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Satya Vihar, Vidhansabha – Chandrakhuri Marg (Baloda Bazar Road), Mandir Hasaud, Dist – Raipur (C.G.)
Pin – 492101
This report is the record of authentic work carried out by the student during the
academic year 2009 -2010.
City office: Disha Tower, New Shanti Nagar, Raipur (C.G.) 492007 Ph. : +91-771-4035325-28, 33, 34 Fax : 0771-4035333
DECLARATION
I, Mr. Umeshanand Giri Goswami, hereby declare that this report is the record of
authentic work carried out by me during the academic year 2009-2010 in ICICI
Pru Health Insurance.
ACKNOWLEDGEMENT
Here comes the golden opportunity for me to express my heart felt gratitude to
the person have supported me and grave me their precious time full with
option suggestion that I want .
First of all I am thankful to Mr. Venkat Manda (AM) for let me pursuing my
Internship from his esteemed organization and his assistance in between work
and field.
Then I take on opportunity to express my gratitude to Ms Renu Singh because of
whom I was able to accomplish this project work, she has supported me at every
stage of my internship and I am obliged to her endeavors.
Further I wish to express my gratitude to Mr. Vijay Sakalkar who has supported
my step that I have elected. And I am also indebted for the support and assist
provided by my friends and my parents.
INDEX
Page No.
1. Abstract………………………………………… 7-8
2. Overview ………………………………….. 8-9
2.1Company Profile …………………………. 10-11
2.3 Health Insurance Indian Context ……….. 11-12
2.4 Hospitalization Plans …………………….. 13-14
2.5 Why Health Insurance …………………………14-16
2.6 Selecting Right Plan ………………………….. 17-18
2.7 Product Offered………………………….. 18-19
ABSTRACT
Background
This study investigates the relationships between health and lifestyle factors, age
and private health insurance (PHI) in a large population-based in between Raipur
and other localities to study and comprehensively analyze health of people aged
25 years to 75 years. Unlike previous Indian analyses of relationships between
health, lifestyle and PHI, it incorporates adjustment for multiple confounding
socioeconomic and demographic factors. Sustainability and pre and post health
expenses, planning and hospitality and relevant factors to get profound
knowledge about health investment pattern of measured population.
Results
The proportion with PHI decreased with increasing age. The factors
independently and most strongly associated with having PHI were: higher
income; higher educational attainment; not holding a health care concession
card; not being of Aboriginal/Torres Strait Islander origin; being a non-smoker;
high levels of self-rated health and functional capacity; and low levels of
PHI was higher in those reporting certain surgical procedures with for hip
replacement, for knee replacement and for prostatectomy, compared to those not
reporting these interventions.
Conclusions
Compared to the rest of the study population, those with PHI are richer, better
educated, more health conscious, in better health and more likely to use certain
discretionary health services. Hence, PHI use is generally highest among those
with the least need for health care. Whether or not people have PHI is more
strongly associated with demographic and lifestyle factors than with health
status.
Overview
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. 47.80 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 2099 branches (inclusive of 1,116 micro-offices), over
276,000 advisors; and 18 banc assurance partners.
ICICI Prudential is 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.
Health like education should be essential and should be freely available to all the
citizens of a country. Some developed countries realizing the importance of the
health of the nation spend as much as 6% to 8% of their GDP on it and have
advanced facilities in their government run hospitals. Some examples include the
United Kingdom where the National Health Services hospitals provide all the
health requirements to majority of their citizens. Sweden and Norway follow
similar government run health schemes.
As per the census of USA in the year 2004, it was noted that 245.3 million people
had health insurance coverage; however 45.8 million lived without an insurance
cover. In response to some of these stats Senator John Kerry said.
"Great physicians and nurses, skilled, caring and unparalleled in their training,
Intervened in my life and probably saved it. I was lucky but other Americans are
not. It is time to speak again and stand again for the ideal that in the richest
nation ever on this planet, it is wrong for 41 million Americans, most of them in
working families, to worry at night and wake up in the morning without the basic
protection of health insurance."
