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Insurance mdp
- 1. INSURANCE SECTOR GH
- 2. INTRODUCTION TO LIC Formed in September 1956 by an Act of Parliament, LIC Act 1956 Network of seven zones - 100 divisions and 2,048 branches-personnel exceed seven lakhs employees and over six lakhs agents Has crossed many milestones and has set unprecedented performance records GH
- 3. INTRODUCTION TO LIC Vision: A trans-nationally competitive financial conglomerate of significance to societies and Pride of India. Mission: To explore and enhance the quality of the life of people through financial security by providing products and services of aspired attributes with competitive returns and by rendering resources for economic development. Objective : Maximise mobilization of people’s savings by making insurance-linked savings adequately attractive.
- 4. INTRODUCTION TO ICICI Joint venture b/w ICICI bank & prudential life insurance company. ICICI bank has 76% of stake & rest is of prudential. Prudential is international financial service group having headquarter in U.K. It started its operations in December 2000, after getting approval by IRDA & today this is the no. 1 co. in private sector in India. Maintained its focus on offering a wide range of flexible products that meet the needs of the Indian customer at every step in life. GH
- 5. INTRODUCTION TO ICICI • ICICI Prudential Life is all about…… Hea Total alth lt h We Protection Life GH GH
- 6. PEST ANALYSIS OF LIC POLITICAL FACTORS: INCREASED SERVICE TAX ON PREMIUM ENDING OF GOVERNMENT MONOPOLY INCREASE IN FDI LIMIT FAVOURABLE REGULATIONS FOR RURAL INSURANCE ECONOMICAL FACTORS: INCREASE IN GROSS DOMESTIC SAVINGS CONTRIBUTION TO COUNTRY’S ROLE IN GOVT. SECURITIES MARKET BIGGEST DOMESTIC PLAYER IN EQUITY MARKETS GH
- 7. PEST ANALYSIS OF LIC SOCIAL FACTORS: LOW INSURANCE COVERAGE INCREASE IN LIFE SPAN AND RISE IN ELDERLY POPULATION UNCERTAINITY ABOUT LIFE CHANGING INDIAN PERCEPTION TECHNOLOGICAL FACTORS AUTOMATION OF PROCESSES INTERNET DRIVEN INFORMATION ERA BUSINESS PROCESS MONITORING GH
- 8. PEST ANALYSIS OF LIC LEGAL FACTORS: REGULATORY BODIES RENEWAL OF REGISTRATION REQUIREMENTS AS TO CAPITAL GH
- 9. PEST ANALYSIS OF ICICI POLITICAL FACTORS: • FDI • CLOSE SUPERVISION AND CONTROL OF IRDA ECONOMICAL FACTORS RISE IN GROSS DOMESTIC SAVING HIGH SALARIED JOBS GH
- 10. PEST ANALYSIS OF ICICI SOCIAL FACTORS: PERCEPTION IN THE MIND OF PUBLIC SHORTAGE OF EARNING HANDS TECHNOLOGICAL FACTORS ONLINE INSURANCE PREMIUM PAYMENT BUSINESS TIE-UPS THROUGH E-BANKING GH
- 11. PRODUCTS & PLANS OF LIC GH
- 12. LIC Plans and Benefits GH
- 13. CHILDREN PLANS Jeevan Anurag Komal Jeevan CDA Endowment Vesting at Marriage Endowment Or 21 Educational Annuity Plan CDA Endowment Vesting 18 Jeevan Kishore Jeevan Chhaya Child Career Plan Child Future Plan Child Fortune Plus GH
- 14. PLANS FOR HANDICAPPED DEPENDANTS Jeevan Aadhar Jeevan Vishwas ENDOWMENT ASSURANCE PLANS The Endowment Assurance Policy The Endowment Assurance Policy-Limited Payment Jeevan Mitra(Double Cover Endowment Plan) Jeevan Mitra(Triple Cover Endowment Plan) Jeevan Anand New Janaraksha Plan Jeevan Amrit GH
- 15. PLANS FOR HIGH WORTH INDIVIDUALS Jeevan Shree-I Jeevan Pramukh MONEY BACK PLANS The Money Back Policy-20 Years The Money Back Policy-25 Years Jeevan Surabhi-15 Years Jeevan Surabhi-20 Years Jeevan Surabhi-25 Years Bima Bachat SPECIAL MONEY BACK PLAN FOR WOMEN Jeevan Bharati-1 GH
- 16. PRODUCTS & PLANS OF ICICI GH
- 17. PROTECTION PLANS ICICI Pru iCare ICICI Pru Pure Protect ICICI Pru LifeGuard ICICI Pru Home Assure GH
