summer project report.doc

7/28/2019 summer project report.doc

1/58

MMACROACROANLYSISANLYSISOFOFINDIANINDIANINSURANCEINSURANCE

SECTORSECTOR

AANDNDMARKETINGMARKETINGOFOF ICICIICICI

PPRUDENTIALRUDENTIALPRODUCTSPRODUCTS

With reference to karvy consultancies

A summer training project report submitted to fulfill theaward of MBA Degree

Submitted by

PRATIK J. SHAH Roll No. 70

BHAVESH C. PATEL Roll No. 42

VISHAL R. BAROT Roll No. 05

PROJECT AT:

S.K.PATEL INSTITUTE

OF

MANAGEMENT & COMPUTER STUDIES

GHANDHINAGAR

Year: JUN 2004

1


2/58

C E R T I F I C A T E

This is to certify that the project work titled

MACRO ANLYSIS OF INDIAN INSURANCE

SECTORAND MARKETING OF ICICI PRUDENTIAL

PRODUCTS

Is work out by students

PRATIK J. SHAH

BHAVESH C. PATEL

VISHAL R. BAROT

I certify that the candidates have successfully

completed their work in course of time in

summer training project.

Date:

Sign of project guide

2


3/58

ACKNOWLEDGMENT

Sincere thanks to ICICI Prudential and Karvy Groups Ltd. For

giving us an opportunity for working on this project which in turn

helped us having an overview of the insurance industry in general

and ICICI Prudential Life Insurance Company Ltd. We are also

thankful to karvy management for providing the required peripheral

facilities.

This project will make a considerable impact on the future

scopes of our placement and also provide enough experience of

working with an organization. We also contributed to the selling of

the insurance products for the ICICI prudential with great help formthem for providing special product training and equipments

provided for sales.

-Thank you

3


4/58

INDEX

Project Theme 5

Chapter I Fundamental of Insurance 6

Chapter II Insurance Industry: Phases from 14

Origin to Growth

Chapter III Nationalized Players: LIC 19

Chapter IV Winds of Change: Privatization 21

Chapter V Nationalized Player Vs Private 46

Players

Chapter VI My Experience and Contribution 52

During my summer training

Section VII Conclusion 57

Bibliography 59

Project Theme

4


5/58

This project was made with an objective to provide a general idea

about the Indian insurance sector (Especially todays environment when

many private insurance companies in the Indian market). And speciallyemphasizing on ICICI Prudential on which we have taken our summer

training. Our work was divided in two phases.

In first phase we were introduced about the general idea of insurance in

India, other financial products related to karvy consultancies and special five

days product training of ICICI prudential.

Second phase was related to practical implementation of the theoretical

knowledge we earned. In this phase we went for actual selling in market.

Firstly it started form reference market and then leads were provided to us by

the telecaller. So here we generated some sales and proved ourselves that, we

can be good future employees for the organization.

5


6/58

Chapter 1:

Fundamentals OfInsurance

Insure - then you can welcome the unexpected because future rarely comes in

neat, predictable packages

What is Insurance?

Insurance is a financial service for collecting the saving of the public and

providing them with a risk coverage.

Thus in insurance,

The Risk

The insured The insurer

General definition: In the words of John Magee, Insurance is a plan by which

large number of people associate and transfer to the shoulders of all risks that

attach to individuals.

Contractual definition: In the words of justice Tindall, Insurance is a contract in

which a sum of money is paid to the assured as consideration of insurers incurring

the risk of paying a large sum upon a given contingency.

6


7/58

Why do you need Insurance cover?

Insurance will help provide protection to investors from certain or uncertain risks.

Certain risk includes events like death, retirement, pension, education, marriage,

etc. Uncertain risk includes events like theft, accident, fire, ill-health etc.

Assets are insuredbecause they are likely to be destroyed or made non

functional through an accident occurrence. Such possible occurrences are called

perils. Fire, floods, break down, earthquake are perils. The damage that these

perils may cause the asset is the risk that the asset is exposed to. The risk only

means that there is possibility of loss or damage. It may or may not happen. Yetthere is uncertainty about risk. Insurance is done against this contingency.

A human life is also an income-generating asset. This asset also can be lost

through unexpectedly early death or made non-functional through sickness and

disability caused by accident. Accident may or may not happen. Death will

happen, but the timing is uncertain. If it happens around the time of retirement,

when it could be expected that the income will normally cease or the person

could have made some other arrangement to meet the continuing needs. But if it

happens much earlier when the alternative arrangements are not in place,

insurance is necessary to help those dependent on income.

In case of a human being, he may have made arrangements for his need after his

retirement. These would have been made on the basis of some expectations like

he may live for another 15 years or that his children will look after him. If any

of these expectations would become inadequate and there could be difficulties.

Living too long can be as much a problem as dying too young. These are risks,

which need to be safeguard against thorough insurance.

Satisfaction of economic needs require generation of income from some

sources. If the property, which is the source of income, is lost fully or partially,

7


8/58

permanently or temporarily, the income too will stop. The purpose of insurance

is to safeguard against such misfortunes by making good the losses of the

unfortunate few through the help of the fortunate many who were exposed to

the same risk but saved from the misfortune. Thus the essence of insurance is to

share the losses and substitute certainty by uncertainty.

The concept of insurance has been extended beyond the coverage of tangible

assets. An exporter runs the risk of the importers in the other country defaulting

as well as loses due to sudden changes in currency exchange rates, economic

policies or political disturbances. These risk are now insured. Doctors run the

risk of being charged with negligence and subsequently liability for damages.

The amount in question can be fairly large beyond the capacity of individuals tobear. These are insured. In some countries the voice of a singer may be insured

though benefit of spread is not available in these cases. Thus, insurance is

extended to intangibles.

For multinational corporations political risk is one of the many factors that need

to be assessed and manage throughout the life time of an oversees project and

Investment. These investments related exposure can be covered by a

confiscation, expropriation and nationalization programme which will insure a

permanent investment outside a companys home base operation.

Other objectives of insurance could be:

Family of insured is protected.

Provision of retirement and old age

To provide funds for education, marriage, ill-health

To get tax relief from income tax and wealth tax, the premium paid as well

as the sum assured

To cover the risk from theft, burglary, accident, fire etc

Business of Insurance

Business of Insurance is done by Insurance companies- called

Insurer. Insurer brings together persons with common insurance interest or

8


9/58

who are sharing common risk called Insured. Insurer collects the share of

contribution called premium from all of them and pay compensation called

Claim to those who suffer.

