premium collection came down to 87% in March end 2004,
from 94.3% in 2002-03, according to data compiled by IRDA. The state-owned insurer mopped up
Rs 16,285 crore (Rs 162.85 billion) in premium from new businesses during 2003-04, which is
marginally higher than Rs 15,977 crore (Rs 159.77 billion) in 2002-03.

LIC mopped up Rs 4,915 crore (Rs 49.15 billion) in March, which is more than one-fourth its
total premium income for the entire fiscal. In contrast to LIC, private players grew by 153% by
mopping up an aggregate Rs 2,425 crore (Rs 24.25 billion) in premium last fiscal and cornered 13%
of the market. The private players had only 5.7% of the market pie in 2002-03.

ICICI Prudential led the chart for private players with a market share of 4% followed by
Birla Sun Life 2.4%, HDFC Standard Life 1.1%, SBI Life 1.1%, Tata AIG, and Allianz Bajaj 1%
each. ICICI Prudential doubled its business to Rs 751 crore (Rs 7.51 billion) last fiscal from Rs 364
crore (Rs 3.64 billion) in 2002-03.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 12


LIST OF LIFE INSURERS

1. ALLIANZ BAJAJ LIFE INSURANCE CO. LTD


2. AMP SANMAR ASSURANCE CO. LTD
3. BIRLA SUN LIFE INSURANCE CO. LTD
4. DABUR CGU LIFE INSURANCE COMPANY PVT. LTD
5. HDFC STANDARD LIFE INSURANCE CO. LTD
6. ICICI PRUDENTIAL LIFE INSURANCE CO. LTD
7. ING VYSYA LIFE INSURANCE CO. PVT. LTD
8. LIFE INSURANCE CORPORATION OF INDIA
9. MAX NEW YORK LIFE INSURANCE CO. LTD
10. METLIFE INDIA INSURANCE CO. PVT. LTD
11. OM KOTAK MAHINDRA LIFE INSURANCE CO. LTD
12. SBI LIFE INSURANCE CO. LTD
13. TATA AIG LIFE INSURANCE CO. LTD

LIST OF NON-LIFE INSURERS

1. BAJAJ ALLIANZ GENERAL INSURANCE CO. LTD


2. ICICI LOMBARD GENERAL INSURANCE CO. LTD
3. IFFCO TOKYO GENERAL INSURANCE CO. LTD
4. NATIONAL INSURANCE CO. LTD
5. NEW INDIA ASSURANCE CO. LTD
6. ORIENTAL INSURANCE CO. LTD
7. RELIANCE GENERAL INSURANCE CO. LTD
8. ROYAL SUNDARAM ALLIANCE INSURANCE CO. LTD
9. TATA AIG LIFE INSURANCE CO. LTD
10. UNITED INDIA INSURANCE CO. LTD

REINSURERS

1. GENERAL INSURANCE CORPORATION OF INDIA

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 13


GROWTH POTENTIAL

Asian markets

Asia looks set to continue to deliver some of the world's highest growth rates. With a high
propensity to spend on insurance as income increases, there will be remarkable opportunities for
insurance companies. The changing market landscape suggests competition will further intensify in
Asia's insurance markets, while regulations continue to shift from forms-and-rules-based to
solvency-based regimes. This shift also implies the emergence of financially stronger direct insurers
with more risk taking capability. In addition, Asia's more affluent consumers will demand new
personal lines and investment-linked products, and insurers are now ready to make use of an
efficient mix of distribution channels to reach these customers. While these changing market
dynamics present major challenges, those insurers who are able to see ahead of the game will most
certainly be the winners.

18%

16%

14%
Savings in Provident and Pension
Funds
12%
Savings in Life Insurance Funds

10%
Savings in Shares and Debentures

8%
Net Deposits

6%
Currency

4%

2%

0%
1970-71

1972-73

1974-75

1976-77

1978-79

1980-81

1982-83

1984-85

1986-87

1988-89

1990-91

1992-93

1994-95

1996-97

1998-99

2000-01

The insurance landscape in India is undergoing major change. Closed to foreign competition
since nationalization in 1956, the life insurance industry had been protected from competitive
pressures. Now, with the re-opening of the sector, several new players have entered the scene. The
game is old but the rules are new and still developing. Ensconced in a monopoly run from the
(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 14
nationalization days beginning in 1956, the insurance industry has indeed awakened: to a
deregulated environment in which several private players have partnered with multinational
insurance giants. However, despite its teeming one billion population, India still has a low insurance
penetration of 1.95 per cent, 51st in the world. Despite the fact that India boasts a saving rate of
around 25 per cent, less than 5 percent is spent on insurance.

Competition will surely cause the market to grow beyond current rates, create a bigger "pie,"
and offer additional consumer choices through the introduction of new products, services, and price
options. Yet, at the same time, public and private sector companies will be working together to
ensure healthy growth and development of the sector. Challenges such as developing a common
industry code of conduct, contributing to a common catastrophe reserve fund, and chalking out
agreements between insurers to settle claims to the benefit of the consumer will require concerted
effort from both sectors.

60%

50%

40% Savings in Provident and Pension


Funds
Savings in Life Insurance Funds

30%
Savings in Physical assets

Financial savings
20%

10%

0%
1970-71

1974-75

1978-79

1982-83

1984-85

1988-89

1990-91

1992-93

1994-95

1996-97

1998-99

2000-01
1972-73

1976-77

1980-81

1986-87

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 15


The market is now in an evolving phase where one can expect a lot of actions in coming
days. The current impediments for foreign participation – like 26% equity cap on foreign partner, ill
defined regulatory role of IRDA (Insurance Regulatory development Authority- the watchdog of the
industry) in pension business etc.—are expected to be removed in near future. The early-adopters
will then have a clear advantage compared to laggards in gaining the market share and market
leadership. The will need to make sure right now that all their infrastructure is in place so that they
can reap the benefit of an "unlimited potential."

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 16


ABOUT ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD

ICICI Prudential Life Insurance Company Limited was incorporated on July 20, 2000. The
authorized capital of the company is Rs.2300 Million. The paid up capital is Rs. 1900 Million. The
Company is a joint venture of ICICI (74%) and Prudential plc UK (26%). ICICI started off its
operations in 1955 with providing finance for industrial development, and since then it has
diversified into housing finance, consumer finance, mutual funds to being a Virtual Universal Bank
and its latest venture Life Insurance.

The Company was granted Certificate of Registration for carrying out Life Insurance
business, by the Insurance Regulatory and Development Authority on November 24, 2000. It
commenced commercial operations on December 19, 2000, becoming one of the first few private
sector players to enter the liberalized arena.

Established in 1848, Prudential plc. of U.K. has grown to be the largest life insurance and
mutual fund company in U.K. Prudential plc. has had its presence in Asia for the past 75 years
catering to over 1 million customers across 11 Asian countries.

Prudential is the largest life insurance company in the United Kingdom. ICICI and Prudential
came together in 1993 to provide mutual fund products in India and today are the largest private
sector mutual fund company in India.

