Consumer Perception Regarding Products of ICICI Pru

 About the policy
 Products in relience life insurance

 Management Profile
 Plan’s 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. 2602 crore, 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 bank 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.
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.
The ICICI Prudential Edge

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.
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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
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 to service customers quickly, efficiently and conveniently.
Developing and implementing superior 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 describes
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.
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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.
Prudential Plc
Established in London in 1848, Prudential plc, through its businesses in the UK and Europe, the
US and Asia, provides retail financial services products and services to more than 20 million
customers, policyholder and unit holders and manages over £256 billion of funds worldwide (as
of June 30, 2007). In Asia, Prudential is the leading European life insurance company with life
operations in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines,
Singapore, Taiwan, Thailand, and Vietnam. Prudential is the second largest retail fund manager
for Asian sourced assets ex-Japan as at June 2006. Its fund management business has expanded
into a total of ten markets: China, Hong Kong, India, Japan, Korea, Malaysia, Singapore,
Taiwan, Vietnam and United Arab Emirates.
Fact Sheet
The Company
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. 26.02 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
500,000 retail policies in the period. The company has assets held to the tune of over Rs. 20,000
crore.
For the past six years, ICICI Prudential has retained its leadership position in the life insurance
industry with a wide range of flexible products that meet the needs of the Indian customer at
every step in life.
Distribution
ICICI Prudential has one of the largest distribution networks amongst private life insurers in
India. It has a strong presence across India with over 700 branches and over 235,000 advisors.
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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.
Products
Insurance Solutions for Individuals
ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that meet
the needs of customers at every life stage. Its products can be enhanced with up to 4 riders, to
create a customized solution for each policyholder.
Savings & Wealth Creation Solutions

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. It is
available for terms of 15 and 20 years.
LifeTime Super & LifeTime Plus are unit-linked plans that offer customers the
flexibility and control to customize the policy to meet the changing needs at different life
stages. Each offer 6 fund options - Preserver, Protector, Balancer, Maximiser, Flexi Growth
and Flexi Balanced.
LifeLink Super is a single premium unit linked insurance plan which combines life
insurance cover with the opportunity to stay invested in the stock market.
Premier Life Gold is a limited premium paying plan specially structured for long-term
wealth creation.
InvestShield Life New is a unit linked plan that provides premium guarantee on the
invested premiums and ensures that the customer receives only the benefits of fund
appreciation without any of the risks of depreciation.
InvestShield Cashbak is a unit linked plan that provides premium guarantee on the
invested premiums along with flexible liquidity options.
LifeStage RP is a unique and powerful wealth creation insurance solution, which
combines the benefits of automatic asset allocation and quarterly rebalancing along with
increased protection.
Protection Solutions
LifeGuard protection plan, which offers life cover at low cost. It is available in 3 options
- level term assurance, level term assurance with return of premium & 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.
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Education insurance plans
Education insurance under the SmartKid brand provides 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 traditional retirement product that offers guaranteed returns for the first
4 years and then declares bonuses annually.
LifeTime Super Pension is a regular premium unit linked pension plan that helps one
accumulate over the long term and offers 5 annuity options (life annuity, life annuity with
return of purchase price, joint life last survivor annuity with return of purchase price, life
annuity guaranteed for 5, 10 and 15 years & for life thereafter, joint life, last survivor annuity
without return of purchase price) at the time of retirement.
LifeLink Super Pension is a single premium unit linked pension plan.
Immediate Annuity is a single premium annuity product that guarantees income for life
at the time of retirement. It offers the benefit of 5 payout options.
Health Solutions
Health Assure and Health Assure Plus: Health Assure is a regular premium plan which
provides long term cover against 6 critical illnesses by providing policyholder with financial
assistance, irrespective of the actual medical expenses. Health Assure Plus offers the added
advantage of an equivalent life insurance cover.
Cancer Care: is a regular premium plan that pays cash benefit on the diagnosis as well
as at different stages in the treatment of various cancer conditions.
Diabetes Care: Diabetes Care is a unique critical illness product specially developed for
individuals with Type 2 diabetes and pre-diabetes. It makes payments on diagnosis on any of
6 diabetes related critical illnesses, and also offers a coordinated care approach to managing
the condition. Diabetes Care Plus also offers life cover.
Hospital Care: is a fixed benefit plan covering various stages of treatment -
hospitalisation, ICU, procedures & recuperating allowance. It covers a range of medical
conditions (900 surgeries) and has a long term guaranteed coverage upto 20 years.
Crisis Cover: is a 360-degree product that will provide long-term coverage against 35
critical illnesses, total and permanent disability, and death.
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Group Insurance Solutions
ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance
benefits to their employees.
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.
Group Superannuation Plan: ICICI Pru offers both defined contribution (DC) and
defined benefit (DB) superannuation schemes to optimize returns for the members of the trust
and rationalise the cost. Members have the option of choosing from various annuity options or
opting for a partial commutation of the annuity at the time of retirement.
Group Immediate Annuities: In addition to the annuities offered to existing

superannuation customers, we offer immediate annuities to superannuation funds not managed
by us.
Group Term Plan: ICICI Pru's flexible group term solution helps provide affordable
cover to members of a group. The cover could be uniform or based on designation/rank or a
multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the
member on his/her death.
Flexible Rider Options

ICICI Pru Life offers flexible riders, which can be added to the basic policy at a marginal cost,
depending on the specific needs of the customer.
1) Accident & disability benefit: If death occurs as the result of an accident during the
term of the policy, the beneficiary receives an additional amount equal to the rider sum
assured under the policy. If an accident results in total and permanent disability, 10% of
rider sum assured will be paid each year, from the end of the 1st year after the disability
date for the remainder of the base policy term or 10 years, whichever is lesser. If the
death occurs while traveling in an authorized mass transport vehicle, the beneficiary will
be entitled to twice the sum assured as additional.
2) Critical Illness Benefit: Protects the insured against financial loss in the event of 9
specified critical illnesses. Benefits are payable to the insured for medical expenses prior
to death benefit.
3) Waiver of Premium: In case of total and permanent disability due to an accident, the
future premiums continue to be paid by the company till the time of maturity. This rider
is available with SmartKid, LifeTime Plus, LifeTime Super and LifeTime Super Pension.
4) Income Benefit: In case of death of the life assured during the term of the policy, 10% of
the sum assured is paid annually to the nominee on each policy anniversary till the
maturity of the rider.
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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. Barry Stowe
Mrs. Kalpana Morparia
Mrs. Chanda Kochhar
Mr. HT Phong
Mr. M.P. Modi
Mr. R Narayanan
Mr. Keki Dadiseth
Ms. Shikha Sharma, Managing Director
Mr. N. S. Kannan, Executive Director
Mr. Bhargav Dasgupta, Executive Director
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Awards & Recognitions
India's Most Customer Responsive Insurance Company

Avaya GlobalConnect - Economic Times
Customer Responsiveness Awards
Most Trusted Private Life Insurer

The Economic Times - A C Nielsen Survey of Most Trusted Brands – 2003, 2004 and 2005
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Prudence Customer Centricity Award 2004 & 2005
Prudential Corporation Asia
Best Life Insurer 2003

Outlook Money Awards 2003 & 2004
ICICI Prudential has a wide array of insurance plans that have been designed with the
philosophy that different individuals are bound to have differing insurance needs.
The ideal insurance plan is one that addresses the exact insurance needs of the individual that
will depend on the age and life stage of the individual apart from a host of other factors.
Life Insurance Plans

Under Life insurance plans, ICICI Prudential offers plans under the following major need
categories:
 Education Insurance Plans

 Wealth Creation Plans
 Premium Guarantee plans
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 Protection Plans
The primary objective of a retirement plan is to help you provide for your financial needs in your
post retirement years. Click here to know more about our retirement solutions
 Life Time Super Pension
 Forever life
 Life Link Super Pension
Health Product Suite

Under Health Product Suite, ICICI Prudential offers plans under the following major need
categories:
 Hospital Care
 Health Assure
 Cancer Care
 Crisis Cover
 Diabetes Care
 Diabetes Care Plus
Group plan
One Sure Shot Way For An Employer To Retain His Team Employees these days are
constantly on the prowl for "better opportunities". How then do you get them to focus on your
job and stay committed for long tenures?
Human Resource experts agree that employee’s work with utmost dedication when they
believe their organization truly cares about their well-being.
One-way of showing your concern for your employees is to shoulder the two
responsibilities they worry about most: Security of and Savings for their families.
Group Insurance Plans from ICICI Prudential enable you to effortlessly provide your
employees with both, savings and security, so they can pass on the benefits to their loved ones.
ICICI Pru Group Solutions Advantage

ICICI Prudential offers a suite of Group Insurance plans that provide both you and your
employees with a host of benefits:
1. Group Super Annuation: This flexible plan for, defined benefit and defined contribution,
provides retirement & tax benefits applicable to an approved superannuating trust.
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2. Group Gratuity Plan: This hassle-free plan enables you to effortlessly fund your statutory
gratuity obligation.
3. Annuity Solutions: This suite of retirement plans enables you to provide your employees with
a steady income all through their retired lives.
4. Group Term Insurance Plan: This insurance plan provides affordable cover to all your
employees.
5. Group Term Insurance in lieu of EDLI: Employee Provident Fund Organistion (EPFO) as a
superior alternative to Employee’s Deposit Linked Insurance Scheme certifies this plan.
Tax Benefits on Insurance and Pension

