Documente Academic
Documente Profesional
Documente Cultură
ON
(CHANNEL MANAGEMENT)
(ICICI PRUDENTIAL LIFE INSURANCE)
SUBMITTED BY
(PRAVEEN JANGIR)
Roll No. 1309970017
MBA (2013-2015)
ACKNOWLEDGMENT
Concentration, dedication hard work and application are essential but
not the only factor to achieve the desired goal. These must be
supplemented by guidance assistance and co-operation of people to
make it a success.
Many people have given their precious idea and invaluable time to
enable us to carry on our project work. We are deeply endebteie to all
of them for their excellent idea and suggestion.
We offer our sincere thank to our project guide Mrs. SWTI VERMA (A
unit manager in ICICI prudential life insurance) and all the unit
member for there meaningful guidance And indispensable supervision
and the inspiration given to us.
DECLARATION
I,
declare that this report contents all my experience with ICICI PRUDENTIAL LIFE
PRAVEEN JANGIR
MBA (1309970017)
PREFACE
Title of project:
channel management
Guide:
Mrs. Swati
Problem definition:
To make a narrow study of ICICI Prudential channels and provide the
solution that how we can manage it.
TABLE OF CNTENT
OBJECTIVE:
ABSTRACT:
COMPANY PROFILE:
METHDOLOGY:
CONCLUSION:
RECOMANDATION
ANNEXURE:
BIBLIOGRAPHY:
OBJECTIVE
MANAGEMENT
Board of Directors
The ICICI Prudential Life Insurance Company Limited Board comprises
reputed people from the finance industry both from India and abroad.
Mr. K.V. Kamath, Chairman
Mr. Mark Norbom
Mrs. Lalita D. Gupte
Mrs. Kalpana Morparia
Mrs. Chanda Kochhar
Mr. Kevin Holmgren
Mr. M.P. Modi
Mr. R Narayanan
Ms. Shikha Sharma, Managing Director
Mr. N.S. Kannan, Executive Director
MANAGEMENT TEAM
Ms. Shikha Sharma, Managing Director & CEO
Mr. N.S. Kannan, Executive Director
Mr. V. Rajagopalan, Chief - Actuary
Mr. Sandeep Batra, Chief Financial Officer & Company Secretary
Ms. Anita Pai, Chief - Customer Service and Operations
Mr. Puneet Nanda, Chief - Investments
Mr. Dipan Bhattacharya - Chief Information Technology
OUR MEMBER
ABOUT PRUDENTIAL
Prudential plc, one of the UK's leading financial service providers,
issued life insurance policies in Poland prior to World War II through
Prudential
Assurance
Company
Limited
and
its
subsidiary
companies
ceased
to
accept
new
life
business
and
the
business unit and Group functions who have input into the operation of
the Group Risk Framework. The Group Operational Risk Committee is
the senior management forum responsible for oversight of the Group
Risk Framework across the business unit and Group functions,
including
monitoring
operational
risk
and
related
policies
and
Finance
Director
and
is
the
senior
management
forum
an
annual
business
plan
with
three-year
projections.
yIntegrit: Claims
loss of over 1,500 lives; by June 1912, Prudential had paid 14,239 in
claims for 324 lives
Integrity: Wartime
During the First World War Prudential paid in full
claims
arising
from
death
due
to
war
By the outbreak of the Second World War, Prudential had more than
28,000,000 policyholders. All Industrial Branch and many Ordinary
Branch policies contained a clause reducing claims on deaths due to
war causes. The board decided on 7 September 1939 that for the time
being all claims arising from naval, military and aviation causes be
paid in full.
Branch
policyholders
were
already
Training all employees so that they can recognise and avoid the
use of bribery by themselves and others;
Rigorously
investigating
instances
of
alleged
bribery
and
The Policy
The Group prohibits:
the offering, the giving, the solicitation or the acceptance of any bribe,
whether cash or other inducement
to or from
any person or company, wherever they are situated and whether they
are a public official or body or private person or company
by any individual employee, agent or other person or body acting on
the Group's behalf in order to gain any commercial, contractual or
regulatory advantage for the Group in a way which is unethical or in
order to gain any personal advantage, pecuniary or otherwise, for the
individual or anyone connected with the individual
Further Clarification
The Group recognises that market practice varies across the territories
in which it does business and what is normal and acceptable in one
place may not be in another. This policy prohibits any inducement
which results in a personal gain or advantage to the recipient or any
person or body associated with them, and which is intended to
influence them to take action which may not be solely in the interests
of the Group or of the person or body employing them or whom they
represent.
