A Project Study Report On
A STUDY OF VARIOUS ICICI PRUDENTIAL LIFE INSURANCE POLICIES
SUBMITTED TO:
NAVTEJ SINGH
SUBMITTED BY:
KUMAR RAKESH
MBA- 1C
!"#$%
TABLE OF CONTENTS
S&No& 1.
PARTICULARS
? ? ? ? About the insuran e Histor! o" #i"e Insuran e intro$u tion %e"inition o" #i"e Insuran e
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RESEARCH 'BJECTIVE
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#ITERATURE REVIE)
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RESEARCH METH'%'#'G+
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ANA#+SIS AN% INTER-RETATI'N
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BIB#'GRA-H+
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ANNE0URE
OBJECTIVES OF ICICI PRUDENTIAL:
In line with its commitment to p o!i"in# sec$ e %$t$ es %o in"i!i"$&ls &n" %&milies th o$#h ins$ &nce &n" eti ement sol$tions' ICICI P $"enti&l &im to enh&nce the li!es o% senio citi(ens' &n" to c e&te s&%e &n" sec$ e nei#h)o hoo"s with the &cti!e in!ol!ement o% citi(ens* +eet the !& io$s li%e ins$ &nce nee"s o% the comm$nit, th&t wo$l" & ise in the ch&n#in# soci&l &n" economic en!i onment In!ol!e &ll the wo -in# people to the )est o% thei c&p&)ilities in %$ the in# the inte ests o% the ins$ e" p$)lic ), p o!i"in# e%%icient se !ices with co$ tes, )e& in min"' in the in!estment o% %$n"s' the p im& , o)li#&tion to its polic, hol"e s' whose mone, it hol"s in t $st' witho$t losin# si#ht o% the inte est o% the comm$nit, &s & whole. the %$n"s to )e "eplo,e" to the )est &"!&nt&#e o% the in!esto s &n" the comm$nit, &s & whole' -eepin# in !iew n&tion&l p io ities &n" o)li#&tions o% &tt &cti!e et$ n o Con"$ct )$siness with $tmost econom, &n" with the %$ll e&li(&tion th&t the mone,s )elon# to the polic,hol"e s
ABOUT T'E INSURANCE
A11 the hu2an bein3s on the earth 4no5 that the! 5i11 $ie in "uture but the! $on6t 5ant to $ie. The! 5ant to "u1"i11 a11 the $rea2s7 5hi h the! ha$ thou3ht7 but there are ti2es 5hen a11 these $rea2s an6t o2e true.%eath is ine8itab1e an$ !et 5e 1i8e our 1i8es ob8ious to rea1it! that 2a! stri4e- 5hen 5e ha8e no i$ea. An$ 5hen it ha99ens7 a11 the $rea2s o2e rashin3 $o5n.In the 5or$s o" % S Hanse1 :Insuran e 2a! be $e"ine$ as a so ia1 $e8i e 9ro8i$in3 "inan ia1 o29ensation "or the e""e ts o" 2is"ortune7 the 9a!2ent bein3 2a$e "ro2 the a u2u1ate$ ontributions o" a11 the 9arties 9arti i9atin3 in the s he2e; #i"e insuran e is the on1! too1 to se ure our 1i"e in "uture. It a1so 9ro8i$es a sa"e 3uar$ to the un ertaint! o" our 1i"e. #i"e insuran e is the hea9est in8est2ent too1 in 5hi h 5e an earn 2ore in a short 9erio$ o" ti2e. The "un tion o" insuran e is to 9rote t !ou a3ainst 1osses !ou an<t a""or$. This is $one b! trans"errin3 the ris4s o" a 9erson7 business7 or or3ani=ation -- the >insure$> -- to an insuran e o29an!7 or >insurer.> The insurer then rei2burses the insure$ "or > o8ere$> 1osses i.e.7 those 1osses it 9a!s "or un$er the 9o1i !<s ter2s. As the insuran e onsu2er7 !ou 9a! an a2ount o" 2one!7 a11e$ a 9re2iu27 to the insurer to trans"er the ris4. The insurer 9oo1s a11 its 9re2iu2s into a 1ar3e "un$7 an$ 5hen a 9o1i !ho1$er has a 1oss7 the insurer $ra5s "un$s "ro2 the 9oo1 to 9a! "or the
1oss. #i"e is "u11 o" une?9e te$ e8ents that an reate 1ar3e "inan ia1 1osses. @or e?a291e7 5hene8er !ou $ri8e7 it is 9ossib1e that !ou 2a! ha8e a ost1! a i$ent. Ris4s a""e t !ou b! ausin3 5orr! about 9otentia1 1oss an$ ho5 to $ea1 5ith the onseAuen es. In$ia has tra$itiona11! been a hi3h sa8in3s oriente$ ountr! bein3 on 9ar 5ith the thri"t! Ja9an. Insuran e se tor in the Unite$ States o" A2eri a is as bi3 in si=e as the ban4in3 in$ustr! there. This 3i8es us an i$ea o" ho5 i29ortant the se tor is. Insuran e se tor hanne1i=es the sa8in3s o" the 9eo91e to 1on3-ter2 in8est2ents. In In$ia 5here in"rastru ture is sai$ to be o" riti a1 i29ortan e7 this se tor 5i11 brin3 the nations o5n 2one! "or the nation.
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The 31oba1 1i"e insuran e 2ar4et stan$s at B17,&1.& bi11ion 5hi1e the non-1i"e insuran e 2ar4et is 91a e$ at BC&&.* bi11ion. In$ia ta4es the &(r$ 9osition 5ith US BC.C(( bi11ion annua1 9re2iu2 o11e tions an$ a 2ea3er D.*1E share. 'ut o" one bi11ion 9eo91e in In$ia7 on1! (, 2i11ion 9eo91e are insuran e. o8ere$ b!
•
•
In$ian insuran e 2ar4et is set to tou h B&, bi11ion b! &D1D7 on the assu29tion o" a / 9er ent rea1 annua1 3ro5th in G%-.
This has 2a$e the se tor the hottest one in In$ia a"ter IT. )ith so ia1 se urit! an$ se urit! to the 9ub1i at 1ar3e bein3 the a3en$a "or o9enin3 the se tor7 the ro1e o" the re3u1ator be o2es a11 the 2ore serious an$ one that 5ou1$ be are"u11! 5at he$ at e8er! ste9.
INTRODUCTION TO T'E COMPANY
ICICI FIn$ustria1 Cred(t an$ In)e*t+ent Cor9oration o" Ind(,GH ICICI #t$.7 5as estab1ishe$ in 1C,, b! the )or1$ Ban47 the Go8ern2ent o" In$ia an$ the In$ian In$ustr!7 to 9ro2ote in$ustria1 $e8e1o92ent o" In$ia b! 9ro8i$in3 9roIe t an$ or9orate "inan e to In$ian in$ustr!. Sin e in e9tion7 ICICI has 3ro5n "ro2 a $e8e1o92ent ban4 to a "inan ia1 on31o2erate an$ has be o2e one o" the 1ar3est 9ub1i "inan ia1 institutions in In$ia. ICICI has thus "ar "inan e$ a11 the 2aIor se tors o" the e ono2!7 o8erin3 .7J*J o29anies an$ 1.7J,1 9roIe ts. As o" Mar h (17 &DDD7 ICICI ha$ $isburse$ a tota1 o" Rs. 17 1(7D/D rores7 sin e in e9tion&
'ISTORY OF LIFE INSURANCE
Insuran e on e9t ha$ been "oun$ out 5a! behin$ in 1( th an$ 1*th entur!. The ear1iest re"eren e to insuran e has been "oun$ Bab!1onia7 the Gree4s an$ the Ro2ans. The use o" insuran e a99eare$ in the a ount o" North Ita1ian Mer hant Ban4 that then $o2inate$ the internationa1 tra$e in Euro9e at that ti2e.The o1$est an$ ear1iest re or$ o" insuran e o2e in the "or2 o" 2arine insuran e 5here shi9s an$ the ar3o 5ere insure$ a3ainst 9eri1s su h as 9irates7 stor27 2utin! an$ 5ars. The "irst o29an! 4no5n as the Sun Insuran e '""i e #t$. 5as set u9 in the Ca1 utta in the !ears 1/1D. A"ter that a nu2ber o" o29anies 5ere estab1ishe$ "or 2arine an$ 3enera1 insuran e. The histor! o" 1i"e insuran e in In$ia $ates ba 4 to 1J1J 5hen it 5as on ei8e$ as a 2eans to 9ro8i$e "or En31ish )i$o5s. Interestin31! in those $a!s a hi3her 9re2iu2 5as har3e$ "or In$ian 1i8es than the non-In$ian 1i8es as In$ian 1i8es 5ere onsi$ere$ 2ore ris4! "or o8era3e. The Bo2ba! Mutua1 #i"e Insuran e So iet! starte$ its business in 1J/D. It 5as the "irst o29an! to har3e sa2e 9re2iu2 "or both In$ian an$ non-In$ian 1i8es. The 'rienta1 Assuran e Co29an! 5as estab1ishe$ in 1JJD. The "irst 3enera1 insuran e o29an!- Tit1e Insuran e Co29an! #i2ite$ 5as estab1ishe$ in 1J,D. Ti11 the en$ o" nineteenth entur! insuran e business 5as a12ost entire1! in the han$s o" o8erseas o29anies. Insuran e re3u1ation "or2a11! be3an in In$ia 5ith the 9assin3 o" the #i"e Insuran e Co29anies A t o" 1C1& an$ the 9ro8i$ent "un$ A t o" 1C1&. Se8era1 "rau$s $urin3 &D<s an$ (D<s su11ie$ insuran e business in In$ia. B! 1C(J there 5ere 1/. insuran e o29anies. The "irst o29rehensi8e 1e3is1ation 5as intro$u e$ 5ith the Insuran e A t o" 1C(J that 9ro8i$e$ stri t State Contro1 o8er insuran e business. The insuran e business 3re5 at a "aster 9a e a"ter in$e9en$en e. In$ian re2aine$ an urban 9heno2enon. The Go8ern2ent o" In$ia in 1C,.7 brou3ht to3ether o8er &*D 9ri8ate 1i"e insurers an$ 9ro8i$ent so ieties un$er one nationa1i=e$ 2ono9o1! o-o9eration an$ #IC 5as born. Nationa1i=ations 5ere Iusti"ie$ on the 3roun$s that it 5ou1$ reate 2u h-nee$e$ "un$s "or ra9i$ in$ustria1i=ation. This 5as in on"or2it! 5ith the Go8ern2ent<s hosen 9ath o" State 1e$ 91annin3 an$ $e8e1o92ent. The Fnon-1i"eG insuran e business7 ho5e8er7 ontinue$ to thri8e 5ith the 9ri8ate se tor ti11 1C/&. Their o9erations 5ere restri te$ to or3ani=e$ tra$e an$ in$ustr! in 1ar3e ities. The 3enera1 insuran e in$ustr! 5as nationa1i=e$ in 1C/&. )ith this7 near1! 1D/ insurers 5ere a2a13a2ate$ an$ 3rou9e$ into "our o29anies- Nationa1 Insuran e Co29an!7 Ne5 In$ia Assuran e Co29an!7 'rienta1 Insuran e Co29an! an$ Unite$ In$ia Insuran e Co29an!. These 5ere subsi$iaries o" the Genera1 Insuran e Co29an! FGICG. o29anies stren3thene$ their ho1$ on this business but $es9ite the 3ro5th that 5as 5itnesse$7 insuran e
'(*tory o- ICICI B,n. /001 - The Ban4 5as In or9orate$ on ,th Januar! at Baro$a. ICICI Ban4 5as 9ro2ote$ b! ICICI an$ erst5hi1e SCICI #t$. an$ re ei8e$ the Certi"i ate "or Co22en e2ent o" Business on &*th @ebruar!. It $oes ban4in3 business o" a11 4in$s. It 5as "oun$e$ as an institution to 9ro8i$e Aua1it! ban4in3 ser8i es usin3 state-o"-the-art te hno1o3!. - The Ban4 has estab1ishe$ a 5e11 $i8ersi"ie$ bran h net5or4 5ith &* bran hes in 1, entres o8erin3 1& states. The ban4 set u9 a "u11! o29uterise$ en8iron2ent 5ith the State-o"the-art te hno1o3! at a11o""i es ontinuous1! u93ra$in3 its stron3 s!ste2s an$ 9ro e$ures 5ith s9e ia1 e29hasis on ris4 2ana3e2ent. /00$ - The $e9osit 9ro$u ts an$ other ser8i es o" the ban4 5ere bran$e$ 5ith na2es su h as KMa?i ash< "or ser8i es a ounts7 KMone! -1us< "or Current A ount7 KLuantu2< "or "i?e$ $e9osit a ount7K-o5er -a!< "or 9a!ro11 a ounts treasure hest "or 1o 4er "a i1ities an$ KTri e< "or auto2ate$ te11er 2a hine "a i1it!. - The Ban4 ha$7 in o291ian e 5ith a $ire ti8e issue$ b! RBI7 $e9osite$ in a33re3ate Rs JJ.1. rores 5ith s2a11 In$ustria1 %e8e1o92ent Ban4 o" In$ia an$ Nationa1 Ban4 "or A3ri u1tura1 M Rura1 %e8e1o92ent. - The KB< ate3or! bran hes 5ere authori=e$ to han$1e "u11 ran3e o" "orei3n e? han3e transa tion o" usto2ers an$ "i8e other bran hes 5ere 91a e$ in KC< ate3or! to han$1e 1i2ite$ "orei3n e? han3e transa tions. - Se8en bran hes o" the ban4 5ith substantia1 "orei3n e? han3e business 5ere 1in4e$ to the so iet! "or 5or1$5i$e Interban4 Te1e o22uni ation FS)I@TG net5or4 5hi h enab1es the2 to trans2it #etter o" Cre$it an$ "un$ trans"er 2essa3es 9ro29t1! 5or1$5i$e. - /DD No. o" eAuit! shares subs ribe$ "or b! si3natories to the Me2oran$u2 o" Asso iation. 1,DD7DD7DDD No. o" eAuit! shares a11otte$ to ICICI #t$.
/002 - The ban4 intro$u e$ e1e troni "un$s trans"er "a i1it!. The ban4 has a "u11 "1e$3e$ 8i3i1an e an$ ins9e tion $e9art2ent. - The ban4 o9ene$ 11 bran hes an$ & e?tension ounters thereb! in reasin3 the tota1 net5or4 o" bran hes to (( an$ e?tension ounters to *. - The Ban4 o""ere$ 1,D7DD7DDD No. o" eAuit! shares o" Rs 1D ea h at a 9re2.7 o" Rs &, 9er share to ICICI. - The Ban4 o""ere$ "or sa1e *1&7,D7&DD No. o" eAuit! shares o" Rs 1D ea h at a 9ri e o" Rs (, 9er share.
INTRODUCTION
• 34,t (* In*ur,nce5
#i"e Insuran e is a ontra t 9ro8i$in3 "or 9a!2ent o" a su2 o" 2one! to the 9erson assure$ or7 to the 9erson entit1e$ to re ei8e the sa2e7 on the ha99enin3 o" a ertain e8ent. A "a2i1! is $e9en$ent "or its "oo$7 1othin3 an$ she1ter on the in o2e brou3ht b! the "a2i1!<s
brea$5inner. The "a2i1! is se ure so 1on3 as this brea$5inner is a1i8e an$ is a9ab1e o" earnin3. A su$$en $eath For $isabi1it!G 2a! 1ea8e the "a2i1! in a "inan ia11! $i""i u1t situation. Un ertaint! o" $eath is inherent in hu2an 1i"e an$ this un ertaint! 2a4es it ne essar! to ha8e so2e 9rote tion a3ainst the "inan ia1 1oss arisin3 "ro2 unti2e1! $eath. #i"e insuran e o""ers this 9rote tion. The Gree4s an$ Ro2ans starte$ the ear1iest t!9e o" 1i"e insuran e. Contributions 5ere 2a$e b! a11 sur8i8in3 2e2bers "or the buria1 ost o" a 2e2ber. In ase o" the $eath o" a 2e2ber the ost o" buria1 5as 2a$e out o" the ontribute$ "un$. In the 1/th entur!7 the Tontine Annuit! s!ste2 5as intro$u e$ 5here asso iations o" in$i8i$ua1s 5ere "or2e$ 5ithout an! re"eren e to a3e7 an$ a "un$ 5as reate$ b! eAua1 ontributions "ro2 ea h 2e2ber. The su2 o11e te$ 5as in8este$7 an$ at the en$ o" ea h !ear the interest 5as $i8i$e$ a2on3 the sur8i8ors. The 1ast re2ainin3 sur8i8or re ei8e$ both the !ear<s interest an$ the entire a2ount o" the 9rin i9a1. The "irst or3ani=e$ 1i"e insuran e o29an! 5as "oun$e$ in 1/,C in -hi1a$e19hia7 in North A2eri a. SubseAuent1!7 o8er the 9ast three enturies7 nu2erous 1i"e insuran e o29anies s9run3 u97 2a4in3 1i"e insuran e a 9o9u1ar too1 "or 9rote tion ou91e$ 5ith in8est2ent.
%E@INATI'N"or 9re2iu2s.
Insuran e is a ontra tua1 - t!9e "inan ia1 inter2e$iar! that o""ers the 9ub1i
9rote tion a3ainst the "inan ia1 osts asso iate$ 5ith the 1oss o" 1i"e7 hea1th7 or 9ro9ert! in e? han3e
An a3ree2ent that 3uarantees the 9a!2ent o" a state$ a2ount o" 2onetar! bene"its u9on the $eath o" the insure$& Ris4 insuran e inten$e$ as 9rote tion a3ainst the "inan ia1 onseAuen es o" the $eath o" the insure$ 9erson7 5hi h ta4es the "or2 o" 9a!2ent o" a 9re8ious1! a3ree$ 1u29 su2 or 9ension to a bene"i iar!7 i" the insure$ 9erson $ies $urin3 the ter2 o" insuran e. In the ase o" 9ure 1i"e insuran e7 5ithout an! en$o52ent insuran e o29onent7 no 9a!2ents are $ue i" the insure$ 9erson sur8i8es the ter2 o" insuran e.
Insuran e is that 5hi h 9ro8i$es 9rote tion a3ainst the e ono2i 1oss ause$ b! the $eath o" the 9erson insure$.
A11 the hu2an bein3s on the earth 4no5 that the! 5i11 $ie in "uture but the! $on6t 5ant to $ie. The! 5ant to "u1"i11 a11 the $rea2s7 5hi h the! ha$ thou3ht7 but there are ti2es 5hen a11 these $rea2s an6t o2e true. %eath is ine8itab1e an$ !et 5e 1i8e our 1i8es ob8ious to rea1it! that 2a! stri4e- 5hen 5e ha8e no i$ea. An$ 5hen it ha99ens7 a11 the $rea2s o2e rashin3 $o5n. In the 5or$s o" % S Hanse1 :Insuran e 2a! be $e"ine$ as a so ia1 $e8i e 9ro8i$in3 "inan ia1 o29ensation "or the e""e ts o" 2is"ortune7 the 9a!2ent bein3 2a$e "ro2 the a u2u1ate$ ontributions o" a11 the 9arties 9arti i9atin3 in the s he2e; #i"e insuran e is the on1! too1 to se ure our 1i"e in "uture. It a1so 9ro8i$es a sa"e 3uar$ to the un ertaint! o" our 1i"e. #i"e insuran e is the hea9est in8est2ent too1 in 5hi h 5e an earn 2ore in a short 9erio$ o" ti2e. The "un tion o" insuran e is to 9rote t !ou a3ainst 1osses !ou an<t a""or$. This is $one b! trans"errin3 the ris4s o" a 9erson7 business7 or or3ani=ation -- the >insure$> -- to an insuran e o29an!7 or >insurer.> The insurer then rei2burses the (n*ured -or 6co)ered6 7o**e* (&e&8 t4o*e 7o**e* (t p,y* -or under t4e po7(cy9* ter+*& A* t4e (n*ur,nce con*u+er8 you p,y ,n ,+ount o+oney8 c,77ed , pre+(u+8 to t4e (n*urer to tr,n*-er t4e r(*.& The insurer 9oo1s a11 its 9re2iu2s into a 1ar3e "un$7 an$ 5hen a 9o1i !ho1$er has a 1oss7 the insurer $ra5s "un$s "ro2 the 9oo1 to 9a! "or the 1oss. #i"e is "u11 o" une?9e te$ e8ents that an reate 1ar3e "inan ia1 1osses. @or e?a291e7 5hene8er !ou $ri8e7 it is 9ossib1e that !ou 2a! ha8e a ost1! a i$ent. Ris4s a""e t !ou b! ausin3 5orr! about 9otentia1 1oss an$ ho5 to $ea1 5ith the onseAuen es. In$ia has tra$itiona11! been a hi3h sa8in3s oriente$ ountr! bein3 on 9ar 5ith the thri"t! Ja9an. Insuran e se tor in the Unite$ States o" A2eri a is as bi3 in si=e as the ban4in3 in$ustr! there. This 3i8es us an i$ea o" ho5 i29ortant the se tor is. Insuran e se tor hanne1i=es the sa8in3s o" the 9eo91e to 1on3-ter2 in8est2ents. In In$ia 5here in"rastru ture is sai$ to be o" riti a1 i29ortan e7 this se tor 5i11 brin3 the nations o5n 2one! "or the nation.
•
The 31oba1 1i"e insuran e 2ar4et stan$s at B17,&1.& bi11ion 5hi1e the non-1i"e insuran e 2ar4et is 91a e$ at BC&&.* bi11ion. In$ia ta4es the &(r$ 9osition 5ith US BC.C(( bi11ion annua1 9re2iu2 o11e tions an$ a 2ea3er D.*1E share. 'ut o" one bi11ion 9eo91e in In$ia7 on1! (, 2i11ion 9eo91e are insuran e. o8ere$ b!
•
•
In$ian insuran e 2ar4et is set to tou h B&, bi11ion b! &D1D7 on the assu29tion o" a / 9er ent rea1 annua1 3ro5th in G%-.
This has 2a$e the se tor the hottest one in In$ia a"ter IT. )ith so ia1 se urit! an$ se urit! to the 9ub1i at 1ar3e bein3 the a3en$a "or o9enin3 the se tor7 the ro1e o" the re3u1ator be o2es a11 the 2ore serious an$ one that 5ou1$ be are"u11! 5at he$ at e8er! ste9.
LITERATURE REVIE3
)ith 1ar3est nu2ber o" 1i"e insuran e 9o1i ies in "or e in the 5or1$7 Insuran e ha99ens to be a 2e3a o99ortunit! in In$ia. It6s a business 3ro5in3 at the rate o" 1,-&D 9er ent annua11! an$ 9resent1! is o" the or$er o" Rs *,D bi11ion. To3ether 5ith ban4in3 ser8i es7 it a$$s about / 9er ent to the ountr!6s G%-. Gross 9re2iu2 o11e tion is near1! & 9er ent o" G%- an$ "un$s a8ai1ab1e 5ith #IC "or in8est2ents are J 9er ent o" G%-. +et7 near1! JD 9er ent o" In$ian 9o9u1ation is 5ithout 1i"e insuran e o8er7 hea1th insuran e an$ non1i"e insuran e ontinue to be be1o5 internationa1 stan$ar$s. An$ this 9art o" the 9o9u1ation is a1so subIe t to 5ea4 so ia1 se urit! an$ 9ension s!ste2s 5ith har$1! an! o1$ a3e in o2e se urit!. This it is an in$i ator that 3ro5th 9otentia1 "or the insuran e se tor is i22ense. A 5e11-$e8e1o9e$ an$ e8o18e$ insuran e se tor is nee$e$ "or e ono2i $e8e1o92ent as it 9ro8i$es 1on3-ter2 "un$s "or in"rastru ture $e8e1o92ent an$ at the sa2e ti2e stren3thens the ris4 ta4in3 abi1it!. It is esti2ate$ that o8er the ne?t ten !ears In$ia 5ou1$ reAuire in8est2ents o" the or$er o" one tri11ion US $o11ar. The Insuran e se tor7 to so2e e?tent7 an enab1e in8est2ents in in"rastru ture $e8e1o92ent to sustain e ono2i 3ro5th o" the ountr!. )ith a 1ar3e a9ita1 out1a! an$ 1on3 3estation 9erio$s7 in"rastru ture 9roIe ts are "rau3ht 5ith a 2u1titu$e o" ris4s throu3hout the $e8e1o92ent7 onstru tion an$ o9eration sta3es. These in 1u$e ris4s asso iate$ 5ith 9roIe t i291e2entation7 in 1u$in3 3eo1o3i a1 ris4s7 2aintenan e7 o22er ia1 an$ 9o1iti a1 ris4s. )ithout o8erin3 these ris4s the "inan ia1 institutions are not 5i11in3 to o22it "un$s to the se tor7 es9e ia11! be ause the "inan in3 o" 2ost 9ri8ate 9roIe ts is on a 1i2ite$ or nonre ourse basis. Insuran e o29anies not on1! 9ro8i$e ris4 o8er to in"rastru ture 9roIe ts7 the! a1so ontribute 1on3ter2 "un$s. In "a t7 insuran e "un$s in su h 9roIe ts. IR%A re3u1ations reAuire insuran e o29anies to in8est not 1ess than 1, 9er ent o" their "un$s in in"rastru ture an$ so ia1 se tors. Internationa1 Insuran e o29anies a1so in8est their "un$s in su h 9roIe ts. Insuran e is a "e$era1 subIe t in In$ia. There are t5o 1e3is1ations that 3o8ern the se tor- The Insuran e A t- 1C(J an$ the IR%A A t- 1CCC. o29anies are an i$ea1 sour e o" 1on3-ter2 $ebt an$ eAuit! "or in"rastru ture 9roIe ts. )ith 1on3-ter2 1iabi1it!7 the! 3et a 3oo$ asset- 1iabi1it! 2at h b! in8estin3 their
INSURANCE SECTOR REFORMS
In 1CC(7 Ma1hotra Co22ittee7 hea$e$ b! "or2er @inan e Se retar! an$ RBI Go8ernor R.N. Ma1hotra7 5as "or2e$ to e8a1uate the In$ian insuran e in$ustr! an$ re o22en$ its "uture $ire tion. The Ma1hotra o22ittee 5as set u9 5ith the obIe ti8e o" o291e2entin3 the re"or2s initiate$ in the "inan ia1 se tor. The re"or2s 5ere ai2e$ at reatin3 a 2ore e""i ient an$ o29etiti8e "inan ia1 han3es s!ste2 suitab1e "or the reAuire2ents o" the e ono2! 4ee9in3 in 2in$ the stru tura1
urrent1! un$er5a! an$ re o3ni=in3 that insuran e is an i29ortant 9art o" the o8era11 "inan ia1 s!ste2 5here it 5as ne essar! to a$$ress the nee$ "or si2i1ar re"or2s. In 1CC*7 the o22ittee sub2itte$ the re9ort an$ so2e o" the 4e! re o22en$ations in 1u$e$H Stru ture Go8ern2ent sta4e in the insuran e Co29anies to be brou3ht $o5n to ,DE Go8ern2ent shou1$ ta4e o8er the ho1$in3s o" GIC an$ its subsi$iaries so that these subsi$iaries an a t as in$e9en$ent or9orations. A11 the insuran e o29anies shou1$ be 3i8en 3reater "ree$o2 to o9erate. Co29etition -ri8ate Co29anies 5ith a 2ini2u2 9ai$ u9 a9ita1 o" Rs.1bn shou1$ be a11o5e$ to enter the in$ustr!. No Co29an! shou1$ $ea1 in both #i"e an$ Genera1 Insuran e throu3h sin31e entit!. @orei3n o29anies 2a! be a11o5e$ to enter the in$ustr! in o11aboration 5ith the $o2esti o29anies -osta1 #i"e Insuran e shou1$ be a11o5e$ to o9erate in the rura1 2ar4et. Re3u1ator! Bo$! The Insuran e A t shou1$ be han3e$ .An Insuran e Re3u1ator! bo$! shou1$ be set u9. Contro11er o" Insuran e FCurrent1! a 9art "ro2 the @inan e Ministr!G shou1$ be 2a$e in$e9en$ent. In8est2ents Man$ator! In8est2ents o" #IC #i"e @un$ in 3o8ern2ent se urities to be re$u e$ "ro2 /,E to ,DE. GIC an$ its subsi$iaries are not to ho1$ 2ore than ,E o" in an! ti2eG o29an!
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FThe re urrent ho1$in3s to be brou3ht $o5n to this 1e8e1 o8er a 9erio$
Custo2er Ser8i e
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#IC shou1$ 9a! interest on $e1a!s in 9a!2ents be!on$ (D $a!s. Insuran e
o29anies 2ust be en oura3e$ to set u9 unit 1in4e$ 9ension 91ans. Co29uteri=ation o" o9erations an$ u9$atin3 o" te hno1o3! to be arrie$ out in the insuran e in$ustr!. The o22ittee e29hasi=e$ that in or$er to i29ro8e the usto2er ser8i es an$ in rease the o8era3e o" the insuran e in$ustr! shou1$ be o9ene$ u9 to o29etition.
But at the sa2e ti2e7 the o22ittee "e1t the nee$ to e?er ise aution as an! "ai1ure on the 9art o" ne5 91a!ers ou1$ ruin the 9ub1i on"i$en e in the in$ustr!. Hen e7 it 5as $e i$e$ to a11o5 o29etition in a 1i2ite$ 5a! b! sti9u1atin3 the 2ini2u2 a9ita1 reAuire2ent o" Rs.1DD Crores. The o22ittee "e1t the nee$ to 9ro8i$e 3reater autono2! to insuran e
o29anies in or$er to i29ro8e their 9er"or2an e an$ enab1e the2 to a t as in$e9en$ent o29anies 5ith e ono2i 2oti8es. @or this 9ur9ose7 it ha$ 9ro9ose$ settin3 u9 an in$e9en$ent re3u1ator! bo$!. The Insuran e Re3u1ator! an$ %e8e1o92ent Authorit! Re"or2s in the Insuran e se tor 5ere initiate$ 5ith the 9assa3e o" the IR%A Bi11 in -ar1ia2ent in %e e2ber 1CCC. The IR%A sin e its in or9oration as a statutor! bo$! in A9ri1 &DDD has "asti$ious1! stu 4 to its s he$u1e o" "ra2in3 re3u1ations an$ re3isterin3 the 9ri8ate se tor insuran e o29anies. The other $e isions ta4en b! the2 si2u1taneous1! 5ere to 9ro8i$e the su99ortin3 s!ste2s to the insuran e se tor an$ in 9arti u1ar the 1i"e insuran e o29anies 5ere the 1aun h o" the IR%A on1ine ser8i e "or issue an$ rene5a1 o" 1i enses to a3ents. The a99ro8a1 o" institutions "or i29artin3 trainin3 to a3ents has a1so ensure$ that the insuran e 31oba11! o29anies 5ou1$ ha8e a traine$ 5or4"or e o" insuran e a3ents in 91a e to se11 their o29atib1e re3u1ations. In the 9ri8ate se tor 1, 1i"e insuran e an$ C 3enera1 insuran e 9ro$u ts. Sin e bein3 set u9 as an in$e9en$ent statutor! bo$! the IR%A has 9ut in a "ra2e5or4 o" o29anies ha8e been re3istere$. The o9enin3 u9 o" the se tor is 1i4e1! to 1ea$ to 3reater s9rea$ an$ $ee9enin3 o" insuran e in In$ia an$ this 2a! a1so in 1u$e restru turin3 an$ re8ita1i=in3 o" the 9ub1i se tor o29anies. A host o" 9ri8ate Insuran e o29anies o9eratin3 in both 1i"e an$ non-1i"e se32ents ha8e starte$ se11in3 their insuran e 9o1i ies sin e &DD1.
