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Icici insurance company

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A brief description on ICICI prudential insurance company
& the products it offers for life insurance in market.

Published in: Healthcare
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Icici insurance company

  1. 1. WE COVER YOU AT EVERY STEP OF LIFE
  2. 2. LIFE INSURANCE
  3. 3. CONTENTS • Vision • Values • B.O.D • Back Ground • About us • Introduction • Departments • Product/Services • Underwriting Process • Claim Process • SWOT Analysis • Market Share • Conclusion
  4. 4. VISION To be the dominant Life, Health and Pensions player built on trust by world-class people and service.
  5. 5. VALUES The success of the company will be founded in its unflinching commitment to 5 core values.
  6. 6. VALUES
  7. 7. BOARD OF DIRECTORS RELATIONSHIP MANAGER MR. N.S.KANNAN CHAIRPERSON MS. CHANDA D. KOCHHAR CHAIRPERSON MS. CHANDA D. KOCHHAR EXECUTIVE DIRECTOR MR. ADRIAN O'CONOR EXECUTIVE DIRECTOR MR. RAJIV SABHARWAL EXECUTIVE DIRECTOR MR. BARRY STOWE EXECUTIVE DIRECTOR MR. K. RAMKUMAR
  8. 8. BACK GROUND • Established in 1848 in U.K. • Largest life ins. & mutual fund company in U.K. in last decade. • Has had its presence in Asia for the past 75 years. • Joint Venture between ICICI Bank & Prudential PLC. • First Pvt. sector ins. Co. in December 2000 after IRDA approval In INDIA.
  9. 9. INTRODUCTION
  10. 10. ABOUT US Introduces two types of insurance coverage by two different sub-companies. • ICICI Lombard General Insurance Company Limited • ICICI Prudential Life Insurance Company
  11. 11. ICICI Lombard General Ins. Co. • Joint venture between ICICI Bank & Fairfax financial Holdings Ltd. • Established in 2001 • ICICI bank has 74% stake • Fairfax has 26% • Accredited with AAA rating by ICRA for 4 years
  12. 12. PRODUCTS/SERVICES Health Insurance Overseas Student Medial Insurance Travel Insurance Home Insurance Auto Insurance
  13. 13. CURRENT SITUATION • Established in December 2000 • Catering to over 1 million customers across 11 Asian countries. • Accredited with AAA rating • 559 offices in 489 locations at March 31, 2014 • 10,700 employees and over 171,000 advisors • Capital stands at Rs 4,796 crores • Assets under management of over Rs 80,000 crores
  14. 14. DEPARTMENTS
  15. 15. DEPARTMENTS OF ICICI Finance Department Advertisement Sales Department
  16. 16. FINANCE DEPARTMENT • Arora is Senior Vice President Sources used by the company to finance their activities. • Equity shares is Rs. 326,277 Million which is 67%of total assets. • Debt is Rs. 160,458 Million which is 33% of total assets. • The loan and advances has decreased from 0.12% to 0.06
  17. 17. Cont.. Common size balance sheet • Reserves and surplus has increased by Rs. 161193 which is 54%. • Cash and bank balance has increased by 21.75%. • Current liability have increased by 38.14%. • Current assets has increased by 6.00%.
  18. 18. ADVERTISEMNT • Mobile promotional • Television advertising • Wall hoardings Promotions strategy • Radio advertising strategy • Print media advertising strategy
  19. 19. SALES DEPARTMENT BRANCH MANAGER Vikas Seth Area Manager Ranajit Sinha Sales Manager(SM) Abinash Subba Team Leader (TL) Nainish Jhaveri
  20. 20. TWO FUNCTIONAL STRUCTURE Bancassurance & Alliances ICICI Prudential was a pioneer in offering life insurance solutions through banks and alliances . Tied Agency Largest distribution channel of ICICI Prudential, comprising a large advisor force that targets various customer segments.
  21. 21. PRODUCTS/SERVICES
  22. 22. PLANS Term plans Retirement plans Wealth plans Group plans
  23. 23. TERM LIFE INSURANCE • Simplest and most fundamental insurance product available at extremely affordable prices. • Individual pays a fixed amount of money periodically. • Event of death of the policyholder, the entire amount paid, to the deceased's family.
  24. 24. LIFE COVER The table below gives an approximate HLV multiple for different age bands. • An individual's HLV is typically expressed in terms of multiple of his/her annual income. AGE BAND HLV FACTOR 18-24 6 25-29 8 30-34 10 35-44 12 45-49 10 50-54 8 55-64 6 65-75 4
  25. 25. POLICIES ICICI Pru iProtect ICICI Pru Pure Protect ICICI Pru LifeGuard
  26. 26. ICICI PRU iProtectLife Insurance Plan • You can now secure your family's future at the click of a button. • A non-participating term insurance plan that you can buy online at your convenience. • You can customize this term plan according to your insurance needs.
  27. 27. OPTIONS • ICICI Pru iProtect Option I: Where the death benefit is equal to the sum assured • ICICI Pru iProtect Option II: Where an additional death benefit equal to the base Sum Assured or Rs. 5,000,000, whichever is lower, is payable in case of death due to accident
  28. 28. DETAILS Minimum / Maximum age at entry 20 / 65 years (Age completed birthday) Policy term 10 / 15 / 20 / 25 / 30 years Maximum age at policy expiry 75 years (Age completed birthday) Minimum premium Rs. 2,000 (excluding service tax and education cess) Accidental Death Benefit (Only with iProtect Option II) Equal to Sum Assured, subject to a maximum of Rs. 50 lacs Mode of Premium payment Yearly