Life insurance and retirement plans are effective ways of saving taxes. The tax breaks that are
available under our various insurance and pension policies are described below:
1. Our life insurance plans are eligible for deduction under Sec. 80C.
2. Our Pension plans are eligible for a deduction under Sec. 80CCC.
3. Our health insurance plans/riders are eligible for 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.
Tax Rates for Individuals financial year

2007- 08
RATE OF TAX
Total Income
Resident
Women Others
below 65
yrs
Nil
Upto Rs 1,10,000/- Nil
Above Rs. 1,10,000/-

Nil 10%
to Rs. 1,45,000/-
Above Rs. 1,45,000/-
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to Rs. 1,50,000/-10% 10%
Above Rs 1,50,000 to
Rs. 1,95,000/-
20% 20%
Above Rs . 1,95,000/-
to Rs. 2,50,000/-
20%
Above Rs. 2,50,000/- 20%
30% 30%

In case where the Total Income exceeds Rs 10,00,000, there would be a surcharge
@ 10%.Marginal relief is available to assessee whose income just exceeds Rs.
10,00,000.
 Objective of Study & Research

Methodology
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The main objective of my study is to know about various products available for child
insurance in Reliance insurance and other various concerns. The major Objectives are as under:
 To study the various products for child insurance.

 To study the comparison of different plans available in the market for child
insurance.
 To study the different policies available for children plans.
 To study the benefits of taking child insurance.
 To study the preferences of the customers.
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To attain the objective of the study the primary as well as the secondary data is used.
Primary Data: - Conducting personal interactions with the manager and staff members of ICICI
prudential.
Secondary Data: - To complete the present study, the secondary data has been also used. The
secondary data has been collected from various published materials like various books, various
brochures and website.
 Concept & Definition of Insurance

 Purpose & need of Insurance
 Nature & importance of perception
 Factors influencing perception
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Life is full of uncertainties due to different types of risks like death, accidents, loss of health,
property, floods, fire, earthquakes and so an. Every day some unfavorable events do happen
which cause anxiety to be life and disturbs one peace of mind. Insurance is the answer to these
types of risks and uncertainties. Insurance is based on principle that group of person exposed to
similar type of risk join together and pool their resources to help few unfortunate ones and meet
the loss. It is the process in which many people who are equally exposed to some risks share
losses of few.
Insurance is method, which provides security and protection against financial loss up to
some limit. It means shifting risks to insurers in consideration of nominal cost called premium.
Insurer agrees top pay certain sum of money to compensate loss caused by occuence of uncertain
event in consideration of certain periodical payments i.e. Premium.
Functional Definition
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According to R.S. Sharma = “Insurance is co-operative device to spread
loss caused by particulars risk over number of persons who are exposed to it,
who agree to insure themselves against that risk”.
Legal Definition
According To F.W Pattern = “Insurance is contract by which one party
for compensation called premium assumes particular risks of other party and
promise to pay to him or his nominees a certain or ascertainable sum of
money on a specified contingency.”
Fundamental Definition
According DS Hansel = “Insurance may be defined as social device
providing financial compensation for effects of misfortune the payment being
made from the accumulated contributions of all parties participating in the
scheme”.
1. Assets are insured, because they are likely to be destroyed or made non-financial through
an accidentals occurrence. Such possible occurrences are called perils. Fire floods,
breakdowns, lighting, Earthquakes etc. are perils that the assets is exposed to.
2. The risk only means that there is a possibly of loss or damage. It may or may not happen.
There has to be an uncertainly about risk. Insurance is done against the contingency that
it may happen. Insurance is relevant only if that is no uncertainly about occurrence of an
event, it can not be insured against.
3. Conceptually, the mechanism of insurance is very sample. People who were exposed to
some risks come together, agree that if anyone of the numbers suffers a loss the other will
share the loss, and make good to the person who lost/ all people who send goods by ship.
are exposed to the same risk related to water damage, ship risking, Piracy, etc. those
owing factories are not exposed to these risks, but they are exposed to different kinds of
risks like are exposed to different kinds of risks like fire, earthquakes, lighting, burglary
etc. like the different kinds of risks can be identified and separate groups made including
those exposed to such risks. By their method the risk is spread among community and
likely big impact on one is reduced to smaller manageable impacts on all.
4. The manner in which loss is to, be shared can be determined before hand. It may be
proportional O likely loss that each person is likely suffer which is indicative of the
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benefit he would receive if the peril benefit him. The share could be collected from the
members after the loss has occurred or the likely shares may be collected in advance, at
the time of admission to the group. Insurance companies collect in advance and create a
fund from which thaw losses are paid.
5. A human life is also an income – generating asset. This asset also can be lost through
unexpectedly early death or made nonfunctional through sickness and disabilities caused
by accidents. Accidents mayor may not happen. Death will happen, but the time is
uncertain. If it happens around the time of one’s retirement when it could be expected
that the income would normally cease, the person concerned could once have made some
other arrangements to meet the continuing needs. However, if it happens much earlier
when the alternate arrangements to meet the continuing needs, insurance is necessary to
help those dependents on the income.
6. In the case of a human being he may have arranged for his needs after his retirement.
These would have been made based on some expectation like he may live for another 15
days or that his children will look after him. If any of this expectation does not be come
true, the original arrangement would become inadequate and there could be difficulties.
Living too long can be much a problem as dying to young.
7. Insurance does not protect the asset. It does not prevent its due to the peril. The peril
cannot be avoided through insurance. The peril can sometimes be avoided through better
safety and damage control management. Insurance only tries to reduce the impact of the
risk on the owner of the asset and those who depend on that asset. It compensates, may
not be fully, the losses. Only economic or financial losses can be compensated.
8. The concept of insurance has been extended beyond the coverage of tangible assets.
Exporters run the risk of the importers in the country de faulting as well as losses due to
sudden changes in currency exchange rates economics policies or political disturbances.
These risks are now insured. Doctors run the risk of being charged with negligence and
subsequent liability to bear. There are insured. Thus insurance is extended to intangibles.
In some countries the voice of a singer or the legs of a dancer may be insured, although
the advantage of spread may not be available in these cases.
The concept of perception is closely related to the personality of a person. We know that people
working in an organization differ in terms of physical characteristics, background characteristics
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(such as training and education) and personality traits. One of the consequences of such of
differences is that people do not view things in same way. Perception is described as a person’s
view of reality. Every person perceives the world and approaches life problems differently. The
opinion about and the evaluation of a particular event differ from person to person. Reactions of
the people, to different situation, are also different. The reason that people behave on the basis
of what they perceive reality to be and not necessarily as what reality is. Perception is one of the
most important psychological factors affecting the human behaviour; because perception is the
way an individual experiences the situation.
Perception is the process thought, which the information for outside environment is selected,
received, organized and interpreted to make it meaningful to you. This input of meaningful
information results in decision and action.
ACCORDING TO JOSEPH REITZ, “perception includes all those processes

by which an individual receives information about his environment –seeing, hearing,
feeling, testing and smelling. The study 0f these perceptual processes shows that their
functioning is affected by three classes of variables- the objects or events being perceived,
the environment in which perception occurs and the individuals doing the perceiving ”.
Perception Refers To Interpretation of Sensory Data. In Other Words, Sensation Involves

Detecting the Presence Of A stimulus whereas perception involves understanding what stimulus
means. For example, when we see something, the visual stimulus is light energy reflected from
external world and eye becomes sensor. This visual image of external thing becomes perception
when it is interpreted in the visual cortex of brain. Thus, visual perception refers to interpreting
the image of external world projected on retina of eye and constructing a model of three-
dimensional world.
Perception is determined by both physiological and psychological characteristics of human being

whereas sensation is conceived with only physiological features. Thus, perception is not just
what one sees with eyes it is much more complex process by which an individual selectively
absorbs or assimilates the stimuli in the environment, cognitively organizes the perceived
information in specific fashion and then interprets the information to make an assessment about
what is going on in one’s environment Perception is very important in understanding the human
behavior, because every person perceives the world and approaches the life problems differently.
Whatever we see or feel is not necessarily the same as it reality is. It is because what we hear is
not what is reality said, but we perceive as being said. When we buy something, it is not because
it is the best, but because we take it takes it to be the best. Thus, it is because of perception, we
can find out why one individual finds a job satisfying while another one may not be satisfied
with it.
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If people behave on the basis of their perception, we can predict their behavior in the changed
circumstances by understanding their present perception of the environment. One person may be
viewing the facts in one way, which may be different from facts as seen by another viewer. With
the help of perception, the needs of various people can be determined, because people’s
perception is influenced by their needs. Like the mirrors at amusements park, they distort and
world in relation to this tensions. Perception is every important for the manager who wants to
making errors when dealing with people and events in the work setting. This problem is made
more complicated by the facts that different people perceive the same situation differently. In
order to deal with the subordinates effectively, the managers must understand their perceptions
properly.
Perception of an individual is influenced by a number of factors. He has a different

