PREFACE
There is no doubt, that classroom study is quite important for gaining theoretical knowledge, but practical knowledge is also important for a student who wants to equip himself with the real life of corporate environment in any field of studies. It is also true in the management studies. Summer training is conducted as an integral part of the management course. It provides an opportunity to apply the theoretical knowledge in practice. Hence, it gives an excellent opportunity to a student to apply his ability, capability, intellect, knowledge, brief reasoning and mettle by giving a solution to the assigned problem, which reflects his caliber. Place allotted to me for my summer training in ICICI PRUDENTIAL LIFE INSURNACE COMPANY LTD in Pragati Vihar, Delhi for 60 days.
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CONTENTS
Page No. 1. History Of insurance Industry Overview 1. What is Insurance? 2. Reason for Insurance 3. Importance for Insurance 4. Advantages of Life Insurance Company Profile 1. ICICI Prudential Life Insurance Pvt. Ltd. 2. Sponsors 3. Prudential Plc. 4. Bank Assurance 5. Technology 6. Vision of the company 7. Market Share Finding Suitable Profile For Insurance Sales Search And Fix Criteria About Suitable Profile Of Insurance Sales Questionnaires and Research Findings Charts Some major points Conclusion Bibliography 10 11 12 13 14 14 16 19 21 24 29 31 33 6 7 8 9 4
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INTRODUCTION
History of Insurance
Historians believe that insurance first developed in Summer & Babylonia. The merchants & traders of these societies transferred & pooled their money to protect themselves from pirates. In the 18th century BC, Babylonian king, Hammurabi developed a code of law known as the code of specific rules governing the practices of early risk-sharing activities.
Insurance developed during the 1700s in the North American colonies. In 1730, Benjamin Frank contributed for the Insurance of Houses from Loss by Fire. The company collected contributions & this money went into an investment fund. Interest on this fund went towards paying claims dividends to those who contributed money.
The Industrial Revolution in the US, in the early & mid 1800s prompted dramatic group. During this time, many companies were establishes to sell life insurance policies & annuities. Several shared profits among policyholders, also developed. In addition, some life insurance companies charged premiums according to age of people & health.
Life insurance, in its present form, came to India from the United Kingdom with the establishment of a British firm, Oriental Life Insurance Company in Calcutta in 1818, followed by Bombay Life Insurance Assurance Company in 1823, the Madras Equitable Life Insurance Society in 1829, & the Oriental Government Security Life Assurance Company in
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1874. Prior to 1871, Indian lives were treated as sub-standard & charged extra premium of 15% to 20%. Bombay Mutual Life Assurance Society, an Indian insurer which came into existence in 1871, was the first to cover Indian lives at normal rates.
The Indian Life Assurance Companies Act, 1912 was the first statutory measure to regulate life insurance business. Later in 1928, the Indian Insurance Companies Act was enacted, to enable the govt. to collect statistical information about both life & non-life insurance business transacted in India by Indian & foreign insurers, including the provident insurance society. Comprehensive arrangements were, however, brought into effect with the enactment of the Insurance Act, 1938. Efforts in this direction continued progressively & the Act was amended in1950, making far reaching changes, such as requirement of equity capital for companies carrying on life insurance business, stricter controls on investment of life insurance companies, ceiling on the expenses of management & agency commission etc. By 1956, 154 insurers, 16 non-Indian insurers & 75 provident societies were carrying on life insurance business in India. On 19th January 1956, the management of the entire life insurance business of 229 Indian insurers & provident insurance societies & the Indian life insurance business of 16 non-Indian life insurance companies then operating in India, was taken over by the central govt. & then nationalized on 1st September 1956 when Life Insurance Corporation came into existence.
An ordinance was passed in 1968 to amend the Insurance Act to regulate/control non-life insurance resulting in set up of GIC in 1973. Malhotra committee submitted its report in 1994 & recommended means to reintroduce an element of competition by withdrawing the
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exclusivity of LIC & GIC. In 1997, Insurance Regulatory Authority (IRA) was established which was later re-styled as IRDA in 1999.
