A
PROJECT REPORT
ON
To Study the Brand Image of ICICI Prudential life
Insurance
AT
ICICI PRUDENTIAL LIFE INSURANCE,
PUNE.
SUBMITTED TO UNIVERSITY OF PUNE
IN PARTIAL FULFILLMENT OF 2 YEARS FULL TIME COURSE
MASTERS IN BUSINESS ADMINISTRATION (M.B.A.)
SUBMITTED BY
Sandeep S.Sankpa
( BATC! " 2##$"#% )
BRACT&'
V(')*aka+,a In'-(-.-e /0 Mana1e,en-,
2/d)a*a P.ne" 344#43.
4
ACKNOWLE!E"ENT
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pe/pe *)/ 1a7e -)e(+ 7a.a8e -(,e -/ ,e 0/+ 5/e5-(/n /0 (n0/+,a-(/n needed 0/+ -)e
p+/6e5-.
F(+'-9, I */.d (ke -/ -)ank'
0/+ -)e(+ 1.(dan5e a- ea5) '-ep /0 ,9 p+/6e5-.
I 1(7e ,9 7/-e /0 -)ank' -/
0/+ -)e(+ 7a.a8e '.pp/+- and 1.(dan5e a- an9 -(,e *)en +e:.(+ed.
And a'-9, I a, -)ank0. -/ ,9 pa+en-', 0+(end' and ,9 5/ea1.e' 0/+ -)e(+ 7a.a8e
en5/.+a1e,en- and '.pp/+- and -/ a -)/'e *)/ (n'p(+ed ,e (n ,ak(n1 ,9 d+ea, 5/,e
-+.e /0 de7e/p(n1 -)(' p+/6e5-
('andeep ')a+ad 'ankpa)
2
CONTENT
S+ n/. C/n-en-' Pa1e n/.
4 E;e5.-(7e S.,,a+9
2 O86e5-(7e
< In-+/d.5-(/n -/ T/p(5
3 C/,pan9 P+/0(e
= P+/d.5- p+/0(e
$ Re'ea+5) ,e-)/d//19
> Da-a ana9'(' and F(nd(n1'
% C/n5.'(/n
? Re5/,,enda-(/n'
4# Anne;.+e
44 B(8(/1+ap)9
<
E@ECUTIVE SUMMARY
In'.+an5e (' /ne 'e5-/+, *)(5) )/d' 1+ea- 0.-.+e (n Ind(a. T)e ,a+ke- (' 7a'- and -)e+e ('
a /- /0 5.')(/n 0/+ ne* en-+an-' -/ /pe+a-e a/n1'(de /.+ p.8(5 'e5-/+ 1(an-' 7(A LIC B
CIC.T)e (nd.'-+9 (' e;pe5-ed -/ 1+/* a- an a7e+a1e ann.a (n0a-(/n ad6.'-ed +a-e /0 >.$D
and 43D (n -)e n/n"(0e 'e1,en- +e'pe5-(7e9. Pen'(/n (' an/-)e+ 5+.5(a 'e5-/+, *)(5) )a'
a''.,ed 5+(-(5a d(,en'(/n' (n -)e pa'- 0e* 9ea+'. C/7e+n,en- +ep/+-' a+e (nd(5a-(7e /0
-)e ).1e ,a+ke- -)a- +e,a(n' -/ 8e -apped.
T)e /86e5-(7e /0 -)e p+/6e5- (' ET/ S-.d9 -)e 8+and I,a1e /0 ICICI P+.den-(a L(0e
(n'.+an5eF The #ro$ect %as carried out for ICICI Prudential &P.ne.
Da-a (' 5/e5-ed 0+/, 8/-) p+(,a+9 and 'e5/nda+9 '/.+5e'. A' a p+(,a+9 '/.+5e a '.+7e9
/0 p/(59)/de+' B 5/,pan9 /00(5(a' )a' 8een 5/nd.5-ed. A+-(5e', Ne*'pape+',
,a1aA(ne' +e0e++a 8//k' and (n-e+ne- 'e+7(5e' )a7e 8een .'ed a' 'e5/nda+9 '/.+5e' /0
da-a.
'esearch Instruments
G.e'-(/nna(+e ,e-)/d ('.+7e9)
C.'-/,e+ :.e'-(/nna(+e
Ty#es of research used(
E;p/+a-/+9 +e'ea+5) H I- (' a*a9' n/- p/''(8e /0 de'(+a8e -/ .'e d(+e5- :.e'-(/n(n1 -/
/8-a(n (n0/+,a-(/n. In -)(' 5a'e -)e 'e5/nda+9 da-a (' .'ed -/ a++(7e a- 5/n5.'(/n. In -)('
p+/6e5- de'k +e'ea+5). T)(' (' a pa+- /0 e;p/+a-/+9 +e'ea+5), (' .'ed.
3
De'5+(p-(7e +e'ea+5) H )e+e ,a(n9 /n9 p+(,a+9 da-a (' .'ed. I- (' 1ene+a9 a
:.an-(-a-(7e ,ea'.+e,en- /0 5.'-/,e+'& a--(-.de and pe+5ep-(/n /0 a 5e+-a(n p+/d.5-.
Unde+ -)e de'5+(p-(7e +e'ea+5) -)e 'a,pe '.+7e9 ,e-)/d )a' 8een .'ed (n -)e p+/d.5-
T)e P+(,a+9 /86e5-(7e /0 ,9 p+/6e5- (' -/ '-.d9 -)e B+and (,a1e /0 ICICI P+.den-(a (0e
(n'.+an5e 5/,pan9.
