A PROJECT REPORT ON

A STUDY ON BRAND IMAGE OF ICICI PRUDENTIAL LIFE INSURANCE LTD Cuttack, Odisha

Submitted by:
Mr. Sukanta Kumar Das Regd No:Under the guidance of

Mr.

GUIDE Certificate
This is to certify that the project entitled A STUDY ON BRAND IMAGE OF ICICI PRUDENTIAL LIFE INSURANCE LTD submitted in IIMT, Cuttack is the original work of Mr. Sukanta Kumar Das. All facts reported by the candidate have been done my guidance and supervision. The source and reference wherever used have been duly acknowledged.

DECLARATION I hereby declare that this project report titled A STUDY ON BRAND IMAGE OF ICICI PRUDENTIAL LIFE INSURANCE LTD submitted by me to the department of Business Management of IMIT,Cuttack is a bonafide work undertaken by me and it is not submitted to any other University or Institute for the Award of any degree diploma/certificate or published any time before.

(Signature)

ACKNOWLEDGEMENT A Good start leads to a Fine end. The ideal way to begin documenting this project work would be to extend my earnest gratitude to everyone who has encouraged, motivated and guided me to make a fine effort for successful completion of this project. I am very thankful to ----------, faculty of business management for guiding me throughout the project. My sincere Gratitude to the College Management for extending their co-operation for successful completion of my project. A final word of thanks goes to my Parents, Friends and everyone else who made this project possible. Your contributions have been most appreciated

CONTENTS SNO 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. TOPIC INTRODUCTION INDUSTRY PROFILE COMPANY PROFILE OBJECTIVE OF THE STUDY MARKETING RESEARCH RESEARCH METHODOLOGY LIMITATIONS OF THE STUDY RESULTS AND FINDINGS GRAPHS OVERALL ANLYSIS SUGGESTIONS QUESTIONNAIRE BIBLIOGRAPHY 51 53 49 50 PAGE NO: 6 8 17 31 39 40 41 42

INTRODUCTION
5

Insurance is a Service marketing, where every insurance company serves for customers. In todays market there are many no of insurance companies, which are not up to, the expectations in terms of sales. At present every insurance company will focus on increasing the sales, but no one will concentrate on customer satisfaction. There are few companies, which are leading the market with their brand image. ICICI is one of the leading insurance companies in private sector with brand image of ICICI. The customer develops a set of brand belief about where each brand stands on each attributes or factors. A set of belief about a brand makes up the brand image. The customer brand image will vary with further experience has filtered by the effects of selective perception, selective distortion and selective retention. Actually this project deals with the measuring of Brand image of ICICI prudential Life Insurance in the terms of customers satisfaction. The methodology adopted to achieve the above task is as follows. The respondents are divided as the present customers, lost customers and the non-customers of ICICI prudential life insurance company. The study includes the measure of satisfaction levels of the customers. It also aim at the estimation of going back of lost customers. The research of the noncustomers of ICICI Prudential was aimed at measuring the inclination of them towards ICICI.

History of Insurance
6

Insurance is a form of risk management, primarily used to hedge against the risk of a contingent loss. In essence, insurance is simply the equitable transfer of a risk of a loss, from one entity to another, in exchange for a premium.

Gambling transactions also hedge against risk, but it offers the possibility of either a loss or a gain. Gambling creates losers and winners, whereas in insurance offers financial support sufficient to replace loss, not to create pure gain. Gamblers can continue spending, buying more risk than they can afford , but insurance buyers can only spend up to the limit of what carriers would accept to insure; their loss is limited to the amount of the premium. Gamblers, by creating new risk transfer, are risk seekers. Insurance buyers are risk avoiders, creating risk transfer in terms of their need to reduce exposure to large losses. Early methods of transferring or distributing risk were practiced by Chinese traders as early as the 3rd millennia BC. These merchants travelling treacherous river rapids would cleverly distribute their wares across many vessels to spread the loss due to any single vessel's capsizing. Modern profit insurance manifested in Babylon almost 2000 years B.C., in a contract of loan of trading capital to travelling merchants. The contract contained a clause that the risk of loss due to robbery in transit was borne by the party providing the loan. In consideration for bearing this risk, the lender calculated interest on the loan at an exceptionally high rate.

The Greeks and Romans introduced the origins of health and life insurance to us around 600 AD, when they organized guilds / benevolent societies (such assodalitates, collegia and military societies) which afforded members certain benefits, such as proper burial rites, or a financial contribution towards burial costs (funeraticium) or travelling expenses of members of the army. In exchange for this benefit, members of the society made regular contributions to it.

