INDIA INFOLINE (ICICI PRUDENCIAL in Private Life Insurance Sector by Shwetank Sharma

8/2/2019 INDIA INFOLINE (ICICI PRUDENCIAL in Private Life Insurance Sector by Shwetank Sharma

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A

PROJECT REPORT ON

INDIA INFOLINE (ICICI PRUDENCIAL)

IN PRIVATE LIFE INSURANCE SECTOR

AT

INDIA INFOLINE.COM, JHANSI

SUBMITTED TO UNIVERSITY OF PUNE IN

PARTIAL FULFILLMENT OF

THE DEGREE OF

MASTER OF MARKETING MANAGEMENT

(MMM)

SUBMITTED BY

SHWETANK SHARMA

(BATCH 2006-2008)

VISHWAKARMA INSTETUTE OF MANAGMENT

S. No. 3&4,Kondhawa Budrak, Pune.4110048


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ACKNOWLEDGEMENT

All oneself whether it is big or small can undertake no study. Behind this project too is Guidance

of those individual people to whom I will be always grateful. I express my deep sense of

gratitude to India infoline Group for giving me the Opportunity of doing this project in their well

renowned organization which otherwise would not have been easy. I am deeply indebted to Mr.

Subham Singh, Sales Manager in India infoline Life Insurance who selected me as a trainee to

work with him and guided me throughout the Project. I am grateful and would like to express

sincere thanks to my project guide for their valuable suggestion and guidance throughout this

project.

This tremendously helped me in execution of the entire Project.

Mr. Shwetank Sharma

(MMM 2006-2007)


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CONTENTS

Sr.No TITLE PAGE NO.

01. Executive Summary - 6

02 Objective & Scope - 8

03. Introduction - 9

04 Industry profile - 11

05. Company Profile - 14

06 Products - 20

07. Research Methodology - 21

08. Data Analysis And

Interpretation - 29

09 Observation - 42

10. Findings And limitation - 45

11. Recommendation - 47

12. Conclusion - 49

13. Bibliography - 50

14. Annexure - 52


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EXECUTIVE SUMMARY

The Indian Financial Sector is one of the sunrise sectors, which holds great future for Country. If

nurtured carefully it has the potential to put India on the world map as a hub of global financial activities.

Though India s large insurance market is captured by LIC, But in the recent flow of privatization India

infoline insurance services ltd is also Acquiring trust in people. Project involved a blend of marketing

where we have to interact with all Kinds of Customers such as retailers, wholesalers, real estate agents,

builder & other service group to gather information on site and tell them what are the new opportunities

and benefits With India I Life Insurance if they insured with India infoline group. The main task of

Project involved carrying the fieldwork where we supposed to visit all kind of retail Outlets as well as

non-retail business in major localities. The first half of my project Involved in India infoline is to carry

the field work along with campaigning in different Localities in Pune region. Data collected from

fieldwork were submitted to the company for future requirements and also to get back to the customers.

The study undertaken for Two months. As I have to target specifically to retailers and whole sellers who

form the Majority portion of the total market. We were given more than one month for the Collection of

data and scanning of data. This report shows detail work on following areas

- Sipri Bajar

- Station Road

- Sarafa Bajar Road

- Vijay Chowk Area

- Dr/Ashok Memorial Garden Road

For this purpose Feedback form was prepared which gave a broader Picture of the Potential customers

about their existence investment segments. The form shows details regarding current savings and

planning for their future events. Through this form we got to know what people think about private


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insurance Sector and Get the idea about different flows in the insurance sector because it has seen that

during Interview few people had an idea about private players in the insurance sector and their

Developments. The questionnaire contains various aspects like profession, education, Current savings,

number of dependants, address Etc.


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OBJECTIVE:-

The objective of the project is Market Research & Find out the Market Potential for India Info line in

Private Life Insurance Sector. For this we have to understand consumer Response, time frame, personality

constraints and emotions for assessing the potential of Private insurance sector. So specifically the project

target is to focus of the high network Income groups and retailers for their investment portion. It also

contains scanning the Market thought form/questionnaire making proper evaluation of given information

and Going back to them showing how they need to plan their future and the direction to Achieve their

desired goals.


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SCOPE:-

The study of potential of insurance business is concerned with market Study i.e. research and fieldwork.

This study is going to help the India Infoline Life Insurance to find out Market potential with other private

companies. The study will help the company to assess their performance and improve it where it is

lacking. Research work is a basic function carried out by each organization. The study of Market

potential of insurance is very helpful to find out who are the market leaders in Private companies

as well as overall analysis. Availability of time was also taken into Account while deciding the

particular method to meet the objectives. The entire study Programmed was for the period of 45

days. The subject of the study was selected by Looking the necessity and importance to find the

market potential and give suggestions related to the topic


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INTRODUCTION

Wherever there is uncertainty there is risk. The risk cannot be averted. The risk is Uncertainty of

the financial loss. We don t have any command on uncertainties. This makes it essential that we

think in favor of a device that becomes instrumental in Spreading the loss. It is in this context

that we think about insurance. Protection against The possible chances of generating uncertain

losses. It eliminates worries and miseries of Losses or destruction of property and death. Life

insurance is a contract between the Insurer and a life insurance company, which provides insurer

a predetermined amount in Case of his death, Accidents or any uncertain events during the

contract term. Buying insurance is extremely useful if one is the principle-earning member in the

family and unfortunate premature demise, his family can remain financially secured because of

the life that he have purchased. The primary purpose of life insurance is therefore protection of

the Family for uncertain events for future. Life insurance is also seen as a tool to plan effectively

for the future years, insurer s retirement, education of the children and their Future needs.