LIFE INSURANCE MAR:ET
The #i"e Insuran e 2ar4et in In$ia is an un$er$e8e1o9e$ 2ar4et that 5as on1! ta99e$ b! the state o5ne$ #IC ti11 the entr! o" 9ri8ate insurers. The 9enetration o" 1i"e insuran e 9ro$u ts 5as 1C 9er ent o" the tota1 *DD 2i11ion o" the insurab1e 9o9u1ation. The state o5ne$ #IC so1$ insuran e as a ta? instru2ent7 not as a 9ro$u t 3i8in3 9rote tion. Most usto2ers 5ere un$er- insure$ 5ith no "1e?ibi1it! or trans9aren ! in the 9ro$u ts. )ith the entr! o" the 9ri8ate insurers the ru1es o" the 3a2e ha8e han3e$. The 1& 9ri8ate insurers in the 1i"e insuran e 2ar4et ha8e a1rea$! 3rabbe$ near1! C 9er ent o" the 2ar4et in ter2s o" 9re2iu2 in o2e. The ne5 business 9re2iu2s o" the 1& 9ri8ate 91a!ers ha8e
tri91e$ to Rs 1DDD rores in &DD&- D( o8er 1ast !ear. Mean5hi1e7 state o5ne$ #IC<s ne5 9re2iu2 business has "a11en.
Inno8ati8e 9ro$u ts7 s2art 2ar4etin3 an$ a33ressi8e $istribution. That<s the tri91e 5ha22!
o2bination that has enab1e$ "1e$31in3 9ri8ate insuran e o29anies to si3n u9 In$ian usto2ers "aster than an!one e8er e?9e te$. In$ians7 5ho ha8e a15a!s seen 1i"e insuran e as a ta? sa8in3 $e8i e7 are no5 su$$en1! turnin3 to the 9ri8ate se tor an$ sna99in3 u9 the ne5 inno8ati8e 9ro$u ts on o""er. The 3ro5in3 9o9u1arit! o" the 9ri8ate insurers sho5s in other 5a!s. The! are oinin3 2one! in ne5 ni hes that the! ha8e intro$u e$. The state o5ne$ en$o52ents an$ 2one! ba 4 9o1i ies. But in the annuit! or 9ension 9ro$u ts business7 the 9ri8ate insurers ha8e a1rea$! 5reste$ o8er (( 9er ent o" the 2ar4et. An$ in the 9o9u1ar unit-1in4e$ insuran e s he2es the! ha8e a 8irtua1 2ono9o1!7 5ith o8er CD 9er ent o" the usto2ers. The 9ri8ate insurers a1so see2 to be s orin3 bi3 in other 5a!s- the! are 9ersua$in3 9eo91e to ta4e out bi33er 9o1i ies. @or instan e7 the a8era3e si=e o" a 1i"e insuran e 9o1i ! be"ore 9ri8ati=ation 5as aroun$ Rs ,D7DDD. That has risen to about Rs JD7DDD. But the 9ri8ate insurers are ahea$ in this 3a2e an$ the a8era3e si=e o" their 9o1i ies is aroun$ Rs 1.1 1a to Rs 1.& 1a - 5a! bi33er than the in$ustr! a8era3e. o29anies sti11 $o2inate se32ents 1i4e
ORGANISATIONAL STRUCTURE OF ICICI BANK
ICICI Ban46s or3ani=ation stru ture is $esi3ne$ to be "1e?ib1e an$ usto2er- " o u s e $ 7 5 h i 1 e s e e 4 i n 3 t o e n s u r e e " " e t i 8 e o n t r o 1 a n $ s u 9 e r 8 i s i o n a n $ onsisten ! in stan$ar$s a ross the or3ani=ation an$ a1i3n a11 areas o" o9erations to o8era11 or3ani=ationa1 obIe ti8es. The or3ani=ation stru ture is $i8i$e$ into s i ? 9 r i n i 9 a 1 3 r o u 9 s N R e t a i 1 B a n 4 i n 3 7 ) h o 1 e s a 1 e Ban4in37 Internationa1 Ban4in37 Rura1 FMi ro-Ban4in3G an$ A3ri u1ture B a n 4 i n 3 7 G o 8 e r n 2 e n t Ban4in3 an$ Cor9orate Center. RURAL AND A;RICULTURAL BAN:IN; The Rura17 Mi ro-Ban4in3 M A3ri-Business Grou9 is res9onsib1e " o r en8isionin3 an$ i291e2entin3 rura1 ban4in3 strate3!7 in 1u$in3 a3ri u1tura1 ban4in3 an$ 2i ro-"inan e. ;OVERNMENT BAN:IN; T h e G o 8 e r n 2 e n t B a n 4 i n 3 G r o u 9 i s r e s 9 o n s i b 1 e " o r 3 o 8 e r n 2 e n t b a n 4 i n 3 initiati8es.
CORPORATE CENTER The Cor9orate Center o29rises the interna1 ontro1 en8iron2ent "un tions Fin 1u$in3 o9erations7 ris4 2ana3e2ent7 o291ian e7 au$it an$ 1e3a1GO "inan e F i n 1 u $ i n 3 " i n a n i a 1 r e 9 o r t i n 3 7 9 1 a n n i n 3 a n $ s t r a t e 3 ! 7 a s s e t 1 i a b i 1 i t ! 2ana3e2ent7 i n 8 e s t o r r e 1 a t i o n s a n $ o r 9 o r a t e o 2 2 u n i a t i o n s G O h u 2 a n resiste$ 2ana3e2entO an$ "a i1ities 2ana3e2ent M a$2inistration. BUSINESS REVIE3 %urin3 "is a1 &DDJ7 the Ban4 ontinue$ to 3ro5 an$ $i8ersi"! its asset base an$ re8enue strea2s b! 1e8era3in3 the 3ro5th 91at"or2s reate$ o8er the 9ast "e5 !ears. )e 2aintaine$ our 1ea$ershi9 9osition in retai1 re$it7 a hie8e$ robust 3 r o 5 t h i n o u r " e e i n o 2 e " r o 2 b o t h o r 9 o r a t e a n $ r e t a i 1 b u s i n e s s e s 7 stren3thene$ our $e9osit "ran hise an$ si3ni"i ant1! s a1e$ u9 our or9orate an$ internationa1 ban4in3 o9erations. RETAIL BAN:IN; )e are the 1ar3est 9ro8i$er o" retai1 re$it in In$ia. 'ur tota1 retai1 9ort"o1io 5as Rs. 17(1...( bi11ion in Mar h (17&DDJ7 onstitutin3 ,JE o" our tota1 1oans at that $ate. %urin3 "is a1 &DDJ7 5e ontinue$ our "o us on stren3thenin3 our retai1 $e9osit " r a n h i s e t o r e a t e a s t a b 1 e " u n $ i n 3 b a s e . ' u r u r r e n t a n $ s a 8 i n 3 s a o u n t FCASAG $e9osits as a 9er enta3e o" tota1 $e9osits in rease$ "ro2 &&E at Mar h(17 &DD/ to &.E at Mar h (17 &DDJ7 5ith sa8in3s a ount $e9osits in reasin3 b!(.E $urin3 "is a1 &DDJ.%urin3 the !ear7 5e ha8e e?9an$e$ our bran h net5or4 substantia11!. At Mar h( 1 7 & D D J 7 5 e h a $ 1 7 & . & b r a n h e s M e ? t e n s i o n o u n t e r s o 2 9 a r e $ t o / , , bran hes M e?tension ounters at Mar h (17 &DD/7 in 1u$in3 the a$$ition o" about &DD bran hes throu3h the 2er3er o" Sin31e Ban4. 'ur bran h net5or4 has "urther in rease$ to 17(./ as o" Ma! (17 &DDJ. )e ontinue$ to e?9an$ our e1e troni hanne1s7 na2e1! internet ban4in37 2obi1e ban4in37 a11 enters7 9oint o" sa1e ter2ina1s an$ ATMs7 an$ 2i3rate usto2er transa tion 8o1u2es to these hanne1s. )e in rease$ our ATM net5or4 to (7JJ1 ATMs at Mar h (17&DDJ "ro2 (7&/1 ATMs at Mar h (17 &DD/.
CORPORATE BAN:IN; Its or9orate ban4in3 strate3! is base$ on 9ro 8i$in3 o29rehensi8e an$ usto2i=e$ "inan ia1 so1utions to its or9orate usto2ers. It o""er a o291ete ran3e o" or9orate ban4in3 9ro$u ts in 1u$in3 ru9ee an$ "orei3n urren ! $ebt 75or4in3 a9ita1 re$it7 stru ture$ "inan in37 s!n$i ation an$ transa tion ban4in3 9ro$u ts an$ ser8i es .@is a1 &DDJ sa5 ontinue$ $e2an$ "or re$it "ro2 the or9orate se tor7 5ith 3ro5th an$ a$$itiona1 in8est2ent $e2an$ a ross a11 se tors. )e 5ere ab1e to 1e8era3e our internationa1 9resen e an$ $ee9 or9orate re1ationshi9s to 5or4 on o8erseas a Auisitions 2a$e b! In$ian o29anies an$ in"rastru ture 9roIe ts in In$ia. %urin3 "is a1 &DDJ 5e 5ere in8o18e$ in /,E o" outboun$ 2er3ers an$ a A u i s i t i o n s $ e a 1 s " r o 2 I n $ i a . ) e a r e n o 5 a 9 r e " e r r e $ 9 a r t n e r " o r I n $ i a n o29anies "or s!n$i ation o" e?terna1 o22er ia1 borro5in3s an$ other "un$raisin3 in internationa1 2ar4ets an$ ha8e been ran4e$ nu2ber one in s!n$i ations o" In$ian or9orate in a1en$ar !ear &DD/. RURAL BAN:IN; It6s rura1 strate3! is base$ on enhan in3 8a1ue at e8er! 1e8e1 o" the su991! h a i n i n a 1 1 i29ortant "ar2 an$ non-"ar2 se tors. To5ar$s this en$7 it o""er a ran3e o" "inan ia1 9ro$u ts a n $ s e r 8 i e s t h a t a t e r t o t h e r u r a 1 2 a s s e s i n a 1 1 t h e
i 2 9 o r t a n t s e t o r s 1 i 4 e i n " r a s t r u t u r e 7 horti u1ture7 "oo$ 9ro essin37 $air!7 9ou1tr!7 see$s7 "erti1i=er an$ a3ro he2i a1 in$ustries. Custo2i=e$ "inan ia1 so1utions are o""ere$ to in$i8i$ua1 usto2ers7 a3ri s2a11 M 2e$iu2 enter9rises7 a3ri or9orate an$ 2e2bers o" their su991! hains. 'n the rura1 retai1 si$e7 the Ban4 o""ers ro9 1oans7 "ar2 eAui92ent "inan in37 o22o$it!-base$ 1oans7 5or4in3 a9ita1 1oans "or a3rienter9rises7 2i ro"inan e 1oans7 Ie5e1 1oans as 5e11 as sa8in3s7 in8est2ent an$ insuran e 9ro$u ts. In a$$ition ban4 is intro$u in3 9ro$u ts 1i4e rura1 housin3 " i n a n e t o ater to the nee$s o" rura1 usto2ers.
PRODUCTS AND SERVICES
MOBILE BAN:IN; Ban4 on the 2o8e 5ith ICICI Ban4 Mobi1e Ban4in3. )ith ICICI Ban47 Ban4in3 is no 1on3er 5hat it use$ to be. ICICI Ban4 o""ers Mobi1e Ban4in3 "a i1it! to a11 its Ban47 Cre$it Car$7 an$ #oan usto2ers. I C I C I B a n 4 M o b i 1 e B a n 4 i n 3 a n b e $ i 8 i $ e $ i n t o t 5 o b r o a $ a t e 3 o r i e s o " "a i1itiesH A7ert -,c(7(ty ICICI Ban4 Mobi1e Ban4in3 A1erts "a i1it! 4ee9s !ou in"or2e$ about the si3ni"i ant transa tions in !its A ounts. It 4ee9s !ou u9$ate$ 5here8er !ou 3o. Re<ue*t -,c(7(ty ICICI Ban4 Mobi1e Ban4in3 ReAuests "a i1it! enab1es !ou to Auer! "or !its a ount ba1an e . INVESTMENT PRODUCTS A1on3 5ith %e9osit 9ro$u ts an$ #oan o""erin3s7 ICICI Ban4 assists !ou to 2ana3e its "inan es b! 9ro8i$in3 8arious i n 8 e s t 2 e n t o 9 t i o n s r a n 3 i n 3 " r o 2 I C I C I B a n 4 T a ? S a 8 i n 3 B o n $ s t o E A u i t ! In8est2ents throu3h Initia1 -ub1i '""ers an$ In8est2ent in -ure Go1$. ICICI Ban4 "a i1itates "o11o5in3 in8est2ent 9ro$u tsH PICICI Ban4 Ta? Sa8in3 Bon$s PGo8ern2ent o" In$ia Bon$s PIn8est2ent in Mutua1 @un$s PInitia1 -ub1i '""ers b! Cor9orate PIn8est2ent in >-ure Go1$> P@orei3n E? han3e Ser8i es PSenior Citi=ens Sa8in3s S he2e7&DD* TRADE SERVICESH I C I C I B a n 4 o " " e r s o n 1 i n e r e 2 i t t a n e s a s 5 e 1 1 a s on1ine 9ro essin3 o" 1etters o" re$it an$ ban4 3uarantees. ASSET MANA;EMENT
- r u $ e n t i a 1 I C I C I A s s e t M a n a 3 e 2 e n t Co29an! o""ers a 5i$e ran3e o" retai1 2utua1 "un$ 9ro$u ts tai1ore$ to suit 8arie$ ris4 an$ 2aturit! 9ro"i1es. CAS' MANA;EMENT ICICI Ban4 o""ers a o291ete ran3e o" hi3h1! u s t o 2 i = e $ s o 1 u t i o n s " o r 2 a n a 3 i n 3 b o t h t h e o 1 1 e t i o n s a n $ 9 a ! 2 e n t s r e A u i r e 2 e n t s o " 1 i e n t s b ! 1 e 8 e r a 3 i n 3 t e h n o 1 o 3 ! . % a i 1 ! u s t o 2 i = e $ transa tions re9orts an$ rea1 ti2e 5eb-enab1e$ $o5n1oa$s7 9ro8i$e on-ta9 in"or2ation "a i1itatin3 e""e ti8e 5or4in3 a9ita1 2ana3e2ent. C O R P O R AT E B AN : I N ; I C I C I B a n 4 o " " e r s o 2 9 r e h e n s i 8 e a n $ usto2i=e$ "inan ia1 so1utions "or its or9orate 1ients7 in 1u$in3 ru9ee an$ "orei3n urren ! $ebts7 5or4in3 a9ita1 re$it7 stru ture$ "inan in3 s!n$i ation an$ transa tion ban4in3 9ro$u ts an$ ser8i es. INTERNET BAN:IN; Internet ban4in3 is a8ai1ab1e to a11 ICICI Ban4 s a 8 i n 3 s a n $ $ e 9 o s i t a ount ho1$ers7 re$it ar$7 $e2it an$ 1oan usto2ers. Internet ban4in3 ser8i e o""ers usto2ers a 5or1$ o " on8enien e 5ith ser8i es su h as ba1an e enAuir!7 transa tion histor! a ount state2ent7 bi11 9a!2ents7 "un$ trans"ers an$ a ounts re1a te$ ser8i e reAuests. ATM* )ith 2ore than &,DD ATMs a ross the ountr!7 ICICI Ban4 has one o" the 1ar3est ATM net5or4s in In$ia -H'NE BANKING P4one =,n.(n> o--er* ?1@2 *er)(ce* ,cro** #iabi1it!7 asset an$ in8est2ent 9ro$u ts to both retai1 an$ or9orate usto2ers. . PROPERTY @or 2i11ions o" ho2e bu!ers a ross the ountr!7 ICICI Ban4 o""ers not Iust 3reat $ea1s on ho2e 1oans but a1so a 5ea1th o" e?9ert a$8i e. ICICI Ban4 o""ers ho2e sear h ser8i e 5hi h an he19 a usto2er i$enti"! the 9ro9ert! o" his hoi e base$ on his bu$3et an$ other reAuire2ents. DEMAT ACCOUNTS ICICI Ban46s $e2at ser8i es a"ter uniAue "eatures 1i4e e- onstru tions7 onso1i$ation7 $i3ita11! si3ne$ state2ents7 2obi1e reAuests an$ or9orate bene"it tra 4in3. RURAL BAN:IN; Ban4 o""ers te hno1o3!-base$ so1utions7 "inan ia1 inno8ations an$ 2u1ti91e $e1i8er! hanne1s to 2eet the "inan ia1 nee$s o" rura1 areas. OPREATIONAL RIS:
'9erationa1 ris4 is the ris4 o" 1oss that an resu1t "ro2 a 8ariet! o" "a tors7 i n 1 u $ i n 3 " a i 1 u r e t o o b t a i n 9 r o 9 e r i n t e r n a 1 a u t h o r i = a t i o n s 7 i 2 9 r o 9 e r 1 ! $o u2ente$ transa tions7 "ai1ure o" o9erationa1 an$ in"or2ation se urit! 9ro e$ures7 o 2 9 u t e r s ! s t e 2 s 7 s o " t 5 a r e o r e A u i 9 2 e n t 7 " r a u $ 7 i n a $ e A u a t e trainin3 an$ e291o!ee errors. Ban46s a99roa h to o9erationa1 ris4 2ana3e2ents $esi3ne$ to 2iti3ate o9erationa1 ris4 b! 2aintainin3 a o29rehensi8e s!ste2 o " i n t e r n a 1 ontro1s7 estab1ishin3 s ! s t e 2 s a n $ 9 r o e $ u r e s t o 2 o n i t o r transa tions7 2aintainin3 4e! ba 4-u9 9ro e$ures an$ un$erta4in3 re3u1ar ontin3en ! 91annin3. E""e ti8e o9erationa1 ris4 2ana3e2ent s!ste2 5ou1$ ensure that ban4 has su""i ient in"or2ation to 2a4e a99ro9riate $e isions about a$$itiona1 ontro1s7 a$Iust2ents to ontro1s7 or other ris4 res9onses. '9erationa1 ris4 2ana3e2ent 9o1i ! ai2s at 2ini2i=in3 1osses an$ usto2er $issatis"a tion $ue to "ai1ure in 9ro esses7 "o usin3 on "1a5s in 9ro$u ts an$ their $esi3n e?9ose the ban4 to 1osses $ue to "rau$7 ana1!=in3 the i29a t o" "ai1ures in s!ste2s7 $e8e1o9in3 2iti3ates to 2ini2i=e the i29a t an$ $e8e1o9in3 91ans to2 e e t e ? t e r n a 1 s h o 4 s t h a t a n a $ 8 e r s e 1 ! i 2 9 a t o n t i n u i t ! i n t h e b a n 4 6 s o9erations.
SUBSIDIARY COMPANIES
DOMESTIC SUBSIDIARIES • • • • • • • • • • ICICI Ho2e @inan e Co29an! #i2ite$ ICICI In8est2ent Mana3e2ent Co29an! #i2ite$ ICICI #o2bar$ Genera1 Insuran e Co29an! #i2ite$ ICICI -ru$entia1 #i"e Insuran e Co29an! #i2ite$ ICICI Se urities #i2ite$ ICICI Trusteeshi9 Ser8i es #i2ite$ ICICI Venture @un$s Mana3e2ent Co29an! #i2ite$ ICICI Se urities -ri2ar! %ea1ershi9 #i2ite$ ICICI -ru$entia1 Asset Mana3e2ent Co29an! #i2ite$ ICICI -ru$entia1 Trust #i2ite$
INTERNATIONAL SUSIDIARIES
• • • • • • ICICI Ban4 Cana$a ICICI Ban4 Eurasia #i2ite$ #iabi1it! Co29an! ICICI Internationa1 #i2ite$ ICICI Se urities Ho1$in3 In ICICI Se urities In ICICI Ban4 UK #i2ite
BENEFITS OF LIFE INSURANCE
Super(or to Any Ot4er S,)(n>* P7,n
Un1i4e an! other sa8in3s 91an7 a 1i"e insuran e 9o1i ! a""or$s "u11 9rote tion a3ainst ris4 o" $eath. In the e8ent o" $eath o" a 9o1i !ho1$er7 the insuran e o29an! 2a4es a8ai1ab1e the "u11 su2 assure$ to the 9o1i !ho1$ers< near an$ $ear ones. In o29arison7 an! other sa8in3s 91an 5ou1$ a2ount to the tota1 sa8in3s a u2u1ate$ ti11 $ate. I" the $eath o si=ab1e. urs 9re2ature1!7 su h sa8in3s an be 2u h 1esser than the su2 assure$. E8i$ent1!7 the 9otentia1 "inan ia1 1oss to the "a2i1! o" the 9o1i !ho1$er is
Encour,>e* ,nd Force* T4r(-t
A sa8in3s $e9osit an easi1! be 5ith$ra5n. The 9a!2ent o" 1i"e insuran e 9re2iu2s7 ho5e8er7 is onsi$ere$ sa rosan t an$ is 8ie5e$ 5ith the sa2e seriousness as the 9a!2ent o" interest on a 2ort3a3e. Thus7 a 1i"e insuran e 9o1i ! in e""e t brin3s about o29u1sor! sa8in3s.
E,*y Sett7e+ent ,nd Protect(on ,>,(n*t Cred(tor
A 1i"e insuran e 9o1i ! is the on1! "inan ia1 instru2ent the 9ro ee$s o" 5hi h an be 9rote te$ a3ainst the 1ai2s o" a re$itor o" the assure$ b! e""e tin3 a 8a1i$ assi3n2ent o" the 9o1i !. A
Ad+(n(*ter(n> t4e Le>,cy -or Bene-(c(,r(e*
S9e u1ati8e or un5ise e?9enses an Aui 41! ause the 9ro ee$s to be sAuan$ere$. Se8era1 9o1i ies ha8e "oreseen this 9ossibi1it! an$ 9ro8i$e "or 9a!2ents o8er a 9erio$ o" !ears or in a o2bination o" insta112ents an$ 1u29 su2 a2ounts.
Re,dy
M,r.et,=(7(ty ,nd Su(t,=(7(ty -or Bu(c. BorroC(n>
A 1i"e insuran e 9o1i ! an7 a"ter a ertain ti2e 9erio$ F3enera11! three !earsG7 be surren$ere$ "or a ash 8a1ue. The 9o1i ! is a1so a e9tab1e as a se urit! "or a o22er ia1 1oan7 "or e?a291e7 a stu$ent e9tab1e #IC 9o1i ! 2a! a1so ause the 1oan. It is 9arti u1ar1! a$8isab1e "or housin3 1oans 5hen an a 1en$in3 institution to 3i8e 1oan at 1o5er interest rates.
D(*,=(7(ty Bene-(t*
%eath is not the on1! ha=ar$ that is insure$O 2an! 9o1i es a1so in 1u$e $isabi1it! bene"its. T!9i a11!7 these 9ro8i$e "or 5ai8er o" "uture 9re2iu2s an$ 9a!2ent o" 2onth1! insta112ents s9rea$ o8er ertain ti2e 9erio$.
Acc(dent,7 De,t4 Bene-(t*
Man! 9o1i ies an a1so 9ro8i$e "or an e?tra su2 to be 9ai$ Ft!9i a11! eAua1 to the su2 assure$G i" $eath o urs as a resu1t o" a i$ent.
T,D Re7(eUn$er the In$ian In o2e Ta? A t7 the "o11o5in3 ta? re1ie" is a8ai1ab1e
aG &D E o" the 9re2iu2 9ai$ an be $e$u te$ "ro2 !our tota1 in o2e bG 1DD E o" the 9re2iu2 9ai$ is $e$u tib1e "ro2 !our tota1 ta?ab1e in o2e.
ta?is abi1it!.
)hen these bene"its are "a tore$ in7 it is "oun$ that 2ost 9o1i es o""er returns that are o29arab1e or e8en better than other sa8in3 2o$es su h as --@7 NSC et . Moreo8er7 the ost o" insuran e is a 8er! ne31i3ib1e.
L(-e (n*ur,nce VES ot4er
e*t+ent*
? Most in8est2ent o9tions 2a4e !our 2one! 5or4 har$er7 but there are no substitutes to 1i"e insuran e. Be ause on1! a 1i"e insuran e 9o1i ! 3i8es !ou both
ris4 o8er a3ainst !our
1i"e7 as 5e11 as returns on !our 2one! in8este$&
? #i"e insuran e a11o5s 1on3 ter2 sa8in3s to be 2a$e in a re1ati8e1! 9ain1ess 2anner be ause o" the 1o5 an$ on8enient in8est2ents 2a$e throu3h 9re2iu2s. Moreo8er7 it en oura3es
<"or e$ thri"t< 5hi h 2eans the insure$ is 2a$e to 9a! 9re2iu2s an$ sa8e 2one!7 5hi h heQshe 2a! not $o in the re3u1ar ourse o" 1i"e. ? Shou1$ !ou reAuire 1oans7 sa! "or bui1$in3 a house7 it an be easi1! obtaine$ 1oan a3ainst a
1i"e insuran e 9o1i !. A2on3st the 2ost 4no5n bene"its o" #i"e Insuran e is the sa8in3s on
!our in o2e ta?es. ? #i"e insuran e annot be o29are$ 5ith an! other "or2 o" in8est2ent as 1i"e insuran e 3i8es !ou a 1i"e1on3 bene"it an$ returns on !our 2one! 5hen it is 2ost reAuire$. ? Insuran e 9re2iu2s are 1in4e$ to a3e o" the 1i"e insure$ an$ the ear1ier !ou bu!7 the 1o5er are the 9re2iu2 reAuire2ents. Besi$es7 the 2one! sta!s in8este$ "or a 1on3er ti2e an$ thereb!
2a?i2i=in3 !our returns throu3h the 9o5er o- ru9ee o29oun$in3& So7 a 1i"e insuran e
9o1i ! is an i$ea1 too1 to 3ain se urit! an$ ensure sa8in3s. ? Most i29ortant1! it 9ro8i$es !ou 5ith that uniAue sense o" se urit! an$ 9ea e o" 2in$ that no other "or2 o" in8est2ent 9ro8i$es.
OR;ANISATION STRUCTURE OF ICICI BAN: ;ROUP
ICICI PRUDENTIAL LIFE INSURANCE COMPANY
Un$er this to9i 7 the 2aIor hea$in3s that 5i11 be o8ere$ are as un$erH
About the
o29an!
Mission M Vision -ro2oters Mana3e2ent -ro"i1e %etai1s o" $i8ision hea$s -er"or2an e o" the
o29an! AN%
#o!a1t! Se32entation
ABOUT T'E COMPANY
ICICI -ru$entia1 #i"e Insuran e Co29an! is a Ioint 8enture bet5een ICICI Ban47 a 9re2ier "inan ia1 9o5erhouse7 an$ 9ru$entia1 91 7 a 1ea$in3 internationa1 "inan ia1 ser8i es 3rou9 hea$Auartere$ in the Unite$ Kin3$o2. ICICI -ru$entia1 5as a2on3st the "irst 9ri8ate se tor insuran e o29anies to be3in o9erations in %e e2ber &DDD a"ter re ei8in3 a99ro8a1 "ro2 Insuran e Re3u1ator! %e8e1o92ent Authorit! FIR%AG.
ICICI -ru$entia1<s a9ita1 stan$s at Rs. &D..D bi11ion 5ith ICICI Ban4 an$ -ru$entia1 91 ho1$in3 /*E an$ &.E sta4e res9e ti8e1!. As o" Mar h (17 &DD/7 the o29an! 3arnere$ Rs. *7J*( rores o" 5ei3hte$ retai1 R 3rou9 ne5 business 9re2iu2s an$ 5rote o8er 1.C. 2i11ion retai1 9o1i ies. The o29an! has assets he1$ to the tune o" o8er Rs. 1,7DDD rore. As o" Mar h (17 &DD/ the o29an!
has
o8er
,JD
o""i es
a ross
the
ountr!
an$
o8er
&(*7DDD
a$8isors.
ICICI -ru$entia1 is a1so the on1! 9ri8ate 1i"e insurer in In$ia to re ei8e a Nationa1 Insurer @inan ia1
Stren3th ratin3 o" AAA FIn$G "ro2 @it h ratin3s. The AAA FIn$G ratin3 is the hi3hest ratin37 an$ is a 1ear assuran e o" ICICI -ru$entia1<s abi1it! to 2eet its ob1i3ations to 2aturit! or usto2ers at the ti2e o" 1ai2s.
@or the 9ast si? !ears7 ICICI -ru$entia1 has retaine$ its 9osition as the No. 1 9ri8ate 1i"e insurer in the ountr!7 5ith a 5i$e ran3e o" "1e?ib1e 9ro$u ts that 2eet the nee$s o" the In$ian usto2er at e8er! ste9 in 1i"e.
VISION The o29an!6s 8ision is :to 2a4e ICICI -ru$entia1 the $o2inant #i"e an$ -ensions 91a!er bui1t on trust b! 5or1$- 1ass 9eo91e an$ ser8i e.;
The! ho9e to a hie8e this b!H ? Un$erstan$in3 the nee$s o" usto2ers an$ o""erin3 the2 su9erior 9ro$u ts an$ ser8i e. ? #e8era3in3 te hno1o3! to $e8i e usto2ers Aui 41!7 e""i ient1! an$ on8enient1!. ? %e8e1o9in3 an$ i291e2entin3 su9erior ris4 2ana3e2ent an$ in8est2ent strate3ies to o""er sustainab1e an$ stab1e returns to their 9o1i !ho1$ers. ? -ro8i$in3 an enab1in3 en8iron2ent to "oster 3ro5th an$ 1earnin3 "or their e291o!ees. ? An$ abo8e a117 bui1$in3 trans9aren ! in a11 their $ea1in3s. The su ess o" the o29an! is $ue to its un"1in hin3 o22it2ent to , ore 8a1ues• • • • Inte3rit!7 Custo2er @irst7 Boun$ar! 1ess7 '5nershi97 -assion&
•
Ea h o" the ore 8a1ues $es ribe 5hat the o29an! stan$s "or7 the Aua1ities o" their 9eo91e an$ the 5a! the! 5or4.
PROMOTERS
The 9ro2oters o" ICICI -ru$entia1 #i"e Insuran e Co29an! areH ICICI Ban4 an$ -ru$entia1 -1 .ICICI an$ -ru$entia1 a2e to3ether in 1CC( to "or2 -ru$entia1 ICICI Asset Mana3e2ent Co29an!7 5hi h has to$a! e2er3e$ as one o" the 1ea$in3 2utua1 "un$s in In$ia. The t5o o29anies brin3 to3ether
t5o o" the stron3est "inan ia1 ser8i e bran$s in Asia7 4no5n "or their 9ro"essiona1is27 e? e11ent Aua1it! o" ser8i e an$ 1on3 ter2 o22it2ent to their u *to2ers& ICICI Ban4 has /*E sta4e in the o29an!7 an$ -ru$entia1 -1 has &.E.
ICICI BAN:
? ICICI BANK in In$ia<s se on$ 1ar3est ban4 an$ 1ar3est 9ri8ate se tor ban4 5ith o8er ,D !ears 9resen e in "inan ia1 ser8i es an$ 5ith assets o" o8er Rs (**..,J ban FUS% /C bi11ionG as on Mar h (17 &DD/. ? The Ban4 o""ers a 5i$e ran3e o" ban4in3 9ro$u ts an$ "inan ia1 ser8i es to or9orate an$ retai1 usto2ers throu3h a 8ariet! o" $e1i8er! hanne1s an$ throu3h its s9e ia1i=e$ subsi$iaries in the areas o" in8est2ent ban4in37 1i"e an$ non-1i"e insuran e7 9ri8ate eAuit! an$ asset 2ana3e2ent. ? ICICI Ban4 is a 1ea$in3 91a!er in the retai1 ban4in3 2ar4et an$ ser8i es its 1ar3e usto2er base throu3h a net5or4 o" o8er C,D bran hes an$ e?tension ounters7 ((DD ATMs7 a11 enters an$ internet ban4in3 to ensure that usto2ers ha8e a ess to its ser8i es at a11 ti2e. ? ICICI Ban4 o""ers a 5i$e ran3e o" ban4in3 9ro$u ts an$ "inan ia1 ser8i es to or9orate an$ retai1 usto2ers throu3h a 8ariet! o" ban4in3 9ro$u ts an$ "inan ia1 ser8i es to or9orate an$ retai1 usto2ers throu3h a 8ariet! o" $e1i8er! hanne1s an$ throu3h its s9e ia1i=e$ subsi$iaries an$ a""i1iates in the areas o" in8est2ent ban4in37 1i"e an$ non-1i"e insuran e7 8enture a9ita1 an$ asset 2ana3e2ent. ? ICICI Ban4 set u9 its internationa1 ban4in3 3rou9 in "is a1 &DD& to ater to the ross-bor$er nee$s o" 1ients an$ 1e8era3e on its $o2esti ban4in3 stren3ths to o""er 9ro$u ts internationa11!. ? ICICI Ban4 urrent1! has subsi$iaries in Unite$ Kin3$o2 an$ Cana$a7 bran hes in Sin3a9ore an$ Bahrain an$ re9resentati8e o""i es in the Unite$ States7 China7 Unite$ Arab E2irates an$ Ban31a$esh. ? ICICI Ban46s eAuit! shares are 1iste$ in In$ia on the Sto 4 E? han3e7 Mu2bai an$ the Nationa1 Sto 4 E? han3e o" In$ia #i2ite$ an$ its A2eri an %e9ositor! Re ei9ts FA%RsG are 1iste$ on the Ne5 +or4 Sto 4 E? han3e FN+SEG.
