Insurance as a investment tool @ icici bank project report mba finance
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Insurance as a investment tool @ icici bank project report mba finance

Insurance as a investment tool @ icici bank project report mba finance

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Insurance as a investment tool @ icici bank project report mba finance Document Transcript

  • 1. Insurance as a Investment tools with regards to ULIPS.NO Titles Page No1. Chapter – I - Executive summary - Objectives of the study - Introduction - Purpose of the study - Scope of the study - Statement of the problem2. Chapter – II - Organization Profile - Organization Chart3. Chapter – III - Data collection method - Instrumentation techniques - Learning experience - Observation - Recommendations - Conclusion4. Chapter – IV - -Questionnaire - BibliographyBABASAB PATIL Page 1
  • 2. Insurance as a Investment tools with regards to ULIPCONTENTS - Executive Summary - Objectives - Introduction - Purpose of the study - Scope of the study - Statement of the problem EXECUTIVESUMMARYBABASAB PATIL Page 2
  • 3. Insurance as a Investment tools with regards to ULIP ICICI Prudential Life Insurance Company is a joint venture between ICICIBank, a premier financial powerhouse and prudential plc, a leading international financialservices group headquartered in the United Kingdom. ICICI Prudential was amongst the firstprivate sector insurance companies to begin operations in December 2000 after receivingapproval from Insurance Regulatory Development Authority (IRDA). As the people arebecoming more and more and aware of their Life Style and Income level. They need a plan,which has an optimum balance between their Investment and Savings. They require anintegrated financial plan for investment. The customer requires those investment options,which provide them with flexibility and Liquidity and tax benefit.I am found out tools relates to investment in ULIP at ICICI Prudential life insurance. Thisproject emphasis on “Insurance as a investment tool with regards to ULIP at ICICI PrudentialLife Insurance Company Ltd, Hubli”A PROJECT REPORT ON“Insurance as a investment tool with regards to ULIP at ICICI Prudential Life InsuranceCompany Ltd, Hubli” Objectives  To know the importance and awareness of investment in ULIP  To know the risk perception investment relating to the financial management  To know the elements of risk and returns in ULIP  To examine the performance of the plan INTRODUCTIONBABASAB PATIL Page 3
  • 4. Insurance as a Investment tools with regards to ULIP As finance is the lifeblood for all economic activities, one aspect of financialarena, which plays a very important role, is the Insurance. Insurance is the outcome of Man’ssearch for safety and security, and to find out ways and means to minimize the hardship,which are beyond his control. Because of the economic reforms introduced by ourgovernment we can see that due to this Globalization and privatization there is enormousincrease in the private sector players queuing in the insurance sector. This entry of Privateplayers has enhanced the competitiveness and Quality of service with many innovatedproducts.Now in India there are totally 28 players including 14 Life and 14 General InsuranceCompanies. And Life Insurance is one of the most common forms of insurance.ICICI Prudential Life Insurance Company is an emerging star in the Private players with thecompetition being Global in natureBRIEF HISTORY OF INSURANCE: The business of insurance started with marine business. The firstinsurance policy was issued in 1583 in England.Some of the important milestones in the insurance business in India are:1818: -The British introduce to India, with the establishment of the Oriental Life Insurance Company in Calcutta.1850: - Non life insurance debuts, with Triton Insurance company.1870: - Bombay Mutual Life Assurance Society is the first India-owned life insurer.1907: - Indian Mercantile Insurance is the first Indian non-life insurer.1912: -The Indian life assurance Companies act enacted to regulate the life insurancebusiness.1938: - The insurance act, which forms the basis for most current insurance laws, replacesearlier act.1956: - Life insurance nationalized, government takes over 245 Indian and foreign insurersand provident societies.1972: - Non Life insurance nationalized, GIC set up.1993: - Malhotra Committee, headed by former BBI governor R.N. Malhotra, set up to drawup a blue print for insurance sector reforms.BABASAB PATIL Page 4
  • 5. Insurance as a Investment tools with regards to ULIP1994: -Malhotra Committee recommends re-entry for private players, autonomy to PSUinsurers.1997:-Insurance regulator IRDA (Insurance Regulatory and Development Authority) set up.2000:-IRDA starts giving licences to private insurers, ICICI Prudential and HDFC StandardLife first private insurers to sell a policy.2002:- Banks were allowed to sell insurance plans, as TPAs enter the scene, insurers startsettling non-life claims in the cashless mode.Insurance: Definition and MeaningFunctional definition: In the words of R.S.Sharma “Insurance is a Co-operative devices to spread the losscaused by particular risk over a number of persons who were exposed to it and who agree topinsure themselves against the risk”Contractual Definition: According to E.W.Patterson, “Insurance is a contract by which one party, for aconsideration called a premium, assures a particular risk of other party ad promises to pay tohim or his nominee a certain or ascertainable sum of money on a specified contingency.According to the U.S Life Office Management Association Inc (LOMA), Life Insurance isdefined as follows: Life insurance provides a sum of money if the person who is insured dieswhilst the policy is in effectOther terms used in relation to insurance and their meaning:Agent: The authorized representative of the insurer, licensed by the concerned authoritieslike IRDA to canvass insurance.Bonus: The yearly share of policy holders profit declared by the company based on its profitswhich gets added to the policy amount and is payable upon its maturity.BABASAB PATIL Page 5
  • 6. Insurance as a Investment tools with regards to ULIPClaim: The amount entitled to the policy holder or his nominee/assignee under a policycontract in the event of the happening of the contingency insured against.Insurable Interest: Evidence suggesting financial losses due to the occurrence of the eventinsured against.Policy: The evidence of contract between the insurer and the insured. A stamped sealed andsigned document issued by the insurer to the insured in proof of insuring his life.Premium: The amount mentioned in the policy contract to be paid by the insurer periodicallyto the insure to keep the policy in full forceInsurance in Indian Financial System: In India insurance is in practice since 12 th century as per the records. The first lifeinsurance company to operate in India the Oriental Life Insurance company was establishedin 1818 in Calcutta. However it was a British company. The first Indian Insurance company,the Bombay Mutual Life Assurance Society started its operation in 1871. The Indian LifeInsurance company Act was passed in 1928.Subsequently, both of these Acts were mergedand the insurance Act 1938 was promulgated. Independent India amended the Insurance Act in 1950 and in 1956, the then fiancéminister of the nation Mr. C D Deshmukh nationalized all insurance companies, 154 IndianInsurance companies and 75 provident societies. Finally the life insurance Corporation wasborn on 1st September 1956. The story of non-life insurance in India is no different. Though Lloyd’s insurance pioneered the general Insurance way back in 1688, the first non-life Insurance Company set up shop in India was the Triton Insurance company of Calcutta. In 1907 the first Indian general insurer the Indian Mercantile insurance company started its operations. The New India Assurance Company Limited was incorporated in 1919. After independence the India Reinsurance Corporation was set up in 1956 and in 1957 the office of the controller of the insurance was constituted. In 1968, that tariff advisory committee was set up to regulate the investment of the players and finally in 1972, the non-life insurance business in the countryBABASAB PATIL Page 6
  • 7. Insurance as a Investment tools with regards to ULIP was nationalized and the general insurance company was formed as holding company with four subsidiaries, the National Insurance, Oriental Insurance, United India Insurance and the new India Assurance Company Limited. In the same year the National Insurance Company Limited was amalgamated with 22 foreign and 11 Indian Insurance companies. Thus over a period of two centuries, the Indian insurance industry has gone through the full circle. From being an open competitive market, it went through nationalization and has been subsequently liberalized again. Keeping in mind the national economic and commercial objective of India the government has set up IRDA on 7th December 1999. Through which the reforms process of the industry got under way.Insurance in Indian Financial System – Its Importance Insurance industry is one of the corner stone of any economy and financial System.Insurance industry contributes its major part in increasing the saving and the fund collected isutilized in developmental programs. The Financial sector in our country is in the process of change with the objective o theoverall growth of the economy. The insurance sector as every one knows constitutes a veryimportant and vital financial intermediary for the growth of the economy. Insurance has become part and parcel of the financial system because it: • Reduces the uncertainty of business loses. • Increases business efficiency. • Identifies key men. • Enhances the credit. • Takes care of welfare of the society. • Protect the wealth of the nation. • Helps to attain economic growth. • Reduces the inflation level.The advantages of Life Insurance : • Life insurance is brought not because someone is going to die, but because someone is going to live.BABASAB PATIL Page 7
