INTRODUCTION

Introduction of Life Insurance

Life insurance is designed to protect life and to product family
against financial uncertainties that may result due to
unfortunate demise or illness. It can also view as a
comprehensive financial instrument, as a part of the financial
planning offering savings & investment facilities along with
cover against financial loss. By choosing the right policy as per
the needs. i.e. customized solutions, you will be able to plan
for a secure future for yourself and your loved ones.
We all have different financial needs and objectives. But life
insurance plays a fundamental role in most of our plans for
financial security. That's because of the variety of life
insurance plans available and the many ways they can be
customized to meet unique needs at different periods of your
life.
Statement of the problem
Insurance sector is a booming sector and the penetration in
India is quiet low. So, all the private players are trying to
increase the market share in the public. This study also
involves creating awareness among the urban and rural
consumer about the insurance sector and also the various
policies involving various premium rates. Since the
penetration of private companies and policies is low among the
consumer, it is necessary to create awareness about life
insurance policies and to know the satisfaction level among
consumer. Hence the present studies entitled awareness about
it among the consumer.
Objectives of the Study
→ To create an awareness about insurance company and
policies.
To identify the potential policy holders among end users and to
create a relationship between the companies and potential
customers.
To find out the customer satisfaction level among the go with
their respecting insurance companies in which they hold the
polices.
To find out the awareness of people about insurance policies.
→ To offer suggestions based on findings.
Insurance Industry
The business of insurance started with marine business.
Traders, who used to gather in the Lloyd's coffee house in
London, agreed to share the losses to their goods while being
carried by ships. The losses used to occur because of pirates
who robbed on the high seas or because of bad weather
spoiling the goods or sinking the ship. The first insurance
policy was issued in 1583 in England. In India, insurance
began in 1870 with life insurance being transacted by an
English company, the European and the Albert. The first
Indian insurance company was the Bombay Mutual Assurance
Society Ltd, formed in 1870. This was followed by the Oriental
Life Assurance Co. in 1874, the Bharat in 1896 and the Empire
of India in 1897.
Later, the Hindustan Cooperative was formed in Calcutta, the
United India in Madras, the Bombay life in Bombay, the
National in Calcutta, the New India in Bombay, the Jupiter in
Bombay and the Lakshmi in New Delhi. These were all Indian
companies, started as a result of the swadeshi movement in
the early 1900s. By the year 1956, when the life insurance was
nationalized and the Life Insurance Corporation of India (LIC)
was formed on 1 September 1956, there were 170 companies
and 75 provident fund societies transacting life insurance
business in India. After the amendments to the relevant laws in
1999, the L.I.C. did not have the exclusive privilege of doing
life insurance business in India. By 31.3.2002, eleven new
insurers had been registered and has begun to transact life
insurance business in India.
Need of Insurance
Assets are insured, because they are likely to be destroyed,
through accidental occurrences. Such possible occurrences
are called perils. Fire, floods, breakdowns, lightning,
earthquakes, etc, are perils. If such perils can cause damage to
the asset, we say that the asset is exposed to that risk. Perils
are the events. Risks are the consequential losses or damages.
The risk to an owner of a building, because of the peril of an
earthquake, may be a few lakhs or a few crores of rupees,
depending on the cost of the building and the contents in it.
The risk only means that there is a possibility of loss or
damage. The damage may or may not happen. Insurance is
done against the contingency that it may happen. There has to
be an uncertainty about the risk. Insurance is relevant only if
there are uncertainties. If there is no uncertainty about the
occurrence of an event, it cannot be insured against. In the
case of a human being, death is certain, but the time of death
is uncertain. In the case of a person who is terminally ill, the
time of death is not certain, though not exactly known. He
cannot be insured.

Crime insurance
Crop insurance
◆ Directors and officers liability insurance
→ Property insurance
→ Terrorism insurance
→ Title insurance
→ Travel insurance
→ Workers' compensation
→ Life insurance
→ Total permanent disability insurance
→ Locked funds insurance
→ Marine insurance
→ Financial loss insurance
→ Health insurance
→ Professional indemnity insurance
→ Environmental liability insurance
→ Pet insurance
Political risk insurance

Insurance does not protect the asset. It does not prevent its
loss due to the peril. The peril cannot be avoided through
insurance. The peril can sometimes be avoided, through better
safety and damage control management. Insurance only tries
to reduce the impact of the risk on the owner of the asset and
those who depend on that asset. It only compensates the losses
and that too, not fully.
Only economic consequences can be insured. If the loss is not
financial, insurance may not be possible. Examples of non-
economic losses are love and affection of parents, leadership
of managers, sentimental attachments to family heirlooms,
innovate and creative abilities, etc.
Types of insurance
Automobile insurance
Aviation insurance
◆ Boiler insurance
◆ Builder's risk insurance
◆ Casualty insurance
→ Disability insurance
→ Liability insurance
→ Marine cargo insurance
◆ Purchase insurance
→ Credit insurance