PRODUCT PORTFOLIO

More than 80% of the life insurance business is from Endowment Assurance (Participating),
and Money Back (Participating products). The life insurance products can be broadly classified into
five categories.

Whole life policies cover the insured for life. The insured does not receive money while he is
alive; the nominee receives the sum assured plus bonus upon death of the insured.

Endowment policies cover the insured for a specific period. The insured receives money on
survival of the term and is not covered thereafter.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 17


In Money back policies the nominee receives money immediately on death of the insured.
On survival the insured receives money at regular intervals during the term. These policies cost more
than endowment with profit policies.

In Annuities / Children's policies the nominee receives a guaranteed amount of money at a


pre-determined time and not immediately on death of the insured. On survival the insured receives
money at the same pre-determined time. These policies are best suited for planning children's future
education and marriage costs.

Pension schemes are policies that provide benefits to the insured only upon retirement. If the
insured dies during the term of the policy, his nominee would receive the benefits either as a lump
sum or as a pension every month.

The following are the latest life insurance products available with ICICI Prudential.

SAVINGS PLANS

• SECUIRE PLUS
• CASH PLUS
• LIFE TIME II
• SAVE 'N' PROTECT
• CASH BAK

PROTECTION PLANS

• LIFE GUARD

PENSION PLANS

• LIFE TIME PENSION II


• SECURE PLUS PENSION
• LIFE LINK PENSION II
• FOREVER LIFE
(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 18
INVESTMENT PLANS

• LIFE LINK II

GROUP PLANS

• GROUP GRATUITY PLANS


• GROUP TERM ASSURANCE
• GROUP SUPERANNUATION PLAN

DELIVERY CHANNELS

Insurance has to be sold the world over, and the Asian Market is no exception. The touch
point with the ultimate customer is the distributor and the role played by them in insurance markets
is critical. It is the distributor who makes the difference in terms of the quality of advice for choice
of product, servicing of policy post sale and settlement of claims. In the Asian markets, with their
distinct cultural and social ethos, these conditions will play a major role in shaping the distribution
channels and their effectiveness.

In today's scenario, insurance companies must move from selling insurance to marketing an
essential financial product. The distributors have to become trusted financial advisors for the clients
and trusted business associates for the insurance companies.

The distinction of channels in the developed markets is: personal distribution systems and
direct response systems.

Personal distribution systems include all channels like

 Agents
 Brokers
 Bancassurance
 Work site marketing

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 19


Direct response distribution systems are the method whereby the client purchases the insurance
directly. This segment, which utilizes various media such as the

 Internet
 Telemarketing
 Direct mail
 Call centres

PROJECT OBJECTIVE

To analyse the potential of post offices as a distribution channel for selling the pension
products of ICICI Prudential Life Insurance Company Ltd and providing suggestions for improving
its performance.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 20


APPROACH TO THE PROBLEM

The following flow chart briefly depicts the methodology followed to achieve the project
objective.

Conduct exploratory study to identify the key factors that


influences a person in pension policy decision making

A brief study on various postal schemes and their delivery


channels

A brief study on various pension schemes of ICICI


Prudential Life Insurance Company Ltd

Comparison of product features of postal schemes and


pension schemes of ICICI Prudential

Identify the postal schemes that have similar features as


that of the pension schemes

Data collection process

To collect secondary data To collect primary data by


from Internet to quantify conducting a survey with
the potential of post offices post office customers

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 21


Questionnaire preparation

Sampling and selecting the


target population

Pre-testing the questionnaire

Fieldwork and data


preparation

Data analysis

Interpretations

Conclusion
and Recommendations

Limitations

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 22


EXPLORATORY STUDY

After the project objective and the methodology were formulated, an exploratory study was
done to identify the key factors that influence a person in pension policy decision-making.
Discussion with industry experts, project guide, bancassurance officials and the general public has
been done. By the end of the discussions, it was found out that the following factors play a major
role for investment in pension schemes.

 Life security
 Reputation of company
 Tax benefits
 Income and
 Age

STUDY ON VARIOUS POSTAL SCHEMES

NATIONAL SAVINGS CERTIFICATE (NSC)

National Saving Certificates or NSC as they are more popularly known as is a time-tested tax
saving instrument that combines adequate returns with high safety.

FEATURES

Returns
NSC provides an interest rate of 8.0%, which is compounded half yearly.

Investment Limitation
Min Amount Rs. 100/- and additional investment in multiples of Rs. 100/-
Max Amount No Limit
Denominations Rs. 100/-, 500/-, 1,000/-, 5,000/-, 10,000/-, 50,000/-

Scheme Availability
All through the year.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 23


Mode of Operation
* Single * Joint (Two or more)
* Minor with parent/guardian * HUF

Tenure of Investment
The NSCs have a maturity period of 6 years.

Premature Encashment
If encashed prematurely, within a year of issue, then only the face value is given. If encashed after a
year but before 3 years, then simple interest on the face value, at the rate applicable from time to
time, will be paid. The difference between the accrued interest and the simple interest is the discount
rate. The Government from time to time specifies the discount rate.

Maturity
The certificate can be encashed from the issuing post office on the due date by simply discharging
the certificates at the back.

Transferability
The certificates are easily transferable from one person to another through the post office. There is a
nominal fee for registering the transfer.

Loans / Withdrawal
One can avail of a loan against the certificates by pledging it to the bank. The bank will have the
NSC assigned in its favour and advance a percentage of up to 75% of face value plus the amount of
accrued interest till the date of taking the loan.

Tax Benefits
Tax benefits are available on amounts invested in NSC under section 88, and exemption can be
claimed under section 80L for interest accrued on the NSC. Interest accrued for any year can be
treated as fresh investment in NSC for that year and tax benefits can be claimed under section 88.

Tips for Investing


• A useful instrument for people who invest to save tax.
(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 24
PUBLIC PROVIDENT FUND (PPF)

Public Provident Fund or PPF as it is more popularly known is savings cum tax saving
instrument. It also serves as a retirement planning tool for many of those who do not have any
structured pension plan covering them.

FEATURES

Returns
Interest 8.0% p.a. (compounded annually) is credited to the PPF account at the end of each financial
year.

Investment Limitation
Min Amount is Rs. 500/- and additional investment in multiples of Rs 5/-.
Max Amount is Rs. 70,000/-

Scheme Availability
A PPF account can be opened at anytime during the year. It is open all through the year.

Mode of Operation
* Single * Joint (Two or more)
* Minor with parent/guardian * HUF

Nomination
Nomination can be done at the time of opening the account or during the tenor of the account.

Tenure of Investment
15 years from the date of initial investment with a block of 5 years thereafter upto a max of 30 years
incl. 15 years.

Maturity
The PPF account matures after 15 years. One can then exercise on option of continuing the account
for an additional block of 5 years or close it.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 25


Loans
The first loan can be taken in the third financial year from the date of opening of the account, or upto
25% of the amount at credit at the end of the first financial year. The facility can be availed of any
before expiry of 5 years from the end of the year in which the initial subscription was made. The
loan is repayable either in lump sum or in convenient instalments numbering not more than 36.
Interest at 1% would be charged if loan is repaid in 36 months. Such interest should of loan is not
repaid within 36 months, interest on outstanding amount of loan would be charged at 6%.