  • 8. Insurance as a Investment tools with regards to ULIP • Life insurance means peace of mind. • Life insurance promises payment of the full sum assured from the moment the first premium is paid. • Life insurance encourages regular savings and guards against extravagances. • In most cases life insurance possesses a cash value after the first three years. • Life insurance removes the worry of looking after your savings. Experts safely and profitably invest your money on your behalf by experts. • Life insurance guarantees payment in cash and is backed by the Government of India. • Life insurance is a tax saving product. • Life insurance is free from loss, from theft, fire, misplacement etc. • A life insurance contract is one sided, i.e., always in favor of the insured and his family. One can withdraw from the contract anytime, but the company’s cannot. • Life insurance replaces uncertainty with certainty. It provide a complete, balanced and perfect hedge against economic threats, which confront all person, the danger of living too long or the danger of dying soon.How Insurance Works Suppose there are 1000 person all aged 35 years and healthy lives. They are insuredfor one year against the risk of death. Each person is insured for Rs. 50,000. if the pastexperience indicates the 4 out of 1000 people die during the year, expected amount claimedto be paid to the family of 4 persons would come to Rs. 2,00,000. the contribution to be paidby the each of the 1000 will come to Rs.200 per year. Thus, all the 1000 persons share losscaused to the 4 unfortunate families. 996 persons who survived till 1 year have not lost anything as they have secured peace of mind and a feeling of security for their family. Whileinsurance cannot prevent accident or premature death, it can help, protect the family of thedeceased against the loss of income caused by the of the main breadwinner. In return forspecified payments, insurance will provide protection against the insurance of an uncertainevent such as premature death.BABASAB PATIL Page 8
  • 9. Insurance as a Investment tools with regards to ULIP The business of insurance company called insurer is to bring together persons who areexposed to similar risk, collect contribution (premium) from them on sum equitable basis andpay the losses (claim) to the unfortunate few who suffer.NEED FOR THE INSURANCE: Unlike other avenues of savings where the amount saved with interest is payable onlyon maturity, insurance plans provide for payment of the total sum assured along with a bonus,if any, on any eventuality even before the maturity of the policy. And another advantage ofinsurance is that an insurer can avail loans against the security of the policy from theinsurance company. Even banks and other financial institutions advances loans withinsurance policies as a collateral security.To provide for one’s family and perhaps; others inthe event of death, especially premature death. Originally, policies were to provide for shortperiod of time, covering temporary risky situations, such as sea voyages. As lie insurancebecame more established, it was realized what a useful tool it was for a number of situation,including: • Temporary needs/threats:- The original purpose of life insurance remains an important element, namely providing for replacement of income on death etc. • Regular savings:- Providing for one’s family and oneself, as a medium o long term exercise (through a series of regular payment of premiums). This has become more relevant in recent times as people seek financial independence from their family. • Investment; It is the insurance that builds up the savings of the society and thus safeguard the economy from the ravages of inflation. Unlike regular saving products, investment Products are traditionally lump sum investments, where the individual makes one time payment. • Retirement:Provisions for one’s own later years become increasingly necessary, especially in a changing cultural and social environment. One can buy a suitable insurance policy, which will provide periodical payments in one’s old age.Why should you take insuranceBABASAB PATIL Page 9
  • 10. Insurance as a Investment tools with regards to ULIPInsurance is desired to safeguard oneself and ones family against possible losses on accountof risk and perils. It provides financial compensation for the losses suffered due to thehappening of unforeseen events. By taking life insurance a person can have peace of mindand need not worry about the financial consequences in case of any untimely death.Along with the growth of overall population in the country, crossing the benchmark ofhundred crore, there gas been a significant awareness for the need for insurance in the otheras well as rural segments and even among the lower middle class and illiterate class of thepopulation.We in India have around 30 crore middle class educated and enlightened peoplewho have not realized that insurance is as necessary as the other basic necessities of life suchas food, shelter, clothing.The Insurance Regulatory and Development Authority (IRDA): Reforms in the Insurance sector were initiated with the passage of the IRDA Bill inParliament in December 1999. The IRDA since its incorporation as a statutory body in April2000 has fastidiously stuck to its schedule of framing regulations and registering the privatesector insurance companies.The other decisions taken simultaneously to provide the supporting systems to the insurancesector and in particular the life insurance companies were the launch of the IRDA’s onlineservice for issue and renewal of licenses to agents.The approval of institutions for imparting training to agents has also ensured that theinsurance companies would have a trained workforce of insurance agents in place to sell theirproducts, 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 ofglobally compatible regulations. In the private sector 12 life insurance and 6 generalinsurance companies have been registered.Functioning of the IRDA • To exercise all the powers and functions of controller of insurance. • Protection of the interest of the policy holders.BABASAB PATIL Page 10
  • 11. Insurance as a Investment tools with regards to ULIP • To issue, renew, modify, withdraw or suspend certificate of registration. • To specify requisite qualification and training for insurance intermediaries and agents. • To promote and regulate professional organizations connected with insurance. • To conduct inspection/investigation etc. • To prescribe method of insurance accounting. • To regulate investment of funds and margins of solvency. • To adjudicate upon dispute. • To conduct inspection and audit of insurers intermediaries and other organization concerned with insurance. With a mission of : “ protect the interest of the policy holders to regulate promote and ensure orderly growth of the insurance industry and for matters connected there with or incidental thereto”. IRDA Enablers: In the new market set up, the IRDA’s role that of an enabler. The new insurers will conduct insurance business in India according to the healthy norms prescribed the IRDA. Regulations for all insurance intermediaries will specify sales-norms. Guidelines for the code of conduct for the surveyors and loss assessors will help all concerned. Efficiency will be promoted in the conduct of insurance business. Professional organizations connected with insurance business will regulate.The role of IRDA, besides regulating the market, it also intents to develop it. The IRDA has the task to promote fair competition in hither to monopolistic insurance market. In such a fast develop scenario were the prospected appears to be brighter both for insurers and the customersCOMPETITORS INFORMATION IN INSURANCE INDUSTRY: a) LIC -Fully owned by Government. b) Postal Life Insurance.BABASAB PATIL Page 11
  • 12. Insurance as a Investment tools with regards to ULIP ⇒ Private Players - a) Baja Allianz Life Insurance Co. Ltd. b) Birla Sun Life Insurance Co. Ltd. c) HDFC Standard Life Insurance Co. Ltd. d) ICICI Prudential Life Insurance Co. Ltd. e) ING Vysya Life Insurance Co. Ltd. f) Max New York Life Insurance Co. Ltd. g) MetLife India Insurance Co. Pvt. Ltd. h) Kotak Mahindra Old Mutual Life Insurance Co. Ltd. i) SBI Life Insurance Co. Ltd. j) TATA AIG Life Insurance Co. Ltd k) AMP Sanmar Assurance Co. Ltd. l) Aviva Life Insurance Co. Ltd. m) Sahara India Life Insurance Co. Ltd. n) Shriram Sunlam. ⇒ Other Likely Players – PNB Life Insurance, Reliance Life Insurance, Axa Bharti Enterprises. INDIAN FOREIGNINSURER WEBSITE PROMOTER PROMOTERAllianz Bajaj life allianzbajaj.co.in Bajaj Auto Allianz AGinsuranceAssurance ampsanmar.com Sanmar Group AMP, AustraliaBirla Sun Life birlasunlife.com Aditya Birla Group Sun Life Financial,Insurance CanadaAviva Life avivindia.com Dabur India Aviva PlcInsuranceHDFC Standard dfcinsurance.com HDFC Standard LifeLife insuranceICICI Prudential iciciprulife.com ICICI Prudential PlcLife InsuranceING Vysya Life ingvysyalife.com Vysya Bank ING GroupInsuranceLife Insurance Licindia.com Govt of India NoneCorporationMax New York maxnewyorklife.com Max India New York LifeMetLife India metlifeindia.com J&K Bank,Pallonji Metropolitan LifeBABASAB PATIL Page 12
  • 13. Insurance as a Investment tools with regards to ULIPInsurance & Co InsuranceOM Kotak Omkotakmahindra.com Kotak mahindra Old Mutual PlcMahindra Life financeSBI life insurance sbilife.co.in State Bank of India Cardiff (arm of BNP Paribas)Tata-AIG life tata-aig.com Tata Group Americaninsurance International Group.INTRODUCTION ABOUT ULIP:The concept of ULIP came in to existence in 1960’s to provide an optimum balance betweenprotection and investment.ULIP distinguishes itself through the multiple benefits it provides to the policyholders. Theseplans are designed with a view to help the customers to utilize the market opportunities byinvesting in the share market, capital market and at the same time have the facility of DeathBenefit and Maturity Benefit.Unit-linked life insurance products are those where the benefitsare expressed in terms of number of units and unit price. They can be viewed as acombination of insurance and mutual funds.The number of units that a customer would getwould depend on the unit price when he pays his premium. The daily unit price is based onthe market value of the underlying assets (equities, bonds, government securities, etc) andcomputed from the net asset value.The advantage of unit-linked plans is that they are simple,clear, and easy to understand. Being transparent the policyholder gets the entire upside on theperformance of his fund. Besides all the advantages they offer to the customers, unit-linkedplans also lead to an efficient utilization of capital.Unit-linked products are exempted from tax and they provide life insurance. Investorswelcome these products as they provide capital appreciation even as the yields ongovernment securities have fallen below 6 per cent, which has made the insurers slashpayouts. According to the IRDA, a company offering unit-linked plans must give the investoran option to choose among debt, balanced and equity funds. If you choose a debt plan, themajority of your premiums will get invested in debt securities like gilts and bonds. If youchoose equity, then a major portion of your premiums will be invested in the equity market.The plan you choose would depend on your risk profile and your investment need.The idealtime to buy a unit-linked plan is when one can expect long-term growth ahead. This isBABASAB PATIL Page 13
