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A PROJECT REPORT ON
STUDY OF CONSUMER BEHAVIOR AND CUSTOMER SATISFACTION AT ICICI PRUDENTIAL LIFE INSURANCE

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Review Of Literature
ICICI Prudential Life Insurance is one of the largest Insurance networks in the country, and 2nd Life Insurance Company in India. The ICICI Group has been in existence since 1955 when ICICI Ltd., was created. ICICI Prudential started in 2002 as subsidiary of ICICI Ltd., Today ICICI Life Insurance has a customer base of 4 million with total assets exceeding Rs.1, 00,000 Cr. making it the 2nd largest life insurance company in the country, next only to LIC. The Insurance sector, after the opening up, provides greater opportunities. Several global players have emerged and the market has changed significantly. In the changed scenario, the expectation is that the low Insurance premium as a percentage of GDP prevailing in India will improve and will offer better opportunities to the insurance players. Life Insurance sector is one of the key areas where enormous business potential exists. In India currently the life insurance premium as a percentage of GDP is 1.3 per cent against 5.2 per cent in the US, but in the liberalized scenario, the life insurance premiums were projected to grow at around 18% to 20% from Rs 215 billion in 1998- 99 to Rs 592 billion in 2004-05 and to Rs 1450 billion by 2009-10. Corporate non-life premium was projected to grow from Rs 84 billion in 1998-99 to Rs 386 billion in 2009-10 and personal line non-life from Rs 4 billion to Rs 51 billion. In the life Insurance segment the Life Insurance Corporation of India (LIC) is the major player. The LIC has 2050 branches. It is constituted in to seven Zones. Currently there are 5, 60,000 LIC agents in India. General Insurance is another segment, which has been growing at a faster pace.

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Objective of the Proposed study


The project is concerned with the STUDY ON CONSUMER BEHAVIOR AND CUSTOMER SATISFACTION AT ICICI PRUDENTIAL LIFE INSURANCE. This study is very useful as the financial market become more sophisticated and complex, investor needs a financial intermediary who provides the required knowledge and professional expertise on successful investing and Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the policy. Essentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed upon sum of money to the insured's named beneficiary so long as the insured's premiums are current

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RESEARCH METHODOLOGY
Research in common parlance refers to a search for knowledge. One can also define research as a scientific and systematic search for pertinent information on a specific topic. The word research has been derived from French word Researcher means to search. FRANCIES RUMMER defined Research: It is a careful inquiry or examination to discover new information or relationship and to expand or verify existing knowledge. Research is the solution of the problem, whether created or already generated. When research is done, some new out come, so that the problem (created or generated) to be solved. RESEARCH DESIGN: Research Design is the conceptual structure within which research is conducted. It constitutes the blueprint for collection, measurement and analysis of data. The design used for carrying out this research is Descriptive. DATA TYPE: In this research the type of data collection is Primary data Secondary data

DATA SOURCE: The sources of collection of secondary data are: Questionnaire Books

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SAMPLING PLAN: It is very difficult to collect information from every member of a population .As time and costs are the major limitation that the researcher faces.

A sample of 100 was taken the sample size of 100 individuals were selected on the basis of convenient sampling technique. The individuals were selected in the random manner to form sample and data were collected from them for the research study. ANALYSIS AND INTERPRETATION: Data collection through questionnaire and personnel interview resulted in availability of the desired information but these were useless until there were analyzed. Various steps required for this purpose were editing, coding and tabulating. Tabulating refers to bringing together similar data and compiling them in an accurate and meaningful manner. The data collected by questionnaire was analyzed, interpreted with the help of table, bar chart and pie chart.

Scope of the study

7|Page For every problem there is a research. As all the researches are based on some and my study is also based upon some objective and these are as follows. 1. To understand the insurance business and products of ICICI Prudential life insurance co ltd. 2. To find out the peoples perception about life insurance. 3. To find out whether people were really aware of life insurance. 4. To find out how people think about private life insurance. 5. To find out what respondents expect from life insurance. 6. To understand Consumer buying behavior 7. To come out with conclusion and suggestions based on the analysis and the Interpretation of data

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QUESTIONNAIRE
Dear Sir/Madam, I am a student of Visvesvarya Technological University Belgaum, conducting a marketing survey on CONSUMER BEHAVIOUR AND CUSTOMER SATISFACTION of ICICI Prudential LIFE INSURANCE, IN Bangalore CITY. I request you to fill this questionnaire & I assure that this data will be used only for study purpose & it will be kept confidential. 1. Name 2. 3. Age a. Less than 25 b. 25 35 4. Qualification a. Graduate b. Postgraduate 5. a. Occupation Business b. Professional 6. c. Job holder d. Other c. Diploma d. Other discipline c. 35-45 d. 45 and above _________________________________ Address _________________________________ _________________________________ _________________________________

What is your average annual income? a. b. c. d. Up to 1 lakh 1 lakh to 3 lakhs 3 lakhs to 5 lakhs 5 lakhs and more

7. Your family size a. Below 5 members b. 5 10 members c. Above 10 members

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According to you life insurance is, a. A tax saving plan b. A saving scheme with good return c. A financial security for the family d. Risk coverage e. All the above Have you taken any life insurance product of ICICI Prudential Life insurance? YES NO

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If yes 9. Which are in these? a. Unit gain plan b. Invest gain plan c. Whole life plan d. Children plan e. Pension plan f. Others __________________ 10. Are you aware of the benefits in your policy? Yes No If yes what are they? Sum assured Additional benefits Maturity date Risk coverage 11. According to you what are the disadvantages in an insurance plan? Lapsation Liquidity Fixed term Unable to decide your premium Unable to decide the sum assured High risk coverage at high premiums Other disadvantages

10 | P a g e 12. In which of the following would you like to invest? Equity fund Debt fund Balanced fund Cash fund Mutual fund Recurring deposits 13. Any suggestion for ICICI Prudential Life Insurance ______________________________________________________ ______________________________________________________ Thank you for sparing your valuable time

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BIBLIOGRAPHY

Marketing Management by Philip Kotler, Pearson Education 2nd ed. Consumer Behavior by Leon G.Schiffman, Prentice-Hall India 8th ed.

IRDA Journal ICICI Prudential Company magazines

Newspaper and Business magazines WEBSITES


www.iciciprulife.com www.google.co.in/indian insurance industry www.irdaindia.org

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