To Study the Brand Image of ICICI Prudential life Insurance




To Study the Brand Image of ICICI Prudential life Insurance



Sandeep S.Sankpal

( BATCH - 2006-08 )

Vishwakarma Institute of Management,
Kodhawa Pune- 411014.


The completion of the project would have been a dream without the help and support of people who gave their valuable time to me for collection of information needed for the project.

Firstly, I would like to thanks
for their guidance at each step of my project.

I give my vote of thanks to
for their valuable support and guidance at any time when required.

And lastly, I am thankful to my parents, friends and my colleagues for their valuable encouragement and support and to all those who inspired me in making my dream come true of developing this project

(sandeep sharad sankpal)


Sr no. Contents Page no.
1 Executive Summary
2 Objective
3 Introduction to Topic

4 Company Profile

5 Product profile
6 Research methodology
7 Data analysis and Findings
8 Conclusion
9 Recommendations
10 Annexure
11 Bibliography


Insurance is one sector, which holds great future in India. The market is vast and there is
a lot of cushion for new entrants to operate alongside our public sector giants viz LIC &
GIC.The industry is expected to grow at an average annual inflation adjusted rate of 7.6% and 14% in the non-life segment respectively. Pension is another crucial sector, which has assumed critical dimensions in the past few years. Government reports are indicative of the huge market that remains to be tapped.
The objective of the project is “To Study the brand Image of ICICI Prudential Life insurance” The project was carried out for ICICI Prudential ,Pune.

Data is collected from both primary and secondary sources. As a primary source a survey of policyholders & company officials has been conducted. Articles, Newspapers, magazines referral books and internet services have been used as secondary sources of data.

Research Instruments

Questionnaire method (survey)
Customer questionnaire

Types of research used:

Exploratory research ~ It is always not possible of desirable to use direct questioning to obtain information. In this case the secondary data is used to arrive at conclusion. In this project desk research. This is a part of exploratory research, is used.

Descriptive research ~ here mainly only primary data is used. It is generally a quantitative measurement of customers’ attitude and perception of a certain product. Under the descriptive research the sample survey method has been used in the product
The Primary objective of my project is to study the Brand image of ICICI Prudential life insurance company.
After analyzing the whole survey I come to know that market prospects of insurance is at a growing pace. Privatization is playing an important role in the way of growth of insurance sector in India. Some measures were suggested by the experts like improved marketing strategies, huge distribution network, penetrating the rural sectors etc.

After completing the study, I have to compile the whole data which include some positive & negative aspects of our compared to the current industry scenario. After compiling the whole data I have to analyse where our company is lacking on the current scenario and they have to improve where we are failing time to time stand in the current market. After compiling and analysis the data after the study company has to implement and improve themselves time to time to stand in the current market otherwise as much products company launches in the market, company can never stand upto the industry norms and needs.


Primary Objectives
• To study the “ Brand image of ICICI Prudential life insurance company”

Secondary Objectives

• To find out the advantage of the policies offered by ICICI PREDUNTIAL over various companies.
• To study the differentiating strategies adopted by ICICI PRUDENTIAL to win the customers.
• To study the viewpoint of policyholders and further to suggest the modalities to improve the efficiency of ICICI PRUDENTIAL.



Topic brands image of “ ICICI Prudential Life Insurance” in the century of awesome entrepreneurs, One of the most worthwhile discoveries that have evolved is in the form of “BRANDS” . A brand is not only created by what the consumer perceive but what the management perceives about their respective prospects. Brands is the make or break in the ongoing world.
Today the future is very much dependent on the Brand created. Brand provides a majestic and transparent view of the image all around. Same is the effect in the insurance sector. The more the Brands awareness, more trustworthy the company. In the present scenario LIC Is the leader in the insurance industry because of its highly regarded and proved Brands Image. Same is the case with ICICI Prudential as it is the leader in the private insurance sector. In my project I have highlighted the consumers thrust towards various products and why they regard it as a worthy brand.
As of these regards my topic needs a special recognition.
Scope :

My study will be based on the views of several perspective clients on the brand image of my company. For creating and maintaining the strategic advantage for the ICICI Prudential Life Insurance business through understanding the customer’s, building sustainable value position and execute every aspect of brand strategy , revenue potential through the design/ deployment of strategic, tactical market plans. As much services company is offering to the prospective clients , but if they are not able to give much benefit to their client’s brand image of ICICI Prudential Life Insurance will also be helpless in promoting the company’s products.
I am elaborating my study by giving an example of today industry scenario.


Life insurance industry may be defined as a plan under which large groups of individuals can equalize the burden of loss from death by distributing funds to the beneficiaries of those who die. From the individual standpoint life insurance is a means by which an estate may be created immediately for one’s heirs and dependents. It has achieved its greatest acceptance in Canada, the United states, Belgium, South Korea, Australia, Ireland, New Zealand , The Netherlands, and Japan , countries in which the face value of life insurance policies in force generally exceeds the national incomes.

In the United states in 1990 nearly $9.4 trillion of life insurance was in force. The assets of the more than 2,200 U.S. life insurance companies totaled nearly $1.4 trillion, making life insurance one of the largest savings institutions in the United states. Much the same is true of other wealthy countries, In which life insurance has become a major channel of savings and investment, with important consequences for the national economy.

Life insurance is relatively little use in poor countries, although its acceptance has been increasing.

Types of contracts.
The major types of life insurance contracts are term, whole life, and universal life, but innumerable combinations of these basic types are sold. Term insurable contracts. Issued for specified periods of years, are the simplest. Protection under these contracts expires at the end of the stated period, with no cash value remaining , Whole life contracts, on the other hand, run for the whole of the insured’s life and gradually accumulate a cash value, The cash value, which is less than the face value of the policy, is paid to the policyholder when the contracts matures or is surrendered. Universal life

Contracts, a relatively new form of coverage introduced in the United States in 1979, have become a major class of life insurance, They allow the owner to decide the timing and size of the premium and amount of death benefits of the policy. In this contracts, the insurer makes a charge each month for general expenses and death benefit is a set amount, while in type –B policies the death benefits is a set amount plus whatever cash value has been built up in the policy.