PRUDENTIAL PLC
Estab1ishe$ in #on$on in 1J*J7 -ru$entia1 -1 7 throu3h its businesses in the UK an$ Euro9e7 the US an$ Asia7 9ro8i$es retai1 "inan ia1 ser8i es 7 9ro$u ts an$ ser8i es to 2ore than 1. 2i11ion usto2ers7 9o1i !ho1$ers an$ unit ho1$ers 5or1$5i$e.
? As o" %e e2ber &DD.7 &D 2i11ion usto2ers7 9o1i !ho1$er an$ unit ho1$ers an$ 2ana3es o8er S&,1 bi11ion o" "un$s 5or1$5i$e. ? -ru$entia1 has brou3ht to 2ar4et an inte3rate$ ran3e o" "inan ia1 ser8i es 9ro$u ts that no5 in 1u$es 1i"e assuran e7 9ensions7 2utua1 "un$s7 ban4in37 in8est2ent 2ana3e2ent an$ 3enera1 insuran e. ? -ru$entia1 is UK6s 1ar3est 1i"e insuran e o29an! 5ith a 8ast net5or4 an$ 2utua1 "un$ o9erations in t5e18e ountries-China7 Hon3Kon37 In$ia7 In$onesia7 Ja9an7 Korea7 Ma1a!sia7 the -hi1i99ines7 Sin3a9ore7 Tai5an7 Thai1an$ an$ Vietna2. ? So1i$ re9utation bui1t o8er 1,D !ears. ? Insuran e an$ in8est2ent "un$s un$er 2ana3e2ent e? ee$ Rs 117 DD7DDD rores. ? A1rea$! estab1ishe$ as one o" the bi33est 9ri8ate se tor 2utua1 "un$ F-ru$entia1 ICICI AMC.G ? A tru1! 31oba1 bran$. o29anies in In$ia.
-ru$entia1 is the 1ar3est 1i"e insuran e o29an! in the Unite$ Kin3$o2 FSour eH SM-<s UK #i"e @inan ia1 %i3est7 1CCJG. Asia has a15a!s been an i29ortant re3ion "or -ru$entia1 an$ it has ha$ a 9resen e in Asia "or o8er /, !ears. In "a t -ru$entia1<s "irst o8erseas o9eration 5as in In$ia7 5a! ba 4 in 1C&( to estab1ish #i"e an$ Genera1 Bran h a3en ies.
BOARD OF DIRECTORS
The ICICI -ru$entia1 #i"e Insuran e Co29an! #i2ite$ Boar$ o29rises Re9ute$ 9eo91e "ro2 the "inan e in$ustr! both "ro2 In$ia an$ abroa$
:&V :7,+,t48 Chair2an Mr& B,rry StoCe Mr*& :,7p,n, Mor,)(, Mr*& C4,ndr,
c4er Mr& 'T P4on> Mr& M&P& Mod( Mr& R N,r,y,n,n Mr& :e.( D,d(*et4 Mr& S,ndeeep B,.*4(8 Mana3in3 %ire tor Mr& N& S& :enn,n8 E?e uti8e %ire tor Mr& B4,r>,) D,* ;upt,8 E?e uti8e %ire tor
PRODUCTS AND SERVICES
The to9i s o8ere$ un$er this areH ? -ro$u t Mi? ? Se32entation an$ 9ositionin3 strate3ies ? Co22uni ation strate3ies an$ 2e$ia ana1!sis ? %istribution an$ hanne1 2ana3e2ent
PRODUCT MIF
ICICI -ru$entia1 #i"e Insuran e o""ers a ran3e o" inno8ati8e7 usto2er- entri 9ro$u ts that 2eet the nee$s o" usto2ers at e8er! 1i"e sta3e. Its 1C 9ro$u ts are o2bine$ 5ith u9 to . ri$ers7 to reate a usto2i=e$ so1ution "or ea h 9o1i !ho1$er. The in$i8i$ua1s as 5e11 as 3rou9s. The insuran e so1utions "or the in$i8i$ua1s areH o29an! 9ro8i$es insuran e so1utions "or both
S,)(n>* G 3e,7t4 Cre,t(on So7ut(on*
Se8en -rote t is a tra$itiona1 en$o52ent sa8in3s 91an that o""ers 1i"e 9rote tion a1on3 5ith a$eAuate returns. Cash is an anti i9ate$ en$o52ent 9o1i ! i$ea1 "or 2eetin3 2i1estone e?9enses 1i4e a hi1$<s 2arria3e7 e?9enses "or a hi1$<s hi3her e$u ation or 9ur hase o" an asset. It is a8ai1ab1e "or ter2s o" 1, an$ &D !ears .
B,n.
L(-et(+e Super G L(-et(+e -1us are unit-1in4e$ 91ans that o""er usto2ers the "1e?ibi1it! an$
ontro1 to usto2i=e the 9o1i ! to 2eet the han3in3 nee$s at $i""erent 1i"e sta3es. Ea h o""er . "un$ o9tions - -reser8er7 -rote tor7 Ba1an er7 Ma?i 2iser7 @1e?i Gro5th an$ @1e?i Ba1an e$. #i"e #in4 Super is a sin31e 9re2iu2 unit 1in4e$ insuran e -1an 5hi h o2bines 1i"e insuran e o8er 5ith the o99ortunit! to sta! in8este$ in the sto 4 2ar4et. -re2ier #i"e Go1$ is a 1i2ite$ 9re2iu2 9a!in3 91an s9e ia11! stru ture$ "or 1on3-ter2 5ea1th reation. In8est Shie1$ L(-e Ne5 is a unit 1in4e$ 91an that 9ro8i$es 9re2iu2 3uarantee on the in8este$ 9re2iu2s an$ ensures that the usto2er re ei8es on1! the bene"its o" "un$ a99re iation 5ithout an! o" the ris4s o" $e9re iation.
In8est Shie1$ C,*4 =,n. is a unit 1in4e$ 91an that 9ro8i$es 9re2iu2 3uarantee on the in8este$ 9re2iu2s a1on3 5ith "1e?ib1e 1iAui$it! o9tions.
Protect(on So7ut(on*
#i"e3uar$ is a 9rote tion 91an7 5hi h o""ers 1i"e o8er at 1o5 ost. It is a8ai1ab1e in ( o9tions - 1e8e1 ter2 assuran e7 1e8e1 ter2 assuran e 5ith return o" 9re2iu2 M sin31e 9re2iu2. Ho2e Assure is a 2ort3a3e re$u in3 ter2 assuran e 91an $esi3ne$ s9e i"i a11! to he19 usto2ers o8er their ho2e 1oans in a si291e an$ ost-e""e ti8e 2anner. C4(7d P7,n* E$u ation insuran e un$er the S2art Ki$ bran$ 9ro8i$es 3uarantee$ e$u ationa1 bene"its to a hi1$ a1on3 5ith 1i"e insuran e o8er "or the 9arent 5ho 9ur hases the 9o1i !. The 9o1i ! is $esi3ne$ to 9ro8i$e 2one! at i29ortant 2i1estones in the hi1$<s 1i"e. S2art Ki$ 91ans are a1so a8ai1ab1e in unit1in4e$ "or2 - both sin31e 9re2iu2 an$ re3u1ar 9re2iu2 .
Ret(re+ent So7ut(on*
@ore8er #i"e is a tra$itiona1 retire2ent 9ro$u t that o""ers 3uarantee$ returns "or the "irst * !ears an$ then $e 1ares bonuses annua11!. #i"eti2e is a re3u1ar 9re2iu2 unit 1in4e$ 9ension 91an that he19s one a u2u1ate o8er the 1on3 ter2 an$ o""ers , annuit! o9tions F1i"e annuit!7 1i"e annuit! 5ith return o" 9ur hase 9ri e7 Ioint 1i"e 1ast sur8i8or annuit! 5ith return o" 9ur hase 9ri e7 1i"e annuit! 3uarantee$ "or ,71D an$ 1, !ears M "or 1i"e therea"ter7 Ioint 1i"e7 1ast sur8i8or annuit! 5ithout return o" 9ur hase 9ri eG at the ti2e o" retire2ent.
Super Pen*(on
#i"e #in4 Super Pen*(on is a sin31e 9re2iu2 unit 1in4e$ 9ension 91an.
I22e$iate Annuit! is a sin31e 9re2iu2 annuit! 9ro$u t that 3uarantees in o2e "or 1i"e at the ti2e o" retire2ent. It o""ers the bene"it o" , 9a!out o9tions.
'e,7t4 So7ut(on*
Hea1th Assure an$ Hea1th Assure -1us Hea1th Assure is a re3u1ar 9re2iu2 91an 5hi h 9ro8i$es 1on3 ter2 o8er a3ainst . riti a1 i11nesses b! 9ro8i$in3 9o1i !ho1$er 5ith "inan ia1 assistan e7 irres9e ti8e o" the a tua1 2e$i a1 e?9enses. Hea1th Assure -1us o""ers the a$$e$ a$8anta3e o" an eAui8a1ent 1i"e insuran e o8er.
:
C,ncer is a re3u1ar 9re2iu2 91an that 9a!s ash bene"it on the $ia3nosis as 5e11 as at $i""erent sta3es in the treat2ent o" 8arious an er on$itions. %iabetes Care %iabetes Care is a uniAue riti a1 i11ness 9ro$u t s9e ia11! $e8e1o9e$ "or in$i8i$ua1s 5ith T!9e & $iabetes an$ 9re-$iabetes. It 2a4es 9a!2ents on $ia3nosis on an! o" . $iabetes re1ate$ riti a1 i11nesses7 an$ a1so o""ers a oor$inate$ are a99roa h to 2ana3in3 the on$ition. %iabetes Care -1us a1so o""ers 1i"e o8er.
Care: :
Hos9ita1 Care is a "i?e$ bene"it 91an o8erin3 8arious sta3es o" treat2ent N hos9ita1i=ation7 ICU7 9ro e$ures M re u9eratin3 a11o5an e. It o8ers a ran3e o" 2e$i a1 on$itions FCDD sur3eriesG an$ has 1on3 ter2 3uarantee$ o8era3e u9 to &D !ears.
:
;roup In*ur,nce So7ut(on*
ICICI -ru$entia1 a1so o""ers Grou9 Insuran e So1utions "or o29anies see4in3 to enhan e bene"its to their e291o!ees. Grou9 Gratuit! -1anH ICICI -ru6s 3rou9 3ratuit! 91an he19s e291o!ers "un$ their statutor! 3ratuit! ob1i3ation in a s ienti"i 2anner. The 91an an a1so be usto2i=e$ to stru ture s he2es that an 9ro8i$e bene"its be!on$ the statutor! ob1i3ations. Grou9 Su9erannuation -1anH ICICI -ru o""ers both $e"ine$ ontribution F%CG an$ $e"ine$ bene"it F%BG su9erannuation s he2es to o9ti2i=e returns "or the 2e2bers o" the trust an$ rationa1i=e the ost. Me2bers ha8e the o9tion o" hoosin3 "ro2 8arious annuit! o9tions or o9tin3 "or a 9artia1 o22utation o" the annuit! at the ti2e o" retire2ent. Grou9 I22e$iate AnnuitiesH In a$$ition to the annuities o""ere$ to e?istin3 su9erannuation usto2ers7 5e o""er i22e$iate annuities to su9erannuation "un$s not 2ana3e$ b! us. Grou9 Ter2 -1anH ICICI -ru<s "1e?ib1e 3rou9 ter2 so1ution he19s 9ro8i$e a""or$ab1e o8er to 2e2bers o" a 3rou9. The o8er ou1$ be uni"or2 or base$ on $esi3nationQran4 or a 2u1ti91e o" sa1ar!. The bene"it un$er the 9o1i ! is 9ai$ to the bene"i iar! no2inate$ b! the 2e2ber on hisQher $eath.
F7eD(=7e R(der Opt(on*
ICICI -eru #i"e o""ers "1e?ib1e ri$ers7 5hi h an be a$$e$ to the basi 9o1i ! at a 2ar3ina1 ost7 $e9en$in3 on the s9e i"i nee$s o" the usto2er. /& Acc(dent G d(*,=(7(ty =ene-(t: I" $eath o urs as the resu1t o" an a i$ent $urin3 the ter2 o" the 9o1i !7 the bene"i iar! re ei8es an a$$itiona1 a2ount eAua1 to the ri$er su2 assure$ un$er the 9o1i !. I" an a i$ent resu1ts in tota1 an$ 9er2anent $isabi1it!7 1DE o" ri$er su2 assure$ 5i11 be 9ai$ ea h !ear7 "ro2 the en$ o" the 1st !ear a"ter the $isabi1it! $ate "or the re2ain$er o" the base 9o1i ! ter2 or 1D !ears7 5hi he8er is 1esser. I" the $eath o urs 5hi1e tra8e1in3 in an authori=e$ 2ass trans9ort 8ehi 1e7 the bene"i iar! 5i11 be entit1e$ to t5i e the su2 assure$ as a$$itiona1 bene"it. ?& Cr(t(c,7 I77ne** Bene-(t: 9rote ts the insure$ a3ainst "inan ia1 1oss in the e8ent o" C s9e i"ie$ riti a1 i11nesses. Bene"its are 9a!ab1e to the insure$ "or 2e$i a1 e?9enses 9rior to $eath. #& 3,()er o- Pre+(u+: In ase o" tota1 an$ 9er2anent $isabi1it! $ue to an a i$ent7 the "uture 9re2iu2s ontinue to be 9ai$ b! the o29an! ti11 the ti2e o" 2aturit!. This ri$er is a8ai1ab1e 5ith #i"eti2e Su9er7 #i"eti2e Su9er -ension an$ Cash -1us.
SE;MENTATION AND POSITIONIN; STRATE;Y
At a broa$ 1e8e17 ICICI -ru$entia1 ai2s to se ure the "a2i1ies
u99er
o" the 2i$$1e an$ 1ass 5or4in3 9eo91e in urban an$ rura1 In$ia. Their
strate3! has a15a!s been to "o us on $e1i8erin3 8a1ue an$ on8enien e to the usto2er7 5hether the! are in the rura1 or urban areas. Hen e7 in urban areas the! ha8e "o use$ on o""erin3 9ro$u t hoi e an$ "1e?ibi1it! an$ bui1$in3 eas! a ess "or the usto2ersO 5hi1e in rura1 areas the "o us is on 9artnerin3 5ith NG'6s an$ 3rass-root or3ani=ations an$ o""erin3 a si291e 9ro$u t that an be un$erstoo$ b! the usto2ers. COMMUNICATION AND MEDIA ANALYSIS ICICI -ru$entia16s su • • • • ess has been bui1t on its onsistent "o us on the usto2er an$ $e1i8erin3 on
hisQher nee$s. This in 1u$es se8era1 initiati8es7 su h asH %e8e1o9in3 "1e?ib1e 9ro$u ts that are base$ on onsu2er nee$s an$ insi3hts. '""erin3 $i""erentiate$ ser8i e to the usto2er in a 2anner that is 2ost Con8enient to hi2Qher-be it throu3h the 5eb7 a11 enters7 bran hes7 et . In8est2ent strate3! 5ith a "o us on sa"et!7 stabi1it! an$ returns are so2e o" the "a tors that ha8e "a i1itate$ their 3ro5th.
DISTRIBUTION AND C'ANNEL MANA;EMENT
ICICI -ru$entia1 has one o" the 1ar3est $istribution net5or4s a2on3st 9ri8ate 1i"e insurers in In$ia. As o" Mar h (17 &DD/ the o29an! has o8er ,JD o""i es a ross the ountr! an$ o8er &(*7DDD a$8isors. The o29an! has o8er && ban4 insuran e o. 9artners7 ha8in3 tie-u9s 5ith ICICI Ban47 @e$era1 Ban47 South In$ian Ban47 Ban4 o" In$ia7 #or$ Krishna Ban47 I$u44i %istri t Co-o9erati8e Ban47 Ja13aon -eo91es Co-o9erati8e Ban47 Sha2rao )itha1 Co-o9 Ban47 Erna4u1u2 Ban47 C Ban4 o" In$ia s9onsore$ Re3iona1 Rura1 Ban4s FRRBsG7 Sa31e Urban Co-o9erati8e Ban47 Bara2ati Co-o9erati8e Ban47 Bai11ie Kshetri!a Gar2in Ban47 The Har!ana State Co-o9erati8e Ban4. ICICI -ru$entia1 5as the "irst 1i"e insurer to 1aun h o9erations 5ith a 2u1ti- hanne1 $istribution strate3! that in 1u$e$H
• • • • • •
A$8isors Ban assuran e Cor9orate a3ents %ire t 2ar4etin3 An$ 2ost re ent1!7 its on1ine a991i ation s!ste2-Instate Insure. A1so this is the on1! o29an! to ha8e a tie-u9 5ith In$ian -ost '""i e.
INSURANCE RE;ULATORY G DEVELOPMENT AUT'ORITY
!IRDA%
Insuran e Re3u1ator! an$ %e8e1o92ent Authorit! FIR%AG is onstitute$ b! the Go8ern2ent o" In$ia7 5hi h 3o8erns a11 the o29anies that are o9eratin3 in the insuran e se tor in In$ia. As 9er the se tion * o" IR%A A t< 1CCC7 Insuran e Re3u1ator! an$ %e8e1o92ent Authorit! FIR%A7 5hi h 5as onstitute$ b! an a t o" 9ar1ia2entG s9e i"! the o29osition o" Authorit!.
MISSION OF IRDA
To 9rote t the interests o" the 9o1i !ho1$ers7 to re3u1ate7 9ro2ote an$ ensure or$er1! 3ro5th o" the insuran e in$ustr! an$ "or 2atters onne te$ there5ith or in i$enta1 thereto. Dut(e*8 PoCer* ,nd Funct(on* o- IRDA Se tion 1* o" IR%A A t7 &DDD 1a!s $o5n the $uties7 9o5ers an$ "un tions o" IR%A. The Authorit! sha11 ha8e the $ut! to re3u1ate7 9ro2ote an$ ensure or$er1! 3ro5th o" the insuran e business an$ reinsuran e business. T4e poCer* ,nd -unct(on* o- t4e Aut4or(ty *4,77 (nc7ude: FaG Issue to the a991i ant a an e1 su h re3istrationO FbG -rote tion o" the interests o" the 9o1i ! ho1$ers in 2atters on ernin3 assi3nin3 o" 9o1i !7 no2ination b! 9o1i ! ho1$ers7 insurab1e interest7 sett1e2ent o" insuran e 1ai27 surren$er 8a1ue o" 9o1i ! an$ other ter2s an$ on$itions o" ontra ts o" insuran eO F G S9e i"!in3 reAuisite Aua1i"i ations7 o$e o" on$u t an$ 9ra ti a1 trainin3 "or inter2e$iar! or insuran e inter2e$iaries an$ a3entsO F$G S9e i"!in3 the o$e o" on$u t "or sur8e!ors an$ 1oss assessorsO FeG -ro2otin3 e""i ien ! in the on$u t o" insuran e businessO F"G -ro2otin3 an$ re3u1atin3 9ro"essiona1 or3ani=ations onne te$ 5ith the insuran e an$ reinsuran e businessO F3G #e8!in3 "ees an$ other har3es "or arr!in3 out the 9ur9oses o" this A tO FhG Ca11in3 "or in"or2ation "ro27 un$erta4in3 ins9e tion o"7 on$u tin3 enAuiries an$ erti"i ate o" re3istration7 rene57 2o$i"!7 5ith$ra57 sus9en$ or
in8esti3ations in 1u$in3 au$it o" the insurers7 inter2e$iaries7 insuran e inter2e$iaries an$ other or3ani=ations onne te$ 5ith the insuran e businessO ontro1 an$ re3u1ation o" the rates7 a$8anta3es7 ter2s an$ on$itions that 2a! be o""ere$ b! insurers in res9e t o" ontro11e$ an$ re3u1ate$ b! the Tari"" A$8isor! 3enera1 insuran e business not so
Co22ittee un$er se tion .*U o" the Insuran e A t7 1C(J F* o" 1C(JGO FiG S9e i"!in3 the "or2 an$ 2anner in 5hi h boo4s o" a ount sha11 be 2aintaine$ an$ state2ent o" a ounts sha11 be ren$ere$ b! insurers an$ other insuran e inter2e$iariesO
INDIAN INSURANCE INDUSTRY IN ANCIENT TIME
In$ian insuran e in$ustr! as 5e see to$a! 5as not so 8ast ear1ier. At that ti2e7 there 5ere on1! & 91a!ersO the state insurers Fas on / 1 ?HHH%& L(-e (n*urer #i"e Insuran e Co29an! o" In$ia !LIC% ;ener,7 In*ur,nce Corpor,t(on o- Ind(, !;IC% It ha$ * subsi$iar! o29anies. #ater this * 5ere $e-1in4e$ an$ the! starte$ their business se9arate1!. These are F1G Or(ent,7 (n*ur,nce co+p,ny Ltd. F&G T4e NeC Ind(, ,**ur,nce Co+p,ny Ltd& F(G N,t(on,7 In*ur,nce Co+p,ny Ltd& F*G Un(ted Ind(, (n*ur,nce Co+p,ny Ltd.
INDIAN LIFE INSURANCE INDUSTRY IN PRESENT TIME: The Go8ern2ent o" In$ia 1ibera1i=e$ the insuran e se tor in M,rc4 ?HHH 5ith the 9assa3e o" the Insuran e Re3u1ator! an$ %e8e1o92ent Authorit! !IRDA% Bi117 re2o8in3 a11 entr! restri tions "or 9ri8ate 91a!ers an$ a11o5in3 "orei3n 91a!ers to enter the 2ar4et 5ith so2e 1i2its on $ire t "orei3n an$ 5ith the 3ro5th in this in$ustr! 2an! o29anies entere$ the 1i"e insuran e se tor. An! o29an! 5ith the Ioint 8enture o" #i"e Insuran e Co29an! an start business o" 1i"e insuran e. T4e*e ,re -o77oC(n> 7(-e (n*ur,nce co+p,n(e*: F1G BAJAJ A11ian= #i"e Insuran e Co29an! #t$. F&G BIR#A Sun #i"e Insuran e Co. #t$ F(G H%@C Stan$ar$ 1i"e Insuran e Co. #t$ F*G ICICI -ru$entia1 #i"e Insuran e Co. #t$. F,G MA0 Ne5!or4 #i"e Insuran e #t$. F.G MET #i"e In$ia Insuran e Co. #t$. F/G K'TAK Mahin$ra '1$ Mutua1 #i"e Insuran e #t$. FJG SBI #i"e Insuran e Co29an! #t$. F1DG Re1ian e #i"e Insuran e Co #t$. F11G TATA Ai3 #i"e Insuran e Co. #t$. F1&G AVIVA #i"e Insuran e Co. In$ia -8t. #i2ite$. F1(G SAHARA In$ia 1i"e Insuran e Co. #t$.
#& RESEARC' AND MET'ODOLO;Y
In this se tion o" 2! 9roIe t7 the reAuire2ent is to $es ribe the sour es o" o11e tin3 9ri2ar! an$ se on$ar! $ata. @or o11e tin3 9ri2ar! $ata7 2etho$ a$o9te$ 5as "o us 3rou9 2etho$. ? Source o- pr(+,ry d,t, 1. Natura1 Mar4et • • • Re1ati8es @rien$s Nei3hbors
&. Sta11 '9eration (. Sur8e! *. Se2inar F@o us Grou9G
? Source o- Second,ry D,t, 1. +e11o5 -a3es &. %atabase o" $i""erent o29anies #ITGI A3ents (. Te1e a11in3 1ea$s *. Re"eren e $ata.
CONTACT MET'OD
Initia11!7 the instru tions 3i8en b! the o29an! 5ere to 5or4 on natura1 2ar4et Co29an!7 i.e.
re1ati8es7 "rien$s7 nei3hbors or the 4no5n ones. But bein3 ne5 to the it!7 this onstraint o" not ha8in3 the natura1 2ar4et 5as there. 'ne o" the 2etho$s use$ in re ruit2ent 5as to a11 9eo91e "ro2 +e11o5 -a3es an$ ta4e their a99oint2ents. 'n e the 2eetin3 is "i?e$ 5ith that 9erson7 then a B.'.i.e. Business '99ortunit! -resentation has to be 3i8en to hi2. This 9resentation he19s to a 3reat e?tent in 2a4in3 that 9erson 4no5 about the Co29an!7 the bene"its that heQshe 5i11 3et in 3ettin3 asso iate$ 5ith the Co29an!. It Iust ha99ens so2eti2es that a 9erson 2i3ht not on entrate on 5hat is bein3 to1$ to hi2 but 5hen that 9erson 1oo4s at that 9resentation it be o2es eas! to on8in e hi2 as he is "o use$ on the "a ts an$ "i3ures 2entione$ in the 9resentation.
T4e another 2etho$ that an be "o11o5e$ is that o" 2a4in3 o1$ a11s to or9orate o""i es7 sho9s or those 9eo91e 5ho2 a stu$ent "ee1s an be o2e a$8isors or 5ho 2i3ht be intereste$ in be o2in3 a$8isors. Here7 the $ut! is to te11 the2 about a3en ! business7 5hat the! 5i11 3et out o" it an$ "ina11! 1osin3 the $ea1. I" the! sti11 ha8e so2e Aueries or Auestions 5hi h ou1$ not be ans5ere$ at that 9oint o" ti2e7 then the! are reAueste$ to 8isit our o""i e so that the! 2a! enAuire about their $oubts "ro2 Unit Mana3ers an$ thus 2a4in3 the2 satis"ie$ that their asso iation 5ith the Co29an! is so2ethin3 5hi h the! 5i11 not re3ret. This 2etho$ is a1so a11e$ -R'S-ECTING &
INSURANCE ADVISOR
:-ersons 5ho se11 insuran e 9o1i ies7 "or a sin31e insuran e o29an!7 in return "or a o22ission are a11e$ A%VIS'RS.;
Insuran e A$8isors are the bri$3e or the hanne1 9artners bet5een the 9o1i !ho1$er an$ insuran e o29an!. The! 2a4e the base "or the insuran e o29an!. In other 5or$s7 it an be sai$ that a$8isors are those 9eo91e in the or3ani=ation 5ho an 3i8e business to the o29an! . The! are the re9resentati8es o" an insuran e o29an! 5ho se11s insuran e. An insuran e a$8isor 1o ates 9ros9e ti8e insuran e usto2ers7 $eter2ines the insuran e nee$s o" ea h usto2er7 an$ assists the usto2er in a991!in3 "or insuran e. T!9i a11!7 an insuran e a$8isor 5i11 $e1i8er the 9o1i ! 5hen the a991i ation is a99ro8e$7 5i11 o11e t the initia1 9re2iu27 an$ 5i11 9ro8i$e usto2er ser8i e to 9o1i ! o5ners. An a$8isor is a1so a11e$ a "ie1$ un$er5riter or a 1i"e un$er5riter. So2e other 5a!s to se11 insuran e 9o1i ies areH Ban assuran e an$ Cor9orate A3en !.
3'Y TO BE AN ADVISOR5
No startu9 a9ita1 reAuire$ @1e?ib1e 5or4in3 en8iron2ent Be !our o5n boss Un1i2ite$ earnin3 9otentia1
3'O CAN BE T'E ADVISORS5
)hi1e 2a4in3 a$8isors "or the o29an!7 ertain hara teristi s ha8e to be 4e9t in 2in$. The! are as un$erH ? A 9erson shou1$ be bet5een the a3e 3rou9 o" &,-*D !ears. ? Shou1$ be a 3ra$uate or o1$ SSC -ass. ? Shou1$ 9re"erab1! be 2arrie$. ? Shou1$ be a 1o a1ite. A9art "ro2 this7 there is a ertain tar3et au$ien e that has to be tar3ete$H ? Chartere$ A ountants
? Co29an! Se retaries ? Ta? Consu1tants ? Business2en ? Beaut! -ar1ors ? Mana3e2ent Consu1tants ? A$8o ates ? En3ineers ? Tour an$ Tra8e1s o5ners ? Air ti 4et boo4in3s ? T5o an$ @our 5hee1er "inan e o29anies ? Courier ser8i es ? Retai1ers o" $i""erent 9ro$u ts ? Co29uter Har$5are Business ? So"t5are Business ? @urniture sho9s
BE AN ADVISOR
Bein3 an ICICI -ru$entia1 a$8isor an be an enri hin3 an$ e? itin3 areer o9tion. It6s an o99ortunit! to asso iate 5ith an in$ustr! 1ea$er7 be in tou h 5ith the 1atest an$ "inest insuran e 9ra ti es "ro2 aroun$ the 31obe7 an$ 3ro5 both 9ersona11! an$ 9ro"essiona11!. Here are so2e o" the bene"its o" bein3 an ICICI -ru$entia1 #i"e Insuran e A$8isor-H ? Un1i2ite$ earnin3 9otentia1. ? C1ear areer 9ath. ? A11 roun$ su99ort throu3h e? 1usi8e a$8ertisin37 !our o5n in-house onsu1tant7 an$ 5or1$1ass trainin3. ? A o29rehensi8e bene"it 9a 4a3e.
ADVISORIS ROLE
Ident(-y -uture c7(ent: A$8isor has to "in$ the 1ient 5ho an 9a! re3u1ar 9re2iu2 to the o29an! be ause o29an! 5i11 9a! o22ission on the 9re2iu2 o11e te$ b! the a$8isor. M,.(n> ,ppo(nt+ent*: Just 2a4in3 onta ts is not enou3h "or an a$8isor in the 1i"e insuran e business but he has to 4ee9 in tou h onstant1! 5ith the 1ient so that he an un$erstan$ the nee$ o" the 1ient an 9ro8i$e a 9ro9er 9o1i !Qsa"et! to the 1ient. Conduct -(n,nc(,7 re)(eC C(t4 c7(ent*: A$8isor 2ust 2a4e his 1ient a5are o" $i""erent t!9es o" the 9o1i ! o" the o29an!. He a1so 3i8es "inan ia1 re8ie5 1i4eH ? Ho5 2u h a 1ient 5i11 3et a"ter the 2aturit! o" the 9o1i !U ? Ho5 2u h 9re2iu2 he has to 9a!U ? Ho5 2u h bonus an$ a$$ition bene"it 5i11 the 1ient 3etU Et .
C7o*e *,7e: U1ti2ate1! su ess is $e"ine$ in ter2s o" sa1es. The a$8isor shou1$ 1ea$ ea h a99oint2ent to5ar$s a
sa1e an$ 1ose e""e ti8e1! 5herein the 1ient is ha99! on 9ur hasin3 the insuran e so1ution an$ "ee1s satis"ie$ 5ith it.
;et re-err,7*: As 2entione$ abo8e- insuran e is the business o" onta ts- the best 5a! to 3et re"eren e or onta t is a$8isors6 9ros9e ts an$ 1ients. It 5i11 he19 a$8isors to in rease re1ation in the 2ar4et. Pro)(de *er)(ce to t4e c7(ent: Insuran e is the ser8i e business. Ser8i e shou1$ be on the 2ar4 in this 4in$ o" business. The 2otto o" ICICI -ru$entia1 is to 9ro8i$e 3oo$ ser8i e to the 1ient so in ICICI -ru$entia1 ea h a$8isor 2ust 3i8e 8er! 3oo$ ser8i e to the 1ient. C,reer At ICICI -ru$entia17 areer $e8e1o92ent is e29hasi=e$ u9on "ro2 the 8er! $a! the a$8isor Ioins the s!ste2. Thou3h in$i8i$ua1 2eetin3s 5ith his or her 2ana3er7 the a$8isor an $is uss 8arious issues re1ate$ to business $e8e1o92ent an$ areer enhan e2ent. E?9e tations "ro2 the or3ani=ation in ter2s o" ha14in3 a areer in the insuran e in$ustr! are a1so $is usse$.
