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A PROJECT REPORT ONA STUDY ON BRAND IMAGE OF ICICI PRUDENTIAL LIFE
INSURANCE LTD
Cuttack, Odisha
Submitted by:
Mr. Sukanta Kumar Das
Regd No:-
Under the guidance of
Mr.
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GUIDE Certificate
This is to certify that the project entitled A STUDY ON BRAND
IMAGE OF ICICI PRUDENTIAL LIFE INSURANCE LTD
submitted in IIMT, Cuttack is the original work of Mr. Sukanta
Kumar Das. All facts reported by the candidate have been done my
guidance and supervision. The source and reference wherever used have
been duly acknowledged.
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ACKNOWLEDGEMENT
A Good start leads to a Fine end. The ideal way to begin documenting thisproject work would be to extend my earnest gratitude to everyone who hasencouraged, motivated and guided me to make a fine effort for successfulcompletion of this project.
I am very thankful to ----------, faculty of business management for guidingme throughout the project. My sincere Gratitude to the College Managementfor extending their co-operation for successful completion of my project.
A final word of thanks goes to my Parents, Friends and everyone else whomade this project possible. Your contributions have been most appreciated
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CONTENTS
SNO TOPIC PAGE NO:
1. INTRODUCTION 6
2. INDUSTRY PROFILE 8
3. COMPANY PROFILE 17
4. OBJECTIVE OF THE STUDY 31
5. MARKETING RESEARCH 39
6. RESEARCH METHODOLOGY 40
7. LIMITATIONS OF THE STUDY 41
8. RESULTS AND FINDINGS 42
9. GRAPHS 49
10. OVERALL ANLYSIS 50
11. SUGGESTIONS 51
12. QUESTIONNAIRE 53
13. BIBLIOGRAPHY
INTRODUCTION
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Insurance is a Service marketing, where every insurance company serves forcustomers.
In todays market there are many no of insurance companies, which are not upto, the expectations in terms of sales. At present every insurance company willfocus on increasing the sales, but no one will concentrate on customersatisfaction.
There are few companies, which are leading the market with their brandimage. ICICI is one of the leading insurance companies in private sector with
brand image of ICICI.
The customer develops a set of brand belief about where each brand stands oneach attributes or factors. A set of belief about a brand makes up the brandimage. The customer brand image will vary with further experience hasfiltered by the effects of selective perception, selective distortion and selectiveretention.
Actually this project deals with the measuring of Brand image of ICICIprudential Life Insurance in the terms of customers satisfaction. Themethodology adopted to achieve the above task is as follows.
The respondents are divided as the present customers, lost customers and thenon-customers of ICICI prudential life insurance company.
The study includes the measure of satisfaction levels of the customers. It alsoaim at the estimation of going back of lost customers. The research of the non-customers of ICICI Prudential was aimed at measuring the inclination of themtowards ICICI.
History of Insurance
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Insurance is a form of risk management, primarily used to hedge against therisk of a contingent loss. In essence, insurance is simply the equitabletransfer of a risk of a loss, from one entity to another, in exchange for a
premium.
Gambling transactions also hedge against risk, but it offers the possibility ofeither a loss or a gain. Gambling creates losers and winners, whereas ininsurance offers financial support sufficient to replace loss, not to create
pure gain. Gamblers can continue spending, buying more risk than they canafford , but insurance buyers can only spend up to the limit of what carrierswould accept to insure; their loss is limited to the amount of the premium.
Gamblers, by creating new risk transfer, are risk seekers. Insurance buyersare risk avoiders, creating risk transfer in terms of their need to reduceexposure to large losses.
Early methods of transferring or distributing risk were practiced by Chinesetraders as early as the 3rd millennia BC. These merchants travellingtreacherous river rapids would cleverly distribute their wares across manyvessels to spread the loss due to any single vessel's capsizing.
Modern profit insurance manifested in Babylon almost 2000 years B.C., in acontract of loan of trading capital to travelling merchants. The contractcontained a clause that the risk of loss due to robbery in transit was borne bythe party providing the loan. In consideration for bearing this risk, the lendercalculated interest on the loan at an exceptionally high rate.
The Greeks and Romans introduced the origins of health and life insuranceto us around 600 AD, when they organized guilds / benevolent societies(such assodalitates, collegia and military societies) which afforded memberscertain benefits, such as proper burial rites, or a financial contributiontowards burial costs (funeraticium) or travelling expenses of members of thearmy. In exchange for this benefit, members of the society made regularcontributions to it.