  29. 29. FEATURES • Life insurance cover at extremely affordable premiums • Special premium rates for non-tobacco users • Instant life insurance cover with simple online application process • Additional pay out on death due to an accident,in case of iProtect Option II
  30. 30. ICICI PRU PureProtectLife Insurance Plan
  31. 31. ICICI PRU PureProtectLife Insurance Plan • Pure Protect, with which you can insure your life and provide total security to your family, at a very affordable cost. • Invest in the plan that best suits your protection needs and guarantees lifelong comfort and security to your family.
  32. 32. FEATURES/BENEFITS • Term plan • Death benefit • Maturity benefit • Waiver of Premium Rider • Accidental Death and Disability Benefit Rider
  33. 33. ICICI PRU LifeGuardLife Insurance Plan
  34. 34. ICICI PRU LifeGuardLife Insurance Plan • LifeGuard acts as a sheild. • A cost-effective plan, LifeGuard comes in two variants: LifeGuard Single Premium LifeGuard with Return of Premium
  35. 35. LifeGuard Single Premium • Premium at policy inception, cover till policy matures. LifeGuard with Return of Premium • Life cover with maturity benefit.
  36. 36. Cont.. Plan Minimum Sum Assured Policy Term Premium* Instalments LifeGuard with Return of Premium Rs 5 Lakhs Between 10 & 30 years Monthly, half-yearly or annually LifeGuard Single Premium Rs 2.5 Lakhs Between 3 & 15 years Single Premium plan
  37. 37. FEATURES/BENEFITS • Death benefit • Extended life cover • Additional riders • Maturity benefit
  38. 38. RETIREMENT PLAN Retirement insurance ensures that you or your family members receive a regular pension amount post a retirement date.
  39. 39. WHY DO I NEED IT • Longer retirement years • Financial independence post retirement • Inflation
  40. 40. WEALTH PLAN • A lump sum amount of money at the maturity of the Policy. • In the unfortunate event of death during the term of the policy, your family receives lump sum amount. • It combines the benefits of protection and saving in a single instrument
  41. 41. WHY DO I NEED IT • Regular savings • Protection
  42. 42. GROUP PLAN • ICICI Prudential understands the importance of employee benefit offerings. • And has a suite of Group solution plans that provide both you and your employees with a complete range of benefits.
  43. 43. GROUP RETIREMENT PLAN • ICICI Pru Group “SUPERANNUATION” plan Unit linked/Non linked. • ICICI Pru Group “GRATUITY” plan ULIP/Non ULIP .
  44. 44. GROUP PROTECTION PLAN • ICICI Pru Group Term Insurance plan • ICICI Pru Group Annuity plan
  45. 45. UNDERWRITING
  46. 46. UNDERWRITING PROCESS • Underwriting Guidelines • Underwriting Documents Required • Underwriting Process • Underwriting Time Frames
  47. 47. CLAIM PROCESS
  48. 48. STEPS • Intimation • Claim Processing • Claim Decision
  49. 49. INTIMATION
  50. 50. CLAIM PROCESS • Scrutinizing • Requirement is raised within 8 calendar days • Updating • Claim guidance
  51. 51. CLAIM DECISION • Claim decision within 12 calendar days. • Most of our pay outs through electronic modes.
  52. 52. FILE A CLAIM • Mandatory documents • Additional documents for non-accidental death • Additional documents for accidental death
  53. 53. SETTLEMENT OF CLAIM Turn Around Time ICICI Prudential Life Insurance Co. Ltd. IRDA Raising Requirements 8 Days 15 Days Non-Early cases 12 Days 30 Days Early cases 90 Days 180 Days • 95% claims are settled within internal timelines.
  54. 54. SWOT ANALYSIS
  55. 55. STRENGTHS Most trustedNo.1 Innovation Largest Financial Institute Asset Base Highest Paid up Capital
  56. 56. WEAKNESSES • Competitors • Target upper class people only • English language only
  57. 57. OPPORTUNITIES • Huge Market • More Corporate agents • No. of adopting new technology • Strong Brand • Emotionalism in people
  58. 58. THREATS • Existing life insurance players • New entrance • Change in the policy of IRDA • Lack of awareness
  59. 59. MARKET SHARE
  60. 60. 16.1 18.5 18.9 5.9 7 7.2 0 2 4 6 8 10 12 14 16 18 20 FY 2012 FY 2013 FY 2014 Pvt. Industry Overall Industry
  61. 61. COMPARION
  62. 62. CONCLUSION
  63. 63. CONCLUSION ICICI Prudential Ins. Co. is known for its excellence in the insurance sector today. The company follows a well defined sound and effective recruitment and selection policies and procedures.Thus the company has scope to increase the number of the employees to operate for its further establishment and expansion of business and to acquire the best human resource in this competitive environment.
  64. 64. REFRENCES • https://www.iciciprulife.com/public/pdf/Investor- Relations/Investor%20Relations/ICICI_Prudential_Annual_Report_FY_201 4.pdf • http://www.iciciprulife.com/public/About-us/Management-Profile.htm • http://en.wikipedia.org/wiki/ICICI_Lombard • http://www.iciciprulife.com/public/Life-plans/what-is-term-plan.htm • http://www.slideshare.net/amitsoni/financial-analysis-of-icici-prudential- life-insurance?related=2

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