Withdrawal
A withdrawal is permissible every year from the seventh financial year of the date of opening of the
account, of an amount not exceeding 50% of the balance at the end of the 4th proceeding year or the
year immediately proceeding the year of the withdrawal, whichever is lower, less the amount of loan
if any.

Tax Benefits
Tax benefits can be availed under sections 88 for the amount invested. Interest accrued is Tax-free.

Tips for Investing


• Apart from a Post Office, a PPF account can also be opened in SBI & its associates and other
select nationalized banks.
• The most popular tax saving instrument, which gives a tax rebate under section 88.
• A PPF account cannot be attached by the Govt. or any court of law or through any decree.

KISAN VIKAS PATRA (KVP)

These are saving instruments that provide interest income similar to bonds and provide better
liquidity by virtue of an exit option after two and half years from the date of allotment. However,
they do not provide any tax relief to the investor.

FEATURES

Returns
KVP Scheme doubles money in eight years and seven months.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 26


Investment Limitation
Min Amount Rs. 100/- and additional investment in multiples of Rs. 100/-.
Max Amount No Limit
Denominations Rs. 100/-, 500/-, 1,000/-, 10,000/-, 50,000/-.

Scheme Availability
All through the year.

Mode of Operation
* Single * Joint (Two or more) * Minor with parent/guardian

Tenure of Investment
Money doubles in 8 years & 7 months.

Nomination
Facility is available at the time of opening the account or anytime during the tenure of the
investment.

Premature Encashment
Premature encashment is permitted after 2.5 years from the date of investment. Lower interest
accrued, if prematurely withdrawn.

Maturity
On providing proper identity and by simple discharge of the certificate on the reverse.

Loss of Certificate
If the loss is due to theft, fire or the certificate is mutilated, a duplicate certificate is issued after
proper verification.

Tax Benefits
No Tax benefits are available for investments in this scheme under the Income Tax Act

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 27


Tips for Investing
• A good investment instrument for all retired persons who would require the money at a later
date and for those who do not have taxable income.

POST OFFICE MONTHLY INCOME SCHEME (POMIS)

The scheme is meant for those investors who want to invest a lump sum and earn interest on
monthly basis for their livelihood. The scheme is, therefore, a boon for retired persons.

FEATURES

Returns
P. O. Monthly Income Scheme provides an interest rate of 8.0% per annum, which is paid monthly.

Investment Limitation
Min Amount Rs. 1,000/- and additional investment in multiples of 1,000/-
Max Amount Rs. 3,00,000/- (if Single) or Rs. 6,00,000/- (if held Jointly).

Scheme Availability
All through the year.

Mode of Operation
Single
Joint (Two or more)
Minor with parent/guardian
Minor who has attained age of 10
Depositor can have more than one account in the same post office or in any other.

Tenure of Investment
PO Monthly Income Scheme has an maturity period of 6 years.

Nomination
Facility is there at the time of opening the account or anytime during the tenure of the account.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 28


Premature Encashment
Is permitted if deposit is more than one year old. A deduction of 5% is levied from the principal
amount if withdrawn prematurely; the 10% bonus is also denied.

Maturity
A bonus of 10% is paid at the time of maturity.

Lost of Passbook
A Passbook is issued at the time of opening the account. If the passbook is lost, or it is mutilated, a
duplicate is issued on payment of a charge.

Tax Benefits
Tax benefits can be availed under section 80L. No Tax benefits are provided under section 88.

Tips for Investing


• A good scheme for the retired to get a fixed income
• Benefit of a terminal bonus of 10% if the account is maintained till maturity

POST OFFICE RECURRING DEPOSIT (PORD)

As the name says it, the RDA is a systematic way of saving money. The scheme is meant for
those investors who want to deposit a fixed amount regularly on monthly basis in order to get a tidy
sum after 5 years on the maturity of the account in his name or jointly with another.

FEATURES

Returns
Amount repayable for an account of Rs. 10 denomination Rs. 728.90 after 5 years.

Investment Limitation
Min Amount Rs. 10/-
Max Amount No Limit
Denominations Rs. 5/-

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 29


Scheme Availability
All through the year.

Mode of Operation
Single
Joint (Two or more)
Minor with parent/guardian

Tenure of Investment
P. O. Recurring Deposit has an investment period of 5 years.

Nomination
Facility is there at the time of opening the account or anytime during the tenure of the account.

Premature Encashment
Is permitted if deposit is more than one year old. The interest rate applicable will be that which is
prevailing at that time.

Maturity
The certificate is to be discharged at the back.

Loss of Passbook
A passbook is issued at the time of opening the account. If there is a loss, theft or the passbook is
mutilated, a duplicate is issued on a charge.

Tax Benefits
Tax benefits can be availed under section 80L. No Tax benefits are provided under section 88.

Tips for Investing


• A P. O. Recurring Deposit is a novel way of saving a fixed sum every month for a particular
period, which will fetch the investor a large sum after 5 years.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 30


POST OFFICE TIME DEPOSIT (POTD)

Just like the bank FDs, these time deposits are meant for those investors who want to deposit
a lump sum for a fixed period. However, one of the major differences from an FD is the option of
getting the interest earned on an yearly basis rather than on maturity.

FEATURES

Returns
Tenure Returns
1 year 6.25%
2 years 6.5%
3 years 7.25%
5 years 7.5%

Investment Limitation
Min Amount Rs. 50/- additional investment to be in multiple of Rs 50/-
Max Amount No Limit
Denominations Rs. 50/-

Scheme Availability
All through the year.

Mode of Operation
Single
Joint (Two or more)
Minor with parent/guardian)

Tenure of Investment
P. O. Time Deposit has an investment option of 1, 2, 3 and 5 years.

Nomination
Facility is available at the time of opening the account or anytime during the tenure of the deposit.

Premature Encashment
(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 31
The account can be closed after 6 months of opening the account. On such closure the amount
invested is returned with/without interest depending on the time the deposit was maintained.

Lost of Passbook
A passbook is issued at the time of opening the account. If the Passbook is lost, or the passbook is
mutilated, a duplicate Passbook is issued on a charge.

Tax Benefits
Exemption within the limits specified under section 80L is available on interest on these deposits.
No Tax benefits are provided under section 88.

POST OFFICE SAVINGS DEPOSIT (POSD)

A savings deposit in a post office is very similar to a savings account in a bank. It is a safe
instrument to park those funds, which you might need to liquidate fully or partially at very short
notice. Post office savings accounts are especially suited for those living in rural and semi-rural areas
where the reach of banks is very limited.

FEATURES

Returns
P. O. Saving deposit provides an interest rate of 3.5% p.a., which is compounded annually. This is
applicable for individual/joint and group accounts. 3% per annum is rate applicable for public
accounts and Security deposits account.

