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1 OUTLINE OF THE PROJECT

The research is based on “ A study on public awareness of life

insurance products for ICICI Prudential Life Insurance Company in patna “

This study determines , whether the people are aware of the products namely

life time-l1and life time-ll pension are the two market linked plans which are

more benefit to the customer which covers the customer and gives the high

returns.

This study is based on descriptive research, the sample size of the

study is 200 and area sampling method is adopted. Life cover & security and

returns are the most important factors, which influences the people to invest.

Insurance to cover the risk, it will helpful to lead a peaceful and this will give

the security to he customers for there life. These are the important reason

people prefer insurance. The most effective method of making people aware

of ICICI prudential life insurance is through advertisement and this

advertisement will create more benefits to the product and which will increase

the value of the product compare to our competitors product. Most of the

respondents have come to know about ICICI prudential life insurance

company by advertisements and the number of wings (adviser’s or agents)

should be increased to create more awareness about the products and

company.

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1.1.1IMPORTANCE OF STUDY

It is the first project of its kind in the company “A study on public

awareness of life insurance products for ICICI Prudential Life Insurance

Company “. The study is made on the public awareness of the respondents

with that of the company. As the company would go for the full fledge services

for its customer it needs to find out particular methods in which they can be

rendered a very good unique service and also to find out the method of

investment, the factors and the reason of investment made by the people

towards the insurance industry. Finally the suggestion is made on the more

effective channel in creating the awareness of life insurance products among

the prospective investors.

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1.1.2SCOPE OF THE STUDY

 The study is made on the public awareness of life insurance products for

ICICI Prudential Life Insurance Company in patna

 This study determines, whether the people are aware of the products

namely life time II and life time II pension are the two market linked plans

which are more benefit to the customer which covers the life of the

customer and gives the high return.

 The awareness of these products are analyzed through different

promotional methods used by the company.

 The effectiveness of the brand image, brand preference is also studied

through various analysis, since ICICI Prudential Life Insurance Company

is a market leader among the private life insurance company and stand 2nd

position in the over all life insurance industry.

 The various internal and external factors that influence the purchasing

decision of the customer and also studied in a systematic way to find out

the factor and also the period at which the customer buys the product.

 Finally the suggestion is made on the more effective channel in creating

the awareness of life time pension and life time among the prospective

investors.

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1.1.3 OBJECTIVE OF THE STUDY

PRIMARY STUDY

A study on public awareness of ICICI’s life insurance products namely

life time and life time II pension for ICICI Prudential life insurance Company in

patna

SECONDARY OBJECTIVES

1) To find out the role of advertisement in creating awareness among the

prospective investors and in pushing the brand in to the investors

basket.

2) To find out the factors influencing the prospects while they make a

purchase decision.

3) To suggest which is the more effective patna in creating awareness

among prospective investors.

4) To find out the various steps adopted by company in order to create

brand preferences and brand awareness.

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1.1.4 RESEARCH METHODOLOGY

RESEARCH DESIGN

Decision regarding what, when, how mach, by what concerning an

inquiry or a research study constitutes a research design. A research design

is the arrangement of condition for collection and analysis of data in a manner

that aims to combine relevance to the research purpose with economy in

procedure.

Research designs needed because it facilitates the smooth sailing of

the various research operations thereby making research as efficient as

possible yielding maximal information with minimal expenditure of effort, time,

and money.

There are many kinds of research design namely exploratory,

diagnostic, descriptive, hypothesis testing etc.

DESCRIPTIVE RESEARCH:

Descriptive research studies are those studies, which are concerned

with describing the particular individual, or of a group. It also includes surveys

and fact findings enquiry of different kinds. The major purpose of descriptive

research is description of state of affairs, as it exists at present. The main

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characteristic of expo facto method is that researcher has no control over the

variables; he can only report what has happened or what is happening.

DATA COLLECTION METHOD:

The information in research is called as data. The data has been

collected through the following resources.

PRIMARY DATA:

Primary data was collected through the method of questionnaire. A

questionnaire was prepared to study the public awareness towards ICICI’s

Prudential Life Insurance products, and each respondent were asked to fill up

the quarries. The questionnaire has been trained in structured undisguised

form. It has both open ended and close ended questions. They were all

multiple choices in nature.

SECONDARY DATA:

Secondary data was collected from various published books, journals,

periodicals and company journals.

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UNIVERSE OR POPULATION:

The universe or population is a specific group of people, firms,

conditions, activities, etc which form the point of research project. The survey

has been conducted in patna Hence the population of patna constitutes the

universe for this study.

SAMPLE SIZE:

The unit, which is selected from the population, is called sample size.

The sample size of the study is 100.

QUESTIONNAIRE PREPARATION:

A questionnaire consists of a number of questions in a definite order.

This method of data collection is quite popular, particularly in case of big

enquiries. Questions are dichotomous (yes/no), multiple choice (alternative

answers listed) or open ended. There are four types of questionnaire

♦ Non-disguised structured

♦ Non-disguised non-structured

♦ Disguised structured

♦ Disguised unstructured

♦ This research design deals with non-disguised structured

questions. With the help of the respondents questions are

being answered.

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SAMPLE METHOD:

AREA SAMPLING:

Area sampling is quite close to cluster samping and is often talked

about when the total geographical area of interest happens to be big one.

Under area sampling, we divide the total area into a number of smaller non-

overlapping areas, generally called geographical clusters, then a number of

these smaller areas are randomly selected, and all units in these small areas

are included in the sample. Area sampling is specially helpful where we do

not have the list of the population concerned. It also makes the field

interviewing more efficient since interviewer can do many interviews at each

location.

STATISTICAL TOOLS:

CHI-SQUARE TEST:

The chi-square test is a useful measure of comparing experimentally

obtained results with those expected theoretically and based on the

hypothesis. It is used as a test statistic in testing a hypothesis that provides a

set of theoretical frequencies with which observed frequencies are compared.

Chi-square test is applied to those problems in which we study whether the

frequency with which a given event has occurred, is significantly different from

the one as expected theoretically. The measure of chi-square enables us to

find out the degree of discrepancy between observed frequencies and

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theoretical frequencies and thus to determine whether the discrepancy so

obtained between observed frequencies and theoretical frequencies is due to

error of sampling or due to chance.

( O-E )2
2
χ = Σ E

Where, O = Observed Frequency

E = Expected Frequency

ANALYSIS OF VARIANCE: (ANOVA)

Analysis of variance, the significance of the difference between the

means of two samples can be judged. This technique is used to investigate

any number of factors, which are hypothesized or said to influence the

dependent variable. One may as well investigate the differences amongst

various categories within each of these factors, which may have a large

number of possible values. If we take only one factor and investigate the

differences amongst its various categories having numerous possible values,

we are said to use one-way anova and in case we investigate two factors at

the same time, then we use two-way anova.

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WEIGHTED AVERAGE METHOD:

The term “weight” stands for the relative importance of the different

items. Arbitrary weights are assumed for each item and the calculation is

done, using the following formula

Weighted Average =
Σ fiWi
Σ fi

Where

Wi = Weight given to the ith cell

fi = Number of respondents in the ith cell

PERCENTAGE ANALYSIS:

Percentages are measures of central tendency. It is used in data

presentation. The data are reduced in to the standard form with the base

equal to 100, which facilitates data comparison.

Number of respondents

Percentage Analysis = -----------------------------*100

Total no of respondents

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1.1.5 LIMITATIONS OF THE STUDY

• As the survey is conducted only among the people of patna city, the

result may vary elsewhere.