Life insurance may also be classified, according to type of customers, as ordinary group, industrial, and credit. The ordinary insurance market includes customers of whole life, term, and universal life contracts and is made up primarily of individual purchasers of annual – premium insurance. The group insurance market consist mainly of employees who arrange group contracts to cover their employees. The industrial insurance market consists of individual contracts sold in small amounts with premium collected weekly or monthly at the policyholder’s home. Credit life insurance is sold to individuals. usually as part of an installment purchase contracts; under these contracts if the insured dies before the installment payments are completed, the seller is protected for the balance of the unpaid debt.

Insurance may be issued with a premium that remains the same throughout the premium-paying period, or it may be issued with a premium that increased periodically according to the age of the insured. Practically all ordinary life insurance policies are issued on a level – premium basis. which makes it necessary to charge more than the true cost of the insurance in the earlier years of the contracts in order to make up for much higher costs in the later years; the so- called overcharges in the earlier years are nor really overcharges but re a necessary part of the total insurance plan, reflecting the fact that mortality rates increase with age. The insured is not overpaying for protection, because of the claim on the claim on the cash values or may recapture it completely by lapsing the policy. The insured does not, however, have claim on all the earnings that accrue to the insurance company from investing the funds of its policyholders.

By combining term and whole life insurance, an insurer can provide many different kinds of policies. Two examples of such “package” contracts are the family income policy and the mortgage protection policy. In each of these, a base policy , usually whole life insurance, is combined with term insurance , is combined with term insurance calculated so that the amount of protection declines as the policy run its course. In the case of the mortgage contracts, for example, the amounts of decreasing term insurance is designed roughly to approximate the amount of the mortgage of a property. As the mortgage is paid off, the amount of insurance declines correspondingly. At the end of the mortgage period the decreasing term insurance expires, leaving the base policy still in force. Similarly, in a family income to the beneficiary over a period of years roughly corresponding to the period during which the children are young and dependent.

Some whole life insurance policies permits the insured to limit to limit the period during which premium are to be paid, Common examples of these are 20- year life, 30 – years life, and life paid up at age 65. On these contracts, the insured pays a higher premium to compensate for the limited premium- paying period. At the end of the stated period, the policy is said to be
“paid up” but it remains effective until death of surrender.

Term insurance is most appropriate when the need for the protection runs for only a limited period; whole life insurance is most appropriate when the protection need is permanent. The universal life plan, which earns interest at a rate roughly equal to that earned by the insurance (approximately the rate available in long – term bonds and mortgage), may be used as a convenient vehicle by which to save money. The owner can vary the amount of death protection as the need for it changes in the course of life. The policy offers flexibility and saves the owner commission expenses by eliminating the need for dropping one policy and taking out another as protection requirements change.

The death proceeds or cash values of insurance may be settled in various ways. The insured may take the cash value and laps the policy. A beneficiary may take lump sum settlement of the face amount upon the death of the insured. The beneficiary may instead, elect to receive the proceeds over a given number of years of in some fixed amounts, such as Rs.1000 a month, for as long as the proceeds last. The money may be left with the insurer temporarily to draw interest. Or the proceeds may be used to purchased a life annuity, which in effect is another insurance policy guaranteeing regular payment for the life insured.

Life insurance policies contains various clauses that protect the rights of beneficiaries and insured. Perhaps the best- known is the incontestable clause, which provides that if a policy has been in force for two years the insurer may not afterward refuse to pay the proceeds of cancel the contract for any reason expect nonpayment of premium. Thus, if the insured made a material misrepresentation when the policy was originally obtained, and this misrepresentation is not discovered until after the contestable period, beneficiary may still receive the value of the policy so long as the premiums are maintained. Another protective clause is the suicide clause, which states that after a given period, usually two years, the insurer may not deny liability for subsequent suicide of the insured. If suicide occurs within the period, the insurer tenders was misstated when the policy was taken out, the misstatement-of-age clause provides that the amount payable is the amount of insurance that would have been purchased for the premium had the correct age been stated, Many life insurance policies, known as participating policies, return dividends to the insured. The dividends, which may amount to 20 percent of the premium, may be accumulated in cash left with the insurer at interest, used to buy additional life insurance, used to reduce premium payments, or used to pay up the correct sooner than would otherwise have been possible.


The insured may, at a nominal charge, attach to the contract a waiver-of-premium rider under which premium payments will be waived in the event of total and permanent disability before the age of 60. Under the disability income rider, should the insured become totally and permanently disabled. a monthly income will be paid. Under the double indemnity rider, if death through accident. the insurance payable is double the face amount.


group have always been important in the insurance field, from the burial societies of the Romans and the insurance funds of the medieval guilds to the fraternal and religious insurance plans of modern times. In the 20th century private insurance companies have written increasingly large amounts of group insurance; particularly in life insurance, health insurance , and annuities. In 1990 more than 95 percent of the industrial labour force in the United States was covered by group life and health insurance plans established by employers. Much of the imputes for these employee benefit plans came from the labour unions, which pressed for such “fringe benefits”
in bargaining with employers.
Group insurance is widely used throughout the world, both in the form of private plans and as insurance plans. Social security plans with group coverage exist in more than 140 nations. Private group plans are generally offered wherever private life and health insurance companies operate. Group life insurance is the most commonly offered plan; group health plans are government- operated in many nations. In many countries, group health plans are common as a supplement to social insurance pension schemes.

Group insurance has been especially popular in Japan, where many employees serve a company for life. All Japanese life insurance companies offer group life insurance. Health insurance is provided by the government. Funded group pension become popular after a 1962 tax low made contributions tax- deductible for Japanese employers. In addition, virtually all Japanese employers provide lump-sump retirement allowances to their workers.


under group life insurance an employers signs a master contracts with the insurance company outlining the provisions of the plan. Each employee receives a certificate that give evidence of participation in the plan. The amount of insurance depends on the employee’s salary or job classification; usually the employer pays a portion of the premium and the employees pays the rest, but sometimes the employers pays the entire cost of the plan.
A major advantage of group life insurance to an employee is that usually .
coverage maybe obtained regardless of health. An employee who leaves the group may, without a medical examination, convert the group coverage to an individual policy. The premiums on group life insurance are considerably less than on comparable individual policies, mainly because the selling and administrative costs are minimal.


India's Number One private life insurer, ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank-one of India's foremost financial services companies-and Prudential plc- a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 23.72 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%.We began our operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). Today, our nation-wide team comprises of over 680 offices, over 235,000 advisors; and 23 banc assurance partners.
ICICI Prudential was the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As we grow our distribution, product range and customer base, we continue to tirelessly uphold our commitment to deliver world-class financial solutions to customers all over India.