Investment Limitation
Min Amount Rs. 50/- (for ordinary account)
Rs. 250/- (for account with a cheque book)
Max Amount Rs. 100,000/- (in case of single account holder)
Rs. 200,000/- (in case of a joint account)

Scheme Availability

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 32


P. O. Savings deposit scheme is open all through the year.

Mode of Operation
Single
Joint (Two or more)
Minor with parent/guardian

Nomination
Nomination can be done at the time of opening the account or during the running of the account.

Tenure of Investment
The P.O. savings account is a savings account and money can be deposited or withdrawn at any time.

Encashment
Withdrawal can be made at anytime after opening the account. Interest is calculated for each
calendar month on the lowest balance in the credit of the account between the close of 10th day and
the last day of the month. Cheques can be issued when required. The account can be closed anytime
by simply giving a letter.

Loss of Passbook
If the loss is due to theft, fire or the passbook is mutilated; a duplicate is issued through proper
verification. A nominal charge is levied for issue of a duplicate passbook.

Tax Benefits
Interest from P.O. Savings deposit is tax-free.

Tips for Investing


• A savings account in a post office comes handy if a person is maintaining a Monthly income
scheme in the same post office. The monthly interest is directly credited to the account. In
such accounts the post office issues chequebook to the customers.

DEPOSIT SCHEME FOR RETIRING GOVERNMENT EMPLOYEES (DSRGE)

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 33


Applicable for retiring government employees. The scheme is operated trough branches of
State Bank of India and is subsidiaries and selected branches of other nationalised banks at district
headquarters.

FEATURES

Returns
8.0% per annum.

Investment Limitation
Min Amount Rs 1000/-
Max Amount Maximum amount cannot exceed the total retirement benefits.

Tenure of Investment
The Scheme has a maturity period of 3 years.

Tax Benefits
Interest is Tax-free.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 34


SNAPSHOT OF POSTAL SCHEMES
Instrument Tenure Interest Limit on Tax Liquidity Availability
Investment Benefit
Post Office 5 10.5% Rs 10 per Section Premature Head post
Recurring Compounded month – No 80L withdrawal, No offices, Select
Deposit quarterly Limit. loan facility sub-post
(PORD) Investments in offices
multiples of Rs
5
Post Office 1 8% Rs 50 – No Section Premature Head post
Time Deposits 2 9% Limit. 80L withdrawal, offices, select
(POTD) 3 10% Investments in Loan facility sub-post
5 10.5% multiples of Rs offices
Compounded 50
quarterly
Post Office Not 4.5% Rs 50,000 Section Withdrawal, No Head post
Savings Applicable 10 loan facility offices, Select
Account sub-post
(POSA) offices
Post Office 6 11% Rs 2,04,000: Section Premature Head post
Monthly Compounded Single account 80L withdrawal, No offices, Select
Income annually Rs 4,08,000: loan facility sub-post
Scheme (10% bonus Joint account offices
(POMIS) on maturity)
National 6 11% Rs 100 Section No premature Head post
Savings Compounded Rs 500 88, withdrawal, No offices, Select
Certificate half-yearly Rs 1,000 Section loan facility sub-post
(NSC) Rs 5,000 80L offices
Rs 10,000
Public 15 11% Rs 100 – Rs Section Premature Select post-
Provident Compounded 60,000 p.a. 88, withdrawal, loan offices, banks
Fund (PPF) annually Investment in Section facility
multiples of 10
100
Kisan Vikas 6 Investment Rs 1,000 None Premature Post offices,
Patra (KVP) doubles, Rs 5,000 withdrawal, No brokers/ agents
interest Rs 10,000 loan facility of LIC, UTI
compounded
annually
Deposit 3 10% Rs 1,000 – Section Premature SBI branches
Scheme for Compounded Total 10 withdrawal, No and
Retiring half-yearly retirement loan facility subsidiaries,
Government benefits select
Employees nationalized
(DSRGE) branches,
(1989) select sub-post
offices

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 35


STUDY ON VARIOUS PENSION SCHEMES OF ICICI PRUDENTIAL

ICICI Prudential Life Insurance believes in the philosophy of providing meaningful and
comprehensive insurance solutions to plan your retirement. Our insurance solutions are the most
optimal tools to plan your retirement because they give you Safety, Liquidity, Tax benefits, Health
cover and Life protection and thus ensure that you are comprehensively covered.

Free Look period

Under the free look period, you now have the flexibility to review your policy. If, during this
period, you wish to return your policy after reviewing the terms and conditions, you may do the
same, by returning the original policy certificate, the policy document and a letter stating the reasons
for the return. We shall refund the premium paid by you, after deducting certain charges. These
charges include a proportionate risk premium for the period of cover, the stamp duty on the policy
and/ or any expenses borne by the Company on the medical examination. In case of a market-linked
policy, your units will be repurchased by us at the unit value determined on the Valuation Date
following the date of cancellation after deducting the charges

ICICI PRU LIFE LINK PENSION

Suitability
This plan provides regular income for your life from a specific date, which can be selected by you.
The amount you are going to receive would completely depend upon the premiums you pay, the
market value of your investment and the option of the annuity chosen.

Salient Features
It is a pension plan that provides the benefit to you to invest your money in market-linked funds.
During the deferment period when, a part of the premium is used to pay for the initial charges and
the rest would be invested in the plan of your choice. Entry into the plan will be based on the Unit
Value applicable on the date of issuance.

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Benefits
Death Benefit
You have the flexibility of choosing a zero death benefit or a death benefit of 105% of the premium.
In case of the unfortunate event of death, the spouse would get the higher of the death benefit (105%
or 0% of the premiums paid) chosen by you or the value of your units as on that date. Your spouse
would have the option to either take the higher of the death benefit or the value of units or opt for an
annuity.

Flexibility Options
Choice of Retirement Date: You have the flexibility to start your pension whenever you want after
a stipulated age. A choice that lets you make the best of the market conditions by timing the start of
your pension.
Switch between funds: During the deferment period you can switch between the various plan
options to take advantage of the prevailing market conditions or with the change in your priorities.
You can do one free switch every year.
Top-up of Investments: During the deferment period you have the option of increasing your
investment with top-ups (minimum amount of Rs10, 000).

Minimum Premium
The minimum premium in this plan is Rs10, 000

MODE PREMIUM
Yearly Rs.10,000
Half-yearly Rs.5,000
Quarterly Rs.2,500
Monthly Rs.833

Other Conditions
Term of the product is 3 years.
Minimum age at entry : 18 years
Maximum age at entry : 62 yrs
Vesting age is between 50 and 70 years of age

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 37


ICICI PRU LIFE TIME PENSION

Suitability
This policy provides continuous flow of income for your life from a date, which can be chosen by
you. The amount you receive would depend upon the premiums you pay, the market value of your
investment and the option of the annuity chosen.

Salient Features
It is a pension plan that provides the benefit to you to invest your money in market-linked funds.
During the deferment period when you pay the premiums, a part of the premium is used to pay for
the death benefit (if any) opted by you and the rest would be invested in the plan of your choice.
Entry into the plan will be based on the Unit Value applicable on the date of issuance.

Benefits
Death Benefit
In case of the unfortunate event of death, your spouse would get the higher of the death benefit
chosen by you or the value of your units as on that date. Your spouse would have the option to either
take the higher of the death benefit or the value of units or opt for an annuity.