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During this time, Achaemenian (Iranian) monarchs were the first to 'insure'their people to some extent, formalising the process by registration thereof atcourt. In accordance with tradition, during Norouz - the beginning of theIranian New Year - the heads of different ethnic groups presented gifts to themonarch. The purpose of these gifts was to ensure (insure) that whenever thegift-giver was in trouble, the monarch (and the court) would help him. Inreturn, whenever the giver was in trouble or needed finance, the court wouldcheck the gift's registration, and could even - if the amount exceeded 10,000Derrik - double that in return.
All these instances gave effect to the concept of mutual assistance in case ofloss, but the actual concept of mutual assistance came to the fore in guildsand similar associations and societies which existed in Europe and Englandduring the middle-ages.
These associations afforded members (or their dependants) assistance in caseof loss caused by perils such as fire, shipwreck, theft, sickness or death.Originally, the extent of the assistance was determined by the actual need ofthe member who suffered the loss, eventually, however, he would beassisted to the extent of his actual loss. In many of these guilds individualmembers, and not merely the guild itself, were under a legal duty to assistthose members who suffered a loss. Once provision was made for the latterto have a corresponding legal right to claim such assistance, thedevelopment towards proper mutual insurance was completed.
Separate insurance contracts (i.e. insurance policies not bundled with loansor other kinds of contracts) were invented in Genoa in the 14th century, aswere insurance pools backed by pledges of landed estates. These newinsurance contracts allowed insurance to be separated from investment, a
separation of roles that first proved useful in marine insurance. Insurancebecame far more sophisticated in post-Renaissance Europe, and specializedvarieties developed.
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INDUSTRY PROFILE
Life insurance is a contract for payment of a sum of mo0ney to the personassured for (or falling him/her, to the person entitled to receive the same)on the happening of the event insured against usually the contract providesfor the payments of an amount on the date of maturity or at the specifieddates at periodic intervals or on unfortunate death, if it occurs earlier.Among others things, the contract also provides for the payment of
premium periodically to the corporation by the assured. Life insurance isuniversally acknowledged to be an institution, which eliminates risksubstituting certainly for uncertainty and comes to the timely aid of thefamily in the fortunate event of the death of the bread winner. By andlarge, life insurance is civilizations partial solution to financialuncertainties caused by untimely death.
Life insurance, in short, is concerned with two hazards that standacross the life path of every person. That of dying prematurely living adependent family to fend for it self and that too old without visible meansof support
INDIAN INSURANCE INDUSTRY
Insurance industry, as on 1.4.2000, comprised mainly two players;
Life Insurers:
Life Insurance Corporation of India(LIC).
General Insurers:
General Insurance Corporation of India(GIC) (with effect from Dec2000, aNational Reinsure).
GIC has four subsidiary companies, namely (with effect from Dec2000, thesesubsidiaries have been de-linked from the parent company and made asindependent insurance companies.
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1. The oriental insurance company limited.
2. The new India insurance company limited.
3. National insurance company limited.
4. United insurance company limited.
The Indian insurance industry: At the crossroads of development
The industry is on its way to development and a number of factors governthat growth. Some of them are:
Significantly untapped latent potential: Indias insurance industryhas witnessed rapid growth during the last decade. Consequently,many foreign companies have expressed their interest in investing indomestic insurance companies, despite the Government of Indiasregulation, which mandates that the foreign shareholding limit is fixedat 26% for the life as well as non-life insurance sectors. How can this
potential be tapped efficiently? This report analyzes the issues of theindustry and suggests methods to overcome them.
Recent regulatory developments that govern the current market
state: The development of the insurance industry in India is likely tobe critically dependent on the nature and quality of regulation.Overall, the regulatory environment is favorable and takes care that
players maintain prudent underwriting standards, and reservevaluation and investment practices. The primary objective for thecurrent regulations is to promote stability and fair play in the market
place. Our report details some major regulations by the IRDA as wellas those concerning ULIPS, IPOs, among others.
What will drive market development in the Indian insurance industry?
There are certain factors that need to be considered by the Indian insuranceindustry to ensure a seamless growth in business. Our report analyzes thesefactors in detail. Some of these include:
Distribution channels: The effectiveness and cost of diversedistribution strategies of different players is crucial in ensuring the
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success of players in the insurance business, particularly in the retaillines of business.
Focus on financial inclusion: The approach to insurance must be insync with the evolving times. The mission of the insurance sector in
India should be to extend the insurance coverage over a larger sectionof the population and a wider segment of activities.
Consumer needs and preferences: The growth in insurance industryhas been spurred by product innovation, vibrant distribution channels,coupled with targeted publicity and promotional campaigns by theinsurers. Innovation has come not only in the form of benefitsattached to the products, but also in the delivery mechanism throughvarious marketing tie-ups. All these efforts have brought insurancecloser to the customer as well as made it more relevant.
