“A COMPARATIVE STUDY OF ULIP PLANS OFFERED BY ICICI PRUDENTIAL AND OTHER LIFE INSURANCE...

8/9/2019 A COMPARATIVE STUDY OF ULIP PLANS OFFERED BY ICICI PRUDENTIAL AND OTHER LIFE INSURANCE COMPANIES

1/11


2/11

INTRODUCTION TO INSURANCE

Risks and uncertainties are part of life'sgreat adventure -- accident, illness, theft,natural disaster - they're all built into theworkings of the Universe, waiting to

happen. Insurance is a contract betweentwo parties - the insurer (the insurancecompany) and the insured (the person orentity seeking the cover) - wherein theinsurer agrees to pay the insured forfinancial losses arising out of anyunforeseen events in return for a regularpayment of "premium"


3/11

OBJECTIVES OF THE

STUDYWorking of Unit linked Insurance Plans

SWOT analysis of the product sold

Comparative study with the competitor.Study tax planning solutions available inthe market.

Study asset allocation through insuranceplans.


4/11

RESEARCH

METHODOLOGY MARKETRESEARCH DESIGN : Descriptive type

DATA SOURCES : Primary source

RESEARCH APPROACH : Survey method

RESEARCH INSTRUMENT : Questionnaire

TYPE OF QUESTIONS : Close-ended

SAMPLE SIZE : 100 samples


5/11


6/11

2).Are you satisfied with your presentinsurer?

YES 65%

65%

35%

Yes

No

No 35%

INTERPRETATION

most of the players are very satisfied with their present insurer which makes it

more tough for the private players to attract the corporates.


7/11

3). What is peoples main concern while taking a3). What is peoples main concern while taking ainsurance policy ( LIP)?insurance policy ( LIP)?

3). What is peoples main concern while taking a3). What is peoples main concern while taking ainsurance policy ( LIP)?insurance policy ( LIP)?

1) Security 40%1) Security 40%

2) Return 28%2) Return 28%3) Tax rebate 32%3) Tax rebate 32%

0%

10%

20%

30%

40%

50%

SECURITY RETURNS TAX

REBATE

FACTOR

%AGE

Series1

INTERPRETATION

People invest in insurance mainly because ofsecurityconcern.


8/11

4).Are you aware of LifetimeSuperintroduced by ICICIPrudential limited?

Yes 58%No 42%

0%

20%

40%

0%

80%

Y NO

RESPONSE

%AGEO

FPEOPL

Series1

INTERPRETATION

The awareness level among the corporate about ICICI P DENTIAL

offering servicesis very low and the company needs to work on it.


9/11

CONCLUSION LIC enjoys credibility over other private players

in the industry People look for security overreturns in market linked plans .Lifetime is the

most popular product among the people who areaware about ICICI Prudentials products. Peopleare now showing more interest in ULIP ascompared to some of the traditional plans.

ICICI PRUDENTIAL has to counter the

distribution network of LIC .The product profileof ICICI PRUDENTIAL is not very comprehensive


10/11

RECOMMENDATIONS More emphasis should be on promotional activities. Plenty of advertisement should be done through T.V,

Newspaper and Radio as these medias are havingmaximum recall value.

Total financial planning and advice should be given toevery customer. More business opportunity seminars should be

conducted to make people aware of the offer given. The company should quite frequently send their agent

to the customer so that they should be aware of thelatest offer. The company should attempt to open more and more

of its branches in the country so as to promote theirproduct publicity.


11/11

THANK YOU

“A COMPARATIVE STUDY OF ULIP PLANS OFFERED BY ICICI PRUDENTIAL AND OTHER LIFE INSURANCE...

Documents

Transcript of “A COMPARATIVE STUDY OF ULIP PLANS OFFERED BY ICICI PRUDENTIAL AND OTHER LIFE INSURANCE...