Flexibility Options
Choice of Retirement Date: You have the flexibility to start your pension whenever you want after
a stipulated age. A choice that lets you make the best of the market conditions by timing the start of
your pension

Minimum Premium
The minimum premium in this plan is Rs10, 000

MODE PREMIUM
Yearly Rs. 10, 000
Half-yearly Rs. 5, 000
Quarterly Rs 2, 500
Monthly Rs 833

Other Conditions
(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 38
Term of the product is 10 years.
Minimum age at entry : 18 years
Maximum age at entry: 60 yrs
Maximum age of vesting : 50 years

The following features are common to both ICICI Pru Life Time Pension and ICICI Pru Life
Link Pension schemes.

Benefits
Annuity Benefit
On the date of vesting (retirement), you start receiving a regular income for life. This amount would
depend upon the annuity option chosen by you and the value of units as on the vesting date. The
annuity would also depend upon the annuity rates offered by the company as on that date and are not
guaranteed. At vesting, you will have the option of taking up to 25% of the value of units at the time
of vesting as lump sum. The remaining will be used to provide with a regular stream of income for
life.

Tax benefit
Up to Rs10, 000 deducted from your taxable income.

Choice of Plans: You have the option to choose between our Growth Plan, Income Plan or Balanced
Plan.

Maximiser (Growth) Plan: This plan offers you the benefit of long-term capital appreciation from a
portfolio that is primarily invested in equity and equity linked securities.

Protector (Income) Plan: This plan offers you steady returns with a portfolio that primarily
invested in debt and debt related securities.

Balancer (Balanced) Plan: This plan offers you the flexibility of growth and steady returns with the
portfolio being invested in a mix of equity and fixed income securities.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 39


Increase/Decrease Death Benefit
You have the option of opting for a zero death benefit so as to make this a pure accumulation
product. In case you opt for a death benefit you have the option of increasing or decreasing the cover
during the deferment period depending upon your needs. The increase is @ 25% of the original
death benefit subject to a maximum of Rs1,00,000 up to a maximum of three times.

Additional Features

Critical Illness Benefit - in this rider, in the event of the life assured contracting a critical illness an
additional payment equivalent of the sum assured under the rider would be made. The advantage of
this is that it is a standalone rider and the cover is available up to a maximum of 65 years of age.
Claims for critical illness is not admitted for the first 6 months of the policy. This benefit is payable
on the life assured surviving 28 days from such diagnosis.

Major Surgical Benefit - this is a cover available against the Major Surgical Procedures. Depending
upon the surgery 50%, 30% or 20% of the Sum Assured under the rider is been paid. This provides
the cover for the term subject to a maximum of 65 years. Claim for this rider is not admitted for the
first 6 months of the policy.

Accident and Disability Benefit - on death due to accident the nominee gets additional sum assured
under the rider. In case of accident death while travelling by mass surface transport, the nominee will
get twice the sum assured under the rider. Accidents can also temporarily impair one’s capacity to
earn, in such an event of total and permanent disability 10% of the sum assured is paid out every
year for 10 years. Also the premiums for the base policy are waived to the extent of the rider cover.

Charges
The initial administrative charges are linked to the single premium paid. For premium between
Rs.40,000/- and Rs.99,999/- it is 2% of the premium. For premiums between Rs.1,00,000/- and
4,99,999/- it is 1.5% and for Rs. 5,00,000/- and above it is 1.25% of the premium.
Other Charges: Annual administrative charges of 1.00% p.a. of net assets for protector (Income) and
1.25% p.a. for Maximiser (Growth) and Balancer (Balanced) options. Annual investment charge of
0.5% p.a. of the net assets for Protector and 1% p.a. of the net assets for Maximiser and Balanced.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 40


You have the option of increasing your death benefits beyond the 3 times with underwriting.
However any increase in the death benefit after the age of 45 years would be subject to underwriting.
Once having decreased the death benefit any increase in the same would be subject to underwriting.
Your policy acquires a paid up value and surrender value after 1 year. A surrender value equivalent
to the value of units would be paid, if you decide to surrender the policy.
The Unit Value is calculated bi-weekly on a forward pricing basis.

Market/Fair value of the Plan’s investments + Current Assets - Current Liabilities


Unit Value =
Number of Units Outstanding under the relevant Plan.

ICICI PRU FOREVER LIFE

Suitability
The plan is ideal for people who are currently not in any pension schemes but want to provide
regular income for life after a predetermined date. The amount you receive depends on the premium
you pay till the predetermined date and the option you choose. It also offers life cover during the
deferment (i.e., premium paying) phase.

Salient Features
The policy is a deferred pension plan wherein pay premiums during the deferment period to
purchase an annuity at the end of deferment period. The amount you receive depends on the
premium you pay till the stipulated date and the option you choose. It also offers life cover during
the deferment (i.e., premium paying) phase.
The plan provides for 4 annuity options, which can be exercised at any time within 6 months of the
vesting date.
Life annuity: annuity for life
Life annuity certain for 5, 10, 15 years: Annuity is paid for chosen term and for life thereafter
Life annuity with return of purchase price: life annuity with return of purchase price on death to the
beneficiary
Joint Life, last survivor annuity with return of purchase price: life annuity to you and then to your
spouse with return of purchase price to the beneficiary on death of last survivor
Policyholder has the option to pay a single premium or spread the premium payment over the
deferment period.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 41


The policyholder has the option to postpone the vesting age up to a maximum of 65 years. During
the postponed period your accumulated amount will earn interest as determined by the company
from time to time. There will be no life cover during this period. No premiums will be paid during
this period.
The policyholder also has an option to the pension from any other insurance company. If he wishes
to buy the pension from another insurance company, a balance of benefits after commutation, as
applicable will be used as purchase price to buy the immediate annuity from that company.
If the policy holder decides to terminate his policy, after 3 years premiums are paid, a guaranteed
surrender value is payable and the insurance protection provided under this policy will also cease.
For a single premium policy - Surrender during the first year is not permitted. But the policy
acquires a guaranteed surrender value after the first year, which will be 70% of the single premium
after one year, 75% of the single premium after two years and 80% of the single premium after 3
years. Cash value of guaranteed additions already allocated to the policy will also be payable.
Premiums paid under the policy are eligible for tax benefits under section 80CCC(1) of IT Act,1961.

One or more of the following add ones can be opted along with the policy, at the time of taking the
basic policy, at a marginally incremental cost:

Accident and Disability Benefit


Critical Illness Benefit
Major Surgical Assistance Benefit
Level Term (Double Life) Insurance Benefit

Benefits
On Survival
On vesting date insured has the option of taking 25% of the aggregate of the sum assured,
guaranteed additions and vested bonuses as an immediate lump sum. And utilise the remaining 75%
to provide an annuity. Annuity payment depends on the type of option chosen.

On Death
(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 42
On death during the deferment phase, a regular income stream is automatically provided to the
insured's spouse. If the spouse is not alive a lump sum amount is paid to the nominees. The amount
of annuity payable is determined on the basis of the sum assured plus guaranteed additions plus
vested bonuses (if any) as on the date of death.

