A PROJECT
REPORT ON
“Customer satisfaction survey on insurance products of ICICI PRUDENTIAL” Submitted To: Ms. Poonam Chawla Project Guide
Submitted By: Sachin Singal (0641471706) BBA (GEN) 5A
Submitted In Partial Fulfilment of Bachelor of Business Administration for the Batch 2006-2009 Maharaja Agarsen Institute of Management Studies (Affiliated from Guru Gobind Singh Indraprastha University Kashmiri Gate, Delhi)
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CERTIFICATE TO WHOMSOEVER IT MAY CONCERN
This is to certify that Sachin Singal a student of Bachelor of Business Administration Programme (BBA), Maharaja Agrasen Institute of Management Studies, Sec-22, Rohini, New Delhi has successfully completed his project under my supervision. He made this project to my entire satisfaction and as per requirement of the course.
……... Ms. Poonam Chawla (PROJECT GUIDE)
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Acknowledgement
I express my sincere gratitude to the management of ICICI PRUDENTIAL COMPANY Pvt. Ltd, for providing me material to prepare my project on their esteem organization. I would like to thanks Dr. N.K Kakkar (Director) who has been a constant source of inspiration and my special thanks to Ms. Poonam Chawla (project guide from the institute) for her extensive guidance, cooperation and support. Finally, I wish to express my gratitude to all those who have in one way or other helped me in the successful completion of my project report. The Project was completed successfully with the valuable cooperation of company’s personnel.
SACHIN SINGAL
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TABLE OF CONTENTS Certificate from the Organization Certificate from the Institute Acknowledgement Executive Summary Chapter-1
Introduction
Page No
1.1 Customer Satisfaction
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1.2 Overview of the Industry
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1.3 Objectives of the study
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1.4 Profile of the Organisation
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Overview of ICICI PRUDENTIAL
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Vision & Values
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Promoters
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Fact Sheet
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Sales Distribution
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Management Profile
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- Brand Values
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- Achievements
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Products
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Stages in Policy issuance
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1.5 Comparative Study
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1.6 SWOT Analysis
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Chapter-2
Research Methodology
2.1 Statement of the Problem
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2.2 Research Design
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2.3 Methodology
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2.4 Sampling Techniques used
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2.5 Selection of Sample Size
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2.6 Data Collection
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2.7 Statistical Tools Used
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2.8 Limitations of the Study
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Chapter-3
Data Analysis and Findings
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Chapter-4
Conclusion and Suggestions
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Annexure
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Questionnaire Bibliography
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EXECUTIVE SUMMARY This project is based on the Customer Satisfaction survey of the ICICI PRUDENTIAL insurance Company ltd. It is done to find out whether the customers are satisfied with the Benefits they get with their respective policies or not Further, in this Project Chapter 1 includes the introduction of the company wherein I told about the Objectives of the study and profile of the ICICI Prudential. Chapter 2 includes the Research Methodology wherein I have discussed the Research Design and Various sources of the Data Collection. Chapter 3 includes the Data analysis and Findings wherein I have analyze the data collected from the Questionnaire. Chapter 4 represents the conclusion and the suggestions based on the customer satisfaction survey.
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INTRODUCTION
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Customer Satisfaction What is customer satisfaction? Customer satisfaction refers to how satisfied customers are with the products or services they receive from a particular agency. The level of satisfaction is determined not only by the quality and type of customer experience but also by the customer’s expectations. A customer may be defined as someone who: • has a direct relationship with, or is directly affected by your agency and • receives or relies on one or more of your agency’s services or products. Customers in human services are commonly referred to as service users, consumers or clients. They can be individuals or groups. An organisation with a strong customer service culture places the customer at the centre of service design, planning and service delivery. Customer centric organisations will: • • • •
determine the customers expectations when they plan listen to the customer as they design focus on the delivery of customer service activities Value customer feedback when they measure performance.
Why is it important? There are a number of reasons why customer satisfaction is important in Insurance Sector: • Meeting the needs of the customer is the underlying rationale for the existence of community service organizations. Customers have a right to quality services that deliver outcomes. • Organizations that strive beyond minimum standards and exceed the expectations of their customers are likely to be leaders in their sector. • Customers are recognized as key partners in shaping service development and assessing quality of service delivery. 8
The process for measuring customer satisfaction and obtaining feedback on organizational performance are valuable tools for quality and continuous service improvement.
