INTRODUCTION

Everyone is exposed to various risks. Future is very uncertain, but there is way to protect
one’s family and make one’s children’s future safe. Life Insurance companies help us to
ensure that our family’s future is not just secure but also prosperous. Life Insurance is
particularly important if you are the sole breadwinner for your family. The loss of you and
your income could devastate your family. Life insurance will ensure that if anything happens
to you, your loved ones will be able to manage financially. This study titled “Study of
Consumers Perception about Life Insurance Policies” enables the Life Insurance Companies
to understand how consumer’s perception differs from person to person. How a consumer
selects, organizes and interprets the service quality and the product quality of different Life
Insurance Policies, offered by various Life Insurance Companies.
Everyone is exposed to various risks. Future is very uncertain, but there is way to protect
one’s family and make one’s children’s future safe. Life Insurance companies help us to
ensure that our family’s future is not just secure but also prosperous. Life Insurance is
particularly important if you are the sole breadwinner for your family. The loss of you and
your income could devastate your family. Life insurance will ensure that if anything happens
to you, your loved ones will be able to manage financially. This study titled “Study of
Consumers Perception about Life Insurance Policies” enables the Life Insurance Companies
to understand how consumer’s perception differs from person to person. How a consumer
selects, organizes and interprets the service quality and the product quality of different Life
Insurance Policies, offered by various Life Insurance Companies.

Insurance is a means of protection from financial loss. It is a form of risk

management primarily used to hedge against the risk of a contingent, uncertain loss.

An entity which provides insurance is known as an insurer, insurance company, or insurance

carrier. A person or entity who buys insurance is known as an insured or policyholder. The
insurance transaction involves the insured assuming a guaranteed and known relatively small
loss in the form of payment to the insurer in exchange for the insurer's promise to compensate
the insured in the event of a covered loss. The loss may or may not be financial, but it must
be reducible to financial terms, and must involve something in which the insured has
an insurable interest established by ownership, possession, or preexisting relationship.

The insured receives a contract, called the insurance policy, which details the conditions and
circumstances under which the insured will be financially compensated. The amount of
money charged by the insurer to the insured for the coverage set forth in the insurance policy
is called the premium. If the insured experiences a loss which is potentially covered by the
insurance policy, the insured submits a claim to the insurer for processing by a claims
adjuster.

Methods for transferring or distributing risk were practiced

by Chinese and Babylonian traders as long ago as the 3rd and 2nd millennia BC,
respectively.[1] Chinese merchants travelling treacherous river rapids would redistribute their
wares across many vessels to limit the loss due to any single vessel's capsizing. The
Babylonians developed a system which was recorded in the famous Code of Hammurabi, c.
1750 BC, and practiced by early Mediterranean sailing merchants. If a merchant received a
loan to fund his shipment, he would pay the lender an additional sum in exchange for the
lender's guarantee to cancel the loan should the shipment be stolen, or lost at sea.

At some point in the 1st millennium BC, the inhabitants of Rhodes created the 'general
average'. This allowed groups of merchants to pay to insure their goods being shipped
together. The collected premiums would be used to reimburse any merchant whose goods
were jettisoned during transport, whether to storm or sinkage.[2]

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. The first known insurance contract dates from Genoa in 1347, and
in the next century maritime insurance developed widely and premiums were intuitively
varied with risks.[3] These new insurance contracts allowed insurance to be separated from

investment, a separation of roles that first proved useful in marine insurance .

Modern insurance

Insurance became far more sophisticated in Enlightenment era Europe, and specialized
varieties developed.
Lloyd's Coffee House was the first organized market for marine insurance.

Property insurance as we know it today can be traced to the Great Fire of London, which in
1666 devoured more than 13,000 houses. The devastating effects of the fire converted the
development of insurance "from a matter of convenience into one of urgency, a change of
opinion reflected in Sir Christopher Wren's inclusion of a site for 'the Insurance Office' in his
new plan for London in 1667".[4] A number of attempted fire insurance schemes came to
nothing, but in 1681, economist Nicholas Barbon and eleven associates established the first
fire insurance company, the "Insurance Office for Houses", at the back of the Royal
Exchange to insure brick and frame homes. Initially, 5,000 homes were insured by his
Insurance Office.

At the same time, the first insurance schemes for the underwriting of business
ventures became available. By the end of the seventeenth century, London's growing
importance as a center for trade was increasing demand for marine insurance. In the late
1680s, Edward Lloyd opened a coffee house, which became the meeting place for parties in
the shipping industry wishing to insure cargoes and ships, and those willing to underwrite
such ventures. These informal beginnings led to the establishment of the insurance
market Lloyd's of London and several related shipping and insurance businesses.
Leaflet promoting the National Insurance Act 1911.

The first life insurance policies were taken out in the early 18th century. The first company to
offer life insurance was the Amicable Society for a Perpetual Assurance Office, founded in
London in 1706 by William Talbot and Sir Thomas Allen.[7][8] Edward Rowe
Mores established the Society for Equitable Assurances on Lives and Survivorship in 1762.

It was the world's first mutual insurer and it pioneered age based premiums based
on mortality rate laying "the framework for scientific insurance practice and development"
and "the basis of modern life assurance upon which all life assurance schemes were
subsequently based".

In the late 19th century, "accident insurance" began to become available. [10] The first
company to offer accident insurance was the Railway Passengers Assurance Company,
formed in 1848 in England to insure against the rising number of fatalities on the
nascent railway system.