  • 14. Insurance as a Investment tools with regards to ULIPespecially so if one also believes that current market values (stock valuations) are relativelylow.So if you are opting for a plan that invests primarily in equity, the buzzing market couldlead to windfall returns. If one invests in a unit-linked pension plan early on, say when one is25, one can afford to take the risk associated with equities, at least in the plans initial stages.However, as one approaches retirement the quantum of returns should be subordinated tocapital preservation. At this stage, investing in a plan that has an equity tilt may not be a goodidea.Considering that unit-linked plans are relatively new launches, their short history doesnot permit an assessment of how they will perform in different phases of the stock market.Even if one views insurance as a long-term commitment, investments based on performanceover such a short time span may not be appropriate. Simply put, ULIPs work very similar to a mutual fund with a life cover thrown in.They have a mandate to invest the premiums in varying proportions in gsecs (governmentsecurities), bonds, the money markets (call money) and equities. The primary differencebetween conventional savings-based insurance plans like endowment and ULIPs is theinvestment mandate- while ULIPs can invest upto 100% of the premium in equities, thepercentage is much lower (usually not more than 15%) in case of conventional insuranceplans. ULIPs are also available in multiple options like `aggressive ULIPs (which can investupto 100% in equities), `balanced ULIPs (which invest 40-60% in equities) and `debt ULIPs(which invest only in debt and money market instruments). The exact expense structure/break-up for ULIPs is as transparent as one would have liked. Broadly speaking, ULIPexpenses are classified into three major categories:1) Mortality charges:Mortality expenses are charged by life insurance companies for providing a life cover to theindividual. The expenses vary with the age, sum assured and sum-at-risk for the individual.There is a direct relation between the mortality expenses and the above mentioned factors. Ina ULIP, the sum-at-risk is an important reference point for the insurance company. Putsimply, the sum-at-risk is the difference between the sum assured and the investment valuethe individuals corpus as on a specified date.2) Sales and administration expenses:Insurance companies incur these expenses for operational purposes on a regular basis. Theexpenses are recovered from the premiums that individuals pay towards their insuranceBABASAB PATIL Page 14
  • 15. Insurance as a Investment tools with regards to ULIPpolicies. Agent commissions, sales and marketing expenses and the overhead costs incurredto run the insurance business on a day-to-day basis are examples of such expenses.3) Fund management charges (FMC):These charges are levied by the insurance company to meet the expenses incurred onmanaging the ULIP investments. A portion of ULIP premiums are invested in equities,bonds, gsecs and money market instruments. Managing these investments incurs a fundmanagement charge, similar to what mutual funds incur on their investments. FMCs differacross investment options like aggressive, balanced and debt ULIPs; usually a higher equityoption translates into higher FMC. Apart from the three expense categories mentioned above,individuals may also have to incur certain expenses, which are primarily `optional in nature-the expenses will be incurred if certain choices that are made available to individuals areexercised.a) Switching charges:Individuals are allowed to switch their ULIP options. For example, an individual can switchhis fund money from 100% equities to a balanced portfolio, which has say, 60% equities and40% debt. However, the company may charge him a fee for `switching. While most lifeinsurance companies allow a certain number of free switches annually, a switch made overand above this number is charged.b) Top-up charges:ULIPs allow individuals to invest a top-up amount. Top-up amount is paid in addition to thepremium amount for a particular year. Insurance companies deduct a certain percentage fromthe top-up amount as charges. These charges are usually lower than the regular charges thatare deducted from the annual premium.c) Cancellation charges: Life insurance companies levy cancellation charges if individualsdecide to surrender their policies (usually) before three years. These charges are levied as apercentage of the fund value on a particular date.Investment tools of unit linked insurance plans :FUND NAME ASSEET MIN. MAX. POTENTIALAND ITS ALLOCATION RISK-OBJECTIVES REWARDBABASAB PATIL Page 15
  • 16. Insurance as a Investment tools with regards to ULIPR.I.C.H: Returns Equity and equity 80% 100%from equity related securities Highinvestment in four Debt, money 0% 20%types of industries, market, and cash.viz, resources,investment/capitalgoods,consumption andhuman capitalleveraged.Flexi growth II: Equity and equity 80% 100%Long term returns related securities Highfrom an equity Debt, money 0% 20%portfolio of large, market, and cash.mid and smallcapital companies.Multiplier II: Long Equity and equity 80% 100%term capital related securities Highappreciation from Debt, money 0% 20%equity portfolio. market, and cashFlexi Balanced II: Equity and equity 0% 60%Balance of capital related securities Moderateappreciation and Debt, money 40% 100%stable returns from market, and cashan equity (large,mid and smallcapital) and debtportfolio.Balancer II: Equity and equity 0% 40%Balance growth related securities Moderateand steady returns Debt, money 60% 100%from an equity and market, and cashdebt portfolio.Protector II: Debt insurance,Accumulate steady money market, and 100% 100% Lowincome at a lower cashriskPurpose of the Study: The main purpose of the study is to find out the factors which are influencing theinvestment tools regards with ULIP at ICICI Prudential and to suggest some strategies whichwill help the organization.BABASAB PATIL Page 16
  • 17. Insurance as a Investment tools with regards to ULIPScope of the study:  The scope of the study will helps to the peoples for there choice of investment.  The study will help to know the expectations of the ULIP.in future.  The company can find out the satisfaction level of the ULIP of their product plans.  The scope of the study will help the company will find the problems of peoples investing in ULIP. Statement of the problem: 1) Lack of awareness about ULIP funds in rural areas. ICICI Prudential insurance Advisor difficult to convince them. 2) Lack of co-operation between the branches.BABASAB PATIL Page 17
  • 18. Insurance as a Investment tools with regards to ULIPContents o Organization Profile o Company profile o Organization ChartORGANISATION PROFILE: ICICI Prudential Life Insurance Company Limited (‘the Company’) a joint ventureBetween ICICI Bank Limited and Prudential plc of UK was incorporated on July20, 2000 as a company under the Companies Act, 1956 (‘the Act’). The Companyis licensed by the Insurance Regulatory and Development Authority (‘IRDA’) for carryinglife insurance business in India.ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premierfinancial powerhouse and prudential plc, a leading international financial services groupheadquartered in the United Kingdom (UK). The company brings together the local marketexpertise and financial strength of ICICI Bank and Prudential’s International life insuranceexperience. The company was granted a certificate of Registration by the IRDA onNovember 24, 2000 and eighteen days later, issued its first policy on December 12. ICICIPrudential was amongst the first private sector insurance companies to begin operations inDecember 2000 after receiving approval from Insurance Regulatory Development Authority(IRDA).BABASAB PATIL Page 18
  • 19. Insurance as a Investment tools with regards to ULIPFrom its early days, ICICI Prudential seemed to have the wherewithal for a large-scalebusiness. By March 31, 2002, a little over a year since its launch, the company had issued100,000 policies translating into premium income of approximately Rs. 1,200 million on asum assured of over Rs.23 billion. When the company began its operations, the need was tobuild a brand that was relatable to, symbolized trust and was easily recognized andunderstood. It launched a corporate campaign ICICI Prudential also made using the theme of‘Sindoor’ to epitomize protection, trust, togetherness and all that is Indian; endearing itself tothe masses. The success of the campaign, ‘the calling card of the company’ saw the brandawareness scores almost at par with its 40 year old competitor. The theme of protection wasalso extended to subsequent product and category specific Campaigns –from child plans toretirement solutions –which highlight how the company will be with its customers at everystep of life.From day one, the company has unflinchingly focused on being mass-market player,developing products, creating a distribution network and deploying resources that wouldfurther its goal. Apart from ramping up thoroughly training its advisors, the company hastwelve ‘Banc assurance’ partners –the largest in the country. It swiftly revised and added toits initial range of products, pioneering market-linked products and pension plans, to offercustomers the most flexible life insurance policies in the country. In February 2004, ICICIPrudential increased its capital base by Rs. 500 million, its ninth capital hike, bringing thetotal paid –up equity capital to Rs. 6,750 million. With the authorized capital of the companystanding at Rs. 12 billion, ICICI Prudential continues to have the highest capital baseamongst all life insurers in the country. The challenge ICICI Prudential now faces is to retainits top-notch position and continue to deliver the finest life insurance and pension solutions toits ever-growing customer base.ICICI Prudential’s equity base stands at Rs. 1185 crore with ICICI Bank and Prudential plcholding 74% and 26% stake respectively. For the year ended March 31, 2006, the companygarnered Rs.2, 412 crore of weighted new business premium and wrote 837,963 policies. Thesum assured in force stands at Rs.45, 888 crore. The company has a network of over 72,000advisors; as well as 9 bancasurance partners and over 200 corporate agent and broker tie-ups.ICICI Prudential is also the only private life insurer in India to receive a National InsurerFinancial Strength rating of AAA (Ind) from Fitch ratings. The AAA rating is the highestBABASAB PATIL Page 19