The ICICI Prudential Edge - What makes us No. 1

The ICICI Prudential edge comes from our commitment to our customers, in all that we do - be it product development, distribution, the sales process or servicing. Here's a peek into what makes us leaders.
1. Our products have been developed after a clear and thorough understanding of customers' needs. It is this research that helps us develop Education plans that offer the ideal way to truly guarantee your child's education, Retirement solutions that are a hedge against inflation and yet promise a fixed income after you retire, or Health insurance that arms you with the funds you might need to recover from a dreaded disease.

2. Having the right products is the first step, but it's equally important to ensure that our customers can access them easily and quickly. To this end, ICICI Prudential has an advisor base across the length and breadth of the country, and also partners with leading banks, corporate agents and brokers to distribute our products.
3. Robust risk management and underwriting practices form the core of our business. With clear guidelines in place, we ensure equitable costing of risks, and thereby ensure a smooth and hassle-free claims process.
4. Entrusted with helping our customers meet their long-term goals, we adopt an investment philosophy that aims to achieve risk adjusted returns over the long-term.
5. Last but definitely not the least, our 20,000 plus strong team is given the opportunity to learn and grow, every day in a multitude of ways. We believe this keeps them engaged and enthusiastic, so that they can deliver on our promise to cover you, at every step in life.

Vision & Values

To be the dominant Life, Health and Pensions player built on trust by world-class people and service
This we hope to achieve by
Understanding the needs of customers and offering them superior products and service Leveraging technology service customers quickly, efficiently and conveniently
Developing and implementing super risk management and investment strategies to offer sustainable and stable returns to our policyholders
Providing an enabling environment to foster growth and learning for our employees

And above all, building transparency in all our dealings

The success of the company will be founded in its unflinching commitment to 5 core values -- Integrity, Customer First, Boundary less, Ownership and Passion. Each of the values describe what the company stands for, the qualities of our people and the way we work.
We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth.
Our values
Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundary less, Ownership, and Passion. These values shine forth in all we do, and have become the keystones of our success.



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

ICICI Prudential's capital stands at Rs. 23.72 billion with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the first quarter ended June 30, 2007, the company garnered Rs. 987 crore of weighted retail + group new business premiums and wrote over 450,000 retail policies in the period. The company has assets held to the tune of over Rs. 18,400 crore.

ICICI Prudential is also the only private life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating is the highest rating, and is a clear assurance of ICICI Prudential's ability to meet its obligations to customers at the time of maturity or claims.
For the past six years, ICICI Prudential has retained its position as the No. 1 private life insurer in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life.


ICICI Prudential has one of the largest distribution networks amongst private life insurers in India. It has a strong presence across India with over 680 branches and over 235,000 advisors
The company has over 23 bancassurnace partners, having tie-ups with ICICI Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank, Idukki District Co-operative Bank, Jalgaon Peoples Co-operative Bank, Shamrao Vithal Co-op Bank, Ernakulam Bank, 9 Bank of India sponsored Regional Rural Banks (RRBs), Sangli Urban Co-operative Bank, Baramati Co-operative Bank, Ballia Kshetriya Gramin Bank, The Haryana State Co-operative Bank and Imphal Urban Cooperative Bank Limited.
Some of the important milestones in the life insurance business in India are:-
1818: Oriental Life Insurance Company, the first life insurance company on Indian soil started functioning.
1870: Bombay Mutual Life Assurance Society, the first Indian life insurance company started its business.
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.
1983: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
Who is the industry leader in the insurance industry? Why?
Life insurance Corporation of India
Their aim is to spread life insurance widely and in particular to the rural areas and to socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost.
Maximum mobilization of people’s savings by making insurance-linked savings adequately attractive.
Bear in mind, in the investment of funds, the primary obligation to its policyholders whose money it holds in trust, without losing sight of the interest of the community a whole; the funds to be deployed to the best advantage of the investors as well as community as a whole; keeping in view national properties and obligation of attractive return.
Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders.
Act as trustee of the insured public in their individual and collective capacities.
Meet the various life insurance needs of the community that would arise in the changing social and economics environment.

Involve all people working in the corporation to the best of their capability in furthering the interest of the insured public by providing efficient service with courtesy.
Promote amongst all agents and employees of the corporation a sense of participation pride and job satisfaction through discharge of their duties with dedication towards achievement of corporate objective.
Insurance sector reforms
In 1993, Malhotra Committee headed by former finance secretary and RBI Governor R.N.Malhotra was formed to evaluate the Indian insurance industry and recommend its future direction.
The Malhotra committee was set up with the objectives of complementing the reforms initiated in the financial sector. The reforms were aimed at “creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently underway and recognizing that insurance is an important part of overall financial system where it was necessary to address for need for similar reforms…..”
In 1994, the committee submitted the report and some of the key recommendations included:
1) structure
Government stake in the insurance companies to be brought down to 50% Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations.
All the insurance companies should be given freedom to operate.
2) Competition
Private Companies with a minimum paid up capital of Rs. 1 bn should be allowed to enter the industry.
No company should deal in both life and General Insurance through a single entity foreign companies may be allowed to enter the industry in collaboration with the domestic companies.
Postal life insurance should be allowed to operate in the rural market
Only One state level life insurance company should be allowed to operate in each state.

3) Regulatory Body
The Insurance Act should be changed
An Insurance Regulatory body should be set up
Controller of Insurance (Currently a part from the finance Minister ) should be
Made independent .

4) Investments
Mandatory Investments of LIC life fund in government securities to be reduced from 75 % To 50 %
GIC and its subsidiaries are not to be hold more than 5 % in any company
( There current holdings to be brought down to this level over a period of time)

5) Customer Service
LIC should pay interest on delays in payment beyond 30 days
Insurance companies must be encouraged to ser up unit linked pension plans.
Computerization of operations and updating of technology to be carried out in
The insurance industry. The committee emphasized that in order to improve

The customer service and the coverage of the insurance industry should be

Opened up to competition.