Today, market offers insurance plans that not just cover insurer and his Family but at the same

time it helps to grow his wealth too. Life wasn t designed to be Risk Free. The key is not to

eliminate risk, but to estimate it accurately and manage it wisely. Insurance sector has a great

Importance in the developing economy like India as it gives Boost to the growth of economy. As

it is becoming biggest investor in long gestation Infrastructure development projects at macro

level and generating saving habits in the Individuals at micro level. The annual growth rate is of

15-20% and the largest number of Life insurance policies in force, the potential of the Indian

insurance industry is huge.


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Introduction to the topic:-

The main purpose of the project is basically to find the market potential for India infoline

Insurance services sector Jhansi. It included extensive market surveys and meetings mainly with

the retailers, whole sellers, builder and other merchants from different Regions of Jhansi. The

project is divided in two parts, for the first half is contains period Of 30 days in which I done

research, surveys and meetings with the people to collect Data. In the later part I met various

retailer, whole sellers, real estate agents, stockiest and few others to promote and make them

aware about the company. The survey also helped to provide details regarding various

opportunities and different Plans and policies that are coming up in the company. This was

useful information for them to get the benefits and to know future growth prospects if they join

with the Company.


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Importance of the topic

The topic gives broader picture about who is the market leader among all the insurance

Providers. The study is all about finding out the market potential of India infoline Insurance

service sector for the Jhansi region. India infoline group recently launched India infoline

Insurance services along with old mutual plc. as join venture. There are already 13 private

insurance companies in the Indian market & what is the present position of India infoline

insurance services could be determined by market research and fieldwork. This data will be

helpful to determine what the problems are & competitions India infoline is facing in the market,

how people perceive India infoline services group as life Insurance providers.


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INDUSTRY PROFILE: - INSURANCE SECTOR REFORMS:-

1) Structure: -

Government stake in the insurance companies to be brought down to 50%.

2) Competition: -

Private companies with a minimum paid up capital of Rs. 1billion should be allowed to enter the

industry. No company should deal in both Life and General Insurance though a single entity.

Foreign companies may be allowed to enter the Industry in collection with the domestic

companies. Postal Life Insurance Should Be allowed operating in the rural market. Only One

State Life Insurance Company Should be allowed to operate in each state.

3) Regulatory Body: -

- The Insurance Act should be changed

- An Insurance Regulatory body should be set up

- Controller of Insurance (Currently a part from the Finance Ministry)

Should be made independent.

4) Investments: -

Mandatory Investment of LIC Life Fund in government securities to be Reduced from 75% to50%.

5) Customer service: -

LIC should pay interest on delays in payments beyond 30 days. Insurance Companies must be

encouraged to set up unit linked pension plans. Computerization of Operations and updating of

technology to be carried out in the insurance industry. The Committee emphasized that in order

to improve the customer services and increase the Coverage of the insurance; industry should be

opened up to competition.


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ENTRANCE OF PRIVATE COMPANIES IN INSURANCE SECTORS:-

Insurance sector is seeing a strong growth in terms of penetration, life insurance to Premium to

GDP has grown from 1.8 percent to 2.3 percent while the per capita premium Paid has more than

doubled from Rs 280 to Rs 600.Despite the fact that India boosts a Saving rat of around 25

percent, less than 5 percent is spent on insurance. The insurance Landscape in India is

undergoing major changes. Close to foreign competition since Nationalization in 1956, the life

insurance industry had been protected from competitive pressures. Now with the re-opening of

the sector, several new players have entered the scene. Besides, India infoline Insurance services

ltd there is 13 other private players working in

Insurance sector which are as follows.

1) AMP Sanmar Assurance Company Ltd.

Indian Promoter Reliance Group

Foreign Insurer None

2). AVIVA Life Insurance Company Ltd.

Indian Promoter DABUR

Foreign Insurer AVIVA, UK

3). BAJAJ Allainz Life Insurance Company Ltd.

Indian Promoter BAJAJ Auto.

Foreign Insurer ALLIANZ, Germany

4). BIRLA Sun Life Insurance Company.

Indian Promoter ADITYA BIRLA Group


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Foreign Insurer SUN LIFE, Canada

5). HDFC Standard Life Insurance Company.

Indian Promoter- HDFC

Foreign Insurer Standard Life, UK

6). ICICI Prudential Life Insurance

Indian Promoter ICICI Bank

Foreign Insurer Prudential, UK

7). KOTAK MAHINDRA OLD MUTUAL Life Insurance

Indian Promoter- KOTAK Bank

Foreign Insurer- OLD MUTUAL, South Africa.

8) Max New York Life Insurance Company

Indian Promoter MAX India

Foreign Insurer NEW YORK LIFE, US

9). MET LIFE Insurance Company

Indian Promoter J & K Bank

Foreign Insurer MET LIFE, US

10). SAHARA Life Insurance Company Ltd

Indian Promoter SAHARA INDIA Ltd.

Foreign Insurer NONE

11). SBI Life Insurance

Indian Promoter SBI


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Foreign Insurer CARDIFF, France

12). TATA AIG

Indian Promoter TATA Group

Foreign Insurer AIG, US

13). ING Vysya life insurance co. ltd.