The business of Insurance is nothing but one of the sharing. It

spreads the loss of an individual over the group of individuals who suffer

common risk People who suffered loss get relief because their loss is made

good. People who do not suffer loss are relieved because they were spread the

loss.

The insurer is in position of trustee as it is managing the

common fund for and on behalf of the community. It has to ensure that nobody

is allowed to take undue advantage of the arrangement. That is to say that the

management of business requires care to prevent entry into the group of people

whose risk are not of the same kind as well as playing claims in losses that are

not accidental.

Categories Of Insurance

The following are major categories of Insurance

Insurance

Life Health Medical General

Endowment Whole Life Mutual fund return

And risk coverage partially

Pension/Annuity contracts with profit or

Without profit for fixed amounts on maturity

General Structure of Insurance Market

Buyers:

9


10/58

It includes individuals, commercial & industrial organizations who are exposed

to risk and uncertainties and want to safeguard their interest.

Intermediaries:

Insurance Agent:

An Insurance agent is a person who works for insurer. His job is to bring in

customer for the insurance company. He is remunerated in the form of

commission expressed as a percentage of premiums payable on the business

introduced.

Insurance Broker:

A broker is an individual or a firm whose full time occupation is the placement

of insurance business with insurance companies. An Insurance Booker is

deemed to be an independent profession. The broker receives brokerage

expressed as a % of premiums from the insurer. In India broker has been absent

in insurance market except those operating internationally especially in

Reinsurance field.

Insurance Consultant:

There are large numbers of Insurance consultant in Insurance Industry who

advise the insured in a manner similar to that of broker or an agent. He will be

remunerated by the customer and not from the insurer for providing this service.

So far law in India does not require such Insurance consultant to be registered

under the law.

The home service representative:

Industrial Life Assurance business requires service of these representatives

to call at home of the policyholders to collect the weekly/monthly premium and

hopefully to sell further policies. This business is not being transected in India,

however it is used extensively in developed countries.

10


11/58

Reinsurance Broker

The transaction of reinsurance business is commonly done with the help of

Reinsurance Broker who brings the buyer and seller together. Buyer is the

insurer, which has business in excess of its capacity, and seller is the insurer,

which has spar capacity to take the business that is offered to it.

Insurance companies:

These are the institution, which provides insurance to the buyers. They

approach to the customers either directly or through agents and brokers. There

are several such different organizations for insurers. The insurance law normally

provides guidelines about the minimum requirement for such institutions. In

India, insurance companies are subject to be governed by IRDA.

KARVY CONSULTANCIES LTD.

KARVY CONSULTANCIES LTD is Ahmedabad based company

where I have undergone my summer training. Karvy is basically a group of

companies in the business of financial products. Its head office is located at

Hyderabad. Karvys network includes 25 branches all over India, 14 Investors

point and it has more than 5500 Sub broker and agents with it.

Karvy Groups includes four different types of functional areas as stated

below.

Karvy Consultants Limited

11


12/58

Transfer agency services for corporate & mutual funds

Registrar for IPO / book building

Depository Participant services

Registered with both NSDL / CDSL

IT enabled services MT/call center / data classification

Karvy.com a comprehensive financial advisory site

Karvy Investor Services Limited

Merchant banking & corporate finance

Distribution of fixed income and other financial products

Karvy Securities Limited

Distribution of equity & other financial products

Member -Hyderabad Stock Exchange (HSE)

Karvy Stock Broking Limited

Secondary market trading

Member -National Stock Exchange (NSE)

Trading through BSE

Insurance has become Sine quo non-in todays

environment, where the Indian consumer is savoring a variety of

products and services. To maintain a life style, many of us take on loans

and other facilities and other financial products, sometimes far in excess

of our incomes. Think of a situation where a couple works hard for 10

12


13/58

years to set aside money for their dream house and house is destroyed in

a fore or an earthquake. Can they ever build it? Yes if they are

adequately insured.

To cater to such needs, insurance have introduced a range of

new products. Today you have insurance products that will cover the

risk to your life, your house hold belongings, and even your pets, and

provide you professional indemnity or protect you against product

liability.

13


14/58

Chapter 2:

Insurance Industry:Phases from Origin To

GrowthThe evolution of Indian insurance industry has reached a full circle

Insurance Industry: Phases from Origin To Growth

India is witnessing its insurance industry take a full turn, Privatization to

Nationalizations and back to Privatization. The Indian Life Insurance sector,

which was dominated by private players, was nationalized in 1956 and The Life

Insurance Corporation of India was formed. The Non-life insurance business was

nationalized in 1972 under the aegis of General Insurance Corporation, which

established four subsidiaries who would compete among themselves! And now the

government intends to give both the LIC and the GIC some real competition by

privatizing the insurance sector. As the doors are being opened, Insurers

worldwide are spreading wings to have a bite in the vast Indian Insurance pie.

Lets have a tour to the insurance sector from the inception stage to the present

developments and look into the probable future.

Insurance in the modern form originated in the Mediterranean during 13/14th

century. The earliest references to insurance have been found in Babylonia, the

Greeks and the Romans. The use of insurance appeared in the account of North

Italian merchant banks who then dominated the international trade in Europe at that

time. Marine insurance is the oldest form of insurance followed by life insurance

and fire insurance.

14


15/58

Life Insurance in India

The early developments of life insurance were closely linked with that of marine

insurance. The first insurers of life were the marine insurance underwriters who

started issuing life insurance policies on the life of master and crew of the ship, and

the merchants. The early insurance contracts took the nature of policies for a short

period only. The underwriters issued annuities and pension for a fixed period or for

life to provide relief to widows on the death of their husbands. The first life

insurance policy was issued on 18th June 1583, on the life of William Gibbons for a

period of 12 months. It was in the eighteenth century, societies began to be formed

for issuing life insurance policies. Among such societies the Amicable Society

(1705), The Equitable Life Assurance Society (1762), the West Minister Society

(1792) was the important societies. The premium rates were varied in view of

reputation and the health condition of the insured.

The British companies started life insurance business in India, by issuing policies

exclusively on the lives of European soldiers and civilians. They sometimes issued

policies on the lives of Indians by charging extra. Different insurance companies

like Bombay Insurance Company LTD. (1793) and Oriental Life Assurance

Company (1818) was formed to issue life assurance policies in India. Gradually,

the first Indian Company named as Bombay Mutual Life Insurance Society Ltd.

was formed in Dec. 1870.

