SUMMER TRAINING REPORT

ON

ON
BRAND AWARENESS

Submitted in partial fulfillment degree in the

requirement
Bachlor of Business Administration
(2022-2023)

SUBMITTED TO SUBMITTED BY

DR.TANUJA GARG ANJALI

ASST. PROFESSOR CLASS-BBA-5TH Sem

(DEPT. OF BBA) Reg.No. 2011342419

ROLL NO: 120178010140

NH-3 N.I.T FARIDABAD

1
 TO WHOM IT MAY CONCERN

WORK COMPLETION CERTIFICATE

This is to certify that Miss Anjali has successfully completed her project on Brand Awareness .
The work is completed on [25/09/2021] successfully. Thanking you and assuring you for our
best services always.

Name of Work/ Project: [BRAND AWARENESS IN ICICI BANK]

Work Period 10-8-2022 To 22-9-2022

With Regards

[ASHOK RATHI]
MANAGER ,HR

Authorized Signature:

Plot No. 130, Sector-24,

Faridabad 121005, Haryana, INDIA

Phone : +91-129-4265555

2
 CERTIFICATE
This is to certify that Summer Training Report, titled “BRAND
AWARENESS” Embodies the original work done by Mr. /Ms. ANJALI
under College Roll No.120178010140 and University Roll No. and
University Registration No 2011342419 in partial fulfilment of the
course requirement of BBA – 5th Semester in session 2022-2023.

(Dr. (Ms.)Tanuja Garg)

Project Guide (Marketing)
Assistant Professor - Business Admin. Dept.

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 ACKNOWLEDGEMENT

First of fall I would like to thank the Management at ICICI CompanyLtd for giving me the

opportunity to do my 45 Daysproject training in theiresteemed organization. I am highly obliged

to Sales DevelopmentManager for granting me to undertake my training at sector 16 Faridabad

branch.I express my thanks to all Sales Managers under whose able guidance and direction, I

was able togive shape to my training. Their constant review and excellent suggestions throughout

the project are highly commendable.My heartfelt thanks go to all the executives who helped me

gain knowledge about the actualworking and the processes involved in various departments

(ANJALI)
4
 PREFACE

The liberalization of the Indian insurance sector has been the subject of much heated debate
forsome years. The policy makers where in the catch 22 situation wherein for one they
wantedcompetition, development and growth of this insurance sector which is extremely
essential forchanneling the investments in to the infrastructure sector. At the other end the policy
makers hadthe fears that the insurance premium, which are substantial, would seep out of the
country; andwanted to have a cautious approach of opening for foreign participation in the
sector.
As one of the rare occurrences the entire debate was put on the back burner and the IRDA sawthe
day of the light thanks to the maturing polity emerging consensus among factions of
differentpolitical parties. Though some changes and some restrictive clauses as regards to the
foreignparticipation were included the IRDA has opened the doors for the private entry into
insurance.Whether the insurer is old or new, private or public, expanding the market will present
multitudeof challenges and opportunities. But the key issues, possible trends, opportunities and
challengesthat insurance sector will have still remains under the realms of the possibilities and
speculation.
What is the likely impact of opening up India’s insurance sector?
The large scale of operations, public sector bureaucracies and cumbersome procedures
hampersnationalized insurers. Therefore, potential private entrants expect to score in the areas
ofcustomer service, speed
and flexibility. They point out that their entry will mean better productsand choice for the
consumer. The critics counter that the benefit will be slim, because newplayers will concentrate
on affluent, urban customers as foreign banks did until recently. Thisseems to be a logical
strategy. Startupcostssuchas those of setting up a conventionaldistribution networkarelarge and
highendniches offer better returns. However, the middlemarketsegment too has great potential.
Since insurance is a volumes game. Therefore, privateinsurers would be best served by a
middlemarketapproach, targeting customer segments that arecurrently untapped.

(ANJALI)

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 EXECUTIVE SUMMARY

In today’s corporate and competitive world, I find that insurance sector has the maximum growth

and potential as compared to the other sectors. Insurance has the maximum growth rate of 70-

80%while as FMCG sector has maximum 12-15%of growth rate. This growth potential

attractsme to enter in this sector and ICICI Company Ltd has given me the opportunity to

work and get experience in highly competitive and enhancing sector.

The success story of good market share of different market organizations depends uponthe

availability of the product and services near to the customer, which can be distributedthrough a

distribution channel. In Insurance sector, distribution channel includes onlyagents or agency

holders of the company. If a company like RELIANCE LIFEINSURANCE, TATA AIG,

MAXetc have adequate agents in the market they cancapture big market as compared to the other

companies.Agents are the only way for a company of Insurance sector through which policies

and benefitsof the company can be explained to the customer

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 TABLE OF CONTENTS
CHAPTER PERTICULAR PAGE.NO

1 INTRODUCTION TO 8-18
THE INDUSTRY
2 INTRODUCTION TO 19-25
THE COMPANY
3 REVIEW OF 26-27
LITERATURE
4 RESEARCH 28-38
METHODOLOGY
Title
Objective of the Study
Scope of the Study
Significance of the
Industry
Significance of the
Research
Research Technique
Sampling Methodology
Sampling unit
Sampling Area
Sample Size
Limitations
5 FACTS AND 39-43
FINDINGS
6 DATA AND 44-45
INTERPRETATION
7 CONCLUSION & 46-56
RECOMMENDATIONS
8 ANNEXURE 57-70
A. BIBLIOGRAPHY
B.QUESTIONNAIRE

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 Chapter-1

INTRODUCTION TO THE
INDUSTRY

8
INTRODUCTION TO THE INDUSTRY

THE HISTORY OF INDIAN BRAND AWARENESS INDUSTRY

BRAND AWARENESS

In 1818 the British established the first insurance company in India in Calcutta, the Oriental
LifeInsurance Company. First attempts at regulation of the industry were made with the
introduction
of the Indian Life Assurance Companies Act in 1912. A number of amendments to this Act
weremade until the Insurance Act was drawn up in 1938. Noteworthy features in the Act were
thepower given to the Government to collect statistical information about the insured and the
highlevel of protection the Act gave to the public through regulation and control. When the Act
waschanged in 1950, this meant far reaching changes in the industry. The extra
requirementsincluded a statutory requirement of a certain level of equity capital, a ceiling on
share holdings insuch companies to prevent dominant control (to protect the public from any
adversarial policiesfrom one single party), stricter control on investments and, generally, much
tighter control. In1956, the market contained 154 Indian and 16 foreign life insurance companies.
Business washeavily concentrated in urban areas and targeted the higher echelons of society.
“Unethicalpractices adopted by some of the players against the interests of the consumers” then
led theIndian government to nationalize the industry. In September 1956, nationalization
wascompleted, merging all these companies into the socalled
Life Insurance Corporation (LIC). Itwas felt that “nationalization has lent the industry fairness,
solidity, growth and reach.”

9
Some of the important milestones in the life insurance business in India are:
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the
lifeinsurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to collectstatistical
information about both life and nonlifeinsurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective
ofprotecting the interests of the insuring public.
1956: The market contained 154 Indian and 16 foreign life insurance companies.
General Insurance
The General Insurance industry in India dates back to the Industrial Revolution and
thesubsequent increase in trade across the oceans in the 17th century. As for Life Insurance,
theBritish brought General Insurance to India, and a similar path was followed in the
developmentof this industry. A number of private companies were in existence for years and
years until, in1971, the Indian Government decided that the public interest would be served by
nationalizingthe industry, merging all the 107 companies into four companies, depending on the
sort ofbusiness transacted (Marine, Fire, Miscellaneous). These were the National Insurance
CompanyLtd., the Oriental Insurance Company Ltd., the New India Assurance Company Ltd.,
and theUnited India Insurance Company Ltd. located in Calcutta, New Delhi, Bombay and
Madrasrespectively. The General Insurance Corporation (GIC) was set up in 1972 as a
‘holding’company, having these four companies as its subsidiaries.