Riders
Accident & Disability benefit
Additional SA is payable if death is due to an accident
Waiver of payment of premiums on disability due to accident
10% of amount of cover payable every year for 10 years from date of disability
Additional amount of cover if accidental death occurs while travelling as a passenger in a train or
bus.

Major Surgical Assistance


43 surgical procedures are covered
Major Surgical Procedure - 50% of SA
Intermediate Surgical Procedure - 30% of SA
Minor Surgical Procedure - 20% of SA
Maximum limit for this benefit is 50% of all claims together
No benefit on, any claim within first 6 months of policy

Level Term Assurance


Additional life cover - amount payable only in the event of death, during the term

Other Conditions
Regular Premium Single Premium Policy
Minimum age to apply 18 32
Maximum age to apply 60 62
Minimum sum assured Rs. 50,000/- Rs. 50,000/-
Minimum term is 5 Years 3 years to max 15 years
Vesting age 45 to 65 years 45 to 65 years

ICICI PRU REASSURE

Suitability

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 43


This policy is best suitable for people who are not allowed for any of the pension scheme. This
policy can act as a pension scheme, all the while providing the insurance coverage.

Salient Features
It is a single premium policy wherein lump sum amounts as a percentage of single premium are paid
at the end of every year till the date of maturity. The percentage depends on amount of single
premium
No proof of age, bank statements or any other documents required.
Policy can be availed for 5 or 7 years.

Benefits
Survival benefits till maturity
An amount equal to 8.55% to 9.05% of the single premium is paid at the end of every year as
survival benefits till maturity, starting from the end of first year.
On maturity date entire amount of premium is paid back to the policyholder.

On Death
On death occurring after the first policy year, the nominee will receive 110% of single premium
paid.
In case of death during the first policy year an amount equal to single premium is paid, however if
the cause of death is an accident then an amount equal to 110% of single premium is paid.

Other Conditions
Minimum sum assured : Rs. 50,000
Maximum sum assured : Rs. 50,00,000
Minimum age at entry : 07 years
Maximum age at entry : 62 years
Maximum age at maturity : 65 years

COMPARISON OF POSTAL SCHEMES WITH PENSION SCHEMES OF ICICI


PRUDENTIAL

The comparison between the two schemes was done based on the following parameters.
 Duration of investment
(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 44
 Tax benefits
 Risk of the investment
 Return on the investment

It was identified that the following postal schemes have similar features as that of pension policies of
ICICI Prudential.
 NSC
 PPF
 KVP
 POMIS

SECONDARY DATA ON POSTAL SCHEMES

Initially efforts were made to collect data from the specified post offices on the various postal
schemes over a period of five years. Since the procedure involved to collect the data was
complicated and time consuming, it was decided to get the data from Internet. The data pertaining to
the postal schemes were collected from the website www.indiastat.com.

QUESTIONNAIRE PREPARATION

Based on the findings of the exploratory study, a questionnaire was prepared to get the response
from the postal customers. The following points were kept in mind while framing the questions.

 Questions should be simple and unambiguous


 Order of the questions
 Objective of the survey
 Minimum number of questions

SAMPLING AND PRE-TESTING THE QUESTIONNAIRE

The sample size for the survey was taken as 50 and the target was to get ten samples in each
of the five post offices. The duration of the survey was 3 weeks. The target population was of course,
the walk in customers of the post offices. Randomised sampling procedure was used.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 45


Once the questionnaire preparation, sampling and the target population is identified, pre-
testing of the questionnaire was done to assess the response. Based on the responses the following
modifications were done.

 The ICICI Prudential logo was moved from the front page to the flip side of the
questionnaire.
 The order of the questions was modified so as to have a sequence.

FIELD WORK AND DATA COLLECTION

The survey was conducted over a period of three weeks in all the five post offices. Due care
has been given in selecting the respondents so that the sample represents the total population.
Responses from different age groups and with different income levels were collected.

DATA ANALYSIS

Data analysis was done with the help of the following software packages.

 Microsoft Excel and

 SPSS

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 46


SECONDARY DATA ANALYSIS

Potential of post offices as an investment avenue

The amount invested in the National Savings organisation (NSO) right from 1977 was
collected. A graph was drawn with the data collected and it reveals that the savings in NSO by the
Indian public has made a good progress over the years. Most of the investments in NSO were done
through post offices. This shows that post offices as an investment avenue has a huge potential in the
future.

AMOUNT INVESTED IN NSO OVER THE YEARS

50000
45000
40000
35000
30000
Rs. in crores

25000
20000
15000
10000
5000
0
1978-79
1979-80
1980-81
1981-82
1982-83

1984-85
1985-86
1986-87
1987-88
1988-89
1989-90
1990-91
1991-92

1993-94
1994-95
1995-96
1996-97

1998-99
1999-00
1977-78

1983-84

1992-93

1997-98

2000-01 (Provisional)

Top performing districts in Karnataka

The data collected from 1998-99 to 2000-01 for investments in NSC in various districts of
Karnataka shows that Bangalore Division is the top performer. Bangalore is in the second place and
next comes Mysore division. Belgaum Division stood fourth.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 47


From the above fact, we conclude that the Bangalore post offices have a huge customer base,
which can be utilised by ICICI Prudential for selling its pension schemes.

DISTRICT-WISE NSC COLLECTION IN KARNATAKA

100000

90000

80000

70000

60000
Rs. in Lakhs

50000

40000

30000

20000

10000

Udupi
Koppal
Kola r

Bidar
Haveri

Bellary
Gadag

Kodagu
Mandya
Tumkur

Dharwad

Mysore
Hassan
Bija pur
Bagalkot

Raichur
Belg aum
Shimoga

Gulb arga
Bangalo re

Davanagere
Chit radurga

Chikmagalu r
Uttara Kannada
Bangalo re (R)

Dakshin a Kannada

Mysore Divisio n
Chamaraja Nagar
Belg aum Division

Gulb arga Divisio n


Bangalo re Division

1998-1999 1999-2000 2000-2001

CUSTOMER PROFILE ANALYSIS

Age profile

The age profile of the customers is broadly classified into three categories.

 Age group below 30


(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 48
 Age group of 31 to 45
 Age group above 45

The pie chart shows the percentage of respondents in each category. The average age of the people
surveyed is thirty-seven.

AGE PROFILE

Age > 45 Age <= 30


22% 34%

Age 31 - 45
44%
Average age is 37

Income profile

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 49


The pie chart for income shows that majority of the respondents were in the income range of
one to three lakhs. Next comes less than one lakh and only eight percent of the respondents have
income greater than five lakhs.

INCOME

54%

16%

8%

22%

< 1 Lakh 1 - 3 Lakhs 3 - 5 Lakhs > 5 Lakhs

Importance of pension

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 50


Eighty-six percentage of the post office customers felt that investment in pension schemes is
very important. And out of the fifty respondents, only thirty-six percent have already invested in
pension schemes. This provides great opportunity for ICICI Prudential to penetrate in the segment of
post office customers.