During the period from 1870 to 1900, a large number of Indian companies were

formed under the Indian Companies Act, 1866. The business was confined to few

communities and occupations only. During the period from 1900 to 1912, the

insurance business attracted attention among middle class people. As a result,

Government of India passed the Insurance Act on the model of British Assurance

Act. During the period from 1912-1930, the insurance business witnessed a set

back.

15


16/58

After several changes have been made for the period from 1930 to 1938, the

Government of India passed Insurance Act, 1938. The act still applies to all kinds

of insurance business by instituting necessary amendments from time to time.

By 1956, 154 Indian insurers, 16 foreign insurers and 75 provident societies were

carrying on life insurance business in India. At that time life insurance business

was concentrated in urban areas and confined to the higher strata of the society.

January 1956 the management of life insurance business of 245 Indian and foreign

insurers and provident societies were taken over by the central Government with a

capital contribution of Rs.50 mn, and than nationalized on 1 st September 1956 in

the Parliament an Life Insurance Corporation (LIC).

The Indian insurance market was restricted sector. Only two government giants

namely LIC & GIC ruled it till it was set open to the private players.

The Narasimha Rao government unleashed liberal changes in Indias rigid

economic sector. The Rao government appointed a Committee of Reforms in the

Insurance sector in April 1993 under the chairmanship of R.N. Malhotra. The

insurance Regulatory Authority was set up. After over five years Insurance

Regulatory & Development Authority (IRDA) Act, 1999 could be passed by the

Parliament During November 1999. IRDA open its window for Application for

giving new licenses to the prospective players on 16 th August, 2000.

To sum up Inception to Growth stage of Insurance in

India:

16


17/58

1818: Europeans started Oriental life Insurance company in Kolkata

1870: First Indian Insurance company: Bombay Mutual Life

Insurance 1912: First Indian Insurance Act was passed.

1938: Indian Insurance Act was reenacted in present form

1956: Life Insurance business of 245 private operators was taken over

by Government. Life Insurance Corporation of India was established

1999:Insurance Regulatory and Development Authority bill was

passed in Parliament in December 1999.

2000: IRDA, independent insurance authority like SEBI established

in April 2000.

Private insurance companies are allowed since September 2000.

The following players have applied and some have got licenses and even started

operations in India.

Indian Partner Foreign Partner Specialization Present Status

HDFC Standard life UK Life In operation

Reliance No Partner Non-life Operation to beginshortly

17


18/58

Sundaram Royal & SunAlliance

Non-life In operation

Max India New York Life Life In operation

Bajaj Auto Allianz Non-life and Life Applied for licence

Kotak Mahindra Old Mutual south Life Started operation

ICICI Prudential, UK Life In Operation

ICICI Lombard Non-Life Applied for licence

IFFCO Tokiyo Marin,Japan

Non-life Received Licence

Tata group AIG, USA Life, Non-life In operation

Aditya BirlaGroup

Sun life Life In operation

SBI Cardif france Life Received licence

Vysya Bank ING Life Received licence

Dabur CGNU, UK Life To applyHero Group +Punjab

Zurich Life, Non-life To apply.

18


19/58

Chapter: 3

Nationalized Player:

Rescue your dreams

Life Insurance Corporation

Prior to 1956, 154 Indian insurers, 16 foreign insurers and 75

provident societies were carrying on life insurance business in India. At that

time life insurance business was concentrated only in urban areas and

confined to the higher strata of the society. The GOI nationalized these 245

Indian and foreign insurers and provident societies with a capital contribution

of Rs.50 million. And this is a story behind the genies of the Indian Insurance

giant Life Insurance Corporation Of India, which ruled the Indian insurance

sector for almost 50 years.

Life Insurance Corporation ensures and enhances the quality of

life of people through financial security by providing Life Insurance products

and services of high quality, and by providing resources for economic

development.

The objectives of LIC is as follows:

19


20/58

Spread Life Insurance; provide life insurance protection to the masses at

reasonable cost.

Maximize mobilization of people's savings by making insurance-linkedsavings adequately attractive.

To invest funds to serve the best interests of both the policy holders and the

nation

Conduct business with utmost economy and with the full realization that the

moneys belong to the policyholders.

Act as trustees of the insured public in their individual and collective

capacities.

Meet the various life insurance needs of the community that would arise in

the changing social and economic environment.

Involve all people working in the Corporation to the best of their capability

in furthering the interests of the insured public by providing efficient service

with courtesy.

Promote amongst all agents and employees of the Corporation a sense of

participation, pride and job satisfaction through discharge of their duties

with dedication towards achievement of Corporate Objective.

Since 1956 LIC had a monopoly of life insurance business in India till the

privatization of the sector.

20


21/58

Chapter 4.

Winds of Change:Privatization

Need for privatizationPrerequisites

New Entrants & Likely Players

What privatization will bring with it?

Smell the cheese often so that you can know when it is getting old.

Need for privatization

Liberalistion and reforms have the potential to change the complexion

of an industry. The Indian insurance is no exception. In bid to make it more

effective, the government has opened up insurance sector for private players.

Let us see rationale for opening up an insurance sector in India.

Untapped Potential

Life Insurance: India has an amorphous middle-class of about 300 million

people who can afford to buy life, health, and disability and pension plan

products. Out of this only 20% have insurance -and that too covers only 25%of their needs and financial capacity. The remaining 80% have no insurance

cover. The life insurance market of India, therefore, is practically untapped.

The low level of penetration of life insurance in India compared to other

developed nations can be judged by a comparison of per capita life premium.

21


22/58

Country Life Premium Per Capita US $ in 1994

Japan 3,817

UK 1,280

USA 964

India 4

0

500

1000

1500

2000

25003000

3500

4000

Life Premium Per Capita US $ in1994

Japan

UK

USA

India

Clearly, there is considerable scope to raise per capita life premium if the

market is effectively tapped. With an insurable population of 300 million, per

capita life premium can be raised to a level of US $ 200 - $300 and hence the

market can expand by 50 to 75 times over the existing size through the

extensive and efficient reach to this untapped area by private players. The

insurance business in India is pegged at $6.6 billion whereas industry leaders

feel privatization would open up as much as $26 billion.

Motor Insurance: The story of motor insurance is no different. Only about

60% of motor vehicles and only 46% of two wheelers are insured. All these

are sure indicator of the untapped potential in the Indian insurance industry.