But at the same time, the committee felt the need to exercise caution as any
Failure on the part of new players could ruin the public confidence in the
Industry. Hence, it was decided to allow competition in limited way by
stipulating the minimum capital requirement of Rs.100 crores . The committee
felt the need to provide greater autonomy to insurance companies in order to
improve their performance and enable them to act as independent companies
with economic motives. For this purpose, it had proposed setting up an
independent regulatory body

Life Insurance Sector in India

Many may not be aware that the life insurance industry in India is as old as it is in any other part of the world. The first Indian life insurance company was oriental life insurance company, which was started in India 1818 at Kolkata. A number of players ( over 250 in life and about 100 in non-life) mainly with regional focus flourished all across the country. However, the government of India, concerned by the unethical standards adopted by some players against the consumers, nationalized the industry in two phases in 1956 (life) in 1972
( non – life). The insurance business of the country was then brought under two public sector companies, life insurance corporation of India ( LIC ) and general insurance corporation of India ( GIC)
In line with the economic reforms that were ushered in India in early nineties, the government set up a committee on reforms ( popularity called the Malhotra committee in April1993 to suggest reforms in the insurance sector. The committee recommended throwing open the sector to private players to ushers

in competition and bring more choice to the consumer. The objectives was to improve the penetration of insurance as a percentage of GDP, which remains low in India even compare to some developed countries in Asia.

Reforms were initiated with the passage of insurance regulatory and development authority ( IRDA) bill in 1999. IRDA was set up as an independent regulatory authority. Which has put in place regulations in line with global norms. So far in the private sector, 12 life insurance companies and 9 general insurance companies have been registered.
Countries Insurance Penetration
(Premiums as a % of GDP) Insurance Density
(Per Capita premiums in USD)
United Kingdom 12.71 3028.5
Japan 8.73 3165.1
United states 4.43 1611.6
South Africa 14.04 392.9
Australia 6,04 1193.0
South Korea 9..89 905.6
India 1.77 7.5
China 1.12 9.5
Malaysia 2.13 86.4
Indonesia 0.51 4.0
Brazil 0.36 12.9



Insurance industry, as on 1.4.2000
Life insurers:
Life insurance Corporation of India (LI C)
Yr: 2000-2001 : (From 2nd April’2000 to 31st December’2001)

Insurance Industry in the year 2000-2001 had 10 new entrants, namely

Life Insurers :

Sr.No Registration Date of Reg. Name of the company

1 101 23.10.2000 HDFC standard life insurance
Company ltd.
2 104 15.11.2000 Max New York life insurance
3 105 24.11.2000 ICICI Prudential life insurance
4 107 10.01.2001 OM kotak Mahindra life insurance
5 109 31.10.2001 Birla Sun life insurance co.Ltd.
6 110 12.02.2001 Tata AIG life insurance
7 111 30.03.2001 SBI life insurance co.Ltd.
8 114 02.08.2001 ING Vyasa life insurance
9 116 03.08.2001 Allianze Bajaj life insurance co.Ltd.
10 117 06.08.2001 Metlife India Insurance Company Ltd

Yr:2001-2005 : ( From 1st Jan 2001 to Dec.2005)

Insurance Industry in this year, So far has 2 new entrants; namely
Life Insurers Registration No. Date of Registration Name of the Company

1 121 03.01.2005 Reliance Life
2 122 14.05.2005 Aviva life insurance
co. Ltd.

Yr.2006 – 2004: (from 1st Jan 2006 till Date)

Insurance Industry in this year, so far has 1 new entrants; namely Registration No. Date of Registration Name of the Company

1 127 06.02.2004 Sahara India insurance


By any yardstick, India, with about 200 million middle class households, present huge untapped potential for players in the insurance industry. Saturation of markets in many developed economies has made the Indian market even more attractive for global insurance majors. Tables 1 reflect the low percentage and par capita penetration of insurance in India compared to other developed and developing countries.

With the per capita income in India expected to grow at over 6 % or the next 10 year and with improvement in awareness levels, the demand for insurance is expected to grow at an attractive rate in India. An Independent consulting company, the monitor group has estimated that the life insurance market will grow from Rs. 218 billion in 1998 t Rs. 1003

TABLE – 2 Life Insurance Industry In India FY
2003 – 04

Cumulative up to October 2003

( In Rs. Million)
% of Total
(In Million)
% Of Total
LIC 59187 88.8 9.9 94.2
ICICI Prudential 2484 3.7 0.16 1.3
Birla Sun life 788 1.5 0.05 0.5
Tata AIG 792 1.2 0.08 0.6
HDFC Standerd 740 1.4 0.08 0.8
Allianz Bajaj 582 0.8 0.06 0.8
Max New Yark 576 0.6 0.05 0.5
Others 1384 2.0 0.22 2.0
Total 65,339 100 10.6 100

For instance, Investors In Prudential – ICICI liquid plan can withdraw any amount over and above Rs. 15,000, provided they have an account with ICICI Bank.


Vision is a short, succinct statement of what the organization intends to become and to achieve at some point in the future, often stated in competitive terms. Vision refers to the category of intentions that are broad, all – intrusive and forward – thinking. It is the image that a business must have of its goals before it set out to reach them. It describes aspirations for the future, without specifying the means that will be used to achieve those desired ends.

Warren Bennis, a noted writer on leadership, says: “To choose a direction, an executive must have developed a mental image of the possible and desirable future state of the organization. This image, which we call a vision, may be as vague as a dream or as precise as a goal or a mission statement.”

Mission Statement

A mission statement is an organization’s vision translated into written form. It makes concrete the leader’s view of the direction and purpose of the organization. For many corporate leaders it is a vital element in an attempt to motivate employees and to give them a sense of priorities.

A mission statement should be a short and concise statement of goals and priorities.
In turn, goals are specific objectives that relate to specific time periods and are stated in terms of facts. The primary goal of any business is to increase stakeholder value.


“To make ICICI Prudential the dominant life and pension players built on trust by world – class people and service.”

This, the company hopes to achieve by:

Understanding the needs of the customers and offering them superior products and service.
Leveraging technology to service customers quickly, efficiently and conveniently.
Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to the policyholders.
Providing an enabling environment to foster growth and learning for our employees
And above all, building transparency in all dealings.

The success of the company will be founded in its unflinching commitment to 5 core values –
• Integrity
• Customer First
• Boundary less
• Ownership
• Passion
Each of the values describes what the company stands for, the qualities of our people and the way it works. The company believes that it is on the threshold of an exciting new opportunity, where it can play a significant role in redefining and reshaping the sector.
Given the quality of there parentage and the commitment of the team, there are no limits to growth.