Some of the important milestones in the general insurance business in India

are:
1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes
ofgeneral insurance business.
1957: General Insurance Council, a wing of the Insurance Association of India, frames a
codeof conduct for ensuring fair conduct and sound business practices.
1968: The Insurance Act amended to regulate investments and set minimum solvency
marginsand the Tariff Advisory Committee set up.

10
1972: The General Insurance Business (Nationalization) Act, 1972 nationalize the
generalinsurance business in India with effect from 1st January 1973. 107 insurers amalgamated
andgrouped into four companies viz. the National Insurance Company Ltd., the New
IndiaAssurance Company Ltd., the Oriental Insurance Company Ltd. and the United
IndiaInsurance Company Ltd. GIC incorporated as a company
MAJOR PLAYERS IN THE INSURANCE INDUSTRY IN INDIA

Life Insurance Corporation of India (LIC)

Life Insurance Corporation of India (LIC) is an Indian state-ownedinsurance group and

investment company headquartered in Mumbai. It is the largest insurance company in India with
an estimated asset value of Rs. 1,560,482 cr. (US$230 billion). As of 2013 it had total life fund
of Rs.1433103.14 cr. with total value of policies sold of 367.82 lac that year

The Life Insurance Corporation of India was founded in 1956 when the Parliament of
Indiapassed the Life Insurance of India Act that nationalized the private insurance industry in
India. Over 245 insurance companies and provident societies were merged to create the state
owned Life Insurance Corporation.

Growth as a monopoly

From its creation, the Life Insurance Corporation of India, which commanded a monopoly of
soliciting and selling life insurance in India, created huge surpluses and by 2006 was
contributing around 7% of India'sGDP.

The corporation, which started its business with around 300 offices, 5.7 million policies and a
corpus of INR 45.9 cr. (US$92 million as per the 1959 exchange rate of roughly Rs. 5 for US$1),
had grown to 25,000 servicing around 350 million policies and a corpus of overRs. 800,000 cr.
(US$120 billion) by the end of the 20th century.

11
Operations

Today, the LIC has 8 zonal offices, around 113 divisional offices, 2,048 branches and 1381
satellite offices and corporate offices; it also has 54 customer zones and 25 metro-area service
hubs located in different cities and towns of India. It also has a network of 1,337,064 individual
agents, 242 Corporate Agents, 89 Referral Agents, 98 Brokers and 42 Banks for soliciting life
insurance business from the public.

General Insurance Corporation of India (GIC)

The general insurance industry in India was nationalized and a government company known
asGeneral Insurance Corporation of India (GIC) was formed by the Central Government
inNovember 1972. With effect from 1 January 1973 the erstwhile 107 Indian and foreign
insurerswhich were operating in the country prior to nationalization, were grouped into four
operatingcompanies, namely, (i) National Insurance Company Limited; (ii) New India
AssuranceCompany Limited; (iii) Oriental Insurance Company Limited; and (iv) United India
InsuranceCompany Limited. (However, with effect from Dec'2000, these subsidiaries have been
delinkedfrom the parent company and made as independent insurance companies). All the above
foursubsidiaries of GIC operate all over the country competing with one another and
underwritingvarious classes of general insurance business except for aviation insurance of
national airlinesand crop insurance which is handled by the GIC.
Besides the domestic market, the industry is presently operating in 17 countries directly
throughbranches or agencies and in 14 countries through subsidiary and associate companies.

IN ADDITION TO ABOVE STATE INSURERS THE FOLLOWING HAVE

BEENPERMITTED TO ENTER INTO INSURANCE BUSINESS:

12
Theintroduction of private players in the industry has added to the colors in the dull industry.The
initiatives taken by the private players are very competitive and have given immensecompetition
to the on time monopoly of the market LIC. Since the advent of the private playersin the market
the industry has seen new and innovative steps taken by the players in this sector.The new
players have improved the service quality of the insurance. As a result LIC down theyears have
seen the declining phase in its career. The market share was distributed among theprivate
players. Though LIC still holds the 75% of the insurance sector but the upcoming naturesof these
private players are enough to give more competition to LIC in the near future. LICmarket share
has decreased from 95% (2002-03)to 82 %( 2004-05).

1. ICICI LIFE INSURANCE ICICI Life Insurance Ltd is a 74:26 joint venture between
Kotak Mahindra Bank Ltd Its affiliates and old mutual plc The company started
operations in 2001, and strives to offer its customers outstanding value through high
customer empathy, consistent and benchmarked service and a suite of products that
leverage the combined process of protection and long term savings.

2. Max New York Life Insurance Co. Ltd.

Max New York Life Insurance Company Limited is a joint venture that brings together
two largeforces MaxIndia Limited, a multibusinesscorporate, together with New York
LifeInternational, a global expert in life insurance. With their various Products and
Riders, there aremore than 400 product combinations to choose from. They have a
national presence with anetwork of 57 offices in 37 cities across India.

3. ICICI Prudential Life Insurance Company Ltd.

ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a
premierfinancial powerhouse and prudential plc, a leading international financial services
groupheadquartered in the United Kingdom. ICICI Prudential was amongst the first
private sectorinsurance companies to begin operations in December 2000 after receiving
approval fromInsurance Regulatory Development Authority (IRDA). The company has a
network of about56,000 advisors; as well as 7 banc assurance and 150 corporate agent
tieups.

13
4. HDFC Standard Life Insurance Company Ltd.
HDFC Standard Life Insurance Company Ltd. is one of India’s leading private life
insurancecompanies, which offers a range of individual and group insurance solutions. It
is a joint venturebetween Housing Development Finance Corporation Limited (HDFC
Ltd.), India’s leadinghousing finance institution and The Standard Life Assurance
Company, a leading provider offinancial services from the United Kingdom. Their
cumulative premium income, including thefirst year premiums and renewal premiums is
Rs. 672.3 for the financial year, Apr-Nov2005.
5. Birla Sun Life Insurance Company Ltd.
Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group and
Sun Lifefinancial Services of Canada.

 Tata AIG Life Insurance Company Ltd.

 SBI Life Insurance Company Limited
 ING Vysya Life Insurance Company Private Limited
 Allianz Bajaj Life Insurance Company Ltd.
 Metlife India Insurance Company Pvt. Ltd.
 AMP SANMAR Assurance Company Ltd.
 Dabur CGU Life Insurance Company Pvt. Ltd.

1. Royal Sundaram Alliance Insurance Company Limited

The joint venture bringing together Royal & Sun Alliance Insurance and
SundaramFinanceLimited started its operations from March 2001. The company is Head
Quarteredat Chennai, andhas two Regional Offices, one at Mumbai and another one at
New Delhi.

2. Bajaj Allianz General Insurance Company Limited

ajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto
Limitedand Allianz AG of Germany. Both enjoy a reputation of expertise, stability and
strength. Bajaj Allianz General Insurance received the Insurance Regulatory and

14
 Development Authority(IRDA) certificate of Registration (R3) on May 2nd, 2001 to
conduct General Insurance business(including Health Insurance business) in India. The
Company has an authorized and paid upcapital of Rs 110 cr. Bajaj Auto holds 74% and
the remaining 26% is held by Allianz, AG,Germany.

3. ICICI Lombard General Insurance Company Limited

ICICI Lombard General Insurance Company Limited is a joint venture between ICICI
BankLimited and the USbased$ 26 billion Fairfax Financial Holdings Limited. ICICI
Bank is India'ssecond largest bank, while Fairfax Financial Holdings is a diversified
financial corporateengaged in general insurance, reinsurance, insurance claims
management and investmentmanagement.Lombard Canada Ltd, a group company of
Fairfax Financial Holdings Limited, is one ofCanada's oldest property and casualty
insurers. ICICI Lombard General Insurance Companyreceived regulatory approvals to
commence general insurance business in August 2001.