Developing countries like India have priority of spending in other sectors like the
army and the infrastructure development and barely 2% of the GDP is spent on
the health and results in the government hospitals lack in facilities especially for
any advanced procedures such as heart surgery or hip replacement.
Health insurance schemes are particularly important for individuals from the
lower income group to provide them and their family members with adequate
Cover in event of any mishap or illness. The escalating medical costs are due to
the advanced diagnostic and therapeutic procedures that have become the
Remember when negotiating a policy you ask for adequate cover as the provided
by the health insurance will depend on the type of policy purchased.
Our health always seems much more valuable after we lose it'
- Unknown Author
Leading a happy life, involves good planning for your health. Accidents happen
and you need to be prepared for such situations. In times of high health cost, you
need to get covered for health risks. A good insurance should cover Doctor Visits,
Lab
Tests, Hospital stays and Diagnostic tests. There are quite a few companies
Covering health risks with good Insurance policies. We will talk about a few of
them.
HEALTH INSURANCE
Health insurance policies insure you against several illnesses and guarantee you
stay financially secure should you ever require treatment. They safeguard your
peace of mind, eliminate all worries about treatment expenses, and allow you to
focus your energy on more important things, like getting better. Let's learn more
about the various types of health insurance available, and what the best policy
for you might be.
Critical Illness Plans: These health insurance plans provide you coverage
against critical illnesses such as heart attack, organ transplants, stroke, and
kidney failure among others. These plans aim to cover infrequent and higher
ticket size medical expenses. Click to know about our critical illness plans (Crisis
Cover)
• Cardio-vascular diseases (CVDs) like heart disease and stroke are the main
causes of death and disability.
• Cancer costs as much as Rs. 2 lakhs for 3 days—have restricted treatment to the
richest. In fact, even among the affluent groups, 20% need to sell their valuable
assets so they can accumulate the required amount to meet healthcare costs.
Sound health cover planning ensures you have access to sufficient funds to meet
direct medical expenses of the treatment, indirect expenses at the time of
treatment and loss of income, if any, due to the illness.
Beyond all doubt, your life is invaluable. Yet, there is a certain worth that can be
attributed to the financial support you offer your parents, spouse or children. This
worth is referred to as Human Life Value (HLV). In the future, if your family does
not have the protective blanket of your presence, they will no longer be able to
enjoy the benefits of the income you earned. Put simply, Human Life Value is the
present value of your future earnings.
Quick tip
Health Saver
A comprehensive whole life plan that covers you against hospitalization expenses
and creates a health fund to cover any other health expenses.
Hospitalization coverage:
MediAssure
A reimbursement hospitalization plan covering hospitalization stay and treatment.
The claim payout is based on actual expense incurred.
Crisis Cover
A comprehensive health insurance policy that covers 35 critical illnesses, death
and disability.
Cancer coverage:
Cancer Care
A unique health insurance plan covering most early and advance types of
cancers.
Diabetes coverage:
A one of its kind critical illness health insurance plan only for diabetics and covers
7 major complications for a long term of up to 20 years.
Claims Process
ICICI Prudential provides a seamless and hassle-free claims experience through
an extensive network of hospitals across India.
Healthy Living
Each one of us aims for a long and healthy life. Today this has become possible
thanks to advanced medical technologies as well as due to the great deal of
knowledge available on how healthy lifestyles can help us live longer.