• As the time available for conducting the project is limited the sample size

does not covers the whole population.

• As some of the respondents are not ready to give the information required

for the project questionnaire the fact to the actual result may possibly vary

from what has been produced in my report.

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1.1.6CHAPTERISATION

Chapter One includes Importance of the Study, Scope of the Study,

Objective of the Study, Research Methodology that includes (Design, Sample

Size, Data Collection, Questionnaire, Hypothesis Testing, Statistical tools),

Limitation of the Study and Chapterisation, Review of Literature of the Study,

Industry Profile, Company Profile, and Product Profile.

Chapter Two includes percentage analysis and figures for the percentage such

as (bar diagram, pie diagram), weighted average and chi-square.

Chapter Three includes of Findings of the Study, Suggestions and

Recommendation to the company and Conclusion.

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1.2 REVIEW OF LITERATURE

ICICI prudential life insurance success has been built on its consistent

focus on the customer and delivering on his\her needs. This includes several

initiatives such as,

• Developing flexible products that are based on consumer needs and insights.

• Offering differentiated service for the customers in a manner that is most

Convenient him\her be it through the web call center, branches etc.

I . Scientific risk management

II . Investment strategy with a focus on safety, stability and return are

III. source of the factors that have facilitated own growth.

At a period level, ICICI prudential life insurance aim is to secure the families

of the middle and upper class working people in urban, and rural India. Our

strategy has always been to focus on delivering value and conveniences to the

customers while in rural areas the focus is on partnering with NGO’s and offering

a Simple product that can be understood by the customer.

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AWARENESS:

ICICI prudential life insurance is reviewing its media planning and buying

account two media agencies,

- Lodestar

- Carat India have already met the client according to Industry Source.

The media planning and buying for TV and print is currently handled by initiative

media. The outdoor media buying is handled by Ogilvy landscapes. The

creative Lowe confirming the development handles account. ICICI prudential life

insurance marketing manager clarify that the review is part of the routine

exercise.

Going by the latest developments, the incumbent is also expected to be

in the fray, when short listing agencies to invite for the pitch they are looking for

the agencies which can go beyond tools and technique in terms of rigorously

using them and implement a robust monitoring system.

ICICI prudential has been advertising in outdoor; TV and pres, the

company launched a corporate television campaign which the emotions and

thoughts of initials indoor corporate film a few steps further.

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ICICI prudential life insurance also introduced some innovation in the

category such as having a tax planner by the name of Chiatama on radio who

would answer consumer queries about the role of insurance in finance planning.

Other initiative included tie-up with the Dabbawala Organization in Mumbai for a

direct marketing exercise to talk to the customer through a non-clustered route

and thereby have a higher impact. The direct mailer was about ICICI prudential

retirement solutions and the tax benefits that can avail to buy and investing in

way of these.

About 100000direct mailer were attached to the data. In addition to

advertising the company has also initiated several certificates to raise consumer

awareness about life insurance about ICICI prudential. It includes seminar and it

regularly holds consumer awareness meets on the need for retirement planning

in different cities such as Pune, Aurangabad, Coimbatore, Nagpur, Bangalore

and Mangalore. “ The current Insurance penetration levels in India and potential

of this sector”.

The growth potential of insurance in India is huge, considering the size

and volume of the market currently the life insurance penetration in India is very

low at around 2% of gross domestic product. However with the advent of

private insurance Companies’ new models of distribution and selling and higher

levels of customer awareness, there is fantastic growth rate makes insurance

one of ;the fastest growing sectors in the country today.

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It can be truly said that the insurance sector is one of the success stories of

on going financial development being the mainstay of the improvements. A

product that was earlier viewed only as standards of services, convenient access

through advisors, agents and banks choice and flexibility in products, greater

transparency and use of information technology are some of the key

differentiating factors.

Over the past four years ICICI prudential has consistent retained its position

as a lead amongst the private life insurance. The company has grow at a rate of

148% on GAGR basis over the past three financial years. It has emerged as the

only private life insurance to gross a number of milestone with amazing regularity

with the time taken to add an every additional 1,00,000 police continuously

decreasing.

ICICI prudential market share amongst private life insures for the period

April-August 2005 stands at 32% and its share in retail business stands at 34%

its total share for the same period is 5.6% . The company ;also recently

increased its capital base by Rs.150 crore taking its total paid up equity capital to

Rs.825 crores. This is the tenth equity like since the company was incorporated

in December 2000.

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1.2.1 LIFE INSURANCE INDUSTRY IN INDIA

Life insurance in its exisiting form came to India from the United Kingdom

with the establishment of a British Firm Oriental life insurance company in

Calcutta in 1818 followed by Bombay Life Assurance Company in 1823.

The Indian Life Assurance Companies Act was the first statutory measure

to regulate life insurance business. Later in 1928 the Indian Insurance

Companies Act was enacted to collect statistical information about both life and

non-life insurance business transacted in India by Indian and foreign insurers

including provident insurance societies. In 1938 with a view to protecting the

interest of insuring public earlier legislation was consolidated and amended by

the insurance Act 1938 with comprehensive provisions detailed and effective

control over the activities of insurers.

The Act was amended in 1950 resulting in far reaching changes in the

insurance sector. These included a statutory requirement of equity capital for

companies carrying on life insurance business, ceiling on share holdings in such

companies, stricter control on investments, submission of periodical returns

relating to investments and such other information to the controller. The

controller could also call for appointment of administrators and put a ceiling on

expenses of management and agency commission for mismanaged companies.

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By 1956, 154 Indian insurers, 16 foreign insurers and 75 provident societies

were carrying on life insurance business in India. Life insurance business was

concentrated in urban areas and confined to the higher strata of the society. On

January 19, 1956, the management of life insurance business of 245 Indian and

foreign insurers and provident societies then operating in India was taken over

by the central government. Life Insurance Corporation was formed in September

1956 by an Act of Parliament, viz. LIC Act 1956 with a capital; contribution of

Rs.50 million.

The Finance minister Mr. C.D. Deshmukh while piloting the bill for

nationalization outlined the objectives of LIC thus:

“To conduct the business with utmost economy with the sprit of trusteeship; to

charge premium no higher than warranted by strict actuarial ;considerations; to

invest the funds for obtaining maximum yield for the policy holders consistent

with safety of capital; to render prompt and efficient service to policy holders

thereby making insurance widely popular.

Finally, some potential Indian entrants into insurance hope to ride their existing

distribution networks and customer bases. For example, financial organizations

like ICICI , HDFC or Kotak Mahindra intend to tap the customers who already

buy their deposits, consumer loans and housing finance. Other hopeful entrants

anticipate specific alliances such as with hospitals ;to provide health cover.

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With largest number of life insurance policies in force in the world, Insurance

happens to be a mega opportunity in India. It’s business growing at the rate of

15-20% annually and presently is of the order of Rs.450 billion. Together with

banking services it adds about 7% to the country’s GDP. Gross premium

collection is nearly 2% of GDP and funds available with LIC for investments are

8% of GDP.

Insurance is a federal subject in India. There are tow legislations that govern

the sector-The Insurance Act – 1938 and that IRDA Act -1999. Insurance

industry earlier comprised of only two state insurers, namely “Life Insurers i.e.

Life Insurance Corporation of India” and “General Insurance i.e. General

Insurance Corporation of India.

