A PROJECT REPORT

ON
MARKETING OF FINANCIAL ADVISOR
&
SALES PROMOTION

FOR

ICICI PRUDENTIAL LIFE INSURANCE

INDORE

SUBMITTED
IN PARTIAL FULLFILLMENT OF
THE MASTER’S DEGREE IN MARKETING MANAGEMENT
UNIVERSITY OF PUNE

BY

LALIT RAGHUVANSHI

MM’S INSTITUTE OF MANAGEMENT EDUCATION

RESEARCH &TRAINING

2004-05

1
 CONTENTS

S. NO. PAGE
TOPICS NO
1. EXECUTIVE SUMMARY 1

2. OBJECTIVES 4

3. INTRODUCTION 7

4. COMPANY PROFILE 15

5. PRODUCT PROFILE 23

6. RESEARCH METHODOLOGY 39

7. SALES PROMOTION 46

8. OBSERVATIONS 55

9. SUGGESTIONS $ 58
RECOMMENDATIONS

10. CONCLUSIONS 61

2
 ACKNOWLEDGEMENT
For successful completion of every projects many hands come together and same

happened during my project and training

I take this opportunity to thank the team of SBI CARD for giving me this

project. Specially I want to thank MR. John Daniel (Sales

(Sales Manager) to help me and

provide me the guidance for successful completion of my project.

I am highly indebted to Prof. Dr. K.S. Anandaram. (Director, IMERT) &

Prof.Mr.Despande (course co-ordinate) for his continuous guidance and his unending

support, and to Prof. Ms Marathe,

Marathe, (Internal guide) for guiding me at every step.

Finally I would thank to all respondents for their helpful criticism and useful

suggestions, which contribute towards the successful completion of my project.

LALIT RAGHUVANSHI
(MMM- II)

3
4
 EXECUTIVE SUMMARY
In today’s economy, the competition has raised so firstly that

every company/ organization has to go to customers and offer

services and additional facilities along with their regular product

and services.

Here the concept of sales promotion comes where

companies search out customers and tries to attract them by

offering extravagant services.

In the service sector like insurance, there are number of

competitors battling in market store. ICICI PRUDENCIAL LIFE

INSURANCE is leading private sector insurance companies.

Though in this competition keeping number one position is quit

tough but ICICI PRUDENCIAL LIFE INSURANCE with his

unique sales promotion schemes is maintaining it position in

market.

In March 2003 Company had issued 350,000 policies

with total premium income of over Rs. 5 billion and total sum

assured is Rs. 87 billion.

5
 Here in working with ICICI PRUDENCIAL LIFE

INSURANCE gain me opportunity to know and learn the sales

promotion activities in industries.

6
7
 OBJECTIVES

The main objective of the project was to recruit and

appoint new financial advisors for ICICI PRUDENTIAL Life

Insurance Company Ltd. So as to enlarge the team of financial

advisors which will result in higher sales volume.

1. To facilitate the company in the process or recruiting

financial advisors

2. To find out ways of improvement in companies services so

as to increase its sales as well as its market share.

3. To find out the competitors product position and strategy

applied by them

4. To design or rework on those areas in which company is not

doing well as compare to competitors

8
5. To promote the sale of ICICI PRUDENTIAL Life Insurance

in Indore city.

6. To assess customer satisfaction and their attitude towards

ICICI PRUDENTIAL Life Insurance and also to promote

new schemes, polices and convey those to customers.

7. To suggest formulation of promotional strategies for

company’s product to make brand foundation.

9
INTRODUCTION

10
 The topic dealt with was “Marketing of Financial

Advisors and Sales Promotion .”

11
The project on marketing of financial advisors and sales

promotion, surveying the various prospects and customers in

the market by direct interview method of market research.

The marketing of Financial Advisors post has been done by

cold callings, data provided by the company, yellow pages,

telephone dictionary, references. The sales promotion has

been conducted by various sale promotion activities in the

market for promoting the product.

In present scenario there is cut throat

competition in the market of life insurance. Every life

insurance company has its own various policies and wants to

acquire more and more share in the market thus, it is must to

have the knowledge of market, market situation and market

condition. In this project company wants to find out the new

market for their product and to know the standing of their

product in the market, what the customer thinks about the

product and his expectations from the product, rigorously.

