Final Project on Icici Bank 2

7/30/2019 Final Project on Icici Bank 2

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A

Project Report

On

Customer Satisfaction Survey

on Insurance Products of

IN THE PARTIAL FULFILLMENT OF THE DEGREE OFMASTER OF BUSINESS ADMINISTRATION

2010-2013

Submitted To: Submitted byMs. Sunmeet kaur Shekhar Prasad

BBAVI sem

1


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CONTENTSAcknowledgementDeclarationExecutive Summary

Chapter-1 IntroductionCustomer SatisfactionObjectives of the studyProfile of the Organisation

Overview of ICICIPrudential Vision, MissionPromoterFact SheetV

Sales DistributionManagement Profile

Brand ValuesAchievementsProducts

Stages in Policiesissuance Comparative StudySWOT Analysis

Chapter-2 Research Methodology

Statement of the Problem

Research DesignMethodologySampling Techniques usedSelection of Sample SizeData CollectionStatistical Tools UsedLimitations of the Study

Chapter-3 Data Analysis and Findings

Chapter-4 Conclusion and SuggestionsConclusionSuggestions

AnnexureQuestionnaireBibliography

2


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Acknowledgement

I express my sincere gratitude to the management of ICICI

PRUDENTIAL COMPANY Pvt. Ltd Morena Branch M.P., for providing

me material to prepare my project on their esteem organization.

I would like to thanks Dr. N.K Kakkar (Director) who has been

a constant source of inspiration and my special thanks to Ms.

Poonam Chawla (project guide from the institute) for her extensive

guidance, cooperation and support.

Finally, I wish to express my gratitude to all those who have in

one way or other helped me in the successful completion of my

project report. The Project was completed successfully with the

valuable cooperation of companys personnel.

I would be special thank to our college faculty Mrs. Ritu Singh

(HOD), Mr. Rakesh Rajput, Mr. Sudeep Shrivastava and Ms. Jyoti Jain

under supervision this topic. This Acknowledgement would be incomplete

if I fail to express my deep gratitude towards all the facility of NRI College

of Management who gave me a lot of support and guidance.

Last but not least I would be special gratitude to Ms. Reena Gupta

and Mr. Mahendra Sikarwar and our all friends who heartening me

to complete this project.


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Chapter 1

INTRODUCTION


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EXECUTIVE SUMMARY

This project is based on the Customer Satisfaction survey of the

ICICI PRUDENTIAL insurance Company ltd. It is done to find out

whether the customers are satisfied with the Benefits they get with their

respective policies or not Further, in this Project Chapter 1 includes the

introduction of the company wherein I told about the Objectives of the

study and profile of the ICICI Prudential. Chapter 2 includes the

Research Methodology wherein I have discussed the Research Design

and Various sources of the Data Collection. Chapter 3 includes the

Data analysis and Findings wherein I have analyze the data collected from

the Questionnaire.Chapter4 represents the conclusion and the

suggestions based onthe customer satisfaction survey.


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OBJECTIVES OF THE STUDY

The main objective of the project is to coduct a brief study on Customesatisfaction survey on insurance products of ICICI PRUDENTIAL

Other objectives of this project are as follows:

To identify the insurance needs of the Indian population with respect to their

emotional, physical and financial conditions.

Comparative study of various insurance players in the market

To study the varied reasons of availing life insurance plans


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Chapter 2

Research Methodology


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Research Design:

The research design of this project is exploratory. Though each research

study has its own specific purpose but the research design of this project on

ICICI is exploratory in nature as the objective is the development of the

hypothesis rather than their testing.


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METHODOLOGY

Every project work is based on certain methodology, which is a way to

systematically solve the problem or attain its objectives. It is a veryimportant guideline and lead to completion of any project work through

observation, data collection and data analysis.

According to Clifford Woody,

Research Methodology comprises of defining & redefining problems,

collecting, organizing &evaluating data, making deductions &researching to

conclusions.

Accordingly, the methodology used in the project is as follows: -

Defining the objectives of the study

Framing of questionnaire keeping objectives in mind

considering the objectives)

Feedback from the employees

Analysis of feedback

Conclusion, findings and suggestions.

Sampling Technique Used:

This research has used convenience sampling technique.

Convenience sampling technique: Convenience sampling is used in

exploratory research where the researcher is interested in getting an


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inexpensive approximation of the truth. As the name implies, the

sample is selected because they are convenient

Selection of Sample Size:

For the survey, a sample size of 100 has been taken intoconsideration.

Sources of Data Collection:

Research will be based on two sources:

1. Primary data 2. Secondary data

1) PRIMARY DATA:

Questionnaire: Primary data was collected by preparing questionnaire for

customers. The questionnaire was filled through telephonic research.

2) SECONDARY DATA:

Secondary data will consist of different literatures like books which

are published, articles, internet , the company manualsand

websites of company- www.iciciprulife.com.

In order to reach relevant conclusion, research work needed to be

designed in a proper way.

This research methodology also includes:-

Familiarization with the concept of insurance and its various terms.

Thorough study of the information collected.

Conclusions based on findings.


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Statistical Tools Used

The main statistical tools used for the collection and analyses of

data in this project are:

Questionnaire

Pie Charts

Bar Diagrams

Limitations of study

Due to the following unavoidable and uncontrollable factors the

factors, the result might not be accurate. Some of the problems

faced while conducting the survey are as follows:-

Time and cost constraints were also there.

Chances of some biasness could not be eliminated.

A Samples size of fifty has been use due to time limitations.

A majority of respondents show lack of cooperation and are

biased towards their own opinions.


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Chapter 3

LITERATURE REVIEW

Customer Satisfaction


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What is customer satisfaction?

Customer satisfaction refers to how satisfied customers are with the

products or services they receive from a particular agency. The level ofsatisfaction is determined not only by the quality and type of customer

experience but also by the customers expectations.

A customer may be defined as someone who:

has a direct relationship with, or is directly affected by your agency and

receives or relies on one or more of your agencys services or

products. Customers in human services are commonly referred to

asservice users, consumers or clients.

An organisation with a strong customer service culture places the

customerat the centre of service design, planning and service

delivery. Customercentric organisations will:

determine the customers expectations when they plan

listen to the customer as they design

focus on the delivery of customer service activities Value customer feedback when they measure performance.

Why is it important?

There are a number of reasons why customer satisfaction is important in

Insurance Sector:

Meeting the needs of the customer is the underlying rationale for

the existence of community service organizations. Customers have

a right toquality services that deliver outcomes.

Organizations that strive beyond minimum standards and exceed the

expectations of their customers are likely to be leaders in their


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sector.

Customers are recognized as key partners in shaping service

development and assessing quality of service delivery.

The process for measuring customer satisfaction and obtaining feedback

on organizational performance are valuable tools for quality and

continuous service improvement.


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Chapter 4

Overview ofthe Industry


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Overview of the Industry

The Insurance Regulatory and Development Authority

(IRDA)

Reforms in the Insurance sector were initiated with the passage

of the IRDA Bill in Parliament in December 1999. The IRDA since its

incorporation as a statutory body in April 2000 has fastidiously stuck to

its schedule Of framing regulations and registering the private sector

insurance companies.

Theother decisions taken simultaneously to provide the supporting

systems to the insurance sector and in particular the life insurance companies

were the launch of the IRDAs online service for issue and renewal of

licenses to agents.

The approval of institutions for imparting training to agents has also

ensured that the insurance companies would have a trained workforce of

insurance agents in place to sell their products, which are expected to be

introduced by early next year.