22


23/58

Untapped Rural Potential: Huge rural segment is another instance of

untapped potential. Rural Indias contribution is just 54.7% of total LIC

policies and 47% of LICs total sum assured during 1998-99. This is when the

rural population constitutes 74.3% of countrys population.

Growing Need For insurance:

In India, insurance is traditionally considered as an instrument of savings. The

potential of insurance products as riskcompensators has always been

underemphasized.

According to finding of an LIC survey as many as 40% of insurance buyers

consider insurance products avenue for compulsory savings. Only 26% seeinsurance as old age pension while just about 18% consider insurance a

provision for risk and uncertainties.

This trend is in for a change soon. Now customers prefer more options. They

want not just basic insurance products but investment based insurance products,

pension products and health care products as well. Factors such as increasing

life expectancy, disintegration of the traditional joint family system and rising

cost of health care are bound to make market clamour for variety of insurance

products with need based features. Life expectancy, which was just 32 years

during fifties moved up to an average of 61 years during 1996-97. The result: a

long retired life. Naturally, there is an increasing need for pension insurance

products.

Poor Customer Service:

Most agents and Business development officers are interested only in

procuring new business. Servicing existing customers satisfactorily has not been

a priority for them. The reason could be incentives are based on new business

generation and not in satisfactory servicing of existing customers. Moreover

LIC and GIC have no tied agents.

23


24/58

Even Existing agents are not buyer-friendly. They are always desperate to fulfill

their quotas of business and have little time to explain policy features to

prospective customers. More than 10% of LIC policies are surrendered or get

elapsed every year. Privatization will create competitive environment and

provide customer friendly services.

High Premium: There are host of factorsthat have caused insurance potential

to remain untapped. High insurance premium is one of them. Indian insurance

companies are too slow in revising their premium. Currently LIC premium are

determined by macro inputs related to the years between 1991 and 1996. The

last time LIC revised its premium, was after a gap of 12 years. Ditto for general

insurance. There is no proper research in clams and this premium are not

scientifically determined.

Low investment yield: Inefficient asset management and low investment yield

are also responsible factors, which drive us towards privatization. On an

average LIC could generate a yield of just 12.37% on its investment during

1997-98. During 1998-99 the figure was still lower at 11.96%.Investment restrictions have been responsible for low yields. LIC has to invest

not less than 20% of its fund in central govt. securities, a minimum of 5% in the

national Housing bank, not less than 25% in the state govt. securities including

govt.-guaranteed marketable securities, and a minimum of 25% in the social

sector. The remaining 25% can be invested in private sector and in loans to

policyholders.

GIC has its own restrictions in investment. It has to invest a minimum of 25% incentral govt. securities; a minimum of 10% in state govt. and PSU securities, a

minimum of 35% in loans to state govt., HUDCO and DDA, for housing

projects and the remaining 30% can be invested in equities, term loan and

debentures.

No doubt, investment restrictions are there. But, LIC and GIC can enhance

investment yields within the ambit o these restrictions by being more proactive

24


25/58

in managing their investment. What they do is invest and then sit back. They do

not trade in the securities they have invested in.

To summarize we can say that,

Insurance penetration is low.

Insurance awareness is low.

Insurance covers are expensive.

Returns from insurance products are low.

Marketing network is weak.

Training of agents is woefully inadequate.

Insurance products offered by public players are not customer

friendly. They create products and go out to find customers. They do not create

products that the market wants. There is dearth of innovative and buyer friendly

products

Opening of Indian insurance sector promises a drop in premium, improved

Services, development of need based product and deeper penetration of insurance.

Prerequisites For Entering into

insurance

Any private player wants to enter insurance sector has to comply with the following

requirement without which it will not be considered eligible for obtaining license.

25


26/58

Minimum capita requirements:

The private sector is allowed to enter insurance industry. The minimum paid-up

capital for new entrants is mentioned below.

Minimum paid-up capital for life and non-life insurance companies of Rs 1billion

Minimum paid up capital for reinsurance companies is Rs 2 billion.

Share Holding:

The promoters' holding in private insurance company should not exceed

40% and should, at no time, be less than 26% of the total paid-up capital.

No person other than the promoters should be allowed to hold more than 1%

of the equity.

Entry of Foreign Players:

If and when entry of foreign insurance companies is permitted, they have to

enter the market by way of joint venture with Indian partners.

Equity Participation for Joint Venture:

It is proposed that in the private insurance joint venture, the Indian promoterwill come to hold 74 per cent stake in the venture initially, leaving the foreign

partner with 26 per cent. It is also proposed that the Indian promoter will have

to mandatory lower its stake in the private insurance firm from the initial 74 per

cent to 26 per cent in a period of ten years.

Minimum Rural Business:

New entrants in life insurance should be required to transact a certain

minimum business in rural areas. It should be ensured that such insurers do

not avoid writing small policies.

Similarly, new general insurers should also write a certain minimum rural

non-traditional business.

26


27/58

Those who fail to comply with these stipulations should be subject to a penal

assessment by the Insurance Regulatory Authority.

Requirements for Financial Institutions

The RBI has stipulated that a minimum of 15% of Capital Adequacy Ratio

for FI to enter in insurance sector.

The NPA should not be more than 5% of the total out standing and advances

of the institutions.

Private Players in the Market

Following the entry of new private players back in the early 21st century, virtually

every man, woman and child in the country know the importance of insurance and

total risk protection. The new entrants into the Indian insurance sector are able to

press upon the eminent need for individuals to buy insurance. Facilitating the

customer has been their motto and this has been reflected in the product features,

service and means of collecting premiums. Walk into any super market, Bank post

27


28/58

office, ATM, Internet Kiosk, or departmental store today, insurance is the highest

selling product.

The Private players are confident that they will be able to make inroads into this

segment on the basis of better services, returns and tailor made insurance schemes.

The result is newer products in the form of better services for customers. In course

of time, plain vanilla policies offering the standard coverage will give way to a

varied range of polices, tailored to suit different needs and situations. After all, it is

the servicing of a product that distinguishes an insurance company. New players

are offering flexibility to the customers in terms of the choice of features instead of

the standard policies.

Thus the life insurance and General insurance monopoly enjoyed by the public

sector is being challenged now.

A joint venture between ICICI, one of Indias leading financial institutions

and PRUDENTIAL, one of the worlds largest life insurance companies.

Today ICICI Prudential is the leading private life insurance company in

India.

Initial Capital base:Rs.150 crores.

ICICI Prudential insures one life every 3 minutes!