  • 20. Insurance as a Investment tools with regards to ULIPcredit rating, and is a clear assurance of ICICI Prudential’s ability to meet its obligations tocustomers at the time of maturity or claims.For the past five years, ICICI Prudential has retained its position as the No.1 private insurerin the country, with a wide range of flexible products that meet the needs of the Indiancustomer at every step in life.Beginning operations in December 2000, ICICI Prudential’s success has been meteoric,becoming the number one private life insurer within months of launch. Today, it has one ofthe largest distribution networks amongst private life insurers in India, with branches in 54cities. The total number of policies issued stands at more than 780,000 with a total sumassured in excess of Rs.160 billion. ICICI Prudential closed the financial year ended march 31, 2004 with a total receivedpremium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20billion. New business premium income shows a 106% growth at Rs. 7.5 billion, drivenmainly by the company’s range of unique unit-linked policies and pension plans. Thecompany’s retail market share amongst private companies stood at 36%, making it clearleader in the segment. To add to its achievements, in the year 2003/04 it was adjudged MostTrusted Private Life Insurer (Economic Times ‘Most Trusted Brand Survey’ by AC NielsenORG-MARG). It was also conferred the ‘Outlook Money-Best Life Insurer’ award for thesecond year running. The company is also proud to have won Silver at EFFIES 2003 for its‘Retire from work, not life’ campaign. Notably, ICICI Prudential was also short-listed to thefinal round for its ‘Sindoor campaign in EFFIES 2002.ICICI Prudential’s success is rooted in its philosophy to always offer the customer a choice.This has been the driving force behind its multi-channel distribution strategy, which includesadvisors, banks, direct marketing and corporate agents. In fact, ICICI Prudential was the firstlife insurer to invest in multiple channels and offer the customer choice and access; thusreducing dependency on any one channel, great strides in the retirement solutions andpensions market.The Company’s penetration of the retirement market was driven by thefocused approach towards creating awareness through sustained campaign; ‘Retire fromBABASAB PATIL Page 20
  • 21. Insurance as a Investment tools with regards to ULIPwork, not life’. Within six months, the campaign rewarded ICICI Prudential with anincreased share of 23% of the total pensions market and 78% amongst private players.ICICI Prudential Lifes capital stands at Rs. 37.72 billion (as on March, 2008) with ICICIBank and Prudential plc holding 74% and 26% stake respectively. For the year ended March31, 2008, the company garnered Retail New Business Weighted premium of Rs. 6,684 cores,registering a growth of 68% over the last year and has underwritten nearly 3 million retailpolicies during the period.The company has assets held over Rs. 30,000 cores as on April 30, 2008.ICICI PrudentialLife is also the only private life insurer in India to receive a National Insurer FinancialStrength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating is the highest rating,and is a clear assurance of ICICI Prudentials ability to meet its obligations to customers atthe time of maturity or claims. For the past seven years, ICICI Prudential Life has retained itsleadership position in the life insurance industry with a wide range of flexible products thatmeet the needs of the Indian customer at every step in life.Company Profile: ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, apremier financial powerhouse and Prudential plc, a leading international financial servicesgroup headquartered in the United Kingdom. ICICI Prudential was amongst the first privatesector insurance companies to begin operations in December 2000 after receiving approvalfrom Insurance Regulatory Development Authority (IRDA).Vision: To make ICICI Prudential the dominant Life and Pensions player built on trust byworld-class people and service.Vision, Mission, and Quality Policy Vision:BABASAB PATIL Page 21
  • 22. Insurance as a Investment tools with regards to ULIP To be the dominant Life and Pension player built on trust by world class people and service. This they hope to achieve by: • Understanding the needs of customers and offering them superior products and service • Leveraging technology service customers quickly, efficiently and conveniently • Developing and implementing super risk management and investment strategies to offer sustainable and stable returns to their policyholders • Providing an enabling environment to foster growth and learning for their employees • And above all, building transparency in all their dealings. Values • Customer First: Own Customer; deliver the promise o Keep customer interest in the centre of all decisions. o Promise what you can, deliver it to finish. o Proactively seek Voice of Customer and act on it. • Boundary less: Never say ‘Its not my job’ o Offer help and support across functions to ensure business success. o Seek and share ideas freely o Recognize and respect internal customers. o Understand and value contributions from colleagues. • Ownership: If it is to be, it is up to me o Take responsibility and see tasks through to completion. o Own mistakes, learn from mistakes. o Pursue goals relentlessly, never give up. o Be a team player, take ownership for team performance. • Passion: Boundless energy and enthusiasm o Exhibit ‘Winning Instinct’. o Demonstrate speed and urgency for achieving results. o Challenge status quo and do things differently. o Nurture and motivate team members to reach full potential. • Integrity: Be honest and fair in what you say and do o Practice what you preachBABASAB PATIL Page 22
  • 23. Insurance as a Investment tools with regards to ULIP o Stand up honestly and fearlessly for what is right o Act in a consistent and equitable manner o Think and act for long term impact.ICICI Prudential Life Insurance ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank,which is one of Indias foremost financial services companies, and Prudential plc, which is aleading international financial services group headquartered in the United Kingdom. ICICIPrudential began the operations in December 2000. Today, this company has over 2100branches, which include 1,116 micro-offices, over 290,000 advisors and 18 banc assurancepartners.ICICI Prudential Life Insurance Company is the first life insurer in India that received aNational Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. ICICI Prudentialhas been voted as Indias Most Trusted Private Life Insurer for three consecutive years. ICICIPrudential Life Insurance Company has various insurance plans that have been designed fordifferent individuals, as every individual has different insurance needs. Given below is a listof plans provided by ICICI Prudential Life Insurance Company:STAGES IN POLICY ISSUANCE  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.  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 LoginBABASAB PATIL Page 23
  • 24. Insurance as a Investment tools with regards to ULIP  Reject An Application gets rejected at the Branch Ops level due to necessary details not filled in the form or necessary documents not submitted are a Reject. It is then sent back to the Advisor for completion.  Issuance Issuance means a policy that is issued to the Customer by Central Ops.  Decline Status When a customer refuses to take a policy post login but before Issuance is called a Decline  Cancellation When the cheque given by the customer bounces, it amounts to cancellation of the policy.  Lapse A policy for which the Customer fails to pay subsequent premiums is a Lapsed Policy.  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.  Surrender When a customer wants to discontinue with the policy it is called Surrender.Top Ten things to know about Life InsuranceWe all recognize the importance of life insurance. After all, we want to make sure that ourloved ones are taken care of when we die. But before you run out and purchase a policy, doBABASAB PATIL Page 24
  • 25. Insurance as a Investment tools with regards to ULIPsome research ahead of time. That way, youll be sure to get the best possible coverage at theright price. Here are some helpful tips to get you started:  Shop around When it comes to life insurance, it pays to shop around because premiums can vary widely. And thanks to the Internet, its now easier than ever. Try out one of the many insurance websites that can provide you with instant quotes. Make sure the website you shop from takes into consideration the factors in your medical history that can affect the premiums.  Never buy more coverage than you need The key to purchasing the right amount of life insurance is to have just enough coverage to meet your needs. If you have more life insurance than you need, youll be paying unnecessarily for higher premiums. On the other hand, its important not to have too little coverage, resulting in you being underinsured.  The healthier you are, the better the rates Its true – healthy people get better rates on life insurance. You will be asked to pay a higher rate for anything that shortens your life expectancy (e.g., if you smoke, take medications regularly, are overweight, have a bad driving record).  Buy sooner rather than later If youve been putting off purchasing life insurance because you dont want to pay the premiums, you may be doing yourself a disservice in the long run. The younger you are when you purchase life insurance, the lower your premiums will be.  Realize the importance of periodically reviewing your coverage Any life change signals the need for a review of your overall financial plan. When it comes to life insurance coverage, youll want to make sure that this major life event (e.g., birth of a child, children are grown) wont leave you underinsured or over insured.  You dont necessarily have to pay a commission One of the reasons for higher premiums is that most life insurance policies pay commissions to the agent/broker. However, you may be able to purchase a no-load policy through an insurer that sells no-load policies directly to consumers.  You may be paying more for monthly premium payments You may not realize it, but you may be paying more for your life insurance if you payBABASAB PATIL Page 25