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Overview of the Industry The insurance industry provides protection against financial losses resulting from a variety of perils. By purchasing insurance policies, individuals and businesses can receive reimbursement for losses due to car accidents, theft of property, and fire and storm damage; medical expenses; and loss of income due to disability or death. The insurance industry consists mainly of insurance carriers (or insurers) and insurance agencies and brokerages. In general, insurance carriers are large companies that provide insurance and assume the risks covered by the policy. Insurance agencies and brokerages sell insurance policies for the carriers. While some of these establishments are directly affiliated with a particular insurer and sell only that carrier’s policies, many are independent and are thus free to market the policies of a variety of insurance carriers. In addition to supporting these two primary components, the insurance industry includes establishments that provide other insurance-related services, such as claims adjustment or third-party administration of insurance and pension funds. Insurance carriers assume the risk associated with annuities and insurance policies and assign premiums to be paid for the policies. In the policy, the carrier states the length and conditions of the agreement, exactly which losses it will provide compensation for, and how much will be awarded. The premium charged for the policy is based primarily on the amount to be awarded in case of loss, as well as the likelihood that the insurance carrier will actually have to pay. In order to be able to compensate policyholders for their losses, insurance companies invest the money they receive in premiums, building up a portfolio of financial assets and income-producing real estate which can then be used to pay off any future claims that may be brought. There are two basic types of insurance carriers: direct and reinsurance. Direct carriers are responsible for the initial underwriting of insurance policies and annuities, while reinsurance carriers assume all or part of the risk associated with the existing insurance policies originally underwritten by other insurance carriers. Direct insurance carriers offer a variety of insurance policies. Life insurance provides financial protection to beneficiaries—usually spouses and dependent children—upon the death of the insured. Disability insurance supplies a preset income to an insured person who is unable to work due to 10
injury or illness, and health insurance pays the expenses resulting from accidents and illness. An annuity (a contract or a group of contracts that furnishes a periodic income at regular intervals for a specified period) provides a steady income during retirement for the remainder of one’s life. Property-casualty insurance protects against loss or damage to property resulting from hazards such as fire, theft, and natural disasters. Liability insurance shields policyholders from financial responsibility for injuries to others or for damage to other people’s property. Most policies, such as automobile and homeowner’s insurance, combine both property-casualty and liability coverage. Companies that underwrite this kind of insurance are called property-casualty carriers. Some insurance policies cover groups of people, ranging from a few to thousands of individuals. These policies usually are issued to employers for the benefit of their employees or to unions, professional associations, or other membership organizations for the benefit of their members. Among the most common policies of this nature are group life and health plans. Insurance carriers also underwrite a variety of specialized types of insurance, such as real-estate title insurance, employee surety and fidelity bonding, and medical malpractice insurance. In addition to individual carrier-sponsored Internet sites, several “leadgenerating” sites have emerged. These sites allow potential customers to input information about their insurance policy needs. For a fee, the sites forward customer information to a number of insurance companies, which review the information and, if they decide to take on the policy, contact the customer with an offer. This practice gives consumers the freedom to accept the best rate. The insurance industry also includes a number of independent organizations that provide a wide array of insurance-related services to carriers and their clients. One such service is the processing of claims forms for medical practitioners. Other services include loss prevention and risk management. Also, insurance companies sometimes hire independent claims adjusters to investigate accidents and claims for property damage and to assign a dollar estimate to the claim.
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The Insurance Regulatory and Development Authority (IRDA) Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in Parliament in December 1999. The IRDA since its incorporation as a statutory body in April 2000 has fastidiously stuck to its schedule of framing regulations and registering the private sector insurance companies. The other decisions taken simultaneously to provide the supporting systems to the insurance sector and in particular the life insurance companies were the launch of the IRDA’s online service for issue and renewal of licenses to agents. The approval of institutions for imparting training to agents has also ensured that the insurance companies would have a trained workforce of insurance agents in place to sell their products, which are expected to be introduced by early next year. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. In the private sector 12 life insurance and 6 general insurance companies have been registered.
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OBJECTIVES OF THE STUDY The main objective of this study is to carry on brief study on “Customer satisfaction survey on insurance products of ICICI PRUDENTIAL” through this I am able to get the different Life Insurance Policies and their products. Other objectives of this project are as follows: • To identify the insurance needs of the Indian population with respect to their emotional, physical and financial conditions. • Comparative study of various insurance players in the market • To study the varied reasons of availing life insurance plans
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COMPANY PROFILE
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About ICICI BANK: ICICI Bank is India's second-largest bank with total assets of Rs. 3,997.95 billion (US$ 100 billion) at March 31, 2008 and profit after tax of Rs. 41.58 billion for the year ended March 31, 2008. ICICI Bank is second amongst all the companies listed on the Indian stock exchanges in terms of free float market capitalisation*. The Bank has a network of about 1,308 branches and 3,950 ATMs in India and presence in 18 countries. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries and affiliates in the areas of investment banking, life and nonlife insurance, venture capital and asset management. The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Centre and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand, Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany. ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE).
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ICICI Prudential Life Insurance Overview ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services companies-and Prudential plc - a leading international financial services group headquartered in the United Kingdom. Total capital infusion stands at Rs. 42.72 billion, with ICICI Bank holding a stake of 74% and Prudential plc holding 26%. We began our operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). Today, our nationwide team comprises of over 2000 branches (inclusive of 1,095 microoffices), over 261,000 advisors; and 24 bancassurance partners. ICICI Prudential is the first life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. For three years in a row, ICICI Prudential has been voted as India's Most Trusted Private Life Insurer, by The Economic Times - AC Nielsen ORG Marg survey of 'Most Trusted Brands'. As we grow our distribution, product range and customer base, we continue to tirelessly uphold our commitment to deliver worldclass financial solutions to customers all over India.
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The ICICI Prudential Edge
The ICICI Prudential edge comes from our commitment to our customers, in all that we do - be it product development, distribution, the sales process or servicing. Here's a peek into what makes us leaders.