4. Cholamandalam General Insurance Company Ltd.

Cholamandalam MS General Insurance Company Limited (CholaMS)is a joint venture of
theMurugappa Group & Mitsui Sumitomo.CholaMScommenced operations in October
2002 and has issued more than 1.4 lakh policies inits first calendar year of operations.
The company has a panIndianpresence with offices inChennai, Hyderabad, Bangalore,
Kochi, Coimbatore, Mumbai, Pune, Indore, Ahmedabad, Delhi,Chandigarh, Kolkata and
Vizag.

5. TATA AIG General Insurance Company Ltd.

Tata AIG General Insurance Company Ltd. is a joint venture company, formed from the
TataGroup and American International Group, Inc. (AIG). Tata AIG combines the
strength andintegrity of the Tata Group with AIG's international expertise and financial
strength. The TataGroup holds 74 per cent stake in the two insurance ventures while AIG
holds the balance 26 percent stake.

15
 Tata AIG General Insurance Company, which started its operations in India on January
22, 2001,offers the complete range of insurance for automobile, home, personal accident,
travel, energy,marine, property and casualty, as well as several specialized financial lines.

6. Reliance General Insurance Company Limited.

7. IFFCO Tokio General Insurance Co. Ltd
8. Export Credit Guarantee Corporation Ltd.
9. HDFCChub

Marketing of Insurance In India

Insurance is in a manner of speaking the last frontier in the financial sector to open. It is also
asector, which leads to benefits across the full spectrum, from the individual who now have
widerchoices, to the economy, which see increased savings, to the infrastructure sector, which
canlook forward to long term funding being available. In an underinsuredeconomy, newer
channelsof distribution have to be utilized to intensify the reach of insurance both in urban and
ruralmarkets. This will create huge employment opportunities not only within insurance
companiesbut also as agents and consultants of insurance companies.

Marketing Mix Policies

Different companies can choose to position themselves differently and hence the Marketing
Mixis different. However, there are certain common characteristics that one can cull out from
thepossible strategies that companies adopt.
Product:
The development of flexible products to suit individual requirements is what will differentiatethe
winners from the also ran.The key to success is in providing insurance solutions, notstandardized
insurance products. The concept of riders/optional benefits has already been a hugeinnovation

16
brought about by the new players, which has led to customization of products forindividual
needs. However, companies may differentiate themselves on the basis of productsegments that
they choose to focus on and excel in.
Place:
Different companies may however choose different channels and different geographies to
focuson. The channel options are tiedagency force, corporate agents and brokers and this is an
areawhere different companies will make different choices. Many companies like HDFC
StandardLife are focusing on all channels whereas companies like Max New York Life are
focusing onthe tied agency force only. Customer interface will be a key challenge for life
insurancecompanies and includes every that interaction that the customer has with the company,
such assales, new business underwriting, policy servicing, premium payments, claim processing
and soon. Technology can play a crucial role in delivering the highest standards of service set by
thecompany and it will be imperative for any serious player to excel in all of these.
Price:
Price is a relevant differentiator only in two segments pureterm insurance and in pure annuities.
Here too, service delivery and financial strength will need to be present at a minimum acceptable
level for price to be a relevant differentiator. In case of savings oriented
products,longtermreturns generated are more relevant than just the price of the product. A focus
on generating good investment performance and keeping a tight control on costs help in
generatinggood longtermmaturity value for customers. Norms have been laid down on all of
these by

Promotion and Advertising:

The level of demand is latent and will have to be activated considerably. The market needs to
bedeveloped. Greater awareness of insurance and the need to have it as a protection tool rather
thanas a tax planning measure needs to be appreciated by the Indian people. Various
communicationtools including advertising, direct marketing and road shows contribute to all this
and differentcompanies take different approaches on these.
Process:
Cashless settlement: One of the most defining and customerfriendlychanges that we’ve seen
inrecent years relates to the way claims settlements are made. The advent of the
17
thirdpartyadministrator (TPA) regime has facilitated the transition to the hugely convenient era
of cashlesssettlement of health and auto insurance claims. TPAs are entities who process claims
on behalfof insurers: the IRDA licenses them after it is satisfied that they have the financial
strength, thetrained manpower, the infrastructure and the skills to undertake this activity.
Likewise, with auto insurance, the TPA ties up with garages and authorized service centers
forcashless settlement of auto insurance claims.
Lower premiums: The spirit of competition and the broadening of the risk experience
ofinsurance companies have contributed to a fall in premiums over the years. That’s because,
otherthings being equal, an insurer who covers the lives just of 10 people bears a higher risk than
aninsurer who covers the lives of, say, 100 people. Further, a broader base will provide
greaterefficiencies on costs such as distribution, management and claims. A broad basing of
themortality experience, therefore, gives insurers the elbowroom to compete by lowering
premiums,and that trend is expected to continue.
Premium payment flexibility: Insurers have imparted certain flexibility to premium
paymentoptions in order to address this concern. For instance, one now have the option to pay
yourpremiums upfront, which is then carried forward for the tenure of the policy. The
yearlypremiums are drawn from the initial corpus. Insurers have also introduced the concept
of‘automatic cover maintenance’ to protect your policy from lapsing owing to your omission
topay your premium on time. Under this, in the event of your not paying the premium, the
insurerdips into your investment account to the extent of the premium. Of course, this comes
with an inbuiltdrawback: your investment portion diminishes year on year to the extent of the
amount paidto cover your risk.

Physical Evidence:
This can play a significant role for marketing in the Indian scenario. Since Internet users
arecomparatively lesser than countries such as US, the offline mode will be preferred in
India.Although the distribution model is largely agentbased,wherever the customer is in contact
withthe company, this factor can play a significant role in luring the customer.

18
 Chapter-2

INTRODUCTION TO THE
COMPANY

19
ABOUT ICICI LIFE INSURANCE
ICICI Life Insurance Company Ltd. is one of India's leading private insurancecompanies, which
offers a range of individual and group insurance solutions. It is a 74:26 joint venture between
ICICI Bank Ltd It is affiliates and old mutual plc. The company started operations in 2001, and
strives to offer its customers outstanding value through high customer empathy, consistent and
benchmarked service and a suite of products that leverage the combined process of protection
and long term savings.
ICICI LIFE INSURANCE PARENTAGE
Established in 1985, the ICICI is one of India’s leading financial services conglomerates. In
February 2003, ICICI Finance Ltd. (KMFL), the group’s flagship company, received a banking
finance from Reserve Bank of India to become a bank – ICICI Bank Limited.
 The consolidate balance sheet of ICICI group is over Rs. 1.17 Lakh Crore and the net
worth of the group stands Rs. 27,974 cr. (US$4.2 BILLION) as on august 2016.
 The group has wide range of financial services that encompass every sphere of life. From
commercial banking to stock broking, mutual funds, life insurance and investment
banking. The group has a wide distribution network through branches and franchises
across India , and international offices in London, New York, Abu Dhabi, Mauritius and
Singapore.

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OLD MUTUAL
Old Mutual provides life assurance, asset management, banking and general insurance to more
than 14 million customers in Africa, the Americas, Asia and Europe. Originating in South Africa
in 1845, Old Mutual has been listed on the London and Johannesburg. Stock Exchange, among
others, since 1999
In the year ended 31 December 2012, the group reported adjusted operation profit before tax of
€1.6billion (on an IFRS basis) and had €262 billion of funds under management from core
operation

21
ICICI KEYS STRENGTHS

FINANCIAL ACUMEN
Holds a stable diversified portfolio and has received some of the highest ratings in financial
strength from industry independent rating agencies

DISCIPLINED FUND MANAGEMENT

Years of experience in asset management , and a strong track record in managing funds- backed
by the acclaimed expertise of OLD MUTUAL plc.

INNOVATIVENESS
Innovator in providing pragmatic and need based life insurance solutions, with consistent
emphasis on leveraging the combined prowess of protection and long term savings to the
customer’s best advantage.