INSURANCE BUSINESS
Automobile insurance, known in the UK as motor insurance, is
probably the most common form of insurance and may cover both
legal liability claims against the driverand loss of ordamage to the
insured's vehicle itself. Throughout most of the United States an auto
insurance policy is required to legally operate a motor vehicle on
public roads. In some jurisdictions, bodily injury compensation for
automobile accident victims has been changed to a no-fault system,
which reduces or eliminates the ability to sue for compensation but
provides automatic eligibility for benefits. Credit card companies
insure against damage on rented cars.
Aviation insurance insures against hull, spares, deductible, hull war
and liability risks.
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Boiler insurance (also known as boiler and machinery insurance or
equipment breakdown insurance) insures against accidental physical
damage to equipment or machinery.
Builder's risk insurance insures against the risk of physical loss or
damage to property during construction. Builder's risk insurance is
typically written on an "all risk" basis covering damage due to any
cause (including the negligence of the insured) not otherwise
expressly excluded.
Business insurance can be any kind of insurance that protects
businesses against risks. Some principal subtypes of business
insurance are (a) the various kinds ofprofessional liability insurance,
also called professional indemnity insurance, which are discussed
below under that name; and (b) the business owners policy (BOP),
which bundles into one policy many of the kinds of coverage that a
business owner needs, in a way analogous to how homeowners
insurance bundles the coverages that a homeowner needs.
Casualty insurance insures against accidents, not necessarily tied to
any specific property.
Credit insurance repays some or all of a loan back when certain things
happen to the borrower such as unemployment, disability, or death.
Mortgage insurance (which see
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below) is a form of credit insurance, although the name credit
insurance more often is used to refer to policies that cover other kinds
of debt.
Crime insurance insures the policyholder against losses arising from
the criminal acts of third parties. For example, a company can obtain
crime insurance to cover losses arising from theft or embezzlement.
Crop insurance "Farmers use crop insurance to reduce or manage
various risks associated with growing crops. Such risks include crop
loss or damage caused by weather, hail, drought, frost damage,
insects, or disease, for instance."
Defense Base Act Workers' compensation or DBA Insurance
insurance provides coverage for civilian workers hired by the
government to perform contracts outside the US and Canada. DBA is
required for all US citizens, US residents, US Green Card holders, and
all employees or subcontractors hired on overseas government
contracts. Depending on the country, Foreign Nationals must also be
covered under DBA. This coverage typically includes expenses
related to medical treatment and loss of wages, as well as disability
and death benefits.
Directors and officers liability insurance protects an organization
(usually a corporation) from costs associated with litigation resulting
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from mistakes incurred by directors and officers for which they are
liable. In the industry, it is usually called "D&O" for short.
Disability insurancepolicies provide financial support in the event the
policyholder is unable to work because of disabling illness or injury. It
provides monthly support to help pay such obligations as mortgages
and credit cards.
Total permanent disability insurance insurance provides benefits when
a person is permanently disabled and can no longer work in their
profession, often taken as an adjunct to life insurance.
Errors and omissions insurance: See "Professional liability insurance"
under "Liability insurance".
Expatriate insuranceprovides individuals and organizations operating
outside of their home country with protection for automobiles,
property, health, liability and business pursuits.
Financial loss insurance protects individuals and companies against
various financial risks. For example, abusiness might purchase cover
to protect it from loss ofsales if a fire in a factory prevented it fromcarrying out its business for a time. Insurance might also cover the
failure of a creditorto pay money it owes to the insured. This type of
insurance is frequently referred to as "business interruption
insurance." Fidelity bonds and surety bonds are included in this
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category, although these products provide a benefit to a third party
(the "obligee") in the event the insured party (usually referred to as the
"obligor") fails to perform its obligations under a contract with the
obligee.
Health insurancepolicies will often cover the cost of private medical
treatments if the National Health Service in the UK (NHS) or other
publicly-funded health programs do not pay for them. It will often
result in quicker health care where better facilities are available.
Liability insurance is a very broad superset that covers legal claims
against the insured. Many types of insurance include an aspect of
liability coverage. For example, a
homeowner's insurance policy will normally include liability coverage
which protects the insured in the event of a claim brought by someone
who slips and falls on the property; automobile insurance also
includes an aspect of liability insurance that indemnifies against the
harm that a crashing car can cause to others' lives, health, or property.
The protection offered by a liability insurance policy is twofold: a
legal defense in the event of a lawsuit commenced against the
policyholder and indemnification (payment on behalf of the insured)
with respect to a settlement or court verdict. Liability policiestypically cover only the negligence of the insured, and will not apply
to results of willful or intentional acts by the insured.