1. Our products have been developed after a clear and thorough understanding of customers' needs. It is this research that helps us develop Education plans that offer the ideal way to truly guarantee your child's education, Retirement solutions that are a hedge against inflation and yet promise a fixed income after you retire, or Health insurance that arms you with the funds you might need to recover from a dreaded disease. 2. Having the right products is the first step, but it's equally important to ensure that our customers can access them easily and quickly. To this end, ICICI Prudential has an advisor base across the length and breadth of the country, and also partners with leading banks, corporate agents and brokers to distribute our products . 3. Robust risk management and underwriting practices form the core of our business. With clear guidelines in place, we ensure equitable costing of risks, and thereby ensure a smooth and hassle-free claims process. 4. Entrusted with helping our customers meet their long-term goals, we adopt an investment philosophy that aims to achieve risk adjusted returns over the long-term. 5. Last but definitely not the least, our 28,000 plus strong team is given the opportunity to learn and grow, every day in a multitude of ways. We believe this keeps them engaged and enthusiastic, so that they can deliver on our promise to cover you, at every step in life.
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Vision & Values Our vision:To be the dominant Life, Health and Pensions player built on trust by worldclass people and service. This we hope to achieve by: • Understanding the needs of customers and offering them superior products and service • Leveraging technology to service customers quickly, efficiently and conveniently • Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders • Providing an enabling environment to foster growth and learning for our employees And above all, building transparency in all our dealings The success of the company will be founded in its unflinching commitment to 5 core values -- Integrity, Customer First, Boundaryless, Ownership and Passion. Each of the values describe what the company stands for, the qualities of our people and the way we work. We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector. Given the quality of our parentage and the commitment of our team, there are no limits to our growth. Our values:-
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Every member of the ICICI Prudential team is committed to 5 core values: Integrity, Customer First, Boundaryless, Ownership, and Passion. These values shine forth in all we do, and have become the keystones of our success.
Promoters ICICI BANK
ICICI Bank (NYSE:IBN) is India's second largest bank and largest private sector bank with over 50 years of financial experience and with assets of Rs. 1812.27 billion as on 30th June, 2005. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, life and nonlife insurance, venture capital and asset management. ICICI Bank is a leading player in the retail banking market and has over 13 million retail customer accounts. The Bank has a network of over 570 branches and extension counters, and 2,000 ATMs. Prudential Plc Established in London in 1848, Prudential plc, through its businesses in the UK and Europe, the US and Asia, provides retail financial services products and services to more than 16 million customers, policyholders and unit holders worldwide. As of June 30, 2004, the company had over US$300 billion in funds under management. Prudential has brought to market an integrated range of financial services products that now includes life assurance, pensions, mutual funds, banking, investment management and general insurance. In Asia, Prudential is the leading European life insurance company with a vast network of 24 life and mutual fund operations in
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twelve countries - China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.
Fact Sheet The Company ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank, a premier financial powerhouse, and Prudential plc, a leading international financial services group headquartered in the United Kingdom. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential Life's capital stands at Rs. 42.72 billion (as of June 30, 2008) with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the quarter ended June 30, 2008, the company garnered Retail Weighted New Business Premium of Rs. 1,174 crores as against Rs 810 crores for the quarter ended June 30, 2007, thereby posting a growth of 45% and has underwritten over 6 lakh policies over this period. The company has assets held over Rs. 30,600 crore as on August 31, 2008. ICICI Prudential Life is also the only private life insurer in India to receive a National Insurer Financial Strength rating of AAA (Ind) from Fitch ratings. The AAA (Ind) rating is the highest rating, and is a clear assurance of ICICI Prudential's ability to meet its obligations to customers at the time of maturity or claims. For the past seven years, ICICI Prudential Life has retained its leadership position in the life insurance industry with a wide range of flexible products that meet the needs of the Indian customer at every step in life.
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Distribution ICICI Prudential Life has one of the largest distribution networks amongst private life insurers in India. It has a strong presence across India with over 2000 branches (including 1,095 micro-offices) and an advisor base of over 261,000 (as on August 31, 2008). The company has 24 banc assurance partners having tie-ups with ICICI Bank, Bank of India, South Indian Bank, Shamrao Vitthal Co-Op Bank, Jalgaon Peoples Co-op Bank, Ernakulam District Co-op Bank, Idukki District Co-op Bank, Ratnagiri Sindhudurg Gramin Bank, Solapur Gramin Bank, Wainganga Kshetriya Gramin Bank, Aryawart Gramin Bank, Jharkhand Gramin Bank, Narmada Malwa Gramin Bank, Baitarani Gramya Bank, Ratnagiri District Central Co-op Bank, Seva Vikas Co-op Bank, Sangli Urban Co-Operative Bank, Baramati Co-operative Bank, Ballia Kshetriya Co-Operative Bank, The Haryana State Co-Operative Bank, Renuka Nagrik Sahakari Bank, Amanath Co-Operative Bank, Arvind Sahakari Bank, Bhandara Urban Co Operative Bank
SALES DISTRIBUTION Tied Agency Tied Agency is the largest distribution channel of ICICI Prudential, comprising a large advisor force that targets various customer segments. The strength of tied agency lies in an aggressive strategy of expanding and procuring quality business. With focus on sales & people development, tied agency has emerged as a robust, predictable and sustainable business model. Banc assurance and Alliances ICICI Prudential was a pioneer in offering life insurance solutions through banks and alliances. Within a short span of two years, and with nearly a 21
large number of partners, B & A has emerged as a vital component of the company’s sales and distribution strategy, contributing to approximately one third of company’s total business. The business philosophy at B&A is to leverage distribution synergies with our partners and add value to its customers as well as the partners. Flexibility, adaptation and experimenting with new ideas are the hallmarks of this channel. About the Promoters ICICI Bank ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country, with consolidated total assets of $1 1 2.6 billion as of June 30 , 2008. ICICI Bank’s subsidiaries include India’s leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank’s presence currently spans 19 countries, including India. Established in London in 1848, Prudential plc, through its businesses in the UK, Europe, US, Asia and the Middle East, provides retail financial services products and services to more than 21 million customers, policyholder and unit holders and manages over £256 billion of funds worldwide (as of June 30, 2008). In Asia, Prudential is the leading Europe-based life insurer with life operations in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam. Prudential is one of the largest asset management companies in terms of overall assets sourced in Asia ex-japan, with £34.3 billion funds under management (as of June 30, 2008) and operations in ten markets including China, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and United Arab Emirates.