  • 26. Insurance as a Investment tools with regards to ULIP your premium in monthly installments. Many insurance companies charge extra fees if you make monthly premium payments instead of paying the annual premium.  Dont rely solely on the life insurance offered by your employer Many employers offer their employees some sort of group life insurance. But this amount of coverage is usually not enough to adequately meet your life insurance needs. In addition, group life insurance policies are not portable, meaning that if you leave your job, you cant take your life insurance coverage with you.  Tell the whole truth and nothing but the truth If youre thinking about lying on your insurance application, think again. If your insurance company finds out that you lied about a health-related condition or your lifestyle (e.g., smoking habit), they may be able to terminate your coverage. Buying more is sometimes cheaperLife insurance usually costs less per thousand dollars once you get into higher coverageamounts (e.g., $250,000). If the numbers work out, you may be able to pay a lower premiumwhile increasing your coverageICICI BankICICI Bank (NYSE:IBN) is India’s second largest bank and largest private sector bank withover 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 corporateand retail customers through a variety of delivery channels and through its specializedsubsidiaries 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 bankingmarket and has over 13 million retail customer accounts. The Bank has a network of over 570branches and extension counters, and 2,000 ATMs.Prudential plcEstablished in London in 1848, Prudential plc, through its businesses in the UK and Europe,the US and Asia, provides retail financial services products and services to more than 16BABASAB PATIL Page 26
  • 27. Insurance as a Investment tools with regards to ULIPmillion customers, policyholder and unit holders worldwide. As of June 30, 2004, thecompany had over US$300 billion in funds under management. Prudential has brought tomarket an integrated range of financial services products that now includes lifeassurance, pensions, mutual funds, banking, investment management and general insurance.In Asia, Prudential is the leading European life insurance company with a vast network of 24life and mutual fund operations in twelve countries - China, Hong Kong, India, Indonesia,Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.Management Profile: Directors Investment K. V. Kamath, Chairman Committee Mark Norbom Lalita D. Gupte, Lalita D. Gupte Chairperson Kalpana Morparia H. T. Phong Chanda Kochhar Shikha Sharma H. T. Phong N. S. Kannan M. P. Modi V. Rajagopalan R. Narayanan Sandeep BatraBABASAB PATIL Page 27
  • 28. Insurance as a Investment tools with regards to ULIP Keki Dadiseth Puneet Nanda Shikha Sharma, Managing Director Governance Committee N. S. Kannan, Executive Director Lalita D. Gupte Sandeep Batra, Chief Financial Officer & H. T. Phong Company Secretary Shikha Sharma Risk Management & Audit Executive Committee Committee Shikha Sharma M. P. Modi, Chairman N. S. Kannan H. T. Phong V. Rajagopalan Kalpana Morparia Sandeep Batra Anita Pai Grievance Redressal Committee Joint Auditors R. Narayanan, Chairman S. R. Batliboi & Co. V. Rajagopalan Chartered Accountants Sandeep Batra Haribhakti & Co. Anita Pai Chartered AccountantsPromoterssICICI Bank Limited (NYSE:IBN) is Indias largest private sector bank and the second largestbank in the country with consolidated total assets of about US$ 95 billion as of March 31,2009. ICICI Bank’s subsidiaries include India’s leading private sector insurance companiesand among its largest securities brokerage firms, mutual funds and private equity firms. ICICIBank’s presence currently spans 19 countries, including India.PrudentialEstablished in London in 1848, Prudential plc is a leading internal retail financial servicesgroup with significant operations in Asia, the US and the UK. Prudential has been writingprotection and savings insurance for over 160 years, and today has more than 21 millioncustomers worldwide and over 249 billion in assets under management (as of December 31,BABASAB PATIL Page 28
  • 29. Insurance as a Investment tools with regards to ULIP2008). In Asia, Prudential is the leading Europe-based life insurer with operations in China,Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan,Thailand, and Vietnam. Prudential is one of the largest asset management companies in termsof overall assets sourced in Asia ex-japan, with ?36.8 billion funds under management (as ofDecember 31, 2008) and operations in ten markets including China, Hong Kong, India,Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and United Arab Emirates.The CompanyICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premierfinancial powerhouse, and Prudential plc, a leading international financial services groupheadquartered in the United Kingdom. ICICI Prudential was amongst the first private sectorinsurance companies to begin operations in December 2000 after receiving approval fromInsurance Regulatory Development Authority (IRDA).ICICI Prudential Lifes capital stands at Rs. 4,780 crores (as of March, 2009) with ICICIBank and Prudential plc holding 74% and 26% stake respectively. For the period April 1,2008 to March 31, 2009, the company has posted a growth of 13%, garnering total receivedpremium (new business + renewal) of Rs 15,356 crores as against Rs 13,563 crores inFY2008 and has underwritten over 9 million policies since inception. The company has assetsheld over Rs. 32,000 crores as on March, 2009.ICICI Prudential Life is also the only private life insurer in India to receive a National InsurerFinancial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating is thehighest rating, and is a clear assurance of ICICI Prudentials ability to meet its obligations tocustomers at the time of maturity or claims.For the past eight years, ICICI Prudential Life has retained its leadership position in the lifeinsurance industry with a wide range of flexible products that meet the needs of the Indiancustomer at every step in life.INSURANCE PRODUCT AND SERVICE:BABASAB PATIL Page 29
  • 30. Insurance as a Investment tools with regards to ULIP ICICI Prudential’s ultimate promise is financial security. A strong brand certainly boostssale, but without customer-friendly, innovative products, even the best brand would not lastlong. ICICI Prudential’s product range has been developed on the understanding thatdifferent people have their own sets of needs at various stages of their lives. It has thus built aflexible portfolio of products that can be customized to cater to varying needs of people ateach stage, and thus ensure protection in every step of life. The company’s philosophy hasbeen to help customers understand their financial needs and work closely with them tocustomize a product that would meet. Advisors can offer a complete range of products –Savings plans, Child plans, Market-linked plans, Protection plans, and Retirement plans – andtailor a flexible solution to meet customers’ changing needs at every stage of life. In fact,ICICI Prudential was the first to un-bundle product benefits, pioneering the concept of‘riders’ and soon after introduce comprehensive market-linked and retirement plans. ICICIPrudential has launched a handful of products that are analyzed below: ICICI Prudentials lifeinsurance products may be loosely categorized under three forms: pure life insuranceproducts without an investment angle to them; a product that is a mix of a cumulativeinvestment scheme and an insurance product; and, finally, standard products such as money-back and endowment policies.Life Insurance PlansEducation Insurance Plans Smart Kid New Unit-linked Regular Premium Smart Kid New Unit-linked Single Premium Smart Kid Regular PremiumWealth Creation Plans Wealth Advantage LifeStage AssureBABASAB PATIL Page 30
  • 31. Insurance as a Investment tools with regards to ULIP LifeTime Gold LifeLink Super LifeStage RPPremium Guarantee Plans InvestShield Life New InvestShield CashBankProtection Plans Pure Protect Life Guard Save n Protect CashBak Home AssureRetirement Solutions Life Stage Pension LifeTime Super Pension LifeLink Super Pension ForeverLife Plan Immediate AnnuityHealth Coverage Plans Health Saver Medi Assure Hospital Care Crisis Cover Cancer Care Diabetes Care ActiveBABASAB PATIL Page 31
  • 32. Insurance as a Investment tools with regards to ULIP Diabetes AssureICICI Pru Group Solutions Advantage Group Super Annuation Group Gratuity Plan Annuity Solutions Group Term Insurance Plan Group Term Insurance in lieu of EDLIRural Plans ICICI Pru Suraksha ICICI Pru Suraksha KavachMicro Insurance Plans ICICI Pru Sarv Jana PlanPRODUCTS:Insurance Solutions for IndividualsICICI Prudential Life Insurance offers a range of innovative, customer-centric products thatmeet the needs of customers at every life stage. Its products can be enhanced with up to 4riders, to create a customized solution for each policyholder. Life Time Gold is a unit-linked plan which offers potentially higher returns over the long term with flexible investment options to help you achieve your goals. It offers 8 fund options - Preserver, Protector, Return Guarantee Fund, Balancer, Flexi Balanced Multiplier, R.I.C.H and Flexi Growth. Life Stage RP is unit linked plan that provides you with an option of lifecycle-based portfolio strategy that continuously re-distributes your money across various asset classes based on the customer’s profile, helping him achieve his desired financial goals. LifeLink Super is a single premium unit linked insurance which offers attractive premiumBABASAB PATIL Page 32
  • 33. Insurance as a Investment tools with regards to ULIP allocation along with the opportunity to enjoy potentially high returns over the long term, without compromising on the protection of your family. Invest Shield Life New is a unit linked plan that provides premium guarantee and allows the customer to enjoy the benfits of potentially higher returns while guaranteeing him that he will get back atleast all the premiums paid by him, while providing protection to your family with a life insurance cover. Invest Shield Cashbak is a unit linked plan that provides premium guarantee while maintaing a balance between return, safety & liquidity. Wealth Advantage s a unique whole life single premium unit linked plan that provides long term coverage upto the age of 70 years and provides you the option to systematically withdraw your money. Life Stage Assure a unit linked insurance plan that provides Guaranteed Maturity Addition of 100%- 450% of first year premium based on the term and number of premiums paid, with the additional advantage of a lifecycle based portfolio strategy that allocates the investor’s money across various asset classes based on his age and risk appetite Protection Solutions  Pure Protect is a flexible and affordable term product, with which you can ensure your life and provide total security for your family in case of an unfortunate event.  Life Guard is a protection plan, which offers life cover at low cost. It is available in 2 options –level term assurance with return of premium & single premium.  Home Assure is a mortgage reducing term assurance plan designed specifically to help customers cover their home loans in a simple and cost-effective mannerChild PlansSmart Kid New ULRP The policy is designed to provide money at key educationalmilestones in the childs life. SmartKid plans are alsoBABASAB PATIL Page 33