perception because he has a different personality, different background and set of experience. All
these factors may be classified as follows:-
(I) Physiology (II) Family (III) culture (IV) Stress (V) Group Pressure (VI) Interaction (VII)
Role (VII) Reference Group (IV) Organizational Position and (X) Reward system.
 Physiology
Perception of an individual is influenced by his or physiological conditions. For instance a
glorious sunrise may look like so many shades of gray or black to a person who is colour-blind
or an enchanting music not is impressive to one who is hard of hearing.
 Family
The perception of an individual is influenced considerably by the family in which he has been
brought up. In the family when the child has seen every elder telling a lie or drinking heavily, he
will perceive these vices as the normal way of life. Similarly, the child of a believer will be a:
believer and of an atheist a non-believer. The child develops the attitudes and the value system
generally prevalent in the family.
 Culture
The society and culture in which one live has an indelible impact on his attitudes, values and
way of perceiving the world. A person living in a nomadic society in jungles will not feel scared
of wild animals; similarly, a cow to a Hindu us the animal to worship and not to eat as beef as
compared to a European Film songs on the radio are considered essential to some young men and
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women to keep the mood intact whereas they are a source of distraction to others, the other
cultural variation is that many wealthy Americans and Europeans have abandoned the life style
of luxury to find peace and Happiness by joining such clans as ISKON or Mahesh Yogi;
conversely these are Indians who aspire for wealth and luxury to get happiness.
 Stress
Stress is a situation, which is created by the pressure of environments. It is uncommon situation,
which a person confronts. Sometimes stress helps in perceiving things in proper perspective and
more often it leads to less accurate impressions. For instance a student learns well under stress of
examination more often the same stress in the wrong perception. A cracking sound of wooden
plank in the night makes the person to perceive it as he entry of a burglar in the house.
 Group Pressure
The perception of an individual (minority) changes with the majority to be in conformity with
the group. More often his perception automatically changes when he finds that others do not
share his beliefs, attitudes or perception. Conversely if he finds that there are some who fall in
line with him, he will try to estimate the effect of majority. S E.ASCH conducted studies to
estimate the effect of group pressure upon the modification and distortment of judgment. It will
however, be relevant to point that the effect of the group pressure depends on the extent of clarity
with which the group pressure depends on the extent of clarity with which the group is exercised.
If the ambiguity exists in the group’s stand the individual may stick to his guns.
 Interaction
Interaction among group members helps in improving perception about a person or situation. The
interaction provides opportunity for sifting and sharpening perception. Leadership style also
affects perceptual process of the group members. If he follows autocratic style, the group
members will gradually develop perception as usually dictated by the leader. Conversely, if
democratic style is practiced, group members may comprehend perception on merit due to proper
interaction.
 Role
Role and perception are related if the role is properly perceived. A person is the son, father,
husband, student, brother etc. Hence he will have differently in different role. Hence while
perceiving the behavior of a person, his role has to be taken into account otherwise the
perception about the person will be wrong. For instance, if a grown-up man a talking to his
father, he should not be considered to be a person having complex, lack of initiate or too docile
to have any enterprise. Similar problem arises when members of organization perceive
organization’s role differently. For instance, the policy of the organization is punctually. Each
member is expected to come in time and leave the workplace in time. Anybody coming late is
expected to lose proportional wage. This role of organization may be perceived as a deliberate
punitive and vindictive act towards labour rather than reformatory in character.
 Reference Groups
Many people use groups of clarity or mind their perception. Groups are expected to perform
normative and comparative functions. When an individual, for instance, wants to be identified as
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a member of an elitist group. he would study the qualities and behavior pattern of such
members of the group, try to emulate to be accepted as the member of the group. This is known
as no motive function. There may also be comparative function of a reference group under which
the person may like to be different. For instance a person would not like to be associated with a
group of vagabonds. It is knows as comparative function of the reference group. There may be
reference groups within the organizations. These reference groups within the organizations.
 Organizational Position
The position held by an individual in organizations. Influences his perception. A production
manager will view every problem in the organizations. From the production angle and an
economic consultant from economic angle. Similarly, an economist will give economic
interpretation of a political phenomenon in the same manner as a sociologist will find a
sociological in the linguistic or biology.
 Reward System
Reward system in organizations. Has an impact on individual behavior which is preceded by the
perception process. If the individual knows that hard work devotion, innovation or productivity
are recognized and rewarded in the organizations. His behavior will definitely be induced and
influenced by the reward system. It is his perception of the reward system that motivates him
does more work.
 Perception Formation
INTERPRETATION
PERCEPTION
IINFORMATION SELECTIVITY
CLOSURE
STRESS
GROUP PRESSURE
INTERACTION
ROLE
REFERNCE GROUPS
ORGANIZATION POSITION
REWARD SYSTEM
 Perceptual Set or Perceptual Tendencies

An individual uses different devices for perception purpose, which are also called perceptual
sets. These devices or sets develop a tendency to behave in a particulars predictable way. These
are also known as devices to manipulate perceptual data. Some of the devices are (i)
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Stereotyping, (ii) The Halo effect, (iii) Projection, (iv) Perceptual defense, (V) Expectancy, (VI)
Selective perception, (VII) Perceptual readiness, (III) Implicit personality and (IX) Attribution.
 Stereotyping
The term stereotype has been derived from the vocabulary of a printing press. In a printing press
when a printing plate so made from a previously composed type it is called stereotype or the
type, which has again been used. In 1922, it was Walter lip Mann who applied this term to
perception. Stereotyping may be stated as tendency of a person to conclude that the perception
of another person in influenced by the social group to which the belongs. The social grouping
may be according to sex, race, religion, occupation or organization. Other common stereotype
groups may be managers, supervisors, creditors, shareholders, politicians, union members and
engineers. There is general agreement about the traits of each category of persons, yet there may
be discrepancy. For instance it is generally thought that union members are hotheaded and the
personnel managers are conciliatory and persuasive. Americans are materialistic and Indians are
spiritualistic; Japanese are extremely nationalistic and the Germans are industrious. In spite of
these generalizations each union member, Personnel Manager, American, Indian, Japanese and
German may not necessarily possess the traits identified for each of these categories of people.
Stereotyping is not concerned with positive or negative traits, which the perceiver may attribute
to the person on the basis of social grouping of the person so perceived.
Stereotyping though helpful in social perception in a general manner suffers from a number of
imperfections; firstly, traits attributed to an individual on the basis of his group affiliation may be
different in actual practice, Secondly, the perceiver may not go beyond the conventional traits
attributable to his social affiliation. Other traits, which are not attributed to the group, cannot be
though of causing thereby a lot of distortions. Thirdly, the perceiver’s personal prejudice and
bias in favor or against a particular group will condition his perception to overshadow the
elements in reality.
 The Halo Effect

The halo effect influences perception in a big way. In stereotyping a person is perceived on the
basis of his social classification; under halo he is perceived on the basis of a single trait.
The single trait will condition the entire process of perception about another person. For instance
an ambitious man may be intelligent, devoted, aggressive and punctual. Hence if an intelligent
man commits a mistake, our reaction will be ‘‘to err is human’’. But when another person who is
not intelligent repeats the same mistake, our reaction will be that ‘‘nothing more could be
expected of him in similar circumstances’’.
 Projection
Under given conditions people attribute their own feelings and characteristics to others. For
instance, a dishonest and corrupt man will perceive others as dishonest and corrupt. In other
words, he projects his own feeling and traits in others.
 Perceptual Defense
More often a person may create a defense against stimuli or situational events. In ‘other words,
he blocks or refuses to perceive the situational event. In other words he blocks or refuses to
23
perceive the incompatible to his way of thinking. In this manner perceptual defense may play an
important role in understanding labor arrangement or superior-subordinate relationship. Bruner
and postman have found in their study a blockade to perceiving personally threatening words
whereas Mc Ginning “raised identification thresholds for critical emotionally toner word.”
In other words, it may be stated that people rightly consider it feasible “to avoid perceiving
certain conflicting, threatening or unacceptable aspects” of event or phenomena. To what extent
it is correct as a debatable issue. It may, however, be stated that perceptual defense may lead to
keep the man in his own ivory tower who deliberately refuses to face reality in life.
 Expectancy
Expectancy is the process whereby the person expects others to perceive what he wants them to
perceive. This is also called self-fulfilling prophecy. For instance, Rosenthal in his classic
experiment told his students that be had identified in his laboratory two groups of rats one
intelligent and two stupid. In actual life there was no such demarcation but when the students
were asked to conduct a study, they could tell that such and such rat was more intelligent than in
others who are stupid. Students could only see what teacher expected them to see.
 Selective Perception
Selective Perception is yet another device to influence perception. Sometime a perceiver draws
unwarranted conclusions from an ambiguous situation. Under selective perception, perceiver’s
conclusions are based on the selective phenomena or events rather than the totality of the
situation. In this state, he is apt to perceive incorrectly also by ignoring other facts. For instance,
it is wrong to conclude that a firm is unviable as it is passing through the gestation period.
 Perception Readiness
Generally people perceive what they want or expect to perceive. Consequently they select and
interpret stimuli in the light of the past perceptual history and the present state of motivational
dynamics. This tendency is known as perceptual readiness. For instance, the Production Manager
may perceive even the problem of declining sale as production problem. This is the instance of
past perceptual history.
Similarly motivation also effects perception; this may be stated that people only see what they to
see. A hungry man will be more receptive to the stimuli relating to food; whether it is a picture
showing food items, or the odour of food cooking or the discussion about food. He is likely to
interpret ambiguous stimuli also as relating to food.
 Implicit Personality
While judging another person, individual’s perception is influenced by his belief that one human
trait is associated with another. For instance, a person’s trait of hard working will go with
honestly. It means hard working trait goes with the trait of honestly.
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 First Impression
First Impression about the person or phenomenon creates an indelible impression on individual’s
perception unless it is vehemently contradicted. The perception about an individual as thief
created on the basis of fist impression will be doubted a thief in sub sequent thefts also, though
he may not actually be involved in the incident of theft.
 Products Of Reliance Insurance co. Perceived By