IMPORTANCE OF PENSION

6%
8%

86%

Very Important Neutral Not Important

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 51


Awareness about pension providers

The bar chart gives the awareness about the various pension players among the post office
customers. Out of the thirteen players in the market, respondents are aware of only six of them. They
are LIC, ICICI Prudential, Tata AIG, HDFC, Alliance Bajaj and OM Kotak. Among the private
players, respondents are more aware of ICICI Prudential than others.

AWARENESS ABOUT PENSION COMPANIES

HDFC 8%

Bajaj 2%

Kotak 2%

Tata 12%

ICICI Pru 40%

LIC 86%

0% 20% 40% 60% 80% 100%

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 52


Investment in pension

The data collected from the survey tells us that only thirty-six percent of the respondents
were invested in pension. Thirty percent have invested in LIC and only eight percent in ICICI
Prudential. The bar chart for the same is given below.

INVESTMENT IN PENSION

Bajaj 2%

ICICI 8%

LIC 30%

0% 5% 10% 15% 20% 25% 30% 35%

Overall investment in pension is 36%

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 53


Preferred investment option

The customers preferred investment was studied and it was found that investment in house
and getting regular rent was the most preferred. The investment option in the order of preference by
post office customers and the bar chart is as follows.

1. Invest in building a house and get life long rent


2. Invest in pension schemes and get life long pension
3. Invest in real estate
4. Invest in gold, ornament, etc
5. Invest in share market and mutual funds

PREFERRED INVESTMENT OPTION

Shares and Mutual


92
funds

Real estate 152


Investment Option

Gold and
108
Ornaments

Pension schemes 171

House rent 227

0 50 100 150 200 250


Preference value

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 54


Risk taking ability

The data analysis reveals that the post office customers are ready to take moderate to
absolutely risk free investments. This tells us that they are conservative in choosing the investment
option. They are very cautious in preserving the capital from being eroded. The risk taking ability of
the customers can be generalised and can be seen from the bar chart.

RANK FOR ABSOLUTELY RISK FREE RANK FOR SLIGHTLY RISKY

18 17 20
18
16 18
14 15
14 16

No. of pe rsons
14
No. of persons

12
12
10 10
8 10
8
6 8
6 5 6
6
4 4
2 2 1
0 0
1 2 3 4 5 1 2 3 4 5
Rank Rank

RANK FOR MODERATE RISK RANK FOR HIGH RISK

18 17 25 23
16
14
14 20
12
No. of persons

No. of persons

12
15
10
8 9
10
6 5
6 6 6
4 5
2
2
0 0
1 2 3 4 5 1 2 3 4 5
Rank Rank

RISK TAKING ABILITY OF POST OFFICE


RANK FOR VERY HIGH RISK
CUSTOMERS
More the value less the risk taking ability
40
35 180
35 153
160
30 140 123
No. of persons

25 120

20 100 85 81
80 68
15
60
10 7
4 4 40
5
0 20
0
0
1 2 3 4 5
Absolutely Slightly risky Moderate risk High risk Very high risk
Rank risk free

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 55


Investment in post office schemes

Data analysis was done to identify the popular postal schemes among the post office
customers. The study reveals that NSC was the most popular investment because of its tax benefits
under section 88 of IT Act and a relatively low investment period of six years. The next popular
scheme was PPF and then POMIS. KVP is the fourth preferred scheme among the postal schemes.
So it is very important for ICICI Prudential to concentrate on the first four schemes and try to attract
those customers.

INVESTMENT IN POST OFFICE SCHEMES

35
31
30

25
No. of persons

20
20

15
11
10
7

5 3
1
0 0
0
NSC PPF KVP POMIS PORD POTD POSA DSRGE

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 56


Key factors in pension investment

The analysis of the data tells us that the following factors play a major role for investment in
pension schemes.

• Life security
• Reputation of company
• Tax benefits
• Annual savings
• Income
• Age

KEY FACTORS IN PENSION DECISION MAKING

350
312
294
300
260
250 228

200 186
Points

170
154
150
93
100

50 35

0
Family size

Tax benefits
savings

Life security

of company
Income

Education
Gender

Reputation
Annual
Age

Factors

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 57


INTERPRETATION AND FINDINGS

The analysis of the survey has given many valuable insights about the profile of the post
office customers and their perception about pension schemes. The findings of the survey were listed
in the form of points below.

 The average age of the people surveyed is thirty-seven.

 Only forty percent of the post office customers have awareness about ICICI Prudential’s
pension products. This is very less when compared to LIC’s eighty-six percent. But the
encouraging aspect is that ICICI Prudential is just three years old in the insurance business
and it is second only to LIC in terms of awareness with post office customers.

 Almost eighty-six percentage of the post office customers felt that investment in pension
schemes is very important. The critical fact is that only thirty-six percent have already
invested in pension schemes. This provides room for ICICI Prudential to penetrate in the
segment of post office customers.

 The risk taking ability of the customers can be categorised into slightly to moderate risk
taking zone. This shows that they are not too conservative and hence are good prospective
customers for the pension products of ICICI Prudential.

 Another encouraging finding is that investment in pension is the second preferred investment
option and is next only to investment in house.

 The household income of the people surveyed tells us that seventy-eight percentage of them
have household income greater than one lakh. The pension products are really suitable for
this income class because they can save tax upto a maximum of Rs. 3300/- U/S 80CCC(1)
by investing in pension schemes.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 58


 Regarding promotional channels, Television and Newspapers have a very good reach when
compared to other media. News channels and Udaya are the most frequently watched
amongst the Television channels. When comes to newspapers, Times Of India and Deccan
Herald attracts more readers than any other newspapers. Hence advertising can be done
through these mediums so that it can reach maximum number of post office customers.

 NSC, PPF, POMIS and KVP are the most preferred postal schemes by the majority of the
customers. Out of the four schemes, only NSC and PPF have tax benefits U/S 88. It was
found that most of the people invested in pension schemes have also invested in one of the
above four postal schemes.

 The above finding is very important in the sense that the cooperation of the employees at
these counters is very crucial for ICICI Prudential to sell its pension products successfully.
Hence the bancassurance officials should maintain good relationship with these employees of
post offices.

 Now comes the important aspect of visibility of banners in post offices. Only forty-six
percent of the people surveyed said that they had seen the banners in post offices. This tells
us that the visibility of advertisement and banners in post offices has to be improved. Due
care should be given while placing the banners, such that it is visible to the persons standing
in the counters of NSC, PPF, POMIS and KVP.

 Only twenty-four percent of the customers are aware of the fact that ICICI Prudential Life
Insurance Company has tie-up with India Post for selling their pension schemes. Something
needs to be done to improve this, since awareness about the tie-up creates a positive impact
in the minds of the customers and their perception about the company.

 The most disturbing aspect of the finding is that not even a single referral comes from the
postal employees. The contribution from the employee’s side is very important for the
success of this distribution channel.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 59


 The survey reveals that the following factors play a major contribution, when a person
decides to invest in pension schemes.