Since being set up as an independent statutory body the IRDA has

put in a framework of globally compatible regulations. In the

private sector 12 life insurance and 6 general insurance companies

have been registered.

The insurance industry provides protection against financial losses

resulting from a variety of perils. By purchasing insurance policies, individuals

and businesses can receive reimbursement for losses due to car accidents, theft


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of property, and fire and storm damage; medical expenses; and loss of

income due to disability or death.

The insurance industry consists mainly of insurance carriers (or insurers) and

insurance agencies and brokerages. In general, insurance carriers are large

companies that provide insurance and assume the risks covered by the policy.

Insurance agencies and brokerages sell insurance policies for the carriers.

While some of these establishments are directly affiliated with a particular

insurer and sell only that carriers policies, many are independent and are thus

free to market the policies of a variety of insurance carriers. In addition to

supporting these two primary components, the insurance industry includes

establishments that provide other insurance-related services, such as claims

adjustment or third-party administration of insurance and pension funds.

Insurance carriers assume the risk associated with annuities and insurance

policies and assign premiums to be paid for the policies. In the policy, the

carrier states the length and conditions of the agreement, exactly which

losses it will provide compensation for, and how much will be awarded. The


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premium charged for the policy is based primarily on the amount to be

awarded in case of loss, as well as the likelihood that the insurance carrier will

actually have to pay. In order to be able to compensate policyholders for their

losses, insurance companies invest the money they receive in

premiums, building up a portfolio of financial assets and income-

producing real estate which can then be used to pay off any future claims

that may be brought. There are two basic types of insurance carriers.

Direct insurance carriers offer a variety of insurance policies. Life

insurance provides financial protection to beneficiariesusually spouses

and dependent childrenupon the death of the insured. Disability

insurance supplies a preset income to an insured person who is unable to workdue to injury or illness, and health insurance pays the expenses

resulting from accidents and illness. An annuity (a contract or a group of

contracts that furnishes a periodic income at regular intervals for a

specified period) provides a steady income during retirement for the remainder

of ones life. Property-casualty insurance protects against loss or

damage to property resulting from hazards such as fire, theft, and natural

disasters. Liability insurance shields policyholders from financial responsibility

for injuries to others or for damage to otherpeoples property. Most

policies, such as automobile and homeowners insurance, combineboth

property-casualty and liability coverage. Companies that underwrite this

kind of insurance are called property-casualty carriers.

Some insurance policies cover groups of people, ranging from

a few to thousands of individuals. These policies usually are issued to

employers for the benefit of their employees or to unions, professional

associations, or other membership organizations for the benefit of their

members. Among the most common policies of this nature are group life and

health plans. Insurance carriers also underwrite a variety of specialized

types of insurance, such as real-estate title insurance, employee surety and

fidelity bonding, and medical malpractice insurance.


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In addition to individual carrier-sponsored Internet sites,

several lead-generating sites have emerged. These sites allow

potential customers to input information about their insurance policy

needs. For a fee, the sites forward customer information to a number of

insurance companies, which review the information and, if they decide to

take on the policy, contact the customer with an offer. This practice gives

consumers the freedom to accept the best rate.

The insurance industry also includes a number of independent

organizations that provide a wide array of insurance-related services to

carriers and theirclients. One such service is the processing of claims forms for

medical practitioners. Other services include loss prevention and risk

management. Also, insurance companies sometimes hire independent claims

adjusters to investigate accidents and claims for property damage and to assign

a dollarestimate to the claim.


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Chapter 5

COMPANY

PROFILE


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COMPANY PROFILE

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. Total capital infusion standsat

Rs. 42.72 billion, with ICICI Bank holding a stake of 74% and

Prudential plc holding 26%.

We began our operations in December 2000 after receiving approval from

Insurance Regulatory Development Authority (IRDA). Today, our

nation-wide team comprises of over 2000 branches (inclusive of

1,095 micro-offices), over 261,000 advisors; and 24 bancassurance

partners.

ICICI Prudential is the first life insurer in India to receive a National Insurer

Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a

row, ICICI Prudential has been voted as India's Most Trusted Private Life

Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'MostTrusted Brands'. As we grow our distribution, product range and customer

base, we continue to tirelessly uphold our commitment to deliver world-

class financial solutions to customers all over India.


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The ICICI Prudential Edge

The ICICI Prudential edge comes from our commitment to our

customers, in all that we do - be it product development, distribution, the sales

process orservicing. Here's a peek into what makes us leaders.

1. Our products have been developed after a clear and thorough

understanding of customers' needs. It is this research that helps us develop

Education plans that offer the ideal way to truly guarantee your child's

education, Retirement solutions that are a hedge against inflation and yet

promise a fixed income after you retire, or Health insurance that arms you with

the funds you might need to recover from a dreaded disease.

2. Having the right products is the first step, but it's equally important to

ensure that our customers can access them easily and quickly. To this

end, ICICI Prudential has an advisor base across the length and breadth

of the country, and also partners with leading banks, corporate agents

and brokers todistribute our products .

3. Robust risk management and underwriting practices form the core of our

business. With clear guidelines in place, we ensure equitable costing of risks,

and thereby ensure a smooth and hassle-free claims process.

4. Entrusted with helping our customers meet their long-term goals, we

adopt an investment philosophy that aims to achieve risk adjusted

returns over thelong-term.

5. Last but definitely not the least, our 28,000 plus strong team is given the

opportunity to learn and grow, every day in a multitude of ways. We believe

this keeps them engaged and enthusiastic, so that they can deliver on our

promise to cover you, at every step in life.


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Vision & Values

Our vision:-

To be the dominant Life, Health 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 foster growth and learning

forouremployees

And above all, building transparency in all our dealings

The success of the company will be founded in its unflinching commitment to

5 core values -- Integrity, Customer First, Boundaryless, 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.


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Our values:-

Every member of the ICICI Prudential team is committed to 5 core

values:

Integrity Customer First,

Boundaryless, Ownership, and Passion. These

Values shine forth in all we do, and have become the keystones of our

success.

Promoters

ICICI BANK

ICICI Bank (NYSE:IBN) is India's second largest bank and largest private

sector bank with over 50 years of financial experience and with assets of Rs.

1812.27 billion as on 30th June, 2005. ICICI Bank offers a wide range of

banking products and financial services to corporate and retail customers

through a variety of delivery channels and through its specialized

subsidiaries and affiliates in the areas of investment banking, life and

non-life insurance, venture capital and asset management. ICICI

Bank is a leading player in the retail banking market and has over 13 million

retail customer accounts. The Bank has a network of over 570 branches

and extension counters, and 2,000 ATMs.


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Fact Sheet

The Company

ICICI Prudential Life Insurance Company is a joint venture between

ICICI Bank, a premier financial powerhouse, and Prudential plc, a

leading international 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 Insurance Regulatory Development Authority (IRDA).

ICICI Prudential Life's capital stands at Rs. 42.72 billion (as of June 30, 2008)

with ICICI Bank and Prudential plc holding 74% and 26% stake

respectively. For the quarter ended June 30, 2008, the company garnered Retail

Weighted New Business Premium of Rs. 1,174 crores as against Rs 810 crores

for the quarter ended June 30, 2007, thereby posting a growth of 45% and

has underwritten over 6 lakh policies over this period. The

company has assets held over Rs. 30,600 crore as on August 31, 2008.

ICICI Prudential Life is also the only private life insurer in India to receive a

National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings.

The AAA (Ind) rating is the highest rating, and is a clear assurance of ICICI

Prudential's ability to meet its obligations to customers at the time

ofmaturity or claims.