  • 34. Insurance as a Investment tools with regards to ULIPRetirement Solutions  Forever Life is a traditional retirement product that offers guaranteed returns for the first 4 years.  Life Time Super Pension is a regular premium unit linked pension plan that helps one accumulate over the long term and offers 5 annuity options (life annuity, 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.  Life Stage Pension is a regular premium unit linked pension plan that provides you with a unique lifecycle-based strategy that continuously re-distributes your money across various asset classes based on your age and risk profile.  Life Link Super Pension is a single premium unit linked pension plan.  Immediate Annuity is a single premium annuity product that guarantees income for life at the time of retirement. It offers the benefit of 5 payout options.Health Solutions  Hospital Care is a fixed benefit plan covering various stages of treatment – hospitalization, ICU, procedures & recuperating allowance. It covers a 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.  Diabetes Care Active is a long term insurance policy created for individuals with Type II diabetes and pre-diabetes. It offers long term (upto 20 years) control over diabetes through a specially designed Wellness Programme including regular health checkups and a Diabetes Coach to facilitate diabetes management. It alsoBABASAB PATIL Page 34
  • 35. Insurance as a Investment tools with regards to ULIP provides you coverage against seven major critical illnesses.  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.  Medical Assure 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.  Health Saver provides comprehensive hospitalization cover and reimburses all other medical expenses by building a health fund.  available in traditional formFlexible 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 traveling in an authorized mass transport vehicle, the beneficiary will be entitled to twice the sum assured as additional benefit. Critical illness benefit: Critical Illness Benefit Rider provides protection against 9 critical illnesses to the policyholder when attached to the basic plan. Waiver of premium: On total and permanent disablement due to accident all future premiums under the base plan will be waived till the end of the term of the rider or death of assured life, if earlier. 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.AWARDS AND ACHIEVEMENTSBABASAB PATIL Page 35
  • 36. Insurance as a Investment tools with regards to ULIPICICI Pru Life ranked as the Most Trusted Pvt Life Insurance brand in theBrand Equity "Most Trusted Brands 2009" surveyICICI Prudential Life won a Gold award for AboutULIPS.com and Health Savercampaign, innovation award for www.taxguru08-09.com and a silver awardfor its Insurance yoga campaign at the ICICI Group Marketing Excellenceaward.BABASAB PATIL Page 36
  • 37. Insurance as a Investment tools with regards to ULIPConfederation of Indian Industry (CII) - Western Region recently awardedICICI Prudential Life a Commendation for Strong Commitment to HRExcellence 2008 at the CII HR Summit 2008.ICICI Prudential Life Insurance was awarded with the coveted ICAI Awardfor Excellence in Financial Reporting by the Institute of CharteredAccountants of India (ICAI) for the financial year ended March 31, 2008.BABASAB PATIL Page 37
  • 38. Insurance as a Investment tools with regards to ULIPICICI Prudential Life was awarded the Life Insurance Company of the Year atthe12th Asia Insurance Industry Awards 2008.ICICI Prudential Life was awarded with two Bronze Effies in the servicesBABASAB PATIL Page 38
  • 39. Insurance as a Investment tools with regards to ULIPcategory for its Corporate campaign and Retirement Number campaignICICI Prudential Life Insurance won the award for the Best Life Insurer-Runner up at the Outlook Money & NDTV Profit Awards 2008ICICI Prudential Life was awarded the SAP ACE 2008 Best Business ObjectsAward for its IT practicesBABASAB PATIL Page 39
  • 40. Insurance as a Investment tools with regards to ULIPICICI Prudential Life won the Award for Brand Excellence in the Banking andFinancial services category at the Asia Brand Congress 2008Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance Co. Ltd. wasadjudged the Businesswoman of the year at The Economic Times Awards forCorporate Excellence, 2007-08.BABASAB PATIL Page 40
  • 41. Insurance as a Investment tools with regards to ULIPICICI Prudential Life won the UK Trade & Investment India Business Awards2008 in the Business Partnership Award-Large Company categoryICICI Prudential Life won the ICICI Group Marketing Excellence Award 2008in three key categories for its marketing initiativesICICI Prudential Life was awarded the INDY’s Award for Excellence in MassBABASAB PATIL Page 41
  • 42. Insurance as a Investment tools with regards to ULIPCommunication in the category of Most Creative Advertisement-TelevisionIndias Most Customer Responsive Insurance Company. Avaya GlobalConnect - Economic Times. Customer Responsiveness Awards, 2007Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was adjudgedas one of the 50 Most Powerful Women in Business by The Financial Express.BABASAB PATIL Page 42
  • 43. Insurance as a Investment tools with regards to ULIPMs. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was adjudgedthe Entrepreneur of the Year-Manager at the Ernst and Young EntrepreneurAwards 2007Ms. Shikha Sharma, MD & CEO, ICICI Prudential Life Insurance was awardedthe Outstanding Businesswoman of the Year at CNBC TV18s India BusinessLeader Awards 2007BABASAB PATIL Page 43
  • 44. Insurance as a Investment tools with regards to ULIPICICI Prudential Life Insurance won the award for the Best Life Insurer-Runner up at the Outlook Money & NDTV Profit Awards 2007ICICI Prudential Life’s, retirement solutions campaign for the year 2006-07was awarded the Bronze Effy trophy in the services category. It also won theBrand Equity Bravery Award 2007, instituted by Ad club.ICICI Prudential Life’s website, www.iciciprulife.com was awarded the bestwebsite among private life insurers at the Web 18 and Frost & SullivanBABASAB PATIL Page 44
  • 45. Insurance as a Investment tools with regards to ULIPGenius of the Web Awards 2007 for commendable work in the online.Innovation Award for launching Diabetes Care – Prudence Award 2006.People Award for excellence in training and people development - PrudenceAward 2006Indias Most Customer Responsive Insurance Company. Avaya GlobalBABASAB PATIL Page 45
  • 46. Insurance as a Investment tools with regards to ULIPConnect - Economic Times. Customer Responsiveness AwardsMost Trusted Private Life Insurer. The Economic Times - A C Nielsen Surveyof Most Trusted Brands – 2003, 2004 and 2005Prudence Customer Centricity Award 2004 & 2005. Prudential CorporationAsiaBABASAB PATIL Page 46
  • 47. Insurance as a Investment tools with regards to ULIPBest Life Insurer 2003. Outlook Money Awards 2003 & 2004IMM Award for Excellence. Institute of Marketing & ManagementOrganization with Innovative HR Practices Indira Group of InstitutesBABASAB PATIL Page 47
  • 48. Insurance as a Investment tools with regards to ULIPSuperbrand 2003-04Organization with Innovative HR Practices Asia-Pacific H R Congress Awardsfor HR ExcellenceBABASAB PATIL Page 48
  • 49. Insurance as a Investment tools with regards to ULIPSilver Effie for Effectiveness of the ‘Retire from Work not life’ advertisingcampaign Effies 2003RecognitionsICICI Prudential Life was recognized as the most trusted brand amongstprivate life insurers in the Economic Times-Most Trusted Brand survey 2008.IMM Award for Excellence. Institute of Marketing & ManagementOrganization with Innovative HR Practices. Indira Group of InstitutesOrganization with Innovative HR Practices. Asia-Pacific H R Congress Awardsfor HR ExcellenceAchievementsBABASAB PATIL Page 49
  • 50. Insurance as a Investment tools with regards to ULIPBeginning operations in December 2000, ICICI Prudential’s success has been meteoric,becoming the number one private life insurer within months of launch. Today, it has one ofthe largest distribution networks amongst private life insurers in India, with branches in 54cities. The total number of policies issued stands at more than 780,000 with a total sumassured in excess of Rs.160 billion.ICICI Prudential closed the financial year ended march 31, 2004 with a total receivedpremium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20billion. New business premium income shows a 106% growth at Rs. 7.5 billion, drivenmainly by the company’s range of unique unit-linked policies and pension plans. Thecompany’s retail market share amongst private companies stood at 36%, making it clearleader in the segment. To add to its achievements, in the year 2003/04 it was adjudged MostTrusted Private Life Insurer (Economic Times ‘Most Trusted Brand Survey’ by ACNeilsenORG-MARG). It was also conferred the ‘Outlook Money-Best Life Insurer’ award for thesecond year running. The company is also proud to have won Silver at EFFIES 2003 for its‘Retire from work, not life’ campaign. Notably, ICICI Prudential was also short-listed to thefinal round for its ‘Sindoor campaign in EFFIES 2002.In Keeping with its belief that a happy customer is the best endorsement, ICICI Prudentialhas embraced the ‘SIX SIGMA’ approach to quality, an exercise that begins and ends withthe customer from capturing his voice to measuring and responding to his experiences. Thisinitiative is currently helping the company improve processes, turnaround times and customersatisfaction levels. Another Novel introduction is the ICICI Prudential Lifestyle RewardsClub, India’s first rewards programme for Life Advisors; it allows ICICI Prudential Advisorsto redeem points for items ranging from kitchenware to gold, white goods, and eveninternational holidays.Organizational chart:BABASAB PATIL Page 50
