ABOUT THE COMPANY: •Established July 2000 •First Policy floated on December 2000 •A Joint Venture of ICICI Bank and Prudential Plc •ICICI is the leading private bank in India, Headquartered in Mumbai •Prudential Plc is a leading international financial service group headquartered in United Kingdom •No. of Branches: 2100 •Micro-offices: 1,116 •No. of Bancassurance Partners: 18 •First Life Insurance Company to receive National Insurer Financial Strength Rating of ‘AAA’(IND) from Fitch Ratings. •Also won ‘Most Trusted Brand’ & ‘Most Trusted Private Life Insurer’ by The Economic Times-AC Nielson Org
PRODUCTS Term life insurance: Term Insurance Plans are designed to ensure that in the event of the policyholder’s death, the family gets the sum assured (the cover amount). 4 step claim process : Intimation of claim to ICICI Prudential Life ICICI Prudential Life to help the claimant to complete the documentation Claimant to submit the required documents ICICI Prudential Life to take decision on the claim Wealth insurance: Wealth insurance ensures that you receive a lumpsum amount of money at the maturity of the Policy. In the unfortunate event of death during the term of the policy, your family receives lumpsum amount, called the Sum Assured. Thus it combines the benefits of protection and saving in a single instrument.• Child insurance: Education solutions ensures comprehensive financial planning for your child’s education/ developmental needs.. It offers financial protection to your child’s future in the unfortunate event of your death.
DETAILS OF POLICIESPOLICY NAME AGE PREMIUM TERM BENEFITSICICI Pru iCare 18 - 65 Rs 3,000 5-30 years Premium paid towards the policy will be eligible for tax benefits u/s years 80C of the Income Tax Act, 1961 2ICICI Pru Pure 18 / 65 Rs. 2,400 10 / 30 any benefit amount received under this policy will be eligible for theProtect years p.a. years tax benefit under section 10 (10D), as per prevailing Income Tax lawsICICI Pru 18 / 65 Rs. 2,400 10 / 30 In case of total and permanent disability due to an accident, thisLifeGuard years p.a. years rider would waive future premiums till maturity.ICICI Pru Home 18 / 60 Rs. 6,000 2-30 years On the death of the life assured, the benefit based on the initialAssure years p.a. loan schedule will be payable.ICICI Pru iAssure 8-70 Rs. 20,000 5 or 10 Tax benefits u/s 10(10D) will not be available and benefits receivedSingle Premium years years under the policy will be taxableICICI Pru 30 18,000 15 Years You have a choice of payingGuaranteed Years premiums for either 7 or 10Savings Insurance years, while enjoying a long term savings benefit underPlan the plan.
DETAILS OF POLICIES CONT..POLICY NAME AGE PREMIUM TERM BENEFITSICICI Pru Whole 0 / 60 years Rs. 6,000 per Whole life Life cover, WealthLife annum creation, Additional life cover, Avail of tax benefitsICICI Pru 0 / 60 years Rs. 6,000 p.a. 10 / 30 years Accident and Disability BenefitSavenProtect Rider, extended cover for 5 years after maturity of the policyICICI Pru 16 / 70 years Rs. 6,000 p.a. 15 / 20 years Survival Benefits,CashBak Death benefit , Accident and Disability Benefit RiderICICI Pru 0 / 25 years Rs. 8,400 p.a 10 / 25 years Benefits at critical educationalSmartKid 20 / 70 years milestones,guaranRegular tees a regularPremium income to secure your childs academic career Coverage options,
SEGMENTATIONPOLICY NAME Demographic Socio-Economic GeographicICICI Pru iCare 18-60yrs above Lower middle class Urban and rural and above indiaICICI Pru Pure 18-60yrs above Lower middle class Urban and ruralProtect and above indiaICICI Pru LifeGuard 18-60yrs above Lower middle class Urban and rural and above indiaICICI Pru Home 18-60yrs above Upper middle class urbanAssure and aboveICICI Pru iAssure 1-60yrs above upper middle class urbanSingle Premium and aboveICICI Pru 25-50yrs Upper middle class urbanGuaranteed Savings and aboveInsurance Plan
SEGMENTATIONPOLICY NAME Demographic Socio-Economic GeographicICICI Pru Whole 1-60 yrs above Upper middle class urbanLife and aboveICICI Pru 1-60 yrs above Upper middle class urbanSavenProtect and aboveICICI Pru CashBak 18-60 yrs above Upper middle class urban and aboveICICI Pru SmartKid 1-60yrs Upper middle class urbanRegular Premium above(children and and above parents)ICICI Pru SmartKid 5-18 yrs above Upper middle class urbanPremier and above
HEALTH INSURANCE Policy Name Age Benefit CoverICICI Pru Health 25 - 55 Policy Holder All problems that dependent require hospitalization and Critical IllnessICICI Pru Hospital 01 - 65 Policy Holder All problems that Care II dependent require hospitalization ICICI Pru Crisis 18 - 60 Upto 20 lakh 35 MAJOR Cover ILLNESS
Segmentation Policy Name AGE Social Attitude (Demographic) Class Towards (Psychographic) Product (Behavioral) ICICI Pru Health 25 – 55 Working Class PositiveICICI Pru Hospital 01 - 65 Upper Class Highly Positive Care II ICICI Pru Crisis 18 - 60 Working Low Postivity Cover Class
RETIREMENT PLANS Name Age (At Minimum Maximum entry) Annuity Cover * ICICI Pru 45 – 100 Rs 12000 Not Defined Immediate years Annuity Choose a one time lump sum amount that you will pay in order to purchase this planSegmentation Product is target to Service Middle Class and not for Deprived Income Group ( less then Rs 90,000)
ULIPS – Unit Link Insurance Plans• Freedom to choose your life insurance cover (Decide the percentages)• Freedom to choose your investment type (Equity or Bonds)• Flexibility of additional investment (Top ups)• Goal based planning Retirement Wealth Child HealthSegmentationProduct is target to people who has slightly negative approach towards theproducts (Behavioral Segmentation)
GROUP PLANS RETIREMENT SOLUTION PROTECTION SOLUTION Group Gratuity Plan Annuity Solutions Group Leave Group Term Insurance Encashment Plan Plan Credit Assure Utility
Underserved segment 2.5 million lives across as many as 16 states in India. Sarva Jana Suraksha and Anmol Nivesh are tailored to meet the unique requirements of rural investors. The plans offer Life cover, low and affordable premiums.
SEGMENTATION Products Age Socio-economic GeographicGroup Gratuity Plan 18-60 Working class urbanGroup leave 18-60 Working class urbanencashment planAnnuity Solutions 45-80 Working class urbanGroup Term 18-70 Working class urbanInsurance PlanCredit Assure Utility 18-60 Working class urbanSarva Jana Suraksha 18-55 Farmers /lower income RuralAnmol Nivesh 18-50 Farmers /lower income Rural
DISTRIBUTION: 2 FACTORS Personal Distribution System: Includes all channels like distribution agencies of different models and brokerages, bancassurances and work site marketing Direct Response Distribution System: A method whereby the client purchases an insurance directly
Flow Chart Depicting Service flow of ICICI Prudential Service BeingICICI Prudential Attended by Queries Being Divided by Branch executive Asked customer Efforts made toConvincing the Removing any Efforts made to provide Person Misconceptions know interest solutions Solving theCreating liking Ending with query/closingfor the Product the deed