This policy is not meant to prohibit the following practices providing
they are customary in a particular market, are proportionate and are
properly recorded:
MARK WOOD
Non-excutive director
Prudential plc
KEKI DADISETH
Non-executive director
Prudential plc
MICHAEL GARRETT
Non-executive director
Prudential plc
BRIDGET MACASKILL
Non-executive director
Prudential plc
Chairman, Remuneration Committee
ROBERTO MENDOZA
Non-executive director
Prudential plc
KATHLEEN ODONOVAN
Non-executive director
Prudential plc
JAMES ROSS
Prudentials
first
venture
into
sports
Opera to London. The Prudential Awards for the Arts (the largest arts
prizes in the UK, now administered by the Association for Business
Sponsorship of the Arts) were launched in 1988. In 1996 Prudential
began sponsorship of a series of major exhibitions at the Tate Gallery,
and remains a founding corporate partner of the Tate Modern. More
unusual ventures which have received support include the British Trust
for Conservation Volunteers, parachute jumping, a quiz for sixthformers and the Wildlife Photographer of the Year award.
localised
sponsorship
and
community
Michigan
State
University
and
the
United
Way
community
Diversity
All employees and applicants to our businesses should
be
given
equal
opportunity
in
all
aspects
of
Business Units must ensure that these principles are embedded in all
their management practices and that this is evident to employees in
their day to day work.
Business Units should report annually to Group Human Resources on
their diversity and equal opportunities practices and overall workforce
demographics, for internal governance and public disclosure where
required
Employee Learning
Competitive advantage is sustained by having
sufficient and appropriate skills to deliver business
objectives. Businesses should establish an environment
that facilitates learning and ensures the levels of training and
competence required by local regulation
Employee Relations
Business Units should seek to have a strong and direct
relationship
with
employees
and
where
there
is
recognises
that,
through
day-to-day
savings,
life
assurance,
banking
and
investment
management.
Institutions
on
the
Environment
and
Sustainable
development
and
compliance
with
all
relevant
Promote recycling;
Prudential
through
has
which
developed
our
environmental
efforts
towards
objectives
achieving
and
targets
environmental
Environment/Supply Chain
We recognise that our business activities and the
investments we make on behalf of our customers have
an
impact
on
the
environment
and
the
wider
community.
It is important that our business management reflects the growing
awareness of environmental issues within the supply chain, including
factors such as: ethical considerations; security of supply; future
costs; efficiency savings and legislation.
We believe corporate responsibility is an integral part of good business
practice, encompassing our relationships with employees, customers,
shareholders, suppliers, and business and non-business partners in the
communities in which we operate. The Prudential Procurement Teams'
supply chain and environmental objectives are to secure services and
products with minimal environmental impact where appropriate and to
work with suppliers to create services and products that further our
progress towards sustainable development, whilst meeting Prudential
economic targets.
We will:
1) Identify environmentally preferable products and seek practical and
innovative solutions to environmental and social issues in individual
contract specifications for the supply of business goods and services.
2) Develop procurement strategies for key spend areas and those with
high environmental impact that provide economic advantage, whilst
where possible, reducing total material consumption, fossil fuel energy
requirements, transportation and waste to lay the foundation for
sound, long-term relationships with key suppliers.
3) Encourage key suppliers to minimise the impact of their operations
on the environment through their procurement policies and practices
and their own supply chains in meeting the contract specification.
In addition, we shall ensure that we have a training and development
plan for our procurement staff and to review this policy annually.