For the past seven years, ICICI Prudential Life has retained its

leadership position in the life insurance industry with a wide range of flexible

products that meet the needs of the Indian customer at every step in life.


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SALES DISTRIBUTION

Tied Agency

Tied Agency is the largest distribution channel of ICICI Prudential,

comprising a large advisor force that targets various customer segments.

The strength of tied agency lies in an aggressive strategy of expanding and

procuring quality business. With focus on sales & people development, tied

agency has emerged as a robust, predictable and sustainable business

model.

Banc assurance and Alliances

ICICI Prudential was a pioneer in offering life insurance solutions through

banks and alliances. Within a short span of two years, and with nearly a large

number of partners, B & A has emerged as a vital component of the

companys sales and distribution strategy, contributing to approximately one

third of companys total business. The business philosophy at B&A is to

leverage distribution synergies with our partners and add value to its

customers as well as the partners. Flexibility, adaptation and experimenting

with new ideas are the hallmarks of this channel.

About the Promoters

ICICI Bank

ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the

second largest bank in the country, with consolidated total assets of $1 1 2.6

billion as of June 30 , 2008. ICICI Banks subsidiaries include Indias leading

private sector insurance companies and among its largest securities brokerage

firms, mutual funds and private equity firms. ICICI Banks presence

currently spans 19 countries, including India.


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Management Profile

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

Ms. Chanda Kochhar, Director

Mr. Barry Stowe, Director

Mr. H.T. Phong, Director

Prof. Marti G. Subrahmanyam, DirectorMr. Mahesh Prasad Modi, Director

Ms. Rama Bijapurkar, Director

Mr. Keki Dadiseth, Director

Ms. Shikha Sharma, Managing Director

Mr. N.S. Kannan, Executive Director

Mr. Bhargav Dasgupta, Executive Director

Management Team

The ICICI Prudential Life Insurance Company Limited Management

team comprises reputed people from the finance industry both from India

and abroad.

Ms. Shikha Sharma, Managing Director & CEOMr. N. S. Kannan, Executive Director

Mr. Bhargav Dasgupta, Executive Director

Ms. Anita Pai, Executive Vice President Customer Service & Tech.


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Corporate history

ICICI Bank was established by the Industrial Credit and

Investment Corporation of India, an Indian financial institution,

as a wholly owned subsidiary in 1994. The parent company

was formed in 1955 as a joint-venture of the World Bank,

India's public-sector banks and public-sector insurance

companies to provide project financing to Indian industry. The

bank was initially known as theIndustrial Credit and

Investment Corporation of India Bank, before it changed its

name to the abbreviated ICICI Bank. The parent company was

later merged with the bank.

ICICI Bank launched internet banking operations in 1998. [12]

ICICI's shareholding in ICICI Bank was reduced to 46 percent,

through a public offering of shares in India in 1998, followed by

an equity offering in the form ofAmerican Depositary

Receipts on the NYSE in 2000. ICICI Bank acquired the Bank

of Madura Limitedin an all-stock deal in 2001 and sold

additional stakes to institutional investors during 2001-02.

In the 1990s, ICICI transformed its business from a

development financial institution offering only project finance to
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a diversified financial services group, offering a wide variety of

products and services, both directly and through a number of

subsidiaries and affiliates like ICICI Bank. In 1999, ICICIbecome the first Indian company and the first bank or financial

institution from non-Japan Asia to be listed on the NYSE.

In 2000, ICICI Bank became the first Indian bank to list on the

New York Stock Exchange with its five million American

depository shares issue generating a demand book 13 times

the offer size.

In October 2001, the Boards of Directors of ICICI and ICICI

Bank approved the merger of ICICI and two of its wholly

owned retail finance subsidiaries, ICICI Personal Financial

Services Limited and ICICI Capital Services Limited, with ICICI

Bank. The merger was approved by shareholders of ICICI and

ICICI Bank in January 2002, by the High Court of Gujarat at

Ahmedabad in March 2002 and by the High Court of

Judicature at Mumbai and the Reserve Bank of India in April

2002.

In 2008, following the 2008 financial crisis, customers rushed

to ICICI ATMs and branches in some locations due to rumors

of adverse financial position of ICICI Bank. The Reserve Bank
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of India issued a clarification on the financial strength of ICICI

Bank to dispel the rumors. NEW UPDATES FROM THE SITE

ICICI Bank is India's second-largest bank with total assets ofRs. 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 of 3,100

branches and 10,486 ATMs in India, and has a presence in 19

countries, including India.

ICICI Bank offers a wide range of banking products and

financial services to corporate and retail customers through a

variety of delivery channels and through its specialised

subsidiaries in the areas of investment banking, life and non-

life insurance, venture capital and asset management.

The Bank currently has subsidiaries in the United Kingdom,

Russia and Canada, branches in United States, Singapore,

Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International

Finance Centre and representative offices in United Arab

Emirates, China, South Africa, Bangladesh, Thailand, Malaysia

and Indonesia. Our UK subsidiary has established branches in

Belgium and Germany.


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ICICI Bank's equity shares are listed in India on Bombay Stock

Exchange and the National Stock Exchange of India Limited

and its American Depositary Receipts (ADRs) are listed on theNew York Stock Exchange (NYSE).

Corporate governance

Group Anti Money Laundering Policy

The ICICI Group AML Policy establishes the standards of AML

compliance and is applicable to all activities.

Code of Conduct

ICICI Bank has formulated a Code of Business Conduct and

Ethics for its directors and employees. The Bank of

Rajasthan(BOR) was acquired by the ICICI Bank in 2010 for

3,000 crores. RBI was critical of BOR's promoters not reducing

their holdings in the company. BOR has since been merged

with ICICI Bank. Each 118 shares of BOR will be converted

into 25 shares of ICICI Bank.

Creation of market infrastructure in India

ICICI Bank has contributed to set up different institutions which

include the following:

National Stock Exchange
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The National Stock Exchange was promoted by Indias leading

financial institutions (including ICICI Ltd.) in 1992 on behalf of

the Government of India with the objective of establishing anationwide trading facility for equities, debt instruments and

hybrids, by ensuring equal access to investors all over the

country through an appropriate communication network.

Credit Rating Information Services of India Limited

In 1987, ICICI Ltd along with UTI set up CRISIL as India's first

professional credit rating agency. CRISIL offers a

comprehensive range of integrated products and service

offerings which include credit ratings, capital market

information, industry analysis and detailed reports.

National Commodities and Derivatives Exchange Limited

NCDEX is a professionally managed online multi-commodity

exchange, set up in 2003, by ICICI Bank Ltd, LIC, NABARD,

NSE, Canara Bank, CRISIL, Goldman Sachs, Indian Farmers

Fertiliser Cooperative Limited (IFFCO) and Punjab National

Bank.

Financial Innovation Network and Operations Pvt Ltd.

ICICI Bank has facilitated setting up of "FINO Cross Link to

Case Link Study" in 2006, as a company that would provide
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technology solutions and services to reach the underserved

and underbanked population of the country. Using cutting edge

technologies like smart cards, biometrics and a basket ofsupport services, FINO enables financial institutions to

conceptualise, develop and operationalise projects to support

sector initiatives in microfinance and livelihoods.

Entrepreneurship Development Institute of India

Entrepreneurship Development Institute of India (EDII), an

autonomous body and not-for-profit society, was set up in

1983, by the erstwhile apex financial institutions like IDBI,

ICICI, IFCI and SBI with the support of the Government of

Gujarat as a national resource organisation committed to

entrepreneurship development, education, training and

research.