Major players
Lif e Lif In e ICI su Ins H CI ra ur DF Pr M nc an C ud ax Bir e ce St en Ne O la Bu Co an tial w M Su Re sn rp da Lif Yo Ko n Alli lia ie or rd e rk tak Lif an nc Da ss ati Lif Ins M e z bu IN on e ur ahi Ins Ba Lif r SB G Ins an nd ur jaj e C I Vy ur ce ra an Lif Ins G as an Lif ce e ur U a ce e Ins an Lif Ins ur ce e ur an Ins an ce ur ce an -5ce
No nGe Lif ne Na e ral Th tio In in e na Th su Ne lsu e Un ra ra w In Or Re ite Ro nc nc In su ie lia d TA ya es e di ra nt nc In TA l Bu Co a nc al e di Ba Su si rp As e In Ge a AI jaj ICI nd ne or su Co ne In G All CI ar ss ati ra m ral su In ia Lo a on nc pa In ra su nz m m e ny su nc ra Ge ba All Co ra e nc ne rd ia m nc Co e ral In nc pa e m In su e ny pa su ra Ge ny ra nc ne nc e ral e In s.
What is Insurance?
Insurance is a legal contract that protects people from the financial costs those results from loss of life, loss of health, lawsuits, or property damage. Insurance provides a means for individuals & society to cope up with some of the risks faced in every day life by every body. People purchase contracts of insurance, called a Policy, from various insurance companies. Almost every person existing in this world is associated with insurance, directly or indirectly. Directly, in the sense that he/she has insured his/her life by some kind of insurance policy from any company. Indirectly, in the sense they must have insured the assets of their own for example their house, car, or any thing else. Insurance can be divided into three categories. 1. Life Insurance 2. General Insurance 3. Health Insurance. Life insurance is a contract for payment of a sum of money to the person assured (or failing him/her, to the person entitled to receive the same) on the happening of the event insured against. Usually the contract provides for the payment of an amount on the date of maturity or at specified intervals or at unfortunate death. The contract also provides for payment of premium periodically to the corporation by the assured.
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General insurance includes many areas of insurance like marine, motor, engineering, health, fire, etc. The contract provides for the payment of an amount on the happening of some contingency. These types of contracts are annual in nature.
Why Insurance?
In life, losses are sometimes unavoidable. People may fall seriously sick or lose income or savings to pay off medical bills. Individuals or their relatives may come across untimely death, whatsoever the reason may be. The assets of people may get damaged due to some heavenly act or by some nuisance creator. No one knows in advance when a loss will occur or how serious that loss will be. The uncertainty surrounding potential losses is known as Risk. Insurance offers a way for people to replace risk with known costs- the costs of buying & maintaining insurance policies.
Insurance pools risks shared by many people, thereby, reducing the risks faced by a group. People pay to buy insurance coverage (protection from risk). In exchange, all policy holders (people who own insurance policies) receive a promise that the group of policyholders as represented by the insurance organization will pay when any policyholder experience any kind of loss.
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PURPOSE AND NEED OF INSURANCE
As said earlier that the making is exposed to many serious perils which risk the security of their belongings. The risk here means that there is a possibility of occurrence of loss or damage to the property, it may happen or may not happen. Insurance is relevant only in the contingency of uncertainty. If there is no uncertainly about the occurrence of the loss it cant be insured against Assets are likely to be destroyed or made non-functional due to perils like firefloods, breakdowns, lightning and earthquake. Damage to assets caused by any perils is the risk that assets are exposed to. Risk means possibility of loss or damage, which may or may not happen. Insurance become relevant only if there is uncertainly of occurrence of event leading to loss. No uncertainly No insurance.
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We can say that the human life value is an ongoing generating asset, which can be lost on early death or disability caused by accidents. Insurance doesnt protect the assets but only compensates the economic or financial loss. Basically insurance covers tangible assets but the concept can be extended to intangible also. .
Advantages of Life Insurance
1. It is superior to an ordinary saving plan: Unlike other saving plans, it affords full protection against risk of death. In case of death, the full sum assured is made available under a life assurance policy; whereas under saving scheme the total accumulated saving alone will be available. The later will be considerably less than the sum assured, if death occurs during early years.
2.
Easy settlement & protection against creditors: The life assured can name person(s) called Nominee to whom the policy money would be payable in the event of his death. The proceeds of a life policy can be protected against the claim of the creditors of the life assured by effecting a valid assignment of the policy.
3. Ready marketability & suitability for quick borrowing: After an initial period, if the policyholder finds him unable to continue payment of premiums, he can surrender the
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policy for a cash sum. Alternatively, ha can tide over a temporary difficulty by taking loan on the sole security of the policy without delay. Further, a life insurance policy is sometimes acceptable as security for a commercial loan.
4. Tax Relief: The Indian Income-Tax Act allows deduction of certain portion of the taxable income, which is diverted to payment of life insurance premiums from the total income tax liability. When this tax relief is taken into account, it will be found that the assured is in effect paying a lower premium for his insurance.