TRANSPARENCY IN SRVICES
Daily declaration of fund performance, regular performance benchmarking, well regulated asset
management, and monthly newsletter on market updates

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CORPORATE OBJECTIVE

Vision and Mission Statement

'The most successful and admired life insurance company, which means that we are the most trusted
company, the easiest to deal with, offer the best value for money, and set the standards in the industry'.

Our Values
Values that we observe while we work:

 An un common bond strengthened by a common vision

 The global Indian financial services brand

 The most preferred employer in financial services

 The most trusted financial service company

23
BELOW ARE FEW OF THE PLANS THAT ARE OFFERED BY ICICI LIFE
INSURANCE

INSURANCE PLANS AVAILABLE

a) ICICI Flexi Plan

ADVANTAGES:
1. Choice of 5 professionally managed funds included Gilt Fund, Floating Rate Fund, Bond
Fund, Balanced Fund, Growth Fund,
2. Add lump sum injections as and when suitable
3. Premium holiday facilities
4. Riders option for enhanced protection
5. Simplified documentation and procedures

b) ICICI RETIREMENT Income Plan

The ICICI Retirement Plan is a savings plan designed to meet your post retirement needs.
It is a plan that gives you JEENE KI AZAADI by giving you the choice to remain
independent even after retirement.
ADVANTAGE:
1. In this plan minimum age is 18 years old and maximum age is 60 years.
2. You may buy an annuity either from ICICI Life Insurance.
3. You can make lump sum injections into your policy at any time before retirement.
4. For a with cover plan you have the facility of automatic cover Maintenance, which
ensures that the cover remains in force even when you miss the premium payments. This
facility is available after the first 3 years of the term
5. You may exercise the option of paying premium from the Supplementary Accumulation
Account, created from will be created from lump sum injections, if the need arises.

24
c) ICICI Endowment Plan
An endowment policy is a combination of savings along with risk cover. These policies
designed to accumulate wealth and at the same time cover your life. In simple words,
issued for specific time periods during which you pay regular premium. If you die during
policy, your benefits will receive the sum assured along with the accumulated bonus a
outlive the policy tenure you will receive the sum assured with accumulated bonus.
ADVANTAGE:
1. In this plan minimum age is 18 years of old and maximum age is 65 years.
2. You can take a loan against your policy has been in force for at least three years.
3. You have the option of paying premium quarterly, half yearly or yearly.
4. You have the benefit of a 15-day free look period.

d) ICICI Capital Multiplier Plan

The ICICI capital multiplier plan is a participating plan that is built in such a way that it
allows your money to multiply, and gives you the flexibility of using this money the way
you need it, In regular and irregular withdrawals. This is an endowment plan, which is
very flexible and has a lot of in-built benefits.
ADVANTAGES:
1. In this plan minimum age of 18 years of old and maximum age is 60 years.
2. At the start of your withdrawals period, you can draw the full proceeds or you can draw
up to 50% of your basic sum assured or accumulation account, whichever is higher.
3. In addition to the regular premium, you can make lump sum injections into your plan
during the premium paying period. A supplementary accumulation will be created.
4. You have the facility automatic cover maintenance, which ensures that the policy remains
in force even when you miss the premium payments. This facility is available after the 3
years of the term.

25
 Chapter-3
REVIEW OF LITERATURE

26
e) ICICI Child Advantage Plan
The ICICI Child Advantage Plan is in investment plan designed to meet your child’s
future needs. It’s a plan that gives your child the AZAADI to realize his/her dreams. This
is an endowment plan where the life insured is the child. This is a participating plan.
ADVANTAGES:
1. In this plan minimum age of 0 years of old and maximum age is 17 years.
2. You may take loan against this plan, after the policy has been in force for at least three
years
3. You have the option of paying premiums quarterly, half yearly or yearly
4. You have the benefits of a 15-day free look period.

27
psychology, sociology, socialanthropology, marketing and economics. It attempts to understand
the decision-making processes of buyers, both individually and in groups such as how emotions
affect buying behavior. It studies characteristics of individual consumers such as demographics
or personality and behavioral variables in an attempt to understand people's wants. It also tries to
assess influences on the consumer from groups such as family, friends, sports, reference groups,
and society in general.

DEFINITIONS
According to Engel, Blackwell, and Mansard, ‘consumer behavior is the actions and decision
processes of people who purchase goods and services for personal consumption’.

According to Louden and Bitta,‘consumer behavior is the decision process and physical
activity, which individuals engage in when evaluating, acquiring, using or disposing of goods
and services’.

According to Solomon, ‘‘consumer behavior is the process involved when individuals or groups
select, purchase, use, or dispose of products, services, ideas, or experiences to satisfy needs and
wants.”

FACTORS AFFECTING CONSUMER BUYING BEHAVIOR

Cultural Factors
 Culture
 Subculture
 Social class

Culture is one factor that influences behavior. Simply culture is defined as our attitudes and
beliefs. But how are these attitudes and beliefs developed? As an individual growing up, a child
is influenced by their parents, brothers, sister and other family member who may teach them
what is wrong or right. They learn about their religion and culture, which helps them develop
these opinions, attitudes and beliefs (AIO). These factors will influence their purchase behavior
however other factors like groups of friends, or people they look up to may influence their
choices of purchasing a particular product or service. Reference groups are particular groups of

28
people some people may look up towards to have an impact on consumer behavior. So they can
be a singer like the Lady Gaga or your immediate family members. Opinion leaders are those
people that you look up to because your respect their views and judgments and these views may
influence consumer decisions. So it maybe a friend who works with the IT trade who may
influence your decision on what computer to buy. The economical environment also has an
impact on consumer behavior; do consumers have a secure job and a regular income to spend on
goods? Marketing and advertising obviously influence consumers in trying to evoke them to
purchase a particular product or service.

Social Factors
 Reference Groups
 Family
 Roles & Statuses

People's social status will also impact their behavior. What is their role within society? Are they
Actors? Doctors?Office worker?and mothers and fathers also? Clearly being parents affects your
buying habits depending on the age of the children, the type of job may mean you need to
purchase formal clothes, the income which is earned has an impact. The lifestyle of someone
who earns £250000 would clearly be different from someone who earns £25000. Also characters
have an influence on buying decision. Whether the person is extrovert (out going and spends on
entertainment) or introvert (keeps to themselves and purchases via online or mail order) again
has an impact on the types of purchases made.

Personal factors
 Age and stage in life cycle
 Occupation and economic circumstances
 Lifestyle
 personality
It includes such variables as age and lifecycle stage, occupation, economic circumstances,
lifestyle (activities, interests, opinions and demographics), personality and self concept. These
may explain why our preferences often change as our `situation' changes. Decisions and buying
behavior are obviously also influenced by the characteristics of each consumer.

29
Psychological factors
 Motivation
 Perception
 Learning
 Beliefs & Attitude
It affecting our purchase decision includes motivation (Maslow's hierarchy of needs), perception,
learning, beliefs and attitudes. Other people often influence a consumers purchase decision. The
marketer needs to know which people are involved in the buying decision and what role each
person plays, so that marketing strategies can also be aimed at these people. Among the factors
influencing consumer behavior, psychological factors can be divided into 4 categories:

Types of Buying Behavior

There are four types of buying behavior.

1. Complex buying behavior is where the individual purchases a high value brand and
seeks a lot of information before the purchase is made.
2. Habitual buying behavior is where the individual buys a product out of habit e.g. a
daily newspaper, sugar or salt.
3. Variety seeking buying behavior is where the individual likes to shop around and
experiment with different products. So an individual may shop around for different
breakfast cereals because he/she wants variety in the mornings!
4. Dissonance reducing buying behavior is when buyers are highly involved with the
purchase of the product, because the purchase is expensive or infrequent. There is little
difference between existing brands an example would be buying a diamond ring, as
people believe there is little difference between diamond brand manufacturers.