ICICI PRUDENTIAL
ICICI Prudential Life Insurance understand the needs you as a
customer may have. It changes at various stages in your life,
from your child's education to saving up for your comfortable
life post retirement. it is our constant endeavor to innovate
products that best suits any requirements you may have.
ICICI Prudential Life has been ranked as India's Most Trusted
Private Life Insurer, by The Economic Times - AC Nielsen ORG
Marg survey of 'Most Trusted Brands'.
That's not all; our commitment lies in constantly innovating
and delivering world- class products and services to all our
customers across the country.
The unstinted support of our customers has helped us create a
strong trusted brand and a wide product portfolio over the last
9 years in the Indian private life insurance sector.
Our vision:
To be the dominant Life, Health 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 service
• Leveraging technology to service customers quickly,
efficiently and
Conveniently Developing and implementing superior risk
management and investment strategies to offer sustainable
and stable returns to our policyholders
• 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,
Boundaryless, 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.
Promoters
ICICI Bank
ICICI Bank Limited (NYSE:IBN) About ICICI Bank: ICICI Bank
Ltd (NYSE:IBN) is India's largest private sector bank and the
second largest bank in the country with consolidated total
assets of over USS 100 billion as of March 31, 2010. ICICI
Bank's subsidiaries include India's leading private sector
insurance companies and among its largest securities
brokerage firms, mutual funds and private equity firms. ICICI
Bank's presence currently spans 19 countries, including India.
Prudential Plc
Established in London in 1848, Prudential plc is an
international retail financial services group with significant
operations in Asia, the US and the UK serving around 25
million customers, policyholder and unit holders worldwide.
The company has £290 billion of assets under management
and it is one of the best capitalised insurers in the world with
an Insurance Groups Directive (IGD) capital surplus estimated
at £3.4 billion (at 31 December 2009). Prudential is a leading
life insurer in Asia with a presence in 12 markets and have the
top three position in
seven key locations of Hong Kong, India, Indonesia, Malaysia,
Singapore, the Philippines and Vietnam.

Fact Sheet
The Company
ICICI 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. 4,780 crores (as of
March 31, 2010) with ICICI Bank and Prudential plc holding
74% and 26% stake respectively. For the period April 1, 2009
to March 31, 2010, the company has garnered total premium
of Rs 16,532 crores and has underwritten over 10 million
policies since inception. The company has assets held over Rs.
57,000 crores as on March 31, 2010.
For the past nine years, ICICI Prudential Life has retained its
leadership position in the life insurance industry with a wide
range of flexible products that meet the needs of the Indian
customer at every step in life
Distribution
ICICI Prudential Life has one of the largest distribution
networks amongst private life insurers in India. It has a strong
presence across India with over 1,900 branches (including
1,074 micro-offices) and an advisor base of over 210,000 (as
on March 31, 2010).
The company has 7 bancassurance partners having tie-ups
with ICICI Bank, Ratanagiri District Central Co-op Bank, Ballia
Kshetriya Co-operative Bank, Renuka Nagrik Sahakari Bank,
Bhandara Urban Co-operative Bank, Balasinor Nagarik
Sahakari Bank Limited, Arvind Co-op Bank.

Products
Insurance Solutions for Individuals
ICICI Prudential Life Insurance offers a range of innovative,
customer-centric products that meet the needs of customers at
every life stage. Its products can be enhanced with up to 4
riders, to create a customized solution for each policyholder.
Savings & Wealth Creation Solutions
 ICICI Pru LifeStage Wealth II is a unit linked insurance
plan that offers multiple choices to decide how your
savings would be invested based on your risk appetite.
 ICICI Pru Pinnacle II is a unit linked insurance plan that
gives you the advantage of varying exposure to equities
with downside protection, so that your investments are
protected in financially volatile times.
 ICICI Pru Life Time Premier is a comprehensive savings
plan that offers you a choice of portfolio strategies for
your savings and at the same time secures you against
uncertainties of life.
 ICICI Pru LifeLink Wealth SP is a unique single premium
ULIP that provides you the opportunity to enjoy
potentially higher returns over the long term on your
investments, with just a single premium.
 ICICI Pru Guaranteed Savings Insurance Plan is a limited
pay endowment product that allows you to enjoy the
benefits of a long term savings plan ensuring that you and
your family are free of any financial worries.
 ICICI Pru Whole Life provides you with a unique double
advantage of savings and protection that not only allows
you to meet your goals but also seeks to ensure that your
dear ones will continue to live their lives in comfort
without financial worries in case of unforeseen
eventuality ICICI Pru Save 'n' Protect is an ideal plan for
those who want to accumulate funds on a regular basis
while enjoying insurance protection. ICICI Pru CashBak is
a single policy that combines the triple benefit of
protection, savings & periodic liquidity.

• Protection Solutions
ICICI Pru iProtect is a term insurance plan that you can buy
online at your convenience at their home loans in a simple and
cost-effective
manner.
ICICI Pru Pure Protect is a flexible and affordable term
product, with which you can ensure your life and provide total
security for your family in case of an unfortunate event.
ICICI Pru LifeGuard is a protection plan, which offers life
cover at low cost. It is available in 2 options level term
assurance with return of premium & single premium.
ICICI Pru HomeAssure is a mortgage reducing term assurance
plan designed specifically to help customers cover their home
loans in a simple and cost-effective manner.