Company also wants to promote the product in the market.

12
 There are many competitors in the market like LIC,

HDFC Standard Life, BIRLA Sun Life, TATA AIG, BAJAJ

Allianze, AVIVA, OM Kotak Mahindra, SBI Life, ING

VYSYA, MAX NEWYORK, CHOLAMANDLAM, T V

SUNDRAM, ORIENTAL, etc. some of them being

multinational companies tide up with some national

companies and national companies. Earlier there was only

one life insurance company in the market that is LIC which

is under central government control, later in the year 2000

life insurance sector opened for private sector and 70% is

still uncovered.

13
 Still the need of education to the customers

about the life insurance and its benefits is required. The

private life insurance companies have limitations up to the

cities only. There are various reasons for non-development

of the rural market for life insurance. The companies are

restricted to only the developed cities only, for sale of their

products in the market. This leads to very cutthroat

competition in the limited market of only the developed

cities.

The project was selected by me as it is very

difficult to sell a life insurance in the market now a days due

to competition. To sell such product, which has various

limitations, is not an easy job. It requires good

communication skill and various other qualities to sell life

insurance especially when it is of private company.

14
 The project was conducted through various sales

promotion activities. The company is trying to find out the

customer satisfaction of the product and the target is to

increase the sale of the life insurance and various different

products of the company in Indore city.

15
 INTRODUCTION TO THE PROJECT

To day in the current market scenario, cut throat competition

privels in the insurance market as new rivals had entered

into the market with the existing players.

Today the most important emphasis Is put on improving the sales

by the companies because the overall competitors are

powering their marketing skills so as to improve sales for

this they implement the strategies for promoting their sales.

The project assigned to me is to promote the sales of the

organization by promoting various sales promotion

techniques in industrial sector, now a question comes what

sales promotion is, and what are the purpose, objectives of

the company, behind these sales promotion schemes

SALES PROMOTION 

Sales promotion consists of a wide

Varity of promotional tools designed to stimulate earlier

and/or stronger market response. They include tools for

consumer promotion, trade promotion, sales-force

promotion.

16
Sales promotion tools are used by most organization, including

manufacturers, distributors, retailers , trade associations, and non

profit institutions.

 PURPOSE 

No single purpose can be advanced for sale

promotion tools, since they are so varied in form. A free sample

stimulates consumer trial, while a free sample stimulates

consumer trial, while a free management-advisory service

cements a long-term relationship with a retailer.

Sellers use incentive-type promotions to attract new tiers

and to reward loyal customers. New tiers are of two types –user

of another brand and those who are frequent brand switchers.

Sales promotions primarily attract the brand switchers because

user of another brands do not always notice or act on the

promotion. Brand switchers are primarily looking for low price

or premiums. Sales promotions are unlikely to turn them into

loyal brand users. Sales promotions used in markets of high

brand similarity produce a high sales response in the short run

17
but little permanent gain. In markets of high brand dissimilarity,

sales promotion may alter market shares more permanently.

Sellers often think of sales promotion as designed to

break down loyalty and advertising as designed to build up brand

loyalty. Therefore an important issue for marketing managers is

how to divide the budget between sales promotion and

advertising. Companies use ratios of anywhere from 20:80 to

80:20. This sales promotion / advertising ratio has risen in resent

year in response to consumers, heightened price sensitivity.

Management should not let this ratio get too high. When a brand

is price promoted too much of the time, the consumer begins to

think of it as a cheap brand. No one knows when this happens,

but probably there is risk in putting a well-known brand on

promotion more than 30 percent of the time. Dominant brands

use dealing infrequently, since most of it would only subsidize

current users.

 A sales promotion yield faster response in sales than

advertising does.

18
 Sales promotions do not tend to yield new, long term buyers in

mature markets because they attract mainly deal-prone consumers

who switch among brands as deal become available.

 Loyal brand buyers tend not to change their buying pattern as

a result of competitive promotion.

 Advertising appears to be capable of increasing the “prime

franchise” of a brand .