North Eastern Development Finance Corporation

North Eastern Development Finance Corporation (NEDFI) was

promoted by national level financial institutions like ICICI Ltd in

1995 at Guwahati, Assam for the development of industries,

infrastructure, animal husbandry, agri-horticulture plantation,

medicinal plants, sericulture, aquaculture, poultry and dairy in
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the North Eastern states of India. NEDFI is the premier

financial and development institution for the North East region.

Asset Reconstruction Company India Limited

Following the enactment of the Securitisation Act in 2002,

ICICI Bank together with other institutions, set up Asset

Reconstruction Company India Limited (ARCIL) in 2003, to

create a facilitative environment for the resolution of distressed

debt in India. ARCIL was established to acquire non

performing assets (NPAs) from financial institutions and banks

with a view to enhance the management of these assets and

help in the maximisation of recovery. This would relieve

institutions and banks from the burden of pursuing NPAs, and

allow them to focus on core banking activities.

Credit Information Bureau of India Limited

ICICI Bank has also helped in setting up Credit Information

Bureau of India Limited (CIBIL), Indias first national credit

bureau in 2000. CIBIL provides a repository of information

(which contains the credit history of commercial and consumer

borrowers) to its members in the form of credit information

reports. The members of CIBIL include banks, financial

institutions, state financial corporations, non-banking financial


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companies, housing finance companies and credit card

companies.

Corporate Social Responsibility programmes for Elementary

Education

Read to Lead Phase I

Read to Lead is an initiative of ICICI Bank to facilitate access

to elementary education for underprivileged children in the age

group of 314 years including girls and tribal children from the

remote rural areas. The Read to Lead initiative supports

partner NGOs to design and implement programs that mobilise

parent and community involvement in education, strengthen

schools and enable children to enter and complete formal

elementary education. Read to Lead has reached out to

100,000 children across 14 states of Andhra Pradesh, Bihar,

Delhi, Gujarat, Haryana, Jharkhand, Karnataka, Maharashtra,

Orissa, Rajasthan, Tamil Nadu, Tripura, Uttar Pradesh and

West Bengal.

Read to Lead Phase I is focused on

Bridge courses to support dropout children to re-enrol in

formal education


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Remedial coaching to potential dropout children to

ensure their continuation in formal schooling

Educational kits that include uniforms, books, stationery,

woollen clothes etc.

Inclusive and special education for children with special

needs, such as mentally challenged and physically disabled

children

Health and nutritional support for children

Community initiatives for sensitisation on importance of

education, including parent groups, school enrolment

drives, workshops and seminars, and publications

Holistic development of children through instruction in

arts and crafts, street plays, and life skills education

Read to Lead Phase II

In Phase II of the Read to Lead programme, ICICI Bank has

supported the establishment of 63 libraries that will reach out

to approximately 7,200 children in the rural areas of Jagdalpur

block of Bastar district in Chhattisgarh. The programme

includes building libraries, sourcing books and conducting

various interactive activities to make the library a dynamic

centre for learning.


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Products

MySavings Rewards

ICICI Bank has rolled-out the programme MySavings

Rewards from September 1, 2012, where reward points are

offered to individual domestic customers for a variety of

transactions done through the savings bank account. Reward

points are offered automatically to customers for

activating Internet banking, shopping online/ paying utility bills

with Internet banking and auto-debit from savings account

towards equated monthly installments for home/ auto/ personal

loan/ recurring deposit. Customers are required to maintain a

monthly average balance of Rs.15,000 or more.

Customers can redeem their reward points by

logging into his ICICI Bank internet banking account

Calling up customer care

Walkin into the nearest ICICI Bank branch

iWish- the flexible recurring deposit

iWish is a flexible recurring deposit product launched by ICICI

Bank for its savings account customers. iWish is a fun and

flexible way to encourage savings among youth for fulfilling
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aspirations. Unlike a traditional recurring deposit, iWish allows

customers to save varying amounts of money at any time of

their choice. Customers can create several goals and tracktheir progress on an easy-to-use online interface. They can

also share their wishes on Facebook and let their friends and

family be a part of their dreams by contributing to their account

from any bank account. There will be no penalties if a

customer misses his monthly contribution to the recurring

deposit. The minimum duration is six months and a customer

can open this account starting with Rs 500.

The key features of iWish are:

Flexibility: Flexible recurring deposit allows a customer

to deposit any amount at any point of time. Customers also

have an option of depositing money by giving a standing

instruction.

Better returns: Customers can earn recurring deposit

interest rates on their iWish account while enjoying the

freedom of not having to deposit every month.

Sharing: Customers can choose to share their wishes

on Facebook and let their friends and family be part of their

dreams.
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Contributions: iWish gives an opportunity to the family

and friends of a customer to contribute and help him attain

his aspirations faster. Contributions can be made from anybank account using a VISA debit card.

ICICI Bank has developed this product in collaboration with

Social Money.

Go Green Initiative

The Go Green Initiative is an organisation wide initiative that

moves beyond moving people, processes and customers to

cost effective automated channels to build awareness and

consciousness of our environment,our nation and our society.

Objective

ICICI Banks Green initiative is to make healthy environment in

the organisation i.e; to create intrapersonal skills amongs the

customer and understanding between employees of the

organisation.

Broad objectives of the ICICI are:

(a) to assist in the creation, expansion and modernisation of

private concerns;


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(b) to encourage the participation of internal and external

capital in the private concerns;

(c) to encourage private ownership of industrial investment.

Green products and services

Instabanking

It is the platform that brings together all alternate channels

under one umbrella and gives customers the option of banking

through Internet banking, i-Mobile banking, IVR Banking. This

reduces the carbon footprint of the customers by ensuring they

do not have to resort to physical statements or travel to their

branches.

Vehicle Finance

As an initiative towards more environment friendly way of life,

Auto loans offer 50% waiver on processing fee on car models

which uses alternate mode of energy. The models identified for

the purpose are, Maruti's LPG version of Maruti 800, Omni and

Versa, Hyundai's Santro Eco, Civic Hybrid of Honda, Reva

electric cars, Tata Indica CNG and Mahindra Logan CNG

versions.

Carbon Footprint Calculator


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Inputs include region, user input of the distance traveled in a

particular medium of transport daily, electricity consumed per

month and LPG cylinder/piped natural gas used per month. Itcalculates the net carbon footprint to create awareness and

sensitize people about the environment.It also shows the

world's and India's average carbon footprint.

Subsidiaries

Domestic

ICICI Prudential Life Insurance Company Limited

ICICI Lombard General Insurance Company Limited

ICICI Prudential Asset Management Company Limited

ICICI Prudential Trust Limited

ICICI Securities Limited

ICICI Securities Primary Dealership Limited

ICICI Venture Funds Management Company Limited

ICICI Home Finance Company Limited

ICICI Investment Management Company Limited

ICICI Trusteeship Services Limited
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ICICI Prudential Pension Funds Management Company

Limited

International

ICICI Bank UK PLC

ICICI Bank Canada

ICICI Bank Eurasia Limited Liability Company

ICICI Securities Holdings Inc.

ICICI Securites Inc.

ICICI International LImited

Acquisitions

1996: SCICI Ltd. A diversified financial institution with

headquarters in Mumbai

1997: ITC Classic Finance. Incorporated in 1986, ITC

Classic was a non-bank financial firm that engaged in

hire,m purchase, and leasing operations. At the time of

being acquired, ITC Classic had eight offices, 26 outlets,

and 700 brokers.

1998: Anagram Finance. Anagram had built up a

network of some 50 branches in Gujerat, Rajastan, and


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Maharashtra that were primarily engaged in retail financing

of cars and trucks. It also had some 250,000 depositors.