A0-e+ ana9A(n1 -)e *)/e '.+7e9 I 5/,e -/ kn/* -)a- ,a+ke- p+/'pe5-' /0 (n'.+an5e (' a-
a 1+/*(n1 pa5e. P+(7a-(Aa-(/n (' pa9(n1 an (,p/+-an- +/e (n -)e *a9 /0 1+/*-) /0
(n'.+an5e 'e5-/+ (n Ind(a. S/,e ,ea'.+e' *e+e '.11e'-ed 89 -)e e;pe+-' (ke (,p+/7ed
,a+ke-(n1 '-+a-e1(e', ).1e d('-+(8.-(/n ne-*/+k, pene-+a-(n1 -)e +.+a 'e5-/+' e-5.
Conclusion
A0-e+ 5/,pe-(n1 -)e '-.d9, I )a7e -/ 5/,p(e -)e *)/e da-a *)(5) (n5.de '/,e p/'(-(7e
B ne1a-(7e a'pe5-' /0 /.+ 5/,pa+ed -/ -)e 5.++en- (nd.'-+9 '5ena+(/. A0-e+ 5/,p((n1 -)e
*)/e da-a I )a7e -/ ana9'e *)e+e /.+ 5/,pan9 (' a5k(n1 /n -)e 5.++en- '5ena+(/ and
-)e9 )a7e -/ (,p+/7e *)e+e *e a+e 0a((n1 -(,e -/ -(,e '-and (n -)e 5.++en- ,a+ke-. A0-e+
5/,p((n1 and ana9'(' -)e da-a a0-e+ -)e '-.d9 5/,pan9 )a' -/ (,pe,en- and (,p+/7e
-)e,'e7e' -(,e -/ -(,e -/ '-and (n -)e 5.++en- ,a+ke- /-)e+*('e a' ,.5) p+/d.5-'
5/,pan9 a.n5)e' (n -)e ,a+ke-, 5/,pan9 5an ne7e+ '-and .p-/ -)e (nd.'-+9 n/+,' and
need'.
=
OBJECTIVES
P+(,a+9 O86e5-(7e'
• T/ '-.d9 -)e E B+and (,a1e /0 ICICI P+.den-(a (0e (n'.+an5e 5/,pan9F
Se5/nda+9 O86e5-(7e'
• T/ 0(nd /.- -)e ad7an-a1e /0 -)e p/(5(e' /00e+ed 89 ICICI PREDUNTIAL
/7e+ 7a+(/.' 5/,pan(e'.
• T/ '-.d9 -)e d(00e+en-(a-(n1 '-+a-e1(e' ad/p-ed 89 ICICI PRUDENTIAL -/
*(n -)e 5.'-/,e+'.
• T/ '-.d9 -)e 7(e*p/(n- /0 p/(59)/de+' and 0.+-)e+ -/ '.11e'- -)e
,/da(-(e' -/ (,p+/7e -)e e00(5(en59 /0 ICICI PRUDENTIAL.
$
INTRODUCTION TO TOPIC
I,p/+-an5eI
T/p(5 8+and' (,a1e /0 E ICICI P+.den-(a L(0e In'.+an5eF (n -)e 5en-.+9 /0 a*e'/,e
en-+ep+ene.+', One /0 -)e ,/'- */+-)*)(e d('5/7e+(e' -)a- )a7e e7/7ed (' (n -)e
0/+, /0 EBRANDSF . A 8+and (' n/- /n9 5+ea-ed 89 *)a- -)e 5/n'.,e+ pe+5e(7e 8.-
*)a- -)e ,ana1e,en- pe+5e(7e' a8/.- -)e(+ +e'pe5-(7e p+/'pe5-'. B+and' (' -)e ,ake
/+ 8+eak (n -)e /n1/(n1 */+d.
T/da9 -)e 0.-.+e (' 7e+9 ,.5) dependen- /n -)e B+and 5+ea-ed. B+and
p+/7(de' a ,a6e'-(5 and -+an'pa+en- 7(e* /0 -)e (,a1e a a+/.nd. Sa,e (' -)e e00e5- (n
-)e (n'.+an5e 'e5-/+. T)e ,/+e -)e B+and' a*a+ene'', ,/+e -+.'-*/+-)9 -)e 5/,pan9.
In -)e p+e'en- '5ena+(/ LIC I' -)e eade+ (n -)e (n'.+an5e (nd.'-+9 8e5a.'e /0 (-'
)(1)9 +e1a+ded and p+/7ed B+and' I,a1e. Sa,e (' -)e 5a'e *(-) ICICI P+.den-(a a'
(- (' -)e eade+ (n -)e p+(7a-e (n'.+an5e 'e5-/+. In ,9 p+/6e5- I )a7e )(1)(1)-ed -)e
5/n'.,e+' -)+.'- -/*a+d' 7a+(/.' p+/d.5-' and *)9 -)e9 +e1a+d (- a' a */+-)9 8+and.
A' /0 -)e'e +e1a+d' ,9 -/p(5 need' a 'pe5(a +e5/1n(-(/n.
S5/pe I
M9 '-.d9 *( 8e 8a'ed /n -)e 7(e*' /0 'e7e+a pe+'pe5-(7e 5(en-' /n -)e 8+and (,a1e
/0 ,9 5/,pan9. F/+ 5+ea-(n1 and ,a(n-a(n(n1 -)e '-+a-e1(5 ad7an-a1e 0/+ -)e ICICI
P+.den-(a L(0e In'.+an5e 8.'(ne'' -)+/.1) .nde+'-and(n1 -)e 5.'-/,e+&', 8.(d(n1
'.'-a(na8e 7a.e p/'(-(/n and e;e5.-e e7e+9 a'pe5- /0 8+and '-+a-e19 , +e7en.e
p/-en-(a -)+/.1) -)e de'(1nJ dep/9,en- /0 '-+a-e1(5, -a5-(5a ,a+ke- pan'. A' ,.5)
'e+7(5e' 5/,pan9 (' /00e+(n1 -/ -)e p+/'pe5-(7e 5(en-' , 8.- (0 -)e9 a+e n/- a8e -/ 1(7e
,.5) 8ene0(- -/ -)e(+ 5(en-&' 8+and (,a1e /0 ICICI P+.den-(a L(0e In'.+an5e *( a'/
8e )epe'' (n p+/,/-(n1 -)e 5/,pan9&' p+/d.5-'.