19
20
 HISTORY OF THE ORGANISATION

ICICI Prudential Life Insurance was established in

2000 with a commitment to expand and reshape the life insurance

industry in India. The company was amongst the first private

sector insurance companies to begin operations after receiving

approval from Insurance Regulatory Development Authority

(IRDA), and in the time since, has taken several steps towards its

realizing its goal. The no.1 private life insurance company with

maximum number of policies sold , largest premium income ,

largest agency force , biggest pension player.

The company's wide range of products, distribution

strengths and powerful brand has driven its growth across a

cross-section of people and cities. As on March 31, 2004, the

company had issued more than 800,000 policies, with a total

premium income of over INR 5 billion and a total sum assured in

excess of INR 87 billion. Today, the company has established

itself as the No. 1 private life insurer in the country.

21
 ICICI and Prudential came together in 1993 to form

Prudential ICICI Asset Management Company, which has today

emerged as one of the leading mutual funds in India. The two

companies bring together two of the strongest financial service

brands in Asia, known for their professionalism, excellent quality

of service and long term commitment to YOU. Riding on the

success of this relationship, the two companies joined hands once

more in 2000, to form ICICI Prudential Life Insurance, with a

commitment to provide leading-edge life insurance solutions.

ICICI Bank has 74% stake in the company, and prudential plc has

26%.

ICICI Bank:-
India’s second largest bank with an asset base of Rs.

106,812 crore. ICICI Bank provides a broad spectrum of

financial services to individuals and companies. This includes

mortgages, car and personal loans, credit and debit cards,

corporate and agricultural finance. The Bank services a growing

customer base of more than 7 million customer accounts and 5

million bondholders accounts through a multi-channel access

network. This includes about 450 branches and extension

22
 counters, 1675 ATMs, call centers and Internet

banking. ICICI Bank posted a net profit of Rs.1,206 crore for the

year ended March 31, 2003. ICICI Bank is the only Indian

company to be rated above the country rating by the international

rating agency Monody’s and the only Indian company to be

awarded an investment grade international credit rating. The

Bank enjoys the highest AAA (or equivalent) rating from all

leading Indian rating agencies.

Prudential :-

Established in 1848, Prudential plc is a leading international

financial services company in the UK, with around US$250

billion funds under management, and more than 16 million

customers worldwide. Prudential has brought to market an

integrated range of financial services products that now includes

life assurance, pensions, mutual funds, banking, investment

management and general insurance. In Asia, Prudential is UK''s

largest life insurance company with a vast network of 22 life and

mutual fund operations in twelve countries - China, Hong Kong,

India, Indonesia, Japan, Korea, Malaysia, the Philippines,

Singapore, Taiwan, Thailand and Vietnam. Since 1923, Prudential

23
has championed customer-centric products and services,

supported by over 60,000 staff and agents across the region.

Our vision :-

To make ICICI Prudential the dominant Life 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 faster growth and

learning for our employees.

 And above all, building transparency in all our dealings.

24
 The success of the company will be founded in its

unflinching commitment to 5 core values -- Integrity, Customer

First, Boundary less, Ownership and Passion. Each of the values

describe what the company stands for, the qualities of our

people and the way we work.

We do believe that we are on the threshold of an

exciting new opportunity, where we can play a significant role in

redefining and reshaping the sector. Given the quality of our

parentage and the commitment of our team, there are no limits to

our growth.

25
 MANAGEMENT

Board of Directors:-

The ICICI Prudential Life Insurance Company Limited Board

comprises reputed people from the finance industry both from

India and abroad.

Mr. K.V. Kamath, Chairman

Mr. Mark Tucker

Mrs. Lalita D. Gupte

Mr. Danny Bardin

Mrs. Kalpana Morparia

Mrs. Chanda Kochhar

Mr. M.P. Modi

Mr. R Narayanan

Mr. S.P.Subhedar, (Alternate Director to Mr. Danny Bardin)

26
Mr. Derek Stott, (Alternate Director to Mr. Mark Tucker)

Ms. Shikha Sharma, Managing Director

Management Team : -

Ms . Shikha Sharma ( Managing Director)

Ms. Anita Pai ( Chief - Operations & Underwriting)

Mr. Bill Lisle ( Chief Agency Officer)

Mr. Sandeep Batra ( Chief Financial Officer & Com.