A healthy lifestyle would focus around the following key parameters. Click each
of the topics to find out more:
• Nutrition
• Fitness
• Wellbeing
MY CONTRIBUTION
02 Tatibandh 06 Upadhyay
Hospital,
Jeewan Jyoti,
Jansewa Hospital
Dr Sharma clinic,
Dr Verma Clinic,
03 Shanti Nagar 05 Ekta Health
Institute,
Dr Nigam Home,
04 Dr A.Nagraj,
Pandari Tarai 03 Dr kohli,
Dr K.C.Pant
Dr. Khemka,
05 Devendra Nagar 03 Dr Tribhuan Jain,
Dr .P.Mukundan,
Dr Ashok Rajput,
Haritage Hospital
Balaji Hospital,
06 Mova 02 Dr Roy Clinic
Dr Ketan Shah
07 Phanphadeeh 03 Mishra Nursing,
Dr. Dutta
08 Tikrapara 02 Dr Dewangan
Dr Q A Malik,
09 Rajendra Nagar 03 Dr Arwind Sharma
Dr Mukesh
10 Changora Bhata 02 Chauhan
Dr Ashutosh
Dewangan
Dr Hemkumar
11 Daganiya 01 Verma,
Anand Hospital
12 Amannaka 02 Dr Chandrakar,
Dr Shailendra
Upadhyay
It had been a tough task to get your customer and client convinced easily. Ithas
been my personal experience if you are follow up your clients regularly you will
loose them and you can not do anything thereafter, because so many company’s
are there in the market carrying on their business operation.
• Forming Empalements:-
Another method of indirect marketing which has been used to bring the
awareness in the market and to promote the products in the market is forming
empalments with doctors and medical persons to use their patient database to
convince the customers and along with that we also provides doctors with
incentives for their support and assist given to strengthen the relationship with
them.
Doctors whom I have empaled are:-
1.Dr.K.C.Pant
2. Dr.Mukesh Chauhan
3. Dr.Hemkumar Verma
4. Dr. P.Mukundan
5. Dr. Jha
Financial Prudence:
• Assets held are over Rs. 32,000 crores as on March, 2009
• Total capital stands at Rs. 4,780 crores (as of March, 2009) with ICICI Bank and
Prudential plc holding 74% and 26% stake respectively
• Posted a growth of 13% (April 1, 2008 to March 31, 2009) for garnering total
received premium (new business + renewal) of Rs 15,356 crores as against Rs
13,563 crores in FY2008
• AAA (Ind) rating for our financial strength by Fitch Ratings as on September 30,
2008 - the highest possible financial rating that can be provided to an Indian
Company and it signifies our financial ability to meet all our obligations to our
stakeholders, including our customers
• Ranked as India's Most Trusted Private Life Insurer, by The Economic Times -
AC Nielsen ORG Marg survey of 'Most Trusted Brands'.
It is critical to understand that life insurance products are designed to tackle the
market highs and lows, and enable you to meet your long-term financial goals.
Since customers like you invest systematically through regular premiums you
can average the cost of your investments.
As the future of Indian economy continues to be strong, you stand to gain good
returns on life insurance plans by staying invested over a long period of time.
To assist you in tax planning, the tax breaks that are available under our
various insurance and pension policies are described below:
1. Our life insurance plans are eligible for tax deduction under Sec. 80C.
2. Our Pension plans are eligible for a tax deduction under Sec. 80CCC.
3. Our health insurance plans/riders are eligible for tax deduction under Sec.
80D.
4. The proceeds or withdrawals of our life insurance policies are exempt
under Sec 10(10D), subject to norms prescribed in that section.
Invest in ICICI Prudential Life insurance and retirement plans and avail of
these tax planning services to save tax at your year end tax planning!
No. of Elderly People in the Developing World will TRIPLE in 25yrs. (WHO)
In India, the no. of people above 60 yrs is about 8% today, with that no.
expected to hit 21% by 2025. (Asia Insurance Review)
Description
✔ Limited healthcare delivery network with top few cities
No. of Elderly People in the Developing World will TRIPLE in 25yrs. (WHO)
In India, the no. of people above 60 yrs is about 8% today, with that no.