The first batch of licenses was issued by the insurance Regulatory and

Development Authority (IRDA) in 2001. At present following are the players in

the Indian Life Insurance Market:-

LIFE INSURERS:

1. ALLIANZ BAJAJ LIFE INSURANCE CO.LTD

2. AMP SANMAR ASSURANCE CO.LTD.

3. BIRLA SUN LIFE INSURANCE CO.LTD.

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4. DABUR CGU LIFE INSURANCE CO.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 NEWYORK 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

14. AVIVA LIFE INSURANCE CO.LTD

LIFE INSURANCE MARKET:

The Life Insurance market in India is an underdeveloped market that was only

tapped by the state owned LIC till the entry of private insurers. The penetration

of life insurance products was 19% of the total 40 million of the insurable

population. The state owned LIC sold insurance as a tax instrument, not as a

product giving protection. Most customers were under-insured with no flexibility

or transparency in the products. With the entry of the private insurers the rules

of the game have changed.

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The 12 private insurers in the life insurance market have already grabed

nearly 9% of the market in terms ;of premium income. The new business

premium of the 12 private players has tripled to Rs.1000 crore in 2002-03.

Meanwhile, state owned LIC’s new premium business has fallen.

Innovative products, smart marketing and aggressive distribution. That’s

the triple whammy combination that has enabled fledgling private insurance

companies to sign up India customers faster than anyone ever expected.

Indians, who have always sen life insurance as a tax saving device are now

suddenly turning to the private sector and snapping up the new innovative

products on offer.

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1.2.2 COMPANY PROFILE

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 IRDA. ICICI Prudential’s equity

base stands at Rs.8.25 billion with ICICI Bank and Prudential plc holding 74%

and 26% stake respectively. In the half year ended September 30, 2004, the

company garnered Rs.498 crore of new business premium for a total sum

assured of over Rs.23,00 crore and had over 1 million policies. The company

has a network of over 40,000 advisors; as well as bancassurance tie-ups.

Today, ICICI Prudential has emerged as the No. 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.

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

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Mr. Mark Norbom

Mrs. Lalita D. Gupte

Mrs. Kalpana Morparia

Mrs. Chanda Kochhar

Mr. Kevin Holmgren

Mr. M.P. Modi

Ms. Shikha Sharma, Managing Director

Management Team:

Ms. Shikha Sharma, Managing Director

Mr. Sandeep Batra, Chief Finanical Officer & Company Secretary

Mr. Shubhro J.Mitra , Chief- Human Resources

Mr. Puneet Nanda, Head- Investments

Ms. Anita Pai, Chief- Customer Service and Operations

Mr. V. Rajagopalan, Appointed Actuary

Mr. Shridhar Sethuram, Chief- Strategy

Mr. Dipan Bhattacharya- Chief Information Technology

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DISTRIBUTION:

ICICI Prudential has one of the largest distribution network amongst

private life insurers in India, having commenced operations in 6 cities and towns

in India. These are: Agra, Ahmedabad, Ajmer, Allahabad, Amritsar, ,Auragabad,

Bangalore, Bareilly, bhatinda, Bhopal, Bhubhaneshwar, Calicut, Chandigarh,

Tiruvannamalai, Coimbatore, Dehradun, durgapur, Faridabad, Goa, Guntur,

Gurgaon, Guwahati, Gwalior, Hyderabad, Hubli, Indore, Jaipur, Jalandhar,

Jamnagar, Jamshedpur, Jodhpur Kanpur, Kochi, Kolkata, Kolhapur, Kota,

Kottayam, Lucknow, Ludhiana, Madurai, Mangalore, meerut, Mumbai, Mysore,

Nagpur, Naisk, Noida, New Delhi, Patiala, Pune, Raipur, Rajkot, Ranchi,

Rourkela, Salem, Siliguri, Surat, Thane, Thrissur, Trichy, Trivandrum, Udaipur,

Vadodara, Vapi, Varanasi, Vashi, Vijayawada and Vizag.

The company has seven bancassurance tie-ups, having agreements with

ICICI Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank

and some co-operative banks, as well as over 6 corporate agents and brokers. It

has also tied up with organizations like Dhan for distribution of Salaam Zindagi, a

policy for the socially and economically underprivileged sections of society .

ICICI Prudential has recruited and trained about 50,000 insurance

advisors to interface with and advise customers. Further, it leverages its state-

of-the-art IT infrastructure to provide superior quality of service to customers.

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ABOUT THE PROMOTERS:

ICICI Bank is India’s second-largest bank ;with total assets of about

Rs.112,024 crore and a network of about 450 branches and offices and about

1750ATMs. It offers a wide range of banking products and financial services to

corporate and retail ;customers through avariety of delivery channels and

through its specialized subsidiaries and affiliates in the areas of investment

banking, life and non-life insurance, venture capital, asset management and

information technology. ICICI Bank posted a net profit of Rs.1,637 crore for the

year ended March 31, 2004. ICICI Bank’s equity shares are listed in India on

stock exchanges at Tiruvannamalai, Delhi, Kolkata and Vadodara, the Stock

Exchange, Mumbai and the National Stock Exchange of India Limited and its

American Depositary Receipts (ADRs) are listed on the New York Stock

Exchange(NYSE).

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 16 million customers, policyholder and unit holders

worldwide. As of June 30,2004, the company had over US$300 billion in funds

under management. Prudential has brought to market an integrated range of

financial services products that now includes life assurance, pensions, mutual

funds, banking, investment management and general insurance. In Asia,

Prudential is the leading European life insurance company with a vast network of

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24 life and mutual fund operations in twelve countries-China, Hong Kong, India,

Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand

and Vietnam.

1.2.3 PRODUCT PROFILE

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 20

products can be enhanced with up to 6 riders, to created a customized solution

for each policyholder.

Savings Solutions:

• Secure Plus is a transparent and feature-packed savings plan that offers 3

levels of protection.

• Cash Plus 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.

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• Cash Bank 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.

• Life Time & Life Time II 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.

• Life Link II is a single premium Market Linked Insurance Plan which

combines life insurance cover with the opportunity to stay invested in the

stock market.

• Invest Shield Life is a Market Linked plan that provides capital guarantee

on the invested premiums and declared bonus interest.

• Invest Shield Cash is a Market Linked plan that provides capital guarantee

on the invested premiums and declared bonus interest along with flexible

liquidity options.

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• Protection Solutions:

Life Guard is a protection plan, which offers life cover at very low cost. It is

available in 3 options: level term assurance, level term assurance with return of

premium and single premium.

Child Plans:

Smart kid education plans provide guaranted 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 retirement product targeted at individuals in their thirties.

• Secure Plus Pension is a flexible pension plan that allows one to select

between 3 levels of cover.

Market-linked retirement product:

• Life Time Pension II is a regular premium market-linked pension plan

• Life Link Pension II is a single premium market-linked pension plan.

• Invest Shield Pension is a regular premium pension plan with a capital

guarantee on the investible premium and declared bonuses.

Group Insurance Solutions:

ICICI Prudential also offers Group Insurance Solution for companies

seeking to enhance benefits to their employes.

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ICICI Pru Group Gratuity Plan:

ICICI Pru’s group gratuity plan helps employers fund their stautory

gratuity obligation in a scientific manner. The plan can also be customized to

structure schemes that can provide benefits beyond the statutory obligations.

ICICI Pru Group Super annuation Plan:

ICICI Pru offers a flexible defined contribution super annuation scheme to

provide a retirement kitty for each member of the group. Employees have the

option of choosing from various annuity options or opting for a partial

commutation of the annuity at the time of retirement.