Philip Broadley
Group Finance Director
March 2013
Financial Reporting
The
directors
have
duty
to
report
to
shareholders
on
the
2013)
and
the
achieved
profits
basis
supplementary
Elementary Education
Global Issues
In this section we focus on four global issues that are relevant to our
business and to our stakeholders internationally. Our response is
informed by our expertise and by continuous dialogue with our
stakeholders.
Changing Demographics
Around the world, populations are ageing as people are
living longer and birth rates decline. While living longer is
good news for many, it creates a fresh set of challenges for societies,
with individuals increasingly called upon to take responsibility for
retirement provision. Financial services providers have a key role in
developing solutions.
Consumer Confidence
Increasing Globalisation
The lowering of trade barriers around the world presents
businesses with opportunities for growth and efficiency, but
we recognise that our choices can instantly affect people
around the world. Socially acceptable business growth is key, based on
internationally accepted standards of conduct
Sustainable Development
Sustainable development is about more than protecting the
environment. It also means ensuring human rights, dealing
fairly with all our stakeholders and acting responsibly towards the
communities in which we operate
Our Business
Through our businesses in the UK, Continental Europe, the US and
Asia, we provide financial products and services to many millions of
customers worldwide. In so doing, we aim to uphold our reputation,
built over 155 years, for acting responsibly and with integrity,
respecting the laws and regulations, traditions and cultures of the
countries within which we operate as well as internationally accepted
standards of responsible business conduct.
The Prudential plc Board requires the highest possible standards of
professional and ethical conduct from all employees. This Code of
Conduct sets out the basic ethical standards that are required across
the Group. Equivalent standards of conduct are expected from all
agents and other persons acting on behalf of the Group. All employees
and other persons acting on behalf of the Group are expected to treat
Tucker
1.3
regard to our values and standards, as set out in this Code and
the Group Governance manual.
1.4
2.2
2.3
2.5
prospects honestly.
3.4
4.5
performance.
5.4
6.2
9.1
environment
is
of
great
importance
to
out
policies,
assigns
key
responsibilities
and
performance
standards to ensure the health and safety of our staff, visitors and
contractors.
Policy
To demonstrate
to
the
workforce,
customers,
contractors,
Organisation
To ensure that our health and safety policies are effective, we have
established a framework to acquire involvement and commitment from
employees at all levels of the organisation. This includes:
Operation
In support of the Prudential health and safety policy, a comprehensive
health and safety management system has been established to
manage the day to day activities in support of the policy. This includes
the setting and monitoring of performance standards, identification,
assessment and management of risk and reporting on a regular basis
at various levels of the organisation, including annually at the
Human Rights
As an international provider of financial services,
operating in diverse markets and cultures, Prudential
recognises its obligations to supporting Human Rights
as a consequence of its principles of acting responsibly and with
integrity. This Policy outlines Prudential's approach.
Prudential is committed to ensuring protection and respect for
fundamental Human Rights in all our activities.
We strongly endorse the principles set out in the Universal Declaration
of Human Rights, in particular those relevant to our operations which
are:
The
prohibition
of
torture,
cruel,
inhuman
or
degrading
treatment or punishment;
their
interactions
with
Customers,
Employees,
Suppliers,
investing for the long term to bring out the best in our people
actions
performance.
annually,
In
which
shaping
our
will
enable
particular
others
approach
to
to
judge
our
corporate
The Board
As at 31 December 2013, the Board comprised the Chairman, six
executive directors and six independent non-executive directors.
Following recent changes there will be, with effect from 1 April 2005,
six executive directors and seven independent non-executive directors
in addition to the Chairman. These non-executive directors bring a
wide range of business, financial and global experience to the Board.
Biographical details of the current Board members appear on pages 32
and 33 (Annual Report 2013).
Executive are separate and clearly defined, and have been approved
by the Board so that no individual has unfettered powers of decision.
The Chairman is responsible for the leadership and governance of the
Board as a whole and the Group Chief Executive for the management
of the Group and the implementation of Board strategy and policy on
the Boards behalf. In discharging his responsibility, the Group Chief
Executive is advised and assisted by the Group Executive Committee,
comprising all the business unit heads and a Group Head Office team
of
functional
specialists.