During this time, Achaemenian (Iranian) monarchs were the first to 'insure' their people to some extent, formalising the process by registration thereof at court. In accordance with tradition, during Norouz - the beginning of the Iranian New Year - the heads of different ethnic groups presented gifts to the monarch. The purpose of these gifts was to ensure (insure) that whenever the gift-giver was in trouble, the monarch (and the court) would help him. In return, whenever the giver was in trouble or needed finance, the court would check the gift's registration, and could even - if the amount exceeded 10,000 Derrik - double that in return.

All these instances gave effect to the concept of mutual assistance in case of loss, but the actual concept of mutual assistance came to the fore in guilds and similar associations and societies which existed in Europe and England during the middle-ages.

These associations afforded members (or their dependants) assistance in case of loss caused by perils such as fire, shipwreck, theft, sickness or death. Originally, the extent of the assistance was determined by the actual need of the member who suffered the loss, eventually, however, he would be assisted to the extent of his actual loss. In many of these guilds individual members, and not merely the guild itself, were under a legal duty to assist those members who suffered a loss. Once provision was made for the latter to have a corresponding legal right to claim such assistance, the development towards proper mutual insurance was completed.

Separate insurance contracts (i.e. insurance policies not bundled with loans or other kinds of contracts) were invented in Genoa in the 14th century, as were insurance pools backed by pledges of landed estates. These new insurance contracts allowed insurance to be separated from investment, a separation of roles that first proved useful in marine insurance. Insurance became far more sophisticated in post-Renaissance Europe, and specialized varieties developed.

On 3 December 1591, one hundred Hamburg house-owners concluded the so-called Hamburg fire contracts, which are generally regarded as some of the first examples of true mutual insurance contracts that we have today.

Toward the end of the seventeenth century, London's growing importance as a center for trade increased demand for marine insurance. In the late 1680s, Mr. Edward Lloyd opened a coffee house that became a popular haunt of ship owners, merchants, and ships captains, and thereby a reliable source of the latest shipping news. It became the meeting place for parties wishing to insure cargoes and ships, and those willing to underwrite such ventures. Today, Lloyd's of London remains the leading market (note that it is not an insurance company!) for marine and other specialist types of insurance, but it works rather differently than the more familiar kinds of insurance.

Insurance - as we know it today - can be traced to the Great Fire of London of 1666 that ravaged London from Sunday, 2 to Wednesday, 5 September.

INDUSTRY PROFILE Life insurance is a contract for payment of a sum of mo0ney to the person assured for (or falling him/her, to the person entitled to receive the same) on the happening of the event insured against usually the contract provides for the payments of an amount on the date of maturity or at the specified dates at periodic intervals or on unfortunate death, if it occurs earlier. Among others things, the contract also provides for the payment of premium periodically to the corporation by the assured. Life insurance is universally acknowledged to be an institution, which eliminates risk substituting certainly for uncertainty and comes to the timely aid of the family in the fortunate event of the death of the bread winner. By and large, life insurance is civilizations partial solution to financial uncertainties caused by untimely death. Life insurance, in short, is concerned with two hazards that stand across the life path of every person. That of dying prematurely living a dependent family to fend for it self and that too old without visible means of support

INDIAN INSURANCE INDUSTRY Insurance industry, as on 1.4.2000, comprised mainly two players; Life Insurers: Life Insurance Corporation of India(LIC). General Insurers: General Insurance Corporation of India(GIC) (with effect from Dec2000, a National Reinsure). GIC has four subsidiary companies, namely (with effect from Dec2000, these subsidiaries have been de-linked from the parent company and made as independent insurance companies.
10

1. 2. 3. 4.

The oriental insurance company limited. The new India insurance company limited. National insurance company limited. United insurance company limited.

The Indian insurance industry: At the crossroads of development The industry is on its way to development and a number of factors govern that growth. Some of them are: Significantly untapped latent potential: Indias insurance industry has witnessed rapid growth during the last decade. Consequently, many foreign companies have expressed their interest in investing in domestic insurance companies, despite the Government of Indias regulation, which mandates that the foreign shareholding limit is fixed at 26% for the life as well as non-life insurance sectors. How can this potential be tapped efficiently? This report analyzes the issues of the industry and suggests methods to overcome them.

Recent regulatory developments that govern the current market state: The development of the insurance industry in India is likely to be critically dependent on the nature and quality of regulation. Overall, the regulatory environment is favorable and takes care that players maintain prudent underwriting standards, and reserve valuation and investment practices. The primary objective for the current regulations is to promote stability and fair play in the market place. Our report details some major regulations by the IRDA as well as those concerning ULIPS, IPOs, among others.