28


29/58

PARENTAGE:

ICICI Bank

About ICICI,ICICI Limited, one of India's largest financial services provider was formed

in 1955 and is enjoying a one-year more experience than LIC. At the initiative of

the World Bank, the Government of India and representatives of Indian industry,

with the objective of creating a development financial institution. Over the last four

decades, ICICI has stretched the borders of its business to evolve from a traditional

project finance institution to a diversified financial services group providing a

broad spectrum of financial solutions to corporate and retail customers. ICICI today

operates as a virtual universal bank with a network of 27 subsidiaries. At year-end

fiscal 2000, ICICI had assets of about Rs. 650 billion (Rs. 781 billion as per US

GAAP) and stockholders equity of Rs. 93.3 billion (Rs. 70.8 billion as per US

GAAP). The net profit for fiscal 2000 was Rs. 12.06 billion (Rs. 9.33 billion as per

US GAAP).

ICICI Bank isone ofIndias largest financial service providers. It has

evolved from being a traditional development finance institution to a

financial conglomerate providing a spectrum of financial solution to

corporate as well as retail clients.

ICICI is Indian Origin Company with the strong brand image of 47

years.

ICICI Bank is having an asset of Rs. 1,00,000 crores +

Better than sovereign rating (Moodys)

First Indian company to be listed on New York Stock Exchange.

Highest rating of AAA by CRISIL.

29


30/58

CREDIT RATINGS

Agency India ICICI Limited

Moody's FC - Long Term Ba2 Ba1

S & PFC - Long Term BB BB

FC - Short Term BB B

JCRA FC - Long Term(Senior) BBB BBB

R & I Inc.FC - Long Term BBB BBB-

CARERupee - Long Term Care - AAACare - AAA

Rupee - Short Term PR1+

ICRARupee - Long Term LAAA LAAA

Rupee - Short Term A1+

Moody's: Moody's Investor ServicesS & P: Standard & PoorsJCRA: Japanese Credit Rating AgencyR & I Inc.: Rating and InvestmentCARE: Credit Analysis & Research Limited, IndiaICRA: Investment Information & Credit Rating Agency Limited, IndiaFC : Foreign Currency

Prudential

About Prudential,

Founded in London in 1848, Prudential plc is one of the largest life

insurance and retail mutual funds company in the United Kingdom

with over US$ 270 billion in funds under management worldwide.

With a network of over 26,000 agents and staff, Prudential has life

insurance and mutual fund operations/offices in 11 markets in Asia

(not including India).

Prudential has started operations in 1848 in UK.

Prudential is one of the largest life insurance and mutual funds

company in the world.

It has a presence in over 15 countries and caters to the financial needs

of over 10 million customers.

30


31/58

Investor deposit base in UK alone exceeds Rs. 53,200 crores.

It has solid reputation build over 150 years.

Already established as one of the biggest mutual fund companies in

India (Prudential ICICI AMC)

INDIAN PLANS: The Company has launched six schemes till date. It has a

presence in 7 cities. The company has sold 6387 schemes with a total sum

assured of over Rs.100 crores.

USP: The Company is backed by the string credentials of parent and enjoys

strong brand equity. Both these factors have worked to their advantage. Its

experience as professional fund manager has proved to be very beneficial.

Service standard and stability of returns work as U.S.P. for company.

PUNCH LINE: We cover you at every step in life

MARKETING STRATEGIES

ICICI Prudential - Internal Marketing

To achieve customer satisfaction, the ICICI Prudential striving at the following:

1) Training employees effectively who come in direct contact with the

customers.

2) Motivating the employees.

3) Creating effective support systems, training and motivating the

employees who man these support systems.4) Ensuring that the service providers and support providers work like

an ICICI Pru team.

THE 4 Rs

31


32/58

Applying market dynamics to insurance and pension plans, what the

marketer and the marketing apparatus can possibly do are enumerated

below.

Adding new customers and penetrating new markets is a sine queue known

for marketing organization. The era of marketing is of providing solutions to

the customers. Making his life simpler delighting and surprising is to the

level of the customers expectations. A satisfied customer is the ultimate

goal of ICICI Pru.

A careful examination of the market situation would help us in

getting a better understanding of the process.

1) Retention of customers.

2) Getting Repeat business from customers.

3) More Referral from existing customers.

4) Creating Relationship with the customers.

32


33/58

Joint Venture: It is a joint venture between Kotak Mahindra Group and

Old Mutual Plc, London.

Initial Capital base: Rs. 125 crores

About Partners:

Kotak Mahindra Group is one of the healthiest finance companies in the

country. It has net worth of Rs. 500 crores and has offices spread across 40

cities.

Old Mutual Plc is an international finance service group based in London

with expanding operations in life insurance, asset management, banking and

general insurance. It has an experience of 156 years in the life insurance

business.

33


34/58

Indian Plans: OM Kotak Mahindra life insurance has operations in seven

cities and has set a target of 13 cities by the end of this year. The company

has targeted sales of approximately 30,000 policies in the first year of

operations.

AD Line: Jeene ki Azadi

Joint Venture: It is a joint venture between Housing Development

Finance Company and UK based standard life. Initial Capital base: Rs. 168 crores

About Partners:

HDFC is Indias largest mortgage finance company. Besides

home loans, it offers investment and saving opportunities for households.

Head office in Mumbai, the company has offices in 98 locations across

India and serves customers in over 2400 cities and towns.

Standard Life is Europes largest mutual life company. It is one

of the few insurance companies in the world to be awarded AAA rating

by two leading credit rating institutions, Moodys and Standard and

Poors.

Indian Plans: Currently company has three basic products available in

the 11 cities. It hopes to launch more products and reach out to more

cities by the end of the year.

34


35/58

AD Line: Making life easier for you

Joint Venture: It is joint venture between Aditya Vikram Birla Group and

Sun life Financial of Canada. Initial Capital base: Rs. 120crores

About Partners:

Aditya Vikram Birla Group, headed by Kumarmangalam Birla, is

one of the largest Indian conglomerates with turnover of Rs. 26,000 crores.

With business interests ranging from Viscose filament yarn to aluminum,

cement and textiles, the group has an asset based of over Rs. 18000 crores.

Sun life financial group provides financial solutions in the area of

life and health insurance, pension funds, investment, brokerage and banking.

It insurance business has been rated AA+ by Standard and Poor for financial

strength and AAA1 for claims paying ability by Fitch.