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COMPANY PROFILE ABOUT INDIA INFOLINE GROUP

We are a one-stop financial service shop, most respected in quality of its advice, personalized

services and cutting edge technology. India infoline ltd is listed on both the leading stock

exchanges in India, Vis. The stock Exchange, Mumbai (BSE) and national stock exchange

(NSE). The India infoline group, comprising the holding company, India infoline Ltd and its

subsidiaries, straddles the Entire financial services space with offerings ranging from Equity

research, Equity and Derivatives trading, Portfolio management services, Mutual funds, Life

insurance, Fixed Deposits, Gol bonds and other small saving one of India's leading financial

institutions was born in 1995 as India infoline.com. This company was promoted by Mr.Nirmal

Jain .It's been a steady and confident journey to growth and success. India infoline is one of

Indias leading financial institutions, offering complete financial solutions that encompass every

sphere of life. From stock broking, to mutual funds, to life insurance, to investment Banking, the

group caters to the financial needs of individuals and corporate. The group has a net worth of

over Rs. 2,840 crore, employs around 20000 people in its various businesses and has a

distribution network of branches, franchisees, representative Offices and satellite offices across

264 cities and towns in India. Company is also listed In NSE/BSE.


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JOURNEY OF INDIA INFOLINE.COM

The India infoline group was born in 1995 as India infoline.com .this Company. India infoline

Ltd is listed on both the leading stock exchange in India, The stock Exchange, Mumbai(BSE)

and the National Stock Exchange(NSE).The India infoline group comprising the holding

company, India Infoline Ltd and its subsidiaries, Straddles the Entire financial services space

with offerings ranging ranging form Equity research , India Infoline Ltd.,being a listed ,is

regulated by SEBI (Securities and exchange Board Of India).It undertakes equities research

which acknowledgement by none other than forbes as Best Of the web and a must read for

investors in Asia. India infoline, s research is available not just over the internet but also on

international wire services like Bloomberg (code: ill), Thomson first call and internet securities

where it is amongst the most read Indian brokers. Its various subsidiaries are in different lines of

business and hence are governed by different regulators .the subsidiaries of India infoline ltd

are:-


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INDIA INFOLINE SECURITIES PVT LTD:-

India infoline securities pvt ltd is a 100 % subsidiary of India infoline ltd.which is engaged in the

businesses of equities broking and portfolio management services. It holds memberships of both

the leading stock exchanges of India viz. the Stock Exchange, Mumbai (NSE).It offers broking

services in the cash and derivatives segments of the NSE as well as the cash segment of the BSE.

INDIA INFOLINE COMMODITIES PVT LTD:-

India infoline commodities Pvt. Ltd is a 100% subsidiary of India infoline ltd., which is engaged

in the business of commodities broking. Our experience in securities broking empowered us with

the requisites skills and technologies to allow us offer commodities broking as a contra-cyclical

alternative to equities broking. We enjoy membership with the MCX and NCDEX, two leading

Indian commodities exchanges, and recently acquired membership of DGCX. We have a multi-

channel delivery model, making it among the select few to online as well as offline trading

facilities.

INDIA INFOLINE DISTRIBUTION CO LTD (IILD):-

India infoline.com Distribution co ltd is a 100% subsidiary of India infoline ltd and is engaged in

the business of distribution of mutual funds, IPO,s Fixed deposits and other small savings

products. It is one of the largest vendor-independent distribution houses and has a wide pan-

India footprint of over 232 branches coupled with a huge number of feet-on-street, which help

source and service customers across the length and breath of India.


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INDIA INFOLINE INSURANCE SERVICES LTD:-

India infoline insurance services ltd. Is also a 100% subsidiary of India infoline ltd and is

registered corporate agent with the insurance regulatory and development throaty (IRDA). It is

the largest corporate agent for ICICI prudential life insurance co ltd. Which is Indias largest

private life insurance comapny?

INDIA INFOLINE INVESTMENT SERVICES LTD:-

India infoline service ltd is also a 100 % subsidiary of India infoline ltd. It has an NBFC licensee

from the Reserve Bank Of India(RBI) and margin-funding facility to the broking customers.

INDIA INFOLINE INSUARANCE BROKERS LTD :-

India infoline insurance Brokers ltd. Is a 100% subsidiary of India infoline ltd and is newly

formed subsidiary which will carry out the business of insurance broking. We have applied to

IRDA for the insurance for the broking license and the clearance for the same is awaited.

GROUP MANAGEMENT

Mr. Nirmal Jain - Executive vice chairman & managing director

Mr. Nirmal Jain

Nirmal Jain is the founder and Chairman of India Infoline Ltd. He holds an MBA degree fro IIM

Ahmedabad, and is a Chartered Accountant (All India Rank 2) and a Cost Accountant. He has

had an impeccable professional and academic track record. He started his career in 1989 with

Hindustan Lever Limited. During his stint with Hindustan Lever, he handled a variety of

responsibilities, including exports and trading in agro- commodities with Rs3bn annual turnover.

He then joined hands with two local brokers to set up their equity research division, Inquire, in

1994. His work set new standards for equity research in India. In 1995, he founded his own

independent financial research company, now known as India Infoline Ltd.


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Mr.R Venkataraman

R Venkataraman is the co-promoter and Executive Director of India Infoline Ltd. He holds a B.

Tech degree in Electronics and Electrical Communications Engineering from IIT Kharagpur and

an MBA degree from IIM Bangalore. He has held senior managerial positions in various

divisions of ICICI Limited, including ICICI Securities Limited, their investment banking joint

venture with J P Morgan of USA and with BZW and Taib Capital Corporation Limited. He has

also held the position of Assistant Vice President with G E Capital Services India Limited in

their private equity division. He has varied experience of more than 14 years in the financial

services sector. Apart from Nirmal Jain and R Venkataraman, the Board of Directors of India

Infoline comprises:

Mr Sat Pal Khattar (Non Executive Director)

Mr Sat Pal Khattar joined the Board with effect from April 20, 2001. Mr. Sat Pal Khattar is a

lawyer by profession He was the founding partner of a firm of solicitors in Singapore named

KhattarWong and at present is a Consultant in the said firm. He is also a director of a number of

public companies in Singapore and India. He is the Chairman of 'Network India', a body

sponsored by the Government of Singapore, which promotes two-way business contacts between

Singapore and Indian business interests.