CONSUMER BUYING BEHAVIOR TOWARDS LIFE INSURANCE

PRODUCTS

30
Mehr and Cammack (1976) agrees thatInsurance is usually thought of as aproduct that spreads
the risk of serious,but low-probability, losses among agroup of individuals, thus providingsome
financial protection to eachindividual.

Kunreuther, (1979) said that his productmakes good sense, particularly when theprotection is
purchased against potentiallosses so large as to be catastrophic, suchas total destruction of one's
home, alarge accident liability judgment, ordeath of primary family breadwinner. However, it
has long been recognizedthat this sensible product is difficult to sell.

Kotler, (1973) considers insurance to bein the category of "unsought goods,"along with products
such as preventivedental services and burial plots.He notesthat unsought goods pose
specialchallenges to the marketer.

Slovic, Fischhoff, Lichtenstein,Corrigan, and Combs (1977) found thatsubjects were more
likely to buyinsurance against small, high-probabilitylosses than insurance against large,
lowprobability losses, Hershey andSchoemaker (1980) reported theopposite result.

Kunreuther (1979) “It is not themagnitude of a potential loss thatinspires people to buy
insurancevoluntarily – it is the frequency withwhich a loss is likely to occur”.
Kahneman&Tversky, (1979) reported arisk-averse individual, therefore, shouldavoid nearly all
types of risk. Empiricalevidence, however, suggests most peopleare risk averse for gains and risk
seekingfor losses.

Kahneman&Tversky, (1984) statedindeed, repeated demonstrations haveshown most people

lack an adequateunderstanding of probability and riskconcepts Dhar, (1997) Greenleaf
andLehmann, (1995) Tversky and Shafir,(1992) have shown that offering more options can
generate decision conflictand preference uncertainty, leading todecision deferral.

Michael L. Smith (1982) said that atypical life insurance contract provides apackage of options
or rights to the policyowner that is not precisely duplicated byany other combination of
commonlyavailable contracts. Viewed from thisperspective, life insurance enjoys aunique

31
position in the field ofinvestments and should be judged in thislight. The paper shows that an
optionsviewpoint provides a more completeexplanation of policy owner behaviortowards life
insurance than theconventional savings-and-protectionview.

Michael L. Walden (1985) told that theoption's package view of the whole lifeinsurance policy
suggests that a wholelife policy is a package of options, eachof which has value and is expected
toinfluence the price of the policy. Thisviewpoint implies the general hypothesisthat price
differences between whole lifepolicies can be explained by differences in policy contract
provisions anddifferences in selected companycharacteristics. The option's package theory was
empirically investigatedusing regression analysis on data from asample of policies marketed in
NorthCarolina. The results suggest support forthe options package theory.

Helmut Gründl, Thomas Post, Roman Schulze, (2005) found that demographicrisk, i.e., the
risk that life tables changein a nondeterministic way, is a seriousthreat to the financial stability of
aninsurance company having underwrittenlife insurance and annuity business. The inverse
influence of changes in mortalitylaws on the market value of lifeinsurance and annuity liabilities
createsnatural hedging opportunities.
Evan Mills, Ph.D.(1999) Studied theinsurance industry is rarely thought of ashaving much
concern about energyissues. However, the historicalinvolvement by insurers and alliedindustries
in the development anddeployment of familiar technologiessuch as automobile air bags,
fireprevention/suppression systems, andanti-theft devices, shows that this industry has a long
history of utilizingtechnology to improve safety andotherwise reduce the likelihood of lossesfor
which they would otherwise have topay. We have identified nearly 80 examples of energy-
efficient andrenewable energy technologies that offer“loss-prevention” benefits, and
havemapped these opportunities onto theappropriate segments of the very diverse insurance
sector (life, health, property,liability, business interruption, etc.). Some insurers and risk
managers arebeginning to recognize these previously"hidden" benefits.

Roger. A. Formisano (1981) examined,via consumer interviews, the impact of the National
Association of InsuranceCommissioner's Model Life InsuranceSolicitation Regulation as
implementedin New Jersey. A substantial portion ofthe insurance buyers sampled did notbecome

32
aware of the provisions of theregulation aimed to improve their buying ability. Further, many life
insurancebuyers were not well informedconcerning the nature and operation oflife insurance
contracts, and inparticular, the life insurance policies thatthey had purchased.
Alok Mittal and Akash Kumar (2003),in their study “An Exploratory Study of Factors
Affecting Selection of Life Insurance Products” have attempted to identify the factors which are
affecting the consumers in taking into consideration before selecting a life insurance product and
determining the extent to which these factors are taken into consideration for choosing life
insurance products. The study highlighted that consumers take into consideration factors like
product attributes, customer delight, payment mode, product flexibility, risk coverage, grace
period, professional advisor, and maturity period as important before making a decision on
selection of a life insurance product but most important factors which are of vital importance was
product attributes, and the least important was maturity period.
William H.Greene, and Dan Segal (2004),in their research “Profitability and Efficiency in the
U.S. Life Insurance Industry” have discussed the relationship between cost inefficiency and
profitability in the U.S. life insurance industry. The life insurance industry is mature and highly
competitive, and cost efficiency may be the main driver of profitability. The authors derive cost
efficiency using the stochastic frontier (SF) method allowing the mean inefficiency to vary with
organizational form and the outputs. In addition, the estimation of the cost efficiency measure
takes into account the underlying accounting concepts. This study suggests that cost inefficiency
in the life insurance industry is substantial relative to earnings, and that inefficiency is negatively
associated with profitability measures such as the return on equity.

T.VenkateswaraRao (2004),presented a paper titled “Alternative Distribution Channels in

India” in Global Conference of Actuaries. This research points out that a distribution channel
means a set of interdependent organizations involved in the process of making a product or
service available for use or consumption by the consumer by creating place utility & the value of
having the products where the customer wants them, when they want them. The research said
that in Distribution in Life Insurance requires the intermediaries. The current insurance market
depends heavily on Individual Agency channel but it concluded that Alternative distribution
channels can give competitive edge for the Insurers, a statistics of Alternative Distribution
channels of LIC suggest that corporate agencies including banks are garnering 82% and the rest

33
18% is coming from Brokers & Over time bancassurance may get at least 20% distribution share
in life insurance market.

Sinha and Tapen (2005), in their research article “The Indian Insurance Industry: Challenges
and Prospects” have stated that India is among the most promising emerging insurance markets
in the world. But out of total insurance premium market in India particularly life insurance
currently makes up 80% of premiums. The research also highlighted that when India undertook
to open the domestic insurance market to private-sector and foreign companies since then, 13
private life insurers and eight general insurers have joined the Indian market. But speaking about
major hurdles this research spoke on the obsolete regulations on insurance prices which have to
be replaced by risk-differentiated pricing structures. . Furthermore it said that both the life and
non-life insurance sectors would benefit from less invasive regulations. The author also
suggested that Price liberalisation will be needed to improve underwriting efficiency and risk
management and the Private insurers will have a key role to play in serving the large number of
informal sector workers.

Tamzid Ahmed Chowdhury and MasudIbnRahman (2007), in the article, “Problems and
Strategies in Service Marketing: Bangladesh Perspective”, present a conceptual framework of the
problems and strategies in services marketing that derive from five unique characteristics of
services. The framework is based on a review of the growing body of literature in services
marketing. The article also reports the findings from a survey of service firms concerning
problems they face and strategies they use. A combination of theoretical aspects and survey
results in one article affords the opportunity to make a bridge between the empirical practices
and theoretical aspects.

SubirSen (2008), in his article “An Analysis of Life Insurance Demand Determinants for
Selected Asian Economies and India” has tried to understand economic and other socio-political
variables, which may play a significant role in explaining the life insurance consumption pattern
in Greater China Region and six ASEAN countries for the 11- year period 1994-2004 and also
tried to re-assess whether or not the variables best explaining life insurance consumption pattern
for twelve selected Asian economies in the panel are significant for India for the period 1965 to

34
2004. This research has highlighted that in India the economic variables such as income, savings,
prices of insurance product, inflation and interest rates & demographic variables like dependency
ratio, life expectancy at birth, crude death rate and urbanization are few significant determinants
which effect the insurance consumption.