Management Profile Board of Directors The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad.
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Mr. K.V. Kamath, Chairman Ms. Chanda Kochhar, Director Mr. Barry Stowe, Director Mr. H.T. Phong, Director Prof. Marti G. Subrahmanyam, Director Mr. Mahesh Prasad Modi, Director Ms. Rama Bijapurkar, Director Mr. Keki Dadiseth, Director Ms. Shikha Sharma, Managing Director Mr. N.S. Kannan, Executive Director Mr. Bhargav Dasgupta, Executive Director Management Team The ICICI Prudential Life Insurance Company Limited Management team comprises reputed people from the finance industry both from India and abroad. Ms. Shikha Sharma, Managing Director & CEO Mr. N. S. Kannan, Executive Director Mr. Bhargav Dasgupta, Executive Director Ms. Anita Pai, Executive Vice President – Customer Service & Technology Dr. Avijit Chatterjee, Appointed Actuary
Brand Values Market Research reveals that the values people associate with ICICI Prudential are, indeed, those that the company hopes to project: lifelong protection and value for money. The core value is protecting your loved 23
ones, throughout life’s ups and downs. It is a powerful proposition; one, which ICICI Prudential, is taking into the market place.
Achievements Beginning operations in December 2000, ICICI Prudential’s success has been meteoric, becoming the number one private life insurer within months of launch. Today, it has one of the largest distribution networks amongst private life insurers in India, with branches in 54 cities. The total number of policies issued stands at more than 780,000 with a total sum assured in excess of Rs.160 billion. ICICI Prudential closed the financial year ended march 31, 2004 with a total received premium income of Rs. 9.9 billion; up 135% last years total premium income of Rs.4.20 billion. New business premium income shows a 106% growth at Rs. 7.5 billion, driven mainly by the company’s range of unique unit-linked policies and pension plans. The company’s retail market share amongst private companies stood at 36%, making it clear leader in the segment. To add to its achievements, in the year 2003/04 it was adjudged Most Trusted Private Life Insurer (Economic Times ‘Most Trusted Brand Survey’ by ACNeilsen ORG-MARG). It was also conferred the ‘Outlook Money-Best Life Insurer’ award for the second year running. The company is also proud to have won Silver at EFFIES 2003 for its ‘Retire from work, not life’ campaign. Notably, ICICI Prudential was also short-listed to the final round for its ‘Sindoor campaign in EFFIES 2002. In Keeping with its belief that a happy customer is the best endorsement, ICICI Prudential has embraced the ‘SIX SIGMA’ approach to quality, an exercise that begins and ends with the customer from capturing his voice to measuring and responding to his experiences. This initiative is currently helping the company improve processes, turnaround times and customer satisfaction levels. Another Novel introduction is the ICICI Prudential Lifestyle Rewards Club, India’s first rewards programme for Life Advisors; it allows ICICI Prudential Advisors to redeem points for items ranging from kitchenware to gold, white goods, and even international holidays. 24
PRODUCT/SERVICES PROFILE Insurance Solutions for Individuals ICICI Prudential Life Insurance offers a range of innovative, customercentric products that meet the needs of customers at every life stage. Its products can be enhanced with up to 4 riders, to create a customized solution for each policyholder.
Savings & Wealth Creation Solutions Save'n'Protect is a traditional endowment savings plan that offers life protection along with adequate returns. CashBak is an anticipated endowment policy ideal for meeting milestone expenses like a child's marriage, expenses for a child's higher education or purchase of an asset. It is available for terms of 15 and 20 years. LifeTime Gold is a unit-linked plan that offers customers the flexibility and control to customize the policy to meet the changing needs at different life stages. It offers 7 fund options - Preserver, Protector, Balancer, Flexi Balanced Multiplier, R.I.C.H and Flexi Growth. LifeStage RP is unit linked plan that provides you with an option of lifecycle-based portfolio strategy that continuously re-distributes your money across various asset classes based on your life stage. This will help you achieve the right Asset Allocation to meet your desired financial goals. LifeLink Super is a single premium unit linked insurance plan which combines life insurance cover with the opportunity to stay invested in the stock market.
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Premier Life Gold is a limited premium paying plan specially structured for long-term wealth creation. InvestShield Life New is a unit linked plan that provides premium guarantee on the invested premiums and ensures that the customer receives only the benefits of fund appreciation without any of the risks of depreciation. InvestShield Cashbak is a unit linked plan that provides premium guarantee on the invested premiums along with flexible liquidity options. LifeStage Assure a unit linked insurance plan that provide upto 450 % of first year premium guarantee on maturity, with the additional advantage of a lifecycle based portfolio strategy that allocates the investor’s money across various asset classes based on his life stage and risk appetite.
Protection Solutions LifeGuard is a protection plan, which offers life cover at low cost. It is available in 3 options - level term assurance, level term assurance with return of premium & single premium. HomeAssure is a mortgage reducing term assurance plan designed specifically to help customers cover their home loans in a simple and costeffective manner.