Mr Sanjiv Ahuja (Independent Director:-

Mr. Sanjiv Ahuja joined the Board with effect from August 28, 2002. Mr. Ahuja graduated from

National University of Singapore with a degree in Computer Science and is also a Certified

Public Accountant. He started his career in 1988 with Accenture (formerly Andersen Consulting)

and has worked on several large projects particularly in the electronics and utilities industries. He


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joined the Thakral Group of Companies in 1991 as the Chief Executive of their electronics

packaging and Warehousing Company in Singapore and has also headed the group's Indian

Investments division. He started his own investment advisory and consulting company in 2001,

named Centennial Management Consultants Private Limited, focusing on investment mediation

and investment management and advice. At present, he is also an Executive Director with

Corporate Brokers International Private Limited, a reputed Singapore based mergers and

acquisitions firm focusing on the SME space and also a board member of the Singapore Indian

Chamber of Commerce and Industry, a post he has held since 2002. He is very familiar with the

South Asian and South East Asian Markets and has direct investment experience in a variety of

industries including real estate development, distribution and information technology. Mr Ahuja

has an experience of more than 17 years.

Mr Nilesh Vikamsey (Independent Director)

Mr. Nilesh Shivji Vikamsey joined the Board with effect from February 11, 2005. Mr. Vikamsey

qualified as a Chartered Accountant in 1985 and has been a member of the Institute of Chartered

Accountants of India since 1985. He has a Diploma in Information System Audit ("DISA") from

the Institute of Chartered Accountants of India in 2003. In 1985, Mr. Vikamsey was inducted as

partner in M/s Khimji Kunverji & Co., Chartered Accountants and was in charge of the audit

department till 1990 and thereafter also handles assignments related to financial services,

consultancy, investigations, mergers and acquisitions, valuations etc. Mr. Vikamsey is a director

of Alpha Garments Private Limited, English Apparels Private Limited, HLB Technologies

(Mumbai) Private Limited, Miloni Consultants Private Limited & Chairman of HLB India. Mr

Vikamsey is a member of the Accounting Standards Board and erstwhile Member of the Vision

& Restructuring Committee of Institute of Chartered Accountants of India and member of Expert


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Committees of Law and Company Affairs, Infotainment & Media and Economic & Business

Reforms formed by the Indian Merchants' Chamber.

Mr Kranti Sinha (Independent Director)

Mr Kranti Sinha joined the Board with effect from January 27, 2005. Mr Sinha graduated from

the Agra University with a Masters degree. He started his career in 1965 as a direct recruit Class

I officer with Life Insurance Corporation of India and has worked in various capacities and at

different locations throughout the country. He worked at various managerial levels and rose

through the hierarchy to serve as the Director and Chief Executive of LIC Housing Finance

Limited from August 1998 to December 2002 and concurrently as the Managing Director of

LICHFL Care Homes (a wholly owned subsidiary of LIC Housing Finance Limited). He retired

from the permanent cadre of the Executive Director of LIC. He has also served as the Deputy

President of the Governing Council of Insurance Institute of India and as a member of the

Governing Council of National Insurance Academy, Pune apart from various other such bodies.

He is currently the Managing Director of the Global Institute for Financial and Education

Services (India) Private Limited (a wholly owned subsidiary of The Global Institute, LLC,

USA). Mr Sinha is also on the Board of Directors of Hindustan Motors Limited, Larsen &

Toubro Limited & LICHFL Care Homes Limited.

Mr. Dipak Gupta


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Product and Services

We are one stopfinancial services shop, most respected for quality of its advice, personalized

service and cutting-edge technology.

Equity:-

India infoline provided the prospect of researched investing to its clients, which was hitherto

restricted only to the institution .Research for the retail investor did not exist prior to India

infoline .India infoline leveraged technology to bring the convenience of trading to the investor

s location of preference (residence & office)through computerized access. India infoline made it

possible for clients to view transaction costs and larger updates in real time.

PMS:-

Our portfolio management service is a product wherein in equity investment portfolio is created

to suit the investment objectives of a client. We at India infoline invest your resources into stock

From different sectors, depending on your risk-return profile. This services is particularly

advisable for investors who cannot afford to give time or dont have that expertise for day-to-day

management of there equity portfolio.

Research:-

Sound investment decisions depend upon reliable fundamental data and stock selection

techniques. India infoline equity research is proud of its reputation for ,and we want you to find

the facts that you need. Equity investment professionals routinely use our research and models as

integral tools in their work. They choose ford equity research when they can clear your doubts.


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Commodities:-

India infoline extension into commodities its strategic intent to emerge as a one-stop solution

financial intermediary. Its experience in securities broking has empowered it with requisite skills

and technologies. The companys commodities business provides a contra-cyclical alternative to

equities broking.

Insurance:

-

An entry into this segment helped complete the clients product basket, concurrently; it

graduated the company into a one-stop retail financial solutions provider. To ensure maxim reach

to customers across India, We have employed a multi pronged approach and reach out to

customers via our network, Direct and affiliate channels. Following the opening of the sector in

1999-2000, a number of private sector insurance service providers commenced operations

aggressively and helped grow the market.