I am ela)orating my study )y gi*ing an e+am#le of today industry scenario,
>
LI-E INS.'ANCE IN.ST'/
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,ean' 89 *)(5) an e'-a-e ,a9 8e 5+ea-ed (,,ed(a-e9 0/+ /ne&' )e(+' and
dependen-'. I- )a' a5)(e7ed (-' 1+ea-e'- a55ep-an5e (n Canada, -)e Un(-ed '-a-e',
Be1(.,, S/.-) 2/+ea, A.'-+a(a, I+eand, Ne* Keaand , T)e Ne-)e+and', and
Japan , 5/.n-+(e' (n *)(5) -)e 0a5e 7a.e /0 (0e (n'.+an5e p/(5(e' (n 0/+5e
1ene+a9 e;5eed' -)e na-(/na (n5/,e'.
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a''e-' /0 -)e ,/+e -)an 2,2## U.S. (0e (n'.+an5e 5/,pan(e' -/-aed nea+9 L4.3
-+((/n, ,ak(n1 (0e (n'.+an5e /ne /0 -)e a+1e'- 'a7(n1' (n'-(-.-(/n' (n -)e Un(-ed
'-a-e'. M.5) -)e 'a,e (' -+.e /0 /-)e+ *ea-)9 5/.n-+(e', In *)(5) (0e (n'.+an5e
)a' 8e5/,e a ,a6/+ 5)anne /0 'a7(n1' and (n7e'-,en-, *(-) (,p/+-an-
5/n'e:.en5e' 0/+ -)e na-(/na e5/n/,9.
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8een (n5+ea'(n1.
Ty#es of contracts,
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8.- (nn.,e+a8e 5/,8(na-(/n' /0 -)e'e 8a'(5 -9pe' a+e '/d. Te+, (n'.+a8e
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-)e'e 5/n-+a5-' e;p(+e' a- -)e end /0 -)e '-a-ed pe+(/d, *(-) n/ 5a') 7a.e
+e,a(n(n1 , M)/e (0e 5/n-+a5-', /n -)e /-)e+ )and, +.n 0/+ -)e *)/e /0 -)e
(n'.+ed&' (0e and 1+ad.a9 a55.,.a-e a 5a') 7a.e, T)e 5a') 7a.e, *)(5) (' e''
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p/(59. In -)(' 5/n-+a5-', -)e (n'.+e+ ,ake' a 5)a+1e ea5) ,/n-) 0/+ 1ene+a
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5/n'('- ,a(n9 /0 e,p/9ee' *)/ a++an1e 1+/.p 5/n-+a5-' -/ 5/7e+ -)e(+
e,p/9ee'. T)e (nd.'-+(a (n'.+an5e ,a+ke- 5/n'('-' /0 (nd(7(d.a 5/n-+a5-' '/d
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)/,e. C+ed(- (0e (n'.+an5e (' '/d -/ (nd(7(d.a'. .'.a9 a' pa+- /0 an (n'-a,en-
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pa9,en-' a+e 5/,pe-ed, -)e 'ee+ (' p+/-e5-ed 0/+ -)e 8aan5e /0 -)e .npa(d de8-.
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p+e,(.,"pa9(n1 pe+(/d, /+ (- ,a9 8e (''.ed *(-) a p+e,(., -)a- (n5+ea'ed
pe+(/d(5a9 a55/+d(n1 -/ -)e a1e /0 -)e (n'.+ed. P+a5-(5a9 a /+d(na+9 (0e
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ne5e''a+9 -/ 5)a+1e ,/+e -)an -)e -+.e 5/'- /0 -)e (n'.+an5e (n -)e ea+(e+ 9ea+' /0
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(n'.+an5e de5(ne' 5/++e'p/nd(n19. A- -)e end /0 -)e ,/+-1a1e pe+(/d -)e
de5+ea'(n1 -e+, (n'.+an5e e;p(+e', ea7(n1 -)e 8a'e p/(59 '-( (n 0/+5e. S(,(a+9,
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5/++e'p/nd(n1 -/ -)e pe+(/d d.+(n1 *)(5) -)e 5)(d+en a+e 9/.n1 and dependen-.
S/,e *)/e (0e (n'.+an5e p/(5(e' pe+,(-' -)e (n'.+ed -/ (,(- -/ (,(- -)e pe+(/d
d.+(n1 *)(5) p+e,(., a+e -/ 8e pa(d, C/,,/n e;a,pe' /0 -)e'e a+e 2#" 9ea+
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1+/.p ne* 8.'(ne'' p+e,(.,' and *+/-e /7e+ 3=#,### +e-a( p/(5(e' (n -)e
pe+(/d. T)e 5/,pan9 )a' a''e-' )ed -/ -)e -.ne /0 /7e+ R'. 4%,3## 5+/+e.
ICICI P+.den-(a (' a'/ -)e /n9 p+(7a-e (0e (n'.+e+ (n Ind(a -/ +e5e(7e a Na-(/na
In'.+e+ F(nan5(a S-+en1-) +a-(n1 /0 AAA (Ind) 0+/, F(-5) +a-(n1'. T)e AAA (Ind)
+a-(n1 (' -)e )(1)e'- +a-(n1, and (' a 5ea+ a''.+an5e /0 ICICI P+.den-(aP' a8((-9 -/
,ee- (-' /8(1a-(/n' -/ 5.'-/,e+' a- -)e -(,e /0 ,a-.+(-9 /+ 5a(,'.