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Environmental liability insurance protects the insured from bodily
injury, property damage and cleanup costs as a result of the dispersal,
release or escape of pollutants.
Professional liability insurance, also called professional indemnity
insurance, protects professional practitioners such as architects,
lawyers, doctors, and accountants against potential negligence claims
made by their patients/clients. Professional liability insurance may
take on different names depending on the profession. For example,
professional liability insurance in reference to the medical profession
may be called malpractice insurance. Notaries public may take out
errors and omissions insurance (E&O). Other potential E&O
policyholders include, for example, real estate brokers, home
inspectors, appraisers, and website developers.
Life insuranceprovides a monetary benefit to a decedent's family or
other designated beneficiary, and may specifically provide for income
to an insured person's family,burial, funeral and other final expenses.
Life insurance policies often allow the option of having the proceeds
paid to the beneficiary either in a lump sum cash payment or an
annuity.
Annuitiesprovide a stream of payments and are generally classified as
insurance because they are issued by insurance companies and
regulated as insurance and require the same kinds of actuarial and
investment management expertise that life insurance requires.
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Annuities and pensions that pay a benefit for life are sometimes
regarded as insurance against the possibility that a retiree will outlive
his or her financial resources. In that sense, they are the complement
of life insurance and, from an underwriting perspective, are the mirror
image of life insurance.
Locked funds insurance is a little-known hybrid insurance policy
jointly issued by governments and banks. It is used to protect public
funds from tamper by unauthorized parties. In special cases, a
government may authorize its use in protecting semi-private funds
which are liable to tamper. The terms of this type of insurance are
usually very strict. Therefore it is used only in extreme cases where
maximum security of funds is required.
Marine insurance and marine cargo insurance cover the loss or
damage of ships at sea or on inland waterways, and of the cargo that
may be on them. When the owner of the cargo and the carrier are
separate corporations, marine cargo insurance typically compensates
the owner of cargo for losses sustained from fire, shipwreck, etc., but
excludes losses that can be recovered from the carrier or the carrier's
insurance. Many marine insurance underwriters will include "time
element" coverage in such policies, which extends the indemnity to
cover loss of profit and other business expenses attributable to the
delay caused by a covered loss.
Mortgage insurance insures the lender against default by the borrower.
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No-fault insurance is a type of insurance policy (typically automobile
insurance) where insureds are indemnified by their own insurer
regardless of fault in the incident.
Nuclear incident insurance covers damages resulting from an incident
involving radioactive materials and is generally arranged at the
national level. (For the United States, see the Price-Anderson Nuclear
Industries Indemnity Act.)
Pet insurance insures pets against accidents and illnesses - some
companies cover routine/wellness care and burial, as well.
Political risk insurance can be taken out by businesses with operations
in countries in which there is a risk that revolution or otherpolitical
conditions will result in a loss.
Pollution Insurance. A first-party coverage for contamination of
insured property either by external or on-site sources. Coverage for
liability to third parties arising from contamination of air, water, or
land due to the sudden and accidental release of hazardous materials
from the insured site. The policy usually covers the costs of cleanup
and may include coverage for releases from underground storagetanks. Intentional acts are specifically excluded
Property insuranceprovides protection against risks to property, such
as fire, theft or weatherdamage. This includes specialized forms of
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insurance such as fire insurance, flood insurance, earthquake
insurance, home insurance, inland marine insurance or boiler
insurance.
Purchase insurance is aimed at providing protection on the products
people purchase. Purchase insurance can cover individual purchase
protection, warranties, guarantees, care plans and even mobile phone
insurance. Such insurance is normally very limited in the scope of
problems that are covered by the policy.
Retrospectively Rated Insurance is a method of establishing a
premium on large commercial accounts. The final premium is based
on the insured's actual loss experience during the policy term,
sometimes subject to a minimum and maximum premium, with the
final premium determined by a formula. Under this plan, the current
year's premium is based partially (or wholly) on the current year's
losses, although the premium adjustments may take months or years
beyond the current year's expiration date. The rating formula is
guaranteed in the insurance contract. Formula: retrospective premium
= converted loss + basic premium tax multiplier. Numerous
variations of this formula have been developed and are in use.
Social insurance can be many things to many people in many
countries. But a summary of its essence is that it is a collection of
insurance coverages (including components of life insurance,
disability income insurance, unemployment insurance, health
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insurance, and others), plus retirement savings, that mandates
participation by all citizens. By forcing everyone in society to be a
policyholder and pay premiums, it ensures that everyone can become
a claimant when or if he/she needs to. Along the way this inevitably
becomes related to other concepts such as the justice system and the
welfare state. This is a large, complicated topic that engenders
tremendous debate, which can be further studied in the following
articles (and others):
o Social welfare provision
o
Social securityo Social safety net
o National Insurance
o Social Security (United States)
o Social Security debate (United States)
Surety Bond insurance is a three party insurance guaranteeing the
performance of the principal.