The companys entry into the insurance sector derisked the company from a predominant

dependence on broking and equity-linked revenues. The annuity based income generated from

insurance intermediation result in solid core revenues across the tenure of the policy. ICICI

Prudential has a wide array of insurance plans that have been designed with the philosophy that

different individuals are bound to have differing insurance needs. The ideal insurance plan is one


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that addresses the exact insurance needs of the individual that will depend on the age and life

stage of the individual apart from a host of other factors

What is Life Insurance?

Life insurance is a guarantee that your family will receive financial support, even in your

absence. Put simply, life insurance provides your family with a sum of money should something

happen to you. It thus permanently protects your family from financial crises.

In addition to serving as a protective cover, life insurance acts as a flexible money-saving

scheme, which empowers you to accumulate wealth-to buy a new car, get your children married

and even retire comfortably. Life insurance also triples up as an ideal tax-saving scheme. To

know more, read the Key Benefits of Life Insurance

Human life value

Beyond all doubt, your life is invaluable. Yet, there is a certain worth that can be attributed to the

financial support you offer your parents, spouse or children. This worth is referred to as Human

Life Value (HLV). In the future, if your family does not have the protective blanket of your

presence, they will no longer be able to enjoy the benefits of the income you earned. Put simply

Human Life Value is the present value of your future earnings.

Why should you calculate your Human Life Value?

You should calculate your Human Life Value so you can accordingly invest in insurance plans

that provide your family with adequate finances and hence security even in your absence.

How do you determine your Human Life Value?

Your Human Life Value is determined by 2 factors:

1. Your age Current and future expenses


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2. Current and future income as a thumb rule, if you are 30 years of age, you should insure

yourself for an amount approximately 8 times your annual income. At 35, your investment

should be close to 6 times your income. Of course, the exact amount of your investment should

be determined by the number of people who depend on you, youre existing investments and

your life stage. For example, if you are 30 years of age and have two children and parents to

provide for, the amount you invest should be reflective of your requirements.

Calculate your Human Life Value NOW

Use our quick and easy Human Life Value Calculator to determine your Human Life Value and

the corresponding amount you should invest. Start right away!

.Life Insurance Plans:

Under Life insurance plans, ICICI Prudential offers plans under the following major need

categories

Education Insurance Plans

Wealth Creation Plans

Premium Guarantee plans

Protection Plans

Retirement Solutions:

The primary objective of a retirement plan is to help you provide for your financial needs in your

post retirement years.

Forever Life

Life Time Super Pension

Life Link Super Pension


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Health Product Suite: Under Health Product Suite, ICICI Prudential offers plans under the

following major need categories:

Health Assure

Health Assure Plus

Hospital Care

Cancer Care

Cancer Care Plus

Crisis Cover

Diabetes Care

Diabetes Care Plus

Education Insurance Plans

One of your most important responsibilities as a parent is to ensure that your child gets the best

Possible education that can be provided.

ICICI Prudential offers a wide portfolio of education insurance plans that are designed to provide

peace of mind to you, as a parent, that your child's education will be secure. These plans ensure

that money is made available at the crucial junctures in a child's education - Class X, Class XII,

graduation and post-graduation - to fund crucial commitments for the child's future.Importantly,

education insurance plans ensure that in the unfortunate event of the death of a parent, the child's

education continues unhampered. Under the education insurance plans platform, ICIC Prudential

brings the following products to you. Please click on the product name to know more about the

plans


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Wealth Creation Plans

Wealth Creation Plans give the customer the dual benefit of protection along with

the potentially higher returns of market-linked instruments. The most important benefit of ULIPs is the

flexibility they give the customer in choosing the premium amount and also choosing the underlying fund in

which this money is to be invested. Wealth creation plans also offer the customer more liquidity options as

compared to traditional plans. As such, ULIPs are ideal for customers who want the protection of a life cover

to be allied to the returns of market linked instrument giving them an unmatched combination of benefits.

Under the wealth creation platform, ICICI Prudential brings the following products to you. Please click on the

product name to know more about the plans.

Premium Guarantee Plans

The latest addition to the life insurance product portfolio of ICICI Prudential is the Premium

Guarantee plan Invest Shield Life New. Premium Guarantee plans are the ideal insurance-cum-

investment option for customers who want to enjoy the potentially higher returns of a market

linked instrument, but without taking any market risk.

Under the Premium Guarantee Plans platform, ICICI Prudential brings to you the following

products

protection Plans

The sole objective of these plans, as their name indicates, is to serve the protection needs of the

Customer and by doing so, safeguard ones family from the financial implications of unfortunate

Circumstances than one cannot foresee. Under the Protection Plans platform, ICICI Prudential

Brings to you the following products:


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VISION:-

Our vision is to be the most respected company in the financial services space.

RESEARCH METHODOLOGY INTRODUCTION:

Marketing Research is a systematic and objective study of the problems Pertaining to the

marketing of the goods and services. It may be emphasized that it Is not restricted to any

particular area of marketing, but is applied to all the phases And aspects.

RESEARCH PROCESS:-

For assessing the customer response following market research process Followed

Step 1:Define the objective:

First step is defining the objective i.e. Market Potential for India infoline Insurance service

researcher covered most of the areas, which had been instructed by the company.

Step 2:Develop research plan:

The second step was to develop the most efficient plan for gathering the needed information.

1). Data sources: Both primary & secondary data are taken into consideration. Primary data are

data gathered from field for specific research project.

2). Research approach: I have mainly collected the primary data through survey & few cases by

observations.