CAREER OPPORTUNITY FOR ADVISOR
A e& T &inin# +&n&#e
SALES +ANA/ER B$siness P& tne S * A#enc, +&n&#e
B &nch T &ine
A#enc, +&n&#e +DRT ), 01 months Unit +&n&#e
T &inin# Cons$lt&nt A"!iso
T &inin# Cons$lt&nt T &inin# Cons$lt&nt
LIMITATIONS
? As the 2o8e2ent throu3hout the it! is not 9ossib1e $ue to ertain onstraints so the 2o8e2ent 5as Auite restri te$. ? -eo91e are not rea$! to 3o "or trainin3. As the trainin3 9erio$ is o" 1/ $a!s an$ it in8o18es "u11 $a!7 so it be o2es $i""i u1t "or the2 to 1ea8e their o""i es or sho9s "or su h a 1on3 ti2e. ? The o29u1sion o" se11in3 1& 9o1i ies in a !ear a1so restri ts the2 "ro2 be o2in3 a$8isors. I" the! $o not "u1"i11 this tar3et7 then their 1i ense is an e11e$ a"ter a !ear. ? #a 4 o" trust on an! o29an! o" -ri8ate Se tor. ? #a 4 o" 4no51e$3e about the 9ro$u ts o" ICICI -ru$entia1 an$ their tota1 an$ b1in$ "aith on #IC. ? So2eti2es7 "resh 3ra$uates 5ant to be o2e a$8isors but the o29an! $enies 2a4in3 the2 an a$8isor as the! are 8er! "i 41e-2in$e$ an$ a1so unre1iab1e. ? There is a 9rob1e2 in tar3etin3 Chartere$ A o" Chartere$ A ountants. ICAI7 5hi h is the 3o8ernin3 bo$! ountants7 $oes not a11o5 the2 to be o2e a$8isors. Ho5e8er7 no5 the!
ha8e 9er2itte$ so2e CA6s to be o2e a$8isors7 but these are on1! those ones 5ho are $oin3 Iobs so2e5here an$ not a11o5e$ the ones 5ho are $oin3 their 9ra ti e. So7 sti11 this $e ision is 8er! $i e!. ? So2eti2es7 e8en those 9eo91e 5ant to be o2e a$8isors "or the o29an! 5ho are not a 1o a1ities but then the 2aIor 9rob1e2 that the! "a e is that the! ha8e 3ot no natura1 2ar4et7 so the! are 8er! sus e9tib1e about their 9er"or2an e an$ 5hether the! 5i11 be ab1e to 3enerate business "or the o29an! or not7 so the! a8oi$ to ta4e u9 this ha11en3e.
? It 5as a 3reat 9rob1e2 to 3et a99oint2ents "ro2 9eo91e in the 2onth o" Mar h as 2ost o" the2 5ere bus! in "i1in3 their returns. ? So2e 9eo91e as4 about o29arati8e ana1!sis 5ith #IC. ? So2e 9eo91e onsi$er IR%A "ees o" Rs. 1DDD as a onstraint. ? Non-a8ai1abi1it! o" 9art-ti2e trainin3. ? A11 s2a11 to5ns are not o9en "or $oin3 this business. ? 'ne 9erson annot ta4e #i"e Insuran e A3en ! o" t5o $i""erent Co29anies. ? Ti2e onstraint is the bi33est onstraint in ta4in3 u9 the stu$!.
ReC,rd* ,nd Reco>n(t(on
ICICI -ru$entia1 a$8isors are onstant1! re o3ni=e$ an$ re5ar$e$ "or their 9er"or2an e. Nu2erous ontests a11 !ear roun$ 9ro2ote hea1th! o29etition a2on3st a$8isors an$ re o3nition "or their e""orts. %e9en$in3 on the 1e8e1 o" business the a$8isor a hie8es in a !ear7 he or she an be o2e a 2e2ber o" 8arious 1ubs su h as the -resi$ent6s 1ub7 ICICI -ru Star Internationa1 an$ the ICICI -ru Star In$ia 1ub. Ea h o" these 1ubs ha8e s9e i"i 9er"or2an e riteria "or Aua1i"i ation an$ 2e2bers o" these 1ubs are entit1e$ to atten$ se2inars he1$ at e?oti internationa1 an$ $o2esti 1o ations ea h !ear. A$8isors an a1so Aua1i"! "or the reno5ne$ M%RT FMi11ion %o11ar Roun$ Tab1eG7 an e? 1usi8e internationa1 insuran e a$8isors 1ub.
BC Base Co22ission RC Rene5a1 Co22ission AC A u2u1ate$ Co22ission
Brief History:
E)o7ut(on o- t4e Ent(ty C(t4 re*pect to T(+e In e9tion ICICI Ban4 tra es ba 4 its ori3in to 1C,, 5hen7 at the initiati8e o" )or1$ Ban47 the Go8ern2ent o"
In$ia an$ re9resentati8es o" In$ian in$ustr!7 The In$ustria1 Cre$it an$ In8est2ent Cor9oration o" In$ia #i2ite$ FICICIG 5as in or9orate$ 5ith the obIe ti8e o" 9ro8i$in3 1on3-ter2 an$ 2e$iu2-ter2 9roIe t "inan in3 to In$ian businesses FE?hibit 1G. In 1C,, ICICI a te$ as a 9ri2ar! sour e o" "orei3n urren ! in the In$ian Mar4et. @un$in3 "ro2 )or1$ Ban47 G'I7 an$ other 2u1ti1atera1 sour es not 5ithstan$in3 ICICI 5as a1so one o" the "irst In$ian o29anies to raise "un$s "ro2 internationa1 2ar4ets. In 1C,. itse1" the o29an! $e 1are$ its "irst $i8i$en$ o" (.,E.
1& DATA ANALYSIS AND INTERPRETATION
I 3athere$ $ata throu3h 9ri2ar! sour e o" $ata o11e tion. )e ha8e %i""erent t!9es o" 2etho$s in this su h as obser8ation7 inter8ie57 an$ Luestionnaire an$ so on. I se1e te$ Auestionnaire te hniAue . 34y d(d I *e7ect t4e <ue*t(onn,(re -or d,t, co77ect(on5
F1G Throu3h this 2etho$ !ou an rea h to 2ore res9on$ents as o29are$ to other 2etho$s o" $ata o11e tion. F&G In this 2etho$ 5e $on6t ha8e an! 9rob1e2 to re or$ $ata. F(G There is 1o5 ost in8o18e$ in it. F*G Res9onses annot be biase$ on the 9art o" resear her be ause res9on$ent hi2se1" "i11s the Auestionnaire. F,G The! ha8e enou3h ti2e to "i11 it7 thus he 3i8es 5e11 onte291ate$ 8ie5 on issues. These 5ere the reasons "or a$o9tin3 this 2etho$. The "o11o5in3 are the Auestions I 9ut in AuestionnaireH
L.1. %o !ou thin4 1i"e insuran e is essentia1 to$a!U
/D .D ,D *D (D &D 1D D
a3 re e i$ e$ A U n$ e a3 re e 3r ee
Series1
Inter9retationH
It is 1ear "ro2 abo8e $ia3ra2 that 2ost o" the 9eo91e stron31! be1ie8e in ha8in3 1i"e insuran e 9o1i !. There are a "e5 9eo91e a3ainst it. It a1so sho5s 3ro5in3 i29ortan e o" 1i"e insuran e a2on3 9eo91e.
L.&. %o !ou ha8e an! 1i"e insuran e 9o1i !U
S
tr o n3 1
No /?J
Ye* ""J
Inter9retationH
The $ia3ra27 sho5n in abo8e 9a3e o22uni ates that 2ost o" the 9eo91e ha8e insure$ their 1i8es. This $e 1ares that the 1i"e insuran e in$ustr! is in 3ro5in3 9hase.
L.(. I" !es 5hi h 1i"e insuran e 9o1i ! $o !ou ha8e U
% is
!
JD /D .D ,D *D (D &D 1D D
#I C
/,
Series1 1J 1, 1&
/
= J A 11 i an
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$e nt ia 1
$a r$
IG A T A V IV A A
S ta n
IC IC I-
ru
A B A JA
C
Inter9retationH
)e an see the a2a=in3 i2a3e o" #IC. Most o" the 9eo91e ha8e 9ur hase$ the 9ro$u ts o" #IC. The! ta4e #IC as a 2ost be1ie8ab1e 1i"e insuran e o29an!. ICICI -ru ha99ens to be ne?t to #IC. #IC is the 2ar4et 1ea$er in this in$ustr!7 i" 5e ta14 on1! o" 9ri8ate o29anies7 ICICI is the 1ea$er. Most 9eo91e in 1u$in3 9ro"essors7 $o tors an$ other e$u ate$ 9eo91e sho5n their interest in #IC. Sa!in3 that it6s a re1iab1e bran$ as it is Go8t. un$erta4in3 or9oration.
L.*. Ho5 $i$ o2e to 4no5 about this o29an!U
H %
@
1DE
,E
&&E .(E
A$8ertise2ent
E?e uti8e
T
@rien$sQRe1ati8e
#i "e
An! 'ther
Inter9retationH
It is 1ear "ro2 abo8e $ia3ra2 that 2ost o" 9eo91e 3et 4no51e$3e about insuran e o29an! "ro2 a$8ertise2ent. A$8ertise2ent 2a4es a 8ita1 ro1e in o22uni ate o" 9eo91e an$ e?e uti8e an$ other sour es are a1so stri8in3 o" in rease o" a5areness.
L.,. Insuran e Co29an! 9ro8i$es !ou ser8i e at the ti2e the! 9ro2ises to $oU
CE
1E
&,E
.,E
Stron31! A3ree
A3ree
%isa3ree
Stron31a! %isa3ree
Inter9retationH
It is 1ear to that ana1!sis o" abo8e $ia3ra2 2ost o" 9eo91e are stron31! a3ree "ro2 insuran e o29an! ser8i es. There are a "e5 9eo91e a3ainst it.
L... Are !ou satis"ie$ 5ith the 5a! "ront 1ine e291o!ees beha8es 5ith !ou U
1.E
DE
*E
JDE
Co291ete1! satis"ie$
%issatis"ie$
Satis"ie$
Co291ete1! $issatis"ie$
Inter9retationH
Most o" the 9eo91e is o291ete1! satis"ie$ 5ith the "ront 1ine e291o!ees beha8es an$ so2e 9eo91e are on1! satis"ie$. There are "e5 9eo91e a3ainst it.
L./. Are !our hi1$ren insure$U
,&E
*JE
+ES N'
Inter9retationH
Chi1$ insuran e is not so 9o9u1ar7 this $ia3ra2 $e9i ts that ha1" o" the hi1$ren are ha8in3 hi1$ insuran e 91ans.-eo91e "irst insure the2se18es then thin4 insuran e "or their hi1$ren.
L.J. I" !es 91ease na2es the o29an!U
(D &, &D 1, 1D ,
$e nt ia 1 $a r$
&*
1* / . ,
*
=
D
#I C
IG
#i "e
A
S ta n
T A
ru
V IV
IC IC I-
A
H %
Inter9retationH
B
A JA
@ C
T
A
J
A 11i
A
an
A3ain the #IC is the bi33est se11er o" hi1$ insuran e 9ro$u ts an$ ICICI -ru$entia1 stan$s at nu2ber t5o in o8er a11 1i"e insuran e 91a!ers. ICICI -ru$entia1 is "irst 91a!er in 9ri8ate se tor.
L.C. Ho5 $o !ou o2e to 4no5 about the hi1$ insuran e 9o1i !U
/D .D ,D *D (D &D 1D
r
.,
&/
(( 1,
Series1
D
5 s9 a9 e
e$ ia
3e nt s
N e
Inter9retationH
Most o" the 9eo91e o2e to 4no5 about hi1$ 9o1i ies throu3h the a3ents o" 1i"e insuran e o29anies. The se on$ 9o9u1ar sour e o" 3ettin3 in"or2ation about this is E14. Me$ia. Ne5s9a9ers an$ "rien$s are re2ainin3 sour es that 3i8e in"or2ation re3ar$in3 hi1$ 9o1i ies.
L.1D. Are !ou intereste$ to bu! hi1$ 9o1i !U
.D7 *JE .,7 ,&E
E
1
@ rie n
A
M
$s
+es No
Inter9retationH
)hen I as4e$ 9eo91e7 are the! intereste$ to 9ur hase a hi1$ 9o1i !U MaIorit! 5as that the! 5ant to 9ur hase but the! a1so sai$ that 9resent1! the! $i$ not ha8e "un$ "or it.
L. 11. %o !ou thin4 hi1$ 9o1i ! is a 3oo$ 5a! to 2a4e hi1$ "uture se ureU
1J7 1*E +es No 1D/7 J.E
Inter9retationH
Most o" the 9eo91e ta4e hi1$ 9o1i ! as a 3oo$ 5a! to 2a4e hi1$6s "uture se ure as the! sa! that this 9ro8i$es !ou 2one! at the i29ortant in i$ents o" e$u ation7 2arria3e an$ so on. hi1$6s 1i"e su h as hi3her
K& F,ct ,nd -(nd(n>* o- (c(c( B,n.
CEO Website http 2 2 2 " 2 2 2 2 2 2 Ch&n"& 3ochh& www*icici)&n-*com In"i&' +$m)&i' +&h& &sht & ICICI Ba # ICICI B&nICICI Lom)& " http:55en*wi-ipe"i&*o #5wi-i5ICICI6B&nmo t#&#e' In!estment )&n-in#' P i!&te )&n-in# 0778' 0799 :9';;; 3* V* 3&m&th
Locatio
Co!pa y History S$)si"i& ies 4i-ipe"i& P&#e P o"$ces o P o!i"es Fo$n"e"
N$m)e O% Emplo,ees 3e, people
Cl&ss 4e)sites B$siness A e& Liste" on O$tlets
2 2 2 2 2
)&n-' %in&nci&l instit$tion' )$siness' ch&in o% )$sinesses' p$)lic comp&n, http:55www*icici%o$n"&tion*o # )&nNew <o - Stoc- E=ch&n#e ICICI B&n-' 4em)le,. ICICI B&n-' So$th &ll. ICICI B&n-' +&ncheste . ICICI B&n-' Lon"on. ICICI B&n-' Lon"on.
1.
ICICI Ban4 is no5 the 9arent o29an! "orH
? ICICI Venture ? ICICI #i2ite$ ? ICICI Se urities ? ICICI -ru$entia1 #i"e Insuran e Co29an! ? ICICI #o2bar$ Genera1 Insuran e Co29an! ? ICICI )eb tra$e ? ICICI Ca9ita1 ? ICICI -ru$entia1 AMC M Trust ? ICICI In"oTe h
2& S3OT ANALYSIS
S)'T ana1!sis is $one "or a o29an!7 to "in$ out its o8era11 Stren3ths7 )ea4nesses7 Threats an$ o99ortunities 1ea$in3 to 3au3in3 the o29etiti8e 9otentia1 o" the o29an!. The S)'T Ana1!sis enab1es a o29an! to re o3ni=e its 2ar4et stan$in3 an$ a$o9t strate3ies a or$in31!. Here S)'T ana1!sis o" ICICI ban4 is 2a$e to un$erstan$ the 9ositionin3 o" the ban4 STRENGTHS
/& BRAN% NAMEH ICICI Ban4 has earne$ a re9utation in the 2ar4et "or e?ten$in3 Aua1it! ser8i es to
the 2ar4et 8is-V-8is its o29etitors. It has earne$ a stron3 Bran$ na2e in ban4in3 in a 8er! short s9an o" ti2e.
?& MARKET SHAREH ICICI Ban4 has the 1ar3est 2ar4et share o" (*E in the IT M ITES in$ustr! in
H!$eraba$ a or$in3 to our sur8e! F5ithin the 1i2itation o" the sa291e si=e.G
#& HUGE NET)'RKH ICICI Ban4 has the hi3hest nu2ber o" 1in4e$ bran hes in the ountr!. The
ban4 o9erates throu3h a net5or4 o" *,D BRANCHES AN% o8er 1JDD ATMs a ross In$ia7 thus enab1in3 the2 to ser8e usto2er in better 5a!.
1& %IVERSI@IE% -'RT@'#I'H ICICI Ban4 has a11 the 9ro$u ts un$er its be1t7 5hi h he19 it to e?ten$
the re1ationshi9 5ith e?istin3 usto2er. ICICI Ban4 has u2bre11a o" 9ro$u ts to o""er their usto2ers7 i" on e usto2er has re1ationshi9 5ith the ban4. So2e -ro$u ts7 5hi h ICICI Ban4 is o""erin3 areH P Retai1 Ban4in3 P Business Ban4in3 P Mer hant Estab1ish2ent Ser8i es FE%C Ma hineG P -ersona1 1oans M Car 1oans P %e2at Ser8i es 5ith E-Bro4in3 P Mutua1 @un$ FICICI Ban4 is the %istributor o" a11 Mutua1 @un$G P Insuran e P Housin3 #oans
K& SA#AR+ ACC'UNTH 'ne 8er! interestin3 thin3 that 5e ha8e obser8e$ in our sur8e! is that ICICI
is ha8in3 an e$3e o8er other ban4s in ase o" Sa1ar! A their Sa1ar! A ount 5ith ICICI e8en i" their Current A ount. Most o" the o29anies are ha8in3 ount is 5ith an! other Ban4. This is 2ain1!
be ause o" the hu3e net5or4 o" ATMs an$ bran hes o" ICICI.
Stre $ths of ICICI Ba #
•
ICICI is the secon" l& #est )&n- in te ms o% tot&l &ssets &n" m& -et sh& e
• • • • • • •
Tot&l &ssets o% ICICI is Rs* 8;>1*:8 Billion &n" eco "e" & m&=im$m p o%it &%te t&= o% Rs* 90*90 )illion &n" loc&te" in 07 co$nt ies One o% the m&?o st en#th o% ICICI )&n- &cco "in# to %in&nci&l &n&l,sts is its st on# &n" t &nsp& ent )&l&nce sheet ICICI )&n- h&s %i st mo!e &"!&nt&#e in m&n, o% the )&n-in# &n" %in&nci&l se !ices* ICICI )&n- is the %i st )&n- in In"i& to int o"$ce complete mo)ile )&n-in# sol$tions &n" ?ewel , c& " The )&n- h&s PAN In"i& p esence o% & o$n" 1'9>@ ) &nches &n" A;;: AT+Bs ICICI )&n- is the %i st )&n- in In"i& to &tt&ch li%e st,le )ene%its to )&n-in# se !ices %o e=cl$si!e p$ ch&ses &n" tie2$ps with )est ) &n"s in the in"$st , s$ch &s N&-sh&t &' Asmi' DB"&m&s etc ICICI )&n- h&s the lon#est wo -in# ho$ s &n" &""ition&l se !ices o%%e in# &t AT+Bs which &tt &cts c$stome s +& -etin# &n" &"!e tisin# st &te#ies o% ICICI h&!e #oo" e&ch comp& e" to othe )&n-s in In"i&
Wea# esses of ICICI Ba #
• • • • • •
C$stome s$ppo t o% ICICI section is not pe %o min# well in te ms o% esol!in# compl&ints The e & e lot o% cons$me compl&ints %ile" &#&inst ICICI The ICICI )&n- h&s the most st in#ent policies in te ms o% eco!e in# the "e)ts &n" lo&ns' &n" c e"it p&,ments* The, emplo, thi " p& t, &#enc, to h&n"le eco!e , m&n&#ement The e & e &lso compl&ints o% c$stome &ss&$lt &n" &)$se while eco!e in# &n" the c e"it p&,ment emin"e s & e sent e!en )e%o e the "e&"lines which &nno,s the c$stome s The )&n- se !ice ch& #es & e comp& &ti!el, hi#he The emplo,ees o% ICICI & e )&n- in m&=im$m st ess )ec&$se o% the &## essi!e policies o% the m&n&#ement to win &he&" in the &ce* This m&, es$lt in less p o"$cti!it, in %$t$ e ,e& s
Opport% ities of ICICI Ba #
• • • • • • •
B&n-in# secto is e=pecte" to # ow &t & &te o% 0@C in the ne=t th ee ,e& s The concept o% s&!in# in )&n-s &n" in!estin# in %in&nci&l p o"$cts is inc e&sin# in $ &l & e&s &s mo e th&n >1C pe cent&#e o% In"i&Bs pop$l&tion is still in $ &l & e&s* As pe 1;0; "&t& in TOI' the tot&l n$m)e )2schools in In"i& & e mo e th&n 09;;* This c&n ens$ e e#$l& s$ppl, o% t &ine" h$m&n powe in %in&nci&l p o"$cts &n" )&n-in# se !ices 4ithin ne=t %o$ ,e& s ICICI )&n- is pl&nnin# to open 09;; new ) &nches Sm&ll &n" non pe %o min# )&n-s c&n )e &cD$i e" ), ICICI )ec&$se o% its %in&nci&l st en#th ICICI )&n- is e=pecte" to h&!e 1;C c e"it # owth in the comin# ,e& s* ICICI )&n- h&s the minim$m &mo$nt o% nonpe %o min# &ssets
Threats of ICICI Ba #
• • • • •
RBI &llowe" %o ei#n )&n-s to in!est $p to @8C in In"i&n )&n-in# /o!e nment secto )&n-s & e in $ #e o% mo"e ni(in# the c&p&cities to ens$ e the c$stome s switchin# to new &#e )&n-s & e minimi(e" EDFC is the m&?o competito %o ICICI' &n" othe $pcomin# )&n-s li-e AFIS' ESBC impose & m&?o th e&t In $ &l & e&s the mic o %in&ncin# # o$ps hol" & m&?o sh& e Tho$#h c$stome &cD$isition is hi#h on one si"e' the $ns&tis%ie" c$stome s & e inc e&sin# &n" m&-e them to switch to othe )&n-s
:S)'T is an a ron!2 "or the interna1 Stren3ths an$ )ea4nesses o" a "ir2 an$ the en8iron2enta1 '99ortunities an$ Threats "a in3 that "ir2. S)'T ana1!sis is a 5i$e1! use$ te hniAue
throu3h 5hi h 2ana3ers reate a Aui 4 o8er8ie5 o" a o29an!6s strate3i situation. The te hniAue is base$ on the assu29tion that an e""e ti8e strate3! $eri8es "ro2 a soun$ :"it; bet5een a "ir26s interna1 resour es Fstren3ths an$ 5ea4nessesG an$ its e?terna1 situation Fo99ortunities an$ threatsG.
ICICI Bank Limited
ICICI is a $i8ersi"ie$ "inan ia1 ser8i es o29an! that 9ro8i$es a ran3e o" ban4in3 an$ "inan ia1 ser8i es to usto2ers7 in 1u$in3 retai1 ban4in37 9roIe t an$ or9orate "inan e7 5or4in3 a9ita1 "inan e7 insuran e7 8enture a9ita1 an$ 9ri8ate eAuit!7 in8est2ent ban4in37 bro4in37 an$ treasur! 9ro$u ts an$ ser8i es. The o29an! o9erates in7 In$ia7 the UK7 Cana$a an$ Russia. It is hea$Auartere$ in Mu2bai7 In$ia an$ e291o!s about *D7.J. 9eo91e.
Strengths, Weaknesses, Opportunities and Threats (SWOT)
Loc,t(on o- F,ctor F,)or,=7e
TYPE OF FACTOR Un-,)or,=7e
Intern,7
Stren>t4*
•
3e,.ne**e*
•
•
Stron3 $o2esti 2ar4et 2a4es ICICI a 1ea$in3 9ri8ate se tor ban4 in In$ia Internationa1 e?9ansion o" o22er ia1 ban4in3 in reases 9ro"itabi1it! o" ICICI Stea$! "inan ia1 9er"or2an e an$ re1ati8e1! hi3her e""i ien ! 3enerates hi3her returns "or shareho1$ers
•
•
'8er$e9en$en e on the $o2esti In$ian 2ar4et in reases business ris4 "or ICICI Cre$it ris4 on entration in reases the $e"au1t ris4 o" ICICI
EDtern,7
Opportun(t(e*
•
In rease in non 9er"or2in3 1oans re$u es the 9ro"itabi1it! o" the o29an! T4re,t*
• •
•
Rura1 "inan in3 an$ 1oans to s2a11 enter9rises ou1$ in rease the 2ar4et share an$ 9ro"itabi1it! o" ICICI Gro5th in 3enera1 insuran e in$ustr! 5i11 he19 in reasin3 the 2ar4et share o" ICICI #o2bar$ Genera1 Insuran e Co29an!
'9enin3 o" In$ian ban4in3 se tor in &DDC 5ou1$ ause intense o29etition G1oba1 an$ $o2esti e ono2i s1o5 $o5n ou1$ a""e t "inan ia1 9er"or2an e o" ICICI
•
•
"& CONCLUSION:
ICICI -ru$entia1 #i"e Insuran e Co29an! is a Ioint 8enture bet5een ICICIBan47 a 9re2ier "inan ia1 9o5erhouse an$ 9ru$entia1 91 7 a 1ea$in3 internationa1 "inan ia1 ser8i es 3rou9 hea$Auartere$ in the Unite$ Kin3$o2. ICICI -ru$entia1 5as a2on3st the "irst 9ri8ate se tor insuran e o29anies to be3in o9erations in %e e2ber &DDD a"ter re ei8in3 a99ro8a1 "ro2 Insuran e Re3u1ator! %e8e1o92ent A u t h o r i t ! F I R % A G . T h i s r e s e a r h r e 9 o r t i s b a s e $ o n t h e s u r 8 e ! " o r " i n $ i n 3 t h e 9osition o" 8arious insuran e 9o1i ies o""ere$ b! the insuran e o29anies. In this resear h re9ort 5e ha8e o8ere$ the 8arious insuran e 9o1i ! o" ICICI -ru$entia1 #i"e Insuran e. #i"e insuran e 9ro$u ts 9ro8i$e a $e"inite a2ount o" 2one! to the $e9en$ants o" the insure$ in ase the 1i"e insure$ $ies $urin3 his a ti8e in o2e e a r n i n 3 9 e r i o $ o r b e o 2 e s $isab1e$ on a ount o" an a i$ent a u s i n 3 re$u tionQ o291ete 1oss in his in o2e earnin3s. An in$i8i$ua1 an a1so 9rote t his o1$ a3e 5hen he eases to earn an$ has no other 2eans o" in o2e b! 9ur hasin3 a n a n n u i t ! 9 r o $ u t . T h e o 2 9 a n ! 9 r o " i 1 e s o " t h i s o 2 9 a n ! a n $ t h e i r 9 r o $ u t r a n 3 e h a 8 e to be 3i8en in the "irst 9art o" this re9ort. The insuran e 9o1i ! o""ers the 8arious insuran e 9o1i ies o8erin3 the ris4 o" 8arious sta3es o" 1i"e o" an! 9erson. Co8erin3 the ris4 is be o2e so i29ortant an$ ne essar! "or an! 9erson. Into the 9resent s enario the 1i"e is be o2in3 so ris4! $ue to the inno8ation o" the 8 a r i o u s 1atest te hno1o3! an$ 2o$ern 5a! o" 1i8in3s. Insuran e 9ro$u ts a8ai1ab1e "or 1i"e an$ non-1i"e are 2an!. In non-1i"e7 a9art "ro2 9ersona1 o8ers su h as a i$ent o8ers an$ hea1th insuran e7 there are 9ro$u ts o8erin3 1iabi1ities un$er a 9arti u1ar 1a5 an$ or o22on 1a5. The 8arious 9ro$u ts are $esi3ne$ to ater to $i""erent nee$s o" an in$i8i$ua1 or in$ustr! su h as "ire insuran e 9o1i ! on 2u1ti-store$ bui1$in37 househo1$er6s 9o1i !. An insuran e ontra t 9ro2ises to 2a4e 3oo$ to the insure$ a ertain su2 in onsi$eration "or a 9a!2ent in the "or2 o" 9re2iu2 "ro2 the insure$. )e see the a2ount 5hi h the 9erson 5ant to in8est in insuran e 9o1i ! the ,&E 9erson 5ant to in8est1DD7DDD in insuran e 9o1i ! "o11o5e$ b! (&E 9erson 5ho 5ant to in8est ,D7DDD.I" 5e see the 9er enta3e o" onsi$eration o" "a tor in insuran e 9o1i ! the Bene"its in insuran e 9o1i ! is 2ost 9re"erab1e "a tor "o11o5e$ b! Ti2e "a tor an$ ris4 "a tor. Is the 2e$iu2 "or a5areness about the insuran e 9o1i ! the a3ent is 2ore 9er enta3e "o11o5e$ b! T.V. an$ Ne5s9a9erU I" 5e onsi$er the "a tor7 5hi h $i""erentiate$ the 9ri8ate M 9ub1i se tor7 then Lua1it! is the 2ain "a tor "o11o5e$ b! "uture se urit! an$ 3oo$ ser8i e. I" 5e see the satis"a tor! 1e8e1 o" insuran e 9o1i ! then ,.E insuran e 9o1i ! ho1$er is satis"ie$ "o11o5e$ b! **Eo" unsatis"ie$ insuran e 9o1i ! ho1$er. The on 1usion o" this 9roIe t re9ort is 1i"e insuran e is the ne essar! an$ onsi$erab1e "a tor "or an! 9erson "or o8erin3 the ris4 o" 1i"e an$ "or "uture se urit!.
0& RECOMMENDATIONS AND SU;;ESTIONS
1. -ro8i$e 1o5er 9re2iu2 9o1i ies so that 5e ou1$ tar3et 2i$$1e 1ass 9eo91e an$ 3enerate 3oo$ ash "1o5 "or "urther 3ro5th. As 9er BCG 2atri? to ensure 1on3-ter2 8a1ue reation7 a o29an! shou1$ ha8e a 9ort"o1io o" 9ro$u ts that ontains both hi3h-3ro5th 9ro$u ts in nee$ o" ash in9uts an$ 1o5-3ro5th 9ro$u ts that 3enerate a 1ot o" ash. ICICI -ru$entia1 has hi3h-3ro5th 9ro$u t in urban 2ar4et but o29an! shou1$ "o11o5 the 1o5 3ro5th 9ro$u t strate3! a1so in urban 2ar4et.
&. Start a$8ertise2ent
a29ai3n a3ain on te1e8ision7 ra$io an$ Internet a1so. %o intensi8e
2ar4etin3 "or business o99ortunit! an$ 9ro$u ts both. (. Kee9 2ore se2inar an$ tar3et #IQGI a3ents7 CAS7 Ta? onsu1tant "inan ia1 in8estor et . *. -ro8i$e best 2oti8ation to A3en ! ho1$ers. ,. Bui1$ trust u9on usto2ers throu3h ser8i es an$ trans9aren ! in in8est2ent an$ other 9o1i !. .. -ro8i$e a11 bran hes in 1o a1 1an3ua3e. /. -ro8i$e 9art ti2e trainin3.
J. @o us on an! 2ass 2ar4etin3 a ti8it! "or 3eneratin3 a5areness o" o29an! a2on3 9eo91e an$ o""erin3 the2 business o99ortunit! too. C. Ho1$ sta11s a ti8it! in $i""erent 91a es. 1D. %o so2e so ia1 a ti8ities throu3h 5hi h o29an! ou1$ 3et bene"it o" 2ar4etin3 in$ire t1!. 11. Tr! to o11e t $ata o" #i"eQGenera1 insuran e a3ents a ross In$ia an$ in8ite the2 to asso iatin3 5ith ICICI -ru$entia1
//& BIBLIO ;RAP'Y G REFERENCES
3e= *(te*
? CCC&(c(c(pru7(-e&co+ ? CCC&(pruun()er*e&co+ ? CCC&(c(c(&co+ ? CCC&(rd,(nd(,&or> ? CCC&(nd(,core&co+
? CCC&+,DneCyor.7(-e&co+
M,>,L(ne*
? ? ? ? ? Insuran e -1us Business In$ia E ono2i Ti2es Materia1 9ro8i$e$ b! the o29an! Sur8e!