Customers
 Protection Plan
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 Saving and Investment PLan
 Retirement Plan
 Child Plans
Insurance Solutions for Individuals

ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that meet
the needs of customers at every life stage. Its products can be enhanced with up to 4 riders, to
create a customized solution for each policyholder.
Savings & Wealth Creation Solutions

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. It is
available for terms of 15 and 20 years.
LifeTime Super & LifeTime Plus are unit-linked plans that offer customers the
flexibility and control to customize the policy to meet the changing needs at different life
stages. Each offer 6 fund options - Preserver, Protector, Balancer, Maximiser, Flexi Growth
and Flexi Balanced.
LifeLink Super is a single premium unit linked insurance plan which combines life
insurance cover with the opportunity to stay invested in the stock market.
Premier Life Gold is a limited premium paying plan specially structured for long-term
wealth creation.
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InvestShield Life New is a unit linked plan that provides premium guarantee on the
invested premiums and ensures that the customer receives only the benefits of fund
appreciation without any of the risks of depreciation.
InvestShield Cashbak is a unit linked plan that provides premium guarantee on the
invested premiums along with flexible liquidity options.
LifeStage RP is a unique and powerful wealth creation insurance solution, which
combines the benefits of automatic asset allocation and quarterly rebalancing along with
increased protection.
Protection Solutions
LifeGuard protection plan, which offers life cover at low cost. It is available in 3 options
- level term assurance, level term assurance with return of premium & 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.
Education insurance plans

ForeverLife is a traditional retirement product that offers guaranteed returns for the first
4 years and then declares bonuses annually.
LifeTime Super Pension is a regular premium unit linked pension plan that helps one
accumulate over the long term and offers 5 annuity options (life annuity, life annuity with
return of purchase price, joint life last survivor annuity with return of purchase price, life
annuity guaranteed for 5, 10 and 15 years & for life thereafter, joint life, last survivor annuity
without return of purchase price) at the time of retirement.
LifeLink Super Pension is a single premium unit linked pension plan.
Immediate Annuity is a single premium annuity product that guarantees income for life
at the time of retirement. It offers the benefit of 5 payout options.
Health Solutions
Health Assure and Health Assure Plus: Health Assure is a regular premium plan which
provides long term cover against 6 critical illnesses by providing policyholder with financial
assistance, irrespective of the actual medical expenses. Health Assure Plus offers the added
advantage of an equivalent life insurance cover.
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Cancer Care: is a regular premium plan that pays cash benefit on the diagnosis as well
as at different stages in the treatment of various cancer conditions.
Diabetes Care: Diabetes Care is a unique critical illness product specially developed for
individuals with Type 2 diabetes and pre-diabetes. It makes payments on diagnosis on any of
6 diabetes related critical illnesses, and also offers a coordinated care approach to managing
the condition. Diabetes Care Plus also offers life cover.
Hospital Care: is a fixed benefit plan covering various stages of treatment -
hospitalisation, ICU, procedures & recuperating allowance. It covers a range of medical
conditions (900 surgeries) and has a long term guaranteed coverage upto 20 years.
Crisis Cover: is a 360-degree product that will provide long-term coverage against 35
critical illnesses, total and permanent disability, and death.
Group Insurance Solutions

ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance
benefits to their employees.
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.
Group Superannuation Plan: ICICI Pru offers both defined contribution (DC) and
defined benefit (DB) superannuation schemes to optimize returns for the members of the trust
and rationalise the cost. Members have the option of choosing from various annuity options or
opting for a partial commutation of the annuity at the time of retirement.
Group Immediate Annuities: In addition to the annuities offered to existing

superannuation customers, we offer immediate annuities to superannuation funds not managed
by us.
Group Term Plan: ICICI Pru's flexible group term solution helps provide affordable
cover to members of a group. The cover could be uniform or based on designation/rank or a
multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the
member on his/her death.
Flexible Rider Options

ICICI Pru Life offers flexible riders, which can be added to the basic policy at a marginal cost,
depending on the specific needs of the customer.
 Accident & disability benefit: If death occurs as the result of an accident during the
term of the policy, the beneficiary receives an additional amount equal to the rider sum
assured under the policy. If an accident results in total and permanent disability, 10% of
rider sum assured will be paid each year, from the end of the 1st year after the disability
date for the remainder of the base policy term or 10 years, whichever is lesser. If the
28
death occurs while traveling in an authorized mass transport vehicle, the beneficiary will
be entitled to twice the sum assured as additional.
 Critical Illness Benefit: Protects the insured against financial loss in the event of 9
specified critical illnesses. Benefits are payable to the insured for medical expenses prior
to death benefit.
 Waiver of Premium: In case of total and permanent disability due to an accident, the
future premiums continue to be paid by the company till the time of maturity. This rider
is available with SmartKid, LifeTime Plus, LifeTime Super and LifeTime Super Pension.
 Income Benefit: In case of death of the life assured during the term of the policy, 10% of
the sum assured is paid annually to the nominee on each policy anniversary till the
maturity of the rider.
ICICI Prudential life Insurance Company provides saving and wealth creation solutions,
protection solutions. Education Insurance plans, Retirement solutions, Health Solutions, Group
Insurance solutions, Flexible rider options. There are some products which are mostly preferred
by customers and customers are mainly like to take those policies. These products are
 Saving And Wealth Creation Solutions
1. Life Time Super

2. Life Stage Rp
 Education Insurance Plans
3. Smart Kids
 Retirement Solutions
4. Life Time Super Pension
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 Crisis Cover
Presenting Life Time Super from ICICI Prudential, India’s No. 1 private life insurer, a regular
premium unit linked insurance policy that offers flexible investment options along with the
benefit of life insurance cover. This policy gives an opportunity to earn potentially higher returns
on your investments without sacrificing the protection of your family.
 Potentially higher returns over the long term by investing in unit-linked funds.
 Additional allocation of units at regular intervals to boost your investment.
 Options to withdraw your money systematically over the period of 5 years on maturity of
the policy.
 In case of an unfortunate event the death, family will receive Sum Assured or Fund
Value, whichever is higher.
 Cover Continuance option available which ensures continuances of life insurance cover,
even if customers wish to take a break in premium payment.
 Tax benefits on premiums paid and benefits received under the policy, as per the
prevailing Income Tax Laws.
1. Customer needs to choose the premium amount, term and Sum Assured for which he
wishes to take the policy.
2. After deducting premium allocation charges, the balance amount is invested in the
investment funds of his choice.
3. Customer can opt for add on riders available under the policy.
4. On survival, the maturity benefit is paid to the policyholder. In the unfortunate event of
death, the nominee receives the higher of Sum Assured or the Fund Value.
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 Switching Option
Under this option customer can switch his investment between the funds at any time
(provided the policy is in force) depending on his financial priorities and investment
objective. In any policy year, 4 switches can be done free of charge. The minimum switch
amount is Rs. 2000.
 Additional Allocation Of Units
There will be additional allocation of units every 4th year, starting from the end of the 4rth
year at the rate of 4% of annual premium into your investment fund. Additional allocation of
units will be made only if the premiums have been paid regularly up to the date of allocation.
 Partial Withdrawal Benefit
Partial withdrawals will be allowed after completion of 3 policy years and on payment of full
3 years premium. The minimum partial withdrawals amount is Rs. 2000.
 Settlement Benefit
On maturity of this policy, policyholder can choose to take the fund value as a structured
benefit. With this facility, he can opt to get payments on a yearly, half yearly, quarterly or
monthly (through ECS) basis, for a period of 1,2,3,4 or 5 years, post maturity (settlement
period). At any time during the settlement period, he has the option to withdraw the
remaining fund value. During the settlement period, the investment risk in the investment
portfolio is borne by the policyholder.
 Death Benefit
In the unfortunate event of death during the term of the policy, the nominee shall receive the
higher of Sum Assured (net of permissible partial withdrawals) or the fund value.
 Cover Continuance Option

This option ensures that policyholder’s life insurance Cover Continuance in case you are
unable to pay premiums, any time after payment of first three years premium. All applicable
charges will be automatically deducted from the units available in your fund. He needs to opt
for Cover Continuance, if he wishes to avail of this benefit.
 Additional Protection with Riders