F/+ -)e pa'- '(; 9ea+', ICICI P+.den-(a )a' +e-a(ned (-' p/'(-(/n a' -)e N/. 4
p+(7a-e (0e (n'.+e+ (n -)e 5/.n-+9, *(-) a *(de +an1e /0 0e;(8e p+/d.5-' -)a- ,ee-
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/7e+ 22
( n/n N (0e). T)e (n'.+an5e 8.'(ne'' /0 -)e 5/.n-+9 *a' -)en 8+/.1)- .nde+
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1ene+a (n'.+an5e 5/+p/+a-(/n /0 Ind(a ( CIC)
In (ne *(-) -)e e5/n/,(5 +e0/+,' -)a- *e+e .')e+ed (n Ind(a (n ea+9 n(ne-(e',
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5/,,(--ee +e5/,,ended -)+/*(n1 /pen -)e 'e5-/+ -/ p+(7a-e pa9e+' -/ .')e+'
22
(n 5/,pe-(-(/n and 8+(n1 ,/+e 5)/(5e -/ -)e 5/n'.,e+. T)e /86e5-(7e' *a' -/
(,p+/7e -)e pene-+a-(/n /0 (n'.+an5e a' a pe+5en-a1e /0 CDP, *)(5) +e,a(n'
/* (n Ind(a e7en 5/,pa+e -/ '/,e de7e/ped 5/.n-+(e' (n A'(a.
Re0/+,' *e+e (n(-(a-ed *(-) -)e pa''a1e /0 (n'.+an5e +e1.a-/+9 and
de7e/p,en- a.-)/+(-9 ( IRDA) 8( (n 4???. IRDA *a' 'e- .p a' an
(ndependen- +e1.a-/+9 a.-)/+(-9. M)(5) )a' p.- (n pa5e +e1.a-(/n' (n (ne
*(-) 1/8a n/+,'. S/ 0a+ (n -)e p+(7a-e 'e5-/+, 42 (0e (n'.+an5e 5/,pan(e' and
? 1ene+a (n'.+an5e 5/,pan(e' )a7e 8een +e1('-e+ed.
TABLE 5,
2<
Countries Insurance Penetration
6Premiums as a 7 of
!P8
Insurance ensity
6Per Ca#ita #remiums in
.S8
.nited
Kingdom
59,:5 ;
?a#an =,:; ;5@>,5
.nited states A,A; 5@55,@
South Africa 5A,
"alaysia 9,5; =@,A
Indonesia 5 A,<
BraCil
PROJECT REPORT
ON
To Study the Brand Image of ICICI Prudential life
Insurance
AT
ICICI PRUDENTIAL LIFE INSURANCE,
PUNE.
SUBMITTED TO UNIVERSITY OF PUNE
IN PARTIAL FULFILLMENT OF 2 YEARS FULL TIME COURSE
MASTERS IN BUSINESS ADMINISTRATION (M.B.A.)
SUBMITTED BY
Sandeep S.Sankpa
( BATC! " 2##$"#% )
BRACT&'
V(')*aka+,a In'-(-.-e /0 Mana1e,en-,
2/d)a*a P.ne" 344#43.
4
ACKNOWLE!E"ENT
T)e 5/,pe-(/n /0 -)e p+/6e5- */.d )a7e 8een a d+ea, *(-)/.- -)e )ep and '.pp/+- /0
pe/pe *)/ 1a7e -)e(+ 7a.a8e -(,e -/ ,e 0/+ 5/e5-(/n /0 (n0/+,a-(/n needed 0/+ -)e
p+/6e5-.
F(+'-9, I */.d (ke -/ -)ank'
0/+ -)e(+ 1.(dan5e a- ea5) '-ep /0 ,9 p+/6e5-.
I 1(7e ,9 7/-e /0 -)ank' -/
0/+ -)e(+ 7a.a8e '.pp/+- and 1.(dan5e a- an9 -(,e *)en +e:.(+ed.
And a'-9, I a, -)ank0. -/ ,9 pa+en-', 0+(end' and ,9 5/ea1.e' 0/+ -)e(+ 7a.a8e
en5/.+a1e,en- and '.pp/+- and -/ a -)/'e *)/ (n'p(+ed ,e (n ,ak(n1 ,9 d+ea, 5/,e
-+.e /0 de7e/p(n1 -)(' p+/6e5-
('andeep ')a+ad 'ankpa)
2
CONTENT
S+ n/. C/n-en-' Pa1e n/.
4 E;e5.-(7e S.,,a+9
2 O86e5-(7e
< In-+/d.5-(/n -/ T/p(5
3 C/,pan9 P+/0(e
= P+/d.5- p+/0(e
$ Re'ea+5) ,e-)/d//19
> Da-a ana9'(' and F(nd(n1'
% C/n5.'(/n
? Re5/,,enda-(/n'
4# Anne;.+e
44 B(8(/1+ap)9
<
E@ECUTIVE SUMMARY
In'.+an5e (' /ne 'e5-/+, *)(5) )/d' 1+ea- 0.-.+e (n Ind(a. T)e ,a+ke- (' 7a'- and -)e+e ('
a /- /0 5.')(/n 0/+ ne* en-+an-' -/ /pe+a-e a/n1'(de /.+ p.8(5 'e5-/+ 1(an-' 7(A LIC B
CIC.T)e (nd.'-+9 (' e;pe5-ed -/ 1+/* a- an a7e+a1e ann.a (n0a-(/n ad6.'-ed +a-e /0 >.$D
and 43D (n -)e n/n"(0e 'e1,en- +e'pe5-(7e9. Pen'(/n (' an/-)e+ 5+.5(a 'e5-/+, *)(5) )a'
a''.,ed 5+(-(5a d(,en'(/n' (n -)e pa'- 0e* 9ea+'. C/7e+n,en- +ep/+-' a+e (nd(5a-(7e /0
-)e ).1e ,a+ke- -)a- +e,a(n' -/ 8e -apped.
T)e /86e5-(7e /0 -)e p+/6e5- (' ET/ S-.d9 -)e 8+and I,a1e /0 ICICI P+.den-(a L(0e
(n'.+an5eF The #ro$ect %as carried out for ICICI Prudential &P.ne.