What will drive market development in the Indian insurance industry? There are certain factors that need to be considered by the Indian insurance industry to ensure a seamless growth in business. Our report analyzes these factors in detail. Some of these include: Distribution channels: The effectiveness and cost of diverse distribution strategies of different players is crucial in ensuring the
11

success of players in the insurance business, particularly in the retail lines of business.

Focus on financial inclusion: The approach to insurance must be in sync with the evolving times. The mission of the insurance sector in India should be to extend the insurance coverage over a larger section of the population and a wider segment of activities. Consumer needs and preferences: The growth in insurance industry has been spurred by product innovation, vibrant distribution channels, coupled with targeted publicity and promotional campaigns by the insurers. Innovation has come not only in the form of benefits attached to the products, but also in the delivery mechanism through various marketing tie-ups. All these efforts have brought insurance closer to the customer as well as made it more relevant.

INSURANCE BUSINESS
Automobile insurance, known in the UK as motor insurance, is

probably the most common form of insurance and may cover both legal liability claims against the driver and loss of or damage to the insured's vehicle itself. Throughout most of the United States an auto insurance policy is required to legally operate a motor vehicle on public roads. In some jurisdictions, bodily injury compensation for automobile accident victims has been changed to a no-fault system, which reduces or eliminates the ability to sue for compensation but provides automatic eligibility for benefits. Credit card companies insure against damage on rented cars. Aviation insurance insures against hull, spares, deductible, hull war and liability risks.

12

 Boiler insurance (also known as boiler and machinery insurance or

equipment breakdown insurance) insures against accidental physical damage to equipment or machinery.
Builder's risk insurance insures against the risk of physical loss or

damage to property during construction. Builder's risk insurance is typically written on an "all risk" basis covering damage due to any cause (including the negligence of the insured) not otherwise expressly excluded.
Business insurance can be any kind of insurance that protects

businesses against risks. Some principal subtypes of business insurance are (a) the various kinds of professional liability insurance, also called professional indemnity insurance, which are discussed below under that name; and (b) the business owners policy (BOP), which bundles into one policy many of the kinds of coverage that a business owner needs, in a way analogous to how homeowners insurance bundles the coverages that a homeowner needs.
Casualty insurance insures against accidents, not necessarily tied to

any specific property.

Credit insurance repays some or all of a loan back when certain things

happen to the borrower such as unemployment, disability, or death. Mortgage insurance (which see

13

below) is a form of credit insurance, although the name credit insurance more often is used to refer to policies that cover other kinds of debt.
Crime insurance insures the policyholder against losses arising from

the criminal acts of third parties. For example, a company can obtain crime insurance to cover losses arising from theft or embezzlement.
Crop insurance "Farmers use crop insurance to reduce or manage

various risks associated with growing crops. Such risks include crop loss or damage caused by weather, hail, drought, frost damage, insects, or disease, for instance."
Defense Base Act Workers' compensation or DBA Insurance

insurance provides coverage for civilian workers hired by the government to perform contracts outside the US and Canada. DBA is required for all US citizens, US residents, US Green Card holders, and all employees or subcontractors hired on overseas government contracts. Depending on the country, Foreign Nationals must also be covered under DBA. This coverage typically includes expenses related to medical treatment and loss of wages, as well as disability and death benefits.
Directors and officers liability insurance protects an organization

(usually a corporation) from costs associated with litigation resulting

14

from mistakes incurred by directors and officers for which they are liable. In the industry, it is usually called "D&O" for short.
Disability insurance policies provide financial support in the event the

policyholder is unable to work because of disabling illness or injury. It provides monthly support to help pay such obligations as mortgages and credit cards.

Total permanent disability insurance insurance provides benefits when

a person is permanently disabled and can no longer work in their profession, often taken as an adjunct to life insurance. Errors and omissions insurance: See "Professional liability insurance" under "Liability insurance".
Expatriate insurance provides individuals and organizations operating

outside of their home country with protection for automobiles, property, health, liability and business pursuits.
Financial loss insurance protects individuals and companies against

various financial risks. For example, a business might purchase cover to protect it from loss of sales if a fire in a factory prevented it from carrying out its business for a time. Insurance might also cover the failure of a creditor to pay money it owes to the insured. This type of insurance is frequently referred to as "business interruption insurance." Fidelity bonds and surety bonds are included in this
15