Boo.*:
? -HI#I- K'TT#ER ? M. J. MATHE)
Se,rc4 En>(ne*
? CCC&>oo>7e&co+ ? CCC&y,4oo&co+ ? CCC&,7t,)(*t,&co+
doc_622454163.doc
A STUDY OF VARIOUS ICICI PRUDENTIAL LIFE INSURANCE POLICIES
SUBMITTED TO:
NAVTEJ SINGH
SUBMITTED BY:
KUMAR RAKESH
MBA- 1C
!"#$%
TABLE OF CONTENTS
S&No& 1.
PARTICULARS
? ? ? ? About the insuran e Histor! o" #i"e Insuran e intro$u tion %e"inition o" #i"e Insuran e
&.
RESEARCH 'BJECTIVE
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#ITERATURE REVIE)
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RESEARCH METH'%'#'G+
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ANA#+SIS AN% INTER-RETATI'N
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BIB#'GRA-H+
/.
ANNE0URE
OBJECTIVES OF ICICI PRUDENTIAL:
In line with its commitment to p o!i"in# sec$ e %$t$ es %o in"i!i"$&ls &n" %&milies th o$#h ins$ &nce &n" eti ement sol$tions' ICICI P $"enti&l &im to enh&nce the li!es o% senio citi(ens' &n" to c e&te s&%e &n" sec$ e nei#h)o hoo"s with the &cti!e in!ol!ement o% citi(ens* +eet the !& io$s li%e ins$ &nce nee"s o% the comm$nit, th&t wo$l" & ise in the ch&n#in# soci&l &n" economic en!i onment In!ol!e &ll the wo -in# people to the )est o% thei c&p&)ilities in %$ the in# the inte ests o% the ins$ e" p$)lic ), p o!i"in# e%%icient se !ices with co$ tes, )e& in min"' in the in!estment o% %$n"s' the p im& , o)li#&tion to its polic, hol"e s' whose mone, it hol"s in t $st' witho$t losin# si#ht o% the inte est o% the comm$nit, &s & whole. the %$n"s to )e "eplo,e" to the )est &"!&nt&#e o% the in!esto s &n" the comm$nit, &s & whole' -eepin# in !iew n&tion&l p io ities &n" o)li#&tions o% &tt &cti!e et$ n o Con"$ct )$siness with $tmost econom, &n" with the %$ll e&li(&tion th&t the mone,s )elon# to the polic,hol"e s
ABOUT T'E INSURANCE
A11 the hu2an bein3s on the earth 4no5 that the! 5i11 $ie in "uture but the! $on6t 5ant to $ie. The! 5ant to "u1"i11 a11 the $rea2s7 5hi h the! ha$ thou3ht7 but there are ti2es 5hen a11 these $rea2s an6t o2e true.%eath is ine8itab1e an$ !et 5e 1i8e our 1i8es ob8ious to rea1it! that 2a! stri4e- 5hen 5e ha8e no i$ea. An$ 5hen it ha99ens7 a11 the $rea2s o2e rashin3 $o5n.In the 5or$s o" % S Hanse1 :Insuran e 2a! be $e"ine$ as a so ia1 $e8i e 9ro8i$in3 "inan ia1 o29ensation "or the e""e ts o" 2is"ortune7 the 9a!2ent bein3 2a$e "ro2 the a u2u1ate$ ontributions o" a11 the 9arties 9arti i9atin3 in the s he2e; #i"e insuran e is the on1! too1 to se ure our 1i"e in "uture. It a1so 9ro8i$es a sa"e 3uar$ to the un ertaint! o" our 1i"e. #i"e insuran e is the hea9est in8est2ent too1 in 5hi h 5e an earn 2ore in a short 9erio$ o" ti2e. The "un tion o" insuran e is to 9rote t !ou a3ainst 1osses !ou an<t a""or$. This is $one b! trans"errin3 the ris4s o" a 9erson7 business7 or or3ani=ation -- the >insure$> -- to an insuran e o29an!7 or >insurer.> The insurer then rei2burses the insure$ "or > o8ere$> 1osses i.e.7 those 1osses it 9a!s "or un$er the 9o1i !<s ter2s. As the insuran e onsu2er7 !ou 9a! an a2ount o" 2one!7 a11e$ a 9re2iu27 to the insurer to trans"er the ris4. The insurer 9oo1s a11 its 9re2iu2s into a 1ar3e "un$7 an$ 5hen a 9o1i !ho1$er has a 1oss7 the insurer $ra5s "un$s "ro2 the 9oo1 to 9a! "or the
1oss. #i"e is "u11 o" une?9e te$ e8ents that an reate 1ar3e "inan ia1 1osses. @or e?a291e7 5hene8er !ou $ri8e7 it is 9ossib1e that !ou 2a! ha8e a ost1! a i$ent. Ris4s a""e t !ou b! ausin3 5orr! about 9otentia1 1oss an$ ho5 to $ea1 5ith the onseAuen es. In$ia has tra$itiona11! been a hi3h sa8in3s oriente$ ountr! bein3 on 9ar 5ith the thri"t! Ja9an. Insuran e se tor in the Unite$ States o" A2eri a is as bi3 in si=e as the ban4in3 in$ustr! there. This 3i8es us an i$ea o" ho5 i29ortant the se tor is. Insuran e se tor hanne1i=es the sa8in3s o" the 9eo91e to 1on3-ter2 in8est2ents. In In$ia 5here in"rastru ture is sai$ to be o" riti a1 i29ortan e7 this se tor 5i11 brin3 the nations o5n 2one! "or the nation.
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The 31oba1 1i"e insuran e 2ar4et stan$s at B17,&1.& bi11ion 5hi1e the non-1i"e insuran e 2ar4et is 91a e$ at BC&&.* bi11ion. In$ia ta4es the &(r$ 9osition 5ith US BC.C(( bi11ion annua1 9re2iu2 o11e tions an$ a 2ea3er D.*1E share. 'ut o" one bi11ion 9eo91e in In$ia7 on1! (, 2i11ion 9eo91e are insuran e. o8ere$ b!
•
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In$ian insuran e 2ar4et is set to tou h B&, bi11ion b! &D1D7 on the assu29tion o" a / 9er ent rea1 annua1 3ro5th in G%-.
This has 2a$e the se tor the hottest one in In$ia a"ter IT. )ith so ia1 se urit! an$ se urit! to the 9ub1i at 1ar3e bein3 the a3en$a "or o9enin3 the se tor7 the ro1e o" the re3u1ator be o2es a11 the 2ore serious an$ one that 5ou1$ be are"u11! 5at he$ at e8er! ste9.
INTRODUCTION TO T'E COMPANY
ICICI FIn$ustria1 Cred(t an$ In)e*t+ent Cor9oration o" Ind(,GH ICICI #t$.7 5as estab1ishe$ in 1C,, b! the )or1$ Ban47 the Go8ern2ent o" In$ia an$ the In$ian In$ustr!7 to 9ro2ote in$ustria1 $e8e1o92ent o" In$ia b! 9ro8i$in3 9roIe t an$ or9orate "inan e to In$ian in$ustr!. Sin e in e9tion7 ICICI has 3ro5n "ro2 a $e8e1o92ent ban4 to a "inan ia1 on31o2erate an$ has be o2e one o" the 1ar3est 9ub1i "inan ia1 institutions in In$ia. ICICI has thus "ar "inan e$ a11 the 2aIor se tors o" the e ono2!7 o8erin3 .7J*J o29anies an$ 1.7J,1 9roIe ts. As o" Mar h (17 &DDD7 ICICI ha$ $isburse$ a tota1 o" Rs. 17 1(7D/D rores7 sin e in e9tion&
'ISTORY OF LIFE INSURANCE
Insuran e on e9t ha$ been "oun$ out 5a! behin$ in 1( th an$ 1*th entur!. The ear1iest re"eren e to insuran e has been "oun$ Bab!1onia7 the Gree4s an$ the Ro2ans. The use o" insuran e a99eare$ in the a ount o" North Ita1ian Mer hant Ban4 that then $o2inate$ the internationa1 tra$e in Euro9e at that ti2e.The o1$est an$ ear1iest re or$ o" insuran e o2e in the "or2 o" 2arine insuran e 5here shi9s an$ the ar3o 5ere insure$ a3ainst 9eri1s su h as 9irates7 stor27 2utin! an$ 5ars. The "irst o29an! 4no5n as the Sun Insuran e '""i e #t$. 5as set u9 in the Ca1 utta in the !ears 1/1D. A"ter that a nu2ber o" o29anies 5ere estab1ishe$ "or 2arine an$ 3enera1 insuran e. The histor! o" 1i"e insuran e in In$ia $ates ba 4 to 1J1J 5hen it 5as on ei8e$ as a 2eans to 9ro8i$e "or En31ish )i$o5s. Interestin31! in those $a!s a hi3her 9re2iu2 5as har3e$ "or In$ian 1i8es than the non-In$ian 1i8es as In$ian 1i8es 5ere onsi$ere$ 2ore ris4! "or o8era3e. The Bo2ba! Mutua1 #i"e Insuran e So iet! starte$ its business in 1J/D. It 5as the "irst o29an! to har3e sa2e 9re2iu2 "or both In$ian an$ non-In$ian 1i8es. The 'rienta1 Assuran e Co29an! 5as estab1ishe$ in 1JJD. The "irst 3enera1 insuran e o29an!- Tit1e Insuran e Co29an! #i2ite$ 5as estab1ishe$ in 1J,D. Ti11 the en$ o" nineteenth entur! insuran e business 5as a12ost entire1! in the han$s o" o8erseas o29anies. Insuran e re3u1ation "or2a11! be3an in In$ia 5ith the 9assin3 o" the #i"e Insuran e Co29anies A t o" 1C1& an$ the 9ro8i$ent "un$ A t o" 1C1&. Se8era1 "rau$s $urin3 &D<s an$ (D<s su11ie$ insuran e business in In$ia. B! 1C(J there 5ere 1/. insuran e o29anies. The "irst o29rehensi8e 1e3is1ation 5as intro$u e$ 5ith the Insuran e A t o" 1C(J that 9ro8i$e$ stri t State Contro1 o8er insuran e business. The insuran e business 3re5 at a "aster 9a e a"ter in$e9en$en e. In$ian re2aine$ an urban 9heno2enon. The Go8ern2ent o" In$ia in 1C,.7 brou3ht to3ether o8er &*D 9ri8ate 1i"e insurers an$ 9ro8i$ent so ieties un$er one nationa1i=e$ 2ono9o1! o-o9eration an$ #IC 5as born. Nationa1i=ations 5ere Iusti"ie$ on the 3roun$s that it 5ou1$ reate 2u h-nee$e$ "un$s "or ra9i$ in$ustria1i=ation. This 5as in on"or2it! 5ith the Go8ern2ent<s hosen 9ath o" State 1e$ 91annin3 an$ $e8e1o92ent. The Fnon-1i"eG insuran e business7 ho5e8er7 ontinue$ to thri8e 5ith the 9ri8ate se tor ti11 1C/&. Their o9erations 5ere restri te$ to or3ani=e$ tra$e an$ in$ustr! in 1ar3e ities. The 3enera1 insuran e in$ustr! 5as nationa1i=e$ in 1C/&. )ith this7 near1! 1D/ insurers 5ere a2a13a2ate$ an$ 3rou9e$ into "our o29anies- Nationa1 Insuran e Co29an!7 Ne5 In$ia Assuran e Co29an!7 'rienta1 Insuran e Co29an! an$ Unite$ In$ia Insuran e Co29an!. These 5ere subsi$iaries o" the Genera1 Insuran e Co29an! FGICG. o29anies stren3thene$ their ho1$ on this business but $es9ite the 3ro5th that 5as 5itnesse$7 insuran e
'(*tory o- ICICI B,n. /001 - The Ban4 5as In or9orate$ on ,th Januar! at Baro$a. ICICI Ban4 5as 9ro2ote$ b! ICICI an$ erst5hi1e SCICI #t$. an$ re ei8e$ the Certi"i ate "or Co22en e2ent o" Business on &*th @ebruar!. It $oes ban4in3 business o" a11 4in$s. It 5as "oun$e$ as an institution to 9ro8i$e Aua1it! ban4in3 ser8i es usin3 state-o"-the-art te hno1o3!. - The Ban4 has estab1ishe$ a 5e11 $i8ersi"ie$ bran h net5or4 5ith &* bran hes in 1, entres o8erin3 1& states. The ban4 set u9 a "u11! o29uterise$ en8iron2ent 5ith the State-o"the-art te hno1o3! at a11o""i es ontinuous1! u93ra$in3 its stron3 s!ste2s an$ 9ro e$ures 5ith s9e ia1 e29hasis on ris4 2ana3e2ent. /00$ - The $e9osit 9ro$u ts an$ other ser8i es o" the ban4 5ere bran$e$ 5ith na2es su h as KMa?i ash< "or ser8i es a ounts7 KMone! -1us< "or Current A ount7 KLuantu2< "or "i?e$ $e9osit a ount7K-o5er -a!< "or 9a!ro11 a ounts treasure hest "or 1o 4er "a i1ities an$ KTri e< "or auto2ate$ te11er 2a hine "a i1it!. - The Ban4 ha$7 in o291ian e 5ith a $ire ti8e issue$ b! RBI7 $e9osite$ in a33re3ate Rs JJ.1. rores 5ith s2a11 In$ustria1 %e8e1o92ent Ban4 o" In$ia an$ Nationa1 Ban4 "or A3ri u1tura1 M Rura1 %e8e1o92ent. - The KB< ate3or! bran hes 5ere authori=e$ to han$1e "u11 ran3e o" "orei3n e? han3e transa tion o" usto2ers an$ "i8e other bran hes 5ere 91a e$ in KC< ate3or! to han$1e 1i2ite$ "orei3n e? han3e transa tions. - Se8en bran hes o" the ban4 5ith substantia1 "orei3n e? han3e business 5ere 1in4e$ to the so iet! "or 5or1$5i$e Interban4 Te1e o22uni ation FS)I@TG net5or4 5hi h enab1es the2 to trans2it #etter o" Cre$it an$ "un$ trans"er 2essa3es 9ro29t1! 5or1$5i$e. - /DD No. o" eAuit! shares subs ribe$ "or b! si3natories to the Me2oran$u2 o" Asso iation. 1,DD7DD7DDD No. o" eAuit! shares a11otte$ to ICICI #t$.
/002 - The ban4 intro$u e$ e1e troni "un$s trans"er "a i1it!. The ban4 has a "u11 "1e$3e$ 8i3i1an e an$ ins9e tion $e9art2ent. - The ban4 o9ene$ 11 bran hes an$ & e?tension ounters thereb! in reasin3 the tota1 net5or4 o" bran hes to (( an$ e?tension ounters to *. - The Ban4 o""ere$ 1,D7DD7DDD No. o" eAuit! shares o" Rs 1D ea h at a 9re2.7 o" Rs &, 9er share to ICICI. - The Ban4 o""ere$ "or sa1e *1&7,D7&DD No. o" eAuit! shares o" Rs 1D ea h at a 9ri e o" Rs (, 9er share.
INTRODUCTION
• 34,t (* In*ur,nce5
#i"e Insuran e is a ontra t 9ro8i$in3 "or 9a!2ent o" a su2 o" 2one! to the 9erson assure$ or7 to the 9erson entit1e$ to re ei8e the sa2e7 on the ha99enin3 o" a ertain e8ent. A "a2i1! is $e9en$ent "or its "oo$7 1othin3 an$ she1ter on the in o2e brou3ht b! the "a2i1!<s
brea$5inner. The "a2i1! is se ure so 1on3 as this brea$5inner is a1i8e an$ is a9ab1e o" earnin3. A su$$en $eath For $isabi1it!G 2a! 1ea8e the "a2i1! in a "inan ia11! $i""i u1t situation. Un ertaint! o" $eath is inherent in hu2an 1i"e an$ this un ertaint! 2a4es it ne essar! to ha8e so2e 9rote tion a3ainst the "inan ia1 1oss arisin3 "ro2 unti2e1! $eath. #i"e insuran e o""ers this 9rote tion. The Gree4s an$ Ro2ans starte$ the ear1iest t!9e o" 1i"e insuran e. Contributions 5ere 2a$e b! a11 sur8i8in3 2e2bers "or the buria1 ost o" a 2e2ber. In ase o" the $eath o" a 2e2ber the ost o" buria1 5as 2a$e out o" the ontribute$ "un$. In the 1/th entur!7 the Tontine Annuit! s!ste2 5as intro$u e$ 5here asso iations o" in$i8i$ua1s 5ere "or2e$ 5ithout an! re"eren e to a3e7 an$ a "un$ 5as reate$ b! eAua1 ontributions "ro2 ea h 2e2ber. The su2 o11e te$ 5as in8este$7 an$ at the en$ o" ea h !ear the interest 5as $i8i$e$ a2on3 the sur8i8ors. The 1ast re2ainin3 sur8i8or re ei8e$ both the !ear<s interest an$ the entire a2ount o" the 9rin i9a1. The "irst or3ani=e$ 1i"e insuran e o29an! 5as "oun$e$ in 1/,C in -hi1a$e19hia7 in North A2eri a. SubseAuent1!7 o8er the 9ast three enturies7 nu2erous 1i"e insuran e o29anies s9run3 u97 2a4in3 1i"e insuran e a 9o9u1ar too1 "or 9rote tion ou91e$ 5ith in8est2ent.
%E@INATI'N"or 9re2iu2s.
Insuran e is a ontra tua1 - t!9e "inan ia1 inter2e$iar! that o""ers the 9ub1i
9rote tion a3ainst the "inan ia1 osts asso iate$ 5ith the 1oss o" 1i"e7 hea1th7 or 9ro9ert! in e? han3e
An a3ree2ent that 3uarantees the 9a!2ent o" a state$ a2ount o" 2onetar! bene"its u9on the $eath o" the insure$& Ris4 insuran e inten$e$ as 9rote tion a3ainst the "inan ia1 onseAuen es o" the $eath o" the insure$ 9erson7 5hi h ta4es the "or2 o" 9a!2ent o" a 9re8ious1! a3ree$ 1u29 su2 or 9ension to a bene"i iar!7 i" the insure$ 9erson $ies $urin3 the ter2 o" insuran e. In the ase o" 9ure 1i"e insuran e7 5ithout an! en$o52ent insuran e o29onent7 no 9a!2ents are $ue i" the insure$ 9erson sur8i8es the ter2 o" insuran e.
Insuran e is that 5hi h 9ro8i$es 9rote tion a3ainst the e ono2i 1oss ause$ b! the $eath o" the 9erson insure$.
A11 the hu2an bein3s on the earth 4no5 that the! 5i11 $ie in "uture but the! $on6t 5ant to $ie. The! 5ant to "u1"i11 a11 the $rea2s7 5hi h the! ha$ thou3ht7 but there are ti2es 5hen a11 these $rea2s an6t o2e true. %eath is ine8itab1e an$ !et 5e 1i8e our 1i8es ob8ious to rea1it! that 2a! stri4e- 5hen 5e ha8e no i$ea. An$ 5hen it ha99ens7 a11 the $rea2s o2e rashin3 $o5n. In the 5or$s o" % S Hanse1 :Insuran e 2a! be $e"ine$ as a so ia1 $e8i e 9ro8i$in3 "inan ia1 o29ensation "or the e""e ts o" 2is"ortune7 the 9a!2ent bein3 2a$e "ro2 the a u2u1ate$ ontributions o" a11 the 9arties 9arti i9atin3 in the s he2e; #i"e insuran e is the on1! too1 to se ure our 1i"e in "uture. It a1so 9ro8i$es a sa"e 3uar$ to the un ertaint! o" our 1i"e. #i"e insuran e is the hea9est in8est2ent too1 in 5hi h 5e an earn 2ore in a short 9erio$ o" ti2e. The "un tion o" insuran e is to 9rote t !ou a3ainst 1osses !ou an<t a""or$. This is $one b! trans"errin3 the ris4s o" a 9erson7 business7 or or3ani=ation -- the >insure$> -- to an insuran e o29an!7 or >insurer.> The insurer then rei2burses the (n*ured -or 6co)ered6 7o**e* (&e&8 t4o*e 7o**e* (t p,y* -or under t4e po7(cy9* ter+*& A* t4e (n*ur,nce con*u+er8 you p,y ,n ,+ount o+oney8 c,77ed , pre+(u+8 to t4e (n*urer to tr,n*-er t4e r(*.& The insurer 9oo1s a11 its 9re2iu2s into a 1ar3e "un$7 an$ 5hen a 9o1i !ho1$er has a 1oss7 the insurer $ra5s "un$s "ro2 the 9oo1 to 9a! "or the 1oss. #i"e is "u11 o" une?9e te$ e8ents that an reate 1ar3e "inan ia1 1osses. @or e?a291e7 5hene8er !ou $ri8e7 it is 9ossib1e that !ou 2a! ha8e a ost1! a i$ent. Ris4s a""e t !ou b! ausin3 5orr! about 9otentia1 1oss an$ ho5 to $ea1 5ith the onseAuen es. In$ia has tra$itiona11! been a hi3h sa8in3s oriente$ ountr! bein3 on 9ar 5ith the thri"t! Ja9an. Insuran e se tor in the Unite$ States o" A2eri a is as bi3 in si=e as the ban4in3 in$ustr! there. This 3i8es us an i$ea o" ho5 i29ortant the se tor is. Insuran e se tor hanne1i=es the sa8in3s o" the 9eo91e to 1on3-ter2 in8est2ents. In In$ia 5here in"rastru ture is sai$ to be o" riti a1 i29ortan e7 this se tor 5i11 brin3 the nations o5n 2one! "or the nation.
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The 31oba1 1i"e insuran e 2ar4et stan$s at B17,&1.& bi11ion 5hi1e the non-1i"e insuran e 2ar4et is 91a e$ at BC&&.* bi11ion. In$ia ta4es the &(r$ 9osition 5ith US BC.C(( bi11ion annua1 9re2iu2 o11e tions an$ a 2ea3er D.*1E share. 'ut o" one bi11ion 9eo91e in In$ia7 on1! (, 2i11ion 9eo91e are insuran e. o8ere$ b!
•
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In$ian insuran e 2ar4et is set to tou h B&, bi11ion b! &D1D7 on the assu29tion o" a / 9er ent rea1 annua1 3ro5th in G%-.
This has 2a$e the se tor the hottest one in In$ia a"ter IT. )ith so ia1 se urit! an$ se urit! to the 9ub1i at 1ar3e bein3 the a3en$a "or o9enin3 the se tor7 the ro1e o" the re3u1ator be o2es a11 the 2ore serious an$ one that 5ou1$ be are"u11! 5at he$ at e8er! ste9.
LITERATURE REVIE3
)ith 1ar3est nu2ber o" 1i"e insuran e 9o1i ies in "or e in the 5or1$7 Insuran e ha99ens to be a 2e3a o99ortunit! in In$ia. It6s a business 3ro5in3 at the rate o" 1,-&D 9er ent annua11! an$ 9resent1! is o" the or$er o" Rs *,D bi11ion. To3ether 5ith ban4in3 ser8i es7 it a$$s about / 9er ent to the ountr!6s G%-. Gross 9re2iu2 o11e tion is near1! & 9er ent o" G%- an$ "un$s a8ai1ab1e 5ith #IC "or in8est2ents are J 9er ent o" G%-. +et7 near1! JD 9er ent o" In$ian 9o9u1ation is 5ithout 1i"e insuran e o8er7 hea1th insuran e an$ non1i"e insuran e ontinue to be be1o5 internationa1 stan$ar$s. An$ this 9art o" the 9o9u1ation is a1so subIe t to 5ea4 so ia1 se urit! an$ 9ension s!ste2s 5ith har$1! an! o1$ a3e in o2e se urit!. This it is an in$i ator that 3ro5th 9otentia1 "or the insuran e se tor is i22ense. A 5e11-$e8e1o9e$ an$ e8o18e$ insuran e se tor is nee$e$ "or e ono2i $e8e1o92ent as it 9ro8i$es 1on3-ter2 "un$s "or in"rastru ture $e8e1o92ent an$ at the sa2e ti2e stren3thens the ris4 ta4in3 abi1it!. It is esti2ate$ that o8er the ne?t ten !ears In$ia 5ou1$ reAuire in8est2ents o" the or$er o" one tri11ion US $o11ar. The Insuran e se tor7 to so2e e?tent7 an enab1e in8est2ents in in"rastru ture $e8e1o92ent to sustain e ono2i 3ro5th o" the ountr!. )ith a 1ar3e a9ita1 out1a! an$ 1on3 3estation 9erio$s7 in"rastru ture 9roIe ts are "rau3ht 5ith a 2u1titu$e o" ris4s throu3hout the $e8e1o92ent7 onstru tion an$ o9eration sta3es. These in 1u$e ris4s asso iate$ 5ith 9roIe t i291e2entation7 in 1u$in3 3eo1o3i a1 ris4s7 2aintenan e7 o22er ia1 an$ 9o1iti a1 ris4s. )ithout o8erin3 these ris4s the "inan ia1 institutions are not 5i11in3 to o22it "un$s to the se tor7 es9e ia11! be ause the "inan in3 o" 2ost 9ri8ate 9roIe ts is on a 1i2ite$ or nonre ourse basis. Insuran e o29anies not on1! 9ro8i$e ris4 o8er to in"rastru ture 9roIe ts7 the! a1so ontribute 1on3ter2 "un$s. In "a t7 insuran e "un$s in su h 9roIe ts. IR%A re3u1ations reAuire insuran e o29anies to in8est not 1ess than 1, 9er ent o" their "un$s in in"rastru ture an$ so ia1 se tors. Internationa1 Insuran e o29anies a1so in8est their "un$s in su h 9roIe ts. Insuran e is a "e$era1 subIe t in In$ia. There are t5o 1e3is1ations that 3o8ern the se tor- The Insuran e A t- 1C(J an$ the IR%A A t- 1CCC. o29anies are an i$ea1 sour e o" 1on3-ter2 $ebt an$ eAuit! "or in"rastru ture 9roIe ts. )ith 1on3-ter2 1iabi1it!7 the! 3et a 3oo$ asset- 1iabi1it! 2at h b! in8estin3 their
INSURANCE SECTOR REFORMS
In 1CC(7 Ma1hotra Co22ittee7 hea$e$ b! "or2er @inan e Se retar! an$ RBI Go8ernor R.N. Ma1hotra7 5as "or2e$ to e8a1uate the In$ian insuran e in$ustr! an$ re o22en$ its "uture $ire tion. The Ma1hotra o22ittee 5as set u9 5ith the obIe ti8e o" o291e2entin3 the re"or2s initiate$ in the "inan ia1 se tor. The re"or2s 5ere ai2e$ at reatin3 a 2ore e""i ient an$ o29etiti8e "inan ia1 han3es s!ste2 suitab1e "or the reAuire2ents o" the e ono2! 4ee9in3 in 2in$ the stru tura1
urrent1! un$er5a! an$ re o3ni=in3 that insuran e is an i29ortant 9art o" the o8era11 "inan ia1 s!ste2 5here it 5as ne essar! to a$$ress the nee$ "or si2i1ar re"or2s. In 1CC*7 the o22ittee sub2itte$ the re9ort an$ so2e o" the 4e! re o22en$ations in 1u$e$H Stru ture Go8ern2ent sta4e in the insuran e Co29anies to be brou3ht $o5n to ,DE Go8ern2ent shou1$ ta4e o8er the ho1$in3s o" GIC an$ its subsi$iaries so that these subsi$iaries an a t as in$e9en$ent or9orations. A11 the insuran e o29anies shou1$ be 3i8en 3reater "ree$o2 to o9erate. Co29etition -ri8ate Co29anies 5ith a 2ini2u2 9ai$ u9 a9ita1 o" Rs.1bn shou1$ be a11o5e$ to enter the in$ustr!. No Co29an! shou1$ $ea1 in both #i"e an$ Genera1 Insuran e throu3h sin31e entit!. @orei3n o29anies 2a! be a11o5e$ to enter the in$ustr! in o11aboration 5ith the $o2esti o29anies -osta1 #i"e Insuran e shou1$ be a11o5e$ to o9erate in the rura1 2ar4et. Re3u1ator! Bo$! The Insuran e A t shou1$ be han3e$ .An Insuran e Re3u1ator! bo$! shou1$ be set u9. Contro11er o" Insuran e FCurrent1! a 9art "ro2 the @inan e Ministr!G shou1$ be 2a$e in$e9en$ent. In8est2ents Man$ator! In8est2ents o" #IC #i"e @un$ in 3o8ern2ent se urities to be re$u e$ "ro2 /,E to ,DE. GIC an$ its subsi$iaries are not to ho1$ 2ore than ,E o" in an! ti2eG o29an!
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FThe re urrent ho1$in3s to be brou3ht $o5n to this 1e8e1 o8er a 9erio$
Custo2er Ser8i e
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#IC shou1$ 9a! interest on $e1a!s in 9a!2ents be!on$ (D $a!s. Insuran e
o29anies 2ust be en oura3e$ to set u9 unit 1in4e$ 9ension 91ans. Co29uteri=ation o" o9erations an$ u9$atin3 o" te hno1o3! to be arrie$ out in the insuran e in$ustr!. The o22ittee e29hasi=e$ that in or$er to i29ro8e the usto2er ser8i es an$ in rease the o8era3e o" the insuran e in$ustr! shou1$ be o9ene$ u9 to o29etition.
But at the sa2e ti2e7 the o22ittee "e1t the nee$ to e?er ise aution as an! "ai1ure on the 9art o" ne5 91a!ers ou1$ ruin the 9ub1i on"i$en e in the in$ustr!. Hen e7 it 5as $e i$e$ to a11o5 o29etition in a 1i2ite$ 5a! b! sti9u1atin3 the 2ini2u2 a9ita1 reAuire2ent o" Rs.1DD Crores. The o22ittee "e1t the nee$ to 9ro8i$e 3reater autono2! to insuran e
o29anies in or$er to i29ro8e their 9er"or2an e an$ enab1e the2 to a t as in$e9en$ent o29anies 5ith e ono2i 2oti8es. @or this 9ur9ose7 it ha$ 9ro9ose$ settin3 u9 an in$e9en$ent re3u1ator! bo$!. The Insuran e Re3u1ator! an$ %e8e1o92ent Authorit! Re"or2s in the Insuran e se tor 5ere initiate$ 5ith the 9assa3e o" the IR%A Bi11 in -ar1ia2ent in %e e2ber 1CCC. The IR%A sin e its in or9oration as a statutor! bo$! in A9ri1 &DDD has "asti$ious1! stu 4 to its s he$u1e o" "ra2in3 re3u1ations an$ re3isterin3 the 9ri8ate se tor insuran e o29anies. The other $e isions ta4en b! the2 si2u1taneous1! 5ere to 9ro8i$e the su99ortin3 s!ste2s to the insuran e se tor an$ in 9arti u1ar the 1i"e insuran e o29anies 5ere the 1aun h o" the IR%A on1ine ser8i e "or issue an$ rene5a1 o" 1i enses to a3ents. The a99ro8a1 o" institutions "or i29artin3 trainin3 to a3ents has a1so ensure$ that the insuran e 31oba11! o29anies 5ou1$ ha8e a traine$ 5or4"or e o" insuran e a3ents in 91a e to se11 their o29atib1e re3u1ations. In the 9ri8ate se tor 1, 1i"e insuran e an$ C 3enera1 insuran e 9ro$u ts. Sin e bein3 set u9 as an in$e9en$ent statutor! bo$! the IR%A has 9ut in a "ra2e5or4 o" o29anies ha8e been re3istere$. The o9enin3 u9 o" the se tor is 1i4e1! to 1ea$ to 3reater s9rea$ an$ $ee9enin3 o" insuran e in In$ia an$ this 2a! a1so in 1u$e restru turin3 an$ re8ita1i=in3 o" the 9ub1i se tor o29anies. A host o" 9ri8ate Insuran e o29anies o9eratin3 in both 1i"e an$ non-1i"e se32ents ha8e starte$ se11in3 their insuran e 9o1i ies sin e &DD1.