  • 51. Insurance as a Investment tools with regards to ULIPBABASAB PATIL Page 51
  • 52. Insurance as a Investment tools with regards to ULIPSampling o Data collection method o Instrumentation techniques o Learning experienceSAMPLING:-BABASAB PATIL Page 52
  • 53. Insurance as a Investment tools with regards to ULIP  Sample size : 100 respondents  Sampling Method : Random sampling  Sample Plan : Personal Interview  Sample Unit : Respondents in Hubli city  Survey conducted on Geographic bases. Every decision poses unique needs for information, and relevant strategies can bedeveloped based on the information gathered through research. Research is the systematicobjective and exhaustive search for and study of facts relevant to the problem.Research design means the framework of study that leads to the collection and analysis ofdata. It is a conceptual structure with in which research is conducted. It facilitates smoothsailing of various research operations to make the research as effective as possible.The study was conducted as an exploratory sampling survey method to collect primary andsecondary data.DATA SOURCE:PRIMARY SOURCE OF DATA: Primary data are those collected by the investigator himself for the first time and thusthey are original in character, they are collected for a particular purpose.A well-structured questionnaire was personally administrated to the selected sample to collectthe primary data.SECONDARY SOURCE OF DATA: Secondary data are those, which have already been collected by some other personsfor their purpose and published. Secondary data are usually in the shape of finished products.Two types of secondary data were collected for the preparation of the project work:Internal Data was generated from company’s brochures, manuals and annual reports.External Data, on the other hand, was generated from research books and internet (websites).BABASAB PATIL Page 53
  • 54. Insurance as a Investment tools with regards to ULIPSAMPLING TECHNIQUES A sample is a representative part of the population. In sampling technique,information is collected only from a representative part of the universe and the conclusionsare drawn on that basis for the entire universe.A random sampling technique was used to collect data from the respondents. A randomsample is a sample selected from a population in such a way that every member of thepopulation has a equal chance of being selected and the selection of any individual does notinfluence the selection of any other. The selection is purely depends on chance. So whileconducting the survey, 100 respondents were selected at random.SAMPLE SIZESample size denotes the number of elements selected for the study. For the present study, 100respondents were selected at random.INSTRUMENTATION TECHNIQUES: To know the response, the researcher used questionnaire method. It has been designedas a primary research instrument. Questionnaires were distributed to respondents and theywere asked to answer the questions given in the questionnaire.The questionnaires were used as an instrumentation technique, because it is an importantmethod of data collection. The success of the questionnaire method in collecting theinformation depends largely on proper drafting. So in the present study questions werearranged and interconnected logically. The structured questionnaire will reduce bothinterviewers and interpreters bias. Further using SPSS software and analysis was done foreach question’s response to reach into findings, suggestions and finally to the conclusionabout the topic.Learning experienceBABASAB PATIL Page 54
  • 55. Insurance as a Investment tools with regards to ULIPThe environment in which the company operates is that of a highly competitiveenergetic atmosphere. And as a fresher that is an excellent start to begin onescorporate experience especially in the service sector (life insurance) with. Thisinplant training has provided a vital learning element in the career of freshers. As ithas enabled us to realize most of the classroom training obtained so far in a reallife corporate environment. And so there has been a link developed betweentheory and practices. Through this inplant training students can experience thekind of break that awaits us in the corporate world. This exercise also gets us to understand the amount of dedication anddetermination that professionals would have to put in, in their every day’s workbecause the decisions they take is a matter of loss or profit for the company. Andmistakes are generally not entertained in the quality circles. The study also enlightened us with the amount of togetherness thestaff of ICICI Prudential have as an expandable family in their working culture.This is enumerated with all the employees taking mentioning interest in sharingtheir colleague’s problems either physical or mental in comforting them, aswould normally happen in a family set up.1) GenderBABASAB PATIL Page 55
  • 56. Insurance as a Investment tools with regards to ULIP Frequency Percent Valid Cumulati Percent ve Percent Valid Male 94 94.0 94.0 94.0 Female 6 6.0 6.0 100.0 Total 100 100.0 100.0 gendor female maleInterpretation: According to our project survey we have come to now the out of 100responds in that 94% are male and 6% female. Therefore male are more than female in Hublicity.2) OccupationBABASAB PATIL Page 56
  • 57. Insurance as a Investment tools with regards to ULIP Frequen Percent Valid Cumulati cy Percent ve Percent Valid business 10 10.0 10.0 10.0 man professional 14 14.0 14.0 24.0 s student 25 25.0 25.0 49.0 Others 51 51.0 51.0 100.0 Total 100 100.0 100.0 occupation business man proffesional others studentInterpretation:According to our project survey we find business men 10%, professional 14%,student 25%,and then others are 51%. It will indicates that others are more compare to business men,professional and student3) Which of these are important while choosing life insurance?BABASAB PATIL Page 57
  • 58. Insurance as a Investment tools with regards to ULIP Frequency Percen Valid Cumulati t Percent ve Percent Valid investme 8 8.0 8.0 8.0 nt security 15 15.0 15.0 23.0 savings 11 11.0 11.0 34.0 Tax 8 8.0 8.0 42.0 benefits returns 27 27.0 27.0 69.0 financial 31 31.0 31.0 100.0 future need Total 100 100.0 100.0 which of these are important whie choosing life insurance investment financial future nee security savings tax benefits returnsInterpretation: According to our project survey out of 100 respondent, 8% investment, 15%security,11% savings,8% tax benefits,27% returns, 31% financial future need. It suggests thatmore people are choice insurance for financial future needs.4) In which company you have investedBABASAB PATIL Page 58
  • 59. Insurance as a Investment tools with regards to ULIP Frequency Percent Valid Cumulativ Percent e Percent Valid LIC 39 39.0 39.0 39.0 ICICI Prudenti 51 51.0 51.0 90.0 al Reliance insuranc 2 2.0 2.0 92.0 e Bajaj 7 7.0 7.0 99.0 Allianz’s if any 1 1.0 1.0 100.0 other Total 100 100.0 100.0 in which company you have invested if any other bajaj allianzas Reliance insurance LIC ICICI PrudentialInterpretation: According to our project survey out of 100 respondent 39% invest in LIC, 51%invest in ICICI Prudential life insurance, 2% invest in Reliance insurance, 7% invest in BajajAllianz’s and 1% of respondent other companiesBABASAB PATIL Page 59
  • 60. Insurance as a Investment tools with regards to ULIP5) How did you come to know the life insurance? Frequency Percent Valid Cumulative Percent Percent Valid T.V. Advertisement 3 3.0 3.0 3.0 News 4 4.0 4.0 7.0 paper/magazines’ Company 61 61.0 61.0 68.0 advisor(agent) reference(friends 26 26.0 26.0 94.0 relatives) if any other 6 6.0 6.0 100.0 Total 100 100.0 100.0 how did you come to know the life insurance if any other T.V. Advertisement reference(friends re new s paper/magzines company advisor(agen Interpretation: According to our project survey out of 100 respondent people get theinformation 3% on T.V.advertisement, 4% on news paper and magazines,61% companyadvisors, 26% reference( friends and relatives). According to our project survey shows thatmore people get information from company advisors.BABASAB PATIL Page 60
  • 61. Insurance as a Investment tools with regards to ULIP6) are you aware of ULIP in ICICI Prudential life insurance? Frequency Percen Valid Cumulati t Percent ve Percent Valid Yes 74 74.0 74.0 74.0 No 24 24.0 24.0 98.0 Not 2 2.0 2.0 100.0 respond Total 100 100.0 100.0 are aware of ULIP in ICICI Prudential life insurance not respond no yes Interpretation: According to our project survey out of 100 respondent, awareness ofULIP in ICICI Prudential life insurance is 74%, and non awareness of ULIP is 24%, and notrespondents are 2%.it indicates that awareness of ICICI Prudential is more.7) If yes, which insurance plan would like to invest in ICICI Prudential life insurance?BABASAB PATIL Page 61
  • 62. Insurance as a Investment tools with regards to ULIP Frequency Percen Valid Cumulati t Percent ve Percent Valid Smart 20 20.0 20.0 20.0 kid lifetime 17 17.0 17.0 37.0 gold retireme 39 39.0 39.0 76.0 nt solution if other1 1.0 1.0 77.0 specify Not 23 23.0 23.0 100.0 respond Total 100 100.0 100.0if yes, which insurance plan would like to invest in ICICI Prudential l smart kid Not respond if other specify lifetime gold retirement solution Interpretation : According to our project survey out of 100 respondent 20% respondents like to invest smart kid, 17% lifetime gold, 39% retirement solution, 1% respondents like to invest rest of the plans, 23% not respondents, according to our survey people would like to invest more in retirement solution plan. 8) What factor consider while making the ULIP in ICICI BABASAB PATIL Page 62
  • 63. Insurance as a Investment tools with regards to ULIP Frequency Percent Valid Cumulat Percent ive Percent Valid flexibility 9 9.0 9.0 9.0 security 11 11.0 11.0 20.0 returns 43 43.0 43.0 63.0 Full 14 14.0 14.0 77.0 withdraw al Not 23 23.0 23.0 100.0 respond Total 100 100.0 100.0BABASAB PATIL Page 63
  • 64. Insurance as a Investment tools with regards to ULIP what factor consider while making the ULIP in ICICI flexibility not respond security full w ithdraw al returnsInterpretation: According to our project survey out of 100 respondents 9% considered for makingULIP is flexibility, 11% considered for security, 43% for returns 14% for full withdrawalsand 23% not respondent It shows people considered ULIP for the purpose of returns.9) Which premium payment method you have opted forBABASAB PATIL Page 64
