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Icici prudential life insurance ppt
- 1. ICICI PRUDENTIAL LIFEINSURANCE Presented by: Anjali Purohit(11BSPHH010120) Neha Malviya(11BSPHH010519) Deep Shome(11BSPHH010252) Prateek Bhayana (11BSPHH010598)
- 2. 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
- 3. 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.
- 4. DETAILS OF POLICIES POLICYNAME AGE PREMIUM TERM BENEFITS ICICI 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 2 ICICI Pru Pure 18 / 65 Rs. 2,400 10 / 30 any benefit amount received under this policy will be eligible for the Protect years p.a. years tax benefit under section 10 (10D), as per prevailing Income Tax laws ICICI Pru 18 / 65 Rs. 2,400 10 / 30 In case of total and permanent disability due to an accident, this LifeGuard 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 Assure 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 received Single Premium years years under the policy will be taxable ICICI Pru 30 18,000 15 Years You have a choice of paying Guaranteed Years premiums for either 7 or 10 Savings Insurance years, while enjoying a long term savings benefit under Plan the plan.
- 5. DETAILS OF POLICIES CONT.. POLICY NAME AGE PREMIUM TERM BENEFITS ICICI Pru Whole 0 / 60 years Rs. 6,000 per Whole life Life cover, Wealth Life annum creation, Additional life cover, Avail of tax benefits ICICI Pru 0 / 60 years Rs. 6,000 p.a. 10 / 30 years Accident and Disability Benefit Save'n'Protect Rider, extended cover for 5 years after maturity of the policy ICICI Pru 16 / 70 years Rs. 6,000 p.a. 15 / 20 years Survival Benefits, CashBak Death benefit , Accident and Disability Benefit Rider ICICI Pru 0 / 25 years Rs. 8,400 p.a 10 / 25 years Benefits at critical educational SmartKid 20 / 70 years milestones,guaran Regular tees a regular Premium income to secure your child's academic career Coverage options,
- 6. SEGMENTATION POLICY NAME Demographic Socio-Economic Geographic ICICI Pru iCare 18-60yrs above Lower middle class Urban and rural and above india ICICI Pru Pure 18-60yrs above Lower middle class Urban and rural Protect and above india ICICI Pru LifeGuard 18-60yrs above Lower middle class Urban and rural and above india ICICI Pru Home 18-60yrs above Upper middle class urban Assure and above ICICI Pru iAssure 1-60yrs above upper middle class urban Single Premium and above ICICI Pru 25-50yrs Upper middle class urban Guaranteed Savings and above Insurance Plan
- 7. SEGMENTATION POLICY NAME Demographic Socio-Economic Geographic ICICI Pru Whole 1-60 yrs above Upper middle class urban Life and above ICICI Pru 1-60 yrs above Upper middle class urban Save'n'Protect and above ICICI Pru CashBak 18-60 yrs above Upper middle class urban and above ICICI Pru SmartKid 1-60yrs Upper middle class urban Regular Premium above(children and and above parents) ICICI Pru SmartKid 5-18 yrs above Upper middle class urban Premier and above
- 8. HEALTH INSURANCE Policy Name Age Benefit Cover ICICI Pru Health 25 - 55 Policy Holder All problems that dependent require hospitalization and Critical Illness ICICI 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
- 9. Segmentation PolicyName AGE Social Attitude (Demographic) Class Towards (Psychographic) Product (Behavioral) ICICI Pru Health 25 – 55 Working Class Positive ICICI Pru Hospital 01 - 65 Upper Class Highly Positive Care II ICICI Pru Crisis 18 - 60 Working Low Postivity Cover Class
- 10. 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 plan Segmentation Product is target to Service Middle Class and not for Deprived Income Group ( less then Rs 90,000)
- 11. ULIPS – UnitLink 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 Health Segmentation Product is target to people who has slightly negative approach towards the products (Behavioral Segmentation)
- 12. GROUP PLANS RETIREMENT SOLUTION PROTECTION SOLUTION Group Gratuity Plan Annuity Solutions Group Leave Group Term Insurance Encashment Plan Plan Credit Assure Utility
- 13. 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.
- 14. SEGMENTATION Products Age Socio-economic Geographic Group Gratuity Plan 18-60 Working class urban Group leave 18-60 Working class urban encashment plan Annuity Solutions 45-80 Working class urban Group Term 18-70 Working class urban Insurance Plan Credit Assure Utility 18-60 Working class urban Sarva Jana Suraksha 18-55 Farmers /lower income Rural Anmol Nivesh 18-50 Farmers /lower income Rural
- 15. 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
- 16. DISTRIBUTION •Team Size:13,000 Professionals •Distribution Touch Points: 5,000 •Advisors:175,000 •Customer Service Touch Points: 10,000 Grievances: •Call-Centres, Branches, E-mail, Letter & Webs •Grievance Redressal Officer •Senior Management Grievance Redressal Offic •Grievance Redressal Committee
- 18. Flow Chart DepictingService flow of ICICI Prudential Service Being ICICI Prudential Attended by Queries Being Divided by Branch executive Asked customer Efforts made to Convincing the Removing any Efforts made to provide Person Misconceptions know interest solutions Solving the Creating liking Ending with query/closing for the Product the deed
- 19.