LIFE INSURANCE MAR:ET
The #i"e Insuran e 2ar4et in In$ia is an un$er$e8e1o9e$ 2ar4et that 5as on1! ta99e$ b! the state o5ne$ #IC ti11 the entr! o" 9ri8ate insurers. The 9enetration o" 1i"e insuran e 9ro$u ts 5as 1C 9er ent o" the tota1 *DD 2i11ion o" the insurab1e 9o9u1ation. The state o5ne$ #IC so1$ insuran e as a ta? instru2ent7 not as a 9ro$u t 3i8in3 9rote tion. Most usto2ers 5ere un$er- insure$ 5ith no "1e?ibi1it! or trans9aren ! in the 9ro$u ts. )ith the entr! o" the 9ri8ate insurers the ru1es o" the 3a2e ha8e han3e$. The 1& 9ri8ate insurers in the 1i"e insuran e 2ar4et ha8e a1rea$! 3rabbe$ near1! C 9er ent o" the 2ar4et in ter2s o" 9re2iu2 in o2e. The ne5 business 9re2iu2s o" the 1& 9ri8ate 91a!ers ha8e
tri91e$ to Rs 1DDD rores in &DD&- D( o8er 1ast !ear. Mean5hi1e7 state o5ne$ #IC<s ne5 9re2iu2 business has "a11en.
Inno8ati8e 9ro$u ts7 s2art 2ar4etin3 an$ a33ressi8e $istribution. That<s the tri91e 5ha22!
o2bination that has enab1e$ "1e$31in3 9ri8ate insuran e o29anies to si3n u9 In$ian usto2ers "aster than an!one e8er e?9e te$. In$ians7 5ho ha8e a15a!s seen 1i"e insuran e as a ta? sa8in3 $e8i e7 are no5 su$$en1! turnin3 to the 9ri8ate se tor an$ sna99in3 u9 the ne5 inno8ati8e 9ro$u ts on o""er. The 3ro5in3 9o9u1arit! o" the 9ri8ate insurers sho5s in other 5a!s. The! are oinin3 2one! in ne5 ni hes that the! ha8e intro$u e$. The state o5ne$ en$o52ents an$ 2one! ba 4 9o1i ies. But in the annuit! or 9ension 9ro$u ts business7 the 9ri8ate insurers ha8e a1rea$! 5reste$ o8er (( 9er ent o" the 2ar4et. An$ in the 9o9u1ar unit-1in4e$ insuran e s he2es the! ha8e a 8irtua1 2ono9o1!7 5ith o8er CD 9er ent o" the usto2ers. The 9ri8ate insurers a1so see2 to be s orin3 bi3 in other 5a!s- the! are 9ersua$in3 9eo91e to ta4e out bi33er 9o1i ies. @or instan e7 the a8era3e si=e o" a 1i"e insuran e 9o1i ! be"ore 9ri8ati=ation 5as aroun$ Rs ,D7DDD. That has risen to about Rs JD7DDD. But the 9ri8ate insurers are ahea$ in this 3a2e an$ the a8era3e si=e o" their 9o1i ies is aroun$ Rs 1.1 1a to Rs 1.& 1a - 5a! bi33er than the in$ustr! a8era3e. o29anies sti11 $o2inate se32ents 1i4e
ORGANISATIONAL STRUCTURE OF ICICI BANK
ICICI Ban46s or3ani=ation stru ture is $esi3ne$ to be "1e?ib1e an$ usto2er- " o u s e $ 7 5 h i 1 e s e e 4 i n 3 t o e n s u r e e " " e t i 8 e o n t r o 1 a n $ s u 9 e r 8 i s i o n a n $ onsisten ! in stan$ar$s a ross the or3ani=ation an$ a1i3n a11 areas o" o9erations to o8era11 or3ani=ationa1 obIe ti8es. The or3ani=ation stru ture is $i8i$e$ into s i ? 9 r i n i 9 a 1 3 r o u 9 s N R e t a i 1 B a n 4 i n 3 7 ) h o 1 e s a 1 e Ban4in37 Internationa1 Ban4in37 Rura1 FMi ro-Ban4in3G an$ A3ri u1ture B a n 4 i n 3 7 G o 8 e r n 2 e n t Ban4in3 an$ Cor9orate Center. RURAL AND A;RICULTURAL BAN:IN; The Rura17 Mi ro-Ban4in3 M A3ri-Business Grou9 is res9onsib1e " o r en8isionin3 an$ i291e2entin3 rura1 ban4in3 strate3!7 in 1u$in3 a3ri u1tura1 ban4in3 an$ 2i ro-"inan e. ;OVERNMENT BAN:IN; T h e G o 8 e r n 2 e n t B a n 4 i n 3 G r o u 9 i s r e s 9 o n s i b 1 e " o r 3 o 8 e r n 2 e n t b a n 4 i n 3 initiati8es.
CORPORATE CENTER The Cor9orate Center o29rises the interna1 ontro1 en8iron2ent "un tions Fin 1u$in3 o9erations7 ris4 2ana3e2ent7 o291ian e7 au$it an$ 1e3a1GO "inan e F i n 1 u $ i n 3 " i n a n i a 1 r e 9 o r t i n 3 7 9 1 a n n i n 3 a n $ s t r a t e 3 ! 7 a s s e t 1 i a b i 1 i t ! 2ana3e2ent7 i n 8 e s t o r r e 1 a t i o n s a n $ o r 9 o r a t e o 2 2 u n i a t i o n s G O h u 2 a n resiste$ 2ana3e2entO an$ "a i1ities 2ana3e2ent M a$2inistration. BUSINESS REVIE3 %urin3 "is a1 &DDJ7 the Ban4 ontinue$ to 3ro5 an$ $i8ersi"! its asset base an$ re8enue strea2s b! 1e8era3in3 the 3ro5th 91at"or2s reate$ o8er the 9ast "e5 !ears. )e 2aintaine$ our 1ea$ershi9 9osition in retai1 re$it7 a hie8e$ robust 3 r o 5 t h i n o u r " e e i n o 2 e " r o 2 b o t h o r 9 o r a t e a n $ r e t a i 1 b u s i n e s s e s 7 stren3thene$ our $e9osit "ran hise an$ si3ni"i ant1! s a1e$ u9 our or9orate an$ internationa1 ban4in3 o9erations. RETAIL BAN:IN; )e are the 1ar3est 9ro8i$er o" retai1 re$it in In$ia. 'ur tota1 retai1 9ort"o1io 5as Rs. 17(1...( bi11ion in Mar h (17&DDJ7 onstitutin3 ,JE o" our tota1 1oans at that $ate. %urin3 "is a1 &DDJ7 5e ontinue$ our "o us on stren3thenin3 our retai1 $e9osit " r a n h i s e t o r e a t e a s t a b 1 e " u n $ i n 3 b a s e . ' u r u r r e n t a n $ s a 8 i n 3 s a o u n t FCASAG $e9osits as a 9er enta3e o" tota1 $e9osits in rease$ "ro2 &&E at Mar h(17 &DD/ to &.E at Mar h (17 &DDJ7 5ith sa8in3s a ount $e9osits in reasin3 b!(.E $urin3 "is a1 &DDJ.%urin3 the !ear7 5e ha8e e?9an$e$ our bran h net5or4 substantia11!. At Mar h( 1 7 & D D J 7 5 e h a $ 1 7 & . & b r a n h e s M e ? t e n s i o n o u n t e r s o 2 9 a r e $ t o / , , bran hes M e?tension ounters at Mar h (17 &DD/7 in 1u$in3 the a$$ition o" about &DD bran hes throu3h the 2er3er o" Sin31e Ban4. 'ur bran h net5or4 has "urther in rease$ to 17(./ as o" Ma! (17 &DDJ. )e ontinue$ to e?9an$ our e1e troni hanne1s7 na2e1! internet ban4in37 2obi1e ban4in37 a11 enters7 9oint o" sa1e ter2ina1s an$ ATMs7 an$ 2i3rate usto2er transa tion 8o1u2es to these hanne1s. )e in rease$ our ATM net5or4 to (7JJ1 ATMs at Mar h (17&DDJ "ro2 (7&/1 ATMs at Mar h (17 &DD/.
CORPORATE BAN:IN; Its or9orate ban4in3 strate3! is base$ on 9ro 8i$in3 o29rehensi8e an$ usto2i=e$ "inan ia1 so1utions to its or9orate usto2ers. It o""er a o291ete ran3e o" or9orate ban4in3 9ro$u ts in 1u$in3 ru9ee an$ "orei3n urren ! $ebt 75or4in3 a9ita1 re$it7 stru ture$ "inan in37 s!n$i ation an$ transa tion ban4in3 9ro$u ts an$ ser8i es .@is a1 &DDJ sa5 ontinue$ $e2an$ "or re$it "ro2 the or9orate se tor7 5ith 3ro5th an$ a$$itiona1 in8est2ent $e2an$ a ross a11 se tors. )e 5ere ab1e to 1e8era3e our internationa1 9resen e an$ $ee9 or9orate re1ationshi9s to 5or4 on o8erseas a Auisitions 2a$e b! In$ian o29anies an$ in"rastru ture 9roIe ts in In$ia. %urin3 "is a1 &DDJ 5e 5ere in8o18e$ in /,E o" outboun$ 2er3ers an$ a A u i s i t i o n s $ e a 1 s " r o 2 I n $ i a . ) e a r e n o 5 a 9 r e " e r r e $ 9 a r t n e r " o r I n $ i a n o29anies "or s!n$i ation o" e?terna1 o22er ia1 borro5in3s an$ other "un$raisin3 in internationa1 2ar4ets an$ ha8e been ran4e$ nu2ber one in s!n$i ations o" In$ian or9orate in a1en$ar !ear &DD/. RURAL BAN:IN; It6s rura1 strate3! is base$ on enhan in3 8a1ue at e8er! 1e8e1 o" the su991! h a i n i n a 1 1 i29ortant "ar2 an$ non-"ar2 se tors. To5ar$s this en$7 it o""er a ran3e o" "inan ia1 9ro$u ts a n $ s e r 8 i e s t h a t a t e r t o t h e r u r a 1 2 a s s e s i n a 1 1 t h e
i 2 9 o r t a n t s e t o r s 1 i 4 e i n " r a s t r u t u r e 7 horti u1ture7 "oo$ 9ro essin37 $air!7 9ou1tr!7 see$s7 "erti1i=er an$ a3ro he2i a1 in$ustries. Custo2i=e$ "inan ia1 so1utions are o""ere$ to in$i8i$ua1 usto2ers7 a3ri s2a11 M 2e$iu2 enter9rises7 a3ri or9orate an$ 2e2bers o" their su991! hains. 'n the rura1 retai1 si$e7 the Ban4 o""ers ro9 1oans7 "ar2 eAui92ent "inan in37 o22o$it!-base$ 1oans7 5or4in3 a9ita1 1oans "or a3rienter9rises7 2i ro"inan e 1oans7 Ie5e1 1oans as 5e11 as sa8in3s7 in8est2ent an$ insuran e 9ro$u ts. In a$$ition ban4 is intro$u in3 9ro$u ts 1i4e rura1 housin3 " i n a n e t o ater to the nee$s o" rura1 usto2ers.
PRODUCTS AND SERVICES
MOBILE BAN:IN; Ban4 on the 2o8e 5ith ICICI Ban4 Mobi1e Ban4in3. )ith ICICI Ban47 Ban4in3 is no 1on3er 5hat it use$ to be. ICICI Ban4 o""ers Mobi1e Ban4in3 "a i1it! to a11 its Ban47 Cre$it Car$7 an$ #oan usto2ers. I C I C I B a n 4 M o b i 1 e B a n 4 i n 3 a n b e $ i 8 i $ e $ i n t o t 5 o b r o a $ a t e 3 o r i e s o " "a i1itiesH A7ert -,c(7(ty ICICI Ban4 Mobi1e Ban4in3 A1erts "a i1it! 4ee9s !ou in"or2e$ about the si3ni"i ant transa tions in !its A ounts. It 4ee9s !ou u9$ate$ 5here8er !ou 3o. Re<ue*t -,c(7(ty ICICI Ban4 Mobi1e Ban4in3 ReAuests "a i1it! enab1es !ou to Auer! "or !its a ount ba1an e . INVESTMENT PRODUCTS A1on3 5ith %e9osit 9ro$u ts an$ #oan o""erin3s7 ICICI Ban4 assists !ou to 2ana3e its "inan es b! 9ro8i$in3 8arious i n 8 e s t 2 e n t o 9 t i o n s r a n 3 i n 3 " r o 2 I C I C I B a n 4 T a ? S a 8 i n 3 B o n $ s t o E A u i t ! In8est2ents throu3h Initia1 -ub1i '""ers an$ In8est2ent in -ure Go1$. ICICI Ban4 "a i1itates "o11o5in3 in8est2ent 9ro$u tsH PICICI Ban4 Ta? Sa8in3 Bon$s PGo8ern2ent o" In$ia Bon$s PIn8est2ent in Mutua1 @un$s PInitia1 -ub1i '""ers b! Cor9orate PIn8est2ent in >-ure Go1$> P@orei3n E? han3e Ser8i es PSenior Citi=ens Sa8in3s S he2e7&DD* TRADE SERVICESH I C I C I B a n 4 o " " e r s o n 1 i n e r e 2 i t t a n e s a s 5 e 1 1 a s on1ine 9ro essin3 o" 1etters o" re$it an$ ban4 3uarantees. ASSET MANA;EMENT
- r u $ e n t i a 1 I C I C I A s s e t M a n a 3 e 2 e n t Co29an! o""ers a 5i$e ran3e o" retai1 2utua1 "un$ 9ro$u ts tai1ore$ to suit 8arie$ ris4 an$ 2aturit! 9ro"i1es. CAS' MANA;EMENT ICICI Ban4 o""ers a o291ete ran3e o" hi3h1! u s t o 2 i = e $ s o 1 u t i o n s " o r 2 a n a 3 i n 3 b o t h t h e o 1 1 e t i o n s a n $ 9 a ! 2 e n t s r e A u i r e 2 e n t s o " 1 i e n t s b ! 1 e 8 e r a 3 i n 3 t e h n o 1 o 3 ! . % a i 1 ! u s t o 2 i = e $ transa tions re9orts an$ rea1 ti2e 5eb-enab1e$ $o5n1oa$s7 9ro8i$e on-ta9 in"or2ation "a i1itatin3 e""e ti8e 5or4in3 a9ita1 2ana3e2ent. C O R P O R AT E B AN : I N ; I C I C I B a n 4 o " " e r s o 2 9 r e h e n s i 8 e a n $ usto2i=e$ "inan ia1 so1utions "or its or9orate 1ients7 in 1u$in3 ru9ee an$ "orei3n urren ! $ebts7 5or4in3 a9ita1 re$it7 stru ture$ "inan in3 s!n$i ation an$ transa tion ban4in3 9ro$u ts an$ ser8i es. INTERNET BAN:IN; Internet ban4in3 is a8ai1ab1e to a11 ICICI Ban4 s a 8 i n 3 s a n $ $ e 9 o s i t a ount ho1$ers7 re$it ar$7 $e2it an$ 1oan usto2ers. Internet ban4in3 ser8i e o""ers usto2ers a 5or1$ o " on8enien e 5ith ser8i es su h as ba1an e enAuir!7 transa tion histor! a ount state2ent7 bi11 9a!2ents7 "un$ trans"ers an$ a ounts re1a te$ ser8i e reAuests. ATM* )ith 2ore than &,DD ATMs a ross the ountr!7 ICICI Ban4 has one o" the 1ar3est ATM net5or4s in In$ia -H'NE BANKING P4one =,n.(n> o--er* ?1@2 *er)(ce* ,cro** #iabi1it!7 asset an$ in8est2ent 9ro$u ts to both retai1 an$ or9orate usto2ers. . PROPERTY @or 2i11ions o" ho2e bu!ers a ross the ountr!7 ICICI Ban4 o""ers not Iust 3reat $ea1s on ho2e 1oans but a1so a 5ea1th o" e?9ert a$8i e. ICICI Ban4 o""ers ho2e sear h ser8i e 5hi h an he19 a usto2er i$enti"! the 9ro9ert! o" his hoi e base$ on his bu$3et an$ other reAuire2ents. DEMAT ACCOUNTS ICICI Ban46s $e2at ser8i es a"ter uniAue "eatures 1i4e e- onstru tions7 onso1i$ation7 $i3ita11! si3ne$ state2ents7 2obi1e reAuests an$ or9orate bene"it tra 4in3. RURAL BAN:IN; Ban4 o""ers te hno1o3!-base$ so1utions7 "inan ia1 inno8ations an$ 2u1ti91e $e1i8er! hanne1s to 2eet the "inan ia1 nee$s o" rura1 areas. OPREATIONAL RIS:
'9erationa1 ris4 is the ris4 o" 1oss that an resu1t "ro2 a 8ariet! o" "a tors7 i n 1 u $ i n 3 " a i 1 u r e t o o b t a i n 9 r o 9 e r i n t e r n a 1 a u t h o r i = a t i o n s 7 i 2 9 r o 9 e r 1 ! $o u2ente$ transa tions7 "ai1ure o" o9erationa1 an$ in"or2ation se urit! 9ro e$ures7 o 2 9 u t e r s ! s t e 2 s 7 s o " t 5 a r e o r e A u i 9 2 e n t 7 " r a u $ 7 i n a $ e A u a t e trainin3 an$ e291o!ee errors. Ban46s a99roa h to o9erationa1 ris4 2ana3e2ents $esi3ne$ to 2iti3ate o9erationa1 ris4 b! 2aintainin3 a o29rehensi8e s!ste2 o " i n t e r n a 1 ontro1s7 estab1ishin3 s ! s t e 2 s a n $ 9 r o e $ u r e s t o 2 o n i t o r transa tions7 2aintainin3 4e! ba 4-u9 9ro e$ures an$ un$erta4in3 re3u1ar ontin3en ! 91annin3. E""e ti8e o9erationa1 ris4 2ana3e2ent s!ste2 5ou1$ ensure that ban4 has su""i ient in"or2ation to 2a4e a99ro9riate $e isions about a$$itiona1 ontro1s7 a$Iust2ents to ontro1s7 or other ris4 res9onses. '9erationa1 ris4 2ana3e2ent 9o1i ! ai2s at 2ini2i=in3 1osses an$ usto2er $issatis"a tion $ue to "ai1ure in 9ro esses7 "o usin3 on "1a5s in 9ro$u ts an$ their $esi3n e?9ose the ban4 to 1osses $ue to "rau$7 ana1!=in3 the i29a t o" "ai1ures in s!ste2s7 $e8e1o9in3 2iti3ates to 2ini2i=e the i29a t an$ $e8e1o9in3 91ans to2 e e t e ? t e r n a 1 s h o 4 s t h a t a n a $ 8 e r s e 1 ! i 2 9 a t o n t i n u i t ! i n t h e b a n 4 6 s o9erations.
SUBSIDIARY COMPANIES
DOMESTIC SUBSIDIARIES • • • • • • • • • • ICICI Ho2e @inan e Co29an! #i2ite$ ICICI In8est2ent Mana3e2ent Co29an! #i2ite$ ICICI #o2bar$ Genera1 Insuran e Co29an! #i2ite$ ICICI -ru$entia1 #i"e Insuran e Co29an! #i2ite$ ICICI Se urities #i2ite$ ICICI Trusteeshi9 Ser8i es #i2ite$ ICICI Venture @un$s Mana3e2ent Co29an! #i2ite$ ICICI Se urities -ri2ar! %ea1ershi9 #i2ite$ ICICI -ru$entia1 Asset Mana3e2ent Co29an! #i2ite$ ICICI -ru$entia1 Trust #i2ite$
INTERNATIONAL SUSIDIARIES
• • • • • • ICICI Ban4 Cana$a ICICI Ban4 Eurasia #i2ite$ #iabi1it! Co29an! ICICI Internationa1 #i2ite$ ICICI Se urities Ho1$in3 In ICICI Se urities In ICICI Ban4 UK #i2ite
BENEFITS OF LIFE INSURANCE
Super(or to Any Ot4er S,)(n>* P7,n
Un1i4e an! other sa8in3s 91an7 a 1i"e insuran e 9o1i ! a""or$s "u11 9rote tion a3ainst ris4 o" $eath. In the e8ent o" $eath o" a 9o1i !ho1$er7 the insuran e o29an! 2a4es a8ai1ab1e the "u11 su2 assure$ to the 9o1i !ho1$ers< near an$ $ear ones. In o29arison7 an! other sa8in3s 91an 5ou1$ a2ount to the tota1 sa8in3s a u2u1ate$ ti11 $ate. I" the $eath o si=ab1e. urs 9re2ature1!7 su h sa8in3s an be 2u h 1esser than the su2 assure$. E8i$ent1!7 the 9otentia1 "inan ia1 1oss to the "a2i1! o" the 9o1i !ho1$er is
Encour,>e* ,nd Force* T4r(-t
A sa8in3s $e9osit an easi1! be 5ith$ra5n. The 9a!2ent o" 1i"e insuran e 9re2iu2s7 ho5e8er7 is onsi$ere$ sa rosan t an$ is 8ie5e$ 5ith the sa2e seriousness as the 9a!2ent o" interest on a 2ort3a3e. Thus7 a 1i"e insuran e 9o1i ! in e""e t brin3s about o29u1sor! sa8in3s.
E,*y Sett7e+ent ,nd Protect(on ,>,(n*t Cred(tor
A 1i"e insuran e 9o1i ! is the on1! "inan ia1 instru2ent the 9ro ee$s o" 5hi h an be 9rote te$ a3ainst the 1ai2s o" a re$itor o" the assure$ b! e""e tin3 a 8a1i$ assi3n2ent o" the 9o1i !. A
Ad+(n(*ter(n> t4e Le>,cy -or Bene-(c(,r(e*
S9e u1ati8e or un5ise e?9enses an Aui 41! ause the 9ro ee$s to be sAuan$ere$. Se8era1 9o1i ies ha8e "oreseen this 9ossibi1it! an$ 9ro8i$e "or 9a!2ents o8er a 9erio$ o" !ears or in a o2bination o" insta112ents an$ 1u29 su2 a2ounts.
Re,dy
M,r.et,=(7(ty ,nd Su(t,=(7(ty -or Bu(c. BorroC(n>
A 1i"e insuran e 9o1i ! an7 a"ter a ertain ti2e 9erio$ F3enera11! three !earsG7 be surren$ere$ "or a ash 8a1ue. The 9o1i ! is a1so a e9tab1e as a se urit! "or a o22er ia1 1oan7 "or e?a291e7 a stu$ent e9tab1e #IC 9o1i ! 2a! a1so ause the 1oan. It is 9arti u1ar1! a$8isab1e "or housin3 1oans 5hen an a 1en$in3 institution to 3i8e 1oan at 1o5er interest rates.
D(*,=(7(ty Bene-(t*
%eath is not the on1! ha=ar$ that is insure$O 2an! 9o1i es a1so in 1u$e $isabi1it! bene"its. T!9i a11!7 these 9ro8i$e "or 5ai8er o" "uture 9re2iu2s an$ 9a!2ent o" 2onth1! insta112ents s9rea$ o8er ertain ti2e 9erio$.
Acc(dent,7 De,t4 Bene-(t*
Man! 9o1i ies an a1so 9ro8i$e "or an e?tra su2 to be 9ai$ Ft!9i a11! eAua1 to the su2 assure$G i" $eath o urs as a resu1t o" a i$ent.
T,D Re7(eUn$er the In$ian In o2e Ta? A t7 the "o11o5in3 ta? re1ie" is a8ai1ab1e
aG &D E o" the 9re2iu2 9ai$ an be $e$u te$ "ro2 !our tota1 in o2e bG 1DD E o" the 9re2iu2 9ai$ is $e$u tib1e "ro2 !our tota1 ta?ab1e in o2e.
ta?is abi1it!.
)hen these bene"its are "a tore$ in7 it is "oun$ that 2ost 9o1i es o""er returns that are o29arab1e or e8en better than other sa8in3 2o$es su h as --@7 NSC et . Moreo8er7 the ost o" insuran e is a 8er! ne31i3ib1e.
L(-e (n*ur,nce VES ot4er
e*t+ent*? Most in8est2ent o9tions 2a4e !our 2one! 5or4 har$er7 but there are no substitutes to 1i"e insuran e. Be ause on1! a 1i"e insuran e 9o1i ! 3i8es !ou both
ris4 o8er a3ainst !our
1i"e7 as 5e11 as returns on !our 2one! in8este$&
? #i"e insuran e a11o5s 1on3 ter2 sa8in3s to be 2a$e in a re1ati8e1! 9ain1ess 2anner be ause o" the 1o5 an$ on8enient in8est2ents 2a$e throu3h 9re2iu2s. Moreo8er7 it en oura3es
<"or e$ thri"t< 5hi h 2eans the insure$ is 2a$e to 9a! 9re2iu2s an$ sa8e 2one!7 5hi h heQshe 2a! not $o in the re3u1ar ourse o" 1i"e. ? Shou1$ !ou reAuire 1oans7 sa! "or bui1$in3 a house7 it an be easi1! obtaine$ 1oan a3ainst a
1i"e insuran e 9o1i !. A2on3st the 2ost 4no5n bene"its o" #i"e Insuran e is the sa8in3s on
!our in o2e ta?es. ? #i"e insuran e annot be o29are$ 5ith an! other "or2 o" in8est2ent as 1i"e insuran e 3i8es !ou a 1i"e1on3 bene"it an$ returns on !our 2one! 5hen it is 2ost reAuire$. ? Insuran e 9re2iu2s are 1in4e$ to a3e o" the 1i"e insure$ an$ the ear1ier !ou bu!7 the 1o5er are the 9re2iu2 reAuire2ents. Besi$es7 the 2one! sta!s in8este$ "or a 1on3er ti2e an$ thereb!
2a?i2i=in3 !our returns throu3h the 9o5er o- ru9ee o29oun$in3& So7 a 1i"e insuran e
9o1i ! is an i$ea1 too1 to 3ain se urit! an$ ensure sa8in3s. ? Most i29ortant1! it 9ro8i$es !ou 5ith that uniAue sense o" se urit! an$ 9ea e o" 2in$ that no other "or2 o" in8est2ent 9ro8i$es.
OR;ANISATION STRUCTURE OF ICICI BAN: ;ROUP
ICICI PRUDENTIAL LIFE INSURANCE COMPANY
Un$er this to9i 7 the 2aIor hea$in3s that 5i11 be o8ere$ are as un$erH
About the
o29an!
Mission M Vision -ro2oters Mana3e2ent -ro"i1e %etai1s o" $i8ision hea$s -er"or2an e o" the
o29an! AN%
#o!a1t! Se32entation
ABOUT T'E COMPANY
ICICI -ru$entia1 #i"e Insuran e Co29an! is a Ioint 8enture bet5een ICICI Ban47 a 9re2ier "inan ia1 9o5erhouse7 an$ 9ru$entia1 91 7 a 1ea$in3 internationa1 "inan ia1 ser8i es 3rou9 hea$Auartere$ in the Unite$ Kin3$o2. ICICI -ru$entia1 5as a2on3st the "irst 9ri8ate se tor insuran e o29anies to be3in o9erations in %e e2ber &DDD a"ter re ei8in3 a99ro8a1 "ro2 Insuran e Re3u1ator! %e8e1o92ent Authorit! FIR%AG.
ICICI -ru$entia1<s a9ita1 stan$s at Rs. &D..D bi11ion 5ith ICICI Ban4 an$ -ru$entia1 91 ho1$in3 /*E an$ &.E sta4e res9e ti8e1!. As o" Mar h (17 &DD/7 the o29an! 3arnere$ Rs. *7J*( rores o" 5ei3hte$ retai1 R 3rou9 ne5 business 9re2iu2s an$ 5rote o8er 1.C. 2i11ion retai1 9o1i ies. The o29an! has assets he1$ to the tune o" o8er Rs. 1,7DDD rore. As o" Mar h (17 &DD/ the o29an!
has
o8er
,JD
o""i es
a ross
the
ountr!
an$
o8er
&(*7DDD
a$8isors.
ICICI -ru$entia1 is a1so the on1! 9ri8ate 1i"e insurer in In$ia to re ei8e a Nationa1 Insurer @inan ia1
Stren3th ratin3 o" AAA FIn$G "ro2 @it h ratin3s. The AAA FIn$G ratin3 is the hi3hest ratin37 an$ is a 1ear assuran e o" ICICI -ru$entia1<s abi1it! to 2eet its ob1i3ations to 2aturit! or usto2ers at the ti2e o" 1ai2s.
@or the 9ast si? !ears7 ICICI -ru$entia1 has retaine$ its 9osition as the No. 1 9ri8ate 1i"e insurer in the ountr!7 5ith a 5i$e ran3e o" "1e?ib1e 9ro$u ts that 2eet the nee$s o" the In$ian usto2er at e8er! ste9 in 1i"e.
VISION The o29an!6s 8ision is :to 2a4e ICICI -ru$entia1 the $o2inant #i"e an$ -ensions 91a!er bui1t on trust b! 5or1$- 1ass 9eo91e an$ ser8i e.;
The! ho9e to a hie8e this b!H ? Un$erstan$in3 the nee$s o" usto2ers an$ o""erin3 the2 su9erior 9ro$u ts an$ ser8i e. ? #e8era3in3 te hno1o3! to $e8i e usto2ers Aui 41!7 e""i ient1! an$ on8enient1!. ? %e8e1o9in3 an$ i291e2entin3 su9erior ris4 2ana3e2ent an$ in8est2ent strate3ies to o""er sustainab1e an$ stab1e returns to their 9o1i !ho1$ers. ? -ro8i$in3 an enab1in3 en8iron2ent to "oster 3ro5th an$ 1earnin3 "or their e291o!ees. ? An$ abo8e a117 bui1$in3 trans9aren ! in a11 their $ea1in3s. The su ess o" the o29an! is $ue to its un"1in hin3 o22it2ent to , ore 8a1ues• • • • Inte3rit!7 Custo2er @irst7 Boun$ar! 1ess7 '5nershi97 -assion&
•
Ea h o" the ore 8a1ues $es ribe 5hat the o29an! stan$s "or7 the Aua1ities o" their 9eo91e an$ the 5a! the! 5or4.
PROMOTERS
The 9ro2oters o" ICICI -ru$entia1 #i"e Insuran e Co29an! areH ICICI Ban4 an$ -ru$entia1 -1 .ICICI an$ -ru$entia1 a2e to3ether in 1CC( to "or2 -ru$entia1 ICICI Asset Mana3e2ent Co29an!7 5hi h has to$a! e2er3e$ as one o" the 1ea$in3 2utua1 "un$s in In$ia. The t5o o29anies brin3 to3ether
t5o o" the stron3est "inan ia1 ser8i e bran$s in Asia7 4no5n "or their 9ro"essiona1is27 e? e11ent Aua1it! o" ser8i e an$ 1on3 ter2 o22it2ent to their u *to2ers& ICICI Ban4 has /*E sta4e in the o29an!7 an$ -ru$entia1 -1 has &.E.
ICICI BAN:
? ICICI BANK in In$ia<s se on$ 1ar3est ban4 an$ 1ar3est 9ri8ate se tor ban4 5ith o8er ,D !ears 9resen e in "inan ia1 ser8i es an$ 5ith assets o" o8er Rs (**..,J ban FUS% /C bi11ionG as on Mar h (17 &DD/. ? The Ban4 o""ers a 5i$e ran3e o" ban4in3 9ro$u ts an$ "inan ia1 ser8i es to or9orate an$ retai1 usto2ers throu3h a 8ariet! o" $e1i8er! hanne1s an$ throu3h its s9e ia1i=e$ subsi$iaries in the areas o" in8est2ent ban4in37 1i"e an$ non-1i"e insuran e7 9ri8ate eAuit! an$ asset 2ana3e2ent. ? ICICI Ban4 is a 1ea$in3 91a!er in the retai1 ban4in3 2ar4et an$ ser8i es its 1ar3e usto2er base throu3h a net5or4 o" o8er C,D bran hes an$ e?tension ounters7 ((DD ATMs7 a11 enters an$ internet ban4in3 to ensure that usto2ers ha8e a ess to its ser8i es at a11 ti2e. ? ICICI Ban4 o""ers a 5i$e ran3e o" ban4in3 9ro$u ts an$ "inan ia1 ser8i es to or9orate an$ retai1 usto2ers throu3h a 8ariet! o" ban4in3 9ro$u ts an$ "inan ia1 ser8i es to or9orate an$ retai1 usto2ers throu3h a 8ariet! o" $e1i8er! hanne1s an$ throu3h its s9e ia1i=e$ subsi$iaries an$ a""i1iates in the areas o" in8est2ent ban4in37 1i"e an$ non-1i"e insuran e7 8enture a9ita1 an$ asset 2ana3e2ent. ? ICICI Ban4 set u9 its internationa1 ban4in3 3rou9 in "is a1 &DD& to ater to the ross-bor$er nee$s o" 1ients an$ 1e8era3e on its $o2esti ban4in3 stren3ths to o""er 9ro$u ts internationa11!. ? ICICI Ban4 urrent1! has subsi$iaries in Unite$ Kin3$o2 an$ Cana$a7 bran hes in Sin3a9ore an$ Bahrain an$ re9resentati8e o""i es in the Unite$ States7 China7 Unite$ Arab E2irates an$ Ban31a$esh. ? ICICI Ban46s eAuit! shares are 1iste$ in In$ia on the Sto 4 E? han3e7 Mu2bai an$ the Nationa1 Sto 4 E? han3e o" In$ia #i2ite$ an$ its A2eri an %e9ositor! Re ei9ts FA%RsG are 1iste$ on the Ne5 +or4 Sto 4 E? han3e FN+SEG.