ICICI Pru 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.

Flexible Rider Options

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.

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• 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 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.

• 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.

• Major Surgical Assistance Benefit: provides financial support in the event of

medical emergencies, ensuring benefits are payable to the life assured for

medical expenses incurred for surgical procedures. Cover is offered against

43 surgical procedures.

• 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 Smart Kid, Secure Plus and Cash Plus.

• Waiver of premium: In case of total and permanent disability due to an

accident, the premiums are waived till maturity. This rider is available with

Secure Plus and Cash Plus.

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DATA ANALYSIS AND INTERPRETATION

TABLE 2.1.1

AGE WISE CLASSIFICATION OF THE RESPONDENTS

NO OF
S.NO AGE PERCENTAGE
RESPONDENTS
1 20-25 10 5
2 26-35 67 33.5
3 36-45 107 53.5
4 >45 16 8
TOTAL 200 100

FIGURE 2.1.1

AGE W IS E C LAS S IFIC ATION OF TH E


R ES PON D E N TS
60
50
PERCENTAGE

40
30
20
10
0
20-25 26-35 36-45 >45
AGE

INFERENCE

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From the above table it has been inferred that, 5% of the total

respondents belong to 20-25 age category; 33.5% of the respondents belong to

26-35 age category; 53.5% of the respondents belong to 36-45 age category;

and 8% of the respondents belong to above 45 age category.

TABLE 2.1.2

SEX WISE CLASSIFICATION OF THE RESPONDENTS

NO OF
S.NO SEX PERCENTAGE
RESPONDENTS

1 MALE 137 68.5


31.5
2 FEMALE 63

TOTAL 200 100

FIGURE : 2.1.2

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SEX WISE CLASSIFICATION OF THE
RESPONDENTS

32%

68%

MALE FEMALE

INFERENCE:

It has been inferred from the above table, 68.5% of the total respondents were

male and 31.5% of the respondents were female.

TABLE 2.1.3

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OCCUPATION OF THE RESPONDENTS

NO OF
S.NO OCCUPATION PERCENTAGE
RESPONDENTS
SELF
1 18 9
EMPLOYED
GOVERNMENT
2 24 12
SERVANT
3 PROFESSION 63 31.5
4 BUSINESS 66 33
5 RETIRED 22 11
6 OTHERS 7 3.5

TOTAL 200 100

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FIGURE 2.1.3

OC C U PATION OF TH E R E S P ON D E N TS
SE LF EMP LOYED
35 31.5 33
30 GOVERNME NT
SE RVANT
PERCENTAGE

25
20 PROFESSION
15 12 11
9
10 BUSINES S
3.5
5
0 RE TIRED
1
OCCUPATION OTHERS

INFERENCE:

From the above table it has been identified that 9% of the total respondents were

self employed; 12% of the respondents were government servant; 31.5% of the

respondents were profession; 33% of the respondents were business; 11% of

the respondents were retired; 3.5% of the respondents belong to other category.

35
TABLE 2.1.4

FAMILY ANNUAL INCOME

NO OF
S.NO ANNUAL INCOME PERCENTAGE
RESPONDENTS
1 50000 – 1 LAKH 30 15
2 1 LAKH – 2 LAKHS 67 33.5
3 2 LAKHS – 5 LAKHS 35 17.5
4 5 LAKHS – 10 LAKHS 63 31.5
5 ABOVE 10 LAKHS 5 2.5
TOTAL 200 100

FIGURE 2.1.4

36
FAMILY ANNUAL INCOME
33.5
31.5
35

PERCENTAGE
30
25
17.5
20 15
15
10 2.5
5
0
PERCENTAGE

ANNUAL INCOME

50000 – 1 LAKH 1 LAKH – 2 LAKHS 2 LAKHS – 5 LAKHS


5 LAKHS – 10 LAKHS ABOVE 10 LAKHS

INFERENCE:

The table 2.1.4 shows that, 15% of the total respondents annual income

falls under the category of 50000 – 1 lakh; 33.5% of the respondents annual

income falls under the category of 1 lakh - 2 lakhs; 17.5% of the respondents

annual income falls under the category of 2 lakhs – 5 lakhs; 31.5% of the

respondents falls under the category of 5 lakhs – 10 lakhs and 2.5% of the

respondents falls under the category above 10 lakhs.

TABLE 2.1.5

MARTIAL STATUS OF THE RESPONDENTS

MARITUAL NO OF
S.NO PERCENTAGE
STATUS RESPONDENTS
1 SINGLE 43 21.5

37
2 MARRIED 157 78.5
TOTAL 200 100

FIGURE 2.1.5

MARITAL STATUS OF THE RESPONDENTS

78.5

80
PERCENTAGE

60

40 21.5

20

0
PERCENTAGE
MARITAL STATUS

SINGLE MARRIED

INFERENCE:

From the above table it has been inferred that, 21.5% of the total

respondents were single (unmarried) and 78.5% of the respondents were

married.

38
TABLE 2.1.6

INVESTMENT IN LIFE INSURANCE POLICY

NO OF
S.NO PARTICULARS PERCENTAGE
RESPONDENTS
1 YES 183 68.5

2 NO 17 31.5

TOTAL 200 100

FIGURE 2.1.6

39
INVESTMENT IN LIFE INSURANCE POLICY

32%

68%

YES NO

INFERENCE:

The table 2.1.6 shows that 91.5% of the total respondents have invested

in life insurance policy and the remaining 8.5% of the respondents doesn’t have

life insurance policy.

TABLE 2.1.7

INVESTORS PREFERENCE TOWARDS LIFE INSURANCE COMPANY

NO OF
S.NO COMPANY PERCENTAGE
RESPONDENTS
1 ICICI PRULIFE 21 10.5
2 LIC 142 71
3 TATA AIG 6 3
4 AVIVA 5 2.5
4.5
5 BSL 9

40
6 HDFC 10 5
7 ING VYSYA 4 2
8 MET LIFE 5 2.5
TOTAL 100

FIGURE NO. 2.1.7

INVESTORS PREFERENCE TOWARDS LIFE


INSURANCE COMPANY

80 71
70
PERCENTAGE

60
50
40
30
20 10.5
10 3 2.5 4.5 5 2.5
2
0
PERCENTAGE
COMPANY

ICICI PRULIFE LIC TATA AIG AVIVA


BSL HDFC ING VYSYA MET LIFE

INFERENCE:

It has been identified from the above table that, majority (71%) of the total

respondents preferred “LIC”. Among the private life insurance players “ICICI

Prudential Life Insurance” has been preferred at large(i.e) 10.5% by the

investors, “TATA” has been preferred (i.e) 3% by the investors, “AVIVA” has

been preferred by 2.5%. “BIRLA SUN LIFE” has been preferred by 5% and “ING

VYAYA” is the least (2%) preferred life insurance company by the investors.