He can further customize his policy with optional riders, to enjoy additional protection as
given below:
Riders Benefits
Accident and Disability Benefit Rider In the event of death or disability due to an
(ADBR) accident the rider benefit amount would be
paid accordingly.
Critical Illness Benefit Rider (CIBR) In the event of the life Assured being
31
diagnosed for nay of the specified critical
illness, the rider benefit amount would be
paid.
Waiver of Premium Rider (WOPR) In the event of total and permanent
disability due to an accident all further
premiums till maturity would be paid by
the company.
He can surrender your policy. Surrender Values are available to him after deducting surrender
charges and would depend on the number of completed policy year. Following are the Surrender
Value applicable after payment of full 3 years premium.
No. Of Completed years of the policy Surrender Value as a % of Fund Value

3 years 98%
4 years 99%
5 years and above 100%
Minimum/Maximum entry age 0-65 years

Maximum age of Maturity 75 years
Minimum/Maximum Policy Term 10-75 years
Premium Payment Frequency Yearly, Half Yearly, Monthly
Minimum Premium Rs. 18,000 per annuam
Minimum Sun Assured Annual Premium x Term/2, subject to a
minimum of Rs. 1,00,000.
Tax Benefit Premium paid for the policy and critical
illness benefit rider will be eligible for tax
benefit under section 80C & 80D
respectively. Any benefit amount received
under this policy will be eligible for the tax
benefit under section 10 (10D), as per
prevailing income tax laws.
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1. In case the Life Assured is below age 7 years (age nearest birthday) at the time of death,
only the fund value would be payable.
2. The minimum Fund Value post partial withdrawal should be equal to at least 110% of
one year’s premium, else the policy will terminate and the balance fund Value will be
paid to the policyholder. Partial withdrawals are allowed only if the Life assured at least
18 years of age. Partial Withdrawals will have the following effect on your sum Assured.
 Upto the age of 60 years, Sum Assured payable on death is reduced to the extent of
Partial Withdrawals made in the preceding two years.
 After the age of 60 years, Sum Assured payable on death is reduced to the extent of
Partial Withdrawals made from age 58 years onwards.
3. Customers will be pays out a proportional number of units (based on the payment option
and period chosen). The value of the payments will depend on the number of units and
the respective fund NAVs as on the date of each payment. At any time during this period,
he can take the remaining Fund Value as a lump sum payment; Partial withdrawals are
not allowed during this period. If you wish to exercise the settlement option at the time of
maturity. He needs to inform the company within a period of 3 months preceding the
maturity of the policy. Death Benefit or rider benefit will not be available during the
settlement period.
4. In case he have not opted for cover continuance option, then your life cover continues for
a period of 2 years from the last premium paid (by levying applicable charges), after
which his policy will be foreclosed and applicable surrender value would be paid.
5. If full premium for the first three policy years is not paid, the policy lapses and if not
revived within the period of two years from the due date of the last unpaid premium, then
surrender value as applicable will be paid at the end of the third policy year or at the end
of reinstatement period whichever is later.
6. If premium has been paid for three full policy years and after policy years have elapsed
and the Fund Value across all Funds under the policy falls below 110% one full year’s
premium, the policy shall be terminated by paying the Fund Value after applying
surrender charges, if applicable. This condition will also apply during the Cover
Continuance stage, if opted for.
7. Increase in Sum Assured is allowed subject to underwriting if all due premiums till date
have been paid. Any medical costs for this purpose would be borne by the policyholder
and will be levied by cancellation of units.
8. The term chosen at inception of the policy cannot be changed.
9. If the Life Assured whether sane or insane commits suicide within one year from the date
of issue of this policy, only the Fund Value will be paid if the Life Assured, whether sane
or insane, commits suicide within one year from the effective date of increase in Sum
Assured, then the amount of increase shall not be considered in the calculation of the
Death Benefit.
10. Free look period: 15 days from the date on which he receive the policy document.
33
Company has different priorities at different life stages. When young, we are willing to take a
risk in our investments, with expectations of high returns. As we shoulder the responsibility of a
family, we become little cautious, preferring a mix of both risk and safety of investment.
Towards the end of our working life, we look towards our post retirement security and are happy
with the preservation of our hard-earned savings.
With such changing priorities, it is important to adopt Asset Allocation as an investment practice.
It helps to strike the right balance by distributing investments across different asset classes like
equity and debt. More importantly, it changes according to our life stage profile-age, risk
tolerance, etc. However, the discipline of making the right Asset Allocation at various life stages
requires the expertise and dedicated time of someone who can manage your money on a day-to-
day basis.
Keeping this in mind ICICI Prudential Lifer Insurance brings Life Stage RP. This policy provides
with an option of life cycle based portfolio strategy that continuously re-distributes customer
money across various asset classes (Automatic Assets Allocation).
This is based on customer are, and helps him achieve the right Asset Allocation to meet his
desired financial goals.
 Option to choose a unique and personalized lifecycle based portfolio strategy to create
ideal balance between Equity and Debt.
 Opportunity to earn potentially higher returns by investing in Unit Linked Funds.
 Additional allocation of units at regular intervals to enhance your investment.
 Ensure capital preservation at the time of policy maturity by systematic transfer to debt
fund in the last 10 policy quarters.
 Option to withdraw your money systematically over the period of 5 years on the maturity
of the policy.
34
 In the unfortunate event of death, customer’s nominee will receive, as per prevailing
Income Tax Laws.
 Customer needs to choose the premium amount term, your portfolio strategy and the Sum
Assured for which he wishes to take the policy.
 After deducting the premium allocation charges, the balance amount is invested as per his
chosen portfolio strategy.
 He can opt for the add-on riders available under the policy.
 On survival, the maturity benefit is paid as a lump sum or as a settlement period option.
 In the unfortunate event of death, the nominee receives the Sum Assured and the Fund
Value.
With Life Stage RP, customers have the option to choose from two unique portfolio strategies.
These are:
1. Lifecycle based portfolio strategy

2. Fixed portfolio strategy
1. Lifecycle based portfolio strategy

This strategy takes into consideration the dynamic nature of customer’s life and priorities. It is
the ideal investment approach as his financial needs keep changing customer life stage, and
requires life insurance policy. Under the life cycle based portfolio strategy, customer investments
will be distributed between two funds-flexi Growth IV and protector IV – in a proportion that
depends on his age (Automatic Assets Allocation).
2. Fixed portfolio strategy

If customers prefer to allocate his investments in different classes based on your personal
judgment, then He can opt for the fixed Portfolio strategy. Under this strategy, he can choose to
invest fully in any one fund or allocate your premiums in the various funds, in a proportion that
suits his investment needs.
 Change in Portfolio Strategy (CIPS)
35
Customer can change his chosen Portfolio Strategy up to 4 times during policy term. This
facility is provided free of cost.
 Additional Allocation of Units

There will be additional allocation of units of 12% of annual premium every 5 years of policy
term. Additional allocation of units will be made only if the policy is in force and all due
premiums have been paid up to the date of allocation.
 Partial Withdrawal Benefit

Partial withdrawals will be allowed after completion of 3 policy years. From 4 th year
onwards, one partial withdrawal is allowed each year subject to a maximum of 20% of the
Fund Value on the date of partial withdrawal.
 Maturity Benefit
Based on the term chosen for policy he will be entitled to receive the Fund Value at the time
of maturity. Alternatively, he can opt foe the settlement options available. For this policy,
 Death Benefit
In the unfortunate event of death during the term of the policy, the nominee will receive the
Sum Assured and the fund value.
 Settlement Options.
On maturity of this policy, he can choose to take the Fund Value as a structured benefit. With
this facility, he can opt to get payments on a yearly, half yearly, quarterly or monthly
(through ECS) basis for a period of 1,2,3,4 or 5 years, post maturity (settlement period). At
any time during the settlement period, he has the option to withdraw the entire Fund Value.
 Increase / Decrease of Sum Assured.

Customers can choose to increase or decrease your sum assured at any time during the policy
term.
 Cover Continuance Option

This option ensures that customer life insurance Cover Continuance in case he is unable to
pay premiums, any time after payment of first three years premium. All applicable charges
will be automatically deducted from the units available in your fund. He needs to opt for
Cover Continuance, if he wishes to avail of this benefit.