COMPANY PROFILE
ICICI Prudential Life Insurance Company Limited
ICICI Prudential Life Insurance Company Limited was incorporated on July 20, 2000. The authorized capital of the company is Rs.2300 Million and the paid up capital is Rs. 1500 Million. The Company is a joint venture of ICICI (74%) and Prudential plc UK (26%).
The Company was granted Certificate of Registration for carrying out Life Insurance business, by the Insurance Regulatory and Development Authority on November 24, 2000. It commenced commercial operations on December 19, 2000, becoming one of the first few private sector players to enter the liberalized arena.
The Company is now operational in Agra, Ahmedabad, Ajmer, Allahabad, Amritsar, Aurangabad, Bangalore, Bhatinda, Bhopal, Bhubaneswar, Chandigarh, Chennai,
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Coimbatore, Dehradun, Goa, Guntur, Gurgaon, Hyderabad, Hubli, Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Kochi, Kolakata, Kota, Kottayam, Lucknow, Ludhiana, Madurai, Mangalore, Meerut, Mumbai, Nagpur, Nasik, Noida, New Delhi, Patiala, Pune, Rajkot, Ranchi, Surat, Thane, Thrissur, Trichy, Trivandrum, Vadodara, Vashi, Vijaywada & Vizag.
Till March 31,2002 the Company has issued 100,000 polices translating into a Premium Income of around Rs. 1,200 Million and a sum assured of over Rs.15,000 Million. In 2004 Company sold fastest 1 Million Policies in India. The Company recognizes that the driving force for gaining sustainable competitive advantage in this business is superior customer experience and investment behind the brand. The Company aims to achieve this by striving to provide world-class service levels through constant innovation in products, distribution channels and technology-based delivery. The Company has already taken significant step to achieve this goal.
Sponsors
ICICI Ltd was established in 1955 by the World Bank, the Government of India and the Indian Industry, to promote industrial development of India by providing project and corporate finance to Indian industry.
Since inception, ICICI has grown from a development bank to a financial conglomerate and has become one of the largest public financial institutions in India. ICICI has financed all
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major sectors of the economy, covering 6,848 companies and 16,851 projects. In the fiscal year 2000-2001, ICICI had disbursed a total of Rs 319.65 billion.
ICICI has now developed a whole range of activities to become a Universal Bank. Some of ICICI spectrum of activities includes: Commercial Banking - ICICI Bank, India's first internet bank. Technology ICICI InfoTech, transaction processing, software
Information development
Investment Banking - ICICI Securities, one of the key players in the Indian Capital Markets
Mutual Fund - Prudential ICICI AMC, leading private sector mutual fund player in India
Venture Capital - ICICI Venture, leading private equity investor with focus on IT and HealthCare
Retail Services - ICICI PFS, Marketing and Distribution of Retail Asset Products Distribution - ICICI Capital, Distribution and Servicing of Retail Liability Products
ICICI is listed on the Indian Stock Exchanges and on the New York Stock Exchange (NYSE). On September 22, 1999, it became the first Indian company to be listed on the NYSE (symbol: IC and IC.D). The listing of ICICI BANK has followed this on NYSE (symbol: IBN) on March 28, 2000.
PRUDENTIAL PLC
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Prudential Plc was founded in 1848. Since then it has grown to become one of the largest providers of a wide range of savings products for the individual including life insurance, pensions, annuities, unit trusts and personal banking. It has a presence in over 15
countries, and caters to the financial needs of over 10 million customers. It manages assets of over US$ 259 billion (Rupees 11, 39,600 crore approx.) as of December 31, 1999. Prudential plc has had its presence in Asia for the past 75 years catering to over 1 million customers across 11 Asian countries.
Prudential is the largest life insurance company in the United Kingdom. Asia has always been an important region for Prudential and it has had a presence in Asia for over 75 years. In fact Prudential's first overseas operation was in India, way back in 1923 to establish Life and General Branch agencies.
In the US, Prudential owns Jackson National Life, one of the leading life insurance companies. Prudential controls approximately 4% of all the listed shares on the second largest stock exchange in the world, the London Stock Exchange, making it one of the largest institutional investors in the UK.
Prudential is focused on the Internet generation and is one of the first financial service organizations to use the Internet on a fully integrated basis.