LavanyaVedagiriRao (2008) in article, “Innovation and New Service Development in Select

Private Life Insurance Companies in India” try to examine how service firms actually innovate
by interviewing Zonal managers of select 10 private life insurance companies in India. The
research stated that Private Life Insurance organizations use systematic procedures in the areas
of New Service Development (NSD) Strategies and deploy that for new services & the study also
reports on how the organizations involve their customers in the service innovation process.
Another observation from the study was that the top executives of all the ten companies
participate in the idea generation stage.

Manjit Singh and Rohit Kumar (2008),in the paper, “Indian Insurance Industry Outlook in the
Post Reform period”, highlight that insurance penetration and density has witnessed an
increasing trend in the post- reform period, but has a long way to go to even come close to the
developed nations. The study also indicates huge unexplored and untapped market in India and
shows huge opportunities for insurance companies to capture the business from competitive
market; the survival of companies will depend on their strategies and efforts to increase their
penetration levels and tap the new business positions especially in rural India

NagarajaRao, K. (2010),in his article “Challenges in Designing Need Based Products in Life
Insurance for Inclusive Growth in India”, analyses the challenges faced by the insurers in
designing need-based products in insurance for inclusive growth, and concludes that the policies
of life insurance companies are still not rural-centric, catering to the specific needs of the people.
With a view to popularizing life insurance, he recommends that the consumers need to study the
rural market, analyse the specific needs of each segment and design innovative products, to suit
the requests of the people to the objective of inclusive growth.

35
Khan, M.K. (1978) discusses the opportunities available which provide wonderful careers in life
insurance sector. The paper talks about the skills required for a career in life insurance sector.
Life insurance sector doesn’t come along with restrictions and barriers. It provides lots of
flexibility for the people who want to build their careers in the sector. In fact the avenue also
creates and develops the overall personality of an individual. The relationship of life Insurance
agent with clients is not temporary and the service rendered has no substitutes.

SheshaAyyar, V. (1986) opines in the article entitled “Product Development” about various
issues and challenges which are related with regard to developing new polices. The author
discusses the need for building and developing new schemes and various concerns which can
pose problems for the insurance sector. The insights presents details about the growing
requirement for including ancillary benefits such as accident benefits, disablement and
hospitalization benefits.

S.Raju and M. Gurupandi (2009), opine that the attitude of the policy holders and their socio
economic background creates a significant influence. The study showcased the opinions and
attitudes of the policy holders towards the services of LIC.

Shivanand .H.Lengti (2009), discuss that the insurance investors have the option to choose from
insurance authority to all other aspects of insurance. Such as insurance ombudsman and
insurance counsel to take their disputes further.
Ward and Zurbruegg (2002) examined the impact of legal and political factors, which are
significant in Asian countries. In the Asian countries there is lots of improvement as compared to
OECD countries.
The Insurance Institute of India prepared a Project Report on “Marketing of Life
Insurance”, (1987). The purpose of undertaking the project was to evaluate various aspects
withrespect to insurance such as extent of life insurance coverage, awareness of the people
towardslife insurance plans and policies, attitudes and beliefs of people on life insurance,
changingperceptions towards insurance, sense of identification of employees with Life
InsuranceCompany. The findings of the report included that LIC is a better investment avenue

36
for theinvestors as compared to bank deposits. Also in terms of reliability, the sense of reliability
ifmore with LIC as compared to other investment options.

Venkatesh, N.C. (1987) focuses on the area entitled “On the Trail of Better Service” where the
author presents the great need and importance of better and personal servicing to the customers
and has emphasized the importance of satisfying the policyholders. The department of insurance
continuously works to satisfy and adhere to the growing requirements of the policy holders with
Thanjavur (1987)the objective of serving them better.

worked upon field visit and exploratory study to gather data on “Customer Satisfaction”. The
purpose of the analysis was to provide insights about the different factors which affect the level
of customer satisfaction. The findings included the level of consumer satisfaction regarding the
services, such as follow ups, timely fulfillment of responsibilities etc.

37
 Chapter-4

RESEARCH
METHODOLOGY

38
RESEARCH METHODOLOGY TITLE:

To determine customer buying behavior with a focus on market segmentation for ICICI
LifeInsurance.

 TITLE JUSTIFICATION:

The above title is self explanatory. The study deals mainly with studying the buying
patternin the insurance industry with a special focus on ICICI Life Insurance. The
various segments of the markets divided in terms of Insurance Needs, Age, groups,
Satisfaction levelsetc. will also studied.

OBJECTIVES

 To determine customers perception towards private insurance companies and their

expectation form private insurance companies.
 To determine reasons behind opting for an insurance.
 To provide the company with information of customer's Insurance policy if they have
any and reasons for opting for that particular policies.
 To know the most preferred policy.
 To study the types of benefits provided by insurance services.
 To determine the use of Internet for valuable information and decision making process.
 To determine the feedback on services provided by any other insurance agent.

39
SCOPE OF THE STUDY
A big boom has been witnessed in Insurance Industry in recent times. A large number of
newplayers have entered the market and are trying to gain market share in this rapidly
improvingmarket. The study goes on to evaluate and analysis the findings so as to present a
clearpicture of trends in the Insurance sector.

SIGNIFICANCE OF THE STUDY

SIGNIFICANCE TO THE INDUSTRY:

This is a limited study which takes into consideration the responses of 100 people. This data
canbe explored to take in the trends across the industry. The significance for the industry lies
instudying these trends that emerge from the study. It is a rapidly changing and evolving
sector.People are only beginning to wake up to its vast possibilities. A study like this can attempt
toguide the future of the industry based on current trends.

SIGNIFICANE FOR THE RESEARCHER:

To facilitate and provide all the useful information of the study the company, the
insuranceindustry and also provide marketing ways, methods of ICICI Lifeinsurance.

RESEARCH DESIGN

 NONPROBABILITY
 EXPLORATORY & DESCRIPTIVE EXPERIMENTAL RESEARCH

The research is primarily both exploratory as well as descriptive in nature. The sources
ofinformation are both primary & secondary.
A well structured questionnaire was prepared and personal interviews were conducted to collect
the customer’s perception and buying behavior, through this questionnaire.

40
SAMPLING METHODOLOGY

Sampling Technique:Initially, a rough draft was prepared keeping in mind the objective of
the research. A pilot study was done in order to know the accuracy of the Questionnaire. The
final Questionnaire was arrived only after certain important changes were done. Thus my
sampling came out to be judgmental and convenient
Sampling Unit:The respondents who were asked to fill out questionnaires are the sampling
units. These comprise of employees of MNCs, Govt. Employees, self employed etc.
Sample size: The sample size was restricted to only 100, which comprised of mainly peoples
from differentregions of Chennai due to time constraints.
Sampling Area: The area of the research was FARIDABAD.

LIMITATIONS OF THE RESEARCH

1. The research is confined to a certain parts of FARIDABAD and does notnecessarily

shows a pattern applicable to all of Country.
2. Some respondents were reluctant to divulge personal information which can affect
thevalidity of all responses.
3. In a rapidly changing industry, analysis on one day or in one segment can change very
quickly. The environmental changes are vital to be considered in order to assimilate
theFindings

41
Chapter-5
FACTS & FINDINGS

42
FACTS/FINDINGS

1. As the people think that insurance is a tool to protect their family & a tax saving device.
They are aware of the fact & realizing its, importance. The company should try to expand
& build up its infrastructure because there is a large potential for insurance in India.
2. Company should come up with its branch in Faridabad. With the objective and goals to
meet the demands & expectations of the public. Because the entrance of private players
will increase the competition and it would be a tough task to secure a good position in
market.
3. Since ICICI LIFE INSURANCE LTD is leading with several companies’ policies it
should be easy for them to penetrate into the market and secure a good position if they
pay greater attention to the service part provided to their customer and thereby forming a
long and trusted relationship.
4. As seen from the survey that at present 70% of the customer are having insurance policy
out of which 87.5% of the customer are planning for new investments. So it can be a
good potential for the company and they should make an attempt to trap these customers.
5. 43% of the customer is even ready to go for insurance if a service provider away from
their home is providing it. But intend they should provide good products and services.
The company should try to convince these customers and get them in its favor.