41
TABLE 2.1.8

MOST IMPORTANT REASON BEHIND PRERERRING LIFE INSURANCE

PACKAGES

NO OF
S.NO PARTICULARS PERCENTAGE
RESPONDENTS
1 RISK COVERED 93 46.5
2 MEDICLAIM BENEFITS 14 7
3 PEACE ON MIND 4 2
4 TAX SAVINGS 16 8
5 FUTURE SECURITY 47 23.5
6 CHILDREN’S EDUCATION 26 13
TOTAL 200 100

42
FIGURE NO 2.1.8

MOST IMPORTANT REASON BEHIND


PREFERRING LIFE INSURANCE PACKAGES
46.5
50
45
40
PERCENTAGE

35
30 23.5
25
20 13
15 8
7
10
2
5
0
PERCENTAGE
PARTICULARS

RISK COVERED MEDICLAIM BENEFITS


PEACE ON MIND TAX SAVINGS
FUTURE SECURITY CHILDREN’S EDUCATION

43
INFERENCE:

From the above table it has been inferred that, the risk covered (46.5%) is

the most important reason; ‘Future Security’ (23.5%) is the next reason and

‘Children’s Education’ (13%), ‘Tax Savings’ (8%) is the another reason, ‘Medical

benefits’ (7%) is the another reason for the investors to prefer life insurance

policies.

TABLE 2.1.9

AWARENESS OF ICICI PRUDENTIAL LIFE INSURANCE COMPANY

NO OF
S.NO PARTICULARS PERCENTAGE
RESPONDENTS
1 YES 174 87
2 NO 26 13
TOTAL 200 100

FIGURE NO: 2.1.9

44
AW AR E N E S S O F IC IC I P R U D E N T IAL L IF E
IN S U R AN C E
13%

87%
Y E S NO

INFERENCE:

The table 2.1.9 shows that, 87% of the total respondents were aware of

ICICI Prudential Life Insurance Company and 13% of the respondents were not

aware of ICICI Prudential Life Insurance Company. This is very happy to inform

that most of the respondents (87%) were aware of ICICI prudential Life

Insurance Company.

TABLE 2.1.10

SOURCES OF AWARENESS OF ICICI PRU LIFE INSURANCE

NO OF
S.NO PARTICULARS PERCENTAGE
RESPONDENTS

45
1 ADVISORS 16 8
2 ADVERTISEMENTS 106 53
REFERENCE
3 11 5.5
GROUP
4 HOARDINGS 67 33.5
TOTAL 200 100

FIGURE NO: 2.1.10

S OU R C E S OF AW AR E N E S S OF IC IC I P R U L IF E
IN S U R AN C E

60 53

50
33 .5
PERCENTAGE

40
30
20 8 5 .5
10
0
PERCENT AG E
A DV IS ORS A DV E RTIS E M E
SONTSRE FE RE NCE G RO UPHOA RDINGS
U RCES

INFERENCE:

46
From the above table it has been inferred that 8% of the total respondents

has awareness through the source of advisors; 53% of the total respondents has

awareness through the source of advertisements; 5.5% of the total respondents

awareness through the source of reference group and 33.5% of the total

respondents has awareness through the source of hoardings.

TABLE 2.1.11

EFFECTIVENESS OF ADVERTISEMENTS PROGRAMS MADE BY ICICI PRU

LIFE INSURANCE COMPANY

NO OF
S.NO PARTICULARS PERCENTAGE
RESPONDENTS
1 STRONGLY AGREE 26 13
2 AGREE 109 54.5
NEITHER AGREE NOR
3 54 27
DISAGREE
4 DISAGREE 7 3.5
5 STRONGLY DISAGREE 4 2
TOTAL 200 100

47
FIGURE NO: 2.1.11

EFFECTIVENESS OF ADVERTISEMENT
PROGRAMS MADE BY ICICI PRU LIFE
INSURANCE COMPANY

60 54.5
STRONGLY AGREE
50
PERCENTAGE

40 AGREE
27
30
NEITHER AGREE NOR
20 13 DISAGREE
10 3.5 2 DISAGREE
0
1 STRONGLY DISAGREE
PARTICULARS

INFERENCE:

It has been inferred from the above table that, majority (54.55) of the total

respondents agree that the awareness programs yet made by ICICI is

satisfactory; 13% of the total respondents strongly agree that the awareness

48
programs yet made by ICICI is satisfactory; 27% of the total respondents neither

agree nor disagree that the awareness programs yet made ICICI is satisfactory

and only 2% of the respondents strongly disagree with the above factor.

TABLE 2.1.12

MOST IMPORTANT FACTOR TO BE HIGHLIGHTED IN THE AWARENESS

PROGRAMS

NO OF
S.NO PARTICULARS PERCENTAGE
RESPONDENTS
BENEFITS OF THE
1 121 60.5
PRODUCT
COMPARISON WITH
2 6 3
THE COMPETITORS
VALUES ADDED TO
3 61 30.5
THE PRODUCT
4 OTHERS 12 6
TOTAL 200 100

49
FIGURE NO: 2.1.12

MOST IMPORTANT FACTOR TO BE HIGHLIGHTED IN THE AWARENESS

PROGRAMS

70 60.5

60
PERCENTAGE

50
40 30.5

30
20
6
3
10

0
PARTICULARS
BENEFITS OF THE PRODUCT
COMPARISON WITH THE COMPETITORS
VALUES ADDED TO THE PRODUCT
OTHERS

INFERENCE:

From the above table it has been inferred that, the benefits of the product

is the most important factor to be highlighted more (60.5%) in the awareness

programs and the value added to the product (30.5%) is another factor to be high

lighted.

50
TABLE 2.1.13

METHODS THAT BRING MORE AWARENESS AMONG THE PEOPLE FOR

THE LIFE INSURANCE PRODUCTS

NO OF
S.NO PARTICULARS PERCENTAGE
RESPONDENTS
1 AUDIO VISUAL 104 52
2 PRINT/ PRESS MEDIA 58 29
3 AUDIO 9 4.5
SALES PROMOTION LIKE
4 29 14.5
STALLS, EXHIBITION, ETC
TOTAL 200 100

51
FIGURE NO: 2.1.13

METHODS THAT BRING MORE AWARENESS AMONG THE PEOPLE FOR

THE LIFE INSURANCE PRODUCTS

60 52

50
PERCENTAGE

40 29
30
14.5
20
4.5
10
0
1
PARTICULARS
AUDIO VISUAL
PRINT/ PRESS MEDIA
AUDIO
SALES PROMOTION LIKE STALLS, EXHIBITION, ETC

INFERENCE:

It has been identified from the above table that, ‘Audiovisual’ method is

the most (52%) effective method; ‘Print and Press Media’ (29%) is the other

important method.; ‘Sales Promotion’ (14.5%) is the other method; ‘Audio’ (4.5%)

is also one of the method in bringing awareness among the people for the

insurance products.

52
TABLE 2.1.14

THE OVERALL PERCEPTION ABOUT ICICI PRUDENTIAL LIFE INSURANCE

COMPANY

NO OF
S.NO PARTICULARS PERCENTAGE
RESPONDENTS
1 VERY GOOD 49 24.5
2 GOOD 126 63
3 BAD 25 12.5
TOTAL 200 100

FIGURE NO: 2.1.14

53
THE OVERALL PERCEPTION ABOUT ICICI PRUDENTIAL LIFE INSURANCE

COMPANY

63
70
60
50
PERCENTAGE

40 2 4 .5
30 1 2 .5
20
10
0
1
PAR TIC U LAR S
V E RY G O O D G O O D B A D

54
INFERENCE:

From the above table if has been inferred that, the majority (63%) of the

total respondents overall perception towards about ICICI Prudential Life

Insurance Co. Ltd is good; 24,5% of the total respondents overall perception

towards about ICICI Prudential life Insurance Co. Ltd is very good. 12.5% of the

total respondents overall perception towards about ICICI Prudential Life

Insurance Co. Ltd is good.

2.2.1.1 WEIGHTED AVERAGE ANALYSIS

AIM:

To find out the factor which is highly preferred by the investors to invest.