  • 65. Insurance as a Investment tools with regards to ULIP Frequency Percent ValidCumulative Percent Percent Valid yearly 28 28.0 28.0 28.0 half yearly 34 34.0 34.0 62.0 quartely 9 9.0 9.0 71.0 monthly 6 6.0 6.0 77.0 not 23 23.0 23.0 100.0 responden t Total 100 100.0 100.0 which preimum payment method you have opted for not respondent yearly monthly quartely half yearlyInterpretation: According to our project survey out of 100 respondent 28% opted for yearly, 34% halfyearly, 9% quarterly and remaining 6% for monthly. It will indicates more people opted forinvestment premium payment method for half yearly basis.10) How much risk involved in ULIP Frequency Percen Valid CumulatiBABASAB PATIL Page 65
  • 66. Insurance as a Investment tools with regards to ULIP t Percent ve Percent Valid Low 5 5.0 5.0 5.0 average 40 40.0 40.0 45.0 High 32 32.0 32.0 77.0 Not 23 23.0 23.0 100.0 respond Total 100 100.0 100.0 how much risk involved in ULIP low not respond average highInterpretation: According to our project survey out of 100 respondent risk involved in ULIP 5%said low risk, 40% said average, 32% said high risk and 23% not responded for ULIP. Itindicates that risk in ULIP average, its depend upon the market condition.11) What is the premium you are paying per annum? Frequenc Percent Valid Cumulati y Percent veBABASAB PATIL Page 66
  • 67. Insurance as a Investment tools with regards to ULIP Percent Valid 10000 33 33.0 33.0 33.0 10000 33 33.0 33.0 66.0 -25000 25000-50 7 7.0 7.0 73.0 000 50000-10 3 3.0 3.0 76.0 0000 Not 24 24.0 24.0 100.0 respond Total 100 100.0 100.0 what is the premium you are paying per annum not respond 10000 50000-100000 25000-50000 10000 -25000Interpretation: According to our project survey out of 100 respondent 33% people pay 10000 perannum, 7% people pay 10000-25000 per annum, 3% people pay 50000-100000 per annumand rest of 24% peoples not respond12) In future would like to invest in Frequency PercentValid Cumulati Percent ve PercentBABASAB PATIL Page 67
  • 68. Insurance as a Investment tools with regards to ULIP Valid insurance 63 63.0 63.0 63.0 mutual 7 7.0 7.0 70.0 fund Equity 5 5.0 5.0 75.0 Share 11 11.0 11.0 86.0 market investing in1 1.0 1.0 87.0 gold Bank 13 13.0 13.0 100.0 deposits Total 100 100.0 100.0 in future would like to invest in bank deposits investing in gold share market equity insurance mutul fundInterpretation: According to our project survey out of 100 respondent 63% people invest ininsurance, 7% people invest in mutual funds, 5% people invest in invest in equities, 11%people invest in share market, 1% people invest in gold and remaining 13% invest in bankdeposits. It shows that in future more people interested to invest in insurance.13) Are you satisfied with the performance of the ULIP in ICICI Prudential lifeinsurance? Frequenc Percen Valid Cumulati y t Percent ve PercentBABASAB PATIL Page 68
  • 69. Insurance as a Investment tools with regards to ULIP Valid Highly 58 58.0 58.0 58.0 satisfied satisfied 33 33.0 33.0 91.0 moderate 8 8.0 8.0 99.0 Highly 1 1.0 1.0 100.0 dissatisfied Total 100 100.0 100.0are you satisfied with the performance of the ULIP in ICICI Prudential l highly dissatisfied moderate satisfied higly satisfied Interpretation: According to our project survey out of 100 respondent satisfaction of ULIP in ICICI Prudential is 58% respondents are highly satisfied, 33% respondents are only satisfied, 8% respondents are moderate and rest of 1% respondents highly dissatisfied. It indicates that performance of ULIP in ICICI prudential according to respondent is highly satisfied . 14) Are you satisfied with the advisor of ICICI Prudential life insurance? Frequency Percen Valid Cumulati t Percent ve Percent Valid excellent 58 58.0 58.0 58.0 Good 27 27.0 27.0 85.0 BABASAB PATIL Page 69
  • 70. Insurance as a Investment tools with regards to ULIP average 15 15.0 15.0 100.0 Total 100 100.0 100.0are you satisfied with the advisor of ICICI Prudential life insurance average good excellent Interpretation: According to our project survey out of 100 respondent satisfaction of advisors work is 58% respondents says excellent, 27% respondents says good, 15% respondents says average(medium). 15) Satisfied level towards ULIP in ICICI Prudential life insurance Frequenc Percent Valid Cumulati y Percent ve Percent Valid Highly 53 53.0 53.0 53.0 satisfied satisfied 41 41.0 41.0 94.0 BABASAB PATIL Page 70
  • 71. Insurance as a Investment tools with regards to ULIP neither 3 3.0 3.0 97.0 satisfied or dissatisfi ed dissatisfi 3 3.0 3.0 100.0 ed Total 100 100.0 100.0satisfied level towards ULIP in ICICI Prudential life insurance dissatisfied neither satisfied or satisfied highly satisfied Interpretation: According to our project survey out of 100 respondent levels of satisfaction about ULIP 53% people are highly satisfied, 41% only satisfied, 3% neither satisfied or dissatisfied and rest of 3% peoples are dissatisfied. OBSERVATION 1. It was found that 94% male and 16% female are participating in our survey. 2. It was found that occupation of respondents is business man 10%, professional, 14%,student 25% and others are 51% BABASAB PATIL Page 71
  • 72. Insurance as a Investment tools with regards to ULIP 3. It was found that the peoples choice of insurance, is investment is 8%, security 15%,savings 11%,tax benefits 8%, returns 27%, and financial future need is 31%, it shows that the people think more for financial future needs. 4. It was observed that peoples are interested to invested in 39% in LIC, 51% in ICICI, 2% in Reliance, 7% in Baja Allianz and rest of the peoples other companies i.e. Birla sun life, HDFC, ING VYSYA etc. it indicates that more peoples are interested to invest in ICICI Prudential life insurance company. 5. It was found that people get the information is 3% on T.V.advertisement, 4% on news paper and magazines,61% company advisors, 26% reference( friends and relatives) it shows that people get more information from company advisors. 6. awareness of ULIP in ICICI Prudential life insurance is more 74%,Recommendations:-  For ICICI to have a larger market share it has to widen the customer base, so it should come up with intensive market strategy and aggressive publicity stunts such as:  Deployment of addition sales force for proper marketing.BABASAB PATIL Page 72
  • 73. Insurance as a Investment tools with regards to ULIP  Continuous bombardment of Advertisement by ICICI Prudential as a Life Insurance  Company for a common man as well as for well educated and good salaried people.  Hoardings in and around the important areas(public concentrated areas)  The company should concentrate on the people aged between 18-25 for individual and also the age category 35-55 for family.  Since individuals are interested in insuring their family members the company should concentrate on insuring the individual’s family members.  ICICI Prudential should concentrate on geographical areas for its expansion and to penetrate through rural areas it should tie-up with rural banks such as M.G.Bank etc.  34% respondents would like to pay half yearly premium. The company should also emphasis on yearly payment of premium  Top of mind insurance company is LIC, because of its trust what people keep in it and its awareness. So ICICI Prudential should emphasis heavy advertisement.  31% respondents would like to invest money in insurance for financial future need. So ICICI to provide different financial future satisfaction plans to the people. ConclusionTo conclude, the survey results highlight some important facts, though ICICI Prudential maybe comparatively competitive with other companies ULIP. The choice of people investing ininsurance is more as 31% and awareness of ICICI Prudential ULIP is more as 74%,61% people get information from company advisors and satisfaction level of ULIP is more as53% it will shows that ULIP is grow more in future days.BABASAB PATIL Page 73
  • 74. Insurance as a Investment tools with regards to ULIP o Questionnaire o Bibliography QUESTIONNAIRE1) Name: _________________________________________________2) Age: __________________________________________________3) Gender: Male FemaleBABASAB PATIL Page 74
  • 75. Insurance as a Investment tools with regards to ULIP4) Occupation: Business man Professional Student Others __________________5) Annual Income: Below & 1,00,000 1,00,000 – 2,00,000 3,00,000 – 4,00,000 5,00,000 & Above6) Address: _______________________________________________________ _______________________________________________________ _______________________________________________________7) Contact number: _______________________________8) Which of these are important while choosing the life insurance? Investment Security Savings Tax Benefits Returns Financial Future need9) In which company you have invested? a) LIC b) ICICI Prudential c) Reliance insurance d) Max New YorkBABASAB PATIL Page 75
  • 76. Insurance as a Investment tools with regards to ULIP e) Bajaj Alianzas Any other __________________10) How did you come to know the life insurance? T.V.Advertisement News paper / Magazines Company advisors (Agents) Reference (Friends Relatives) If any other____________________13) Are you aware of ULIP in ICICI Prudential life insurance? (If no go to 19Q) Yes No14) If yes, which insurance plan would like to invest in ICICI prudential? Smart kid Lifetime Gold Retirement solution If other specify_________15) What factors consider while making the ULIP in ICICI a) Flexibility b) security c) Returns d) full withdrawalBABASAB PATIL Page 76
  • 77. Insurance as a Investment tools with regards to ULIP If any other_____________________16) Which premium payment method you have opted for. Yearly Half yearly Quarterly Monthly17) How much risk involved in ULIP. Low average high No risk18) What is the premium you are paying per annum? a) 10000 b) 10000-25000 c) 25000-50000 d) 50000-10000019) In future you would like to invest in? Insurance Mutual fund Equity Share market investing in gold Bank Deposits20) Are you satisfied with the performance of the ULIP in ICICI prudential? _______________________________________________________________Highly Satisfied Moderate Dissatisfied HighlySatisfied Dissatisfied21) Are you satisfied with the advisor service in ICICI prudential? _______________________________________________________________BABASAB PATIL Page 77
  • 78. Insurance as a Investment tools with regards to ULIPExcellent Good Average Bad vast22) Satisfied level towards ULIP s in ICICI prudential? _______________________________________________________________Highly Satisfied nether satisfied Dissatisfied HighlySatisfied or dissatisfied dissatisfied “Thank you for your co-operation” Bibliography 1. www.iciciprulife.com 2. www.google.com 3. www.insurance.comBABASAB PATIL Page 78