category, although these products provide a benefit to a third party (the "obligee") in the event the insured party (usually referred to as the "obligor") fails to perform its obligations under a contract with the obligee.
Health insurance policies will often cover the cost of private medical

treatments if the National Health Service in the UK (NHS) or other publicly-funded health programs do not pay for them. It will often result in quicker health care where better facilities are available.
Liability insurance is a very broad superset that covers legal claims

against the insured. Many types of insurance include an aspect of liability coverage. For example, a homeowner's insurance policy will normally include liability coverage which protects the insured in the event of a claim brought by someone who slips and falls on the property; automobile insurance also includes an aspect of liability insurance that indemnifies against the harm that a crashing car can cause to others' lives, health, or property. The protection offered by a liability insurance policy is twofold: a legal defense in the event of a lawsuit commenced against the policyholder and indemnification (payment on behalf of the insured) with respect to a settlement or court verdict. Liability policies typically cover only the negligence of the insured, and will not apply to results of willful or intentional acts by the insured.

16

 Environmental liability insurance protects the insured from bodily

injury, property damage and cleanup costs as a result of the dispersal, release or escape of pollutants.
Professional liability insurance, also called professional indemnity

insurance, protects professional practitioners such as architects, lawyers, doctors, and accountants against potential negligence claims made by their patients/clients. Professional liability insurance may take on different names depending on the profession. For example, professional liability insurance in reference to the medical profession may be called malpractice insurance. Notaries public may take out errors and omissions insurance (E&O). Other potential E&O policyholders include, for example, real estate brokers, home inspectors, appraisers, and website developers.
Life insurance provides a monetary benefit to a decedent's family or

other designated beneficiary, and may specifically provide for income to an insured person's family, burial, funeral and other final expenses. Life insurance policies often allow the option of having the proceeds paid to the beneficiary either in a lump sum cash payment or an annuity.

Annuities provide a stream of payments and are generally classified as

insurance because they are issued by insurance companies and regulated as insurance and require the same kinds of actuarial and investment management expertise that life insurance requires.
17

Annuities and pensions that pay a benefit for life are sometimes regarded as insurance against the possibility that a retiree will outlive his or her financial resources. In that sense, they are the complement of life insurance and, from an underwriting perspective, are the mirror image of life insurance.
Locked funds insurance is a little-known hybrid insurance policy

jointly issued by governments and banks. It is used to protect public funds from tamper by unauthorized parties. In special cases, a government may authorize its use in protecting semi-private funds which are liable to tamper. The terms of this type of insurance are usually very strict. Therefore it is used only in extreme cases where maximum security of funds is required.
Marine insurance and marine cargo insurance cover the loss or

damage of ships at sea or on inland waterways, and of the cargo that may be on them. When the owner of the cargo and the carrier are separate corporations, marine cargo insurance typically compensates the owner of cargo for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered from the carrier or the carrier's insurance. Many marine insurance underwriters will include "time element" coverage in such policies, which extends the indemnity to cover loss of profit and other business expenses attributable to the delay caused by a covered loss.
Mortgage insurance insures the lender against default by the borrower.

18

 No-fault insurance is a type of insurance policy (typically automobile

insurance) where insureds are indemnified by their own insurer regardless of fault in the incident.

Nuclear incident insurance covers damages resulting from an incident

involving radioactive Industries Indemnity Act.)

materials and is generally arranged at the

national level. (For the United States, see the Price-Anderson Nuclear

Pet insurance insures pets against accidents and illnesses - some

companies cover routine/wellness care and burial, as well.

Political risk insurance can be taken out by businesses with operations

in countries in which there is a risk that revolution or other political conditions will result in a loss. Pollution Insurance. A first-party coverage for contamination of insured property either by external or on-site sources. Coverage for liability to third parties arising from contamination of air, water, or land due to the sudden and accidental release of hazardous materials from the insured site. The policy usually covers the costs of cleanup and may include coverage for releases from underground storage tanks. Intentional acts are specifically excluded
Property insurance provides protection against risks to property, such

as fire, theft or weather damage. This includes specialized forms of

19

insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance.