• Child Plans

ICICI Pru SmartKid Regular Premium is a fixed-term insurance

plan that provides you with funds at regular intervals.
• Retirement Solutions
ICICI Pru LifeLink Pension SP is a single premium pension
policy that provides you the opportunity to enjoy regular
income post retirement by paying just a single premium.
ICICI Pru ForeverLife is a traditional retirement product that
offers guaranteed returns for the first 4 years.
ICICI Pru Immediate Annuity is a single premium annuity
product that guarantees income for life at the time of
retirement. It offers the benefit of 5 payout options.
• Health Solutions
。 ICICI Pru Hospital Care II is a family floater plan covering
your spouse and children. This fixed benefit hospitalisation and
surgical plan complements your existing coverage by offering
payouts over and above any health plan you have, thus availing
best possible medical treatment, without having to bother
about the cost of the treatment or quality of
care.
ICICI Pru Crisis Cover is a 360-degree product that will
provide long- term coverage against 35 critical illnesses, total
and permanent disability, and death.
ICICI Pru Health Saver is a whole of life comprehensive health
insurance policy which provides a hospitalisation cover for you
and your family and reimburses all other medical expenses not
covered in the hospitalisation benefit by building a health fund
for you and your family.

Group Insurance Solutions

ICICI Prudential also offers Group Insurance Solutions for
companies seeking to enhance benefits to their employees.
Group Gratuity Plan: ICICI Prudential Life's group gratuity
plan helps employers fund their statutory gratuity obligation in
a scientific manner and also avail of tax benefits as applicable
to approved gratuity funds. O Group Leave encashment Plan:
ICICI Prudential Life's Group offers a market linked and
traditional leave encashment plan designed to aid the
employer to build a fund to meet their future leave
encashment liability. The contributions made will be invested
as per the chosen investment plans and will be available for
payment of the benefit when it falls due. Additionally, the
product also provides for term cover for all the employees
covered under the policy.
Group Superannuation Plan: ICICI Prudential Life offers a
flexible market linked and traditional schemes that provide
substantial benefits to both employers and employees. Both
defined contribution (DC) and defined benefit (DB) schemes
are offered to optimise returns for members of the trust and
rationalise cost. Members have the option of choosing from
various annuity options or opting for a partial commutation of
the annuity at the time of retirement.
Group Immediate Annuities: ICICI Prudential Life realises the
importance of prudent retirement planning. With this in mind,
it has developed a suite of life and joint life annuities which
guarantee periodic payment to annuitants upto death. Further
there are options which return the purchase price on death of
annuitants. These annuity options are offered to our existing
superannuation customers, and also to superannuation funds
not managed by us.
Group Term Plan: ICICI Prudential Life's flexible group term
solution helps provide an affordable cover to members of a
group. The cover could be uniform or based on
designation/rank or a multiple of salary. The benefit under the
policy is paid to the beneficiary nominated by the member on
his/her death.
• Flexible Rider Options
ICICI Prudential Life offers flexible riders, which can be added
to the basic policy at a marginal cost, depending on the
specific needs of the customer. o Accident & disability benefit:
If death occurs as the result of an accident during the term of
the policy, the beneficiary receives an additional amount equal
to the rider sum assured under the policy. If an
accident results in total and permanent disability, 10% of rider
sum assured will be paid each year, from the end of the 1st
year after the disability date for the remainder of the base
policy term or 10 years, whichever is lesser.
。 Critical illness benefit: Critical Illness Benefit Rider provides
protection against 9 critical illnesses to the policyholder when
attached to the basic plan.
About the Promoters
ICICI Bank
About ICICI Bank: ICICI Bank Ltd (NYSE:IBN) is India's
largest private sector bank and the second largest bank in the
country with consolidated total assets of over US$ 100 billion
as of March 31, 2010. ICICI Bank's subsidiaries include India's
leading private sector insurance companies and among its
largest securities brokerage firms, mutual funds and private
equity firms. ICICI Bank's presence currently spans 19
countries, including India.
Prudential Ple
Established in London in 1848, Prudential plc is an
international retail financial services group with significant
operations in Asia, the US and the UK serving around 25
million customers, policyholder and unit holders worldwide.
The company has £290 billion of assets under management
and it is one of the best capitalised insurers in the world with
an Insurance Groups Directive (IGD) capital surplus estimated
at £3.4 billion (at 31 December 2009). Prudential is a leading
life insurer in Asia with a presence in 12 markets and have the
top three position in seven key locations of Hong Kong. India,
Indonesia, Malaysia, Singapore, the Philippines and Vietnam.
Range of Products
At ICICI Prudential Life, we uderstand that different
individuals have different needs.
The ideal insurance plan is one that addresses the exact
insurance needs of the individual which depends on the age
and life stage of the individual apart from a host of other
factors.
ICICI Prudential Life offers plans under the following major
need categories:
Term plans Wealth plans • Child plans • Health plans
Retirement plans Group plans • Rural plans