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3).Research instrument: Questionnaire is used to collect most of the primary data.

4). Sample plan: after deciding on the research approach the instruments I decided sampling plan

this cause for three decisions.

A) Sampling unit: project was concentrated on retailers, whole sellers,real estate agents, builder

service group & others for the sampling unit

B) Sampling size: project consists of 125 respondents from different areas & from different

professions.

C) Contact method: once a sampling plan has been determined, marketing researcher need to

decide how the subject should be contacted: mails, telephone, personal visit or online interview.

In my project research it was mostly personal interview and telephonic interviews was held.

Step 3:Collect the information:

Data collection phase of the marketing research generally was the most time consuming period.

In case of survey few problems arise likewise some respondents may not give all the detail

information and might not be available and must be contacted or replaced. Others refused to co-

operate and finally some respondents will be biased or dishonest to share information.

Step 4:Analyze the information:

The collected information needs to be analyzed thoroughly to extract the findings that will be

useful to the company. Again this data must be tabulated and averages/measures are computed

from various variables.

Step 5: Present the findings:

And the last step is present the findings that are relevant to the


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METHOD OF DATA COLLECTION:-

1) Primary Data;

The major source for collecting primary data has been the interviews held with retailers, whole

sellers, real estate agents, stockiest and few other segment of market. The maximum prospects

were visited directly at the shops and interviewed provided they had time to spare. Some of them

interviewed via tele-calling and few were interviewed after taking prior permission and

appointment. The information given by them was satisfactory and relevant to the subject.

Secondary Data:

The major sources of secondary data are;

INSTITUTION:

- Business Magazines

- News Paper

- Annual Reports / Company Periodicals

REFERENCES:

- Internet, Company websites

- Telephone Directory (BSNL and TATA Indicom)

- References from company employees

- Annual Reports / Company Periodical

QUESTIONNAIRE METHOD

This method is used to collect general information about the company like total number of

employees viz. agents, sales executive, management trainees, front line staff etc. Sales executive


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provided this information. This information helped to know the basic knowledge about the

company before doing the actual research.

RESEARCH DESIGN:

SAMPLING UNITS:

This combines all those respondents in the market who can be the future prospects of being a

part as an insurer of India infoline insurance services ltd. Some of them are retailers, whole

sellers, real estate agents, stockiest and few others from different commercial areas of Jhansi.

As instructed by the company- following are the few segments.

1. Business Class

- Retailers

- Wholesalers

- Construction/ Builders

2.Agents

- Postal Agents

- General Insurance Agents

- Travel Agents

- Real Estate Agents

3. Employees / Service Class

- Professor / Teachers

- Office Staff, Banks Staff

- Government Employees

4.Mutual Fund Agents

5.Tax Consultants


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6. Investment Consultants

7. Share Brokers

8. Financial Advisors

9. Chartered Accountants / Company Secretaries

10. Others- House wife, Medical Representatives

Out of these various segments, the researcher targeted following

- Retailers

- Whole sellers

- Real Estate Agents

- Stockiest

- Others

Note:

It was instructed by the company to target the people having net income Between 15000 and

above p.m. The required data for above segments is to be such, which is helpful to know the

background & potential of the prospects. For That entire researcher collected information as

there,

Name

Present Age

Address

Ph No. - E-mail-

Brief Information about family

Personal Goals

Retirement Plans


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Present monthly expenses

Existing Investment Avenues

SAMPLE DESIGN

Sample

Size

(125)

Retailers

(34) Wholesaler

(23)

Real

Estate

Agent

(20)

Stockiest

(12)

Other

(38)


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DATA COLLECTION TECHNIQUES: -

Questionnaire Method

Telephone Interview Method

QUESTIONNAIRE METHOD

The individual questionnaire of the survey was designed for population between age group of 18

60 years of age who can be the prospect of becoming India infoline Insurance clients from

different areas of JHANSI. In total 125 Questionnaires were completed who were the samples

for research work.

SAMPLE SIZE:

The sample size of the respondents was taken as 165 considering the scope And constraints of

the study.

FIELD WORK:

The fieldwork was conducted for a period of 45 days in different Commercial areas of JHANSI.

Interviews were conducted from respondents across Segments, above 18 years of age and as per

their convenience. So as to contrive Representative sample. The interview and presentation mode

by researcher were Carried for the duration of 20 minutes.


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DATA ANALYSIS AND INTERPRETATION

1. INVESTMENT OPTIONS PREFERRED BY RESPONDENTS.

Sr. No Investment options

1 Insurance 41

2 Fixed Deposit 14

3 Post 8

4 PPF 10

5 Mutual Fund 19

6 Shares 1

7 Other 15

Total 125

41

148

10

19

1815

125

INSURANCE

FIXED DEPOSITE

POST

PPF

MUTUAL FUND

SHERES

OTHER

TOTAL


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RESPONDENTS FOR INVESTMENT OPTION

Out of total respondents, maximum i.e. 41 respondents think Insurance is a Safer option to invest

the money. It gives them long-term benefits for not only Individual but for the entire family.

Thus, people find insurance safe and better option rather than investing in FD, Post, Mutual

Funds, and Shares etc.