In October 1998, Prudential launched a "branchless" bank based on the internet. Unusually titled as " egg:|". The bank has in a short span of its existence become a leading banking
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service provider in the UK. Infect in the first six months of its existence it garnered over 5 billion (US$ 8 billion) in deposits from over 500,000 customers. Development of superior products and services that offer value for money and security while producing superior financial returns enables Prudential to maximize the value of its shareholder's investment and to establish lasting relationships with customers and policy holders. ICICI and Prudential came together in 1993 to provide mutual fund products in India and today are the largest private sector mutual fund company in India. The two companies bring together two of the strongest financial service brands in Asia known for their professionalism, excellent quality of service and long term commitment.
Bank Assurance
The company has twelve bank assurance tie-ups, having agreements with ICICI Bank, Allahabad Bank, Federal Bank, South Indian Bank, Bank Of India, Lord Krishna Bank, & Punjab & Maharashtra Co-Operative Bank, Goa State Co-Operative Bank, Indoor Paraspar Sahakari Bank, Manipal State Co-Operative Bank, Shamrao Vithal Co-Operative Bank & Jalgaon Peoples Co-Operative Bank as well as some corporate agents. It has also tied up with organizations like Dhan for distribution of Salaam Zindagi, a policy for the socially & economically underprivileged sections of society.
Technology
The company continuously leverages on the state of art technology that it posses. The modern & updated technology infrastructure helps not only to provide superior quality of products & services to the customers but at the same time helps in creating a prudent
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reward & recognition program for the company itself. The company can leverage on this advantage to drive out one of the best CRM industry at the present. The parent company also is in a move to duplicate the ICICI model in other world market. It is nothing but a result of the superb all-round performance that the company has shown in all the facets of business & over the period of time. But one important has been the continued focus on growth & the strife for results from the workforce itself.
Vision of the Company
Their vision is to make ICICI Prudential Life Insurance Company the dominant new insurer in the life insurance industry. This they hope to achieve through their commitment to
excellence, focus on service, speed and innovation, and leveraging our technological expertise.
The success of the organization will be founded on its strong focus on values and clarity of purpose. These include: Understanding the needs of customers and offering them superior products
and service Leveraging technology to serve customers quickly, efficiently, & conveniently. Developing & implementing superior risk management & investment strategies
to offer sustainable & stable returns to the policyholders. Building long lasting relationships with their partners Providing an enabling environment to foster growth and learning for their
employees
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They believe that they can play a significant role in redefining and reshaping the sector. Given the quality of their parentage and the commitment of their team, they feel that there will be no limits to their growth. The success of the company lies in its unflinching commitment to five core values: Integrity Customers first Boundary less Ownership Passion
PRODUCTS PROFILE
TERM INSURANCE Under term insurance plan, sum assured is payable only if death occurs during the specified pre-determined term. If death does not take place during such term the amount of premium stands forfeited. Thus it can be seen that the term insurance is nothing but the cost of pure protection. It is a contract, which provides financial protection if death should occur within a specified period. No survival benefits are provided under the contract. WHOLE LIFE INSURANCE
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Whole life insurance provides for the payment of the face value upon the death of the insured, regardless of when it may occur. This policy furnishes permanent protection to the insured at he moderate cost. This is highly important for the average man or woman of moderate salary, who require considerable family protection and whose limited income does not enable him or her both to pay premiums and to accumulate a large savings fund. The whole life policy provides a capital sum of money in the event of death of the assured whenever that may occur ENDOWMENT POLICY Endowment is a product, which includes Risk cover and saving also. In the pure endowment policy the sum assured is payable in the event of death or definitely on maturity. In an endowment sum assured is for sure given to the policyholder on completion of the term. Endowment plans are very popular in developing nations since they serve a dual purpose of life cover and savings. Many a people in our country go for endowment products because of the compulsory saving aspect. An endowment plan on the other hand is not a cheap plan since the insurer has a dual liability of providing life cover and on maturity giving the entire sum assured.
Annuities
Annuities refer to income or other financial provision usually for retirement or old age. An Annuity may be defined as a periodic repayment made during a fixed period or for the duration of a designated life or lives. In one sense the life annuity may be describas the opposite of insurance protection against death in its pure form a life annuity may be defined as a contract whereby for a premium consideration one party (the insurer) agrees to pay the
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other (the annuitant) a stipulated sum (the annuity) periodically throughout life. The purpose of the annuity is to protect again a riskthe outliving of ones income.