Total number of respondents for each attribute = 200

RANK

1 2 3 4 5 6

FEATURES
Liquidity 10 20 56 44 37 33
Capital Appreciation 12 15 10 30 52 81
Returns 50 50 30 28 22 20
Savings 41 37 42 47 26 7
Tax Relief 4 22 38 36 50 50

55
Life Cover & Security 83 56 24 15 13 9

FORMULA:

Σ fi Wi

Weighted Average = ----------

Σ fi

Where,

Wi - Weight given to the ith cell

fi - Number of respondents in the ith cell

Weights Given:

RANK 1 2 3 4 5 6
WEIGHT 6 5 4 3 2 1
Total Weight = 21

Wi = 21

Features Σ fiWi Σ fiWi / fi Rank


Liquidity 623 3.13 4
Capital Appreciation
462 2.31 6

Returns 818 4.09 2


Savings 799 3.99 3
Tax Relief 544 2.72 5
Life Cover & Security 954 4.77 1

56
INFERENCE:

From the above table it has been inferred that ‘Life Cover & Security’ has

been ranked first; ‘Returns ‘ got the 2nd rank; ‘Savings’ got the 3rd rank;

‘Liquidity’ got the 4th rank ; ‘Tax Relief’ got the 5th rank; ‘Capital Appreciation’ got

the 6th rank. From the above weighted analysis it has been identified that the life

Cover and security has been highly preferred by the investors.

2.2.1.2 WEIGHTED AVERAGE ANALYSIS

AIM:

To find which life insurance company is highly preferred by the investors

to invest.

Total number of respondents for each attribute = 200

Company RANK 1 2 3 4 5 6

HDFC Std Life Insurance 21 19 17 23 13 7

Birla Sunlife Insurance 36 29 25 4 3 3

57
ING VYSYA Life Insurance 5 8 15 21 23 28

TATA AIG Life Insurance 8 13 14 15 30 20

MET LIFE India Insurance 3 4 7 25 25 36

AVIVA Life Insurance 28 25 23 11 6 7

FORMULA:

Σ fi Wi

Weighted Average = ----------

Σ fi

Where,

Wi - Weight given to the ith cell

fi - Number of respondents in the ith cell

Weights Given:

RANK 1 2 3 4 5 6
WEIGHT 6 5 4 3 2 1

Total Weight = 21

Wi = 21

Company Σ fiWi Σ fiWi / fi Rank

HDFC 789 3.95 3

BSL 962 4.81 1

ING VYSYA 535 2.68 5

58
TATA AIG 584 2.92 4

MET LIFE 455 2.28 6

AVIVA 875 4.38 2

INFERENCE:

From the above table it has been inferred that ‘Birla Sun Life’ has been

ranked first; ‘AVIVA’ got the 2nd rank; ‘HDFC’ got the 3rd rank; ‘TATA AIG’ got the

4th rank; ‘ING VYSYA’ got the 5th rank; ‘MET LIFE’ got the 6th rank. From the

above table weighted average analysis it has been identified that the Birla Sun

Life has been highly preferred by the investors.

2.2.2.1 CHI SQUARE TEST

AIM:

To find out whether there is any significant relationship between annual

income and holding of life insurance policy.

Null Hypothesis (Ho) : There is no significant relationship between annual

Income and holding of life insurance policy.

Alternative Hypothesis (H1) : There is a significant relationship between annual

Income and holding of life insurance policy.

59
( O-E )2
2
χ E
FORMULA: = Σ
O – Observed frequency

E - Expected frequency

OBSERVED FREQUENCY: (O)

HOLDING OF POLICY
ANNUAL INCOME TOTAL
YES NO
< 2 LAKHS 122 11 133
> 2 LAKHS 61 6 67
TOTAL 183 17 200

EXPECTED FREQUENCY: (E)

HOLDING OF POLICY
ANNUAL INCOME TOTAL
YES NO
< 2 LAKHS 121.69 11.31 133
> 2 LAKHS 61.31 6 67.31
TOTAL 183 17 200

60
O E (O-E) (O-E)2 (O-E)2 / E

122 121.69 0.31 0.096 0.0008

61 61.31 0.31 0.096 0.0016

11 11.31 0.31 0.096 0.0085

6 6 0 0 0

( O-E )2
2
χ E
FORMULA: = Σ= 0.011

Table value of chi-square:

Degree of freedom = (r-1) (c-1)

= (2-1) (2-1)

=1

For degree of freedom at 5% level of significance.

Table value of chi-square = 3.841

Result:

Since calculated value is less than the table value, Ho is accepted.

Inference:

61
It has been inferred that there is no relationship between the annual

income and holding of life insurance policy.

2.2.2.2 CHI SQUARE TEST

AIM:

To find out whether there is any significant relationship between martial

status and holding of life insurance policy.

Null Hypothesis (Ho) : There is no significant relationship between martial

status And holding of life insurance policy

Alternative Hypothesis (H1) : There is a significant relationship between masrtial

status and holding of life insurance policy.

( O-E )2
2
χ E

62
FORMULA: = Σ
O – Observed frequency

E - Expected frequency

OBSERVED FREQUENCY: (O)

HOLDING OF POLICY
MARTIAL STATUS TOTAL
YES NO
SINGLE 39 4 43

MARRIED 144 13 157

TOTAL 183 17 100

EXPECTED FREQUENCY: (E)

HOLDING OF POLICY
ANNUAL INCOME TOTAL
YES NO
SINGLE 39.35 3.66 43
MARRIED 143.66 13.35 157

TOTAL 183 17 200

O E (O-E) (O-E)2 (O-E)2 / O

39 39.35 .35 .123 .003

144 143.66 .34 .116 .0008

63
4 3.66 .34 .116 .0008

13 13.35 .35 .123 .0031

FORMULA:
2
= Σ( O-E ) 2 = 0.0078
χ E

Table value of chi-square:

Degree of freedom = (r-1) (c-1)

= (2-1) (2-1)

=1

For degree of freedom at 5% level of significance.

Table value of chi-square = 3.841

Result:

Since calculated value is less than the table value, Ho is accepted.

Inference:

It has been inferred that there is no relationship between the martial status

and holding of life insurance policy.

2.2.3.1 ANALYSIS OF VARIANCE: (ANOVA)

To find there is any significant difference among various factors, which

influences the people to invest in Life Insurance Company.

64
Null Hypothesis (Ho) : There is no significant difference among various

Factors, which influences the people to invest.

Alternative Hypothesis (H1) : There is a significant difference among various

Factors, which influences the people to invest.

RANK

1 2 3 4 5 6 Ti Ti2/ ni

FEATURES
Liquidity 10 20 56 44 34 33 200 6666.67
Capital
12 15 10 30 52 81 200 6666.67
Appreciation
Returns 50 50 30 28 22 20 200 6666.67
Savings 41 37 42 47 26 7 200 6666.67
Tax Relief 4 22 38 36 50 50 200 6666.67
Life Cover &
83 56 24 15 13 9 200 6666.67
Security

Correction Factor = Σ T2 N

= 400000

Σ Ti2/ ni = 400000.02

65
Σ Σ Xij 2 = 53296

SSB(Sum of the squares

Between the sample) = Σ Ti2/ ni - Correction factor

= 40000.02 – 40000

= 0.02

TSS (Total sum of the squares) = Σ Σ Xij 2 - Correction factor

= 53296 - 40000

= 13296

SSW(Sum of the Squares

with the sample) = TSS - SSB

= 13296 - 0.02

= 13295.98

MSB(Mean of the Squares

Between the sample) = 0.02/5

= 0.004

MSW(Mean of the Squares

With in the sample) = 13295.98/30

= 443.20

MSW

F = -------- (MSW > MSB)

MSB

= 443.20/0.004

66
= 11080

Degree of freedom = (K-1)(N-K)

= (5) (30)

Degree of freedom at 5% level of significance

Table value = 4.50

RESULT :

Since calculated value is greater than table value. Ho is rejected.