- 18. WEALTH PLANS ULIP WEALTH PLANS ICICI Pru LifeStage Wealth II ICICI Pru LifeTime Premier ICICI Pru Pinnacle Super ICICI Pru Elite Life ICICI Pru Elite Wealth TRADITIONAL WEALTH PLANS ICICI Pru Wealth Builder ICICI Pru iAssure Single Premium ICICI Pru Guaranteed Savings Insurance Plan ICICI Pru Future Secure ICICI Pru Whole Life ICICI Pru Save'n'Protect ICICI Pru CashBack GH
- 19. CHILD PLANS TRADITIONAL CHILD PLANS ICICI Pru SmartKid Regular Premium UNIT LINKED CHILD PLANS ICICI Pru SmartKid Premier GH
- 20. Health Plans HOSPITALISATION PLANS ICICI Pru Health Saver ICICI Pru Hospital Care II CRITICAL ILLNESS PLANS ICICI Pru Crisis Cover GH
- 21. RESOURSE ANALYSIS GH
- 22. FINANCIAL ANALYSIS OF LIC &ICICI Year Premium of Life Insurers for the Period ended (`crore) mber, 2012 No. of lives covered under Group Premium No. of Policies / Schemes Schemes Insurer Upto Upto Upto September, Upto September, Upto September, Upto September, September, September, 2012 September,2011 2012 September,2011 2012 September,2011 12 12 12 ICICI Prudential Individual Single 7.82 51.90 148.53 372 2782 9649 Premium Individual Non- 234.45 1218.74 1014.15 54537 421332 565554 Single Premium Group Single 40.17 257.56 279.50 11 94 89 70525 740518 824137 Premium Group Non- 20.00 501.62 473.41 4 11 17 5350 85490 431011 Single Premium LIC Individual Single 1554.90 5993.77 5594.18 163212 798448 908382 Premium Individual Non- 1873.95 13331.76 9823.81 2424849 12358999 12270977 Single Premium Group Single 1897.33 15250.91 14980.80 17 60 9013 110793 431247 9398286 Premium Group 122.15 765.09 6322.60 2286 10620 2653 4690197 17012717 2993181 Non- GH
- 23. MARKETING ANALYSIS OF LIC & ICICI THE TARGET AUDIENCE CREATIVE STRATEGY THE CREATIVE EXECUTION – through tv channels and press OTHER COMMUNICATIONS GH
- 24. STRATEGIES ADOPTED BY LIC • LIC started intense, systematic and well focused on public relation and publicity activity both at corporate and operational level • LIC upped its ad to spend to tackle competition • LIC has lauched its SATELLITE SAMPARK office • LIC has established state of art machinery GH
- 25. STRATEGIES ADOPTED BY ICICI • ICICI Prudential launched the “TruLife Club” for its high-value policy holders as a part of its marketing strategy • Pragati Ki Anokhi Paathsaala or PKAP PKAP aims to bring out inherent creative skills amongst children • ICICI Prudential Life has also partner with e-governance Kiosks in Andhra Pradesh- aponline.com and Rajasthan- emitra.com, to enable consumers renew their policies in their kiosks GH
- 26. SWOT ANALYSIS OF LIC GH
- 27. SWOT ANALYSIS OF ICICI GH
- 28. FUTURE PROSPECTS OF ICICI • Understanding the needs of customers and offering them superior products and service • Developing and implementing superior risk management and investment • strategies to offer sustainable and stable returns to policy holders GH
Editor's Notes
- Life Insurance Corporation of India (LIC) was formed in September 1956 by an Act of Parliament, LIC Act 1956 with a contribution of Rs. 50 million. Presently the LIC has a network of seven zones….. From then to now, LIC has crossed many milestones and has set unprecedented performance records in various aspects of life insurance business
- ICICI bank is India’s 2 nd largest bank. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential Life's capital stands at Rs. 4,793 crores (as of June 30, 2012) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively ICICI Prudential Life Insurance has maintained its focus on offering a wide range of flexible products that meet the needs of the Indian customer at every step in life.