Secretary )

Mr. Saugata Gupta ( Chief – Marketing)

Mr. Shubhro J. Mitra (Chief - Human Resources )

Mr. V. Rajagopalan ( Appointed Actuary)

Mr. Anil Tikoo ( Head - Information Technology )

27
28
 PRODUCT PROFILE

Insurance: especially for you: -

When you're young and just starting out, there's a lot

you have to put together. Get married, get a house, get it

furnished, start a family...these may or may not currently be

some of your life needs.

But then, as time goes by you change...and so do your needs!

At ICICI Prudential we understand that different people have

their own sets of needs at various stages of their lives.

That's why we offer you a choice of solutions...

depending on whether you are a young individual planning for

the years ahead or an established professional planning for your

retirement.

THE BENEFITS OFFERED BY ICICI PRUDENTIAL

1. Accident and Disability benefit.

2. Accident benefit Rider.
3. Assure invest.
4. Cash back (Anticipated Endowment Assurance).
5. Critical Illness benefit
6. Forever life (Deferred Pension).
7. Group Gratuity Plan.
29
 8. Group superannuation Plan.
9. Group term assurance.
10. Life Guard.
11. LifeLink (SP).
12. LifeLink Pension.
13. Life Time Pension
14. Life Time.
15. Major Surgical Assistance Benefit.
16. Reassure.
17. Riders/ Add-ons.
18. Smart Kid.

1. Accident & Disability benefit

This rider is available with Save'n'Protect, CashBack,

LifeGuard (Regular Premium Level Term

Assurance), ForeverLife (Regular Premium Deferred

Pension), LifeTime, LifeTime Pension, AssureInvest

and Reassure. This rider is eligible for tax benefits under Section

88, as per the prevailing income tax laws.

i) Accident Benefit :

This benefit is payable in case of death that occurs as a result of

an accident.

The death must have occurred:

 When the policy is in force for the full sum assured

30
  Any time before the expiry of the policy

 Before the age of 65 (whichever is earlier.)

ii) Disability Benefit :

This benefit is payable in case of disability that occurs as a result

of an accident.

The disability must have occurred:

 When the policy is in force for the full Sum Assured

 Any time before the expiry of the policy

 Before the age of 65 (whichever is earlier.)

2. Accident Benefit Rider

This rider option enables payment of the sum assured under the

rider on death due to accident.

This rider is eligible for tax benefits under Sec 88.

This rider is available with Save'n'Protect, CashBak ,

ForeverLife (Regular Premium Deferred Pension), LifeGuard (Regular

Premium Level Term Assurance), LifeGuard (Pure Term) and Group Term

Insurance.

31
 3. Assure Invest

You have just received a windfall or a huge bonus that you want

to put aside for a rainy day. Or you may simply wish to invest for

tax savings purposes. An ideal plan for a one-off investment with

potentially high returns and the added benefit of insurance

protection.

4. CashBak (Anticipated Endowment Assurance)

As an individual you have to be financially prepared

for various milestones in your life. If you are newly married, you

need to plan for a baby a few years from now. If you have

teenage children you need to plan for their university education.

What you need is a plan to meet your periodic financial

requirements with the added benefit of insurance protection.

32
5. Critical Illness Benefit

A rider added to a life insurance policy to protect the insured in

the event of a critical illness. 9 medical conditions are covered by this

benefit. This ensures living benefits payable to the insured for medical

expenses prior to death.

This rider is eligible for tax benefits under Sec 80D.

This rider is available with Save'n'Protect, CashBack, ForeverLife,

LifeTime and LifeTime Pension.

With Save'n'Protect and CashBak, this rider is available as an

accelerated benefit. However with ForeverLife and LifeTime, Critical Illness

rider is available as a standalone benefit.

6. ForeverLife (Deferred Pension)

While planning a secure retirement it is important to

take into account, all the major expenses that can otherwise

become a hurdle while you plan. A complete plan is one that

considers your current and future assets, debts, expenses, savings

and goals as the fundamental factors. The plan should further

ensure safety, liquidity, risk cover, income security, regular

returns and ease of transaction of the investor.