Education Solutions SmartKid New ULRP provides guaranteed educational benefits to a child along with life insurance cover for the parent who purchases the policy. The policy is designed to provide money at important milestones in the child's life. SmartKid plans are also available in traditional form.
Retirement Solutions ForeverLife is a traditional retirement product that offers guaranteed returns for the first 4 years and then declares bonuses annually.
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LifeTime Super Pension is a regular premium unit linked pension plan that helps one accumulate over the long term and offers 5 annuity options (life annuity, life annuity with return of purchase price, joint life last survivor annuity with return of purchase price, life annuity guaranteed for 5, 10 and 15 years & for life thereafter, joint life, last survivor annuity without return of purchase price) at the time of retirement. LifeStage Pension is a regular premium unit linked pension plan that provides you with a unique lifecycle-based strategy that continuously redistributes your money across various asset classes based on your life stage, eventually providing you with a customized retirement solution. LifeLink Super Pension is a single premium unit linked pension plan. Immediate Annuity is a single premium annuity product that guarantees income for life at the time of retirement. It offers the benefit of 5 payout options. PremierLife Pension is a unique and convenient retirement solution with a limited premium paying term of three or five years, to suit professionals and businessmen, especially those who require more flexibility and customization while planning their finances.
Health Solutions Health Assure Plus: Health Assure is a regular premium plan which provides long term cover against 6 critical illnesses by providing policyholder with financial assistance, irrespective of the actual medical expenses. Health Assure Plus offers the added advantage of an equivalent life insurance cover. Cancer Care: is a regular premium plan that pays cash benefit on the diagnosis as well as at different stages in the treatment of various cancer conditions. Cancer Care Plus: is a wellness plan that includes all the benefits of Cancer Care and also provides an additional benefit of free periodical cancer screenings.
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Diabetes Care: Diabetes Care is a unique critical illness product specially developed for individuals with Type 2 diabetes and pre-diabetes. It makes payments on diagnosis on any of 6 diabetes related critical illnesses, and also offers a coordinated care approach to managing the condition. Diabetes Care Plus also offers life cover. Diabetes Care Plus: is a unique insurance policy that provides an additional benefit of life cover for Type 2 diabetics and pre-diabetics Hospital Care: is a fixed benefit plan covering various stages of treatment hospitalisation, ICU, procedures & recuperating allowance. It covers a range of medical conditions (900 surgeries) and has a long term guaranteed coverage upto 20 years. Crisis Cover : is a 360-degree product that will provide long-term coverage against 35 critical illnesses, total and permanent disability, and death. MediAssure is a health insurance policy that provides assured insurability till age 75 years, assured coverage for accepted pre-existing illnesses after 2 years and an assured price for 3 years.
Group Insurance Solutions ICICI Prudential Life also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees. • Group Gratuity Plan: ICICI Prudential Life's group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner and also avail of tax benefits as applicable to approved gratuity funds. • Group Superannuation Plan: ICICI Prudential Life offers a flexible market linked scheme that provides substantial benefits to both employers and employees. Both defined contribution (DC) and defined benefit (DB) schemes are offered to optimise returns for members of the trust and rationalise cost. Members have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of retirement. • Group Immediate Annuities: ICICI Prudential Life realises the importance of prudent retirement planning. With this in mind, we have 28
developed a suite of annuity products that not only give you an income for life but also provide you options to match your needs. In addition to the annuities offered to existing superannuation customers, we offer immediate annuities to superannuation funds not managed by us. • Group Term Plan: ICICI Prudential Life's flexible group term solution helps provide an affordable cover to members of a group. The cover could be uniform or based on designation/rank or a multiple of salary. The benefit under the policy is paid to the beneficiary nominated by the member on his/her death. Flexible Rider Options ICICI Prudential Life offers flexible riders, which can be added to the basic policy at a marginal cost, depending on the specific needs of the customer. Accident & disability benefit: If death occurs as the result of an accident during the term of the policy, the beneficiary receives an additional amount equal to the rider sum assured under the policy. If an accident results in total and permanent disability, 10% of rider sum assured will be paid each year, from the end of the 1st year after the disability date for the remainder of the base policy term or 10 years, whichever is lesser. If the death occurs while travelling in an authorized mass transport vehicle, the beneficiary will be entitled to twice the sum assured as additional benefit. Critical Illness Benefit: protects the insured against financial loss in the event of 9 specified critical illnesses. Benefits are payable to the insured for medical expenses prior to death. Waiver of Premium: In case of total and permanent disability due to an accident, the future premiums continue to be paid by the company till the time of maturity. This rider is available with SmartKid, LifeTime Plus, LifeTime Super and LifeTime Super Pension. Income benefit rider: In case of death of the life assured during the term of the policy, 10% of the sum assured is paid annually to the nominee on each policy anniversary till the maturity of the rider.