# Evaluation of mission statement according to 9 criterion of fred & forest David
( 1 = Statement includes component, 0 = statement doesn’t include component )

Component Mission statement

1. Customers 1

2. Product / Services 1

3. Geographic Markets 0

4. Technology 1

5. Concern for survival / Growth / Profits 1

6. Philosophy 1

7. Public Image 0

8. Employees 0

9. Distinctiveness Competence 0

Redraft of mission Statement should include –

“ We ask to dominate the Indian life & pension insurance sector while contributing back to society in terms of actively encouraging socio – economic development.”



Efficiently trained sales force and advisors.

There is improvement in response and turnaround times in specific areas such as delivery of first policy receipt, Policy Document, premium notice, Final maturity payment, Settlement of claims etc.

Competitive activity, evolution of the distribution channels


 More or less all players ( Including market leader LIC ) have aggressively recruited and trained advisors, appointed agents, launched new products, Improved customer service standards and revamped / expanded their distribution networks. If at all there was any major difference between players it was only in time lag in launching of services.
 Consumer awareness, though increasing, it still low and different types of policies available and the specific benefits of each often confuse them ; thus it’s the job of insurance companies to educate them about these.


There are 17 insurance companies in the market today. According to a UN survey, only 4 to 6 percent of India’s population is insured. Of these, 22 percent are under – insured. So the market presents opportunities for the enterprising.

Only 22 percent of the insurable possesses life insurance. What’s more, in country of over one billion people. Life insurance premium forms only 1.8 per cent of the GDP, Indicating the extent of underinsurance

ICICI Prudential life insurance company has entered in to strategic tie - up with the federal bank for the distribution of life insurance products. ICICI PrulLife financial services consultants ( FSC ‘s) could now approach federal Bank customers, based on referrals from the bank. This alliance expands ICICI Prulife’s reach to around 5 lakh customers across 30 bank braches in Kerala and 30 in other cities including a large number of NRI customers.
ICICI prudential life insurance company has recruited talent at lateral level from various industries, such as FMCG, banking, telecom, etc. for its middle and senior management terms. Says Shubro Mitra, chief, Human Resources, ICICI Prudential Life. “ The candidate must have the requisite qualifications in their functions and relevant experience, however not necessary in the field of insurance. In fact, Only two people amongst the senior management team has any experience in insurance.-- the head of sale and chief actuary. Most importantly, the individuals must have a winning attitude, energy, willingness to learn and to able to bring fresh ideas and perspective to the business.”
Allahabad bank has forayed into Bank assurance business, The bank and Prudential Insurance Company Limited have entered a strategic Bank assurance tie - up for distribution of life insurance product in Kolkata. Under the tie - up , ICICI Prulife
financial Service Consultants will offer its entire bouquet of life insurance products to customers of Allahabad Bank.

ICICI Prudential life insurance has flagged off operations in Channai. The fourth office of the company, it has accepted five proposals sponsored Madras Cements Ltd and Lucas TVS favoring underprivileged children. ‘ Salam Zindagi ‘.a social sector policy will cover larger groups amongst the economically weaker section of the society.

The company targets to cross the one lakh policy mark by the end of the next fiscal and have already sold 1,500 policies till date. It hopes to break even in four to six years and for now has no plans to introduce any new products. The policies currently on offer are ICICI Pru Single premium Bond. ICICI Pru save’ n Protect, ICICI Pru Forever Life, ICICI Pru Cash Bak and ICICI Pru life guard.

ICICI Pru life has very quickly gone on to become India’s largest private life insurance company. Again the success lay in aggressive marketing, smart advertising, omnipresence and quick expansion. ICICI also has a storing presence in the general insurance sector with ICICI Lombard General Insurance Company Limited .

A large part of the success of the new entrants ran be attributed to the government appointed Insurance Regulatory and Development Agency ( IRDA), which developed the regulatory framework. The regulation governing the life and non life insurers are pragmatic and forward - Looking, ensuring the customer is protected and creating an environment for thriving private sector participation and a level playing field.

Banc assurance and corporate agents are the two emerging channels that give companies an opportunity to reach out to much larger number of individuals who might be interested in insurance. Moreover, people inherently trust their local through that channel is also regarded with less suspension, These channels have only just emerged, but are already making heir mark. With time and the appropriate regulations, the contribution of such channels is bound to drive penetration of the category.

Multiple touch points have emerged -- contact centers, emails, facsimile, website, and of course snail-mail - which enable the customer to get in touch with the insurance companies quickly, easily and directly
With the transformation in the industry come a huge opportunity to tap hitherto largely ignored segments. One of the most promising areas of for life insurers is retirement solutions. Consider this : Only 89% of the working population in our country has a form of social security for old age. People in the unorganized sector, self - employed persons and those engaged in agriculture, have no form of guaranteed post - retirement income. Add to this fact that life expectancy is expected to rise from 77 years to 85 years in the next decade. And those persons aged 60 and above are expected to form 8.6 % of the total population by the year 2016. It become oblivious that the task of retirement planning and pensions is immense and require comprehensive, long - ranging regulations.

Penetration of life insurance is beginning to ct across socio- economic classes and attracts people who have never purchased insurance before. With this heightened awareness and consumer education comes a willingness to view life insurance as an integral part of the financial portfolio, marking a significant change from the earlier attitude, where insurance was purchased as a tax - saving.

ICICI Prudential life Insurance company pvt. Ltd.( ICICI Prulife ) is a joint venture company in the life insurance segment in India. It is the leading private life insurance company In India. Expanding at a rapid pace ICICI Prulife is opening branches across multiple cities and towns in India.

With multiple branches across the country a need was identified by the head office to service their internal employees in the same way as they would service an external customer. The user base was growing with people being added every day.

The Problem:

ICIC Prulife wanted to services its employees across different functions in the same way as they service an external customer while t.

Data flow throughout the organization was via emails - thus all data was stored in silos - an individual’s mailbox. There was no visibility or count of the issues being faced in the organization.

Data was hence not centrally available to gather information and convert the same into knowledge base.

Employees often spent considerable time in finding out from whom to seek information. This in turn had an overall enterprise efficiently impact.

With multiple branches all across the country, the need existed to be able to centrally provide a pool of expert as it was not possible to have experts for every function at every branch level.