Terrorism insurance provides protection against any loss or damage
caused by terrorist activities.
Title insuranceprovides a guarantee that title to real property is vested
in the purchaser and/or mortgagee, free and clear of liens or
encumbrances. It is usually issued in conjunction with a search of the
public records performed at the time of a real estate transaction.
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Travel insurance is an insurance cover taken by those who travel
abroad, which covers certain losses such as medical expenses, lost of
personal belongings, travel delay, personal liabilities, etc.
Volcano insurance is an insurance that covers volcano damage in
Hawaii.
Workers' compensation insurance replaces all or part of a worker's
wages lost and accompanying medical expense incurred because of a
job-related injury.
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COMPANY PROFILE
INTRODUCTION:
CICI Prudential Life Insurance Company is a joint venture between ICICIBank, a premier financial powerhouse, and Prudential plc, a leadinginternational 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 InsuranceRegulatory Development Authority (IRDA).
ICICI Prudential Life's capital stands at Rs. 4,793 crores (as of June 30,2012) with ICICI Bank and Prudential plc holding 74% and 26% stakerespectively. For the period April 1, 2012 to June 30, 2012, the company hasgarnered total premium of Rs 2,385 crores and has underwritten over 13million policies since inception. The company has assets held over Rs.70,000 crores as on June 30, 2012.
For the past decade, ICICI Prudential Life Insurance has maintained itsdominant position (on new business retail weighted basis) amongst private
life insurers in the country, with a wide range of flexible products that meetthe needs of the Indian customer at every step in life.
VISION
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 superiorproducts and services.
Leveraging technology to service customers quickly, efficiently andconveniently.
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Developing and implementing superior risk management andinvestment strategies to offer sustainable and stable returns to our policy holder.
Providing an enabling environment to foster growth and learning forour employees.
And above all, building transparency in all our dealings.
The success of the company will be founded in its unflinching commitmentto 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 toour growth.
Our values :
Every member of the ICICI Prudential team is committed to 5 core values:Integrity, Customer First, Boundaryless, Humility, and Passion. Thesevalues shine forth in all we do, and have become the keystones of oursuccess.
THE COMPLETE BANK
ICICI Bank
ICICI Bank is India's second-largest bank with total assets of Rs. 4,736.47 billion(US$ 93 billion) at March 31, 2012 and profit after tax Rs. 64.65 billion (US$1,271 million) for the year ended March 31, 2012. The Bank has a network of2,907 branches and 10,088 ATMs in India, and has a presence in 19 countries,including India.
ICICI Bank offers a wide range of banking products and financial services tocorporate and retail customers through a variety of delivery channels and throughits specialised subsidiaries in the areas of investment banking, life and non-lifeinsurance, venture capital and asset management.
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The Bank currently has subsidiaries in the United Kingdom, Russia and Canada,branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar andDubai International Finance Centre and representative offices in United ArabEmirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. OurUK subsidiary has established branches in Belgium and Germany.
ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and theNational Stock Exchange of India Limited and its American Depositary Receipts(ADRs) are listed on the New York Stock Exchange (NYSE).
Prudential plc
Established in 1848, prudential plc is a leading international financial servicescompany in the UK, with around US$250 billion funds under management, and
more than 16 million customers worldwide. Prudential has brought to market anintegrated range of financial services products that now includes life assurance,
pensions, mutual funds, banking, investment management and general insurance. InAsia, prudential is UKs largest life insurance company with a vast6 network of 22life and mutual fund operations in twelve countries China, Hongkong, India,Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan, Thailand andVietnam. Since 1923, prudential has championed customer centric products andservices, supported by over 60,000 staff and agents across the region.
Distribution:
ICICI prudential has one of the largest distribution networks amongst private lifeinsurance in India, having commenced operations in 69 cities and towns in India,they are Agra, Ahmadabad, Ajmer, Alahabad, Amrutsar, Aurangabad, Bangalore,Bareilly, Bhatinda, Bhopal, Bhuvaneshwar, calicut, chandigarh, Chennai,coimbatore, Dehradun, Durgapur, Faridabad, Goa, Guntur, Gurgoan, Guwahati,Hyderabad, Hubli, Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur,Kanpur, Karnal, Kochi, Kolkata, Kolhapur, Kota, Kottyam, Lucknow, Ludhiana,
Madurai, Mangalore, Meerut, Mumbai, Mysore, Nagpur, Nasik, Nodia, New Delhi,Patiala, Pune, Raipur, Rajkot, Ranchi, Rourkela, Simla, Siliguri, Surat, Thane,Thrissur, Trichy, Trivandrum, Udaipur, Vadodara, Vapi, Varanasi, Vashi,Vijayawada and Vizag.