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Stages in Policy Issuance 1) Proposal A Proposal Stage is the First stage before the policy is issued at COPS. At this stage, the application form is received by COPS, but it is pending for issuance due to further clarifications required from the customer. 2) Login A proposal which is complete i.e., duly filled with all necessary documents attached to it & accepted by the Branch ops, is called a Login 3) Reject An Application gets rejected at the Branch Ops level due to necessary details not filled in the form or necessary documents not submitted is a Reject. It is then sent back to the Advisor for completion. 4) Issuance Issuance means a policy that is issued to the Customer by Central Ops. 5) Decline Status When a customer refuses to take a policy post login but before Issuance is called a Decline
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6) Cancellation When the cheque given by the customer bounces, it amounts to cancellation of the policy. 7) Lapse A policy for which the Customer fails to pay subsequent premiums is a Lapsed Policy. 8) Free look Post issuance of the policy, the policyholder has the option to turn down the policy within 15 days from the date of issuance. This period of 15 days is called Free look Period. 9) Surrender: When a customer wants to discontinue with the policy.
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COMPARATIVE STUDY
1) LIFE TIME VS LIC BIMA PLUS ON THE BASIS OF AGE: LIFE TIME0-60YEARS BIMA PLUS12-55 YEARS
ON THE BASIS OF TERM: LIFE TIMEMinimum premium payment term of three years. BIMA PLUS10 YEARS
ON THE BASIS OF SUM ASSURED: LIFE TIMEChoose your sum assured; subject to a minimum sum assure of Rs 1 lakh. BIMA PLUSMaximum limit up to Rs 12 lakh.
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ON THE BASIS OF SURVIVAL BENEFIT: LIFE TIMEValue of unit three years onward. BIMA PLUSBid value of the funds units along with maturity bonus at 5% of sum assured.
ON THE BASIS OF DEATH BENEFIT: LIFE TIMEHigher of sum assured of value of units. BIMA PLUSDeath during the first six month-30% of SA+value of units, next six months-60% of SA+value of units. Death after first year-SA+value of units.
ON THE BASIS OF WITHDRAWAL BENBEFIT: LIFE TIMEPartial or complete withdrawal is available from three years onwards. BIMA PLUSPremature withdrawal allowed after one year.
ON THE BASIS OF CONTRIBUTION: LIFE TIMEMinimum Rs 18000 per annum. BIMA PLUSNot specified.
ON THE BASIS OF INVESTMENT OPTION: LIFE TIMEMaximiser, balancer, protector and preserver. BIMA PLUS33
Balanced, secured and risk.
2)LIFE TIME VS MAX NEW YORK LIFE MAKER
ON THE BASIS OF AGE: LIFE TIME0-60 YEARS. LIFE MAKER12-60 YEARS.
ON THE BASIS OF TERM: LIFE TIMEMinimum premium payment term of three years. LIFE MAKER10-58 YEARS.
ON THE BASIS OF SUM ASSURED: LIFE TIMEChoose your sum assured subject to a minimum sum assured of Rs1lakh. LIFE MAKERChoice of 2 insurance covers.
ON THE BASIS OF SURVIVAL BENEFIT:
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LIFE TIMEValue of units three years onwards. LIFE MAKERValue of units.
ON THE BASIS OF WITHDRAWAL BENEFIT: LIFE TIMEComplete or partial withdrawals are available after three years. LIFE MAKERPartial withdrawals are available from the third year and complete withdrawals are available from first year onwards itself, subject to surrender penalties.
ON THE BASIS OF CONTRIBUTION: LIFE TIMEMinimum premium of Rs18000 per annum. LIFE MAKER-
Minimum premium of Rs15000 per annum.
ON THE BASIS OF INCREASE OR DECREASE OF DEATH BENEFIT: LIFE TIMEAvailable LIFE MAKERNot available
ON THE BASIS OF BONUS UNIT: LIFE TIME35
Available LIFE MAKERAvailable in the last policy year.
3)LIFE TIME VS HDFC LINKED ON THE BASIS OF AGE: LIFE TIME0-60 YEARS LINKED18-60 YEARS
ON THE BASIS OF TERM: LIFE TIMEMinimum premium payment term of three years. LINKED10-30 YEARS
ON THE BASIS OF SUM ASSURED: LIFE TIMEChoose your sum assured, subject to a minimum sum assured of Rs1 lakh. LINKEDOnly 5-20 (age based) multiples are allowed as assured.
ON THE BASIS OF SURVIVAL BENEFIT:
36
LIFE TIMEValue of units third year onwards. LINKEDValue of units.
ON THE BASIS OF DEATH BENEFIT: LIFE TIMEHigher or sum assured or value of units. LINKEDHigher or sum assured or value of units.
ON THE BASIS OF WITHDRAWAL BENEFIT: LIFE TIMEPartial or complete withdrawals are available from third year onwards. LINKEDPartial withdrawals are available from third year onwards provided, that the value of units does not go below the sum assured.
ON THE BASIS OF CONTRIBUTION: LIFE TIMEMinimum Rs18000 per annum. LINKEDMinimum Rs10000 per annum.
ON THE BASIS OF INVESTMENT OPTION: LIFE TIME-
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Maximiser, balancer, protector and preserver. LINKEDFive fund option-balancer, defensive managed safe managed, liquid and growth.
4)LIFE TIME PENSION-2 VS LIC JEEVAN NIDHI ON THE BASIS OF AGE: LIFE TIME PENSION-218-60 YEARS. JEEVAN NIDHI18-65 YEARS.
ON THE BASIS OF TERM: LIFE TIME PENSION-2Minimum term of 10 years. JEEVAN NIDHI5-35 years.
ON THE BASIS OF SUM ASSURED: LIFE TIME PENSION-2Default sum assured is zero, however, the policy holders can also opt for a sum assured. JEEVAN NIDHIMinimum of Rs50000 and multiples of Rs5000 thereafter.