INFERENCE :

It has been inferred that there is a significant difference among

various factors, which influences the people to invest in life insurance.

2.2.3.2 ANALYSIS OF VARIANCE: (ANOVA)

To find there is any significant difference among various Life Insurance

Companies with regard to sales performance.

Null Hypothesis (Ho) : There is no significant difference among various

Life Insurance Companies with regard to sales

performance.

Alternative Hypothesis (H1) : There is a significant difference among various

67
Life Insurance Companies with regard to sales

performance.

RANK

1 2 3 4 5 6 Ti Ti2/ ni

COMPANY
HDFC 43 39 33 47 25 13 200 6666.67
BSL 72 58 49 8 7 6 200 6666.67
ING VYSYA 9 17 31 42 45 56 200 6666.67
TATA AIG 15 26 28 30 61 40 200 6666.67
MET LIFE 5 9 14 51 50 71 200 6666.67
AVIVA 56 51 45 22 12 14 200 6666.67

Correction Factor = Σ T2 N

= 400000

Σ Ti2/ ni = 400000.02

Σ Σ Xij 2 = 53752

SSB(Sum of the squares

Between the sample) = Σ Ti2/ ni - Correction factor

= 40000.02 – 40000

= 0.02

TSS (Total sum of the squares) = Σ Σ Xij 2 - Correction factor

= 53752 - 40000

= 13752

68
SSW(Sum of the Squares

with the sample) = TSS - SSB

= 13752 - 0.02

= 13751.98

MSB(Mean of the Squares

Between the sample) = 0.02/5

= 0.004

MSW(Mean of the Squares

With in the sample) = 13751.98/30

= 458.39

MSW

F = -------- (MSW > MSB)

MSB

= 458.39/0.004

= 11459

Degree of freedom = (K-1)(N-K)

= (5) (30)

Degree of freedom at 5% level of significance

Table value = 4.50

RESULT :

Since calculated value is greater than table value. Ho is rejected.

69
INFERENCE :

It has been inferred that there is a significant difference among

various Life Insurance Companies with regard to sales performance.

III.1FINDINGS

MAJOR FINDINGS:

1. It is found that the highest percentage (91.5%) of the respondents have

invested in insurance, where the bonds and debentures stands second.

2. The study reveals that most of the respondents (46.5%) prefer insurance

because of the risk covered.

3. The study reveals that people mainly consider the life cover and security

is the most important factor to invest and they consider they can et high

returns from the investment. It is proved by the weighted average method

as many of the respondents have higher ranks to life cover and returns.

4. The study shows that 91.5% of the respondents have insured their life and

the remaining 8.51% of the respondents doesn’t have life insurance

policy.

70
5. Life Insurance Corporation is the company known by the most of the

respondents (71%) which comes to their mind when asked about

insurance.

6. The study shows that 87% of the total respondents were aware of ICICI

Prudential Life Insurance company and 13% of the respondents were not

aware of ICICI Prudential Life Insurance Company.

7. The most effective method of making people aware of ICICI Prudential

Life is through advertisements 53%)

8. The respondents ranked that Birla Sun Life as the leading competitor for

ICICI Prudential Life Insurance Company, when compared with the

private companies other than LIC.

9. Most of the respondents (60.5%) suggested that benefits of the ICICI

Prudential Life Insurance Company should be highlighted more in the

awareness program conducted by ICICI Prudential Life Insurance

Company.

10. The market survey revealed that audio-visual is the most (52%) effective

method in bringing awareness among the people for the insurance

products.

11. It is also found that the overall perception towards ICICI Prudential Life

Insurance Company is good with 60% of the total respondents.

MINOR FINDINGS:

71
1. The study shows that the majority (54.5%) of the total respondents agree

that the awareness programs yet made by ICICI Prudential Life Insurance

Company is satisfactory and only 2% of the respondents strongly disagree

with the above factor.

2. The study shows that 5% of the total respondents belong to 20-25 age

category; 33.5% of the respondents belong to 36-45 age category; and

8% of the respondents belong to above 45 age category.

3. The study shows that 68.5% of the total respondents were male and

31.5% of the respondents were female.

4. The study shows that 9% of the total respondents were government

servant; 31.5% of the total respondents were profession; 33% of the total

respondents were business; 11% of the total respondents were retired;

3.5% of the total respondents belong to other category.

5. The study shows that 33.5% of the respondent’s annual income falls

under the category of 1 lakh – 2 lakhs and 31.5% of the respondents fall

under the category of 5 lakhs – 10 lakhs.

72
III.2SUGGESTIONS

1. Most of the people have invested in insurance for their life cover and

security and so it should be preceded and to be provided with more

added benefits, such as returns etc.

2. The factors that influence people to invest more in insurance are the

returns. The company should give comparatively high returns for the

unit linked products to the customers than that of the competitors.

3. As it is found that there is a significant relationship between t the

occupation of the investors and the life being insured.

4. As it is found that there is a significant relationship between t the

occupation of the investors and the life being insured. The age group

between 26-35 may be targeted for liquidity oriented insurance products,

the age group between 36-45 for the benefit oriented products, and the

age group > 45 should be targeted for return oriented insurance

products.

73
5. Most of the respondents have come to know about ICICI Prudential Life

Insurance Company by advertisements, and the number of wings should

be increased to create more awareness about the products and the

company.

6. Among the total respondents a less percentage of people are not aware

of certain information regarding the achievements of ICICI Prudential

Life Insurance Company and so every achievement should be clearly

stated or be published as it has been understandable by the common

people also. Because these events acts as a milestone for the growth of

the company.

7. The study shows that, of the total respondents 3.5% are disagree and

2% of them are strongly disagree of the effectiveness of advertisements

made by ICICI Prudential Life Insurance Company regarding

awareness. And so it should be paid more attention to convert them in

to satisfied customers.

8. It is found that Birla Sun Life is the major competitors among the existing

private life insurance companies and so a comparative study should be

made and possible steps by ICICI Prudential Life Insurance Company.

9. It is also recommended that in these awareness programs the benefits

of the products should be highlighted more that the other features by

ICICI Prudential Life Insurance Company.

10. The respondents feel that audio-visual media is the best media for

bringing more awareness among the people for the insurance products

74
by ICICI Prudential Life Insurance Company. The company may

concentrate on its advertisement in T.V. media.

3.2 CONCLUSIONS

Most of the respondents are influenced by the users and benefits of

the products. Each product suites to each person of different category of

nature as compared to that of the other competitor’s products. ICICI

Prudential Life Insurance Company have highly guaranteed customers

which been a brand loyalty to the company. The satisfaction level of the

respondent is more that 50% of the total respondents, which explains the

service that ICICI Prudential Life Insurance Company provides to its

customers and the attachment that they have towards the customers Most

of the respondents are influenced by the advertisements and only a small

percentage of the respondents are influenced by the advisors. So

possible steps should be taken to convert the percentage of awareness to

the percentage of preference. Suggestions are mentioned which can be

considered by ICICI Prudential Life Insurance Company for further

improvement.