 Life security
 Reputation of company
 Tax benefits
 Annual savings
 Income
 Age

This also confirms the outcome of the exploratory study.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 60


RECOMMENDATIONS

To improve the performance of post offices as a distribution channel for selling pension
products, the following recommendations will be helpful. The suggestions were made based on three
critical aspects of this distribution model.

Visibility of ICICI Prudential in Post Offices

The visibility of banners in and around post offices has to be improved. This is obvious from
the findings that only forty-six percent of the people surveyed said that they had seen the banners in
post offices. The following suggestions can be considered to improve on this aspect. Due care should
be given for

• Placing the banners, such that it is visible to the persons standing in the counters of NSC,
PPF, POMIS and KVP.
• The place at which the advisor sits in a post office is very important. He should be seated in a
place where maximum walk-ins are there. The ideal place should be the entrance of the post
office as in the case of Jaya Nagar and Rajaji Nagar.
• Provide other services, for example tax consultation and financial planning, to walk-in
customers of post office.

Product Awareness

The awareness about the pension products and its features among the PO customers are not
satisfactory. It cannot be improved suddenly and has to be done over a period of time through
various promotional tools. Some of the promotional methods are suggested below.

 Tie-up with newspaper and magazine agents can be considered. A brief notice about the product
features and the contact number of the advisor can be inserted along with the newspapers and
magazines. This is a very effective tool since the reach is very good and is cost effective.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 61


 Asking postal employees working in the counters of NSC, PPF, KVP and POMIS to distribute
pamphlets of ICICI Prudential to customers visiting the respective counters. This method of
promotion is advantage in the following ways.

 The perception of the customers of PO about ICICI Prudential can be improved.


 This mode of promotion also solves the problem of lack of awareness about the tie-up
between PO and ICICI Prudential among the post office customers.

Tie-Up awareness

The postal schemes are perceived by the customers as highly secured and absolutely risk
free. Thus the tie-up awareness will make the customers to perceive that ICICI Prudential’s products
are trustworthy and risk free, which is already so. Hence the customer awareness about the tie-up
between PO and ICICI Prudential is very crucial for selling the pension products. But according to
the survey, the finding shows that the awareness level is very poor and needs improvement. This can
only be done with the participation of the postal employees, which is absolutely not there at present.

Postal employees participation

As discussed previously, the participation of the postal employees is very crucial in the
progress of this distribution channel. At present, their participation level is absolutely nothing except
in very few cases. There are a lot of motivational issues involved in this. The following suggestions
can be implemented to improve the employee participation.

 Arrange some contest sort of things and send the winners to a holiday resort or compensate
them with money.
 Conduct meetings regularly with the postmasters and the employees in the counters of NSC,
PPF, KVP and POMIS. This will make them feel as part of ICICI Prudential team and will
improve there involvement.
 The relationship between the ICICI Prudential advisors and the employees of post offices can
also improve their participation level.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 62


LIMITATIONS OF THE STUDY

THERE IS NO PROJECT WORK WITHOUT LIMITATIONS AND EXCEPTIONS.


FOLLOWING ARE THE LIMITATIONS OF THE ABOVE PROJECT WORK.

 The sample size for the survey is less when compared to the total population. The sample
size was reduced keeping in mind the duration of the project, the manpower constraints and
the target population.

 The data pertaining to the various postal schemes of the five post offices were not collected
because of some procedural difficulties. Hence, the secondary data was collected through
Internet and the findings might not be latest.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 63


CONCLUSION

The post office model is the latest distribution model adapted by ICICI Prudential. It was
initiated only on November’2003 and is just seven months old. There is no doubt that the post
offices in Bangalore offer huge potential for ICICI Prudential for selling its pension schemes.

The stakeholders of this channel are employees of both ICICI Prudential and post offices and
the post office customers. As observed from the findings, the participation, involvement and
dedication of the stakeholders are very important.

Finally, the quality of the service provided by the advisors is also very important because
they are the ambassadors of the company. The pension products are long term one and the customers
are associated with the company for a minimum period of four years to throughout their life. Thus
the advisors should not only be focussed in achieving the targets but also in providing after sale
services and maintaining good customer relationship.

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 64


ANNEXURE – QUESTIONNAIRE Kindly help us to serve you better
Name: Age: Contact Info:

1) Name some companies that come to your mind when you think of pension schemes.

--------------------------------------------------------------------------------------------------------------------

2) How important is it for you to allocate a certain amount of your income for the retirement
benefits?
Not important Neutral Very important

1 2 3 4 5 6 7

3) Have you invested in any pension schemes before?

Yes No

(If yes, name of the company-------------------------------------------------------------------------------)

4) Rank (1, 2, 3…) the following risk-return scenarios based on your ability to take risk.

* Absolutely risk free with very low returns


* Slightly risky with moderate returns
* Moderate risk with high returns
* High risk with high returns
* Very high risk with very high returns

5) Rank (1, 2, 3…) the following investment options based on your priority.

* Invest in building a house and get life long rent


* Invest in pension schemes and get life long pension
* Invest in gold, ornament, etc
* Invest in real estate
* Invest in share market and mutual funds

6) The consolidated household income of your family

< 1 Lakh 1-3 Lakhs 3-5 Lakhs > 5 Lakhs

7) Which media do you watch the most?

Television (If yes, which channel-------------------------------------------------------------)

Radio (If yes, which program------------------------------------------------------------)

Newspapers (If yes, which papers--------------------------------------------------------------)

Magazines (If yes, which magazines----------------------------------------------------------)

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 65


8) Are you a regular customer / visitor of post offices?

Yes No

9) Please tick the various postal schemes in which you have already invested.

NSC PPF KVP POMIS PORD

POTD POSA DSRGE

10) Have you seen ICICI Prudential Life Insurance Company’s banner, posters in post offices?

Yes No

11) Are you aware of the fact that ICICI Prudential Life Insurance Company has tie-up with
India Post for selling their pension schemes?

Yes No

12) Does any postal employee referred you to ICICI Prudential Life Insurance Company’s official
sitting at the desk?

Yes No

13) Please rate the relative importance of the following factors you consider in selecting a pension
policy

Not important Neutral Very important

a) Age 1 2 3 4 5 6 7

b) Gender 1 2 3 4 5 6 7

c) Income 1 2 3 4 5 6
7
d) Family size 1 2 3 4 5 6 7
e) Annual savings 1 2 3 4 5 6 7
f) Tax benefits 1 2 3 4 5 6 7
g) Life security 1 2 3 4 5 6 7

h) Reputation of company 1 2 3 4 5 6 7

i) Education 1 2 3 4 5 6 7
----------------------------------------------------------------------------------------------------------------------

Thank you for your help!

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 66


BIBLIOGRAPHY

Websites

www.internationalinsurance.org
www.themanagementor.com
www.timesofmoney.com
www.iciciprulife.com
www.bimaonline.com
www.censusindia.net
www.indiastat.com
www.mib.com

Books

Statistics For Managers - Anderson, Sweeny and Williams


Marketing Research - Malhotra
Principles Of Marketing - Kotlar & Armstrong

(Nirmal J) (Batch 2003 – 2005) (Bharathidasan Institute of Management - Trichy) 67