LIFE INSURANCE
ENDOWMENT ANTICIPATE D ENDOWMEN T TERM ANNUITY ULIP
-Save and protect -Secure Plus
-Cash back Smart kid -Cash plus
-Life Guard Single premium Return of premium W/o return of premium
1 Forever Life 2. LIFE TIME II pension 3. Life link pension 4 Secure plus pension
1. Life Link 2. LIFE TIME II 3. ULIP Smart kid
Market Share
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3 7 .1
M a rk e t S h a re
Percentage
1 3 .5
1 5 .2 5 .5 7 .4 3 .1 1 .8
SBI LIFE ING VYSYA
6 .1 0 .6
TATA AIG MET LIFE
1 .3
AVIVA LIFE
0 .5
AMP SAMMAR
ICICI PRU
HDFC STANDARD
BIRLA SUN
ALLIANZ BAJAJ
Ranking based on First year Premium underwritten & policies by Life Insurers for the financial year 2010-2011 Mkt Share Companies LIC ICICI PRUDENTIAL BIRLA SUNLIFE HDFC 2006-2007 1,628,468.67 750,91.03 449,86.19 209,33.26 % 87.04% 4.01% 2.40 1.12 Growth % 1.93% 106.23% 247.20 61.88 2005-2006 15,976,76.15 364,10.67 129,56.79 129,31.38
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OM KOTAK
STANDARD LIFE SBI LIFE TATA-AIG BAJAJ ALLIANZ MAX NEW YORK OM KOTAK AVIVA ING VYASA AMP SANMAR
195,90.08 180,15.47 179,70.51 131,48.80 127,10.19 77,13.84 72,60.66 27,88.16
1.05 0.96 0.96 0.70 0.68 0.41 0.39 0.15
172.54 245.07 183.50 95.34 260.99 472.83 311.15 341.5
71,88.08 52,20.84 63,38.89 67,31.37 35,20.96 13,46.63 17,65.92 6,31.52
Search and Fix Criteria About Suitable Profile Of Insurance Sales
ICICI PRUDENTIAL LIFE INSURANCE COM. LTD. All the insurance company. Provide its policies through sales force or advisor or agents. Main work of agents is to sale the policies. Policies are the concept product.
Role of an advisor in this industry is to presents and sales the concepts in the market. An advisors wants healthy management support and professional environment. So in this project I am searching the suitable profile for insurance sales. I divided my project in week by week activities and I followed these activities in this manner.
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1 week:
In first week I collected general introduction about ICICI PRUDENTIAL
LIFE
INSURANCE COMPANY LTD. then I gathered data from different sources for suitable profile for insurance sales. First week I gathered data from my market 100 and secondary data sources like as under From Yellow Pages From the list of employment exchange From Telephone Directory From list of student advisor bureau of university of rajasthan.
In this week I had taken the knowledge about insurance sector and concept product of the company.
First of all I researched on company`s working advisors profile. That which kinds of advisors are giving maximum sales for ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD. So I collected information about current advisors working in company. Finally I selected 10 best policies seller advisors and made observation that in Jaipur people who are between 20 to 25 year age are making business frequently on a large scale.
2 week:
In second week I prepared a questionnaire for survey to collect primary data. I surveyed at different places at Jaipur. The places are given as under Grand Post Office Central Park Petrol Pumps
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Clubs of different society ATM Near by banks Cinema hall Big complexes and commercial showrooms Jaipur stock exchange office Career fair
3 week
I selected some suitable profile persons and made calls. This process of collection, selection and calling had done by me continuously or on going process. I also sent E-mails and letters to them. I continuously met with them face to face and give knowledge about business opportunity from ICICI PRUDENTTIAL LIFE INSURANCE COMPANY LTD.
4 week
In this week some of the suitable profile people filled the form of advisors and I helped them in this documentation work. I also complete the different formalities and remaining things. Finally I gave my forms to the operation department.
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QUESTIONNAIRE
1. How many companies do you know in insurance business?
2. Please tell the name of Insurance Companies?
3. According to you, which is the no. 1 private insurance company?
4. Do you have purchased any life insurance? If yes then of which company?
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5. Which product of life insurance you like most?
6. Would you like to associate with ICICI PRUDENTIAL LIFE INSURANCE COMPNAY LTD.?
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Findings
How many companies do know you are in the insurance business
All, 25
Few, 60 None, 15
Please tell name of insurance companies?
3 5 5
4 12 LIC ICICI Prudential MAX New York Life Birla Sunlife
13
Tata-AIG Bajaj Allianz 67 SBI Life Insurance HDFC
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According to you, which is the no. 1 private life insurance company?
Do you have purchased any life insurance? If yes, then of which company?