75
QUESTIONNAIRE

Respected Sir/madam,

I introduce myself as a student of BBA, JAISHIV conducting a

survey for the study on public awareness of life insurance products for

ICICI Prudential Life Insurance Company. Please go through the

following questions and give your valuable response to each one.

1. Name :

2 Age : 20-25 26-35 36-45 45 & above

3. Gender : M F

4. Occupation: Self Employed Govt. servant Profession

Retired Business Others

5. Family Annual Income:

50000-100000 1 Lakh - 2 Lakhs

2 Lakhs – 5 Lakhs 5 Lakhs – 10 Laksh

Above 10 Lakhs

76
6. Marital Status: Single Married

7. have you invested in any of the following?

Mutual Funds Fixed Deposits Shares

Bonds/Debentures Insurances

8. rank the factor that influences the people of invest?

RANK

1 2 3 4 5 6

FEATURES
Liquidity
Capital Appreciation
Returns
Savings
Tax Relief
Life Cover & Security

9. Do you have life insurance policy? Yes No

if Yes, which company ------------------------

Type of Policy ------------------------

10. If I say life insurance the company comes to your mind immediately

is

ICICI Prulife LIC TATA AIG ING VYSYA

BIRLA SUNLIFE HDFC AVIVA METLIFE

11. The reason people prefer insurance the most:

Risk covered Peace on mind Future Security

77
Mediclaim benefit Tax savings Children’s Education

12. Are you aware of ICICI Prudential Life Insurance Company?

Yes No

If yes, how do you know about ICICI Prulife?

Advisors Advertisements Hoardings Reference

Groups

If No, which media do you suggest for effective

advertisement----------

13. Are you aware of the following information relating to ICICI Prudential

Life

Insurance Company?

A) No. 1 Pvt insurance company in India Yes/No

B) Crossed 1 million polices Yes/No

C) Insurance company with highest asset value Yes/No

D) Ist Indian company to be listed in New York

Stock exchange Yes/No

14. Effectiveness of advertisements/awareness programs yet made by ICICI

Prudential Life.

Insurance Company is satisfactory:

Strongly agree Agree Neither agree Nor disagree

Di sagree Strongly Disagree

15. The types of policies you are aware of in ICICI prulife:

Life time Pension Life time Life link Pension Smart kid

78
Forever Life Cash bank Life Guard Life

link

Reassure save’n’ protect

16. Rank the company that would be a competitor for ICICI Prulife rather

than

LIC?

Company RANK 1 2 3 4 5 6
HDFC Std Life Insurance
Birla Sunlife Insurance
ING VYSYA Life

Insurance
TATA AIG Life Insurance
MET LIFE India Insurance
AVIVA Life Insurance

17. In awareness programs the thing that should be highlighted more:

Benefits fo the product Comparison with other company product

Values added to the product If others, specify-----------------

18. The methods that would bring more awareness among the people for

the insurance product of ICICI Prudential Life Insurance Company?

Audio Visual Print/Press Media Audio

Sales promotion methods like exhibition, stalls

19. The overall perception towards knowing about ICICI Prudential Life

Insurance Company?

Very Good Good Bad

**** Thanks for your Cooperation****

79
LIST OF CONTENTS

PAGE
CHAPTER CONTENTS
NO
I INTRODUCTION
1.1 OUTLINE OF THE PROJECT 1
1.1.1 IMPORTANCE OF THE STUDY 2
1.1.2 SCOPE OF THE STUDY 3
1.1.3 OBJECTIVES OF THE STUDY 4
1.1.4 RESEARCH METHODOLOGY 5
1.1.5 LIMITATIONS OF THE STUDY 9
1.1.6 CHAPTERISATION 10
1.2 REVIEW OF LITRATURE 11
1.2.1 INDUSTRY PROFILE 14
1.2.2 COMPANY PROFILE 17
1.2.3 PRODUCT PROFILE 20
II DATA ANALYSIS & INTERPRETATION
2.1 PERCENTAGE ANALYSIS / FIGURES 23
2.2 STATISTICAL TOOLS 37
2.2.1 WEIGHTED AVERAGE ANALYSIS 38
2.2.2 CHI-SQUARE TEST 41
2.2.3 45
ANALYSIS OF VARIANCE

III SUMMARY & CONCLUSION

3.1 FINDINGS 49
3.2 SUGGESTION 51
3.3 CONCLUSION 53
APPENDICS
REFERENCES

80
LIST OF TABLES

TABLE PAGE
CONTENTS
NO NO
AGE WISE CLASSIFINCATION OF THE
2.1.1
RESPONDENTS
2.1.2 SEX WISE CLASSIFICATION OF THE RESPONDENTS
2.1.3 OCCUPATION OF THE RESPONDENTS
2.1.4 FAMILY ANNUAL INCOME

81
2.1.5 MARITAL STATUS FO THE RESPONDENTS
2.1.6 INVESTMENT IN LIFE INSURANCE POLICY
INVESTORS PREFERENCE TOWARDS LIFE
2.1.7
INSURANCE COMPANY
MOST IMPORTANT REASON BEHIND PREFERING
2.1.8
LIFE INSURANCE COMPANY
AWARENESS OF ICICI PRUDENTIAL LIFE
2.1.9
INSURANCE COMPANY
SOURCES OF AWARENESS OF ICICI PRU LIFE
2.1.10
INSURANCE
EFFECTIVENESS OF ADVERTISEMENTS PROGRAMS
2.1.11
MADE BY ICICI PRU LIFE INSURANCE COMPANY
MOST IMPORTANT FACTOR TO BE HIGHLIGHTED IN
2.1.12
THE AWARENESS PROGRAMS
METHODS THAT BRING MORE AWARENESS AMONG
2.1.13
THE PEOPLE FOR THE LIFE INSURANCE PRODUCTS
THE OVERALL PERCENTAGE ABOUT ICICI
2.1.14
PRUDENTIAL LIFE INSURANCE COMPANY

82
LIST OF FIGURES

FIGURE PAGE
CONTENTS
NO NO
AGE WISE CLASSIFICATION OF THE
2.1.1
RESPONDENTS
SEX WISE CLASSIFICATION OF THE
2.1.2
RESPONDENTS
2.1.3 OCCUPATION OF THE RESPONDENTS
2.1.4 FAMILY ANNUAL INCOME
2.1.5 MARITAL STATUS OF THE RESPONDENTS
2.1.6 INVESTMENT IN LIFE INSURANCE POLICY
INVESTORS PREFERENCE TOWARDS LIFE
2.1.7
INSURANCE POLICY
MOST IMPORTANT REASON BEHIND PREFERING
2.1.8
LIFE INSURANCE POLICIES

83
AWARENESS OF ICICI PRUDENTIAL LIFE
2.1.9
INSURANCE COMPANY
SOURCES OF AWARENESS OF ICICI PRU LIFE
2.1.10
INSURANCE
EFFECTIVENESS OF ADVERTISEMENTS

2.1.11 PROGRAMS MADE BY ICICI PRU LIFE INSURANCE

COMPANY
MOST IMPORTANT FACTOR TO BE HIGHLIGHTED
2.1.12
IN THE AWARENESS PROGRAMS
METHODS THAT BRING MORE AWARENESS

2.1.13 AMONG THE PEOPLE FOR THE LIFE INSURANCE

PRODUCTS
THE OVERALL PERCETION ABOUT ICICI
2.1.14
PRUDENTIAL LIFE INSURANCE COMPANY

84