Customer can further customize your policy with optional riders, to enjoy additional
protection at a nominal extra cost, as given below:
Riders Benefits
(ADBR) accident the rider benefit amount would be
36
paid accordingly.
Critical Illness Benefit Rider (CIBR) In the event of the life Assured being
diagnosed for may of the specified critical
illness, the rider benefit amount would be
paid.
Surrender Values are available to customer after deducting surrender charges and would depend
on the number of completed policy years. Following are the Surrender Values applicable after
payment of full 3 years premium.
No. of Completed years of the policy Surrender Value as a % of Fund Value

3 years 96%
4 years 98%
5 years 100%
Minimum/Maximum entry age 0-65 years (age nearest birthday)

Minimum/Maximum age of Maturity 18-75 years
Minimum/Maximum Term 10-75 years
Minimum Premium Rs. 15,000 per annuam
Minimum Sum Assured Annual Premium x Term/2,
Tax Benefit Premium paid for the policy and critical
illness benefit rider will be eligible for tax
benefit under section 80C & 80D
respectively. Any benefit amount received
under this policy will be eligible for the tax
benefit under section 10 (10D).
37
1. The minimum partial withdrawal amount is Rs. 2000. The maximum amount that can be
withdrawn is 20% of the fund values at the time of withdraw. Partial withdrawal is
allowed if Life Assured is at least 18 years of age.
2. In case the Life Assured is below age 7 years (age nearest birthday) at the time of death,
only the fund value would be payable.
3. Post maturity you will be paid out a proportional number of units (based on the payment
option and period chosen). The value of the payments will depend on the number of units
and the respective fund Net Asset Values NAVs as on the date of each payment. At any
time during this period, he can take the remaining Fund Value as a lump sum payment.
Partial withdrawals and switches are not allowed during this period. If you wish to
exercise the settlement option at the time of maturity. You need to inform the company at
least a months preceding the date of maturity of the policy. During the settlement period
the investment risk of the Investment portfolio lies with the policyholder.
4. Increase in Sum Assured is allowed subject to underwriting if all due premiums till date
have been paid. Any medical costs for this purpose would be borne by the policyholder
and will be levied by cancellation of units. Decrease in Sum Assured is allowed only up
to minimum Sum Assured allowed under this policy.
5. In case he have not opted for cover continuance option, then your life cover continues for
a period of 2 years from the last premium paid (by levying applicable charges) , after
which his policy will be foreclosed and applicable surrender value would be paid.
6. If full premium for the first three policy years is not paid, the policy lapses and if not
revived within the period of two years from the due date of the last unpaid premium, then
surrender value as applicable will be paid at the end of the third policy year or at the end
of reinstatement period whichever is later.
7. If premium has been paid for three full policy years and after policy years have elapsed
and the Fund Value across all Funds under the policy falls below 110% one full year’s
premium, the policy shall be terminated by paying the Fund Value after applying
surrender charges, if applicable . This condition will also apply during the Cover
Continuance stage, if opted for.
8. The term chosen at inception of the policy cannot be changed.
9. If the Life assured whether sane or insane commits suicide within one year from the date
of issue of this policy, only the Fund Value will be paid. If the Life Assured, whether
sane or insane, commits suicide within one year from the effective date of increase in
Sum Assured, then the amount of increase shall not be considered in the calculation of
the Death Benefit.
10. Free look period: 15 days from the date on which he receive the policy document.
11. Tax benefits are available as per prevailing Income Tax Laws, subject to condition
mentioned therein. The over all limit includes other eligible investment subject to a limit
of Rs. 1, 00,000 u/s 80C. Service tax and education cess will be charged extra as per
applicable rates. Tax laws may be subject to change from time to time.
38
As a responsible parent, we will always strive to ensure a successful life for our child. However,
life is full of uncertainties and even the best-laid plans can go wrong. Here’s how we can give
me child a 100% safe and assured tomorrow, whatever the uncertainties. Smart Kid Education
Plan is designed to provide flexibility and to safeguard your child’s future education and
lifestyle, taking all possibilities into account.
Presenting Smart Kid. A specially designed education plans that safeguard child’s education, no
matter what.
Smart Kid Education Plans have 4 products on offer.

1. Unit-linked Regular Premium 2. Unit-linked Regular Premium II
3. Unit-linked Single Premium II 4. Regular Premium
 Financial benefit when you require it.

With the ever – increasing cost of education, the financial requirements for child’s career would
change from time to time. This plan provides you with the flexibility of withdrawals, whenever
customer requires them. It allows you a maximum of 5 withdrawals, the amounts of which are as
under:
Withdrawal Amount of Withdrawal

(As a percentage of the accumulated value)
1st Upto 20% of the Accumulated Value
2nd Upto 25% of the Accumulated Value
3rd Upto 30% of the Accumulated Value
4th Upto 35% of the Accumulated Value
5th Upto 40% of the Accumulated Value
So be it engineering college fees or post –graduates studies, customers can use the withdrawals
as per your requirements. Customer can avail of this flexibility any time after 5 years. However
He would be allowed to make only one withdrawal in a year. At the end of the premium paying
term, He can take the remaining value as maturity benefits.
 Peace of mind for you

This plan gives the option to choose a protection cover for a Sum Assured between 5 to 50 times
your annual contribution (for ages 41 and above, maximum multiple would be 25 only).
The uniqueness of this plan is that even if anything happens to the parent, the benefits to the
child are not compromised. The benefits under this policy are as under:
39
 The Sum Assured is paid immediately – This ensures that your loved ones stay
financially secure, even in your absence.
 All the future contributions are waved- Therefore your family is not burdened financially
and accumulation of funds for your child’s career continues.
 The policy Benefits continue – This ensures that units can be withdrawn as and when
required for your child’s educational and development needs.
 Premium Waiver Rider is available at a nominal extra amount- You can ensure that in the
unfortunate event of total and permanent disability due to an accident, all the premiums
that were to be paid by you are waived. However, the policy continues to secure your
child’s future.
 Annual Allowance
With the help of the income Benefit Rider, this plan guarantees a regular income to secure
child’s educational and developmental needs for his all-round development. The income
Benefit Rider takes care of this through the payment of 10% of the sum assured annually to
child in the unfortunate event of the parent’s death.
 Premium Holiday
If customers have been making premium payments for at least 5 years and then miss out on
any of the subsequent premium payments, policy does not lapse. We will ensure that policy
keeps on continuing. However to keep the policy in force, the mortality charges (which
include payer waiver benefit premium) are deducted from customer fund, which will have an
affection on your savings.
Customer chooses a Sum Assured between specified ranges of 5-50 times (for ages 41 and
above it is 5 to 25 times) your annual contribution. Part of the premium paid by you is
adjusted towards mortality charges (which include payer waiver benefit premium) and
administrative expenses and the rest is invested as per the investment plan chosen by you.
Entry into the plan will be based on the units allotted to customer on the policy issue date, as
per the unit value on that date.
 Contribution
Customer chooses the contribution under the plan, subject to a minimum of Rs. 18,000. He
has the option of paying monthly, half yearly or yearly premiums.
 Flexible Contribution
He can also increase or decrease your annual contribution. The maximum decrease in
premium can be up to 20% of the initial premium chosen, at the time of policy application.
However in no circumstances can be premium be reduced to below the minimum premium
allowed under the plan at that time or 80% of the initial chosen premium, whichever is
40
higher. There is no upper limit to be increase in premium contributions. Premium can be
increased with or without an increase in Sum Assured. Any change in the contribution will be
allowed only on policy anniversaries. In case of death of the policyholder, the waiver amount
will be equal to contribution at the start of the policy.
Like the unit linked Regular Premium plan, this will also provide you the flexibility of
withdrawals under the same conditions.

The uniqueness of this plan even if anything happens to the parent, the benefits to the child are
not compromised. The benefits under this policy are as follows
a) Death Benefit: The death benefit is equal to the Sum Assured chosen at the time the parent
applies for the policy and will be payable immediately on death of policyholder. In case of
unfortunate death, here is how the policy works:
 The Sum Assured is paid immediately.
 Future contributions till maturity of the product will be waved off and the company will
make the contribution good.
 The policy Benefits continue so that units can be withdrawn for your child’s and when
required for educational or development needs.
b) You can choose the Premium Waiver Rider at a nominal extra amount. This ensure that in
the unfortunate event of total and permanent disability due to an accident, all the premiums
that were to be paid by you are waived and policy continues to secure your child’s future.
 Contribution
Customer can choose the contribution under the plan subject to a minimum of Rs. 18,000.
Customer has the option of paying monthly, half yearly or yearly premiums.
 Flexible Contribution
Customer can also increase or decrease your annual contribution. The maximum decrease in
premium can be up to 20% of the initial premium chosen, at the time of Policy application.
However in no circumstances can be premium being reduced to below the minimum
premium allowed under the plan at that time or 80% of the initial chosen premium whichever
is higher. There is no upper limit to be increase in premium contributions. Premium can be
41
increased with or without an increase in Sum Assured. Any change in the contribution will be
allowed only on policy anniversaries. In case of death of the policyholder, the waiver amount
will be equal to contribution at the start of the policy.
child’s educational and development needs, Benefit Rider takes care of this through the
payment of 10% of the sum assured annually to child in the unfortunate event of the parent’s
death.
 Automatic Cover Continuance

This is a feature provided by the product, wherein the insurance cover under the policy
continues even if there is a temporary break in the payment of annual contribution, after the
premium 3 years have been paid. During this period, the cover continues by deducting
mortality charges (in terms of units) from the value of investments. However, this facility is
subject to two conditions:
 In the first 10 years of the policy, the break in contribution can only be availed in case
contributions till that date are paid off.
 In the first 10 years, this facility can be availed of for a maximum of two years at a time.
After the first 10 years of the policy, you can avail of this automatic coverage facility
without the two mentioned pre-conditions. .
 Who can Purchase this policy?

Applicable for both Unit-linked Regular Premium and Unit-linked Regular Premium-II. If
you are a parent aged between 20 and 60 years, with children in the range group of 0 to 15
years, you can apply for this policy.
 Other Detail of Policy

Amount and mode of payment: Rs. 18,000 for annual payments
Rs. 9,000 for half yearly payments
Rs. 1,500 for monthly payments
Choice of term: Between 10 to 25 years

Age of your child at maturity: Between 22 to 25 years
Maximum age of parent on maturity: 70 years
Minimum Sum Assured: Rs. 1, 00,000
 Financial Benefits
42
You can choose this Smart Kid plan in case you want to make a one-time, lump sum
investment for your child’s future. Like the unit-linked Regular Premium II Plan, this plan
also provides you with the same flexibility of withdrawals, under the same conditions.