Rob
Rowley
is
the
Companys
Senior
inappropriate. The Chairman meets, at least annually, with the nonexecutive directors without the executive directors being present.
During 2013 the Board met 14 times and held a separate strategy day.
Each year one of the Board meetings is held at one of the Groups
business operations to facilitate a fuller understanding of the diversity
of the business. In September 2013, a Board meeting was held in
Scotland, following a series of presentations made to Board members
on the UK business and future market opportunities by the Prudential
UK management team at its Craigforth centre. All of the directors,
save for Bridget Macaskill who missed one scheduled meeting due to
injury, attended all of the eight scheduled Board meetings. The
majority of the directors attended most of the remaining six additional
Board meetings. Where a director was not able to attend any of the
additional meetings, their views were canvassed prior to that meeting.
A further 14 Board Committee meetings took place during the year.
The Boards terms of reference, which are regularly reviewed, set out
those matters specifically reserved to it for decision, in order to ensure
that it exercises control over the Groups affairs. These include,
amongst other things, approval of the annual and interim results,
strategy
and
corporate
objectives,
operating
plans,
significant
board
comprising
its
most
senior
executives.
In
responsibility,
strong
leadership,
sound
investments
and
Four years later, Prudentials sales extended beyond New Jersey, into
New York City and Philadelphia, and the company's customer base
expanded to the newly emerging middle class. With growing sales,
assets reached $1 million, and in 1885, the one-millionth policy was
sold to John Dryden. Renamed "The Prudential Insurance Company of
America," Prudential later adopted The Rock of Gibraltar as its
company symbol, reflecting the strength and security it offered to
customers.
committed
to
protecting
working
families.
billion. The decade also saw a changing of the guard when Arthur F.
Ryan of Chase Manhattan Bank, became the first individual from
outside Prudential to become chairman and chief executive officer.
In
2001,
Prudential
marked
major
milestone
with
its
LLC.
ICICI Bank's equity shares are listed in India on the Bombay Stock
Exchange and the National Stock Exchange of India Limited and its
American Depositary Receipts (ADRs) are listed on the New York Stock
Exchange (NYSE).
ICICI Bank has formulated a Code of Business Conduct and Ethics for
its directors and employees. (Click here to view a copy of the Code)
At September 20, 2013, ICICI Bank, with free float market
capitalization* of about Rs. 400.00 billion (US$ 9.00 billion)
ranked third amongst all the companies listed on the Indian
stock exchanges.
ICICI Bank was originally promoted in 1994 by ICICI Limited, an
Indian financial institution, and was its wholly-owned subsidiary.
ICICI's shareholding in ICICI Bank was reduced to 46% through a
public offering of shares in India in fiscal 1998, an equity offering in
the form of ADRs listed on the NYSE in fiscal 2000, ICICI Bank's
acquisition of Bank of Madura Limited in an all-stock amalgamation in
fiscal 2001, and secondary market sales by ICICI to institutional
investors in fiscal 2010 and fiscal 2011. ICICI was formed in 1955 at
the initiative of the World Bank, the Government of India and
representatives of Indian industry. The principal objective was to
create a development financial institution for providing medium-term
vast talent pool of ICICI and its subsidiaries. In October 2010, the
Boards of Directors of ICICI and ICICI Bank approved the merger of
ICICI and two of its wholly-owned retail finance subsidiaries, ICICI
Personal Financial Services Limited and ICICI Capital Services Limited,
with ICICI Bank. The merger was approved by shareholders of ICICI
and ICICI Bank in January 2010, by the High Court of Gujarat at
Ahmedabad in March 2010, and by the High Court of Judicature at
Mumbai and the Reserve Bank of India in April 2012. Consequent to
the merger, the ICICI group's financing and banking operations, both
wholesale and retail, have been integrated in a single entity.
