Role of ICICI PRU in life insurance sector


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Role of ICICI PRU in life insurance sector

  1. 1. ROLE OF ICICI PRUDENTIALLIFE INSURANCEIN LIFE INSURANCE SECTORPresented by: Md. Abu ShahamDeptt. Of BusinessAdministration,Aligarh Muslim University
  2. 2. ABOUT THE COMPANY Joint venture b/w ICICI bank & prudential life insurancecompany. ICICI bank has 74% of stake & rest is of prudential. ICICI bank is India’s 2nd largest bank and Headquartered inMumbai. Prudential is international financial service group havingheadquarter in U.K.It started its operations in December 2000, after getting approvalby IRDA & today this is the No. 1 co. in private sector in India.
  3. 3. OBJECTIVES OF STUDYTo know about life insurance, its benefits and need To find out possible advantages and need To find out the suitable person for the recruitment of insurance advisorTo understand the procedure of recruitment and selection of life insuranceadvisors TO know the customer idea about the ICICI PRU
  5. 5. PRIMARY DATA 1. Questionnaires 2. Interview 3.Survays 4. Direct phone call
  6. 6. SECONDARY DATA 1. Past records 2. Articles from news papers and magazines 3. Phone directory 4. Various web sites of the insurance companies and related sites
  7. 7. InsuranceInsurance is defined as the equitable transfer of the risk of aloss, from one entity to another, in exchange for a premium,and can be thought of as a guaranteed and known small lossto prevent a large, possibly devastating loss.
  8. 8. Who is an insurance advisor ? Back bone of insurance company They get certain commission on policy they held ICICI PRU have 2,10,00 insurance advisors Identify future clients Provide services to clients
  9. 9. HOW THE INSURANCE ADVISORS ARE RECRUITED? Fill the recruitment form and has to pay 1,000 in favor of ICICI PRU Has to pass a test compiled by IRDA Awarded a license to of insurance advisors and their training starts There are two types of training Class room training Online training
  10. 10. Major players
  11. 11. Products :ICICI Prudential Life Insurance offers a range of innovative, customer-centric products that meet the needs of customers at every life stage. Itsproducts cab is enhanced with up to 6 riders, to create a customizedsolution for each policyholder. Products Riders -Savings Solutions. -Accident & disability benefit -Protection Solutions. -Accident benefit -Child Solutions. -Critical Illness Benefit -Market-linked Solutions. -Major Surgical Assistance Benefits -Retirement Solutions. -Income Benefit -Health solutions. -Waiver of Premium
  12. 12. ICICI Prudential Life is allabout…… Total Protection Life
  13. 13. Details ofpoliciesPOLICY 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 initial loanAssure years p.a. schedule will be payable.ICICI Pru 30 18,000 15 Years You have a choice of paying premiums for either 7 or 10 years,Guaranteed Years while enjoying a long term savingsSavings Insurance benefit under the plan.Plan
  14. 14. Details of policiescont..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 0 / 25 years Rs. 8,400 p.a 10 / 25 years Benefits at critical educationalSmartKid 20 / 70 years milestones,guarantRegular eea regular incomePremium to secure your childs academic careerICICI Pru 0 / 25 years 18,000 10 / 15 / 20 / Coverage options, Multiple portfolioSmartKid 25 years strategy, Partial
  15. 15. 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
  16. 16.  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.
  17. 17. SWOT Analysis
  18. 18. Strengths ICICI Prudential is No. 1 private life player in India. Innovative insurance policies with rider benefits. One of the largest financial Institution of India. Second largest insurance company with network of 2,100 offices and 2,90,000 advisors across India. Training provided to all people associating with ICICI prudential. Highest paid up capital deposited in IRDA, in comparison to all players.
  19. 19. WEAKNESS Very huge premiums of policies. Compare to other insurance sector. Target upper class people only. Policy charges are very high. And problematic to advisors also. Poor distribution is in English language only.
  20. 20. OPPORTUNITIES Tie up with more corporate agents all over India. Tie up with broker also No. of adopting new technology. Strong Brand of Company Helps to boost sales inn market Attract more people of providing customer centric products
  21. 21. THREATS Threat from existing life insurance players Threat from new entrance. Threat to substitute products Change in the policy of IRDA Competition from more & more new players
  22. 22. FINDINGS
  23. 23. 50454035 Below 2530 25 To 3525 35 To 4520 45 To 5515 Above 5510 5 0 1. Graph in terms of age
  24. 24. 35 30 25 20 15 Cash Back Life Time 10 5 0 Below 35 To Above 25 45 552 .Graph in terms of cash back policy
  25. 25. 35302520 Fully Satisfied15 Satisfied10 Not Satisfied 5 0 Below 35 To Above 25 45 553 .Graph in terms of satisfaction level
  26. 26. Conclusions Market leader in insurance sector in India in private sector Can grow faster if ties wit the other players Should adopt new technology Should prove more customer centric product