2001: Bank of Madura

2002: The Darjeeling and Simla branches ofGrindlays

Bank

2005: Investitsionno-Kreditny Bank (IKB), a Russian

bank

2007: Sangli Bank. Sangli Bank was a private sector

unlisted bank, founded in 1916, and 30% owned by the

Bahte family. Its headquarter were in Sangli

in Maharashtra, and it had 198 branches. It had 158 in

Maharashtra and 31 in Karnataka, and others in Gujarat,

Andhra Pradesh, Tamil Nadu, Goa, and Delhi. Its branches

were relatively evenly split between metropolitan areas and

rural or semi-urban areas.

2010: Bank of Rajasthan.

Awards

2004

Best Bank in India Award presented by Euromoney

Magazine
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2007

ICICI Bank has been conferred the Euromoney Award

2007 for the Best Bank in the Asia-Pacific Region

ICICI Bank wins the Excellence in Remittance Business

award by The Asian Banker

2009

ICICI Bank bags the "Best bank in SME financing

(Private Sector)" at the Dun & Bradstreet Banking awards

2011

ICICI Bank is the only Indian brand to figure in the

BrandZ Top 100 Most Valuable Global Brands Report,

second year in a row

ICICI Bank ranked 5th in the list of "57 Indian

Companies", and 288 th in World Rankings in Forbes

Global 2000 list.

ICICI Bank has won the "Banking Technology Awards

2010" at The Indian Banks Association in the following

categories

ICICI Bank was recognized for its Special Citation of the

Fully Electronic Branch Service Channel, first set up at


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Hiranandani Estate, Thane, at the Financial Insights

Innovation Awards held in conjunction with Asian Financial

Services Congress

For the second year in a row, ICICI Bank was ranked

70th in the Brandirectory league tables of the worlds most

valuable brands by, The BrandFinance Banking 500

ICICI Bank was ranked 1st in the Banking and Finance

category and 9th in the "2010 Best Companies To Work

For" by Business Today

ICICI Bank UK, HiSAVE product range has been

awarded the Consumer Moneyfacts Awards 2011 for the

'Best Online Savings Provider'

For the second consecutive year, ICICI Bank was ranked

second in the "India's 50 Biggest Financial Companies", in

The BW REAL 500 by Business World

ICICI Bank was one of the winners in the Global Awards

for Enterprise & IT Architecture Excellence. ICICI Bank

bagged the award in the Business Intelligence and

Analytics' category.

The Brand Trust Report ranks ICICI among the top 4

most trusted financial institutions. ICICI Bank awarded
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"House Of The Year (India)", by Asia Risk magazine, for

eighth time in a row since 2004

ICICI Bank awarded the most Tech-friendly Bank award

by Business World

ICICI Bank received the Best Trade Finance Bank in

India by The Asset Triple A Award, Hong Kong

ICICI Bank is the first and the only Indian brand to be

ranked as the 45th most valuable global brand by BrandZ

Top 100 Global Brands Report

2012

Airtel, ICICI among 'top 100 global brands' ICICI Bank

won the "Best Bond House (India) 2011", by IFR Asia ICICI

Bank awarded the Best Bank (India) by Global Finance

ICICI Bank won the "Century International Quality Era

Award" at Geneva ICICI Bank was awarded the "Best

Foreign Exchange Bank (India)" by Finance Asia Country

Awards.

ICICI Bank received the "Dataquest Technology

Innovation Awards 2012" for Data center migration by

Dataquest.


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ICICI Bank was conferred the Best Performance Award

for Self Help Group (SHG) Bank Linkage Programme in

NABARD's State Level Awards announced by theirMaharashtra Regional Office. The Bank received the first

prize for the year 2010-11 in the Private Sector Bank

category and 2nd runner up for the year 2011-12 in the

Commercial Bank category.

For the second consecutive year, ICICI Bank won the

NPCI's NFS Operational Excellence Awards in the MNC

and Private Sector Banks Category for its ATM network.

Mr.K.V.Kamath was awarded the "Hall Of Fame" by

Outlook Money for his long standing contribution in the

financial services sector.

ICICI Bank won the Best Bank - India Award by The

Banker. Ms. Chanda Kochhar ranked 18th in the Fortune's

list of '2012 Businesspersons of the Year'. The 50 global

leaders is Fortune's annual ranking of leaders who are "the

best in business".

Ms. Chanda Kochhar tops the list of "50 Most Powerful

Women in Business" by Fortune India.


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ICICI Bank tops the list of "Private sector and Foreign

Banks" by Brand Equity, Most Trusted Brands 2012. It

ranks 15th in the "Top Service 50 Brands".

For the third consecutive year, ICICI Bank ranked

second in "India's 50 Biggest Financial Companies" in The

BW Real 500 by Businessworld. For the second year in a

row, Ms. Chanda Kochhar, Managing Director & CEO was

ranked 5th in the International list of 50 Most Powerful

Women In Business by Fortune.

ICICI Bank tops the list of most fans in India and globally

ranks fifth amongst financial institutions on Facebook in the

social media engagement study conducted by Ketchum

Sampark.

ICICI Bank in the Private Sector Bank category won the

Best Technology Bank Of The Year ,Best Financial

Inclusion Initiative and Best Use Of Technology In Training

and e-Learning by Indian Bank's Association (IBA)

Technology Awards. The Bank also received the first

runner up for Best Online Bank, Best Customer

Relationship Initiative and Best Use Of Mobility Technology

in Banking by IBA Technology Awards .


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ICICI Bank awarded the Best SME Bank for Treasury

and Working Capital (India) by The Asset Triple A.

ICICI Bank received the Best Trade Finance House and

Best Cash Management House by The Corporate

Treasurer Alliance Country Awards

ICICI Bank awarded the Best Private Sector Bank in

Global Business Development, Rural Reach and SME

financing categories by Dun & Bradstreet - Polaris Financial

Technology Banking Awards.

Controversy over debt recovery methods

A few years after its rise to prominence in the banking sector,

ICICI bank faced allegations on the recovery methods it used

against loan payment defaulters. A number of cases were filed

against the bank and its employees for using "brutal

measures" to recover the money. Most of the allegations were

that the bank was using goons to recover the credit card

payments and that these "recovery agents" exhibited

inappropriate and in some cases, inhuman behavior. Incidents

were reported wherein the defaulters were put to "public

shame" by the recovery agents.


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The bank also faced allegations of inappropriate behavior in

recovering its loans. These allegations started initially when

the "recovery agents" and bank employees started threateningthe defaulters. In some cases, notes written by the bank's

employees asking the defaulters to "sell everything in the

house including family members", were found. Such charges

faced by the bank rose to a peak when suicide cases were

reported wherein the suicide notes spoke of the Bank's

recovery methods as the cause of the suicide. This led to a lot

of legal battles and the bank paying huge compensations

Credit Rating

On account of the growing concerns over the country's

sovereign debt ratings,credit ratings agency Moody's has

lowered the ratings for ICICI Bank


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Brand Values

Market Research reveals that the values people associate with ICICI Prudential

are, indeed, those that the company hopes to project: lifelong protection and

value for money. The core value is protecting your loved ones,

throughout lifes ups and downs. It is a powerful proposition; one, which

ICICI Prudential, is taking into the market place.

Achievements

Beginning operations in December 2000, ICICI Prudentials success

has been meteoric, becoming the number one private life insurer within months

of launch. Today, it has one of the largest distribution networks amongst private

life insurers in India, with branches in 54 cities. The total number of policies

issued stands at more than 780,000 with a total sum assured in excess

of Rs.160 billion.