PRUDENTIAL PLC
Estab1ishe$ in #on$on in 1J*J7 -ru$entia1 -1 7 throu3h its businesses in the UK an$ Euro9e7 the US an$ Asia7 9ro8i$es retai1 "inan ia1 ser8i es 7 9ro$u ts an$ ser8i es to 2ore than 1. 2i11ion usto2ers7 9o1i !ho1$ers an$ unit ho1$ers 5or1$5i$e.
? As o" %e e2ber &DD.7 &D 2i11ion usto2ers7 9o1i !ho1$er an$ unit ho1$ers an$ 2ana3es o8er S&,1 bi11ion o" "un$s 5or1$5i$e. ? -ru$entia1 has brou3ht to 2ar4et an inte3rate$ ran3e o" "inan ia1 ser8i es 9ro$u ts that no5 in 1u$es 1i"e assuran e7 9ensions7 2utua1 "un$s7 ban4in37 in8est2ent 2ana3e2ent an$ 3enera1 insuran e. ? -ru$entia1 is UK6s 1ar3est 1i"e insuran e o29an! 5ith a 8ast net5or4 an$ 2utua1 "un$ o9erations in t5e18e ountries-China7 Hon3Kon37 In$ia7 In$onesia7 Ja9an7 Korea7 Ma1a!sia7 the -hi1i99ines7 Sin3a9ore7 Tai5an7 Thai1an$ an$ Vietna2. ? So1i$ re9utation bui1t o8er 1,D !ears. ? Insuran e an$ in8est2ent "un$s un$er 2ana3e2ent e? ee$ Rs 117 DD7DDD rores. ? A1rea$! estab1ishe$ as one o" the bi33est 9ri8ate se tor 2utua1 "un$ F-ru$entia1 ICICI AMC.G ? A tru1! 31oba1 bran$. o29anies in In$ia.
-ru$entia1 is the 1ar3est 1i"e insuran e o29an! in the Unite$ Kin3$o2 FSour eH SM-<s UK #i"e @inan ia1 %i3est7 1CCJG. Asia has a15a!s been an i29ortant re3ion "or -ru$entia1 an$ it has ha$ a 9resen e in Asia "or o8er /, !ears. In "a t -ru$entia1<s "irst o8erseas o9eration 5as in In$ia7 5a! ba 4 in 1C&( to estab1ish #i"e an$ Genera1 Bran h a3en ies.
BOARD OF DIRECTORS
The ICICI -ru$entia1 #i"e Insuran e Co29an! #i2ite$ Boar$ o29rises Re9ute$ 9eo91e "ro2 the "inan e in$ustr! both "ro2 In$ia an$ abroa$
:&V :7,+,t48 Chair2an Mr& B,rry StoCe Mr*& :,7p,n, Mor,)(, Mr*& C4,ndr,
c4er Mr& 'T P4on> Mr& M&P& Mod( Mr& R N,r,y,n,n Mr& :e.( D,d(*et4 Mr& S,ndeeep B,.*4(8 Mana3in3 %ire tor Mr& N& S& :enn,n8 E?e uti8e %ire tor Mr& B4,r>,) D,* ;upt,8 E?e uti8e %ire torPRODUCTS AND SERVICES
The to9i s o8ere$ un$er this areH ? -ro$u t Mi? ? Se32entation an$ 9ositionin3 strate3ies ? Co22uni ation strate3ies an$ 2e$ia ana1!sis ? %istribution an$ hanne1 2ana3e2ent
PRODUCT MIF
ICICI -ru$entia1 #i"e Insuran e o""ers a ran3e o" inno8ati8e7 usto2er- entri 9ro$u ts that 2eet the nee$s o" usto2ers at e8er! 1i"e sta3e. Its 1C 9ro$u ts are o2bine$ 5ith u9 to . ri$ers7 to reate a usto2i=e$ so1ution "or ea h 9o1i !ho1$er. The in$i8i$ua1s as 5e11 as 3rou9s. The insuran e so1utions "or the in$i8i$ua1s areH o29an! 9ro8i$es insuran e so1utions "or both
S,)(n>* G 3e,7t4 Cre,t(on So7ut(on*
Se8en -rote t is a tra$itiona1 en$o52ent sa8in3s 91an that o""ers 1i"e 9rote tion a1on3 5ith a$eAuate returns. Cash is an anti i9ate$ en$o52ent 9o1i ! i$ea1 "or 2eetin3 2i1estone e?9enses 1i4e a hi1$<s 2arria3e7 e?9enses "or a hi1$<s hi3her e$u ation or 9ur hase o" an asset. It is a8ai1ab1e "or ter2s o" 1, an$ &D !ears .
B,n.
L(-et(+e Super G L(-et(+e -1us are unit-1in4e$ 91ans that o""er usto2ers the "1e?ibi1it! an$
ontro1 to usto2i=e the 9o1i ! to 2eet the han3in3 nee$s at $i""erent 1i"e sta3es. Ea h o""er . "un$ o9tions - -reser8er7 -rote tor7 Ba1an er7 Ma?i 2iser7 @1e?i Gro5th an$ @1e?i Ba1an e$. #i"e #in4 Super is a sin31e 9re2iu2 unit 1in4e$ insuran e -1an 5hi h o2bines 1i"e insuran e o8er 5ith the o99ortunit! to sta! in8este$ in the sto 4 2ar4et. -re2ier #i"e Go1$ is a 1i2ite$ 9re2iu2 9a!in3 91an s9e ia11! stru ture$ "or 1on3-ter2 5ea1th reation. In8est Shie1$ L(-e Ne5 is a unit 1in4e$ 91an that 9ro8i$es 9re2iu2 3uarantee on the in8este$ 9re2iu2s an$ ensures that the usto2er re ei8es on1! the bene"its o" "un$ a99re iation 5ithout an! o" the ris4s o" $e9re iation.
In8est Shie1$ C,*4 =,n. is a unit 1in4e$ 91an that 9ro8i$es 9re2iu2 3uarantee on the in8este$ 9re2iu2s a1on3 5ith "1e?ib1e 1iAui$it! o9tions.
Protect(on So7ut(on*
#i"e3uar$ is a 9rote tion 91an7 5hi h o""ers 1i"e o8er at 1o5 ost. It is a8ai1ab1e in ( o9tions - 1e8e1 ter2 assuran e7 1e8e1 ter2 assuran e 5ith return o" 9re2iu2 M sin31e 9re2iu2. Ho2e Assure is a 2ort3a3e re$u in3 ter2 assuran e 91an $esi3ne$ s9e i"i a11! to he19 usto2ers o8er their ho2e 1oans in a si291e an$ ost-e""e ti8e 2anner. C4(7d P7,n* E$u ation insuran e un$er the S2art Ki$ bran$ 9ro8i$es 3uarantee$ e$u ationa1 bene"its to a hi1$ a1on3 5ith 1i"e insuran e o8er "or the 9arent 5ho 9ur hases the 9o1i !. The 9o1i ! is $esi3ne$ to 9ro8i$e 2one! at i29ortant 2i1estones in the hi1$<s 1i"e. S2art Ki$ 91ans are a1so a8ai1ab1e in unit1in4e$ "or2 - both sin31e 9re2iu2 an$ re3u1ar 9re2iu2 .
Ret(re+ent So7ut(on*
@ore8er #i"e is a tra$itiona1 retire2ent 9ro$u t that o""ers 3uarantee$ returns "or the "irst * !ears an$ then $e 1ares bonuses annua11!. #i"eti2e is a re3u1ar 9re2iu2 unit 1in4e$ 9ension 91an that he19s one a u2u1ate o8er the 1on3 ter2 an$ o""ers , annuit! o9tions F1i"e annuit!7 1i"e annuit! 5ith return o" 9ur hase 9ri e7 Ioint 1i"e 1ast sur8i8or annuit! 5ith return o" 9ur hase 9ri e7 1i"e annuit! 3uarantee$ "or ,71D an$ 1, !ears M "or 1i"e therea"ter7 Ioint 1i"e7 1ast sur8i8or annuit! 5ithout return o" 9ur hase 9ri eG at the ti2e o" retire2ent.
Super Pen*(on
#i"e #in4 Super Pen*(on is a sin31e 9re2iu2 unit 1in4e$ 9ension 91an.
I22e$iate Annuit! is a sin31e 9re2iu2 annuit! 9ro$u t that 3uarantees in o2e "or 1i"e at the ti2e o" retire2ent. It o""ers the bene"it o" , 9a!out o9tions.
'e,7t4 So7ut(on*
Hea1th Assure an$ Hea1th Assure -1us Hea1th Assure is a re3u1ar 9re2iu2 91an 5hi h 9ro8i$es 1on3 ter2 o8er a3ainst . riti a1 i11nesses b! 9ro8i$in3 9o1i !ho1$er 5ith "inan ia1 assistan e7 irres9e ti8e o" the a tua1 2e$i a1 e?9enses. Hea1th Assure -1us o""ers the a$$e$ a$8anta3e o" an eAui8a1ent 1i"e insuran e o8er.
:
C,ncer is a re3u1ar 9re2iu2 91an that 9a!s ash bene"it on the $ia3nosis as 5e11 as at $i""erent sta3es in the treat2ent o" 8arious an er on$itions. %iabetes Care %iabetes Care is a uniAue riti a1 i11ness 9ro$u t s9e ia11! $e8e1o9e$ "or in$i8i$ua1s 5ith T!9e & $iabetes an$ 9re-$iabetes. It 2a4es 9a!2ents on $ia3nosis on an! o" . $iabetes re1ate$ riti a1 i11nesses7 an$ a1so o""ers a oor$inate$ are a99roa h to 2ana3in3 the on$ition. %iabetes Care -1us a1so o""ers 1i"e o8er.
Care: :
Hos9ita1 Care is a "i?e$ bene"it 91an o8erin3 8arious sta3es o" treat2ent N hos9ita1i=ation7 ICU7 9ro e$ures M re u9eratin3 a11o5an e. It o8ers a ran3e o" 2e$i a1 on$itions FCDD sur3eriesG an$ has 1on3 ter2 3uarantee$ o8era3e u9 to &D !ears.
:
;roup In*ur,nce So7ut(on*
ICICI -ru$entia1 a1so o""ers Grou9 Insuran e So1utions "or o29anies see4in3 to enhan e bene"its to their e291o!ees. Grou9 Gratuit! -1anH ICICI -ru6s 3rou9 3ratuit! 91an he19s e291o!ers "un$ their statutor! 3ratuit! ob1i3ation in a s ienti"i 2anner. The 91an an a1so be usto2i=e$ to stru ture s he2es that an 9ro8i$e bene"its be!on$ the statutor! ob1i3ations. Grou9 Su9erannuation -1anH ICICI -ru o""ers both $e"ine$ ontribution F%CG an$ $e"ine$ bene"it F%BG su9erannuation s he2es to o9ti2i=e returns "or the 2e2bers o" the trust an$ rationa1i=e the ost. Me2bers ha8e the o9tion o" hoosin3 "ro2 8arious annuit! o9tions or o9tin3 "or a 9artia1 o22utation o" the annuit! at the ti2e o" retire2ent. Grou9 I22e$iate AnnuitiesH In a$$ition to the annuities o""ere$ to e?istin3 su9erannuation usto2ers7 5e o""er i22e$iate annuities to su9erannuation "un$s not 2ana3e$ b! us. Grou9 Ter2 -1anH ICICI -ru<s "1e?ib1e 3rou9 ter2 so1ution he19s 9ro8i$e a""or$ab1e o8er to 2e2bers o" a 3rou9. The o8er ou1$ be uni"or2 or base$ on $esi3nationQran4 or a 2u1ti91e o" sa1ar!. The bene"it un$er the 9o1i ! is 9ai$ to the bene"i iar! no2inate$ b! the 2e2ber on hisQher $eath.
F7eD(=7e R(der Opt(on*
ICICI -eru #i"e o""ers "1e?ib1e ri$ers7 5hi h an be a$$e$ to the basi 9o1i ! at a 2ar3ina1 ost7 $e9en$in3 on the s9e i"i nee$s o" the usto2er. /& Acc(dent G d(*,=(7(ty =ene-(t: I" $eath o urs as the resu1t o" an a i$ent $urin3 the ter2 o" the 9o1i !7 the bene"i iar! re ei8es an a$$itiona1 a2ount eAua1 to the ri$er su2 assure$ un$er the 9o1i !. I" an a i$ent resu1ts in tota1 an$ 9er2anent $isabi1it!7 1DE o" ri$er su2 assure$ 5i11 be 9ai$ ea h !ear7 "ro2 the en$ o" the 1st !ear a"ter the $isabi1it! $ate "or the re2ain$er o" the base 9o1i ! ter2 or 1D !ears7 5hi he8er is 1esser. I" the $eath o urs 5hi1e tra8e1in3 in an authori=e$ 2ass trans9ort 8ehi 1e7 the bene"i iar! 5i11 be entit1e$ to t5i e the su2 assure$ as a$$itiona1 bene"it. ?& Cr(t(c,7 I77ne** Bene-(t: 9rote ts the insure$ a3ainst "inan ia1 1oss in the e8ent o" C s9e i"ie$ riti a1 i11nesses. Bene"its are 9a!ab1e to the insure$ "or 2e$i a1 e?9enses 9rior to $eath. #& 3,()er o- Pre+(u+: In ase o" tota1 an$ 9er2anent $isabi1it! $ue to an a i$ent7 the "uture 9re2iu2s ontinue to be 9ai$ b! the o29an! ti11 the ti2e o" 2aturit!. This ri$er is a8ai1ab1e 5ith #i"eti2e Su9er7 #i"eti2e Su9er -ension an$ Cash -1us.
SE;MENTATION AND POSITIONIN; STRATE;Y
At a broa$ 1e8e17 ICICI -ru$entia1 ai2s to se ure the "a2i1ies
u99er
o" the 2i$$1e an$ 1ass 5or4in3 9eo91e in urban an$ rura1 In$ia. Their
strate3! has a15a!s been to "o us on $e1i8erin3 8a1ue an$ on8enien e to the usto2er7 5hether the! are in the rura1 or urban areas. Hen e7 in urban areas the! ha8e "o use$ on o""erin3 9ro$u t hoi e an$ "1e?ibi1it! an$ bui1$in3 eas! a ess "or the usto2ersO 5hi1e in rura1 areas the "o us is on 9artnerin3 5ith NG'6s an$ 3rass-root or3ani=ations an$ o""erin3 a si291e 9ro$u t that an be un$erstoo$ b! the usto2ers. COMMUNICATION AND MEDIA ANALYSIS ICICI -ru$entia16s su • • • • ess has been bui1t on its onsistent "o us on the usto2er an$ $e1i8erin3 on
hisQher nee$s. This in 1u$es se8era1 initiati8es7 su h asH %e8e1o9in3 "1e?ib1e 9ro$u ts that are base$ on onsu2er nee$s an$ insi3hts. '""erin3 $i""erentiate$ ser8i e to the usto2er in a 2anner that is 2ost Con8enient to hi2Qher-be it throu3h the 5eb7 a11 enters7 bran hes7 et . In8est2ent strate3! 5ith a "o us on sa"et!7 stabi1it! an$ returns are so2e o" the "a tors that ha8e "a i1itate$ their 3ro5th.
DISTRIBUTION AND C'ANNEL MANA;EMENT
ICICI -ru$entia1 has one o" the 1ar3est $istribution net5or4s a2on3st 9ri8ate 1i"e insurers in In$ia. As o" Mar h (17 &DD/ the o29an! has o8er ,JD o""i es a ross the ountr! an$ o8er &(*7DDD a$8isors. The o29an! has o8er && ban4 insuran e o. 9artners7 ha8in3 tie-u9s 5ith ICICI Ban47 @e$era1 Ban47 South In$ian Ban47 Ban4 o" In$ia7 #or$ Krishna Ban47 I$u44i %istri t Co-o9erati8e Ban47 Ja13aon -eo91es Co-o9erati8e Ban47 Sha2rao )itha1 Co-o9 Ban47 Erna4u1u2 Ban47 C Ban4 o" In$ia s9onsore$ Re3iona1 Rura1 Ban4s FRRBsG7 Sa31e Urban Co-o9erati8e Ban47 Bara2ati Co-o9erati8e Ban47 Bai11ie Kshetri!a Gar2in Ban47 The Har!ana State Co-o9erati8e Ban4. ICICI -ru$entia1 5as the "irst 1i"e insurer to 1aun h o9erations 5ith a 2u1ti- hanne1 $istribution strate3! that in 1u$e$H
• • • • • •
A$8isors Ban assuran e Cor9orate a3ents %ire t 2ar4etin3 An$ 2ost re ent1!7 its on1ine a991i ation s!ste2-Instate Insure. A1so this is the on1! o29an! to ha8e a tie-u9 5ith In$ian -ost '""i e.
INSURANCE RE;ULATORY G DEVELOPMENT AUT'ORITY
!IRDA%
Insuran e Re3u1ator! an$ %e8e1o92ent Authorit! FIR%AG is onstitute$ b! the Go8ern2ent o" In$ia7 5hi h 3o8erns a11 the o29anies that are o9eratin3 in the insuran e se tor in In$ia. As 9er the se tion * o" IR%A A t< 1CCC7 Insuran e Re3u1ator! an$ %e8e1o92ent Authorit! FIR%A7 5hi h 5as onstitute$ b! an a t o" 9ar1ia2entG s9e i"! the o29osition o" Authorit!.
MISSION OF IRDA
To 9rote t the interests o" the 9o1i !ho1$ers7 to re3u1ate7 9ro2ote an$ ensure or$er1! 3ro5th o" the insuran e in$ustr! an$ "or 2atters onne te$ there5ith or in i$enta1 thereto. Dut(e*8 PoCer* ,nd Funct(on* o- IRDA Se tion 1* o" IR%A A t7 &DDD 1a!s $o5n the $uties7 9o5ers an$ "un tions o" IR%A. The Authorit! sha11 ha8e the $ut! to re3u1ate7 9ro2ote an$ ensure or$er1! 3ro5th o" the insuran e business an$ reinsuran e business. T4e poCer* ,nd -unct(on* o- t4e Aut4or(ty *4,77 (nc7ude: FaG Issue to the a991i ant a an e1 su h re3istrationO FbG -rote tion o" the interests o" the 9o1i ! ho1$ers in 2atters on ernin3 assi3nin3 o" 9o1i !7 no2ination b! 9o1i ! ho1$ers7 insurab1e interest7 sett1e2ent o" insuran e 1ai27 surren$er 8a1ue o" 9o1i ! an$ other ter2s an$ on$itions o" ontra ts o" insuran eO F G S9e i"!in3 reAuisite Aua1i"i ations7 o$e o" on$u t an$ 9ra ti a1 trainin3 "or inter2e$iar! or insuran e inter2e$iaries an$ a3entsO F$G S9e i"!in3 the o$e o" on$u t "or sur8e!ors an$ 1oss assessorsO FeG -ro2otin3 e""i ien ! in the on$u t o" insuran e businessO F"G -ro2otin3 an$ re3u1atin3 9ro"essiona1 or3ani=ations onne te$ 5ith the insuran e an$ reinsuran e businessO F3G #e8!in3 "ees an$ other har3es "or arr!in3 out the 9ur9oses o" this A tO FhG Ca11in3 "or in"or2ation "ro27 un$erta4in3 ins9e tion o"7 on$u tin3 enAuiries an$ erti"i ate o" re3istration7 rene57 2o$i"!7 5ith$ra57 sus9en$ or
in8esti3ations in 1u$in3 au$it o" the insurers7 inter2e$iaries7 insuran e inter2e$iaries an$ other or3ani=ations onne te$ 5ith the insuran e businessO ontro1 an$ re3u1ation o" the rates7 a$8anta3es7 ter2s an$ on$itions that 2a! be o""ere$ b! insurers in res9e t o" ontro11e$ an$ re3u1ate$ b! the Tari"" A$8isor! 3enera1 insuran e business not so
Co22ittee un$er se tion .*U o" the Insuran e A t7 1C(J F* o" 1C(JGO FiG S9e i"!in3 the "or2 an$ 2anner in 5hi h boo4s o" a ount sha11 be 2aintaine$ an$ state2ent o" a ounts sha11 be ren$ere$ b! insurers an$ other insuran e inter2e$iariesO
INDIAN INSURANCE INDUSTRY IN ANCIENT TIME
In$ian insuran e in$ustr! as 5e see to$a! 5as not so 8ast ear1ier. At that ti2e7 there 5ere on1! & 91a!ersO the state insurers Fas on / 1 ?HHH%& L(-e (n*urer #i"e Insuran e Co29an! o" In$ia !LIC% ;ener,7 In*ur,nce Corpor,t(on o- Ind(, !;IC% It ha$ * subsi$iar! o29anies. #ater this * 5ere $e-1in4e$ an$ the! starte$ their business se9arate1!. These are F1G Or(ent,7 (n*ur,nce co+p,ny Ltd. F&G T4e NeC Ind(, ,**ur,nce Co+p,ny Ltd& F(G N,t(on,7 In*ur,nce Co+p,ny Ltd& F*G Un(ted Ind(, (n*ur,nce Co+p,ny Ltd.
INDIAN LIFE INSURANCE INDUSTRY IN PRESENT TIME: The Go8ern2ent o" In$ia 1ibera1i=e$ the insuran e se tor in M,rc4 ?HHH 5ith the 9assa3e o" the Insuran e Re3u1ator! an$ %e8e1o92ent Authorit! !IRDA% Bi117 re2o8in3 a11 entr! restri tions "or 9ri8ate 91a!ers an$ a11o5in3 "orei3n 91a!ers to enter the 2ar4et 5ith so2e 1i2its on $ire t "orei3n an$ 5ith the 3ro5th in this in$ustr! 2an! o29anies entere$ the 1i"e insuran e se tor. An! o29an! 5ith the Ioint 8enture o" #i"e Insuran e Co29an! an start business o" 1i"e insuran e. T4e*e ,re -o77oC(n> 7(-e (n*ur,nce co+p,n(e*: F1G BAJAJ A11ian= #i"e Insuran e Co29an! #t$. F&G BIR#A Sun #i"e Insuran e Co. #t$ F(G H%@C Stan$ar$ 1i"e Insuran e Co. #t$ F*G ICICI -ru$entia1 #i"e Insuran e Co. #t$. F,G MA0 Ne5!or4 #i"e Insuran e #t$. F.G MET #i"e In$ia Insuran e Co. #t$. F/G K'TAK Mahin$ra '1$ Mutua1 #i"e Insuran e #t$. FJG SBI #i"e Insuran e Co29an! #t$. F1DG Re1ian e #i"e Insuran e Co #t$. F11G TATA Ai3 #i"e Insuran e Co. #t$. F1&G AVIVA #i"e Insuran e Co. In$ia -8t. #i2ite$. F1(G SAHARA In$ia 1i"e Insuran e Co. #t$.
#& RESEARC' AND MET'ODOLO;Y
In this se tion o" 2! 9roIe t7 the reAuire2ent is to $es ribe the sour es o" o11e tin3 9ri2ar! an$ se on$ar! $ata. @or o11e tin3 9ri2ar! $ata7 2etho$ a$o9te$ 5as "o us 3rou9 2etho$. ? Source o- pr(+,ry d,t, 1. Natura1 Mar4et • • • Re1ati8es @rien$s Nei3hbors
&. Sta11 '9eration (. Sur8e! *. Se2inar F@o us Grou9G
? Source o- Second,ry D,t, 1. +e11o5 -a3es &. %atabase o" $i""erent o29anies #ITGI A3ents (. Te1e a11in3 1ea$s *. Re"eren e $ata.
CONTACT MET'OD
Initia11!7 the instru tions 3i8en b! the o29an! 5ere to 5or4 on natura1 2ar4et Co29an!7 i.e.
re1ati8es7 "rien$s7 nei3hbors or the 4no5n ones. But bein3 ne5 to the it!7 this onstraint o" not ha8in3 the natura1 2ar4et 5as there. 'ne o" the 2etho$s use$ in re ruit2ent 5as to a11 9eo91e "ro2 +e11o5 -a3es an$ ta4e their a99oint2ents. 'n e the 2eetin3 is "i?e$ 5ith that 9erson7 then a B.'.i.e. Business '99ortunit! -resentation has to be 3i8en to hi2. This 9resentation he19s to a 3reat e?tent in 2a4in3 that 9erson 4no5 about the Co29an!7 the bene"its that heQshe 5i11 3et in 3ettin3 asso iate$ 5ith the Co29an!. It Iust ha99ens so2eti2es that a 9erson 2i3ht not on entrate on 5hat is bein3 to1$ to hi2 but 5hen that 9erson 1oo4s at that 9resentation it be o2es eas! to on8in e hi2 as he is "o use$ on the "a ts an$ "i3ures 2entione$ in the 9resentation.
T4e another 2etho$ that an be "o11o5e$ is that o" 2a4in3 o1$ a11s to or9orate o""i es7 sho9s or those 9eo91e 5ho2 a stu$ent "ee1s an be o2e a$8isors or 5ho 2i3ht be intereste$ in be o2in3 a$8isors. Here7 the $ut! is to te11 the2 about a3en ! business7 5hat the! 5i11 3et out o" it an$ "ina11! 1osin3 the $ea1. I" the! sti11 ha8e so2e Aueries or Auestions 5hi h ou1$ not be ans5ere$ at that 9oint o" ti2e7 then the! are reAueste$ to 8isit our o""i e so that the! 2a! enAuire about their $oubts "ro2 Unit Mana3ers an$ thus 2a4in3 the2 satis"ie$ that their asso iation 5ith the Co29an! is so2ethin3 5hi h the! 5i11 not re3ret. This 2etho$ is a1so a11e$ -R'S-ECTING &
INSURANCE ADVISOR
:-ersons 5ho se11 insuran e 9o1i ies7 "or a sin31e insuran e o29an!7 in return "or a o22ission are a11e$ A%VIS'RS.;
Insuran e A$8isors are the bri$3e or the hanne1 9artners bet5een the 9o1i !ho1$er an$ insuran e o29an!. The! 2a4e the base "or the insuran e o29an!. In other 5or$s7 it an be sai$ that a$8isors are those 9eo91e in the or3ani=ation 5ho an 3i8e business to the o29an! . The! are the re9resentati8es o" an insuran e o29an! 5ho se11s insuran e. An insuran e a$8isor 1o ates 9ros9e ti8e insuran e usto2ers7 $eter2ines the insuran e nee$s o" ea h usto2er7 an$ assists the usto2er in a991!in3 "or insuran e. T!9i a11!7 an insuran e a$8isor 5i11 $e1i8er the 9o1i ! 5hen the a991i ation is a99ro8e$7 5i11 o11e t the initia1 9re2iu27 an$ 5i11 9ro8i$e usto2er ser8i e to 9o1i ! o5ners. An a$8isor is a1so a11e$ a "ie1$ un$er5riter or a 1i"e un$er5riter. So2e other 5a!s to se11 insuran e 9o1i ies areH Ban assuran e an$ Cor9orate A3en !.
3'Y TO BE AN ADVISOR5
No startu9 a9ita1 reAuire$ @1e?ib1e 5or4in3 en8iron2ent Be !our o5n boss Un1i2ite$ earnin3 9otentia1
3'O CAN BE T'E ADVISORS5
)hi1e 2a4in3 a$8isors "or the o29an!7 ertain hara teristi s ha8e to be 4e9t in 2in$. The! are as un$erH ? A 9erson shou1$ be bet5een the a3e 3rou9 o" &,-*D !ears. ? Shou1$ be a 3ra$uate or o1$ SSC -ass. ? Shou1$ 9re"erab1! be 2arrie$. ? Shou1$ be a 1o a1ite. A9art "ro2 this7 there is a ertain tar3et au$ien e that has to be tar3ete$H ? Chartere$ A ountants
? Co29an! Se retaries ? Ta? Consu1tants ? Business2en ? Beaut! -ar1ors ? Mana3e2ent Consu1tants ? A$8o ates ? En3ineers ? Tour an$ Tra8e1s o5ners ? Air ti 4et boo4in3s ? T5o an$ @our 5hee1er "inan e o29anies ? Courier ser8i es ? Retai1ers o" $i""erent 9ro$u ts ? Co29uter Har$5are Business ? So"t5are Business ? @urniture sho9s
BE AN ADVISOR
Bein3 an ICICI -ru$entia1 a$8isor an be an enri hin3 an$ e? itin3 areer o9tion. It6s an o99ortunit! to asso iate 5ith an in$ustr! 1ea$er7 be in tou h 5ith the 1atest an$ "inest insuran e 9ra ti es "ro2 aroun$ the 31obe7 an$ 3ro5 both 9ersona11! an$ 9ro"essiona11!. Here are so2e o" the bene"its o" bein3 an ICICI -ru$entia1 #i"e Insuran e A$8isor-H ? Un1i2ite$ earnin3 9otentia1. ? C1ear areer 9ath. ? A11 roun$ su99ort throu3h e? 1usi8e a$8ertisin37 !our o5n in-house onsu1tant7 an$ 5or1$1ass trainin3. ? A o29rehensi8e bene"it 9a 4a3e.
ADVISORIS ROLE
Ident(-y -uture c7(ent: A$8isor has to "in$ the 1ient 5ho an 9a! re3u1ar 9re2iu2 to the o29an! be ause o29an! 5i11 9a! o22ission on the 9re2iu2 o11e te$ b! the a$8isor. M,.(n> ,ppo(nt+ent*: Just 2a4in3 onta ts is not enou3h "or an a$8isor in the 1i"e insuran e business but he has to 4ee9 in tou h onstant1! 5ith the 1ient so that he an un$erstan$ the nee$ o" the 1ient an 9ro8i$e a 9ro9er 9o1i !Qsa"et! to the 1ient. Conduct -(n,nc(,7 re)(eC C(t4 c7(ent*: A$8isor 2ust 2a4e his 1ient a5are o" $i""erent t!9es o" the 9o1i ! o" the o29an!. He a1so 3i8es "inan ia1 re8ie5 1i4eH ? Ho5 2u h a 1ient 5i11 3et a"ter the 2aturit! o" the 9o1i !U ? Ho5 2u h 9re2iu2 he has to 9a!U ? Ho5 2u h bonus an$ a$$ition bene"it 5i11 the 1ient 3etU Et .
C7o*e *,7e: U1ti2ate1! su ess is $e"ine$ in ter2s o" sa1es. The a$8isor shou1$ 1ea$ ea h a99oint2ent to5ar$s a
sa1e an$ 1ose e""e ti8e1! 5herein the 1ient is ha99! on 9ur hasin3 the insuran e so1ution an$ "ee1s satis"ie$ 5ith it.
