Study of consumer behavior & customer satisfaction towards ICICI Prudential Life Insurance Products

EXECUTIVE SUMMARY

ICICI Prudential Life Insurance is one of the largest Insurance networks in the

country, and 2nd Life Insurance Company in India. The ICICI Group has been in

existence since 1955 when ICICI Ltd., was created. ICICI Prudential started in 2002 as

subsidiary of ICICI Ltd., Today ICICI Life Insurance has a customer base of 4 million

with total assets exceeding Rs.1, 00,000 Cr. making it the 2nd largest life insurance

company in the country, next only to LIC.

The Insurance sector, after the opening up, provides greater opportunities. Several

global players have emerged and the market has changed significantly. In the changed

scenario, the expectation is that the low Insurance premium as a percentage of GDP

prevailing in India will improve and will offer better opportunities to the insurance

players.

Life Insurance sector is one of the key areas where enormous business potential

exists. In India currently the life insurance premium as a percentage of GDP is 1.3 per

cent against 5.2 per cent in the US, but in the liberalized scenario, the life insurance

premiums were projected to grow at around 18% to 20% from Rs 215 billion in 1998- 99

to Rs 592 billion in 2004-05 and to Rs 1450 billion by 2009-10. Corporate non-life

premium was projected to grow from Rs 84 billion in 1998-99 to Rs 386 billion in 2009-

10 and personal line non-life from Rs 4 billion to Rs 51 billion.

In the life Insurance segment the Life Insurance Corporation of India (LIC) is the

major player. The LIC has 2050 branches. It is constituted in to seven Zones. Currently

there are 5, 60,000 LIC agents in India. General Insurance is another segment, which has

been growing at a faster pace.

CONTENTS

EXECUTIVE SUMMARY

INTRODUCTION

CONCEPTUAL BACKGROUND

THE CONSUMER ADOPTION PROCESS

STAGES OF ADOPTION PROCESS

STATEMENT OF THE PROBLEM

OBJECTIVE OF THE STUDY

RESEARCH METHODOLOGY

1. INDUSTRY PROFILE

2. COMPANY PROFILE

DATA ANALYSIS AND INTERPRETATION

FINDINGS

RECOMMENDATIONS TO COMPANY

QUESTIONNAIRE

BIBLIOGRAPHY

STATEMENT OF THE PROBLEM

“Study of consumer behavior & customer satisfaction towards ICICI Prudential Life

Insurance Products”.

OBJECTIVE OF THE STUDY

For every problem there is a research. As all the researches are based on some

and my study is also based upon some objective and these are as follows.

1. To understand the insurance business and products of ICICI Prudential life insurance co ltd.

2. To find out the people’s perception about life insurance.

3. To find out whether people were really aware of life insurance.

4. To find out how people think about private life insurance.

5. To find out what respondents expect from life insurance.

6. To understand Consumer buying behavior

7. To come out with conclusion and suggestions based on the analysis and the Interpretation of data.

SIGNIFICANCE OF THE STUDY

The project is concerned with the “STUDY ON CONSUMER BEHAVIOR

AND CUSTOMER SATISFACTION AT ICICI PRUDENTIAL LIFE

INSURANCE. This study is very useful as the financial market become more

sophisticated and complex, investor needs a financial intermediary who

provides the required knowledge and professional expertise on successful

investing and Life insurance is a form of insurance that pays monetary proceeds

upon the death of the insured covered in the policy. Essentially, a life insurance

policy is a contract between the named insured and the insurance company

wherein the insurance company agrees to pay an agreed upon sum of money to

the insured's named beneficiary so long as the insured's premiums are current