Da-a (' 5/e5-ed 0+/, 8/-) p+(,a+9 and 'e5/nda+9 '/.+5e'. A' a p+(,a+9 '/.+5e a '.+7e9
/0 p/(59)/de+' B 5/,pan9 /00(5(a' )a' 8een 5/nd.5-ed. A+-(5e', Ne*'pape+',
,a1aA(ne' +e0e++a 8//k' and (n-e+ne- 'e+7(5e' )a7e 8een .'ed a' 'e5/nda+9 '/.+5e' /0
da-a.
'esearch Instruments
G.e'-(/nna(+e ,e-)/d ('.+7e9)
C.'-/,e+ :.e'-(/nna(+e
Ty#es of research used(
E;p/+a-/+9 +e'ea+5) H I- (' a*a9' n/- p/''(8e /0 de'(+a8e -/ .'e d(+e5- :.e'-(/n(n1 -/
/8-a(n (n0/+,a-(/n. In -)(' 5a'e -)e 'e5/nda+9 da-a (' .'ed -/ a++(7e a- 5/n5.'(/n. In -)('
p+/6e5- de'k +e'ea+5). T)(' (' a pa+- /0 e;p/+a-/+9 +e'ea+5), (' .'ed.
3
De'5+(p-(7e +e'ea+5) H )e+e ,a(n9 /n9 p+(,a+9 da-a (' .'ed. I- (' 1ene+a9 a
:.an-(-a-(7e ,ea'.+e,en- /0 5.'-/,e+'& a--(-.de and pe+5ep-(/n /0 a 5e+-a(n p+/d.5-.
Unde+ -)e de'5+(p-(7e +e'ea+5) -)e 'a,pe '.+7e9 ,e-)/d )a' 8een .'ed (n -)e p+/d.5-
T)e P+(,a+9 /86e5-(7e /0 ,9 p+/6e5- (' -/ '-.d9 -)e B+and (,a1e /0 ICICI P+.den-(a (0e
(n'.+an5e 5/,pan9.
A0-e+ ana9A(n1 -)e *)/e '.+7e9 I 5/,e -/ kn/* -)a- ,a+ke- p+/'pe5-' /0 (n'.+an5e (' a-
a 1+/*(n1 pa5e. P+(7a-(Aa-(/n (' pa9(n1 an (,p/+-an- +/e (n -)e *a9 /0 1+/*-) /0
(n'.+an5e 'e5-/+ (n Ind(a. S/,e ,ea'.+e' *e+e '.11e'-ed 89 -)e e;pe+-' (ke (,p+/7ed
,a+ke-(n1 '-+a-e1(e', ).1e d('-+(8.-(/n ne-*/+k, pene-+a-(n1 -)e +.+a 'e5-/+' e-5.
Conclusion
A0-e+ 5/,pe-(n1 -)e '-.d9, I )a7e -/ 5/,p(e -)e *)/e da-a *)(5) (n5.de '/,e p/'(-(7e
B ne1a-(7e a'pe5-' /0 /.+ 5/,pa+ed -/ -)e 5.++en- (nd.'-+9 '5ena+(/. A0-e+ 5/,p((n1 -)e
*)/e da-a I )a7e -/ ana9'e *)e+e /.+ 5/,pan9 (' a5k(n1 /n -)e 5.++en- '5ena+(/ and
-)e9 )a7e -/ (,p+/7e *)e+e *e a+e 0a((n1 -(,e -/ -(,e '-and (n -)e 5.++en- ,a+ke-. A0-e+
5/,p((n1 and ana9'(' -)e da-a a0-e+ -)e '-.d9 5/,pan9 )a' -/ (,pe,en- and (,p+/7e
-)e,'e7e' -(,e -/ -(,e -/ '-and (n -)e 5.++en- ,a+ke- /-)e+*('e a' ,.5) p+/d.5-'
5/,pan9 a.n5)e' (n -)e ,a+ke-, 5/,pan9 5an ne7e+ '-and .p-/ -)e (nd.'-+9 n/+,' and
need'.
=
OBJECTIVES
P+(,a+9 O86e5-(7e'
• T/ '-.d9 -)e E B+and (,a1e /0 ICICI P+.den-(a (0e (n'.+an5e 5/,pan9F
Se5/nda+9 O86e5-(7e'
• T/ 0(nd /.- -)e ad7an-a1e /0 -)e p/(5(e' /00e+ed 89 ICICI PREDUNTIAL
/7e+ 7a+(/.' 5/,pan(e'.
• T/ '-.d9 -)e d(00e+en-(a-(n1 '-+a-e1(e' ad/p-ed 89 ICICI PRUDENTIAL -/
*(n -)e 5.'-/,e+'.
• T/ '-.d9 -)e 7(e*p/(n- /0 p/(59)/de+' and 0.+-)e+ -/ '.11e'- -)e
,/da(-(e' -/ (,p+/7e -)e e00(5(en59 /0 ICICI PRUDENTIAL.
$
INTRODUCTION TO TOPIC
I,p/+-an5eI
T/p(5 8+and' (,a1e /0 E ICICI P+.den-(a L(0e In'.+an5eF (n -)e 5en-.+9 /0 a*e'/,e
en-+ep+ene.+', One /0 -)e ,/'- */+-)*)(e d('5/7e+(e' -)a- )a7e e7/7ed (' (n -)e
0/+, /0 EBRANDSF . A 8+and (' n/- /n9 5+ea-ed 89 *)a- -)e 5/n'.,e+ pe+5e(7e 8.-
*)a- -)e ,ana1e,en- pe+5e(7e' a8/.- -)e(+ +e'pe5-(7e p+/'pe5-'. B+and' (' -)e ,ake
/+ 8+eak (n -)e /n1/(n1 */+d.