ICICI Prudential closed the financial year ended march 31, 2004 with a total

received premium income of Rs. 9.9 billion; up 135% last years total

premium income of Rs.4.20 billion. New business premium income

shows a 106% growth at Rs. 7.5 billion, driven mainly by the companys

range of unique unit-linked policies and pension plans. The companys

retail market share amongst private companies stood at 36%, making it

clear leader in the segment.


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PRODUCT/SERVICES PROFILE

Insurance Solutions for Individuals

ICICI Prudential Life Insurance offers a range of innovative,

customer-centric products that meet the needs of customers at

every life stage. Its products can be enhanced with up to 4 riders, to

create a customizedsolution for each policyholder.

Savings & Wealth Creation Solutions

Save'n'Protect is a traditional endowment savings plan that offers

life protection along with adequate returns.

CashBak is an anticipated endowment policy ideal for meeting milestone

expenses like a child's marriage, expenses for a child's higher education

or purchase of an asset. It is available for terms of 15 and 20 years.

LifeTime Gold is a unit-linked plan that offers customers the flexibility

and control to customize the policy to meet the changing needs at

different life stages. It offers7 fund options - Preserver,

Protector, Balancer, Flexi Balanced Multiplier, R.I.C.H and Flexi

Growth.

LifeStage RP is unit linked plan that provides you with anoption of lifecycle-based portfolio strategy that continuously re-

distributes your money across various asset classes based on your life

stage. This will help you achieve the right Asset Allocation to meet

your desired financial goals.


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LifeLink Super is a single premium unit linked insurance plan which

combines life insurance cover with the opportunity to stay invested

in the stock market.

Premier Life Gold is a limited premium paying plan specially

structured for long-term wealth creation.

InvestShield Life New is a unit linked plan that provides premium

guarantee on the invested premiums and ensures that the customer

receives only the benefits of fund appreciation without any of the risks of

depreciation.

InvestShield Cashbak is a unit linked plan that provides premium

guarantee on the invested premiums along with flexible liquidity options.

LifeStage Assure a unit linked insurance plan that provide upto 450

% of first year premium guarantee on maturity, with the additional

advantage of a lifecycle based portfolio strategy that allocates the

investors money across various asset classes based on his life

stage and risk appetite.

Protection Solutions

LifeGuard is a protection plan, which offers life cover at low cost. It is

available in 3 options - level term assurance, level term assurance

with return of premium & single premium.

HomeAssure is a mortgage reducing term assurance plan designed

specifically to help customers cover their home loans in a simple

and cost-effective manner.


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Education SolutionsSmartKid New ULRP provides guaranteed educational benefits to a child

along with life insurance cover for the parent who purchases the policy.

The policy is designed to provide money at important milestones in the

child's life. SmartKid plans are also available in traditional form.

Retirement Solutions

ForeverLife is a traditional retirement product that offers guaranteed

returns for the first 4 years and then declares bonuses annually.

LifeTime Super Pension is a regular premium unit linked pension plan

that helps one accumulate over the long term and offers 5 annuity options

(lifeannuity, life annuity with return of purchase price, joint life last survivor

annuity with return of purchase price, life annuity guaranteed for 5, 10 and

15 years & for life thereafter, joint life, last survivor annuity without return of

purchase price) at the time of retirement.

LifeStage Pension is a regular premium unit linked pensionplan thatprovides you with a unique lifecycle-based strategy that

continuously re-distributes your money across various asset

classes based on your life stage, eventually providing you with a

customized retirement solution.

LifeLink Super Pension is a single premium unit linked pension plan.

Immediate Annuity is a single premium annuity product that guaranteesincome for life at the time of retirement. It offers the benefit of 5 payout

options.

PremierLife Pension is a unique and convenient retirement solution with


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a limited premium paying term of three or five years, to suit

professionals and businessmen, especially those who require more

flexibility and customization while planning their finances.

Health Solutions

Health Assure Plus: Health Assure is a regular premium plan

which provides long term cover against 6 critical illnessesby

providing policyholder with financial assistance, irrespective of the

actual medical expenses. Health Assure Plus offers the added advantage

of an equivalent life insurance cover.

Cancer Care: is a regular premium plan that pays cash benefit on the

diagnosis as well as at different stages in the treatment of various

cancer conditions.

Cancer Care Plus: is a wellness plan that includes all the benefits of

Cancer Care and also provides an additional benefit of free

periodical cancer screenings.

Diabetes Care: Diabetes Care is a unique critical illness product

specially developed for individuals with Type 2 diabetes and pre-

diabetes. It makes payments on diagnosis on any of 6 diabetes

related critical illnesses, and also offers a coordinated care approach

to managing the condition. Diabetes Care Plus also offers life cover.

Diabetes Care Plus: is a unique insurance policy that provides an additional

benefit of life cover for Type 2 diabetics and pre-diabetics

Hospital Care: is a fixed benefit plan covering various stages of treatment-

hospitalisation, ICU, procedures & recuperating allowance. It covers a


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range of medical conditions (900 surgeries) and has a long term

guaranteed coverage upto 20 years.

Crisis Cover : is a 360-degree product that will provide long-term

coverage against 35 critical illnesses, total and permanent

disability, and death.

MediAssure is a health insurance policy that provides assured

insurability till age 75 years, assured coverage for accepted pre-

existing illnesses after 2 years and an assured price for 3 years.

Group Insurance Solutions

ICICI Prudential Life also offers Group Insurance Solutions for

companies seeking to enhance benefits to their employees.

Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps

employers fund their statutory gratuity obligation in a scientific manner

and also avail of tax benefits as applicable to approved gratuity funds.

Group Superannuation Plan: ICICI Prudential Life offers a flexible

market linked scheme that provides substantial benefits to both employers

and employees. Both defined contribution (DC) and defined benefit (DB)

schemes are offered to optimise returns for members of the trust

and rationalise cost. Members have the option of choosing from

various annuity options or opting for a partial commutation of the

annuity at the time of retirement.

Group Immediate Annuities: ICICI Prudential Life realises the

importance of prudent retirement planning. With this in mind,

we have developed a suite of annuity products that not only give you an


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income forlife but also provide you options to match your needs. In addition

to the annuities offered to existing superannuation customers, we offer

immediate annuities to superannuation funds not managed by us.

Group Term Plan: ICICI Prudential Life's flexible group term

solution helps provide an 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.

Flexible Rider Options

ICICI Prudential Life offers flexible riders, which can be added

to the basic policy at a marginal cost, depending on the specific

needs of the customer.

Accident & disability benefit: If death occurs as the result of an accident

during the term of the policy, the beneficiary receives an additional amount

equal to the rider sum assured under the policy. If an accident results in total

and permanent disability, 10% of rider sum assured will be paid each year,

from the end of the 1st year after the disability date for the remainder of the

base policy term or 10 years, whichever is lesser. If the death occurs while

travelling in an authorized mass transport vehicle, the beneficiary will be

entitled to twice the sum assured as additional benefit.

Critical Illness Benefit: protects the insured against financial loss

in the event of 9 specified critical illnesses. Benefits are payable to

the insured for medical expenses prior to death.

Waiver of Premium: In case of total and permanent disability due to an

accident, the future premiums continue to be paid by the company till the


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time of maturity. This rider is available with SmartKid, LifeTime

Plus, LifeTime Super and LifeTime Super Pension.

Income benefit rider: In case of death of the life assured during the

term of the policy, 10% of the sum assured is paid annually to the

nominee on each policy anniversary till the maturity of the rider.