*Free
float
holding
excludes
all
promoter
holdings,
strategic
H1- 2013
Performance Review Six Months ended September
30, 2013
Audited Financial Results for the Six Months ended
September 30, 2013
Investor Presentation on Performance Review Q2-FY2013
Q1-FY2013
Analyst call on July 30, 2013 - transcript
Performance Review Quarter ended June 30, 2013
Audited Financial Results for the Three Months
ended June 30, 2013
Investor presentation on performance Review - Q1
- FY2013
FY2013
Performance Review - Year ended March 31, 2013
Audited Financial Results for the year ended March
31, 2013
Presentation - FY2013 Results
Webcast of the Presentation - FY2013 Results
Indian GAAP Auditors Report
Indian GAAP Profit & Loss Account
Indian GAAP Balance Sheet
Indian GAAP Schedules
2005-06-Standalone Notes to accounts
Indian GAAP Cash Flow Statement
Q3-FY2013
Analyst call on January 17, 2013 - transcript
Performance Review Nine Months ended
December 31, 2013
Audited Financial Results for the Nine Months
ended December 31, 2013
Investor Presentation on Performance Review 9M-FY2013
H1- 2013
Analyst call on October 21, 2013 - transcript
Performance Review Six Months ended September
30, 2013
Audited Financial Results for the Six Months ended
September 30, 2013
Investor Presentation on Performance Review H1-FY2013
Q1- 2013
Analyst call on July 23, 2013 - transcript
Press Release - Performance Review - Three
Months ended June 30, 2013
Audited Financial Results for the Three Months
ended June 30, 2013
Investor presentation on performance Review - Q1
- FY2013
FY2012
Press Release - Performance Review - Year ended
March 31, 2012
Audited Financial Results for the year ended March
31, 2012
Indian GAAP Auditors Report
Indian GAAP Profit & Loss Account
Indian GAAP Balance Sheet
Indian GAAP Schedules
Indian GAAP Notes to Accounts
Indian GAAP Cash Flow Statement
Press Release - US GAAP accounts FY2012
Webcast of the Presentation - FY 2011-2012
Results
Presentation - FY 2011-12 Results
Q3-FY2012
Press Release - Performance Review - Nine Months
ended December 31, 2011
Audited Financial Results for the Nine Months
ended December 31, 2011
Investor presentation on Performance Review - Q3
- FY2012
H1-FY2012
Analyst call on October 31, 2011 - transcript
Press Release - Performance Review - Half-year
ended September 30, 2011
Audited Financial Results for the half-year ended
September 30, 2011
Investor presentation on Performance Review - H1
- FY2012
Q1-FY2012
Press Release - Performance Review - Three
Months ended June30, 2011
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Analyst call on January 31, 2011 - transcript Press Release Performance Review - Nine Months ended December 31, 2010
Audited Financial Results for the Nine Months ended December 31,
2010 Investor presentation on Performance Review - Q3 - FY2011Q2FY2011
Press Release - Performance Review - Half year ended September
30, 2010 Audited Financial Results for the Half year ended September
30, 2010 Investor presentation - H1- FY2011 Q1-FY2011
Errata in results release issued on July 31st, 2010 Press Release Performance Review - Quarter ended June 30, 2010 Audited Financial
Results for the Quarter ended June 30, 2010 Investor Presentation Q1 - FY 2011FY2010
Indian GAAP Profit & Loss Account, Balance Sheet and Schedules
Indian GAAP Notes to Accounts Indian GAAP Cash Flow Statement
Board Committees
Audit Committee
Mr.
Mr.
Sridar
M.
K.
Iyengar
Sharma
N.
Mr.
Vaghul
Anupam
Mr.
M.
Mr.
P.
K.
M.
Puri
Sharma
Sinha
N.
Mr.
Mr.
Anupam
M.
Vaghul
Puri
K.
Sharma
Mr.
P.
M.
Sinha
Mr. K. V. Kamath
Credit Committee
Mr.
N.
Mr.
Vaghul
Somesh
Mr.
R.
Mr.
Sathe
.K.
P.
Sharma
M.
Sinha
Mr. K. V. Kamath
Fraud Monitoring Committee
Mr.
M.
Mr.
K.
Somesh
Mr.
K.
R.
V.
Ms.
Sharma
Sathe
Kamath
Kalpana
Morparia
N.
Vaghul
Mr.
Sridar
Iyengar
Prof.
