1. ROLE OF ICICI PRUDENTIAL
LIFE INSURANCE
IN LIFE INSURANCE SECTOR
Presented by: Md. Abu Shaham
Deptt. Of Business
Administration,Aligarh Muslim University

2. ABOUT THE COMPANY
 Joint venture b/w ICICI bank & prudential life insurance
company. ICICI bank has 74% of stake & rest is of prudential.
 ICICI bank is India’s 2nd largest bank and Headquartered in
Mumbai.
 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.

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 insurance
advisors
 TO know the customer idea about the ICICI PRU

4. RESEARCH METHODOLOGY

5. PRIMARY DATA
 1. Questionnaires
 2. Interview
 3.Survays
 4. Direct phone call

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. Insurance
Insurance is defined as the equitable transfer of the risk of a
loss, from one entity to another, in exchange for a premium,
and can be thought of as a guaranteed and known small loss
to prevent a large, possibly devastating loss.

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. 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. Major players

11. Products :
ICICI Prudential Life Insurance offers a range of innovative, customer-
centric products that meet the needs of customers at every life stage. Its
products cab is enhanced with up to 6 riders, to create a customized
solution 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. ICICI Prudential Life is all
about……
Total
Protection
Life

13. Details of
policies
POLICY NAME 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 loan
Assure 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 savings
Savings Insurance benefit under the plan.
Plan

14. 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 0 / 25 years Rs. 8,400 p.a 10 / 25 years Benefits at critical
educational
SmartKid 20 / 70 years milestones,guarant
Regular eea regular income
Premium to secure your
child's academic
career
ICICI Pru 0 / 25 years 18,000 10 / 15 / 20 / Coverage options,
Multiple portfolio
SmartKid 25 years strategy, Partial

15. 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

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. SWOT Analysis

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. 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. 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. 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. FINDINGS

23. 50
45
40
35 Below 25
30 25 To 35
25 35 To 45
20 45 To 55
15 Above 55
10
5
0
1. Graph in terms of age

24. 35
30
25
20
15 Cash Back
Life Time
10
5
0
Below 35 To Above
25 45 55
2 .Graph in terms of cash back policy

25. 35
30
25
20
Fully Satisfied
15 Satisfied
10 Not Satisfied
5
0
Below 35 To Above
25 45 55
3 .Graph in terms of satisfaction
level

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