Stages in Policy Issuance

1) Proposal

A Proposal Stage is the First stage before the policy is issued at COPS. At

this stage, the application form is received by COPS, but it is pending for

issuance due to further clarifications required from the customer.

2) Login

A proposal which is complete i.e., duly filled with all necessary documents

attached to it & accepted by the Branch ops, is called a Login

3) Reject

An Application gets rejected at the Branch Ops level due to necessary details

not filled in the form or necessary documents not submitted is a Reject. It is

then sent back to the Advisor for completion.

4) Issuance

Issuance means a policy that is issued to the Customer by Central Ops.

5) Decline StatusWhen a customer refuses to take a policy post login but before Issuance is

called a Decline


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6) Cancellation

When the cheque given by the customer bounces, it amounts to

cancellation of the policy.

7) Lapse

A policy for which the Customer fails to pay subsequent premiums is a Lapsed

Policy.

8) Free look

Post issuance of the policy, the policyholder has the option to turn down the

policy within 15 days from the date of issuance. This period of 15 days is

called Free look Period.

9) Surrender:

When a customer wants to discontinue with the policy.


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COMPARATIVE STUDY

1) LIFE TIME VS LIC BIMA PLUS

ON THE BASIS OF AGE:

LIFE TIME-

0-60YEARS

BIMA PLUS-

12-55 YEARS

ON THE BASIS OF TERM:

LIFE TIME-

Minimum premium payment term of three years.

BIMA PLUS-

10 YEARS

ON THE BASIS OF SUM ASSURED:

LIFE TIME-

Choose your sum assured; subject to a minimum sum assure of

Rs 1 lakh. BIMA PLUS-

Maximum limit up to Rs 12 lakh.

ON THE BASIS OF SURVIVAL BENEFIT:

LIFE TIME-

Value of unit three years

onward. BIMA PLUS-

Bid value of the funds units along with maturity bonus at 5% of sum assured.


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ON THE BASIS OF DEATH BENEFIT:

LIFE TIME-

Higher of sum assured of value of

units. BIMA PLUS-

Death during the first six month-30% of SA+value of units, next six months-

60% of SA+value of units. Death after first year-SA+value of units.

ON THE BASIS OF WITHDRAWAL BENBEFIT:

LIFE TIME-

Partial or complete withdrawal is available from three years onwards.

BIMA PLUS-

Premature withdrawal allowed after one year.

ON THE BASIS OF CONTRIBUTION:

LIFE TIME-

Minimum Rs 18000 per annum.

BIMA PLUS-

Not specified.

ON THE BASIS OF INVESTMENT OPTION:

LIFE TIME-

Maximiser, balancer, protector and preserver.

BIMA PLUS-

Balanced, secured and risk.


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2) LIFE TIME VS MAX NEW YORK LIFE MAKER


LIFE TIME-0-60 YEARS.

LIFE MAKER-

12-60 YEARS.


LIFE TIME-


LIFE MAKER-

10-58 YEARS.


LIFE TIME-

Choose your sum assured subject to a minimum sum assured of Rs1lakh.

LIFE MAKER-

Choice of 2 insurance covers.


LIFE TIME-

Value of units three years onwards.

LIFE MAKER-Value of units.

ON THE BASIS OF WITHDRAWAL BENEFIT:

LIFE TIME-

Complete or partial withdrawals are available after three years.


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LIFE MAKER-

Partial withdrawals are available from the third year and complete withdrawals

are available from first year onwards itself, subject to surrender penalties.


LIFE TIME-

Minimum premium of Rs18000 per annum.

LIFE MAKER-

Minimum premium of Rs15000 per annum.

ON THE BASIS OF INCREASE OR DECREASE OF DEATH

BENEFIT:LIFE TIME-

Available

LIFE MAKER-

Not available

3)LIFE TIME VS HDFC LINKED


LIFE TIME-

0-60 YEARS

LINKED-

18-60 YEARS

ON THE BASIS OF TERM:LIFE TIME-


LINKED-

10-30 YEARS


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LIFE TIME-

Choose your sum assured, subject to a minimum sum assured of

Rs1 lakh. LINKED-Only 5-20 (age based) multiples are allowed as assured.


LIFE TIME-

Value of units third year onwards.

LINKED-

Value of units.


LIFE TIME-

Higher or sum assured or value of units.

LINKED-

Higher or sum assured or value of units.

ON THE BASIS OF WITHDRAWAL BENEFIT:

LIFE TIME-

Partial or complete withdrawals are available from third year

onwards. LINKED-

Partial withdrawals are available from third year onwards provided, that the

value of units does not go below the sum assured.


LIFE TIME-

Minimum Rs18000 per annum.

LINKED-



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4)LIFE TIME PENSION-2 VS LIC JEEVAN NIDHI


LIFE TIME PENSION-2-

18-60 YEARS.

JEEVAN NIDHI-

18-65 YEARS.



Minimum term of 10 years.

JEEVAN NIDHI-

5-35 years.



Default sum assured is zero, however, the policy holders can also opt for a sum

assured.

JEEVAN NIDHI-

Minimum of Rs50000 and multiples of Rs5000 thereafter.



Unit value to purchase an annuity.JEEVAN NIDHI-

Sum assured+gurantee additions+terminal bonus.




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Value of units in case the sum assured is zero. In case a sum assured is

chosen, it will be higher of the sum assured or value of units.

JEEVAN NIDHI-

Sum assured+guarantee additions+simple reversion bonus+terminal bonus.




JEEVAN NIDHI-


ON THE BASIS OF INVESTMENT OPTION:


Protector pension, balancer pension, maximiser pension and pension

preserver. JEEVAN NIDHI:

Not available.

ON THE BASIS OF INCREASE OR DECREASE OF DEATHBENEFIT:


Not available.

JEEVAN NIDHI-

Not available.


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STRENGTHS:1. ICICI Prudential is the largest private player in India, with a

market share of around 36% amongst the private players

2. ICICI Prudential has deposited a paid up capital of Rs 925 crore

with IRDA caution deposit, the highest among all the life insurance

company in India where as LIC has deposited Rs 60 crore so far.

3. ICICI Prudential is the first life insurance company to offer

ECS debit facility.

4. ICICI Prudential is the first company to introduce unit link

life insurance and pension products. Presently the maximum

numbers of ranges are under ULIP life insurance, investment as

wellas pension plan.

5. Products

Flexibility to switch your fund value at your own discretion four

times a year viz. maximizer, protector, balancer, preserver.

Greater transparency-policy holder knows what is happening to

hismoney and where the company has invested his money.

Liquidity options-you can make complete or partial withdrawals

any time after 3 years.

Life insurance plans are eligible for deduction under sec 80.


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WEAKNESSES:

i. Industry in nascent stage.

ii. Rural areas still not covered.

iii. Not very known among Indian population.

iv. Lack of credibility among the people because ICICI

being a private player.

v. Premiums are high as compared to its competitors.

vi. Very few branches in the country.

vii. Products: The policy doesnt have the surrenderoption before third

year.

Plan does not offer any guarantee or assured return.

Product profile is not very comprehensive.

Mortality, management and administrative charges

are sky scrapping as compared to its competitors


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OPPORTUNITIES

i. Liberalization of Indian economy.

ii. As the industry is growing the whole market is virgin.

iii. The whole private sector is opened to be trapped even though

the competition is fierce from government owned insurance

companies.

iv. Its a volume business that is even if the company has few good

corporate the turnover cease to increase by manifold.

v. Products:

Preserver funds look good due to comfortable

Liquidity in the economy and there is little chance hike

in short-term rate by RBI.