T/da9 -)e 0.-.+e (' 7e+9 ,.5) dependen- /n -)e B+and 5+ea-ed. B+and
p+/7(de' a ,a6e'-(5 and -+an'pa+en- 7(e* /0 -)e (,a1e a a+/.nd. Sa,e (' -)e e00e5- (n
-)e (n'.+an5e 'e5-/+. T)e ,/+e -)e B+and' a*a+ene'', ,/+e -+.'-*/+-)9 -)e 5/,pan9.
In -)e p+e'en- '5ena+(/ LIC I' -)e eade+ (n -)e (n'.+an5e (nd.'-+9 8e5a.'e /0 (-'
)(1)9 +e1a+ded and p+/7ed B+and' I,a1e. Sa,e (' -)e 5a'e *(-) ICICI P+.den-(a a'
(- (' -)e eade+ (n -)e p+(7a-e (n'.+an5e 'e5-/+. In ,9 p+/6e5- I )a7e )(1)(1)-ed -)e
5/n'.,e+' -)+.'- -/*a+d' 7a+(/.' p+/d.5-' and *)9 -)e9 +e1a+d (- a' a */+-)9 8+and.
A' /0 -)e'e +e1a+d' ,9 -/p(5 need' a 'pe5(a +e5/1n(-(/n.
S5/pe I
M9 '-.d9 *( 8e 8a'ed /n -)e 7(e*' /0 'e7e+a pe+'pe5-(7e 5(en-' /n -)e 8+and (,a1e
/0 ,9 5/,pan9. F/+ 5+ea-(n1 and ,a(n-a(n(n1 -)e '-+a-e1(5 ad7an-a1e 0/+ -)e ICICI
P+.den-(a L(0e In'.+an5e 8.'(ne'' -)+/.1) .nde+'-and(n1 -)e 5.'-/,e+&', 8.(d(n1
'.'-a(na8e 7a.e p/'(-(/n and e;e5.-e e7e+9 a'pe5- /0 8+and '-+a-e19 , +e7en.e
p/-en-(a -)+/.1) -)e de'(1nJ dep/9,en- /0 '-+a-e1(5, -a5-(5a ,a+ke- pan'. A' ,.5)
'e+7(5e' 5/,pan9 (' /00e+(n1 -/ -)e p+/'pe5-(7e 5(en-' , 8.- (0 -)e9 a+e n/- a8e -/ 1(7e
,.5) 8ene0(- -/ -)e(+ 5(en-&' 8+and (,a1e /0 ICICI P+.den-(a L(0e In'.+an5e *( a'/
8e )epe'' (n p+/,/-(n1 -)e 5/,pan9&' p+/d.5-'.
I am ela)orating my study )y gi*ing an e+am#le of today industry scenario,
>
LI-E INS.'ANCE IN.ST'/
L(0e (n'.+an5e (nd.'-+9 ,a9 8e de0(ned a' a pan .nde+ *)(5) a+1e 1+/.p' /0
(nd(7(d.a' 5an e:.a(Ae -)e 8.+den /0 /'' 0+/, dea-) 89 d('-+(8.-(n1 0.nd' -/ -)e
8ene0(5(a+(e' /0 -)/'e *)/ d(e. F+/, -)e (nd(7(d.a '-andp/(n- (0e (n'.+an5e (' a
,ean' 89 *)(5) an e'-a-e ,a9 8e 5+ea-ed (,,ed(a-e9 0/+ /ne&' )e(+' and
dependen-'. I- )a' a5)(e7ed (-' 1+ea-e'- a55ep-an5e (n Canada, -)e Un(-ed '-a-e',
Be1(.,, S/.-) 2/+ea, A.'-+a(a, I+eand, Ne* Keaand , T)e Ne-)e+and', and
Japan , 5/.n-+(e' (n *)(5) -)e 0a5e 7a.e /0 (0e (n'.+an5e p/(5(e' (n 0/+5e
1ene+a9 e;5eed' -)e na-(/na (n5/,e'.
In -)e Un(-ed '-a-e' (n 4??# nea+9 L?.3 -+((/n /0 (0e (n'.+an5e *a' (n 0/+5e. T)e
a''e-' /0 -)e ,/+e -)an 2,2## U.S. (0e (n'.+an5e 5/,pan(e' -/-aed nea+9 L4.3
-+((/n, ,ak(n1 (0e (n'.+an5e /ne /0 -)e a+1e'- 'a7(n1' (n'-(-.-(/n' (n -)e Un(-ed
'-a-e'. M.5) -)e 'a,e (' -+.e /0 /-)e+ *ea-)9 5/.n-+(e', In *)(5) (0e (n'.+an5e
)a' 8e5/,e a ,a6/+ 5)anne /0 'a7(n1' and (n7e'-,en-, *(-) (,p/+-an-
5/n'e:.en5e' 0/+ -)e na-(/na e5/n/,9.
L(0e (n'.+an5e (' +ea-(7e9 (--e .'e (n p//+ 5/.n-+(e', a-)/.1) (-' a55ep-an5e )a'
8een (n5+ea'(n1.