33
 ICICI Prudential Life Insurance presents ForeverLife

- a comprehensive retirement solution that is developed keeping

in mind your various capabilities and needs, with respect to your

retirement planning. We make sure you can plan well when you

can and maintain your lifestyle for a lifetime. So, whether you

are 30 or 60 we have just the right retirement plan for you.

7. Group Gratuity Plan

ICICI Pru's group gratuity plan helps employers fund

their statutory gratuity obligation in a scientific manner.

Employers can avail of the tax benefits as applicable to approved

gratuity funds. The plan can also be customized to structure

schemes that can provide benefits beyond the statutory

obligations.

8. Group Superannuation Plan

ICICI Pru offers a flexible Defined Contribution

Superannuation scheme that provides for a retirement kitty for

each member of the group. The employee has the option of

choosing from various annuity options or opting for a partial

34
commutation of the annuity at the time of retirement. The

employer can avail of tax benefits applicable to an approved

Superannuation trust. Term Insurance can be added to enhance

the benefits for employees.

9. Group Term Assurance

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. It is a one-year renewable policy

where one master policy covers all proposed employees

comprising the group. The minimum group size under one

scheme should be 25. New members can join the group and

outgoing members can leave the group at any point during the

policy term.

10. LifeGuard

Happiness and security for your family is all that you

want. However, the uncertainties of life often worry you.

35
Unfortunate events can make you insecure about providing for

our loved ones, especially when you are no longer around. Life

insurance can help ease many of those worries. It ensures that

your loved ones are adequately provided for and that their future

is secure, no matter what the uncertainty.

11. LifeLink (SP)

At ICICI Prudential Life Insurance , we always look

at insurance from your point of view and offer solutions keeping

you in mind.

Therefore, we offer you LifeLink, an ideal investment in these

changing times, which gives you the opportunity to exploit the

upside of market returns but does not compromise on the security

that you want to provide your loved ones.

LifeLink allows you to enjoy both the benefits! A

unique insurance plan that combines the security of a life

insurance policy with the opportunity of enjoying high returns on

your investments. Without the market risks compromising the

protection of your family!

36
In short, Lifelink

 Provides death benefit security to your family.

 Brings you additional income on funds that might have

languished in your savings account.

 Enables you to enjoy the upside of market returns, while

protecting your family from the downsides.

All these without having to pay year after year! You can make a

single premium investment that can be as low as Rs. 25,000. This

is as good as it gets

12. LifeLink Pension

How often do you think of a retirement plan that will give

you the power to…

- receive pension in 4 different ways .

- Start pension when you are ready.

- Choose from 3 plans.

- Take a break from premium payment.

- Opt for health and life cover.

37
Here's one that gives you all of the above. ICICI Prudential Life

Insurance presents LifeLink Pension - a complete Retirement

Solution with Total Flexibility, Total Control- that gives you the

power to plan for your own retirement.

13. LifeTime Pension

With increasing life expectancy, your retired years

will be longer than your working years. You will also have to

cope with a much higher rate of inflation, declining interest rates

and rising costs of medical expenses. That's why it is critical to

plan for your retirement, and the earlier you do so, the better.

We can help you do just that. ICICI Prudential Life

Insurance presents LifeTime Pension - a complete solution,

which gives you the power to plan your retirement the way you

want.

This plan gives you the power to

- choose from 3 plans to save for your pension.

- Start your pension when you are ready.

- Take a break from premium payment.

- Receive pension in 4 different ways.

38
- Opt for additional health and life cover while you save for your

pension.

So go on. Get the power to choose your tomorrow, today with

LifeTime Pension.

14. LifeTime

Life is about changes. Some you expect - marriage,

children, retirement…and some you don’t - sickness, disability,

and death. We, at ICICI Prudential, believe that life should not

have to be about fear of the unexpected and that you should be in

control so as to overcome them. To be in total control of life’s

situations you need total flexibility.

15. Major Surgical Assistance Benefit

A rider added to a life insurance policy to provide

financial support in the event of medical emergencies. 43

specified surgical procedures are covered under this rider. This

rider is eligible for tax benefits under Sec 80D.