2. ESSENTIAL OF LIFE INSURANCE

Around 76 % of the total on of respondents thinks that insurance is essential part of the life. But

for everyone the need for life insurance is different reasons.24% ofthe respondents think other

options are better than life insurance. FollowingFactors determine the need for life insurance.

for L.I Factors to determine

Need

No. Of

respondent

Security/Safety 63%

Savings 23%

Long term Investments 18%

Tax Saving 21%

Total 125


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25%

9%

7%

8%

51%

SECURITY/SAFTY

SAVINGS

LONG TERM

INVESTMENT

TAX SAVINGS

TOTAL

3. AWARENESS ABOUT THE INSURANCE COMPANIES.

Insurance Companies No. Of respondents No. Of respondents

ICICI Prudential 107

Kotak Mahindra 63

Bajaj Allianz 93

Tata AIG 72

Max New York Life 35

HDFC 95

Other 36

Total 503


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11%6%

9%

7%

3%9%4%

51%

ICICI PRUDENCIAL

KOTAK MAHENDRA

BAJAJ ALLIANZ

TATA AIG

MAX NEW YOURK LIFE

HDFC

OTHER

TOTAL

Among all the private players in the market ICICI prudential, HDFC Standard Life and Bajaj

Allinanz are among the most popular and known brands in the market. . These three Life

Insurance companies do effective advertising that made them known brands in the Market.

Among all the samples ICICI and HDFC are believed as the most reliable companies among all

the private companies in the market. Following are the factors that determine why these two

companies are preferred and believed by the

RELIABILITY FACTORS

Factors determining

reliabilityResponse

Brand Name 68

Safety 73

Peer pressure 55

ROI 90

Previous experience 45

Total 331


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68 73 5590

45

331

0

50

100

150

200

250

300

350

BRAND

NAME

SAFE

TY

PEE

RPR

ESSU

RE ROI

PREV

IOUS

EXP

ERIENCE

TOTA

L

Series1

People are positive about ICICI and HDFC as reliable companies because of their Rate of

Returns, Brand name, and Previous experience and also there is lot of peer pressure among them.

Insurance Companies Market Share

Insurance Companies Market ShareLIC 34ICICI Prudential 10Kotak Mahindra 3Bajaj Allianz 6Tata AIG 5Max New York Life 3HDFC 3

Other 1Total 65


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26%

8%2%

5%4%2%2%1%

50%

LIC

ICICI PRUDENCIAL

KOTAK MAHINDRA

BAJAJ ALLIANZ

TATA AIG

MAX NEW YORK LIFE

HDFC

OTHER

TOTAL

Among the total market share LIC still has majority share in market, holding 54% of the

total respondents. Among the private companies ICICI Prudential, Bajaj Allianz and

HDFC are leaders,.

BENEFITS FROM LIFE INSURANCE POLICY

Benefits Responses Of Clients

Child Education 35

Personal Goals 60

Marriage 45

Retirement 85

Savings 65


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Other 10

Total 300

6%10%

8%

14%

11%2%

49%

CHILD EDUCATION

PERSONAL GOALS

MARRIAGE

RETIREMENT

SAVINGS

OTHER

TOTAL

Personal goals, retirement, savings are the prime benefits for which people usually invest

in insurance. The same response was found during the research work. It is good sign for

the insurance business, as people perceive insurance for achieving the different goals in

the life.

OBSERVATION

The researcher has taken interview of given various segments as Retailers, Whole

sellers, Real-Estate Agents, employee and others and came to know the facts as follows.

RETAILERS:

Belief:


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Retailers contribute to the major portion of any market. Therefore, retailers are good prospects

for insurance business. Normally it is believed that they spare very less time with other people

other than their customers. Retailers are quite busy with their customers and other related work.

Facts:

Though some beliefs are found correct but observation shows other side of the curtain i.e. they

were quite generous when they knew that they were getting some information. They spare good

amount of time if one presented the company and himself properly.

Retailers give sufficient information if they believe in the work.

WHOLE SELLERS

Belief:

Whole sellers are believed to be among the busiest people in their work. They areActively

involved in loading, unloading, dispatching, billing etc.

Facts:

Whole sellers are not ready when we approached spontaneously to provide some information.

They provide sufficient information if they contacted when they have foretime. Most of them

were not really comfortable to give any sort of personal and financial information. These people

run huge business so these are highly potential prospects for any business.


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REAL ESTATE AGENTS

Belief:

These people are not as busy as they have selective and limited no. of customers. But many of

these agents are out with their clients on their sites thus it becomes really difficult to meet them.

They are believed; as they don t entertain others.

Facts:

Appointments need to be taken before visiting to their places. These agents have very good

contacts, which means good customer base. So they give bigger and better clients for insurance

business.

STOKISTS/COMPANY OUTLETS

Belief:

These are believed as high-class people and usually prefer to talk with senior Executives of any

company.

Facts:

These people should be given a call before visiting their place, as they don t appreciates direct

visits by any people. Good presentation is required to make them talk for a while. A highly

potential customer if one makes them believe in company by providing detail information

regarding company its present and future growth.

OTHERS

These include house-wife, pensioners etc.

Belief:

They are supposed to have sufficient time and believed as the working persons at home normally

influence these people.


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Facts:

Most of the hose-wife was shy to talk with strangers.

These people are dependent for their decisions.

Not a very good prospect for insurance business.

FINDINGS:A): BRAND Knowledge

1. It is found during research that 58 percent were lacking any sort of knowledge and informationabout India infoline as life insurance provider.

2. From the total 125 respondents, 105 respondents save good amount of money i.e. between Rs

10000 to Rs. 40000 in insurance. Remaining people save anything between Rs 5000 to Rs

10000.Thus it shows as everyone has some part of savings in insurance, which is good sign for

insurance sector.

3. Majority i.e. 70% respondents have their personal goals retirement and saving plans as prime

concern for buying insurance.

4. Out of 125 samples, 65 respondents i.e. around 56 % of them have insurance cover in different

private insurance and government organizations.