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ON THE BASIS OF SURVIVAL BENEFIT: LIFE TIME PENSION-2Unit value to purchase an annuity. JEEVAN NIDHISum assured+gurantee additions+terminal bonus.
ON THE BASIS OF DEATH BENEFIT: LIFE TIME PENSION-2Value of units in case the sum assured is zero. In case a sum assured is chosen, it will be higher of the sum assured or value of units. JEEVAN NIDHISum assured+guarantee additions+simple reversion bonus+terminal bonus.
ON THE BASIS OF CONTRIBUTION: LIFE TIME PENSION-2Minimum Rs10000 per annum. JEEVAN NIDHIMinimum Rs3000 per annum.
ON THE BASIS OF INVESTMENT OPTION: LIFE TIME PENSION-2Protector pension, balancer pension, maximiser pension and pension preserver. JEEVAN NIDHI: Not available.
ON THE BASIS OF INCREASE OR DECREASE OF DEATH BENEFIT: LIFE TIME PENSION-239
Not available. JEEVAN NIDHINot available.
SWOT ANALYSIS
40
STRENGTHS: i.
ICICI Prudential is the largest private player in India, with a market share of around 36% amongst the private players
ii.
ICICI Prudential has deposited a paid up capital of Rs 925 crore with IRDA caution deposit, the highest among all the life insurance company in India where as LIC has deposited Rs 60 crore so far.
iii.
ICICI Prudential is the first life insurance company to offer ECS debit facility.
iv.
ICICI Prudential is the first company to introduce unit link life insurance and pension products. Presently the maximum numbers of ranges are under ULIP life insurance, investment as well as pension plan.
v.
Products
41
• Flexibility to switch your fund value at your own discretion four times a year viz. maximizer, protector, balancer, preserver. • Greater transparency-policy holder knows what is happening to his money and where the company has invested his money. • Liquidity
options-you
can
make
complete
or
partial
withdrawals any time after 3 years. • Life insurance plans are eligible for deduction under sec 80. WEAKNESSES: i.
Industry in nascent stage.
ii.
Rural areas still not covered.
iii.
Not very known among Indian population.
iv.
Lack of credibility among the people because ICICI being a private player.
v.
Premiums
are
high
as
compared
to
its
competitors. vi.
Very few branches in the country.
vii.
Products: • The policy doesn’t have the surrender option before third year. • Plan does not offer any guarantee or assured return. • Product profile is not very comprehensive.
42
• Mortality, management and administrative charges are sky scrapping as compared to its competitors.
OPPORTUNITIES i.
Liberalization of Indian economy.
ii.
As the industry is growing the whole market is virgin.
iii.
The whole private sector is opened to be trapped even though the competition is fierce from government owned insurance companies.
iv.
It’s a volume business that is even if the company has few good corporates the turnover cease to increase by manifold.
v.
Products:
43
• Preserver funds look good due to comfortable liquidity in the economy and there is little chance hike in short-term rate by RBI. • Finance minister unveiled a budget favoring consumer spending, boosting demand and therefore higher economic growth.
THREATS i.
The government players will become aggressive thus growth is going to be tough.
ii.
Entry of other players is not ruled out.
iii.
Apprehension towards ICICI Prudential being a private life insurance company.
iv.
We expect the industry to rationalize in future that is mergers and acquisitions will happen, which will impact the industry and ICICI Prudential fortunes.
v.
Products:
44
• Past performance of these plans is not indicative of the future performance of the plan. • The sum invested in the funds is subject to market risks and there can be no assurance that the objective of plan will be achieved. • All benefits payable under the policy are subject to tax laws and other financial enactment, as they exist from time to time.
45
Research Methodology
Statement Of Problem: The research is carried on in a proper planned and systematic manner. • The research was particularly a telephonic research. We have to sell products to list of people which include their names and contact numbers given by ICICI. • During the telephonic we have to sell different products by explaining the benefits of a particular product, but. The minimum amount for selling a policy to a customer is equal to or more then Rs. 12000 only. • Age limit for selling a product/policies was 1 month to 60 yrs – this mean that a policy can be sold to person between the age of 1 month to 60 yrs and not anything exceeding or below it.
46
Research Design: The research design of this project is exploratory. Though each research study has its own specific purpose but the research design of this project on ICICI is exploratory in nature as the objective is the development of the hypothesis rather than their testing.
METHODOLOGY Every project work is based on certain methodology, which is a way to systematically solve the problem or attain its objectives. It is a very important guideline and lead to completion of any project work through observation, data collection and data analysis.
According to Clifford Woody, “Research Methodology comprises of defining & redefining problems, collecting, organizing &evaluating data, making deductions &researching to conclusions.” Accordingly, the methodology used in the project is as follows: Defining the objectives of the study
47
Framing of questionnaire keeping objectives in mind (considering the objectives) Feedback from the employees Analysis of feedback Conclusion, findings and suggestions.
Sampling Technique Used: This research has used convenience sampling technique. 1) Convenience sampling technique: Convenience sampling is used in exploratory research where the researcher is interested in getting an inexpensive approximation of the truth. As the name implies, the sample is selected because they are convenient
Selection of Sample Size: For the survey, a sample size of 50 has been taken into consideration.