The company has seven bank assurance tie-ups, having agreements withBank, Federal Bank, south Indian Bank, Bank of India, Lord Krishna Bank and som
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operative banks, as well as over 160 corporate agents and brokers. It has also tied uorganizations like Dhan for distribution of salaam Zindagi, a policy for the socialeconomically underprivileged sections of society.
ICICI prudential has recruited and trained about 50,000 insurance Advisors to inwith and advice customers. Further, it leverages its state-of-the-art IT infrastruct
provide superior quality of service to customer.
PRODUCTS
Saving plans
Child plan
Protection plan
Retirement plan
ICICI prudential life insurance offers a range of innovative, customer-centriproducts that meet the ends of customer at every life stage. Its 20 products can bEnhanced with up to 6 riders, to create a customized solution for each policyholder.
Savings Solutions
Secure plus is a transparent and feature-packed savings plan that offers 3 of protection.
Cash plus is a transparent, feature-packed savings plan that offers 3 levelsprotection as well as liquidity options.
Save and protect is a traditional endowment savings plan that offers lifeprotection along with adequate returns.
Invest Shield Gold is a Market linked plan that provides capital guaranteethe invested premiums and declared bonus interest along with limited premium paymeterms. Protection plan:
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We all hope to live a full life till a ripe old age to ensure our childerns sustenancand healthy growth. But if a sudden disability or illness strikes? Besides the grief anthe plan, such an event also completely disrupts life for all the people who arfinancially dependent on us. Our life insurance policies offer a comprehensive rangof protection benefits.
Life Guard- A low cost of high protection plan that offers protectionover a specified period.
Riders- Additional benefits that one can add on to the policy. The ridercan be opted for at the time of talking the basic policy. Additional
premium is charged for each rider.
An insurance policy can be tailor made to provide protection to you and your
loved ones. If something were to happen to you, it can help:
Safeguard your better half: ensure lifes continuity for your loved one.
Dear and Near ones: ensure your childrens educationcontinues undisrupted.
Un for seen circumstances: bear the cost of fighting an
illness, disability, etc.
Child plan:
As a responsible parent, you will always ensure a hassle-free, successful lifefor your child. However, life is full of uncertainties and even the best laid plans gowrong. Heres how you give your child a 100% safe and assured tomorrow, whateverthe uncertainties. Smart kid child plans are designed to provide flexibility and tosafeguard your childs future education and lifestyle, taking all possibilities into
account.
Presenting Smart Kid Child plans. Leave nothing to chance
Smart Kid Child plans offers three products:
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Unit-Linked Regular Premium II
Unit Linked Single Premium II
Regular Premium Smart Kid.
Retirement Plan:
Most of you picture yourselves enjoying the fruits of labor after retirement,going on your dream vacation, or helping your childrens career take wing. But doyou realize that financing all this will most likely depend partly on your personalsaving? Because personal savings and investment represent a significant source of
retirement income for many people, you can never save too much.
Currently you are at a stage where you are juggling many roles, as nurturingparents, dutiful caregivers to elders, supportive life partners, while trying to maintaina career. It is too easy to get carried away handling and solving the day-to-day
problems to not look into your retirement need. It may also seem too far away to beof concern. But a look at the issues below will make the need for some strategic
planning at this stage amply clear.
Today, thanks to a healthier lifestyle and advances in medicine, the averageIndian lives longer. This makes the challenge of accumulating enough money forretirement even more difficult, since it may have to last longer. Also, with the fallinginterest rate scenario and the raising costs of medical expenses retirement meansmonetary uncertainty for most of us. More so, because there is also the ever-
persistent evil of inflation, which erodes your purchasing power.
Therefore, the message is simple-put time on your sides and start Early.
We, at ICICI prudential life insurance believe in the philosophy of providing
meaningful and comprehensive insurance solutions to plan your retirement. Ourinsurance are the most optional tools to plan your retirement because they give yousafety, Liquidity, Tax benefits, Health cover and life protection and thus ensure thatyou are comprehensively covered.
ICICI prudential presents Retirement solutions that combine the best ofinvestment and insurance. These solutions are developed to ensure your peace of
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mind for the years to come. Solutions that give you the power to maintain yourlifestyle need for as long as you live.
Life Time Pension II:
A regular premium linked deferred pension plan that gives you the freedom tochoose the amount of premium, and invest in market-linked funds, to generate
potentially higher returns.