Finance minister unveiled a budget favoring consumer

spending, boosting demand and therefore higher

economicgrowth.


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THREATS

i. The government players will become aggressive thus growth is going to

be tough.

ii. Entry of other players is not ruled out.iii. Apprehension towards ICICI Prudential being a private life insurance

company.

iv. We expect the industry to rationalize in future that is

mergers and acquisitions will happen, which will impact

the industry and ICICI Prudential fortunes.

v. Products:

Past performance of these plans is not

Indicative of the future performance of the plan.

The sum invested in the funds is subject to market risks and there can be no

assurance that the objective of plan will be achieved.

All benefits payable under the policy are subject to tax

Lawsand other financial enactment, as they exist from time totime.


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Chapter 6

Data Analysis & Findings


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Data Analysis

Q1. Are you currently insured?

Particular No. of Respondents Percentage

Yes 62 62%

No 38 38%

Total 100 100%


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Q2. are you satisfied with your current insurer?


Yes 82 82%

No 18 18%

Total 100 100%


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Q3. Which one is your favored insurance company?


LIC 48 48%

ICICI 14 14%

HDFC 10 10%

Birla Sun Life 8 8%

Bajaj Allianz 8 8%

Other 12 12%

Total 100 100%


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Q4. Are you interested in the products offered by ICICI Prudential?


Yes 60 60%

No 24 24%

Cant say 16 16%

Total 100 100%


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Q5. What is your main concern while taking an insurance policy?


Tax Benefit 40 40%

Security 32 32%

Investments/ savings 28 28%

Total 100 100%


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Q6. Does the policies offered to you satisfy your financial

needs? (Please rate on the scale of 1 to 5 with 1 being least

satisfied)

Rating No. of Respondents Percentage

1 18 18%

2 18 18%

3 16 16%

4 20 20%

5 28 28%

Total 100 100%


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Q7. Please express your opinion for the premiums paid for the

above policy?


Very High 28 28%

High 22 22%

Moderate 26 26%

Low 16 16%

Very Low 8 8%

Total 100 100%


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Q8. How do you come to know about the policies?


Advertisement 20 20%

Friend and Relatives 24 24%

Direct Selling agent 42 42%

Others 14 14%

Total 100 100%


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Q9. Are you satisfied with the incentives (tax benefits or Bonuses)

associated with your policy?


Highly satisfied 18 18%

Satisfied 24 24%

Moderate 20 20%

Unsatisfied 22 22%

Highly Unsatisfied 16 16%

Total 100 100%


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Q10. According to you, in what areas should the insurance

companies work upon?


Easy Procedure 28 28%

Fewer Premiums 20 20%

More Returns 18 18%

Transparency 34 34%

Total 100 100%


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Q11. Do You think that services have improved after allowing private

players in insurance sector ?


Yes 80 80%

No 20 20%

Q 12 .are you aware with the new unit link plane in the market?


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Yes 80 80%

No 20 20%

no of respondents

Yes

No

Q 13 provide the reason behind choosing particular investmentcompany?-safety


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-brand name-good track record-good return


Safety 28 28%

Brand name 20 20%

Good track record 18 18%

Good return 34 34%

Total 100 100%

no of respondents

safety

brand name

good track record

good return


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Q 14 have you ever made a claim on the payment protectioninsurances you complaining about?


Yes 80 80%

No 20 20%

no of respondents

Yes

No


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Findings

According to my survey the noteworthy points are:

Most of the people buy life insurance as just a tax benefit tool

or as a life cover while only a few of the respondent take it as

a saving option. The reason for this is lack of knowledge of

insurance benefits among the people.

A Majority of the respondent buy insurance products because

of the need reason while rest of the respondents buy for the

brand purpose.

ANALYSIS:

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.

A Majority of the people come to know about the policies fromthe Direct Selling Agents.

A Majority of the people are satisfied by the incentives

associated with their policies.

Most of the respondents are satisfied by the services offered

by there insurance company while some says that they are

not satisfied by the services.

Most of the respondents want more Transparency from the

side of the company.


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Chapter 7

Conclusion and Suggestions


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Conclusion

After overhauling the all situation that boosted a number of Pvt.

Companies associated with multinational in the Insurance Sector togive befitting competition to the established behemoth ICICI in private sector,

we come at the conclusion that

There are very tough competition among theprivate insurance

companies on the level of new trend of advertising to lull a major part of

Customers.

ICICI is not left behind in the present race of advertisement.

The entry of more Pvt. players in the Insurance Sector have expanded

the product segment to meet the different level of the requirement of the

customers. It has brought about greater choice to the customers.

ICICI has vast market and very firm grip on its traditional

customers and monopoly of life insurance products..

IRDA, is also playing very comprehensive role by regulating norms

mandating to private players in this sector, that increases the confidence level

of the customers to the private players.


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Suggestion s

The study has provided with the useful data from the respondents. There

has a lot to be recommended. Following are the recommendations:

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.

More returns should be provided on Insurance plans.

As the bank provides the Insurance facility to its customers. It should

provide this facility by tie up with the other Insurance organizations as

well. The main reason is that, the entire customers do not want

Insurance of only one company. They should have choice while

selecting a suitable Insurance plans. This will definitely add to the

goodwill & profit for the bank.


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Annexure


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Questioner


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Q 13.are you aware with the new unit link plane in the market?-yes-no

Q 14 provide the reason behind choosing particular investment

company?-safety-brand name-good track record-good return

Q 15 have you ever made a claim on the payment protectioninsurances you complaining about?-yes

- no

Bibliography


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BOOKS

Kothari C R, Research and Methodology- Methods

&Techniques, New Age International (P) Ltd., 2004

Newspapers:The Times of indiaThe Hindusthan timesThe Economics times

WEBSITE:

http://www.icicibank.com/privilege-banking/index.html

http://www.icicibank.com/privilege-

banking/personal/DedicatedServiceArea.html

http://www.icicibank.com/privilege-banking/personal/your-life-

stage.html

http://www.icicibank.com/privilege-banking/personal/products-

services.html

http://www.icicibank.com/privilege-

b ki l i l i il h l
http://www.icicibank.com/privilege-banking/index.htmlhttp://www.icicibank.com/privilege-banking/personal/DedicatedServiceArea.htmlhttp://www.icicibank.com/privilege-banking/personal/DedicatedServiceArea.htmlhttp://www.icicibank.com/privilege-banking/personal/your-life-stage.htmlhttp://www.icicibank.com/privilege-banking/personal/your-life-stage.htmlhttp://www.icicibank.com/privilege-banking/personal/products-services.htmlhttp://www.icicibank.com/privilege-banking/personal/products-services.htmlhttp://www.icicibank.com/privilege-banking/personal/SpecialPrivileges.htmlhttp://www.icicibank.com/privilege-banking/personal/SpecialPrivileges.htmlhttp://www.icicibank.com/privilege-banking/index.htmlhttp://www.icicibank.com/privilege-banking/personal/DedicatedServiceArea.htmlhttp://www.icicibank.com/privilege-banking/personal/DedicatedServiceArea.htmlhttp://www.icicibank.com/privilege-banking/personal/your-life-stage.htmlhttp://www.icicibank.com/privilege-banking/personal/your-life-stage.htmlhttp://www.icicibank.com/privilege-banking/personal/products-services.htmlhttp://www.icicibank.com/privilege-banking/personal/products-services.htmlhttp://www.icicibank.com/privilege-banking/personal/SpecialPrivileges.htmlhttp://www.icicibank.com/privilege-banking/personal/SpecialPrivileges.html

Final Project on Icici Bank 2

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