Purchase insurance is aimed at providing protection on the products

people purchase. Purchase insurance can cover individual purchase protection, warranties, guarantees, care plans and even mobile phone insurance. Such insurance is normally very limited in the scope of problems that are covered by the policy.
Retrospectively Rated Insurance is a method of establishing a

premium on large commercial accounts. The final premium is based on the insured's actual loss experience during the policy term, sometimes subject to a minimum and maximum premium, with the final premium determined by a formula. Under this plan, the current year's premium is based partially (or wholly) on the current year's losses, although the premium adjustments may take months or years beyond the current year's expiration date. The rating formula is guaranteed in the insurance contract. Formula: retrospective premium = converted loss + basic premium tax multiplier. Numerous variations of this formula have been developed and are in use.
Social insurance can be many things to many people in many

countries. But a summary of its essence is that it is a collection of insurance coverages (including components of life insurance, disability income insurance,
20

unemployment

insurance,

health

insurance, and others), plus retirement savings, that mandates participation by all citizens. By forcing everyone in society to be a policyholder and pay premiums, it ensures that everyone can become a claimant when or if he/she needs to. Along the way this inevitably becomes related to other concepts such as the justice system and the welfare state. This is a large, complicated topic that engenders tremendous debate, which can be further studied in the following articles (and others):
o Social welfare provision o Social security o Social safety net o National Insurance

o Social Security (United States) o Social Security debate (United States)

Surety Bond insurance is a three party insurance guaranteeing the performance of the principal.
Terrorism insurance provides protection against any loss or damage

caused by terrorist activities.

Title insurance provides a guarantee that title to real property is vested

in the purchaser and/or mortgagee, free and clear of liens or encumbrances. It is usually issued in conjunction with a search of the public records performed at the time of a real estate transaction.
21

 Travel insurance is an insurance cover taken by those who travel

abroad, which covers certain losses such as medical expenses, lost of personal belongings, travel delay, personal liabilities, etc.
Volcano insurance is an insurance that covers volcano damage in

Hawaii.
Workers' compensation insurance replaces all or part of a worker's

wages lost and accompanying medical expense incurred because of a job-related injury.

22

COMPANY PROFILE INTRODUCTION: CICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential Life's capital stands at Rs. 4,793 crores (as of June 30, 2012) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the period April 1, 2012 to June 30, 2012, the company has garnered total premium of Rs 2,385 crores and has underwritten over 13 million policies since inception. The company has assets held over Rs. 70,000 crores as on June 30, 2012. For the past decade, ICICI Prudential Life Insurance has maintained its dominant position (on new business retail weighted basis) amongst private life insurers in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life.

VISION
Our vision: To make ICICI prudential the dominant Life and pensions player built on trust by world class people and service. This we hope to achieve by: Understanding the needs of customers and offering them superior products and services. Leveraging technology to service customers quickly, efficiently and conveniently.
23

 Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policy holder. Providing an enabling environment to foster growth and learning for our employees. And above all, building transparency in all our dealings. The success of the company will be founded in its unflinching commitment to 5 core values Integrity, customer first, Boundary less, Ownership and passion. Each of the values describe what the company stands for, the qualities of our people and the way we work. We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth. Our values : Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundaryless, Humility, and Passion. These values shine forth in all we do, and have become the keystones of our success. THE COMPLETE BANK ICICI Bank ICICI Bank is India's second-largest bank with total assets of Rs. 4,736.47 billion (US$ 93 billion) at March 31, 2012 and profit after tax Rs. 64.65 billion (US$ 1,271 million) for the year ended March 31, 2012. The Bank has a network of 2,907 branches and 10,088 ATMs in India, and has a presence in 19 countries, including India. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries in the areas of investment banking, life and non-life insurance, venture capital and asset management.

24

The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany. ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE). Prudential plc Established in 1848, prudential plc is a leading international financial services company in the UK, with around US$250 billion funds under management, and more than 16 million customers worldwide. Prudential has brought to market an integrated range of financial services products that now includes life assurance, pensions, mutual funds, banking, investment management and general insurance. In Asia, prudential is UKs largest life insurance company with a vast6 network of 22 life and mutual fund operations in twelve countries China, Hongkong, India, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, Taiwan, Thailand and Vietnam. Since 1923, prudential has championed customer centric products and services, supported by over 60,000 staff and agents across the region. Distribution: ICICI prudential has one of the largest distribution networks amongst private life insurance in India, having commenced operations in 69 cities and towns in India, they are Agra, Ahmadabad, Ajmer, Alahabad, Amrutsar, Aurangabad, Bangalore, Bareilly, Bhatinda, Bhopal, Bhuvaneshwar, calicut, chandigarh, Chennai, coimbatore, Dehradun, Durgapur, Faridabad, Goa, Guntur, Gurgoan, Guwahati, Hyderabad, Hubli, Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Kochi, Kolkata, Kolhapur, Kota, Kottyam, Lucknow, Ludhiana, Madurai, Mangalore, Meerut, Mumbai, Mysore, Nagpur, Nasik, Nodia, New Delhi, Patiala, Pune, Raipur, Rajkot, Ranchi, Rourkela, Simla, Siliguri, Surat, Thane, Thrissur, Trichy, Trivandrum, Udaipur, Vadodara, Vapi, Varanasi, Vashi, Vijayawada and Vizag. The company has seven bank assurance tie-ups, having agreements with ICICI Bank, Federal Bank, south Indian Bank, Bank of India, Lord Krishna Bank and some co25