43
 Chapter-6

DATA ANALYSIS
&
AND INTERPRETATION

44
 1) Personal Details

Class (Age) No. Of Respondents

18-24 4

24-35 19

35-45 16

45-55 8

55-65 1

20

18

16

14

12

10 No. Of Respondents
Linear (No. Of Respondents)
8

0
18-24 24-35 35-45 45-55 55-65

ANALYSIS:
Above diagram consist five classes of different age groups. Here 19 customers belongs to 25-35
age groups, 16 customers fall in the age group 35-45 years.Other 8 customers comes are in the
classes 45-55 years. The age group of 18-24 consists 4 customers remaining is in the age group
of 55-65 years.
Here majority of customers belong to the group 25-35 years.

45
2) Do you think is it essential to have life insurance?

YES __ __ __ NO __ __ __
PARTICULARS YES NO TOTAL
No. of respondents 45 5 50
% of respondents 90 10 100

NO OF RESPONDENTS

YES
NO

ANALYSIS:
To the question 45 consumers reported YES and 5 consumers reported NO.

46
 3) Which are the companies you invested your money for life insurance?

Companies No. of Respondents % of respondents

ICICI Life Insurance 50 37.04
LIC 30 22.22
Bajaj Allianz - -
Tata AIG 10 7.41

No. of Respondents

11%
0%

Kotak Mahindra Life Insurance

LIC
33% 56%
Bajaj Allianz
Tata AIG

ANALYSIS:
From the above figures we come to know that customer is also investing Money in other life
insurance companies. The major player in insurance is LIC holding 22.22% of total sample. The
second major player ICICI holding 18.52%.HDFC and AIG are having equal share of 7.41%.

47
 4) Why did you choose ICICI Life Insurance?

No. of respondents % of respondents

ROI 18 36
sPeer Pressure 15 30
Tax Benefit 10 20
Security/safety 2 24

Low premium 5 10

No. of respondents

ROI Peer Pressure Tax Benefit Security/safety

ANALYSIS:
The above diagram shows 36% of respondents choose because of good returns. 30% because of peer
pressure and remaining 24% because of tax benefits

48
 5) Which of the plan you have opted?

No. of respondents % of respondents

ICICI flexi plan 25 40
ICICI retirement plan 19 30
ICICI endowment 3 5
ICICI capital multiplier plan 6 10

ANALYSIS:
From the total 63 respondents maximum i.e, 40% customers have opted for Flexi Plan, whereas 30% have
gore for retirement plans and remaining 30% customers having endowment and multiplier.

49
 6) What kind of service you expect from insurance providers?

No of respondents % of respondents
Easy access ability to deposit centre 20 31
Time to time premium collection 12 19
Provision and other scheme 8 13
Bonus and other schemes 24 37

No of respondents

Easy access ability to deposit

centre
Time to time premium collection

Provision and other scheme

Bonus and other schemes

ANALYSIS:
Out of total 50 respondents 37% like to have bonus and other service as a prime concern. 13%
like to have provision in case of dues and remaining 31% & 12% respondents say. They need
time to time premium collection and easy accessibility centre as a concern before choosing
insurance provider.

50
 7) How will you rate the service given by ICICI Life Insurance?

No of respondents % of respondents
Poor - -
Average 16 32
Good 28 56
Excellent 6 12

No of respondents

Poor
Average
Good
Excellent

ANALYSIS:
Out of 50% respondents have rated ICICI life insurance services as good and 32% have rated as
average. And remaining 12% have rated as excellent

51
 8) What difference you find between ICICI and your previous insurance provider?

No of respondents % of respondents
Good Return 16 21
Effective Service/ Liquidity 12 15
Tax Planning 28 36
Security / Safety Benefits 22 28

No of respondents

Good Return
Effective Service/ Liquidity
Tax Planning
Security / Safety Benefits

ANALYSIS:
Some of customers are having more than one plan. More benefits are expected in one plan. Total
surveys of customers are 50.

52
 9) Do you have any suggestions for ICICI Life Insurance?
YES __ ___ __ NO __ ___ __

No of respondents % of respondents
YES 39 78
NO 11 22

No of respondents

YES
NO

ANALYSIS:
To this question 39 consumers reported YES and 11 consumers reported NO.

53
 10) In future, will you purchase policies from ICICI Life Insurance?
YES __ __ __ NO __ __ __

No of respondents % of respondents
YES 32 64
NO 18 36

No of respondents

YES
NO

ANALYSIS:

To this question 32 consumers reported YES and 18 consumers reported NO.

54
 Chapter-7

Conclusio & Interpretation

55
INTERPRETATION

 The interested customers i.e. 43% are ready to go for insurance even away from a city if
services and products are worthwhile, which again is a good prospect (potential) for
Reliance Life Insurance to take them on their favor.

RECOMMENDATIONS

 As the people think that insurance is a tool to protect their family & a tax saving
device.They are aware of the fact & realizing its, importance. The company should try to
expand &build up its infrastructure because there is a large potential for insurance in
India.
 Company should come up with its branch in Faridabad.With the objective and goals to
meetthe demands & expectations of the public. Because the entrance of private players
willincrease the competition and it would be a tough task to secure a good position in
market.
 Since ICICI Life Insurance Company Ltd is leading with several companies’policies it
should be easy for them to penetrate into the market and secure a good position ifthey
pay greater attention to the service part provided to their customer and thereby forminga
long and trusted relationship.
 As seen from the survey that at present 70% of the customer are having insurance policy
outof which 87.5% of the customer are planning for new investments. So it can be a
goodpotential for the company and they should make an attempt to trap these
customers.43% of the customer is even ready to go for insurance if a service provider
away from theirhome is providing it. But intend they should provide good products and
services. Thecompany should try to convince these customers and get them in its favor.

56
CONCLUSION

Our exhaustive research in the field of Life Insurance threw up some interesting trends which
canbe seen in the above analysis. A general impression that we gathered during Data collection
wasthe immense awareness and knowledge among people about various companies and
theirinsurance products. People are beginning to look beyond LIC for their insurance needs and
arewilling to trust private players with their hard earned money.People in general have been
imprisoned by the marketing and advertising campaigns ofinsurance companies. A high
penetration of print, radio and Television ad campaigns over theyears is beginning to have its
impact now.
Another trend was in terms of people viewing insurance as a tax saving and
investmentinstrument as much as a protective one. A very high number of respondents have
opted forinsurance for such purposes and it shows how insurance companies have been
successful toattract public money in recent times.The general satisfaction levels among public
with regards to policy and agents still requiresimprovement. But therein lies the opportunity for a
relative new comer like ICICI LifeInsurance Company Ltd . LIC has never been known for
prompt service or customer orientedmethods and ICICILife can build on these factors.