This plan gives you the protection cover for a Sum Assured of 5 times your premium. The
uniqueness of this plan is that even if anything happens to the parent, the benefits to the child are
not compromised. In case of unfortunate death, here is how the policy works.
 The Sum Assured is paid immediately.
 The policy Benefits continue so that amount can be withdrawn for your child as and
when required for educational or development needs.
child’s educational and developmental needs for his all-round development. The income
Benefit Rider takes care of this through the payment of 10% of the sum assured annually to
child in the unfortunate event of the parents’ death.
 Who can Purchase this policy?

As a parent aged between 20 and 50 years with children in the range group of 0 to 15 years,
you can apply for this policy.
 Other Detail of Policy

Minimum single premium: Rs. 50,000
Choice of term: Between 10 to 25 years
Age of your child at maturity: Between 22 to 25 years
Maximum age of parent on maturity: 60 years
Minimum Sum Assured: Rs. 2, 50,000
 Can the policy be surrendered?

Full withdrawal of the policy is possible any time after the payment of the single premium.
The surrender values available to you as a policyholder would be as follows:
During the 1st policy year 95% of the value of investments
During the 2nd policy year 96% of the value of investments
During the 3rd policy year 97% of the value of investments
From the 4th policy year 100% of the value of investment
 Financial Benefits
43
The Smart Kid plan offers the option of a regular premium payment method. This way you can
spread outlay for premium payments over the terms of the policy. The plan differs from the
previous two Smart Kids plans in that it is not Unit-Linked.

As with the Unit-linked Smart Kids plans, this plan offers the benefits that should anything
happen to the applicant parent, the future of the child is not compromised at all. In case of death,
the plan work as follow:
 The Sum Assured chosen is paid immediately.

 Future contributions till policy maturity of the product will be waived and the
contribution made good by the company.
 The policy Benefits continue for your child’s educational or development needs.
 Guaranteed educational benefits at a glance

Enjoy the power to avail of 2 options, depending on your specific needs.
Option 1: Benefits at critical educational milestones
At the end of Child’s Age Payout Needs met

10th year of the 15 Years 20% of the SA Extra tuition,
policy (Term- preparation for
7years) professional
courses, change of
school or college.
12th year of the 17 Years 25% of the SA Join a professional
policy(Term-5 college or
years) graduation college.
15thyear of the 20 Years 25% of the SA Higher studies or
policy(Term- post graduation
2years)
17th year of the 22 Years 30% of the SA Further Education
policy +GA+VB in India or abroad.
Alternatively used
for marriage or
career
establishment.
Option 2: Avail the Benefits in the last 5 years of the policy.
At the end of Child’s Age Payout Needs met

th
13 year of the 18 Years 25% of the SA Extra tution,
policy(Term-4 preparation for
years) professional
courses, change of
school or college.
14th year of the 19 Years 20% of the SA Join a professional
44
policy(Term-3 college or
years) graduation college.
15th year of the 20 Years 20% of the SA Graduation
policy(Term-2
years)
16th year of the 21Years 20% of the SA Graduation
policy(Term 1
years)
17th year of the 22 years 20% of the SA Further Education
policy +GA+VB in India or abroad.
Alternatively, used
for marriage or
career
establishment
*SA = Sum Assured, GA = Guaranteed Additions @3.5% on Sum Assured for the first 4 years;
VB Vested Bonus based in the experienced of company.
 Who can purchase this policy?

If you are a parent aged between 20 and 60 years, with children in the age group of 0 to 12 years,
you can apply for this policy.
 Additional benefits
Income Benefit Rider: On the death of the parent (life assured) during the term of the product,
10% of the Sum Assured under the rider is paid to the nominee every year, for the remaining
years, till the maturity of the policy. The benefit of this rider can be availed by parent
policyholders in the age of group 20 to 55, with the benefit ceasing at the age of 65. The
minimum Sum Assured under this rider is Rs. 1,00,000/-.
Accident and Disability Benefit Rider: On the death of the parents (life assured) due to an
accident, the child gets an additional Sum Assured. IN case of accidental death of the parent
while traveling by mass surface transport, the nominee will get twice the Sum Assured under the
rider. Accidents can also impair the capacity of the parent to earn. In the event of total and
permanent disability, 10% of the Sum Assured is paid to the child every year for 10 years. Parent
policyholders in the age group of 20 to 55 years can avail of the benefit of this rider, with the
benefit ceasing at the age of 65. The minimum Sum Assured under this rider is Rs. 1,00,000.
Waiver of Premium Rider (Only with Unit-linked Regular Premium II)

Should the parent (life covered) suffer a total and permanent disability and is not able to pay the
premium due to the same, the rider waives off all the premiums to be paid till the end of the rider
or event of death, should it occurs earlier this ensures that child’s future is not compromised
under my circumstances. Parent policyholders in the age group of 18 to 55 years can avail of the
benefit of this rider, with the benefit ceasing at the age 65.
 Tax Benefits with Smart Kids Education Plan
45
Tax benefits under Section 80C and Section 10 (10D) are applicable, as per prevailing Income
Tax Laws.
In the prime of our life and at the peak of our career. We enjoy all the comforts life has to offer
us. A Happy family, own home and car, frequent dining out, holidays in India and abroad. These
are pleasure we are used to today. We wish to keep enjoying them even after we stop working
we can plan for it now. All we need is a good retirement plan.
ICICI Prudential, understand our needs and keep us plan for a better future. ICICI bring Life
Time Super Pension: a regular premium, unit linked pension policy that offers the flexibility to
invest in unit-linked funds that generate potentially higher returns. The accumulated value of
your policy provides us with a regular income pension for life.
 Accumulate savings and create a retirement kitty by investing regularly in unit-linked

policy.
 Get regular income (Pension) post retirement.
 Enjoy the flexibility to choose from 5 pension options through which customer can
receive pension.
 Choose retirement date from which customer will start receiving pension.
 Choose from 4 investment funds to invest money, based on risk appetite.
 Receive up to one third of the accumulated value as a tax-free lump sum on vesting
(retirement) date.
 Opt for a life insurance cover that will provide complete protection to family.
 Enjoy tax benefits on premiums paid, as per prevailing tax laws.
This pension plan works in two phases:

1. The first or Accumulation Phase wherein policyholder pay regular premium towards the
policy and accumulate savings for retirement.
2. The second or Annuity (Pension) Phase wherein policyholder start receiving pension
from the accumulated amount, as per chosen pension option.
46
 Flexible retirement date
Policyholder can start receiving pension any time after you reach 45 years of age. However
He has the option of deferring this date till the age of 75 years.
 Switch between the funds
Customers can switch between fund the various fund options at any time. There is a
provision of 4 free switches every policy hears, subject to the condition that the minimum
switch amount is Rs. 2,000.
 Death Benefit
Customers have 2 options of Sum Assured:
 Opt for a Zero Sum Assured and make it a pure investment plan, or
 Opt for a Sum Assured, which can be chosen between a minimum of Rs. 1,00,000 and
maximum of annual premium multiplied by the policy term.
In the unfortunate event of death, the spouse receives higher of Sum Assured or the Fund Value.
This may be taken as a lump sum or may be used to purchase an annuity from the Company.
However, where the spouse is not the nominee, the benefits will be paid in lump sum to the
nominee.
 Cover Continuance option
This option ensures that your life insurance cover continues in case, customer is unable to the
premiums, if at least first 3 years premium have been fully paid. Applicable charges will be
automatically deducted from the units available in fund. He needs to opt for Cover Continuance
either at the time of purchase of policy or any time thereafter, if he wishes to avail of this benefit.
Customer can further customize his plan by adding riders, for additional protection at a nominal
extra cost, as given below:
Benefit Summary
(ADBR) accident, the rider benefit amount would be
paid.
Waiver of Premium Rider (WOPR) In the case of total and permanent disability
due to an accident, all further premiums till
original vesting age would be waived and
policy will continue.
The accumulated value of policyholder investment will start paying him a regular income in the
form of a pension, at a frequency chosen by him. The annuity can be received monthly,
quarterly, half-yearly or yearly. He can choose to receive the annuity in your bank account and
47
also through an ICICI Prudential Annuity Card. For details, he can contact Customer Service
Help line number.
 Five different ways of receiving pension

Customers have the flexibility to choose from the following five different annuity (pension)
options currently available.
 Life Annuity
 Life Annuity with return of Purchase Price.
 Life Annuity Guaranteed for 5/10/5 years & for life thereafter
 Joint Life, Last Survivor without return of Purchase Price.
 Joint Life, Last Survivor with return of Purchase Price.
 Commutation of Pension Fund

Customers have the option to receive a lump sum amount up to 1/3 rd of the total fund value, tax
free, on the vesting date.
Surrender values are available to customer after deducting surrender charges, and would depend
on the number of completed policy years. Following are the surrender vales available after
payment of 3 full years’ premiums.
No. of completed years of the policy Surrender Value as a % of Fund Value