Ty#es of contracts,
T)e ,a6/+ -9pe' /0 (0e (n'.+an5e 5/n-+a5-' a+e -e+,, *)/e (0e, and .n(7e+'a (0e,
8.- (nn.,e+a8e 5/,8(na-(/n' /0 -)e'e 8a'(5 -9pe' a+e '/d. Te+, (n'.+a8e
5/n-+a5-'. I''.ed 0/+ 'pe5(0(ed pe+(/d' /0 9ea+', a+e -)e '(,pe'-. P+/-e5-(/n .nde+
-)e'e 5/n-+a5-' e;p(+e' a- -)e end /0 -)e '-a-ed pe+(/d, *(-) n/ 5a') 7a.e
+e,a(n(n1 , M)/e (0e 5/n-+a5-', /n -)e /-)e+ )and, +.n 0/+ -)e *)/e /0 -)e
(n'.+ed&' (0e and 1+ad.a9 a55.,.a-e a 5a') 7a.e, T)e 5a') 7a.e, *)(5) (' e''
-)an -)e 0a5e 7a.e /0 -)e p/(59, (' pa(d -/ -)e p/(59)/de+ *)en -)e 5/n-+a5-'
,a-.+e' /+ (' '.++ende+ed. Un(7e+'a (0e
%
C/n-+a5-', a +ea-(7e9 ne* 0/+, /0 5/7e+a1e (n-+/d.5ed (n -)e Un(-ed S-a-e' (n
4?>?, )a7e 8e5/,e a ,a6/+ 5a'' /0 (0e (n'.+an5e, T)e9 a/* -)e /*ne+ -/
de5(de -)e -(,(n1 and '(Ae /0 -)e p+e,(., and a,/.n- /0 dea-) 8ene0(-' /0 -)e
p/(59. In -)(' 5/n-+a5-', -)e (n'.+e+ ,ake' a 5)a+1e ea5) ,/n-) 0/+ 1ene+a
e;pen'e' and dea-) 8ene0(- (' a 'e- a,/.n-, *)(e (n -9pe NB p/(5(e' -)e dea-)
8ene0(-' (' a 'e- a,/.n- p.' *)a-e7e+ 5a') 7a.e )a' 8een 8.(- .p (n -)e p/(59.
L(0e (n'.+an5e ,a9 a'/ 8e 5a''(0(ed, a55/+d(n1 -/ -9pe /0 5.'-/,e+', a' /+d(na+9
1+/.p, (nd.'-+(a, and 5+ed(-. T)e /+d(na+9 (n'.+an5e ,a+ke- (n5.de' 5.'-/,e+' /0
*)/e (0e, -e+,, and .n(7e+'a (0e 5/n-+a5-' and (' ,ade .p p+(,a+(9 /0
(nd(7(d.a p.+5)a'e+' /0 ann.a N p+e,(., (n'.+an5e. T)e 1+/.p (n'.+an5e ,a+ke-
5/n'('- ,a(n9 /0 e,p/9ee' *)/ a++an1e 1+/.p 5/n-+a5-' -/ 5/7e+ -)e(+
e,p/9ee'. T)e (nd.'-+(a (n'.+an5e ,a+ke- 5/n'('-' /0 (nd(7(d.a 5/n-+a5-' '/d
(n ',a a,/.n-' *(-) p+e,(., 5/e5-ed *eek9 /+ ,/n-)9 a- -)e p/(59)/de+&'
)/,e. C+ed(- (0e (n'.+an5e (' '/d -/ (nd(7(d.a'. .'.a9 a' pa+- /0 an (n'-a,en-
p.+5)a'e 5/n-+a5-'O .nde+ -)e'e 5/n-+a5-' (0 -)e (n'.+ed d(e' 8e0/+e -)e (n'-a,en-
pa9,en-' a+e 5/,pe-ed, -)e 'ee+ (' p+/-e5-ed 0/+ -)e 8aan5e /0 -)e .npa(d de8-.
In'.+an5e ,a9 8e (''.ed *(-) a p+e,(., -)a- +e,a(n' -)e 'a,e -)+/.1)/.- -)e
p+e,(.,"pa9(n1 pe+(/d, /+ (- ,a9 8e (''.ed *(-) a p+e,(., -)a- (n5+ea'ed
pe+(/d(5a9 a55/+d(n1 -/ -)e a1e /0 -)e (n'.+ed. P+a5-(5a9 a /+d(na+9 (0e
(n'.+an5e p/(5(e' a+e (''.ed /n a e7e N p+e,(., 8a'('. *)(5) ,ake' (-
ne5e''a+9 -/ 5)a+1e ,/+e -)an -)e -+.e 5/'- /0 -)e (n'.+an5e (n -)e ea+(e+ 9ea+' /0
-)e 5/n-+a5-' (n /+de+ -/ ,ake .p 0/+ ,.5) )(1)e+ 5/'-' (n -)e a-e+ 9ea+'O -)e '/"
5aed /7e+5)a+1e' (n -)e ea+(e+ 9ea+' a+e n/+ +ea9 /7e+5)a+1e' 8.- +e a
ne5e''a+9 pa+- /0 -)e -/-a (n'.+an5e pan, +e0e5-(n1 -)e 0a5- -)a- ,/+-a(-9 +a-e'
(n5+ea'e *(-) a1e. T)e (n'.+ed (' n/- /7e+pa9(n1 0/+ p+/-e5-(/n, 8e5a.'e /0 -)e
5a(, /n -)e 5a(, /n -)e 5a') 7a.e' /+ ,a9 +e5ap-.+e (- 5/,pe-e9 89 ap'(n1
-)e p/(59. T)e (n'.+ed d/e' n/-, )/*e7e+, )a7e 5a(, /n a -)e ea+n(n1' -)a-
a55+.e -/ -)e (n'.+an5e 5/,pan9 0+/, (n7e'-(n1 -)e 0.nd' /0 (-' p/(59)/de+'.
?