39
 This rider is available with Save'n'Protect, CashBack,

ForeverLife (Regular Premium Deferred Pension), LifeTime and

LifeTime Pension.

Major Surgical Assistance Benefit

A rider added to a life insurance policy to provide

financial support in the event of medical emergencies. 43

specified surgical procedures are covered under this rider. This

rider is eligible for tax benefits under Sec 80D.

This rider is available with Save'n'Protect, CashBak, ForeverLife

(Regular Premium Deferred Pension), LifeTime and LifeTime

Pension.

16. ReAssure

Your years of hard work have yielded rich dividends --

bonuses, performance packages, and retirement monies. The

challenge now is to invest these prudently so that the future years

are safe and secure…in terms of returns and comprehensive

protection.

40
 But, in these rapidly changing times when the stock

markets are volatile and even the safest investments of

yesteryears are letting you down, how do you ensure that your

kitty remains secure?

We, at ICICI Prudential Life insurance understand that

a financially stable retirement is what you are looking at. And

being a company whose parents have very strong brand equity we

make sure that you get the best returns for your money while

guaranteeing it's safety. So, we offer you ReAssure, an ideal

investment plan that gives regular income along with protection

for life.

17. Riders/Add-ons

ICICI Prudential offers you the unique opportunity of

designing your own life insurance policy. The freedom of

selecting from any of the add-on benefits that you may need. You

can choose to take all, some or none at all. Form your very own

comprehensive insurance policy by adding the benefits you

require to the basic life insurance policies on offer.

41
  Accident & Disability Benefit

 Accident Benefit Rider

 Critical Illness Rider

 Major Surgical Assistance Rider

Save'n'Protect (Endowment Assurance With Extended Life

Cover) : - Being the head of the family requires that you bear

quite a few responsibilities. Some of these include: being able to

fund your child's higher education, your daughter's wedding,

your own cozy nest and realize all your other dreams. This is an

ideal plan for those who want to accumulate funds on a regular

basis while enjoying insurance protection .

18. Smart Kid

As parents, your biggest concern is that of securing

the future of your child. In today's world, with ever increasing

competition, escalating cost of education and uncertain financial

markets, it is very important to plan for your child's future.

42
Presenting Smart Kid - a plan that gives your child the freedom

to pursue their dreams, the strength to face challenges, the

guarantee to live life to its fullest…whatever be the uncertainty.

What is Smart Kid?

It is a plan that provides guaranteed benefits to your child along

with life insurance cover. Smart Kid is so designed that it

provides money at all the critical milestones in his/her life,

whatever be the uncertainties

43
44
 RESEARCH METHODLOGY

MARKETING RESEARCH: -

Marketing research is the systematic design, collection, analysis

and reporting of the data and findings relevant to the company.

So results of marketing research activity are useful in enhancing

the decision-making ability of the organization.

1. DEFINING PROBLEM AND RESEARCH

OBJECTIVES: -

Defining objectives of the project is first and single

most important thing, which determine the success of

any such study undertaken. This study through was not

aimed at any specific problem and information was

decided to gather on certain areas, which will picturise

the situation in ICICI Prudential life insurance.

45
 Analysis of ICICI Prudential life insurance market was

aimed at multiple objectives such as :

 Decision regarding improvement in after sales

services.

 To find market potential for ICICI Prudential life

insurance

 To find market presence of ICICI Prudential life

insurance

 To get feedback from current customers

 To find market penetration of ICICI Prudential life

insurance.

 To design or rework on those areas in which

company is not doing well.

 To find out ways of improvement in companies

services so as to increase its sales as well as its

market share.

And hence nature of study was quite explanatory so as

to gather information to enable to take decision on marketing

strategies like position of product, after sales services

46
 2. DEVELOPMENT RESEARCH PLAN; -

For collection information analysis of ICICI

Prudential life insurance market, competitor analysis,

customer targeted, kind of responses these customers

would give, proper method to elicit the information,

traveling needed to cover area under consideration, cost

involved value of information which will be collected,

all these things were taken care of through planning

which constituted the research plan.