operative banks, as well as over 160 corporate agents and brokers. It has also tied up with organizations like Dhan for distribution of salaam Zindagi, a policy for the socially and economically underprivileged sections of society.

ICICI prudential has recruited and trained about 50,000 insurance Advisors to interface with and advice customers. Further, it leverages its state-of-the-art IT infrastructure to provide superior quality of service to customer.

PRODUCTS Saving plans Child plan Protection plan Retirement plan

ICICI prudential life insurance offers a range of innovative, customer-centric products that meet the ends of customer at every life stage. Its 20 products can be Enhanced with up to 6 riders, to create a customized solution for each policyholder. Savings Solutions Secure plus is a transparent and feature-packed savings plan that offers 3 levels of protection. Cash plus is a transparent, feature-packed savings plan that offers 3 levels of protection as well as liquidity options. Save and protect is a traditional endowment savings plan that offers life protection along with adequate returns. Invest Shield Gold is a Market linked plan that provides capital guarantee on the invested premiums and declared bonus interest along with limited premium payment terms. Protection plan:
26

We all hope to live a full life till a ripe old age to ensure our childerns sustenance and healthy growth. But if a sudden disability or illness strikes? Besides the grief and the plan, such an event also completely disrupts life for all the people who are financially dependent on us. Our life insurance policies offer a comprehensive range of protection benefits.

Life Guard- A low cost of high protection plan that offers protection over a specified period.

Riders- Additional benefits that one can add on to the policy. The rider can be opted for at the time of talking the basic policy. Additional premium is charged for each rider. An insurance policy can be tailor made to provide protection to you and your loved ones. If something were to happen to you, it can help: Safeguard your better half: ensure lifes continuity for your loved one.

Dear and Near ones: ensure your childrens education continues undisrupted. Un for seen circumstances: bear the cost of fighting an illness, disability, etc.

Child plan: As a responsible parent, you will always ensure a hassle-free, successful life for your child. However, life is full of uncertainties and even the best laid plans go wrong. Heres how you give your child a 100% safe and assured tomorrow, whatever the uncertainties. Smart kid child plans are designed to provide flexibility and to safeguard your childs future education and lifestyle, taking all possibilities into account. Presenting Smart Kid Child plans. Leave nothing to chance Smart Kid Child plans offers three products:
27

Unit-Linked Regular Premium II Unit Linked Single Premium II Regular Premium Smart Kid.

Retirement Plan: Most of you picture yourselves enjoying the fruits of labor after retirement, going on your dream vacation, or helping your childrens career take wing. But do you realize that financing all this will most likely depend partly on your personal saving? Because personal savings and investment represent a significant source of retirement income for many people, you can never save too much. Currently you are at a stage where you are juggling many roles, as nurturing parents, dutiful caregivers to elders, supportive life partners, while trying to maintain a career. It is too easy to get carried away handling and solving the day-to-day problems to not look into your retirement need. It may also seem too far away to be of concern. But a look at the issues below will make the need for some strategic planning at this stage amply clear. Today, thanks to a healthier lifestyle and advances in medicine, the average Indian lives longer. This makes the challenge of accumulating enough money for retirement even more difficult, since it may have to last longer. Also, with the falling interest rate scenario and the raising costs of medical expenses retirement means monetary uncertainty for most of us. More so, because there is also the everpersistent evil of inflation, which erodes your purchasing power. Therefore, the message is simple-put time on your sides and start Early. We, at ICICI prudential life insurance believe in the philosophy of providing meaningful and comprehensive insurance solutions to plan your retirement. Our insurance are the most optional tools to plan your retirement because they give you safety, Liquidity, Tax benefits, Health cover and life protection and thus ensure that you are comprehensively covered. ICICI prudential presents Retirement solutions that combine the best of investment and insurance. These solutions are developed to ensure your peace of
28