B): PRODUCT Knowledge

1. 26 percent had just heard about India infoline but were lacking Knowledge about different

plans. Out of these 26 percent only 9 percent people were insurance holders of India infoline

Insurance services.

2. It is found that still (LIC) Life Insurance Corporation of India rules when incomes to trust for

insurance providers, among private sectors its ICICI Prudential, HDFC Standard Life, Bajaj

Allainz are among market leaders.


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3. Still 82 percent of samples think insurance is essential for various reasons.

4. Many respondents found saying HDFC and ICICI as being more reliable insurance providers

in terms of returns, peer pressure, previous experience than their competitors.

Limitations:

One of the major limitations of this study was lack of sufficient time as the Subject was required

lot of time. The time limit permitted to cover the major areas of Pune but not all the regions of

the city. The study limits itself only to India infoline Insurance services.

RECOMMENDATION:-

1. More visibility through advertising

Media Advertising

T.V Channels, Radio Stations, Internet pop-ups, Video Clips during the intermission in Theaters.

Press Advertising

Leading News Papers like Times of India, Economic Times, Hindustan Times, Indian Express

and few local language newspapers. Campaigning, Rallies, Sponsorships for the local

institutional and social events. All these forms of advertising could be effectively used to create

brand awareness for India infoline Insurance services.

2. They need to concentrate on service factor by hiring or recruiting professional people for

Effective presentation and communication skills.

3. They need to open more branches/offices at the major localities in different cities and if

Possible in towns.


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4. They should hire a Brand Ambassador/Ambassadress from Cricket or Film industry as people

from these two fields influence many people in the society. This would promote the company not

only within India but also at global standards. This might create strong awareness and give

popularity to the company as millions of people are addressed at one time.

5. They need to search for management trainees whom they can provide proper training who

could turn out as future employees of the company.

6. Good amount of incentives and basic salaries should be given to the employees to make them

perform better.

7. Proper training facilities should be given to the new employees, which will help them to get

fair idea about the company and its policies.

8. Feedback should be taken from the present clients to know whether they are satisfied and if

they have any problems regarding the terms and service. This will certainly help to improve the

overall performance of the company.

9. Special schemes like Lucky Draws, Trip to foreign countries; Attractive prizes could be usedfor promotion.

10. Should develop the plans that are attractive. Also they should develop new plans that are notlaunched by any other companies to take first launcher advantage.


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CONCLUSION

After all the research work it can be said that Private Insurance companies have good market

potential in the coming years. There is steady growth in all the companies from last 2-3 years.

Despite the fact that India boosts saving rates of around 25 percent, less than 5 percent is spent

on insurance. So there is lot of opportunities to tap the market provided these companies create

trust among the people. In case of India infoline Insurance services, they need to develop a Brand

name in the market, which is only possible with effective advertising and good service. They

should promote their products throughout the country and target specific group or class for each

plan or policy. This will make them concentrate on all the plans, which means maximum portion

of the so market can be covered.


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BIBLIOGRAPHY

Company websites:

www.indiainfoline.com

www.5paisa.com

Research Methodology: C.R. Kothari

Marketing Management: Subham singh


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ANNEXURE

1. Personal detail :

Name:

Age (Yrs):

Ph. No. : E-mail:

Gender:

Office Address

Residential Address

2. How will you rate following investment options on safety as parameter on scale?

a) 0-3 Poor

b) 3-7 Average

c) 7-10 Good

1. Insurance 2.Fixed Deposit

3. Post 4.PPF

5. Mutual Fund 6.Shares

7. Other


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3. Do you think it is essential to have Life Insurance?

a) Yes b) No

If Yes, Why?

1. Safety/Security 2.Long term investment

3. Savings 4.Tax saving

4. Which of the following companies are you aware as insurance provider?

1. ICICI Prudential 2.Kotak Mahindra Life Insurance

3. BAJAJ Allainz 4.Tata AIG 5Max New York Life

6.HDFC Standard Life Insurance 7. Other

5. Which of the following companies you consider most reliable to invest?


3. BAJAJ Allainz 4.Tata AIG

5. Max New York Life 6.HDFC Standard Life Insurance

7. Other

If Yes, Why?

1. Brand Name 2.Safety

3. Peer-pressure 4.ROI

5. Previous experience 6.Other

7. Do you have insurance cover or policy?


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1. Yes 2.No

If Yes, which?


3. BAJAJ Allainz 4.Tata AIG

4. Max New York Life 5.HDFC Standard Life Insurance

6. LIC 7. Other

7. Approximately how much money you invest in Life Insurance from your total

savings?

1. Rs5000-Rs10000 2.Rs10000-Rs20000

3. Rs20000-Rs30000 4.Rs 30000- 40000

5. Rs >40000.

8. What benefits you avail for investing money in insurance?

1. Child Education 2.Personal Goals

3. Marriage 4. Retirement

5. Savings 6. Other

9. Are you aware about the India Infoline Insurance Services ?

1. Yes 2. No

10. Are you aware about different plans of India Infoline such as;

1. ICICI Flexi Plan

2. ICICI Retirement Income Plan

3. ICICI Capital Multiplier Plan


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4. ICICI Easy Growth Plan

5. ICICI Child Advantage Plan

11. In the near future would you be interested to buy any policy from ICICI

PRUDENCIAL Insurance?

1. Yes

2. No

3. Cant Say

12. Any Suggestions for ICICI PRUDENCIAL life insurance?

Documents

INDIA INFOLINE (ICICI PRUDENCIAL in Private Life Insurance Sector by Shwetank Sharma