57
Chapter-8

BIBLIOGRAPHY

58
1. Mehr and Cammack (1976) “Insurance is usually thought of as a product that spreads the
risk of serious,but low-probability, losses among agroup of individuals”.
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2. Kunreuther, H. (1979) "An experimental study of insurance decisions." Journal. of Risk
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12. Mittal, Alok and Kumar, Akash (2003)“An Exploratory Study of Factors Affecting
Selection of Life Insurance Products” (www.euroasiapub.org)
13. William H.Greene, a. D. S. (2004). “Profitability and Efficiency in the U.S. Life
Insurance Industry”." Journal of Productivity Analysis vol. 21: pp 229–
247.(www.euroasiapub.org)
14. T.VenkateswaraRao (2004), “Alternative Distribution Channels in India”
(www.euroasiapub.org)

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15. Sinha, T. (2005). "The Indian Insurance Industry: Challenges and Prospects " Available
at SSRN: http://ssrn.com/abstract=792166 or http://dx.doi.org/10.2139/ssrn.792166.
(www.euroasiapub.org)
16. ChowdhuryTamzid Ahmed M. I. R. (2007). "Problems and Strategies in Service
Marketing: Bangladesh Perspective." Daffodil International University Journal of
Business and Economics Vol. 2(No. 1). (www.euroasiapub.org)
17. Sen S. (2008). "An Analysis of Life Insurance Demand Determinants for Selected Asian
Economies and India " Working Paper, Madra School of Economics.
(www.euroasiapub.org)
18. Rao, L. V. (2008). "Innovation and New Service Development in Select Private Life
Insurance Companies in India " IBIMA Volume 1. (www.euroasiapub.org)
19. Kumar, S and Kumar, R. (2008). "Indian Insurance Industry Outlook in the Post Reform
Period." Management Researcher Volume xv(No 1): pp34-45. (www.euroasiapub.org)
20. N. R. (2010). "Challenges in Designing Need Based Products in Life Insurance for
Inclusive Growth in India." Southern Economist: 21. (www.euroasiapub.org)
21. Khan, M.K., “Prospects of a Career in Life Insurance Business in India - An Analysis,
Indian Journal of Marketing, Volume 7, No. 6, Feb 1978, P. 23-31. (www.academia.edu)
(www.episteme.net.in)
22. SheshaAyyar, V., “Product Development”, Yogakshema, July 1986, P. 16.
(www.academia.edu) (www.episteme.net.in)
23. S.Raju and M. Gurupandi (2009), “analysis of the socio, economic background and
attitude of the policy holders towards LIC” Smart Journals, VOL 5, p.21.
(www.academia.edu) (www.episteme.net.in)
24. Shivanand.H.Langti, (2009), “Insurance disputes in India”, Icfai University, Vol 7, p.83.
(www.academia.edu) (www.episteme.net.in)
25. The Insurance Institute of India prepared a Project Report on (1987) “Marketing of Life
Insurance”. (www.academia.edu)(www.episteme.net.in)
26. Ward and Zurbruegg (2002) “impact of legal and political
factors”.(www.academia.edu)(www.episteme.net.in)
27. Venkatesh, N.C., “On the Trail Of Better Service”, Yogakshema, November 1987, P. 28.
(www.academia.edu) (www.episteme.net.in

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61
ANNEXURES AND
QUESTIONNAIRE

62
 1. ARE YOU EMPLOYED?
YES NO
IF YES, ONLY THEN PROCEED

2. DO YOU THINK IS IT ESSENTIAL TO HAVE LIFE INSURANCE?

YES NO

3. YOUR MONTHLY INCOME?

A) <4K B) 4K-8K C) 8K-12K D) 12K-16K E) OTHER_____(SPECIFY)

4. DO YOU HAVE ANY INSURANCE POLICY?

YES NO

5. WHICH ARE THE COMPANIES YOU INVESTED YOUR MONEY FOR LIFE
INSURANCEICICI ?
a) ICICI
b) BAJAJ ALLIANZ
c) TATA AIG

6. WHY DID YOU ICICI INSURANCE?

a) ROI
b) PEER PRESSURE
c) TAX BENEFIT
d) LOW PREMIUM

7. WHICH OF THE PLAN YOU HAVE OPTED?

a) ICICI FLEXI PLAN
b) ICICI RETIREMENT PLAN
c) ICICI ENDOWMENT PLAN
d) ICICI CAPITAL MULTIPLIER PLAN

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8. WHAT KIND OF SERVICE YOU EXPECT FROM INSURANCE PROVIDERS?
a) EASY ACCESS ABILITY TO DEPOSIT CENTER
b) TIME TO TIME PREMIUM
c) PROVISION IN CASE OF DUES
d) BONUS & OTHER SCHEMES

9. HOW WILL YOU RATE THE SERVICE GIVEN BY ICICI LIFE INSURANCE?
a) POOR
b) AVERAGE
c) GOOD
d) EXCELLENT

10. WHAT DIFFERENCE YOU FIND BETWEEN ICICI AND YOUR PREVIOUS
INSURANCE PROVIDER?
a) GOOD RETURN
b) EFFECTIVE SERVICE
c) TAX PLANNING
d) SECURITY/SAFETY BENEFIT

11. DO YOU HAVE ANY SUGGESTIONS FOR ICICI LIFE INSURANCE?

YES NO

12. IN FUTURE, WILL YOU PURCHASE POLICIES FROM ICICI LIFE

INSURANCE?
YES NO

13. WHICH INSURANCE POLICY DO YOU HAVE?

LIFE NONLIFE BOTH

14. WHAT DO YOU THINK ARE THE BENEFITS OF INSURANCE COVER?

(RANK THEM)

64
a) COVER FUTURE UNCERTAINITY
b) TAX DEDUCTIONS
c) FUTURE INVESTMENT
d) ANY OTHER _________ (SPECIFY)

15. DO YOU REALLY THINK INSURANCE POLICY COVER IN TODAY’S

SCENARIO IS NOT ESSENTIAL?

16. WHAT’S YOUR PERCEPTION ABOUT INSURANCE?

(RANK THEM)
a) A SAVING TOOL
b) A TAX SAVING DEVICE
c) A TOOL TO PROTECT FUTURE

17. HOW HAS/WOULD YOU BOUGHT/BUY AN INSURANCE?

A) CUSTOMER APPROCHED INSURANCE CO
B) INSURANCE COS APPROCHED CUSTOMER

18. ARE YOU SATISFIED WITH THE POLICY?

A) SATISFIED SAVING TOOL
B) NOT SATISFIED
d) NOT RESPONDING

19. ARE YOU SATISFIED WITH THE SERVICE AGENT?

a) SATISFIED SAVING TOOL
b) NOT SATISFIED
c) NOT RESPONDING

20. DO YOU PAY TAXES?

YES NO

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21. WHERE HAVE YOU INVESTED FOR TAX SAVING?
(RANK THEM)
a) LIC
B) NSC
C) BONDS
D) PPF
E) PF
F) EPF
22. WHICH IS THE BEST FORM OF INVESTMENTS?
(RANK THEM)
A) FIXED ASSETS
B) BANK DEPOSITS
C) JEWELLERY
D) SECURITIES, I.E. BONDS, MFS
E) SHARES
F) INSURANCE

23. WHAT DO YOU INTENT TO GAIN FROM INVESTMENTS?

(RANK THEM)
A) SAVING & RETURNS
B) SECURITY
C) TAX BENIFITS

24. WHAT’S THE RIGHT AGE TO BUY INSURANCE?

A) AFTER 25 YRS
B) AFTER 35 YRS
C) AFTER 45 YRS
D) ANYTIME
25. HOW WOULD YOU RATE INDIAN INSURANCE COS?
(RANK THEM)

66
 A) RIGID PLANS
B) NONUSER FRIENDLY
C) UNSATISFATORY SREVICES
D) NONAGGRESSIVE
E) SATISFACTORY
F) GOOD
G) VERY GOOD

26. WHAT WOULD YOU LOOK FOR IN AN INSURANCE COS?

(RANK THEM)
A) A TRUSTED NAME
B) FRIENDLY SERVICE & RESPONSIVENESS
C) GOOD PLANS
D) ACCESSIBILITY

27. WOULD YOU GO FOR INSURANCE IF A SERVICE PROVIDER AWAY FROM

THE CITY OFFERS BETTER SERVICE & PRODUCTS?
a) YES
b) NO
c) UNCERTAIN

THANK YOU
NAME:_________________________
ADDRESS:______________________
______________________________
OCCUPATION:___________________

67