This in turn would mean that a user would have to know the expert, location of the expert and his availability and correspond with him over email long distance phone calls. This was not feasible; as it was nor possible to educate all the users of the different experts and with possible transfer of experts the problem was greater than it seemed.

The challenge
 Need of solution that would be …….

o Easy to use - without any training, as it was not possible totrain an employee force of 1500+ spread across 40+ locations.
o Centralized administration of the system.
o Updating of user information on daily basis - because of addition of employees almost on daily basis.
 Ensuring the solution becomes the only conduit for employees service.
 Drive usage through out the enterprise.
 Low on band with consumption as if had to be on the WAN

Consumer awareness, though increasing, it still low and different type of policies available and the specific benefits of each often confuse them. And it’s the job of insurance companies to educate them about these.

Major Players

Major players in the market include ING Vyasa, ICICI Prulife ,SBI Life ,HDFC,AMP Sanmar, Birla Sunlife, Max New York Life, Tata AIG, Aviva, Oriental Insurance, Allianze bajaj and Om Kotak.


ICICI Prudential is case study in the role of marketing in reshaping an industry. It highlights how an industry where “sell” and “push” were oft used words and consumer was nothing more than a file no. has changed to one where “consumer preference” and “consumer pull” rules the roost. Here’s a look at how ICICI Pru changed the rules of the game and emerged a leader in the process.


When the insurance sector was liberalized in 2000, the private players had to contend with a few issues. Ratio of premium to GDP was low : 1.3 % of GDP was invested in insurance, Insurance penetration was at an abysmal 22 % of the insurable population. Besides the above the private players were faced with: Attitudinal Barriers, Perception of insurance as tax saving tool and lack of a consumer centric approach in service and product offerings.

The Marketing challenge facing ICIC Pru :

The challenge therefore wa to change established category drivers ( death payment & tax saving ) and to get the consumer to evaluate insurance on more emotional platform
( protection ) rather than a mere rational decision ( Tax savings ).

Differentiation Strategy

The creative execution:
TVC: Building image and creating a differential in the most creative and compelling manner. The creative execution heightened the emotional connect with the ICICI Pru brand - Indian; satisfaction that one’s loved ones are protected. Symbolic representation of the protector of the family through situation showcasing various life stages and creating endearing imagery of protection and familial bonding.
Press: Gave the consumer a rational and tangible reasons to buy insurance first and secondly from ICICI Prudential. The product specific advertising focused on changing the prevalent perception about insurance and breaking a few myths: non- affordability, insurance not being good investment option and the myth that insurance was good only for tax saving.

Other Communication:
Other program included direct mail, PR of communication campaign in press and TV, website marketing; and database generation through Banc assurance channels.
The Result of communication efforts :
Being no.1 in awareness and saliency. Awareness between feb and sept. 2001. Image : Highest score among all insurance players including LIC, on image parameters like safety, modernity, service, good returns etc. Intention to invest: next only to LIC as per research ( All Source : Research by ORG Mar).NO. of calls and E-mails: There were 70000 calls at the call center and 6585 emails in the year 2001.

Sum up:

In just over a year ICICI Pru has emerged as India’s No.1 Private life insurance company with almost 50 % market share of the private players. Has sold highest no. of policies both in volume and value. Major Milestone - Over 150000 policies on March 31,2005.


The life insurance and pension business has two distinct customers segments - individuals and corporate. In case of retail business for individuals, the 4 sub segments are - protection , investment , saving and pension. Apart from the existing leader LIC , new companies such as HDFC standard life, TATA AIG , ICICI Prudential and more will seek to be present across all the segment of market.
Among retails product for individual, pure risk protection product have been introduced by some of the new life insurance companies in the market. As these products have no savings components to it, the premium are very low compared to other products. Investment products provide long term investment growth and insurance cover. This segment is growing rapidly, saving product like Endowments and Money - Back Provide a combination of protection and investment benefits. The last segment of pension includes products that are aimed at offering customer an income during their retirement Years.
In case of the group business, there are three segments - Protection, Statutory savings and pension, Group insurance products are taken to provide low cost life insurance cover to a group of people. Group insurance product are taken to provide low cost life insurance cover as part of employee benefit package to motivate employees or to cover the housing or vehicle loan given by employee to employee. It can also be used as a substitute for the statutory EDLI subject to approval by the Regional Provident Fund Commissioner. The statutory savings segments essentially comprise of the gratuity products for companies. The pension segment will include products like group superannuation, which will enable a company to benefit from the actuarial, investment and operational expertise of a specialist company to manage its superannuation funds.

Source: CII Insurance Committee Report 1999.

Different companies can choose to position themselves differently and hence the marketing mix would be different. However, there are certain common characteristics that one can cull out from the possible strategies that companies can adopt.

PRODUCT: The development of flexible product to suit individual requirement is what will differentiate the winners from the also - rans. The key to providing insurance solution, not standardized insurance product. The concept of riders/optional benefits has already been a huge innovation brought about by the new players, which has led to customization of products for individuals needs. However, companies may differentiate themselves on the basis of product segment that they choose to focus on and excel in.

DISTRIBUTION: Different companies may however choose different channels and different geographies to focus on. The channel option are - tied agency force, corporate agents and brokers and this is an area where different companies will make different choices. Many companies like HDFC Standard life are focusing on all channels whereas companies like Max New York life are focusing on the tied agency force only. Customer interface will be a key challenge for life insurance companies and includes every that interaction that the customer has with the company, such as sales, new business underwriting, policy servicing, premium payments, claim processing and so on. Technology can play a crucial role in delivering the highest standard of service set by the company and it will be imperative for any serious players to excel in all of these.

PRICE: Price is relevant differentiator only in two segments - pure term insurance and in pure annuities. Here too, service delivery and financial strength will need to be present at a minimum acceptable level for price to be a relevant differentiator. In case of saving oriented products. Long term returns generated will be more relevant than just price of the product. A focus on generating good investment performance and keeping a tight control on costs will help in generating good long - term maturity value for customers, Norms have been laid down on all of these by IRDA and adhering to these while delivering good returns will be a challenge.

ADEVERTISING AND PROMOTION: The level of demand is latent and will have to be activated considerably. The market needs to be developed. Greater awareness of insurance and need too have it as a protection tool rather than as a tax planning measure needs to be appreciated by the Indian people. Various communication tools including advertising, direct marketing and road shows will contribute to all this and different companies will take different approaches on these.