Marti
Mr.
V.
G.
Prem
Subrahmanyam
Watsa
Mr. K. V. Kamath
Share
Transfer
Committee
&
Shareholders'/
Investors'
Grievance
Mr.
Mr.
M.
K.
Somesh
Ms.
Sharma
R.
Kalpana
Sathe
Morparia
K.
Ms.
Lalita
Ms.
Kalpana
Ms.
Chanda
V.
Kamath
D.
Gupte
Morparia
D.
Kochhar
Lalita
Ms.
Ms.
Dr. Nachiket Mor
D.
Kalpana
Chanda
Gupte
Morparia
D.
Kochhar
You can also enhance the above two policies by adding Accident &
Disability Benefit Rider and Waiver of Premium Rider (WOP).
and safeguard your childs future education and lifestyle, taking all
possibilities into account. Choose from amongst a basket of 4 plans:
1. SmartKid regular premium
2. SmartKid unit-linked regular premium
3. SmartKid unit-linked regular premium II
4. SmartKid unit-linked single premium II
Retirement Plans
Life Expectancy has been rising rapidly and today
you can expect to live longer than your earlier
generations. For you, this increase will mean a longer retirement life,
stretching into a couple of decades. ICICI Prudential presents
Retirement
Solutions
that
combine
the
best
of
insurance
and
accumulation
as
well
as
payout
phase.
A regular premium linked pension plan that gives you the freedom to
choose the amount of premium, and invest in market-linked funds, to
generate potentially higher returns.
A single premium linked pension plan that gives you the freedom to
choose the amount of premium, and invest in market-linked funds, to
generate potentially higher returns.
A regular premium pension plan that gives you the flexibility to choose
between 3 levels of sum assured for the same level of total annual
contribution
A regular premium pension plan that helps you save for your
retirement while providing you with life insurance protection.
*The capital guarantee is applicable only on the invested premium and
the declared bonus interests.
Choose from 5 Annuity options at the time of vesting
1. Life Annuity
2. Life Annuity with return of purchase price
Investment Plans
LifeLink II is a unique plan that combines the security of a life
insurance policy with the opportunity of enjoying high returns on your
investments, without the market risks compromising on the protection
of your family!
Death Benefit: The Sum Assured under the product has 2 options,
either 500% of the initial premium or 105% of the initial premium. In
the event of an unfortunate death, the beneficiary will receive higher
of the value of units or the initial death benefit, less any withdrawals.
change, you can switch between the various fund options, absolutely
free, 4 times a year
Group Solutions
In an era of competitive parity, the only asset that makes a decisive
difference between corporate success and failure is the quality of
human capital. Employee benefits have proven to be an excellent tool
to optimize the retention of talent and improve an organisations
bottomline.
The
quality
of
an
organisations employee
benefits
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Select the competence of your interest here below to see a list of
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or
see
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MANAGING OTHERS
Select the competence of your interest here below to see a list of
programmes
addressing
this
competence
Coaching
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or
see
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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
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People take out life insurance policies for a number of reasons. Such
insurance provides security to family members upon the loss of a loved
one. For instance, if the primary wage earner dies in his or her prime,
the death benefit received from a life insurance policy will assist the
surviving family members in overcoming the burden of the tragic loss.
Life insurance can be purchased by individuals, but is also offered as a
perk
by
many
employers.
Often
times,
large
employers
and
In our primitive days we are just studying about the company profile
like ICICI bank, US based prudential and ICICI Prudential and after
that we are introducing our self to the company norms and rules and
regulation after that we are studying about the facilities the company
offer to their employee .In next step we are trying to understand
potential of ICICI Prudential in insurance sector.
product to their customer. For the financial advisor there are some
parameters on the basis of which we can select them. This is not so
easy task to recruit them because there are so many companies which
offering more or less similar facilities to their advisers.
Conclusion
Bibliography
Study Material
Brochures of all insurance company
Company BOP (Business opportunity Presentation)
Brochures of ICICI prudential
Book Referred
Philip kotler
Website referred
www.google.com
www.iciciprulife.com
www.icicibank.com