SOURCE FOR COLLECTING NECESSARY

INFORMATION: -

After preparing the details of the information required

in the investigation the main source for collecting this

information are:

47
 INTERNAL SOURCES

 Database of the existing customers, which helped in

creating more references

 Cold callings

 References

EXTERNAL SOURCES

 Yellow pages

 Telephone directories

 Auditors

 RTO Agents

3. RESEARCH INSTRUMENT: -

The basic research instrument used for data collection

is questionnaire and direct interview method. The questionnaire

deals with the various aspects concerning the study to be

undertaken.

The respondents were approached through cold

callings in public places like clubs, cafeteria, our office,

48
 sometimes and their offices. We had given our questionnaire to

beauty parlors, selected health clubs, VLCC, etc. for collection

of data. Data was also collected through telephonic interview.

4. SAMPLING PLAN:-

Sampling allows us to concentrate upon a small

number of people / customers and hence to devote more energy to

ensure that the information collected from this is accurate.

Sampling has some major advantage over the complete

enumeration and therefore it is used very often in marketing

research studies.

Advantages of sampling are it is saves time and cost

as well as it is a true representation.

The Sample element encanched under our study

included the following segments

1. Businessmen

2. Housewives

3. Unemployment Youth

4. C.A. / C.S.

5. Tax Consultants

49
6. Teachers / professors

7. L.I.C. Agents

8. Proprietors

9. College students

50
51
 SALES PROMOTION

Definition: -

“ Sales promotion consist of diverse collection of

incentive tools, mostly short term, design to stimulate quicker or

greater purchase of particular product or services by consumers

or the trade”

Advertising offers a reason to buy; sales promotion

offers an incentive to buy. Sales promotion includes tools for

promotion of the product.

Sales promotion tools are used by most organization,

including manufactures, distributors, retailers, trade associations

and non-profit organizations. A decade ago, the advertising-to-

sales-promotion ratio was about 60:40. Today it has gone to

35:65 or more. There are several factors, which contribute to the

rapid growth of sales promotion, particularly in customer

markets.

52
 The rapid growth of sales promotion media has created a

situation of promotion clutter similar to advertising clutter.

Customers might start tuning out, in which case coupons other

promotion media will weaken in their ability to trigger purchase.

PURPOSE OF SALES PROMOTION

1. To increase the sales, is the main aim of any sales

promotion activity conducted.

2. To promote any new scheme or new policy in the market.

3. To develop new market for the product

4. To have a direct interaction with the customer and

prospects

5. To achieve the objectives of the company.

6. To educate people about various benefits that can be

derived from life insurance.

53
7. To guide people about various investing schemes so as to

maximize returns such as:

Investment in securities

Investment in bonds

Mortgage loan available

54
 SALES PROOTION ACTIVITY CONDUCTED TO

PROMOTE ICICI PRUDENTIAL LIFE INSURANCE

POLICIES

ICICI PRUDENTIAL LIFE INSURANCE promotion

campaign has designed in such a way, so as to meet its social

objective along with maximum benefits to customer and

company’s financial advisors, unit managers to sale the life

insurance policies and attract as much as prospects to buy

various policies.

One of the main activities conducted in the project is

sales promotion of ICICI Prudential life insurance in the market.

For this we had arranged stalls in Indore city with best of the

possible location.

55
 The places where stalls were installed for promotion

of the ICICI Prudential life insurance in INDORE city are as

follows: -

1. Apollo Towers - commercial complex at Palasia square,

Indore.

2. Rajani Bhavan - commercial complex on M.G. Road,

Indore

3. Khujari Bazaar - wholesale market of new and old books,

Indore

4. Silver Mall - commercial complex on RNT Road, Indore

5. Vidyapati - commercial complex on Race course Road,

6. Vikram Tower - commercial complex on Sapna Sangeeta

Road

7. Trade House - commercial complex and big company’s

offices on A.B. Road.

8. Trade Center - big companies offices and commercial

complex at Geeta Bhavan square, Indore.

56
CUSTOMER SATISFACTION

“ Satisfaction is a person’s feeling of pleasure

or disappointment resulting from comparing a product’s

perceived performance (or outcome) in relation to his or her

expectation.”

- Philip Kotler

Today’s companies are facing their tough competition

and it will only get worse. Companies can confront their

competition better if they can move from a product and selling

philosophy to a customer and marketing philosophy. In the

buyers market, customer can choose from a large array of goods

and services. Here seller must deliver the acceptable product

quality and service levels may not be acceptable tomorrow.