Product profile
ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that meet the needs of customers at every life stage. Its products can be enhanced with up to 5 riders, to create a customized solution for each policyholder.
Savings Solutions
• SecurePlus 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.
• CashBak is an anticipated endowment policy ideal for meeting milestone expenses like a child’s marriage, expenses for a child’s higher education or purchase of an asset.

• Lifetime & Lifetime offer customers the flexibility and control to customize the policy to meet the changing needs at different life stages. Each offer 4 fund options ? Preserver, Protector, Balancer and Maximiser.
• LifeLink II is a single premium Market Linked Insurance Plan which combines life insurance cover with the opportunity to stay invested in the stock market.
• Premier Life is a limited premium paying plan that offers customers life insurance cover till the age of 75.
• InvestShield Life is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest.
• InvestShield Cash is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest along with flexible liquidity options.
• InvestShield Gold is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest along with limited premium payment terms
Protection Solutions
• LifeGuard 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.
• HomeAssure is a mortgage reducing term assurance plan designed specifically to help customers cover their home loans in a simple and cost-effective manner.

Child Plans
• SmartKid education plans provide guaranteed educational benefits to a child along with life insurance cover for the parent who purchases the policy. The policy is designed to provide money at important milestones in the child’s life. SmartKid plans are also available in unit-linked form ? both single premium and regular premium.
Retirement Solutions
• ForeverLife is a retirement product targeted at individuals in their thirties.
• SecurePlus Pension is a flexible pension plan that allows one to select between 3 levels of cover.

Market-linked retirement products
• LifeTime Pension II is a regular premium market-linked pension plan
• LifeLink Pension II is a single premium market-linked pension plan.
• InvestShield Pension is a regular premium pension plan with a capital guarantee on the investible premium and declared bonuses.
• Golden Years: is a limited premium paying retirement solution that offers tax benefits up to Rs 100,000 u/s 80C, with flexibility in both the accumulation and payout stages.
ICICI Prudential also launched “Salaam Zindagi”, a social sector group insurance policy targeted at the economically underprivileged sections of the society.
Health Solution
• Health Assure: Is a regular premium plan, which provides l ong term cover against 6 critical illnesses by providing policyholder with financial assistance, irrespective of the actual medical expenses.
• Health Assure Plus: Is a regular premium plan which provides long term cover against 6 critical illnesses by providing financial assistance, irrespective of actual medical expenses, as well as an equivalent life insurance cover
Group Insurance Solutions
ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees.
• ICICI Pru Group Gratuity Plan: ICICI Pru’s group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations.
• ICICI Pru Group Superannuation Plan: ICICI Pru offers a flexible defined contribution superannuation 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.

The data related to the customer again consists of two sub divisions.

1.PRIMARY DATA - This is the original source of the information, First hand in nature where the researcher himself goes to different people covered under the sample and collect the data himself. Primary data is collected through the following method.

Personal interviews
Group interviews
Telephonic Interviews.

In the project personal interviews, Questionnaire method and telephonic method were used to understand and decipher the psyche of the customer.

2. SECONDARY DATA - Secondary data is one, which is derived by any other person or institute or body. It already exist and processed. The researcher has only to decide that how it will be handy to appraise his project.

The various method of collection of secondary data are :
 Books
 Internet
 Insurance manuals and organization’s project detail brochure
 Magazines
 Pamphlets of various insurance companies.
In this part of the research the secondary data is not used.

The data pertaining to the competitors have been through the following sources.
Pamphlets of the Insurance Company.

Research instrument :-
Questionnaire method ( survey )
Customer questionnaire

Sampling Plan:-

Area covered:-
Pune region
Sampling element: - walk in customer on field.
Sampling Size: - 300 Customers.

Types of research used -
Exploratory research - It is always not possible or desirable to use direct questioning to obtaining information. In this case the secondary data is arrive at conclusion. In this project desk research, which is a part of exploratory research, is used.
Descriptive research - Here mainly only primary data is used. It is generally a quantitative measurement of customer’s attitude and perception of certain product. Under the descriptive research the sample survey method has been used in the product.
Sampling method:
The sampling method are categorized into two types

Probability sampling -
It does not depend upon the existence of detailed information about the universe for its effectiveness. Probability sampling provides estimation, which are essentially unbiased and have measurable precision.
Various types of probability sampling are:
1. Simple random sampling
2. Systematic sampling
3. cluster sampling
Non - probability sampling -
This method has been used in the project. This method does not provide every item in the universe with a known chance of being included in the sample. The selection process partially subjective.
There are three types of non- probability sampling
1.Judgmental sampling
2.Quota sampling
3.Convenience sampling
The judgment as well as convenience method of sampling have been combined and used in the project. In judgment method of sampling the choice of sample items depends exclusive on the judgment of the researcher. In other words, the researcher includes those items from the people, which he thinks are typical of the universe with regards to characteristics under investigation.


Q.1.What is your yearly income?

No. Particulars No. of Respondent % No. of Respondent
1 Below l lack 115 38.33
2 l to 1. 5 lack 67 22.33
3 1.5 to 2.5 lack 40 13.33
4 2.5 to 4 lack 78 26
Total 300 100

39 % people had their yearly income below 1 lack and rest of them people had their income above l lack.

Q.2.Which insurance policy do you have?

Particulars No of Respondent % No. of Respondent
ICICI 117 39
LIC 150 50
Total 300 100

Out of 300 customers I surveyed 39 % customers had ICICI Policy, whereas 50 % customers had LIC Policy and 11 % customers were having policies of other companies. As per the response of the customers the reason behind that, LIC is the oldest insurance player in the market since 1954 and has been enjoying monopoly for the last 40 years. Where as ICICI Prudential had entered in market before 3 - 4 years only.

Q.3. i) Reason behind purchasing ICICI Prudential life insurance policy?

No. Particulars No. of Respondent % No. of Respondent
1 Quick service 30 25.64
2 Multiple choices 27 23.08
3 No. one co.( Private ) 15 12.82
4 Tax saving 35 29.91
5 saving / Investment 10 8.55
Total 117 100

30 out of 117 people want life insurance as a quick service; whereas 27 people consider life insurance policy as multiple choices. 15 people says that the company should be No. one in private life insurance sector and 35 & only 10 people considering that policy should save tax and increase investment of the people.

ii) Reason behind purchasing LIC Policy?