Secure plus pension:
A regular premium deferred pension plan that gives you the flexibility to choosebetween 3 levels of sum assured for the same level of total annual contribution.
Life Link Pension II:
A single premium linked deferred pension plan that gives you the freedom tochoose the amount of premium, and invest in market-linked funds, to generate
potentially higher returns.
Forever Life:
A regular premium deferred pension plan that helps you save for your retirementwhile providing you with life insurance protection.
Depending on you specific need our retirement solutions give you the:
o Power to choose the retirement date
o Power to choose the potential level
o Power to increase your investments
o Power to investment in a plan based on your priorities
o Power to receive you pension in 5 different ways
o Power to choose your annuity provider
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o Power to add-on flexible riders at a nominal extra premium
THEORETICAL FRAME WORK
Marketing:
Marketing is indeed an ancient art it has been practiced in one way or the other sincethe days of adam and eve. Its emergency as a management discipline, however, is ofrelatively recent origin. And with in this relatively short period, it has gained a greatdeal of importance and stature, in fact today most management thinkers and
practitioners the world over, regarding marketing as the most important of all
management function in any business.
Definition of Marketing:
Marketing is a social and managerial process by which individuals and groupobtain what they need and want through creating, offering and exchanging productsof value with others.
-Philip Kotler
Marketing consist of all activities which a company adopts itself to itsenvironment- creativity and profitability. -Roy Corey
The Marketing concepts:
The marketing concept was born out of the awareness that marketing starts with thedetermination of customer wants and ends with the satisfaction of those wants theconcept puts the consumer both at the end of the business cycle. It stipulates that any
business should be organized around the marketing function, anticipating, stimulatingand meeting customers requirements. The customer, not be corporation has to be thecenter of the business universe. A business cannot succeed by sampling products andservices that are not properly designed to serve the needs of the customers. I
proclaims, the entire business has to be seen from the point of view of the customer.
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Marketing Research:
Marketing research is a dynamic subject it has a wide coverage includingmarketing studies relating to market product policies mean and methods etcMarketing research begins even when production is in the planning stage. It is alsocontinuous through out the lifetime of an enterprise. It is thus a continuous operatingalthough here may be some adhoc projects taken up for solving specific problems ofenterprise.
Marketing research is the collection and interpretation facts that marketing to getproduction Mix efficiently in to the hands of customers. Marketing researchencompasses all information pertinent to this task. It is the systematic objective andexhaustive search from and study of facts relevant to any problem in the field of
marketing.
Definition of marketing research:
Marketing research is the systematic problem analysi analysis, model building andfact for the purpose of improved, model building and fact for the purpose of improveddecision making and control in the marketing of goods and services.
Philips kotler
Marketing research serves two major functions, it provides information for decisionmaking and it develops new knowledge. -Robert Ferder
Nature and scope of marketing research:
Marketing research is of a comparatively recent origin even through it made aslow beginning its growth in a short span has been tremendous. It has, in the course ofdevelopment sophisticated methods and methodologies in the application of statistical
and behavioral science concepts. The use of marketing research in consumer market isnow reasonably wide spread. It ascertains the position of the company in a specificindustry. It indicates the present and future trends of the industry and thus points outor the company affairs are to be managed. It helps in the development andintroduction of new products. It offers guidance for improving the current products ofthe company. It helps the effective of sales management. It can reduce the riskinvolved in marketing decision.
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Elements of Marketing Research:
Marketing Segmentation:
It covers the aspects regarding size and nature of the marketing including exportmarketing, dividing the consumers in forms of their age, sex and income. It covers theeconomic aspects of marketing.
Sales search:
It relates to the problem of region variations in sales, fixing sales, prioritiesMeasurement of the effective of salesmen, evaluation of sales methods and incentives.
Product research:
It relates to the analysis of the strength and weakness of existing product, producttesting and problems relating to diversification, simplification, trading up and tradingdown.
Packaging research:
In essence it is part of product research. But recent development in packaging and itscombination to advertising has led to it, to occupy in independent position of
packaging. To know the impact and its response in the market has become anindependent research field.
Advertising research:
It undertakes a study releasing to the preparation of the advertisement copy, themedia to be used and the measurement of advertising effectiveness.
Exporting Projections:
This research is intended to study the export potentials of the product.
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Demand Projections:
Demand may be estimated in units or value terms and also, the overall growth rates inkey market agreement are often estimated for better sales management.
Supply Research:
Marketing research studies also similarly carries out or analysis of the supply side ofthe market. It includes present supply structure. Supply structure refers to the study ofhow companies operate in the market and how are sales distributed among them?Secondly study how differentiated are the products offered market share analysis for
brand positioning of each brand, distribution channels adopted and method of selling,price charged and how they adopted and corporate image and capabilities, in otherwords it tries to ascertain how the competitors are defining their business in terms of
consumer groups segments being pursued as reflection by their marketing mixportfolios.