;et re-err,7*: As 2entione$ abo8e- insuran e is the business o" onta ts- the best 5a! to 3et re"eren e or onta t is a$8isors6 9ros9e ts an$ 1ients. It 5i11 he19 a$8isors to in rease re1ation in the 2ar4et. Pro)(de *er)(ce to t4e c7(ent: Insuran e is the ser8i e business. Ser8i e shou1$ be on the 2ar4 in this 4in$ o" business. The 2otto o" ICICI -ru$entia1 is to 9ro8i$e 3oo$ ser8i e to the 1ient so in ICICI -ru$entia1 ea h a$8isor 2ust 3i8e 8er! 3oo$ ser8i e to the 1ient. C,reer At ICICI -ru$entia17 areer $e8e1o92ent is e29hasi=e$ u9on "ro2 the 8er! $a! the a$8isor Ioins the s!ste2. Thou3h in$i8i$ua1 2eetin3s 5ith his or her 2ana3er7 the a$8isor an $is uss 8arious issues re1ate$ to business $e8e1o92ent an$ areer enhan e2ent. E?9e tations "ro2 the or3ani=ation in ter2s o" ha14in3 a areer in the insuran e in$ustr! are a1so $is usse$.
CAREER OPPORTUNITY FOR ADVISOR
A e& T &inin# +&n&#e
SALES +ANA/ER B$siness P& tne S * A#enc, +&n&#e
B &nch T &ine
A#enc, +&n&#e +DRT ), 01 months Unit +&n&#e
T &inin# Cons$lt&nt A"!iso
T &inin# Cons$lt&nt T &inin# Cons$lt&nt
LIMITATIONS
? As the 2o8e2ent throu3hout the it! is not 9ossib1e $ue to ertain onstraints so the 2o8e2ent 5as Auite restri te$. ? -eo91e are not rea$! to 3o "or trainin3. As the trainin3 9erio$ is o" 1/ $a!s an$ it in8o18es "u11 $a!7 so it be o2es $i""i u1t "or the2 to 1ea8e their o""i es or sho9s "or su h a 1on3 ti2e. ? The o29u1sion o" se11in3 1& 9o1i ies in a !ear a1so restri ts the2 "ro2 be o2in3 a$8isors. I" the! $o not "u1"i11 this tar3et7 then their 1i ense is an e11e$ a"ter a !ear. ? #a 4 o" trust on an! o29an! o" -ri8ate Se tor. ? #a 4 o" 4no51e$3e about the 9ro$u ts o" ICICI -ru$entia1 an$ their tota1 an$ b1in$ "aith on #IC. ? So2eti2es7 "resh 3ra$uates 5ant to be o2e a$8isors but the o29an! $enies 2a4in3 the2 an a$8isor as the! are 8er! "i 41e-2in$e$ an$ a1so unre1iab1e. ? There is a 9rob1e2 in tar3etin3 Chartere$ A o" Chartere$ A ountants. ICAI7 5hi h is the 3o8ernin3 bo$! ountants7 $oes not a11o5 the2 to be o2e a$8isors. Ho5e8er7 no5 the!
ha8e 9er2itte$ so2e CA6s to be o2e a$8isors7 but these are on1! those ones 5ho are $oin3 Iobs so2e5here an$ not a11o5e$ the ones 5ho are $oin3 their 9ra ti e. So7 sti11 this $e ision is 8er! $i e!. ? So2eti2es7 e8en those 9eo91e 5ant to be o2e a$8isors "or the o29an! 5ho are not a 1o a1ities but then the 2aIor 9rob1e2 that the! "a e is that the! ha8e 3ot no natura1 2ar4et7 so the! are 8er! sus e9tib1e about their 9er"or2an e an$ 5hether the! 5i11 be ab1e to 3enerate business "or the o29an! or not7 so the! a8oi$ to ta4e u9 this ha11en3e.
? It 5as a 3reat 9rob1e2 to 3et a99oint2ents "ro2 9eo91e in the 2onth o" Mar h as 2ost o" the2 5ere bus! in "i1in3 their returns. ? So2e 9eo91e as4 about o29arati8e ana1!sis 5ith #IC. ? So2e 9eo91e onsi$er IR%A "ees o" Rs. 1DDD as a onstraint. ? Non-a8ai1abi1it! o" 9art-ti2e trainin3. ? A11 s2a11 to5ns are not o9en "or $oin3 this business. ? 'ne 9erson annot ta4e #i"e Insuran e A3en ! o" t5o $i""erent Co29anies. ? Ti2e onstraint is the bi33est onstraint in ta4in3 u9 the stu$!.
ReC,rd* ,nd Reco>n(t(on
ICICI -ru$entia1 a$8isors are onstant1! re o3ni=e$ an$ re5ar$e$ "or their 9er"or2an e. Nu2erous ontests a11 !ear roun$ 9ro2ote hea1th! o29etition a2on3st a$8isors an$ re o3nition "or their e""orts. %e9en$in3 on the 1e8e1 o" business the a$8isor a hie8es in a !ear7 he or she an be o2e a 2e2ber o" 8arious 1ubs su h as the -resi$ent6s 1ub7 ICICI -ru Star Internationa1 an$ the ICICI -ru Star In$ia 1ub. Ea h o" these 1ubs ha8e s9e i"i 9er"or2an e riteria "or Aua1i"i ation an$ 2e2bers o" these 1ubs are entit1e$ to atten$ se2inars he1$ at e?oti internationa1 an$ $o2esti 1o ations ea h !ear. A$8isors an a1so Aua1i"! "or the reno5ne$ M%RT FMi11ion %o11ar Roun$ Tab1eG7 an e? 1usi8e internationa1 insuran e a$8isors 1ub.
BC Base Co22ission RC Rene5a1 Co22ission AC A u2u1ate$ Co22ission
Brief History:
E)o7ut(on o- t4e Ent(ty C(t4 re*pect to T(+e In e9tion ICICI Ban4 tra es ba 4 its ori3in to 1C,, 5hen7 at the initiati8e o" )or1$ Ban47 the Go8ern2ent o"
In$ia an$ re9resentati8es o" In$ian in$ustr!7 The In$ustria1 Cre$it an$ In8est2ent Cor9oration o" In$ia #i2ite$ FICICIG 5as in or9orate$ 5ith the obIe ti8e o" 9ro8i$in3 1on3-ter2 an$ 2e$iu2-ter2 9roIe t "inan in3 to In$ian businesses FE?hibit 1G. In 1C,, ICICI a te$ as a 9ri2ar! sour e o" "orei3n urren ! in the In$ian Mar4et. @un$in3 "ro2 )or1$ Ban47 G'I7 an$ other 2u1ti1atera1 sour es not 5ithstan$in3 ICICI 5as a1so one o" the "irst In$ian o29anies to raise "un$s "ro2 internationa1 2ar4ets. In 1C,. itse1" the o29an! $e 1are$ its "irst $i8i$en$ o" (.,E.
1& DATA ANALYSIS AND INTERPRETATION
I 3athere$ $ata throu3h 9ri2ar! sour e o" $ata o11e tion. )e ha8e %i""erent t!9es o" 2etho$s in this su h as obser8ation7 inter8ie57 an$ Luestionnaire an$ so on. I se1e te$ Auestionnaire te hniAue . 34y d(d I *e7ect t4e <ue*t(onn,(re -or d,t, co77ect(on5
F1G Throu3h this 2etho$ !ou an rea h to 2ore res9on$ents as o29are$ to other 2etho$s o" $ata o11e tion. F&G In this 2etho$ 5e $on6t ha8e an! 9rob1e2 to re or$ $ata. F(G There is 1o5 ost in8o18e$ in it. F*G Res9onses annot be biase$ on the 9art o" resear her be ause res9on$ent hi2se1" "i11s the Auestionnaire. F,G The! ha8e enou3h ti2e to "i11 it7 thus he 3i8es 5e11 onte291ate$ 8ie5 on issues. These 5ere the reasons "or a$o9tin3 this 2etho$. The "o11o5in3 are the Auestions I 9ut in AuestionnaireH
L.1. %o !ou thin4 1i"e insuran e is essentia1 to$a!U
/D .D ,D *D (D &D 1D D
a3 re e i$ e$ A U n$ e a3 re e 3r ee
Series1
Inter9retationH
It is 1ear "ro2 abo8e $ia3ra2 that 2ost o" the 9eo91e stron31! be1ie8e in ha8in3 1i"e insuran e 9o1i !. There are a "e5 9eo91e a3ainst it. It a1so sho5s 3ro5in3 i29ortan e o" 1i"e insuran e a2on3 9eo91e.
L.&. %o !ou ha8e an! 1i"e insuran e 9o1i !U
S
tr o n3 1
No /?J
Ye* ""J
Inter9retationH
The $ia3ra27 sho5n in abo8e 9a3e o22uni ates that 2ost o" the 9eo91e ha8e insure$ their 1i8es. This $e 1ares that the 1i"e insuran e in$ustr! is in 3ro5in3 9hase.
L.(. I" !es 5hi h 1i"e insuran e 9o1i ! $o !ou ha8e U
% is
!
JD /D .D ,D *D (D &D 1D D
#I C
/,
Series1 1J 1, 1&
/
= J A 11 i an
*
$e nt ia 1
$a r$
IG A T A V IV A A
S ta n
IC IC I-
ru
A B A JA
C
Inter9retationH
)e an see the a2a=in3 i2a3e o" #IC. Most o" the 9eo91e ha8e 9ur hase$ the 9ro$u ts o" #IC. The! ta4e #IC as a 2ost be1ie8ab1e 1i"e insuran e o29an!. ICICI -ru ha99ens to be ne?t to #IC. #IC is the 2ar4et 1ea$er in this in$ustr!7 i" 5e ta14 on1! o" 9ri8ate o29anies7 ICICI is the 1ea$er. Most 9eo91e in 1u$in3 9ro"essors7 $o tors an$ other e$u ate$ 9eo91e sho5n their interest in #IC. Sa!in3 that it6s a re1iab1e bran$ as it is Go8t. un$erta4in3 or9oration.
L.*. Ho5 $i$ o2e to 4no5 about this o29an!U
H %
@
1DE
,E
&&E .(E
A$8ertise2ent
E?e uti8e
T
@rien$sQRe1ati8e
#i "e
An! 'ther
Inter9retationH
It is 1ear "ro2 abo8e $ia3ra2 that 2ost o" 9eo91e 3et 4no51e$3e about insuran e o29an! "ro2 a$8ertise2ent. A$8ertise2ent 2a4es a 8ita1 ro1e in o22uni ate o" 9eo91e an$ e?e uti8e an$ other sour es are a1so stri8in3 o" in rease o" a5areness.
L.,. Insuran e Co29an! 9ro8i$es !ou ser8i e at the ti2e the! 9ro2ises to $oU
CE
1E
&,E
.,E
Stron31! A3ree
A3ree
%isa3ree
Stron31a! %isa3ree
Inter9retationH
It is 1ear to that ana1!sis o" abo8e $ia3ra2 2ost o" 9eo91e are stron31! a3ree "ro2 insuran e o29an! ser8i es. There are a "e5 9eo91e a3ainst it.
L... Are !ou satis"ie$ 5ith the 5a! "ront 1ine e291o!ees beha8es 5ith !ou U
1.E
DE
*E
JDE
Co291ete1! satis"ie$
%issatis"ie$
Satis"ie$
Co291ete1! $issatis"ie$
Inter9retationH
Most o" the 9eo91e is o291ete1! satis"ie$ 5ith the "ront 1ine e291o!ees beha8es an$ so2e 9eo91e are on1! satis"ie$. There are "e5 9eo91e a3ainst it.
L./. Are !our hi1$ren insure$U
,&E
*JE
+ES N'
Inter9retationH
Chi1$ insuran e is not so 9o9u1ar7 this $ia3ra2 $e9i ts that ha1" o" the hi1$ren are ha8in3 hi1$ insuran e 91ans.-eo91e "irst insure the2se18es then thin4 insuran e "or their hi1$ren.
L.J. I" !es 91ease na2es the o29an!U
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Inter9retationH
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A3ain the #IC is the bi33est se11er o" hi1$ insuran e 9ro$u ts an$ ICICI -ru$entia1 stan$s at nu2ber t5o in o8er a11 1i"e insuran e 91a!ers. ICICI -ru$entia1 is "irst 91a!er in 9ri8ate se tor.
L.C. Ho5 $o !ou o2e to 4no5 about the hi1$ insuran e 9o1i !U
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Inter9retationH
Most o" the 9eo91e o2e to 4no5 about hi1$ 9o1i ies throu3h the a3ents o" 1i"e insuran e o29anies. The se on$ 9o9u1ar sour e o" 3ettin3 in"or2ation about this is E14. Me$ia. Ne5s9a9ers an$ "rien$s are re2ainin3 sour es that 3i8e in"or2ation re3ar$in3 hi1$ 9o1i ies.
L.1D. Are !ou intereste$ to bu! hi1$ 9o1i !U
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Inter9retationH
)hen I as4e$ 9eo91e7 are the! intereste$ to 9ur hase a hi1$ 9o1i !U MaIorit! 5as that the! 5ant to 9ur hase but the! a1so sai$ that 9resent1! the! $i$ not ha8e "un$ "or it.
L. 11. %o !ou thin4 hi1$ 9o1i ! is a 3oo$ 5a! to 2a4e hi1$ "uture se ureU
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Inter9retationH
Most o" the 9eo91e ta4e hi1$ 9o1i ! as a 3oo$ 5a! to 2a4e hi1$6s "uture se ure as the! sa! that this 9ro8i$es !ou 2one! at the i29ortant in i$ents o" e$u ation7 2arria3e an$ so on. hi1$6s 1i"e su h as hi3her
K& F,ct ,nd -(nd(n>* o- (c(c( B,n.
CEO Website http 2 2 2 " 2 2 2 2 2 2 Ch&n"& 3ochh& www*icici)&n-*com In"i&' +$m)&i' +&h& &sht & ICICI Ba # ICICI B&nICICI Lom)& " http:55en*wi-ipe"i&*o #5wi-i5ICICI6B&nmo t#&#e' In!estment )&n-in#' P i!&te )&n-in# 0778' 0799 :9';;; 3* V* 3&m&th
Locatio
Co!pa y History S$)si"i& ies 4i-ipe"i& P&#e P o"$ces o P o!i"es Fo$n"e"
N$m)e O% Emplo,ees 3e, people
Cl&ss 4e)sites B$siness A e& Liste" on O$tlets
2 2 2 2 2
)&n-' %in&nci&l instit$tion' )$siness' ch&in o% )$sinesses' p$)lic comp&n, http:55www*icici%o$n"&tion*o # )&nNew <o - Stoc- E=ch&n#e ICICI B&n-' 4em)le,. ICICI B&n-' So$th &ll. ICICI B&n-' +&ncheste . ICICI B&n-' Lon"on. ICICI B&n-' Lon"on.
1.
ICICI Ban4 is no5 the 9arent o29an! "orH
? ICICI Venture ? ICICI #i2ite$ ? ICICI Se urities ? ICICI -ru$entia1 #i"e Insuran e Co29an! ? ICICI #o2bar$ Genera1 Insuran e Co29an! ? ICICI )eb tra$e ? ICICI Ca9ita1 ? ICICI -ru$entia1 AMC M Trust ? ICICI In"oTe h
2& S3OT ANALYSIS
S)'T ana1!sis is $one "or a o29an!7 to "in$ out its o8era11 Stren3ths7 )ea4nesses7 Threats an$ o99ortunities 1ea$in3 to 3au3in3 the o29etiti8e 9otentia1 o" the o29an!. The S)'T Ana1!sis enab1es a o29an! to re o3ni=e its 2ar4et stan$in3 an$ a$o9t strate3ies a or$in31!. Here S)'T ana1!sis o" ICICI ban4 is 2a$e to un$erstan$ the 9ositionin3 o" the ban4 STRENGTHS
/& BRAN% NAMEH ICICI Ban4 has earne$ a re9utation in the 2ar4et "or e?ten$in3 Aua1it! ser8i es to
the 2ar4et 8is-V-8is its o29etitors. It has earne$ a stron3 Bran$ na2e in ban4in3 in a 8er! short s9an o" ti2e.
?& MARKET SHAREH ICICI Ban4 has the 1ar3est 2ar4et share o" (*E in the IT M ITES in$ustr! in
H!$eraba$ a or$in3 to our sur8e! F5ithin the 1i2itation o" the sa291e si=e.G
#& HUGE NET)'RKH ICICI Ban4 has the hi3hest nu2ber o" 1in4e$ bran hes in the ountr!. The
ban4 o9erates throu3h a net5or4 o" *,D BRANCHES AN% o8er 1JDD ATMs a ross In$ia7 thus enab1in3 the2 to ser8e usto2er in better 5a!.
1& %IVERSI@IE% -'RT@'#I'H ICICI Ban4 has a11 the 9ro$u ts un$er its be1t7 5hi h he19 it to e?ten$
the re1ationshi9 5ith e?istin3 usto2er. ICICI Ban4 has u2bre11a o" 9ro$u ts to o""er their usto2ers7 i" on e usto2er has re1ationshi9 5ith the ban4. So2e -ro$u ts7 5hi h ICICI Ban4 is o""erin3 areH P Retai1 Ban4in3 P Business Ban4in3 P Mer hant Estab1ish2ent Ser8i es FE%C Ma hineG P -ersona1 1oans M Car 1oans P %e2at Ser8i es 5ith E-Bro4in3 P Mutua1 @un$ FICICI Ban4 is the %istributor o" a11 Mutua1 @un$G P Insuran e P Housin3 #oans
K& SA#AR+ ACC'UNTH 'ne 8er! interestin3 thin3 that 5e ha8e obser8e$ in our sur8e! is that ICICI
is ha8in3 an e$3e o8er other ban4s in ase o" Sa1ar! A their Sa1ar! A ount 5ith ICICI e8en i" their Current A ount. Most o" the o29anies are ha8in3 ount is 5ith an! other Ban4. This is 2ain1!
be ause o" the hu3e net5or4 o" ATMs an$ bran hes o" ICICI.
Stre $ths of ICICI Ba #
•
ICICI is the secon" l& #est )&n- in te ms o% tot&l &ssets &n" m& -et sh& e
• • • • • • •
Tot&l &ssets o% ICICI is Rs* 8;>1*:8 Billion &n" eco "e" & m&=im$m p o%it &%te t&= o% Rs* 90*90 )illion &n" loc&te" in 07 co$nt ies One o% the m&?o st en#th o% ICICI )&n- &cco "in# to %in&nci&l &n&l,sts is its st on# &n" t &nsp& ent )&l&nce sheet ICICI )&n- h&s %i st mo!e &"!&nt&#e in m&n, o% the )&n-in# &n" %in&nci&l se !ices* ICICI )&n- is the %i st )&n- in In"i& to int o"$ce complete mo)ile )&n-in# sol$tions &n" ?ewel , c& " The )&n- h&s PAN In"i& p esence o% & o$n" 1'9>@ ) &nches &n" A;;: AT+Bs ICICI )&n- is the %i st )&n- in In"i& to &tt&ch li%e st,le )ene%its to )&n-in# se !ices %o e=cl$si!e p$ ch&ses &n" tie2$ps with )est ) &n"s in the in"$st , s$ch &s N&-sh&t &' Asmi' DB"&m&s etc ICICI )&n- h&s the lon#est wo -in# ho$ s &n" &""ition&l se !ices o%%e in# &t AT+Bs which &tt &cts c$stome s +& -etin# &n" &"!e tisin# st &te#ies o% ICICI h&!e #oo" e&ch comp& e" to othe )&n-s in In"i&
Wea# esses of ICICI Ba #
• • • • • •
C$stome s$ppo t o% ICICI section is not pe %o min# well in te ms o% esol!in# compl&ints The e & e lot o% cons$me compl&ints %ile" &#&inst ICICI The ICICI )&n- h&s the most st in#ent policies in te ms o% eco!e in# the "e)ts &n" lo&ns' &n" c e"it p&,ments* The, emplo, thi " p& t, &#enc, to h&n"le eco!e , m&n&#ement The e & e &lso compl&ints o% c$stome &ss&$lt &n" &)$se while eco!e in# &n" the c e"it p&,ment emin"e s & e sent e!en )e%o e the "e&"lines which &nno,s the c$stome s The )&n- se !ice ch& #es & e comp& &ti!el, hi#he The emplo,ees o% ICICI & e )&n- in m&=im$m st ess )ec&$se o% the &## essi!e policies o% the m&n&#ement to win &he&" in the &ce* This m&, es$lt in less p o"$cti!it, in %$t$ e ,e& s
Opport% ities of ICICI Ba #
• • • • • • •
B&n-in# secto is e=pecte" to # ow &t & &te o% 0@C in the ne=t th ee ,e& s The concept o% s&!in# in )&n-s &n" in!estin# in %in&nci&l p o"$cts is inc e&sin# in $ &l & e&s &s mo e th&n >1C pe cent&#e o% In"i&Bs pop$l&tion is still in $ &l & e&s* As pe 1;0; "&t& in TOI' the tot&l n$m)e )2schools in In"i& & e mo e th&n 09;;* This c&n ens$ e e#$l& s$ppl, o% t &ine" h$m&n powe in %in&nci&l p o"$cts &n" )&n-in# se !ices 4ithin ne=t %o$ ,e& s ICICI )&n- is pl&nnin# to open 09;; new ) &nches Sm&ll &n" non pe %o min# )&n-s c&n )e &cD$i e" ), ICICI )ec&$se o% its %in&nci&l st en#th ICICI )&n- is e=pecte" to h&!e 1;C c e"it # owth in the comin# ,e& s* ICICI )&n- h&s the minim$m &mo$nt o% nonpe %o min# &ssets
Threats of ICICI Ba #
• • • • •
RBI &llowe" %o ei#n )&n-s to in!est $p to @8C in In"i&n )&n-in# /o!e nment secto )&n-s & e in $ #e o% mo"e ni(in# the c&p&cities to ens$ e the c$stome s switchin# to new &#e )&n-s & e minimi(e" EDFC is the m&?o competito %o ICICI' &n" othe $pcomin# )&n-s li-e AFIS' ESBC impose & m&?o th e&t In $ &l & e&s the mic o %in&ncin# # o$ps hol" & m&?o sh& e Tho$#h c$stome &cD$isition is hi#h on one si"e' the $ns&tis%ie" c$stome s & e inc e&sin# &n" m&-e them to switch to othe )&n-s
:S)'T is an a ron!2 "or the interna1 Stren3ths an$ )ea4nesses o" a "ir2 an$ the en8iron2enta1 '99ortunities an$ Threats "a in3 that "ir2. S)'T ana1!sis is a 5i$e1! use$ te hniAue
throu3h 5hi h 2ana3ers reate a Aui 4 o8er8ie5 o" a o29an!6s strate3i situation. The te hniAue is base$ on the assu29tion that an e""e ti8e strate3! $eri8es "ro2 a soun$ :"it; bet5een a "ir26s interna1 resour es Fstren3ths an$ 5ea4nessesG an$ its e?terna1 situation Fo99ortunities an$ threatsG.
ICICI Bank Limited
ICICI is a $i8ersi"ie$ "inan ia1 ser8i es o29an! that 9ro8i$es a ran3e o" ban4in3 an$ "inan ia1 ser8i es to usto2ers7 in 1u$in3 retai1 ban4in37 9roIe t an$ or9orate "inan e7 5or4in3 a9ita1 "inan e7 insuran e7 8enture a9ita1 an$ 9ri8ate eAuit!7 in8est2ent ban4in37 bro4in37 an$ treasur! 9ro$u ts an$ ser8i es. The o29an! o9erates in7 In$ia7 the UK7 Cana$a an$ Russia. It is hea$Auartere$ in Mu2bai7 In$ia an$ e291o!s about *D7.J. 9eo91e.
Strengths, Weaknesses, Opportunities and Threats (SWOT)
Loc,t(on o- F,ctor F,)or,=7e
TYPE OF FACTOR Un-,)or,=7e
Intern,7
Stren>t4*
•
3e,.ne**e*
•
•
Stron3 $o2esti 2ar4et 2a4es ICICI a 1ea$in3 9ri8ate se tor ban4 in In$ia Internationa1 e?9ansion o" o22er ia1 ban4in3 in reases 9ro"itabi1it! o" ICICI Stea$! "inan ia1 9er"or2an e an$ re1ati8e1! hi3her e""i ien ! 3enerates hi3her returns "or shareho1$ers
•
•
'8er$e9en$en e on the $o2esti In$ian 2ar4et in reases business ris4 "or ICICI Cre$it ris4 on entration in reases the $e"au1t ris4 o" ICICI
EDtern,7
Opportun(t(e*
•
In rease in non 9er"or2in3 1oans re$u es the 9ro"itabi1it! o" the o29an! T4re,t*
• •
•
Rura1 "inan in3 an$ 1oans to s2a11 enter9rises ou1$ in rease the 2ar4et share an$ 9ro"itabi1it! o" ICICI Gro5th in 3enera1 insuran e in$ustr! 5i11 he19 in reasin3 the 2ar4et share o" ICICI #o2bar$ Genera1 Insuran e Co29an!
'9enin3 o" In$ian ban4in3 se tor in &DDC 5ou1$ ause intense o29etition G1oba1 an$ $o2esti e ono2i s1o5 $o5n ou1$ a""e t "inan ia1 9er"or2an e o" ICICI
•
•
"& CONCLUSION:
ICICI -ru$entia1 #i"e Insuran e Co29an! is a Ioint 8enture bet5een ICICIBan47 a 9re2ier "inan ia1 9o5erhouse an$ 9ru$entia1 91 7 a 1ea$in3 internationa1 "inan ia1 ser8i es 3rou9 hea$Auartere$ in the Unite$ Kin3$o2. ICICI -ru$entia1 5as a2on3st the "irst 9ri8ate se tor insuran e o29anies to be3in o9erations in %e e2ber &DDD a"ter re ei8in3 a99ro8a1 "ro2 Insuran e Re3u1ator! %e8e1o92ent A u t h o r i t ! F I R % A G . T h i s r e s e a r h r e 9 o r t i s b a s e $ o n t h e s u r 8 e ! " o r " i n $ i n 3 t h e 9osition o" 8arious insuran e 9o1i ies o""ere$ b! the insuran e o29anies. In this resear h re9ort 5e ha8e o8ere$ the 8arious insuran e 9o1i ! o" ICICI -ru$entia1 #i"e Insuran e. #i"e insuran e 9ro$u ts 9ro8i$e a $e"inite a2ount o" 2one! to the $e9en$ants o" the insure$ in ase the 1i"e insure$ $ies $urin3 his a ti8e in o2e e a r n i n 3 9 e r i o $ o r b e o 2 e s $isab1e$ on a ount o" an a i$ent a u s i n 3 re$u tionQ o291ete 1oss in his in o2e earnin3s. An in$i8i$ua1 an a1so 9rote t his o1$ a3e 5hen he eases to earn an$ has no other 2eans o" in o2e b! 9ur hasin3 a n a n n u i t ! 9 r o $ u t . T h e o 2 9 a n ! 9 r o " i 1 e s o " t h i s o 2 9 a n ! a n $ t h e i r 9 r o $ u t r a n 3 e h a 8 e to be 3i8en in the "irst 9art o" this re9ort. The insuran e 9o1i ! o""ers the 8arious insuran e 9o1i ies o8erin3 the ris4 o" 8arious sta3es o" 1i"e o" an! 9erson. Co8erin3 the ris4 is be o2e so i29ortant an$ ne essar! "or an! 9erson. Into the 9resent s enario the 1i"e is be o2in3 so ris4! $ue to the inno8ation o" the 8 a r i o u s 1atest te hno1o3! an$ 2o$ern 5a! o" 1i8in3s. Insuran e 9ro$u ts a8ai1ab1e "or 1i"e an$ non-1i"e are 2an!. In non-1i"e7 a9art "ro2 9ersona1 o8ers su h as a i$ent o8ers an$ hea1th insuran e7 there are 9ro$u ts o8erin3 1iabi1ities un$er a 9arti u1ar 1a5 an$ or o22on 1a5. The 8arious 9ro$u ts are $esi3ne$ to ater to $i""erent nee$s o" an in$i8i$ua1 or in$ustr! su h as "ire insuran e 9o1i ! on 2u1ti-store$ bui1$in37 househo1$er6s 9o1i !. An insuran e ontra t 9ro2ises to 2a4e 3oo$ to the insure$ a ertain su2 in onsi$eration "or a 9a!2ent in the "or2 o" 9re2iu2 "ro2 the insure$. )e see the a2ount 5hi h the 9erson 5ant to in8est in insuran e 9o1i ! the ,&E 9erson 5ant to in8est1DD7DDD in insuran e 9o1i ! "o11o5e$ b! (&E 9erson 5ho 5ant to in8est ,D7DDD.I" 5e see the 9er enta3e o" onsi$eration o" "a tor in insuran e 9o1i ! the Bene"its in insuran e 9o1i ! is 2ost 9re"erab1e "a tor "o11o5e$ b! Ti2e "a tor an$ ris4 "a tor. Is the 2e$iu2 "or a5areness about the insuran e 9o1i ! the a3ent is 2ore 9er enta3e "o11o5e$ b! T.V. an$ Ne5s9a9erU I" 5e onsi$er the "a tor7 5hi h $i""erentiate$ the 9ri8ate M 9ub1i se tor7 then Lua1it! is the 2ain "a tor "o11o5e$ b! "uture se urit! an$ 3oo$ ser8i e. I" 5e see the satis"a tor! 1e8e1 o" insuran e 9o1i ! then ,.E insuran e 9o1i ! ho1$er is satis"ie$ "o11o5e$ b! **Eo" unsatis"ie$ insuran e 9o1i ! ho1$er. The on 1usion o" this 9roIe t re9ort is 1i"e insuran e is the ne essar! an$ onsi$erab1e "a tor "or an! 9erson "or o8erin3 the ris4 o" 1i"e an$ "or "uture se urit!.
0& RECOMMENDATIONS AND SU;;ESTIONS
1. -ro8i$e 1o5er 9re2iu2 9o1i ies so that 5e ou1$ tar3et 2i$$1e 1ass 9eo91e an$ 3enerate 3oo$ ash "1o5 "or "urther 3ro5th. As 9er BCG 2atri? to ensure 1on3-ter2 8a1ue reation7 a o29an! shou1$ ha8e a 9ort"o1io o" 9ro$u ts that ontains both hi3h-3ro5th 9ro$u ts in nee$ o" ash in9uts an$ 1o5-3ro5th 9ro$u ts that 3enerate a 1ot o" ash. ICICI -ru$entia1 has hi3h-3ro5th 9ro$u t in urban 2ar4et but o29an! shou1$ "o11o5 the 1o5 3ro5th 9ro$u t strate3! a1so in urban 2ar4et.
&. Start a$8ertise2ent
a29ai3n a3ain on te1e8ision7 ra$io an$ Internet a1so. %o intensi8e
2ar4etin3 "or business o99ortunit! an$ 9ro$u ts both. (. Kee9 2ore se2inar an$ tar3et #IQGI a3ents7 CAS7 Ta? onsu1tant "inan ia1 in8estor et . *. -ro8i$e best 2oti8ation to A3en ! ho1$ers. ,. Bui1$ trust u9on usto2ers throu3h ser8i es an$ trans9aren ! in in8est2ent an$ other 9o1i !. .. -ro8i$e a11 bran hes in 1o a1 1an3ua3e. /. -ro8i$e 9art ti2e trainin3.
J. @o us on an! 2ass 2ar4etin3 a ti8it! "or 3eneratin3 a5areness o" o29an! a2on3 9eo91e an$ o""erin3 the2 business o99ortunit! too. C. Ho1$ sta11s a ti8it! in $i""erent 91a es. 1D. %o so2e so ia1 a ti8ities throu3h 5hi h o29an! ou1$ 3et bene"it o" 2ar4etin3 in$ire t1!. 11. Tr! to o11e t $ata o" #i"eQGenera1 insuran e a3ents a ross In$ia an$ in8ite the2 to asso iatin3 5ith ICICI -ru$entia1
//& BIBLIO ;RAP'Y G REFERENCES
3e= *(te*
? CCC&(c(c(pru7(-e&co+ ? CCC&(pruun()er*e&co+ ? CCC&(c(c(&co+ ? CCC&(rd,(nd(,&or> ? CCC&(nd(,core&co+
? CCC&+,DneCyor.7(-e&co+
M,>,L(ne*
? ? ? ? ? Insuran e -1us Business In$ia E ono2i Ti2es Materia1 9ro8i$e$ b! the o29an! Sur8e!
Boo.*:
? -HI#I- K'TT#ER ? M. J. MATHE)
Se,rc4 En>(ne*
? CCC&>oo>7e&co+ ? CCC&y,4oo&co+ ? CCC&,7t,)(*t,&co+
doc_622454163.doc