No. Particulars No. of Respondent % No. of Respondent
1 Quick service 09 6
2 Multiple choices 10 6.67
3 50 33.33
4 Tax saving 49 32.67
5 saving / Investment 32 21.33
Total 150 100

9 out of 150 people purchase LIC policy because of Quick service, whereas 10 people consider LIC has multiple choices. 50 out of 150 people take interest to policy because of it is Govt. company.49 &32 people out of 150 people consider LIC policy should be tax saving and increase investment of people i.e. major reason behind purchasing LIC Policy.

Q.4. Do you want any addition in your current policy?
Particulars No. of Respondent % No. of Respondent
Yes 126 42
No 137 45.67
Can’t say 37 12.33
Total 300 100

After all interviews, out of 300 people, 42 % people said that they want addition in their current policy, 45.67 % people don’t want any addition in their current policy. And 12.33 % people out of 300 can’t say about addition in their current policy.

Q.5. Do you want to comment on the product & services offered by ICICI & LIC?

1 Company should come
with new products
196 104
2 Company should improve
their marketing strategy
94 159
3 Company should give maximum
Returns to the policy holders.
134 153
4 Company should increase tax
Saving of policy holders.
187 113

Comments of people over two companies i.e. ICICI & LIC i.e.196 and 104 respectively said that company should come with new products. 94 people for ICICI and 159 people for LIC said that company should improve their marketing strategy. Company should give maximum returns to the policy holders said pointed out by 134 people for ICICI and 153 people for LIC. And 187 people for ICICI and 113 people for LIC said that company should increase tax saving of policy holders.

Q. 6. Do you think Services has improved after entry of private players in insurance sector?

No. Particulars NO. of Respondent % No. of Respondent
1 Yes 237 79
2 No. 63 21
Total 300 100

Yes, the service has improved after entry of private players.79 % people out of 300 said yes and 21% people said no.

Q.7. Do you think that services of ICICI Prudential is much better than others?

No Particulars No. of Respondent % No. of Respondent
1 Yes 214 71.33
2 No. 86 28.67
Total 300 100

As we see that 71.33 % people satisfied by better service from ICICI Prudential life insurance and 28.67 % people said that service of ICICI Prudential are not better .

Q.8. which policy do you Prefer?

No. Particulars No, of Respondent % NO. of Respondent
1 ICICI 109 36.33
2 LIC 145 48.33
3 Other 46 15.33
Total 300 100


The above data shows that 36.33 % people out of 300 prefer ICIC Prudential life insurance policy and 48.33 % people out of 300 prefer LIC Policy, but 15.33 % people prefered other companies’ policy.

Q.9. what do you think what are the major problems of insurance sector?

No. Particulars No. of Respondent % No. of Respondent
1 Lengthy process of deposits of Premium & Claims 167 55.67
2 No Maximum Returns at the time of claim 23 7.67
3 Insolvency of company 110 36.67
Total 300 100

167 people out of 300 said that major problem of insurance sector is that the lengthy process of deposit of premium and claim. 23 people think that the problem is no maximum returns after completing of policy period. But remaining i.e.110 people fear about insolvency of company.


For the last year I have seen the development in the insurance sector after privatization. This step of government of India has resulted in form of competition in the market and prospects to cover up the huge untapped market. Before privatization LIC had 100 % market share but after privatization it has come down 71 % and 29 % for private players. Insurance sector is developing at a faster pace as compare to earlier one but still it has more scope to grow at the fastest pace it ever grows. Private players are giving a stiff competition to LIC. ICICI prudential has become the no.1 private player in the market due to its performance.

However, still now there is huge untapped market for insurance in India. Now as the ICICI Prudential has the brand name in market, the company should come with new plans at lower premium and huge tax benefits. The company should use their SWOT we should make use of its strengths of high quality products. They should promote their product throughout the country and target specific group or class for each plans or policy.

 Opening up the sector certainly means more awareness amongst customers and higher expectations. Which can be satisfied by brand awareness i.e. brand image has to be created, new product, better packaging and improved customer service. Potential buyers for most of this Insurance lie in the middle class. ICICI Prudential will have to explore new distribution and marketing channels to reach the customers.

 The vast potential of the Indian middle class population can be unleashed by repositioning Life Insurance as a risk cover instrument

 The key to tap the rural market can be through Co-operative societies, Village panchayat, and post offices. Where the co-operative societies and village panchayat can act as ‘Corporate Agents’ to create brand image of ICICI Prudential in the rural market.

 A tie up with hospital chains for selling health insurance can be an effective channel to reach a wide base of customers for ICICI Prudential.

 A make up the Supportive & Co-operative Insurance Advisor Channel for ICICI Prudential to give good services to potential customers.

 ICICI Prudential should have educated, talented and trained sales force so that they could be able to make people understand regarding their need for insurance and can create the brand image of ICICI Prudential.

1. Philip kotler , “ Marketing Management” , Pearson Education,
2. C.R. Kothari , “ Research Methodology “


Brochure / Information Booklets

• ICICI Prudential
• Product list LIC


Q.1.What is your yearly income?
a) Below l lack
b) l lack to 1. 5 lack
c) 1.5 lack to 2.5 lacks
d) 2.5 lack to 4 lacks

Q.2.Which insurance policy do you have ?
2. LIC
3. Any other

Q.3. i) Reason behind purchasing ICICI Prudential life insurance policy?
a) Quick service
b) Multiple choices
c) No. one private insurance company
d) Tax saving
e) Saving / Investment

ii) Reason behind purchasing LIC Policy?
a) Quick Service
b) Multiple choices
c) Govt. company
d) Tax saving
Saving / investment

Q.4. Do you want any addition in your current policy?
a) Yes
b) No
c) Can’t say
Q.5. Do you want to comment on the product & services offered by ICICI & LIC?
a) Company should come with new products
b) Company should improve their marketing strategy
c) Company should give maximum returns to the
policy holders.
d) Company should increase tax saving of policy holders.

Q. 6. Do you think Services has improve after entry of private players in insurance sector
a) Yes
b) No.

Q.7. Do you think that services of ICICI Prudential are much better than others?
a) Yes
b) No.

Q.8. which policy do you Prefer?
b) LIC
c) Other

Q.9. what do you think what are the major problems of insurance sector?
a) Lengthy process of deposits of Premium & Claims
b) No Maximum Returns at the time of claim
c) Insolvency of company.