B9 5/,8(n(n1 -e+, and *)/e (0e (n'.+an5e, an (n'.+e+ 5an p+/7(de ,an9
d(00e+en- k(nd' /0 p/(5(e'. T*/ e;a,pe' /0 '.5) Epa5ka1eF 5/n-+a5-' a+e -)e
0a,(9 (n5/,e p/(59 and -)e ,/+-1a1e p+/-e5-(/n p/(59. In ea5) /0 -)e'e, a 8a'e
p/(59 , .'.a9 *)/e (0e (n'.+an5e, (' 5/,8(ned *(-) -e+, (n'.+an5e , ('
5/,8(ned *(-) -e+, (n'.+an5e 5a5.a-ed '/ -)a- -)e a,/.n- /0 p+/-e5-(/n de5(ne'
a' -)e p/(59 +.n (-' 5/.+'e. In -)e 5a'e /0 -)e ,/+-1a1e 5/n-+a5-', 0/+ e;a,pe, -)e
a,/.n-' /0 de5+ea'(n1 -e+, (n'.+an5e (' de'(1ned +/.1)9 -/ app+/;(,a-e -)e
a,/.n- /0 -)e ,/+-1a1e /0 a p+/pe+-9. A' -)e ,/+-1a1e (' pa(d /00, -)e a,/.n- /0
(n'.+an5e de5(ne' 5/++e'p/nd(n19. A- -)e end /0 -)e ,/+-1a1e pe+(/d -)e
de5+ea'(n1 -e+, (n'.+an5e e;p(+e', ea7(n1 -)e 8a'e p/(59 '-( (n 0/+5e. S(,(a+9,
(n a 0a,(9 (n5/,e -/ -)e 8ene0(5(a+9 /7e+ a pe+(/d /0 9ea+' +/.1)9
5/++e'p/nd(n1 -/ -)e pe+(/d d.+(n1 *)(5) -)e 5)(d+en a+e 9/.n1 and dependen-.
S/,e *)/e (0e (n'.+an5e p/(5(e' pe+,(-' -)e (n'.+ed -/ (,(- -/ (,(- -)e pe+(/d
d.+(n1 *)(5) p+e,(., a+e -/ 8e pa(d, C/,,/n e;a,pe' /0 -)e'e a+e 2#" 9ea+
(0e, 5+/+e /0 *e(1)-ed +e-a( Q
1+/.p ne* 8.'(ne'' p+e,(.,' and *+/-e /7e+ 3=#,### +e-a( p/(5(e' (n -)e
pe+(/d. T)e 5/,pan9 )a' a''e-' )ed -/ -)e -.ne /0 /7e+ R'. 4%,3## 5+/+e.
ICICI P+.den-(a (' a'/ -)e /n9 p+(7a-e (0e (n'.+e+ (n Ind(a -/ +e5e(7e a Na-(/na
In'.+e+ F(nan5(a S-+en1-) +a-(n1 /0 AAA (Ind) 0+/, F(-5) +a-(n1'. T)e AAA (Ind)
+a-(n1 (' -)e )(1)e'- +a-(n1, and (' a 5ea+ a''.+an5e /0 ICICI P+.den-(aP' a8((-9 -/
,ee- (-' /8(1a-(/n' -/ 5.'-/,e+' a- -)e -(,e /0 ,a-.+(-9 /+ 5a(,'.
F/+ -)e pa'- '(; 9ea+', ICICI P+.den-(a )a' +e-a(ned (-' p/'(-(/n a' -)e N/. 4
p+(7a-e (0e (n'.+e+ (n -)e 5/.n-+9, *(-) a *(de +an1e /0 0e;(8e p+/d.5-' -)a- ,ee-
-)e need' /0 -)e Ind(an 5.'-/,e+ a- e7e+9 '-ep (n (0e.
4>
istri)ution
ICICI P+.den-(a )a' /ne /0 -)e a+1e'- d('-+(8.-(/n ne-*/+k' a,/n1'- p+(7a-e (0e
(n'.+e+' (n Ind(a. I- )a' a '-+/n1 p+e'en5e a5+/'' Ind(a *(-) /7e+ $%# 8+an5)e' and
/7e+ 22
( n/n N (0e). T)e (n'.+an5e 8.'(ne'' /0 -)e 5/.n-+9 *a' -)en 8+/.1)- .nde+
-*/ p.8(5 'e5-/+ 5/,pan(e', (0e (n'.+an5e 5/+p/+a-(/n /0 Ind(a ( LIC ) and
1ene+a (n'.+an5e 5/+p/+a-(/n /0 Ind(a ( CIC)
In (ne *(-) -)e e5/n/,(5 +e0/+,' -)a- *e+e .')e+ed (n Ind(a (n ea+9 n(ne-(e',
-)e 1/7e+n,en- 'e- .p a 5/,,(--ee /n +e0/+,' ( p/p.a+(-9 5aed -)e Ma)/-+a
5/,,(--ee (n Ap+(4??< -/ '.11e'- +e0/+,' (n -)e (n'.+an5e 'e5-/+. T)e
5/,,(--ee +e5/,,ended -)+/*(n1 /pen -)e 'e5-/+ -/ p+(7a-e pa9e+' -/ .')e+'
22
(n 5/,pe-(-(/n and 8+(n1 ,/+e 5)/(5e -/ -)e 5/n'.,e+. T)e /86e5-(7e' *a' -/
(,p+/7e -)e pene-+a-(/n /0 (n'.+an5e a' a pe+5en-a1e /0 CDP, *)(5) +e,a(n'
/* (n Ind(a e7en 5/,pa+e -/ '/,e de7e/ped 5/.n-+(e' (n A'(a.
Re0/+,' *e+e (n(-(a-ed *(-) -)e pa''a1e /0 (n'.+an5e +e1.a-/+9 and
de7e/p,en- a.-)/+(-9 ( IRDA) 8( (n 4???. IRDA *a' 'e- .p a' an
(ndependen- +e1.a-/+9 a.-)/+(-9. M)(5) )a' p.- (n pa5e +e1.a-(/n' (n (ne
*(-) 1/8a n/+,'. S/ 0a+ (n -)e p+(7a-e 'e5-/+, 42 (0e (n'.+an5e 5/,pan(e' and
? 1ene+a (n'.+an5e 5/,pan(e' )a7e 8een +e1('-e+ed.
TABLE 5,
2<
Countries Insurance Penetration
6Premiums as a 7 of
!P8
Insurance ensity
6Per Ca#ita #remiums in
.S8
.nited
Kingdom
59,:5 ;
?a#an =,:; ;5@>,5
.nited states A,A; 5@55,@
South Africa 5A,
"alaysia 9,5; =@,A
Indonesia 5 A,<
BraCil