ICICI Prudential

Life Insurance

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. Operations started in December 2000 Nation-wide reach includes 1,960 branches (inclusive of 1,096 micro-offices), over 237,000 advisors; and 6 bancassurance partners.

Type of Insurance Plans

Insurance plan are spread across multiple categories, catering different needs of different individuals.Insurance Plans can be broadly divided into following three categories.

Life Insurance
Retirement Plans Health Insurance

Life Insurance Plan

Life insurance products assure your family will receive financial support, even in your absence. Life Insurance Plan can be further divided into following categories Education Insurance Plans Wealth Creation Plans Protection Plans

Life Insurance Plan

Educational Insurance Plan - ICICI Pru SmartKid Assure - ICICI Pru SmartKid Maxima - ICICI Pru SmartKid Regular Premium
Wealth Creation Plan - ICICI Pru LifeStage Wealth - ICICI Pru ACE - ICICI Pru Premier Wealth - ICICI Pru Assure Wealth - ICICI Pru LifeTime Maxima - ICICI Pru Pinnacle

Protection Plans Pure Protect LifeGuard Save'n'Protect CashBak Home Assure

Retirement Solutions
The primary objective of this plan is to help customers to accumulate enough funds for financial needs in post retirement years. Following are Products offered in this category. ICICI Pru LifeTime Pension Maxima ICICI Pru LifeStage Pension Advantage

ICICI Pru Elite Pension II

ICICI Pru Assure Pension ICICI Pru ForeverLife ICICI Pru Immediate Annuity

Health Insurance
Health insurance policies insure you against several illnesses and guarantee you stay financially secure should you ever require treatment.

Health Insurance Products

Comprehensive health coverage Health Saver

Hospitalisation coverage MediAssure Hospital Care

Critical Illness coverage

- Crisis Cover

Unit Link Insurance Plan -ULIP

Retirement
Wealth Single premium - Regular premium plan

Guarantee plans Non guarantee plans

Life Stage based Non life Stage based

Childrens Education Health

Other objectives of this project are as follows:

To study the varied reasons of availing life insurance plans Find out the satisfaction of Customers with the distribution channel of ICICI. To find out the main problems which are faced by the Customers in the distribution channel and what are the main improvements which they want in the distribution system. Find out the areas which require improvements with regard to Customers satisfaction.

Q1. Are you currently insured?

ANALYSIS:

From the survey it was found that amongst 50 respondents

62% of the respondents are already insured. 38% of the respondents are not insured.

Q2. Are you satisfied with your current insurer?

From the survey it was found that amongst 50 respondents.

82% of the respondents are satisfied. 18% of the respondents are not satisfied.

Q3. Which one is your favored insurance company?

From the survey it was found that amongst 50 respondents

48% of the respondents like LIC. 14% of the respondents like ICICI. 10% of the respondents like HDFC. 8% of the respondents like Birla Sun Life. 8% of the respondents like Bajaj Allianz. 12% of the respondents like other companies.

Q4. What is your main concern while taking an insurance policy?

From the survey it was found that amongst 50 respondents

40% of the respondents are concerned about Tax Benefit. 32% of the respondents are concerned about their Security. 28% of the respondents are concerned about Investment/Savings.

Q5. How do you come to know about this policy?

From the survey it was found that amongst 50 respondents

a) 20% of the respondents know about it from Advertisements. b) 24% of the respondents know about it from Friends and Relatives. c) 42% of the respondents know about it from Direct Selling Agents. d) 14% of the respondents know about it from Other Sources.

Q6. Are you satisfied with the incentives (tax benefits or Bonuses) associated with your policy?

From the survey it was found that amongst 50 respondents

18% of the respondents are Highly Satisfied. 24% of the respondents are satisfied. 20% of the respondents are Moderate.

22% of the respondents are Unsatisfied.

16% of the respondents are Highly Unsatisfied.

Q7. According to you, in what areas should the insurance companies work upon?

From the survey it was found that amongst 50 respondents

28% of the respondents want Easy procedures. 20% of the respondents want fewer premiums. 18% of the respondents want more returns. 34% of the respondents want Transparency.

Q8. Do you think that services have improved after allowing private players in insurance sector?

From the survey it was found that amongst 50 respondents

a)80% of the respondents think that services have improved. b) 20% of the respondents think that services have not improved.

SUGGESTIONS

There is a need for better promotion for the investment products & services. The bank should advertise its products through television because it will reach to the masses. Company should give more attention on Campaigning tools Scheme Proper sales promotion schemes in city Should emphasize on rural market.

Thank You!!