Indian Plans: TheCompany has launched three schemes till date. It has a

presence in five cities and sells through its dedicated individual agents

and corporate agents. The company has sold 3000 schemes to individuals

with premiums totaling Rs. 3 crores.

U.S.P. The company is bringing in customer-orientation by maintaining

individual customer accounts. It is focusing on technology to serve

customers better. It is trying to switch insurance selling from tax based to

a need-based one. The company also charges lesser premium for female

lives in recognition of better mortality rate among women.

35


36/58

AD Line: Your dreams our commitment

Joint venture: It is JV between Vyasa Bank and ING group and GMR

group

Initial Capital: Rs. 125 crores

About partners:

Vyasa bankis south India based bank. With 481 retail outlets, it has

string presence in Karnataka, Kerala, A.P. and Tamil Nadu

ING group is the largest life and health insurance company in the

world. It offers wide range of financial services including insurance, banking

and asset management.

GMRhas a track record of over decades with interest in areas like powergeneration, infrastructure etc.

Indian Plans: It has around 260 advisors and intends to strengthen it to

1500 advisors.

36


37/58

Tata AIG life insurance Limited

Joint Venture: It is a joint venture between Tata group and American

International Group inc.

Initial Capital: Rs.125 crores.

About Partners:

Tata Group is most respected industrial conglomerate in India

with revenue of more than $ 8 billion. It has been market leader in steel,

commercial vehicles, electric power generation in the private sector and

computer software.

AIG is the leading US based international insurance and financial

service provider and the largest underwriter of commercial and industrial

insurance in the US.

Indian Plans: Itplans to provide life and general insurance solution to

individual and corporate.

U.S.P. It considers its U.S.P. as high quality of service offered to

customers. It more emphasis on pull strategy by providing services

through call centers.

Ad line: With You Always

SBI life insurance

Joint venture: Itis a joint venture between SBI and Cardif of France.

Initial Capital: Rs. 125 crores

About partners:

37


38/58

SBI is indias largest public sector band having the branch network of

14000.

Cardif is a wholly owned subsidiary of BNP paribas, one of the top 10

bands in the world and third largest in Europe.

Max New York Life

Joint Venture: Max New York life is a joint venture between Max India

Limited and New York life, US.

Initial Capital base: Rs.200 crores

About Partners:

Max India is a leading Indian company with diversified business

interests. It is primarily into the business of pharmaceuticals, metallised

plastic films and BOPP films for the flexible packaging industry.

New York Life is a fortune 100company and claims to be one of

the largest provider of life insurance coverage in America. The company

has over 155 years of experience.

Indian Plans: Max New York Life has launched its products in nine

cities across India. The company markets its five products through life

insurance agents and advisor.

U.S.P. The company aims to provide comprehensive risk protection in a

country where a sizable portion of the population of the country is either

uninsured or under-insured. It has policy, which offer customers a choice

between products that are oriented towards risk protection or savings. It

has vision to be the most admired life insurance company in India.

Ad line: Your Partner for Life

What privatization will bring with it?

38


39/58

The insurance industry is a key component of the financial infrastructure of

any economy. Opening up of insurance sector is an attempt to make the insurance

sector more dynamic. Post opening of the insurance sector in India, competition

will cause the market to grow beyond the current rates, creating a bigger pie and

will offer additional consumer choices through the introduction of new products,

services and price options. While competition in insurance is one aspect of the post

liberalization scenario, the other aspect would be the public and private sector

companies working together to ensure the healthy growth and development of the

sector.

Let us glance through what impacts privatization will have on Indian Insurance

Sector.

Market penetration through increasing awareness

LIC was having about 80 products to offer but investors knew about only a

handful. Companies offering general insurance products like medical,

housing, motor and industrial insurance were having more than 150 products to

sell but the awareness was even less than LIC products. Till now public

insurance had failed to educate the customers about the products, and agents

had little incentives to market them aggressively as they had very low

commission.

But now, sector has been opened up for private and foreign players. These

deep pocket players have extensively launched advertisement and promotional

campaign. It has resulted into hype and awareness about insurance products

and ultimately turned into increase sales of insurance policies.

Rural Market Penetration

A large segment of rural incomes are not reflected in the growth of insurance

premium, as there is no marketing of products to this segment. After

liberalization of insurance sector, it has been made mandatory that new entrants

39


40/58

in life insurance should be required to transact a certain minimum business in

rural areas. It will be ensured that such insurers do not avoid writing small

policies. Similarly, new general insurers should also write a certain minimum

rural non-traditional business. It will help to cover rural untapped market.

Distribution channels

Insurance companies will also get savvy in distribution. Enhanced marketing

thus will be crucial. Already many companies have full operation capabilities

over a 12-hour period. Facilities such as customer service center are already into

24-hour mode. It has helped distribution network became efficient.

Premium as a % of GDP will increase.

India has traditionally been a highly savings oriented country - often described

as being on par with the thrifty Japan. If the insurance market is properly tapped,

it is possible to raise life premium as a percentage of GDP from the existing

level of 1.29% to 10% - on par with Japan. This will bring an eight-fold increase

in the existing volume of life premium.

Premium as a % of GDS will increase.

Life premium as a percentage of GDS (gross domestic saving) is very low in

India as the following comparative data adequately demonstrates.

Country Life Premium as % of GDS in 1994UK 52.50

S. Africa 51.55

Japan 32.46

France 26.20

US 25.20

S. Korea 21.92

India 5.95

40


41/58

0

10

20

30

40

50

60

% of GDS in 1994

UK

South Africa

Japan

France

US

South Korea

India

It is possible to raise life premium as a percentage of GDS in India from

the existing levels. Entry of players will be able to effectively exploit the

potential by creating and marketing attractive insurance products with high rates

of return on premium investments. This would help deepen the market as the

same family could opt for different schemes catering to different needs.

Fetch Foreign Investment

As the Government has opened up doors for foreign players in Insurance

sector, insurers worldwide are spreading wings to have a bite in the vast and

untapped Indian Insurance pie. Foreign investors through joint venture with

Indian partners can invest up to 26% of total paid up capital. It had givenpositive signals to foreign investors and huge funds can be garnered after

liberalization of insurance sector. It will help the country to accomplish it dire

need of long-term funds for investment in infrastructure, information

technology and other sectors,

Development of Innovative and Need based products.

41


42/58

The customer wants insurance products with need-based features. Apart

from the plain vanilla policies, new entrants will also offer consumers a choice

of products with low premiums. The customers will get insurance products that

suit their specific needs. Insurance companies will introduce more term policies.