By the late 19th century, governments began to initiate national insurance programs against
sickness and old age. Germany built on a tradition of welfare programs in Prussia and Saxony
that began as early as in the 1840s. In the 1880s Chancellor Otto von Bismarck introduced
old age pensions, accident insurance and medical care that formed the basis for
Germany's welfare state.[11][12] In Britain more extensive legislation was introduced by
the Liberal government in the 1911 National Insurance Act. This gave the British working
classes the first contributory system of insurance against illness and unemployment.[13] This
system was greatly expanded after the Second World War under the influence of
the Beveridge Report, to form the first modern welfare state.
Need of the study

The project report is all about market research to find out best sold plan of icici prudential
life insurance Hyderabad And to mouser the satisfaction level of consumers of icici
prudential life insurance.
Market research helps icici prudential life insurance about the best plan purchased by its
Consumer satisfaction level helps to know whether the consumers are satisfied by
service/Plans of icici prudential life insurance.

OBJECTIVES OF THE STUDY

1. Certain sum, termed as premium, is charged in consideration,
2. Against the said consideration, a large amount is guaranteed to be paid bythe insurer
3. who received the premium,
4. The compensation will be made in certain definite sum, i.e., the loss or the policy
5. amount which ever may be, and
6. The payment is made only upon a contingency More specifically, insurance may be
7. defined as a contact between two parties, wherein one party (the insurer) agrees to pay
to the other party (the insured) or the beneficiary, ascertain sum upon a given
contingency

 To study the sales Strategy of field force of icici prudential life insurence.

 To study the process of selling of Insurance Policies by Advisors.

Free look cancellation of the policy
A policyholder has an option to opt for free look within 15 days of receipt of the policy
document and period of 30 days in case of electronic policies and policies obtained through
distance mode. Incase the policyholder opts for policy cancellation during the free look
period, the policyholder shall be entitled to a refund of the premium paid subject to following
deduction
 Proportionate risk premium for the period of cover
 Expenses incurred by the insurer on medical examination of the proposer
 Stamp duty charges.

In respect of a linked insurance product, in addition to the deductions stated above, the
insurer shall also be entitled to repurchase the units at the price of the units on the date of

cancellation. Any fluctuations in the NAV will be on the policyholder’s account.

 RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the research problem.

Research methodology constitutes of research methods, selection criterion of research
methods, used in context of research study and explanation of using of a particular
method or technique so that research results are capable of being evaluated either by
researcher himself or by others. Why a research study has been undertaken, how the
research problem has been formulated, why data have been collected and what
particular technique of analyzing data has been used and a best of similar other
question are usually answered when we talk of Research methodology concerning a
research problem or study. The main aim of research is to find out the truth which is
hidden and which has not been discovered as yet.
 AREA OF STUDY

The area of the study related with getting correct information of life insurance
policies of different peoples in the region of Bhopal.

SAMPLE DESIGN

A sample design is a definite plan for obtaining a sample from a given population. It
refers to the techniques or the procedure the researcher would adopt in selecting items
for the sample. Sample design may as well be drawn from the population to be
included in the sample i.e. the size of the sample. Sample design is determined before
data are collected.
During my study I have taken 50 insurance care consultants as the size of sample.
 TOOLS USED

To know the response, I have used the questionnaire method. If one wish to find what
insurance care consultants think or know, the logical procedure is to ask them. This
has led marketing researchers to use the questionnaire technique for collecting data
more than any other method.

In this method questionnaire were distributed to the respondents and they were asked
to answer the questions in the questionnaire. The questionnaire were structured non
disguised questionnaire because the question which the questionnaire contained, were
arranged in a specific order besides every question asked were logical for the study,
no question can be termed as irrelevant.

The questionnaire was non-disguised because the questionnaire was constructed so

that the objective is clear to the respondent. The respondents were aware of the
objective. They knew why they were asked to fill the questionnaire.

With the help of following techniques, which are using by ICICI PRUDENTIAL
LIFE INSURANCE LIFE INSURANCE I analyse that the how techniques of sales
promotion are useful?
 DATA COLLECTION

PRIMARY DATA SOURCES

 Through interaction with insurance care consultant
 Through questionnaires filled from the insurance care consultant.

SECONDARY DATA SOURCES:

 Through internet, various official sites of the companies.
 Through pamphlets and brochures of the companies.
 Journals & Magazine
 LIMITATIONS OF THE STUDY

Following limitations were faced during the study:

1. While designing the questionnaire it was kept in mind to gather more and more
information from each target person. For the neither present nor descriptive
questions could have served the purpose. Therefore the questionnaire contained
in the open-ended questions.
2. The study was conducted in ICICI PRUDENTIAL LIFE INSURANCE LIFE
Insurance HYDERABAD, which has 127 to 170 insurance care consultants
only. The sample size was of 50 insurance care consultants only so that
accuracy of data so collected could be absurd covered by circulation of
questionnaire.
3. The accuracy of indications given by the respondents may not be consider
adequate as whether the language used in the questionnaire is understood by
the respondent cannot be taken for granted.
4. The study is based on the information gathered from the insurance care
consultants. Therefore in such case it is possible that the information supplied
might be biased because the insurance care consultant might have shown
partiality towards their insurance policies.
5. Since the survey was limited to 50 insurance care consultants it is rather
difficult to give a precise conclusion but I have tried to the best of my
capability to give the conclusion on a comprehensive manner.