Business Economic Research:
Problems relating to input and output analysis, forecasting, price and profit analysis,preparation of break even charts are the main field of this research.
Limitation of Marketing Research:
Marketing research is not an exact science as it relates to consumers, it cannot beaccepted as an exact marketing research concerns primarily the consumer as a human
being study human behavior precluded absolute mathematical accuracy. Probabletrends as the most can be indicated with in predetermined limits. This sets basiclimitation to marketing research.
The information gathered by marketing research reduces the risk involved indecisions. Marketing research is very important in developing market strategies.
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OBJECTIVES OF THE STUDY
The basic objective of this study is
To estimate the measuring brand image of ICICI prudential life insurance. Theestimation of brand image includes the existing customers , the non-users of the ICICI
prudential life insurance.
The survey of the present customers of ICICI prudential life insurance is carriedout to estimate the levels of their satisfaction with regard to the service of the ICICI
prudential life insurance
To analyze the shortcoming in the service of the ICICI prudential life insurancebecause the satisfactory levels of the customers using ICICI prudential life insurancewill reflect whether they continue to use or not. The survey of the people, who never used the service of ICICI Prudential life
insurance helps us to unhide the reasons for not using it.
Hence measuring brand image of ICICI prudential life insurance, is basicallymeasured from two different points , retaining present customers ,attracting Lostcustomers by assuring quality services and attracting new customers this service andin expanding its market.
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LIMATIONS OF THE STUDY
The study was restricted to twin cities.
The information given by the respondents may be biased. Suggestions given at the end of the report are based on the
information collected, which may not be accurate due to the changing
perceptions of the consumers.
Due to time constraint more information could not be collected. Analysis could not be drawn for the entire questionnaire only specific
questions have been analyzed and interpreted.
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RESULTS AND FINDINGS
AREA Bhubaneswar Jatni Cuttack Tangi
AWARENESS 85% 65% 84% 72%
USAGE 70% 43% 68% 48%
PRESENTCUSTOMERSSATISFICATION
StisfactoryLevel is 80%
StisfactoryLevel is64 %
StisfactoryLevel is 72%
1.StisfactoryLevel is 69%.
NON USERSSURVEY
People areattracted tothe variousnew
plansprovided by
the newcompanies
people want topay lowpremiums.
People areattracted tothe variousnew
plansprovided by
the newcompanies
Lack ofawareness ofthe company(ICICI).
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AWARENESS
0
10
20
30
40
50
60
70
80
90
BBSR Jatni Cuttack Tangi
In Bhubaneswar 85% people having the knowledge about ICICI Prudential LifeInsurance. Similarly in Jatni, Cuttack & Tangi 65%, 84% & 72% people respectivelyhaving the idea about ICICI Prudential Life Insurance
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USAGE
0
10
20
30
40
50
60
70
BBSR Jatni Cuttack Tangi
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Satisfaction
0
10
20
30
40
50
60
70
80
BBSR Jatni cuttack Tangi
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AREA WISE DETAILS(Bhubaneswar)
Awareness
Usage
satisfaction
AREA WISE DETAILS(Jatni)
Awareness
Usage
Satisfaction
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AREA WISE DETAILS(Cuttack)
Awareness
Usage
satisfacation
AREA WISE DETAILS(Tangi)
Awareness
Uasge
Satisfaction
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SUGGESTIONS
1. The company must increase the awareness of insurance.
2. The company should concentrate on intrest rates.
3. The company should introduce quality products.
4. The company should decrease the premium of the products.
5. The company should concentrate on rural areas.
6 .whenever changes occur in the company it should inform to the customers.
7. While introducing the product the company should consider the middle level familie
8. The premiums should be collected in the form of cash instead of cheque mode ofpayment.
9. The company should satisfy the customers by increasing their servic
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Conclusion
Finally I concluded that still insurance products are unsought products. Itneeds more publicity. People having the idea about the insurance but nowillingness to purchases because they are not getting huge return from theirinvestment , so they prefer to invest in mutual fund & other scheme of bank.To attract more & more customer ICICI prudential must lunch someinsurance policies which will provide better return.
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BIBLIOGRAPHY
1.MARKETING MANAGEMENT PHILPS KOTLER
2.MARKERTING RESEARCH -G.C.BERI
3.PRINCIPLES OF MARKETING - PHILPS KOTLER
WEBSITES:
1.WWW.irdaindia.com
2.www.iciciprulife.com
3.www.google.com