These policies provide protection for a specified time period, and do not offer

any returns. These will cover simple requirements of the insurance for the

investor. In effect term policies translates into low premium outgo, which frees

the capital for investment into other investment vehicles, which offer better

returns.

Apart from term policies, Endowment policies will change too. The

insurer, in line with his precise risk appetite, will be able to invest in a variety ofindices or sector specific where in the returns would be higher. Instead of

current fixed returns schemes insurance companies will issue unit linked

schemes, indexed funds, or even real estate funds. Another opportunity is

offered by a pension contract. Here the options offered could be indexed

annuity, immediate annuity or a deferred annuity. The scope of new products is

also immense in the non-life segment. Companies would offer products for

niche segment, like disability products, workers compensation insurance,

renter's coverage and employment practices liability insurance.

Competition will bring quality of service

In the insurance sector, entry of technology and high competition imposed by

private players has given a different dimension to industry. LIC and GIC are

going to face a tough competition.All this will eventually increase the comfort

levels of the consumer vis--vis insurance. Long relegated to being sellersmarket the insurance sector will be driven by buyers and the greater flexibility

and options that lie in store will encourage the investor to plan for the rainy

days.

Reliable customer services through trained life advisors

42


43/58

Prior to liberalization, Life and General Insurance agents were not required to

possess minimum qualification in terms of insurance knowledge. Now it has

been made mandatory to take insurance training of at least 100 hours to be an

agent. Thus these trained agents would help and advise the customers to provide

them suitable option to their requirement and need.

To summarize we can say that entry of private players are likely to bring

following changes.

Insurance products to suit specific needs of customers will be available.

Customization of products will be more common.

Commoditiser insurance products will be just a phone call away.

Computerizations will reduce administrative expenses.

Distribution channels will become more effective.

Premium will be market driven and will be based on records of past

claim.

Settlement of claim will be accurate and faster.

Premiums will deep and service standard will improve.

Proactive asset fund management will emerge. This should result in better

yield for the private players.

It will also bring updated technology, efficient management and a healthy

business culture.

43


44/58

Chapter 5:

Nationalized Player Vs

Private playersComparative Analysis

Tough Times never last but tough people do.

Comparative Analysis: Private Players Vs Nationalized Players

This project cannot serve its purpose without a comparison between the long

existing public players and the newly entered private players. We need to compare

them in terms of what they have, how they are going to deliver it. Thus we have

compared nationalized players with new entrant on following ground.

Product Comparison

Capital Investment

Branch Network

Distribution Network

Number of policies sold and premium collected.

Product Comparison:

From the inception to its liberalization and entrance of new players, there have been

winds of change in the various products of insurance sector.

Challenges Faced by Nationalized Player:

44


45/58

The stage has been set for a major transformation in Indian insurance sector with

the entry of private players in the market. Monopoly enjoyed by nationalized

players is being challenged. Whether two giants accept or do not accept, entry of

private players has threatened their position. We have tried to work out challenges

faced by public players, which has put raised question of their performance in

changing situation.

Challenges Imposed from private insurance companies

Synergy of Experience in Joint Venture:

Indian partner and foreign partner of each joint venture is leader in their respective

field. If we look at ICICI prudential, it is a joint venture between ICICI and Prudential

Plc. ICICI is amongst Indias largest financial institution and has been providing all

services under one roof. While Prudential Plc. is also one of the largest financial

services provider of insurance, banking and other financial services. It has strong

presence in at least 15 countries.

Presence In Indian Financial System:

In most of the cases, the Indian Counter-party of the joint venture is engaged in

customer services and that too in financial sector. Hence, they are fully aware

off the Indian Financial System. Example of it could be SBI, Vyasa bank, Kotak

Mahindra, HDFC, and ICICI etc.

Distribution Network:

Each of private players has their own distribution channels and has strong hold

over it. Starting in 1806, over the years SBI has extended its branch network to

14000 across the India. It can capitalize its existing resources and distribution

network to penetrate the market further.

Trust of the People:

45


46/58

Being Market leader in respective field and having good financial image might

not create problem of gaining trust of people. Players like SBI, ICICI, Aditya

Birla group, Reliance have been in existence for quite long period. Not only

these but new generation organizations like Kotak, HDFC and Max India have

also been able to get trust and confidence of people.

Experience of operation in foreign Market:

In most of joint venture, foreign partners have presence in insurance sector,

thus venture will get benefit of international experience in financial and

insurance market of their oversees partners. Not only this, but latest Marketing,

information and Mechanical technology can be availed.

Synergy with the existing operations

Since, players are starting operations afresh, they still have an upper hand in

arranging their infrastructure in such a way that they can reduce fixed expenses

and can provide better services.

Apart firm this there are certain other challenges which could be described

as follows

Low Rate of Return resulting into unviable products

The LIC interest bearing schemes give interest of 9 to 10%. Today, where the

interest of even RBI bonds are in the range of 9%. Thus their investment is

bearing lower return than their interest payment resulting into negative spread.

These schemes have become unviable.

Agents Capabilities and Competence

Indian insurance companies are marketing their products in traditional way

through agents. Agent force is not qualified and equipped with latest

46


47/58

technology. Moreover marketing in the new environment shall be a war of

information and those will be successful, who has complete knowledge of the

products. So training and education of the agents shall be equally necessary as

recruitment of qualified agents

With these challenges in mind, we can look at SWOT of public insurance

companies

SWOT Analysis

Public players

Strengths

Established Organizational Network of Offices all over India and in all corners,

which shall save huge cost of creating infrastructure. LIC has more than 2000

branches where as general insurance companies have more than 4000

companies all over India.

Strong Financial Position. Total asset of LIC is Rs.160935.76 crores and a

consolidated total asset of GIC is Rs. 48294 mln.

Established Brand

Experience of 50 years of operating in Indian market.

Weaknesses

Low level of commitment towards customer services

Stringent Rules and Regulation

Low Flexibility in Products

47


48/58

Low yield on investment

Non-profitable underwriting

Opportunities

Increasing awareness has helped increase sales of LIC polices after privatization

Exploring New Distribution channel

Turn towards Professionalism

Diversification to other financial services like pension fund, retailing

Growing beyond geographical boundaries

Entering into Health Care Insurance Products

Threats

Opening up of insurance sector has lead to fierce competition

Service tax of 5% has made saving products of LIC unprofitable

Private Players

Strengths

Flexible products

Partners having experience in different markets of the world

Synergy with their existing operations

48


49/58

Expertise in the field of insurance

Professional management

Good Customer service

Weakness

Yet to build a brand name

Low capital base

Yet to build strong distribution network

Cannot tap rural market

Opportunity

Untapped market

Banks ready to tie up for as a readymade distribution network for a small fee.