- 1. The imposition of service taxon the services provided by the insurers has been increased significantlyover past few years by the government. 2. A great revolution in theinsurance sector came in the year 1999 when IRDA passed the bill, liftingall entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership. 3. The hike in the insurance foreign direct investment (FDI) limit to 49 per cent from 26 per cent has proved to be very beneficial for the insurance industry in India. It has encouraged foreigninvestors to invest in Indian insurance industry. 4. To encourage insurance sector to increase its spread in rural India, government has made regulations more favourable for rural people by decreasing the amount of premiums, introducing new group insurance plans and various other special plans for farmers. ECONNOMIC 1. INCREASE IN GROSS DOMESTIC SAVINGS : The gross domestic savings of people in India have increased significantly, due to which they are moving towards new ways of investing money for the future benefits including various insurance plans. As compared to previous year i.e.2007, the insurance industry thus expected to grow by about 40% during this fiscal year, i.e.2008. 2.CONTRIBUTION TO COUNTRY’S G.D.P : According to governmentsources, the insurance and banking services’ contribution to the country’sgross domestic product is 7% out of which the gross premium collection by various insurance companies forms a significant part. 3.ROLE IN GOVT. SECURITIES MARKET : Insurance companies are fest emerging as one of the most prominent players in the govt. securities market. The share of insurance companies in overall investment in the G-sec market has more than doubled to 23% during 2007-08 from 9%during the previous fiscal year. 4. BIGGEST DOMESTIC PLAYER IN EQUITY MARKETS : Accordingto RBI’s annual report for 2007-08, the insurance companies invested Rs.35880 crore in the G-sec market, which is over 173.06% higher than theRs.13880 crore they invested in 2006-07. Thus insurers have emerged as the biggest domestic institutional players in the equity markets.
- SOCIAL FACTORS: 1.LOW INSURANCE COVERAGE : In India insurance is considered as which is pushed upon the customers to buy. People are unwilling to buy insurance due to lack of awareness. 2.INCREASE IN LIFE SPAN AND RISE IN ELDERLY POPULATION : In India lifespan has increased over past few years due to which the elderly population in India isrising day by day. To live a happy and independent life, more no. of educated peoples is moving towards investing in insurance to ensure a respectful andindependent life even in old age. 3.UNCERTAINITY ABOUT LIFE : Due to increasing no. of events of terrorist attacksin various parts of the country, people have started viewing life as more uncertain. Ithas developed a kind of fear factor in the minds of people leaving them more worriedabout their family and kids. Due to this reason they are moving more and moretowards buying insurance policies in order to secure their family’s future. 4.CHANGING INDIAN PERCEPTION : In India earlier people used to viewinsurance as a tax saving device or as a method of investment. But, nowadays a greatchange in the perception has come. People have started realizing the importance of getting insured. Now more no. of people is viewing it as a transfer of risk for a goodfuture. 5.CHANGE IN FAMILY SYSTEM
- SOCIAL FACTORS: 1.LOW INSURANCE COVERAGE : In India insurance is considered as which is pushed upon the customers to buy. People are unwilling to buy insurance due to lack of awareness. 2.INCREASE IN LIFE SPAN AND RISE IN ELDERLY POPULATION : In India lifespan has increased over past few years due to which the elderly population in India isrising day by day. To live a happy and independent life, more no. of educated peoples is moving towards investing in insurance to ensure a respectful andindependent life even in old age. 3.UNCERTAINITY ABOUT LIFE : Due to increasing no. of events of terrorist attacksin various parts of the country, people have started viewing life as more uncertain. Ithas developed a kind of fear factor in the minds of people leaving them more worriedabout their family and kids. Due to this reason they are moving more and moretowards buying insurance policies in order to secure their family’s future. 4.CHANGING INDIAN PERCEPTION : In India earlier people used to viewinsurance as a tax saving device or as a method of investment. But, nowadays a greatchange in the perception has come. People have started realizing the importance of getting insured. Now more no. of people is viewing it as a transfer of risk for a goodfuture. 5.CHANGE IN FAMILY SYSTEM
- SOCIAL FACTORS: 1.LOW INSURANCE COVERAGE : In India insurance is considered as which is pushed upon the customers to buy. People are unwilling to buy insurance due to lack of awareness. 2.INCREASE IN LIFE SPAN AND RISE IN ELDERLY POPULATION : In India lifespan has increased over past few years due to which the elderly population in India isrising day by day. To live a happy and independent life, more no. of educated peoples is moving towards investing in insurance to ensure a respectful andindependent life even in old age. 3.UNCERTAINITY ABOUT LIFE : Due to increasing no. of events of terrorist attacksin various parts of the country, people have started viewing life as more uncertain. Ithas developed a kind of fear factor in the minds of people leaving them more worriedabout their family and kids. Due to this reason they are moving more and moretowards buying insurance policies in order to secure their family’s future. 4.CHANGING INDIAN PERCEPTION : In India earlier people used to viewinsurance as a tax saving device or as a method of investment. But, nowadays a greatchange in the perception has come. People have started realizing the importance of getting insured. Now more no. of people is viewing it as a transfer of risk for a goodfuture. 5.CHANGE IN FAMILY SYSTEM