expected to hit 21% by 2025. (Asia Insurance Review)
Socioeconomic indicators
Localities Figures
Land area 2% of world area
Burden of disease (%) 21% of global disease burden
Population 16% of world population
Urban : Rural 28:72
Literacy rate (%) 65.38
Sanitation (%) Rural – 9.0; Urban – 49.3
Safe drinking water supply (%) Rural – 98; Urban – 90.2
Poverty (%) Below poverty line – 26
Rural – 27.09; Urban – 23.62
Poverty line (Rs.) Rural – 327.56; Urban – 454.11
Achievements: 1951-2000
1951 1981 2000
Demographic
changes
Life expectancy 36.7 54 64.6 (RGI)
Crude birth rate 40.8 33.9 (SRS) 26.1 (99 SRS)
Crude death rate 25 12.5 (SRS) 8.7 (99 SRS)
Infant mortality rate 146 110 70 (99 SRS)
Also included are public facilities for selected occupational groups like
organized work force (ESI), defense, and government employees
(CGHS), railways, post and telegraph and mines among others. The
private sector (for profit and not for profit) is the dominant sector with 50
per cent of people seeking indoor care and around 60 to 70 per cent of
those seeking ambulatory care (or outpatient care) from private health
facilities. While India has made significant gains in terms of health
indicators - demographic, infrastructural and epidemiological (See Tables
1 and 2), it continues to grapple with newer challenges. Not only have
communicable diseases persisted over time but some of them like malaria
have also developed insecticide-resistant vectors while others like
tuberculosis are becoming increasingly drug resistant. HIV / AIDS have of
late assumed extremely virulent proportions. The 1990s have also seen
an increase in mortality on account of non-communicable diseases arising
as a result of lifestyle changes. The country is now in the midst of a dual
disease burden of communicable and no communicable diseases. This is
coupled with spiraling health costs, high financial burden on the poor and
erosion in their incomes. Around 24% of all people hospitalized in India in
a single year fall below the poverty line due to hospitalization
India spends about 4.9% of GDP on health (WHR, 2002). The per capita
total expenditure on health in India is US$ 23, of which the per capita
Government expenditure on health is US$ 4.Hence, it is seen that the total
health expenditure is around 5% of GDP, with breakdown of public
expenditure (0.9%); private expenditure (4.0%). The private expenditure
can be further classified as out-of-pocket (OOP) expenditure (3.6%) and
employees/community financing (0.4%). It is thus evident that public
health investment has been comparatively low. In fact as a percentage of
GDP it has declined from 1.3% in 1990 to 0.9% as at present.
Furthermore, the central budgetary allocation for health (as a percentage
of the total Central budget) has been stagnant at 1.3% while in the states
it has declined from 7.0% to 5.5%.
Research Methodology
To make this project work accomplished several methods of research has been
applied so that data, and facts can be generated to draw the conclusion and
outline some findings. Those methods are mentioned below as per use:-
➢ Primary data generation: It became possible with the help of in clinic work to
collect the name and facts about the patients and their relatives.
➢ Taking appointments and meeting with the customers as per their convenience to
elaborate them about the health investment products and their fruitful outcomes.
➢ Making Telecalls from the available database and asking about their interest and
➢ Follow up made to cold calls made and being in regular touch with them to
motivate them and convince at per best to generate interest in them to afford the
➢ Asking and taking some contact numbers from the relevant clients of those who
➢ Forming relationship with the people and others for repo building and to get the
➢ Getting in touch with the marketing guys and pharmacy people and medical
ICICI Pru
HEALTH Saver
FINDINGS
✔ A huge part of Indian population has not been covered yet by insurance
companies.
✔ LIC has the major share in the Insurance industry and has retained genuine
customer faith.
✔ Customers who are the policy holders are in some short of dilemma because of
✔ Because of high premium amount and charges some customers get diverted as
✔ ICICI Prudential has good reputation in lower middle income group and higher
SUGGESTIONS
✔ ICICI Prudential should try to offer some low premium health coverage plans.
complicated.
✔ More efforts are required in the prospect of brand equity because ICICI
Prudential is not having clear brand image as some customers are unable to
✔ Specified training policies and practices should be conducted so that people from
ICICI feel easy to present their esteemed organization and products and services
offered.
APPENDIX
This project has been a tough job without the help and assist of some web links
www.google.com
www.iciciprulife.com
www.wekipedia.com
www.projectparadise.com
www.scribd.com
Elite Life Magazine and some resourceful tools brought in use.