Today’s customers are much more educated and demanding.

Only customer- centered companies will win, that is those

who can deliver superior value to their target customers. Those

companies will be adept in building customer and not just

building product or providing services.

57
CUSTOMER SATISFACTION:

Satisfaction is the level of person’s state of mind

resulting from comparing a product’s received performance (or

outcome) in relation to the person’s expectations.

Thus the satisfaction level is function of the different

between perceived performance and expectations. A customer

could experience one of three broad level of satisfaction. If the

performance falls short of the expectations, the customer is

dissatisfied. If the performance matches with the expectations the

customer is highly satisfied, pleased or delighted.

Expectation is formed on the basis of the buyer past

buying or using or the service experience, statements made by

the friends and associates and marketer and competitor ’s

information and promises. If the marketer raise expectations too

high, the buyer is likely to be disappointed. Some of today’s

most successful companies are expected and delivering

performance to match. These companies are aiming for

TCS (Total Customer Satisfaction).

58
 Thus to create customer satisfaction companies must

manage their value chain as well as the whole value delivery

system in customer centered way. As well as the companies must

understand how their customer perceives quality and how much

quality they expect because Total Quality Management is been

today as a major approach to provide customer satisfaction and

company profitability.

59
OBSERVATION

60
Following facts are observe by me while working on this
project: -

1. The customers do not have trust on the private company.

Because of following reasons: -

* No loyalty proof.

* Insolvent of many private companies

* Foreign investment.

2. Even after low rates and good schemes customers mainly

afraid of the matter that the company is private.

3. The customers have trust on public companies only like

L.I.C and they like to invest their money in public

companies

4. Public companies premium is very low is compared to the

private companies even the schemes is non-effective.

5. Goodwill of public companies.

6. The customer is not agree to pay Rs. 1000/- for training.

7. The customer is not ready to attend the 100 hours training.

8.

61
9. The customer is not satisfied with the commission they get

against the business.

10. The customer always demands for salary instead of

commission.

62
SUGGESTIONS AND RECOMMENDATIONS
63
ADVERTISING:-

1. The company should make an effective advertising to

attract the customers and for the various purposes such as :

 Advertising will help in the sale of the ICICI

Prudential life insurance in the competitive market.

 Advertising will help in building up the brand image

of the ICICI Prudential life insurance in the Indian

market.

2. It has been found out that few known about the ICICI

Prudential life insurance. To make the customers aware

about the service will be the basic aim of the company.

For a long run progress, brand image play a very

important role in success. The elements of brands equity are, the

aware ness that it enjoys, the advertising viewer ship it has, the

64
image of perceived quality in the mind of the consumer/customer,

and advertising association & symbols. Successful development

of brand equity that derives market positions, persisted over long

period of time, and is capable of resisting competitions.

NEW MARKET: -

In such a competitive market of life insurance

company should go in for new market, such as the well

developed rural city and town should be the new market. To make

new customers, company should go in for developed rural areas

such as Dewas, Dhar, Burhanpur, Sehor, Khargoan etc. these

places are not much developed but the potential of such market

to buy the life insurance policies is huge, which cannot be

neglected.

65
66
 CONCLUSIONS

The customer satisfaction of the ICICI

Prudential life insurance policy holders is not up to the mark,

considering the name of the company in national market. The

Prudential has a large acceptance all over the world, but ICICI

Prudential is not up to the mark in Indian market, due to less

coverage by the company.

People are not aware of the services,

facilities and benefits that ICICI Prudential life insurance

policies have. They are aware of basic functions only. The

marketing division should take care to improve awareness of the

brand and all the services to prospective customers.

Sales promotion and advertising will

help the company to boost the sales of the life insurance

policies and various other policies and investment plans also to

help the customer to understand the various services offered by

ICICI Prudential life insurance.

67
 The sales promotion activity conducted by

putting up stalls in various places was a great success. The

corporate office was the main target for this promotion

campaign. The promotion activity helped use to convey new

schemes to consumers and explain the benefits to of the scheme

to customers

68