40
YES
No 60
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2 2
16
LIC ICICI Prudential Max New York Life HDFC Birla Sunlife 73
Which product of life insurance you like most ?
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Would you like to associate with ICICI PRUDENTIAL LIFE INSURANCE COMPANY LTD.?
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SOME MAJOR POINTS: STRENGTH
ICICI Prudential Life Insurance Company Limited is right now the market leader in Private Insurer segment.
WEAKNESS
The company right now has lesser number of agents (i.e. financial advisors) than LIC of India which affects their sales in comparison to LIC of India.
OPPURTUNITY:
ICICI Prudential Life Insurance Company Limited can give LIC of INDIA agents an opportunity to join ICICI Prudential Life Insurance Company Limited as ICICI Prudential has got more incentive packages & servicing quality better than LIC of INDIA. Doing this they can reduce their cost of training and can exploit their experience.
THREAT:
Other big brand names like BIRLAS, TATA, HDFC, SBI, and AVIVA. etc.
POLITICAL
Right one ICICI Prudential Life Insurance Company Limited, can go for opening up more & more offices as the present political environment is business friendly.
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ECONOMIC
Insurance as we have already discussed is very essential for every person on this face of earth. Being an insurance company, the responsibility of the company also increases by many multiples as they have to keep an eye on each & every happening going around & provide better & fast service to customers. Along with this, insurance is also very important for building up the infrastructure of any country. The money collected from the people is invested in many sectors to develop the infrastructure & hence ultimately make the life of the citizens better.
SOCIAL
ICICI Prudential Life Insurance Company Limited enjoys a good brand name; they can use it for their profit.
TECHNOLOGICAL
ICICI Prudential Life Insurance Company Limited uses latest technology for their operations which give them an edge over the competition.
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RECOMMENDATIONS
After going through the above table regarding market share of various companies in the financial year 2003-2004, there is no reason why ICICI prudential should rejoice of being the number one company in the country. The growth that companies like BIRLA SUNLIFE, SBI LIFE INSURANCE, TATA-AIG, BAJAJ ALLIANZ, OM KOTAK MAHINDRA, AVIVA, ING VYASA, METLIFE, & AMP SANMAR have produced that can be quite a big unseen threat for the company in the coming years. So the company should start thinking of what they want from the market & where they want to see themselves after a span of 10 years because if the popularity of these companies continues then one day they will become good competitors of ICICI Prudential & then the consequences can be quite disturbing for the company.
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CONCLUSION
1.
ICICI PRUDENTIAL LIFE INSURANCE COMPANY has great goodwill in market in liberalized Indian market there are approximately 13 big companies in Indian market and ICICI PRUDENTIAL is the No.1 private insurance company. I found this fact in my recent survey.
2.
There are lot of scope of life insurance in India only 2.5 people are secure with life insurance so the insurance sector is it`s booming stage this boom will more increase in 2 or 3 years.
3.
Good profile insurance advisor could do the better job. If ICICI PRUDENTIAL mention the level of advisor then they may give great sales to the company.
4.
ICICI PRUDENTIAL has tuff competition with LIC as well as TATA AIG, BAJAJ ALLIAZE, BIRLA SUNLIFE INSURANCE, SAHARA, ING VYSVA, OM KOTAK MAHINDRA, HDFC INSURANCE AND SBI LIFE.
5.
If the company start to concentrate on village segment market. Then company can get great business.
6.
ICICI PRUDENTIAL has interested and profitable planes for different age groups like smart kids plan unit link insurance plane and pension plan.
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7.
I got the good profile people near by bank and share market. When I concentrated on the 20-25 year age group people I found good result.
8.
Within 20-25 year age group the sincerity level is high. They are career oriented and want to earn more.
9.
In this age group people made interest to purchase the kids plan and pension plan and money back plan.
10.
In the age group of 30-35 year the people who earning more than 3 lakh p.a. made interest to purchase ULIP.
11.
I found that in insurance sector a person should have great communication and convenience skill.
12.
People made interest in the business opportunity of ICICI PRUDENTIAL because there are lots of chances to increase earnings and make high place in the company.
13.
People took interest in pinnacle program and also life the professional environment of the company.
14.
In my survey I found that low percentage of people are aware with the life insurance.
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BIBLIOGRAPHY
Web sites
www.iciciprulife.com www.ipruuniverse.com www.icici.com www.irdaindia.org www.indiacore.com www.maxnewyorklife.com
Magazines
Business India Economic Times Material provided by the company Survey
Search Engines
www.google.com www.yagoohoogle.com
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www.altavista.com
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