mind for the years to come. Solutions that give you the power to maintain your lifestyle need for as long as you live. Life Time Pension II: A regular premium linked deferred pension plan that gives you the freedom to choose the amount of premium, and invest in market-linked funds, to generate potentially higher returns. Secure plus pension: A regular premium deferred pension plan that gives you the flexibility to choose between 3 levels of sum assured for the same level of total annual contribution. Life Link Pension II: A single premium linked deferred pension plan that gives you the freedom to choose the amount of premium, and invest in market-linked funds, to generate potentially higher returns. Forever Life: A regular premium deferred pension plan that helps you save for your retirement while providing you with life insurance protection. Depending on you specific need our retirement solutions give you the: o o o o o o Power to choose the retirement date Power to choose the potential level Power to increase your investments Power to investment in a plan based on your priorities Power to receive you pension in 5 different ways Power to choose your annuity provider

29

Power to add-on flexible riders at a nominal extra premium

THEORETICAL FRAME WORK Marketing: Marketing is indeed an ancient art it has been practiced in one way or the other since the days of adam and eve. Its emergency as a management discipline, however, is of relatively recent origin. And with in this relatively short period, it has gained a great deal of importance and stature, in fact today most management thinkers and practitioners the world over, regarding marketing as the most important of all management function in any business. Definition of Marketing: Marketing is a social and managerial process by which individuals and group obtain what they need and want through creating, offering and exchanging products of value with others. -Philip Kotler Marketing consist of all activities which a company adopts itself to its environment- creativity and profitability. -Roy Corey The Marketing concepts: The marketing concept was born out of the awareness that marketing starts with the determination of customer wants and ends with the satisfaction of those wants the concept puts the consumer both at the end of the business cycle. It stipulates that any business should be organized around the marketing function, anticipating, stimulating and meeting customers requirements. The customer, not be corporation has to be the center of the business universe. A business cannot succeed by sampling products and services that are not properly designed to serve the needs of the customers. It proclaims, the entire business has to be seen from the point of view of the customer.

30

Marketing Research: Marketing research is a dynamic subject it has a wide coverage including marketing studies relating to market product policies mean and methods etc. Marketing research begins even when production is in the planning stage. It is also continuous through out the lifetime of an enterprise. It is thus a continuous operating although here may be some adhoc projects taken up for solving specific problems of enterprise. Marketing research is the collection and interpretation facts that marketing to get production Mix efficiently in to the hands of customers. Marketing research encompasses all information pertinent to this task. It is the systematic objective and exhaustive search from and study of facts relevant to any problem in the field of marketing. Definition of marketing research: Marketing research is the systematic problem analysi analysis, model building and fact for the purpose of improved, model building and fact for the purpose of improved decision making and control in the marketing of goods and services. Philips kotler Marketing research serves two major functions, it provides information for decision making and it develops new knowledge. -Robert Ferder Nature and scope of marketing research: Marketing research is of a comparatively recent origin even through it made a slow beginning its growth in a short span has been tremendous. It has, in the course of development sophisticated methods and methodologies in the application of statistical and behavioral science concepts. The use of marketing research in consumer market is now reasonably wide spread. It ascertains the position of the company in a specific industry. It indicates the present and future trends of the industry and thus points out or the company affairs are to be managed. It helps in the development and introduction of new products. It offers guidance for improving the current products of the company. It helps the effective of sales management. It can reduce the risk involved in marketing decision.
31

Elements of Marketing Research: Marketing Segmentation: It covers the aspects regarding size and nature of the marketing including export marketing, dividing the consumers in forms of their age, sex and income. It covers the economic aspects of marketing. Sales search: It relates to the problem of region variations in sales, fixing sales, priorities, Measurement of the effective of salesmen, evaluation of sales methods and incentives. Product research: It relates to the analysis of the strength and weakness of existing product, product testing and problems relating to diversification, simplification, trading up and trading down. Packaging research: In essence it is part of product research. But recent development in packaging and its combination to advertising has led to it, to occupy in independent position of packaging. To know the impact and its response in the market has become an independent research field. Advertising research: It undertakes a study releasing to the preparation of the advertisement copy, the media to be used and the measurement of advertising effectiveness. Exporting Projections: This research is intended to study the export potentials of the product.
32