3 Years 96%
4 Years 98%
5 years & above 100%
Minimum/Maximum Entry Age 18 years – 65 years

Maximum Cover Ceasing Age 75 years
Minimum/Maximum Policy Term 10 years – 57 years
Minimum/Maximum Vesting Age 45 years – 75 years
Minimum Premium Rs. 10,000 per annuam Rs. 5,000 half
yearly, Rs. 834 monthly
Free look Period 15 days from the date on which you receive
the policy documents
48
Tax Benefits Under Section 80CCC, as per prevailing
Income Tax Laws on premium paid for
base policy.
Today’s fast paced hectic life coupled with poor diet and lack of exercise is taking toll on our
health. Incidences of medical ailments and critical illnesses are rising at an alarming rate, so is
the cost of medical treatment, straining financially is case of any medical eventuality. Hence the
only defense is to be financially covered against Diseases, Disability and Death.
Therefore, ICICI Prudential Life Insurance presents, Crisis Cover the most comprehensive
protection policy. This policy covers you from all angles, providing cover not only against 35
critical illnesses but also from total and permanent disability and death.
1. Most comprehensive cover against 35 diseases (critical illnesses), disability and death.
2. Receive lump-sum payout on diagnosis, in addition to any other health plan.
3. Coverage continues even after claiming benefit on select critical illnesses including
angioplasty.
4. No survival period for claiming the benefit.
5. Long-term coverage up to 75 years of age.
6. No need to undergo medical test to avail this policy, up to benefit amount of Rs. 10
Lakhs.
7. Premium paid is eligible for deduction under section 80C & 80D.
 Critical illness benefit (CIB)

Complete coverage against 35 critical illnesses. These critical illnesses are divided into two
groups depending on the benefit amount payable.
Group 1. Critical illnesses with full payout advantage

In the event of diagnosis of Critical illnesses covered under this group, the benefit amount
payable is equal to the full Sum Assured chosen under the policy. After the payout, the policy
ceases to exit.
49
Group2: Critical illnesses with coverage continuation advantage
In the event of diagnosis of any of the Critical illnesses covered under this group, if the Sun
Assured is greater than 10 lakhs, then benefit amount payable will be Rs. 10 Lakhs. The cover
will continue for the balanced Sum Assured, for the remaining critical illnesses, disability or
death. The premium will also be revised proportionately on the following policy anniversary, for
the reduced Sum Assured. If Sum Assured is less than Rs. 10 Lakhs, then benefit amount
payable will be the full Sum Assured and the policy will close.
 Total & Permanent Disability Benefit (TPDB)

Full Sun Assured will be paid if you suffer from Total & Permanent Disability (TPD). This
benefit is payable even if TPD occurs because of an accident during the waiting period.
 Death Benefit (DB)
In the unfortunate event of death during the policy term, the Sum Assured will be paid to your
nominee. There is no waiting period applicable for claiming this benefit.
 Premium Amounts
Given below are the annual amounts for a Sum Assured of Rs. 5 Lakhs for some sample policy
terms and age of entry for a male life assured.
Age Policy Term

Years 15 years 20 years 25 years
25 Rs. 2435 Rs. 2474 Rs. 2734
30 Rs. 2896 Rs. 3204 Rs. 3738
35 Rs. 4106 Rs. 4724 Rs. 5576
40 Rs. 6282 Rs. 7281 Rs. 8442
45 Rs. 9804 Rs. 11182 Rs. 12554
The premiums are guaranteed for first 5years from the date of commencement of the policy.
Thereafter, the premiums are annually reviewed able. Any change in premium will only be
effected with approval from IRDA and after giving notice in writing to the policyholder. The
above premiums are inclusive of model rebate and large Sum Assured discount & exclusive of
any service tax and education cess.
CRISIS COVER AT-A-GLANCE

Minimum/Maximum entry age 18 years to 60 years
Minimum/Maximum Policy Term 10-50 years
Maximum Coverage Ceasing age 75 years
Minimum/Maximum Sum Assured Rs. 3,00,000 to Rs. 20,00,000

(CIB,DBor TPDB
50
Maturity Benefit No Maturity benefit is payable
Tax Benefit Premium paid is eligible for the tax benefit

under section 80C & section 80D.
 Recommendations
 Limitations
 Conclusion
51
After making analysis of “CONSUMER PERCEPTION REGARDING PRODUCT OF
ICICI PRUDENTIAL LIFE INSURANCE COMPANY” the major Recommendations are:
 Companies must introduce innovative products and services for its customers with
and ample degree of flexibility, which in turn can give them a good brand image.
 Companies must introduce Attractive Schemes to influence the buying behavior
of customers.
 Companies must represent their data ads in TV, Newspapers and magazines as
well as these are the most preferred media by the consumers.
 Company must have a trained network of agent, which attracts the customer’s
mind.
 Insurance companies have to create more vibrant and competitive industry so as
to achieve greater insurance penetration.
 Companies must make the claim settlement in a easy and a effective manner.
 Effective steps should be taken for the customer awareness.
In an attempt to make this project Authentic reliable every possible aspect of topic was kept in
mind. Never loss, despite this function constrains at play during formulation of this project. The
main limitations are:
 Study is limited in Phagwara city because of limited time so result of study may not
generalized for India as work.
 Another factor could be existence of biasness of respondents mind. Many times these
biasness have greater learning on responses forward by respondents.
52
ICICI Prudential lift Insurance Company has relation of position as India’s no. 1 private life
insurance company for 5th year running company gives flexibility to meet the growing aspirators
and needs of policy holders. Finds under management have leaped to more then Rs. 8800 crore
and total premium income has crossed Rs. 4250 crore.
The products of the company like education plans that offer ideal way to truly guarantee Childs
education, retirement solution that are hedge against inflation and get promise a fixed income
after retirement, or wealth insurance that arms us with funds we might need to recover from
dreaded diseases.
ICICI Prudential life has an advisor base across the length and breadth of country and also
partners with leading banks, corporate agents and brokers to distribute products. Today ICICI
Prudential shoulders the responsibility of protecting long term financial needs of over 2 million
customers. Company new took forwards to reaching even greater heights in years to come, on
strength of goodwill.
53
1. Chuganee Bhakti; The rush into Insurance, Surya Publisher, New Delhi, November15-
28,1999 8thrd.
2. “Insurance Chronicle”; Branding Insurance An India Perspective
3. “Nargundkar Rajendra; Marketing Research. Tata McGraw Hill Publishing Co. Ltd. New
Delhi, 2nd Edition, 2003.
WEBSITES
 http://www.bimaonline.com/comp.htm
 http://www.Indianforline.com/Insurance /compprofile.htm
 http://In.Insurance.yahoo.com/insurance..htm
 http://Projectshub.com/Insurance
 http://www.icicie prudential.com
54

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Consumer Perception Regarding Products of ICICI Pru

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 About the policy

 Products in relience life insurance

The ICICI Prudential Edge

This we hope to achieve by:

Leveraging technology to service customers quickly, efficiently and conveniently.

Developing and implementing superior risk management and investment strategies to

And above all, building transparency in all our dealings.

Savings & Wealth Creation Solutions

Group Immediate Annuities: In addition to the annuities offered to existing

Flexible Rider Options

Mr. K.V. Kamath, Chairman

View its Ads

Awards & Recognitions

India's Most Customer Responsive Insurance Company

Most Trusted Private Life Insurer

Best Life Insurer 2003

Life Insurance Plans

 Education Insurance Plans

Health Product Suite

ICICI Pru Group Solutions Advantage

Tax Benefits on Insurance and Pension

Tax Rates for Individuals financial year

Above Rs. 1,10,000/-

 Objective of Study & Research

 To study the various products for child insurance.

 Concept & Definition of Insurance

ACCORDING TO JOSEPH REITZ, “perception includes all those processes

Perception Refers To Interpretation of Sensory Data. In Other Words, Sensation Involves

Perception is determined by both physiological and psychological characteristics of human being

Perception of an individual is influenced by a number of factors. He has a different

 Perceptual Set or Perceptual Tendencies

 The Halo Effect

 Products Of Reliance Insurance co. Perceived By

Insurance Solutions for Individuals

Savings & Wealth Creation Solutions

Education insurance plans

Group Insurance Solutions

Group Immediate Annuities: In addition to the annuities offered to existing

Flexible Rider Options

 Saving And Wealth Creation Solutions

1. Life Time Super

 Education Insurance Plans

4. Life Time Super Pension

 Cover Continuance Option

 Additional Protection with Riders

No. Of Completed years of the policy Surrender Value as a % of Fund Value

Minimum/Maximum entry age 0-65 years

1. Lifecycle based portfolio strategy

1. Lifecycle based portfolio strategy

2. Fixed portfolio strategy

 Change in Portfolio Strategy (CIPS)

 Additional Allocation of Units

 Partial Withdrawal Benefit

 Increase / Decrease of Sum Assured.

 Cover Continuance Option

 Additional Protection with Riders

No. of Completed years of the policy Surrender Value as a % of Fund Value

Minimum/Maximum entry age 0-65 years (age nearest birthday)

Smart Kid Education Plans have 4 products on offer.

 Financial benefit when you require it.

Withdrawal Amount of Withdrawal

 Peace of mind for you