Threat

Large distribution network of LIC

Decades of experience and brand name of LIC

service tax on investments

Chapter 6:

Our Experience andContribution duringSummer Training

49


50/58

Product Training and Selling skills training

Five days of Product training programme was held by ICICI

Prudential at C.G.Road center. Professional trainer of ICICI Prudential

provided training. The objective behind training was that We could

understand the products offering by ICICI Prudential and also develops

our selling skills. Which helped us in way of approaching people, way

of talking with the client, identifying clients needs and based on that

how much risk to be cover, what products should be shown to him, etc.

During these five days training we had done role-plays, small

presentations and other exercises.

Survey

Objective:

Objective behind the survey was Indian peoples Investment behavior.

Sample size was 100 people

Sample also includes the corporate employees and departmental heads.

Survey mainly covers the four Investment options,

1) Insurance

2) Mutual fund

3) Stock broking and Depository Services

4) Fix Deposits

50


51/58


52/58

We have undergone an exercise of My Market 100. The exercise was

about identifying the prospects. And it can be the group of people who are

ournatural market

Relatives

Friends

Neighbors

Colleagues

Existing client base

Direct Selling

After identifying My Market 100 we had gone for direct selling of ICICI

Prudential Insurance products.

Direct selling done through following steps.

(I) Prospecting and Qualifying (My Market 100)(II) Pre approach

(III) Approach

(IV) Presentation

(V) Handling of Objections

(VI) Closing

Prepared a comparison chart of Endowment policies between

leading Insurance companies

COMPARISSION OF ENDOWMENT POLICIES BETWEEN LEADING INSURANCECOMPANIES

ICICI PRU BIRLA SUNLIFEHDFC STANDARD TATA AIG LIC LIC

Save 'N' Birla sunlife Endowment Assure Endowment Jeevan

Protect Flexi save plan Assurance Golden with profit Mitra

Years Triple cover

52


53/58

Sum Assured (Rs) 100000 100000 100000 100000 100000 100000

Term (years) 25 25 25 25 25 25

Premium paying

Term (years) 25 25 25 25 25 25

Annual premium 3668 4320 4239 5568 4047 5453

Death BenefitMinimum cover 100000 100000 100000 100000 100000 100000

8th year of policy 142210 131341 142210 147746 162400 131341

16th year of policy 202237 193954 202237 257859 224600 428000

Maturity Benefit

Upon maturity 300543 222198 300543 308294 295000 300000

Interim benefits (Rs)Loan

available Loan available Loan available Loan available Loan available Loan available

Rate of return (%)

Pre-tax 8.2 5.2 7.3 5.7 7.5 5.7

Post-tax 9.7 6.7 8.7 7.2 8.9 7.1

Ratings

Premium 1 4 3 6 2 5

Death Benefits 4 5 4 2 3 1

Maturity Benefit 2 5 2 1 4 3

ROR 1 5 3 4 2 4

Total of ratings 8 19 12 13 11 13

Composite Rating 1 5 3 4 2 4

NOTE:

1) All the figures mentioned above are for a healthy, 35 year old male and are

indicative.

2) Composite ratings details:

Rating Explanation1 Very Good2 Good3 Average

4 Poor 5 Very Poor

Inferences

53


54/58

Comparison of the endowment policy offered by different leading insurance

companies yield the result that ICICI Prudential offers the policy of Save N

Protect with the highest value to the customers.

Value Addition made to the ICICI Prudential and Karvy

consultancies during summer training.

Generated a prospect list of around 135 people

Total calls made during the training are around 200

Taken an appointment of 90 prospect

Sold a policies amounting to Rs. 10,00,000

Few are still in pipeline

Chapter 7:

Conclusion

It is just the beginning

Over the years, insurance has acquired various names and definitions. This

social device provides financial compensation for misfortunes and securities to

masses. Over the years, insurance sector is growing by leaps and bounds. Globally,

its growing by approximately 4% every year, with Japan in the highest position.

54


55/58


56/58

3) Personnel care

4) Better service & grievance handling.

But the fear of security still looms large among the customer for the private

sectors. The private sector, though being new is becoming talk of the town &

very soon it may capture a sizeable segment to boast of. On the other hand the

nationalized companies, which still have a firm hold on the market can retain their

position if they try to learn from their past flaws.

Lastly, the insurance industry is a service sector, which contribute nearly

50% to our GDP, so it becomes mandatory for the companies (both nationalized &

private) to see that customers dont suffer at the end of the day & that their productbenefits their lives.

Bibliography

Newspapers & Magazine

Bima Nivesh 2 discontinued Business Standard

Insurance Service, Marketing of Financial Services

Insurance Indias Growth The Financial Express: Nov, 2003

Freny Patel, Old Shield, New Warriors, Economic Times,

Insurance Journal, AMA Library

Websites

o www.indiainfoline.com

o www.google.com

o www.bimaonline.com

o www.lic-india.com

o www.dhan.com

o www.walletwatch.com

56
mailto:[email protected]:[email protected]://www.bimaonline.com/http://www.lic-india.com/http://www.dhan.com/http://www.walletwatch.com/mailto:[email protected]:[email protected]://www.bimaonline.com/http://www.lic-india.com/http://www.dhan.com/http://www.walletwatch.com/


57/58

o www.iciciprulife.com

MMACROACROANLYSISANLYSISOFOFIDIANIDIANINSURANCEINSURANCE

SECTORSECTOR

AANDNDMARKETINGMARKETINGOFOF ICICI PICICI PRUDENTIALRUDENTIAL

PRODUCTSPRODUCTS

With reference to karvy consultancies

A summer training project report submitted to fulfill the

award of MBA Degree

Submitted by

PRATIK J. SHAH Roll no 70.

BHAVESH C. PATEL Roll no 43.

VISHAL R. BAROT Roll no 05.

57
http://www.iciciprulife.com/http://www.iciciprulife.com/


58/58

PROJECT AT:

S.K.PATEL INSTITUTE

OF

MANAGEMENT & COMPUTER STUDIES

GHANDHINAGAR

Year: JUN 2004

Documents

summer project report.doc