Demand Projections: Demand may be estimated in units or value terms and also, the overall growth rates in key market agreement are often estimated for better sales management. Supply Research: Marketing research studies also similarly carries out or analysis of the supply side of the market. It includes present supply structure. Supply structure refers to the study of how companies operate in the market and how are sales distributed among them? Secondly study how differentiated are the products offered market share analysis for brand positioning of each brand, distribution channels adopted and method of selling, price charged and how they adopted and corporate image and capabilities, in other words it tries to ascertain how the competitors are defining their business in terms of consumer groups segments being pursued as reflection by their marketing mix portfolios. Business Economic Research: Problems relating to input and output analysis, forecasting, price and profit analysis, preparation of break even charts are the main field of this research. Limitation of Marketing Research: Marketing research is not an exact science as it relates to consumers, it cannot be accepted as an exact marketing research concerns primarily the consumer as a human being study human behavior precluded absolute mathematical accuracy. Probable trends as the most can be indicated with in predetermined limits. This sets basic limitation to marketing research. The information gathered by marketing research reduces the risk involved in decisions. Marketing research is very important in developing market strategies.

33

OBJECTIVES OF THE STUDY

The basic objective of this study is To estimate the measuring brand image of ICICI prudential life insurance. The estimation of brand image includes the existing customers , the non-users of the ICICI prudential life insurance.

The survey of the present customers of ICICI prudential life insurance is carried out to estimate the levels of their satisfaction with regard to the service of the ICICI prudential life insurance

To analyze the shortcoming in the service of the ICICI prudential life insurance, because the satisfactory levels of the customers using ICICI prudential life insurance will reflect whether they continue to use or not.

The survey of the people, who never used the service of ICICI Prudential life insurance helps us to unhide the reasons for not using it.

Hence measuring brand image of ICICI prudential life insurance, is basically measured from two different points , retaining present customers ,attracting Lost customers by assuring quality services and attracting new customers this service and in expanding its market.

34

LIMATIONS OF THE STUDY

The study was restricted to twin cities.

The information given by the respondents may be biased.

Suggestions given at the end of the report are based on the

information collected, which may not be accurate due to the changing perceptions of the consumers. Due to time constraint more information could not be collected.
Analysis could not be drawn for the entire questionnaire only specific questions have been analyzed and interpreted.

35

RESULTS AND FINDINGS

AREA AWARENESS USAGE PRESENT CUSTOMERS SATISFICATION NON USERS SURVEY Bhubaneswar Jatni 85% 70% 65% 43% Cuttack 84% 68% Stisfactory Level is 72% People are attracted to the various new plans provided by the new companies Tangi 72% 48% 1.Stisfactory Level is 69%. Lack of awareness of the company (ICICI).

Stisfactory Stisfactory Level is 80% Level is64 % People are people want to attracted to pay low the various premiums. new plans provided by the new companies

36

AWARENESS
90 80 70 60 50 40 30 20 10 0

B B S R

Jatni

Cuttack

Tang i

In Bhubaneswar 85% people having the knowledge about ICICI Prudential Life Insurance. Similarly in Jatni, Cuttack & Tangi 65%, 84% & 72% people respectively having the idea about ICICI Prudential Life Insurance

37

USAGE
70 60 50 40 30 20 10 0 BBS R Ja tni C uttack T ang i

38

Satisfaction
80 70 60 50 40 30 20 10 0 BBS R Jatni cutta ck T ang i

39

AREA WISE DETAILS(Bhubaneswar)

Awareness Usag e sa tisfaction

AREA WISE DETAILS(Jatni)

Awa reness Us a g e S a tisfa ction

40

AREA WISE DETAILS(Cuttack)

Awa renes s Us a g e s a tis fa ca tion

AREA WISE DETAILS(Tangi)

Awa renes s Ua s g e S a tis fa ction

41

SUGGESTIONS

1. The company must increase the awareness of insurance. 2. The company should concentrate on intrest rates. 3. The company should introduce quality products. 4. The company should decrease the premium of the products. 5. The company should concentrate on rural areas. 6 .whenever changes occur in the company it should inform to the customers. 7. While introducing the product the company should consider the middle level families 8. The premiums should be collected in the form of cash instead of cheque mode of payment. 9. The company should satisfy the customers by increasing their servic

42

Conclusion
Finally I concluded that still insurance products are unsought products. It needs more publicity. People having the idea about the insurance but no willingness to purchases because they are not getting huge return from their investment , so they prefer to invest in mutual fund & other scheme of bank. To attract more & more customer ICICI prudential must lunch some insurance policies which will provide better return.

43

BIBLIOGRAPHY
1.MARKETING MANAGEMENT PHILPS KOTLER

2.MARKERTING RESEARCH

-G.C.BERI

3.PRINCIPLES OF MARKETING - PHILPS KOTLER

WEBSITES:
1.WWW.irdaindia.com 2.www.iciciprulife.com 3.www.google.com

44