Sources of Data Collection: Research will be based on two sources: 1. Primary data 2. Secondary data
1) PRIMARY DATA:
48
Questionnaire: Primary data was collected by preparing questionnaire for customers. The questionnaire was filled through telephonic research. 2) SECONDARY DATA: Secondary data will consist of different literatures like books which are published, articles, internet , the company manuals and websites of company- www.iciciprulife.com. In order to reach relevant conclusion, research work needed to be designed in a proper way. This research methodology also includes:• Familiarization with the concept of insurance and its various terms. • Thorough study of the information collected. • Conclusions based on findings.
Statistical Tools Used
The main statistical tools used for the collection and analyses of data in this project are: • Questionnaire • Pie Charts • Bar Diagrams
Limitations of study Due to the following unavoidable and uncontrollable factors the factors,the result might not be accurate. Some of the problems faced while conducting the survey are as follows:49
• Time and cost constraints were also there. • Chances of some biasness could not be eliminated. • A Samples size of fifty has been use due to time limitations. • A majority of respondents show lack of cooperation and are biased towards their own opinions.
50
Data Analysis & Findings
Data Analysis Q1. Are you currently insured? Particulars Yes No Total
No. of Respondents 31 19 50
51
Percentage 62% 38% 100%
No. of Respondents
19 Yes No 31
ANALYSIS: From the survey it was found that amongst 50 respondents a) 62% of the respondents are already insured. b) 38% of the respondents are not insured.
Q2. Are you satisfied with your current insurer?
Particulars Yes No Total
No. of Respondents 41 9 50
52
Percentage 82% 18% 100%
No. of Respondents
9
Yes No
41
ANALYSIS: From the survey it was found that amongst 50 respondents a) 82% of the respondents are satisfied. b) 18% of the respondents are not satisfied.
Q3. Which one is your favored insurance company?
Particulars LIC ICICI HDFC Birla Sun Life Bajaj Allianz
No. of Respondents 24 7 5 4 4
53
Percentage 48% 14% 10% 8% 8%
Others Total
6 50
12% 100%
0.6
Share in %
0.5 0.4 0.3 0.2 0.1 0 LIC
ICICI
HDFC
Birla Sun
Bajaj Allianz
Others
Insurance companies
ANALYSIS: From the survey it was found that amongst 50 respondents a) b) c) d) e) f)
48% of the respondents likes LIC. 14% of the respondents likes ICICI. 10% of the respondents likes HDFC. 8% of the respondents likes Birla Sun Life. 8% of the respondents likes Bajaj Allianz. 12% of the respondents likes other companies.
Q4. Are you interested in the products offered by ICICI Prudential ?
Particulars Yes No Can’t Say
No. of Respondents 30 12 8 54
Percentage 60% 24% 16%
Total
50
100%
No. of Respondents
8
Yes No 12
Can't Say
30
ANALYSIS: From the survey it was found that amongst 50 respondents a) 60% of the respondents are attracted towards ICICI products. b) 24% of the respondents are not attracted towards ICICI products. c) 16% of the respondents Can’t Say about it.
Q5. What is your main concern while taking an insurance policy ?
Particulars Tax Benefit Security Investments/Savings Total
No. of Respondents 20 16 14 50
55
Percentage 40% 32% 28% 100%
No. of Respondents
25 20 15 Series1 20
10
16
14
5
ng s av i en t/S In ve st m
Se cu rit y
Ta x
Be ne fit
0
ANALYSIS: From the survey it was found that amongst 50 respondents a) 40% of the respondents are concerned about Tax Benefit. b) 32% of the respondents are concerned about their Security. c) 28% of the respondents are concerned about Investment/Savings.
Q6. Does this policy satisfy your financial needs? (Please rate on the scale of 1 to 5 with 1 being least satisfied) Rating 1 2 3 4
No. of Respondents 9 9 8 10 56
Percentage 18% 18% 16% 20%
5 Total
14 50
28% 100%
1 2 5
1 2 3 4 5
3
4
ANALYSIS: From the survey it was found that amongst 50 respondents a) b) c) d) e)
18% of the respondents are Highly unsatisfied. 18% of the respondents are Unsatisfied. 16% of the respondents are Moderate. 20% of the respondents are Satisfied. 28% of the respondents are Highly satisfied.
Q7. Please express your opinion for the premiums paid for the above policy?
Particulars Very High High Moderate Low
No. of Respondents 14 11 13 8
57
Percentage 28% 22% 26% 16%
Very Low Total
4 50
8% 100%
No. of Respondents
4 8
14 Very High High Moderate Low Very Low
13
11
ANALYSIS: From the survey it was found that amongst 50 respondents a) 28% of the respondents think that Premium is Very High. b) 22% of the respondents think that Premium is High. c) 23% of the respondents think that Premium is Moderate. d) 15% of the respondents think that Premium is Low. e) 12% of the respondents think that Premium is Very Low.
Q8. How do you come to know about this policy?
Particulars Advertisements Friends and Relatives Direct Selling Agents Others Total
No. of Respondents 10 12 21 7 50 58
Percentage 20% 24% 42% 14% 100%
No. of Respondents
7
10 Advertisements Friends and Relatives Direct Selling Agents Others
12 21
ANALYSIS: From the survey it was found that amongst 50 respondents a) 20% of the respondents know about it from Advertisements. b) 24% of the respondents know about it from Friends and Relatives. c) 42% of the respondents know about it from Direct Selling Agents. d) 14% of the respondents know about it from Other Sources.
Q9. Are you satisfied with the incentives (tax benefits or Bonuses) associated with your policy? Rating Highly satisfied Satisfied Moderate Unsatisfied Highly Unsatisfied Total
No. of Respondents 9 12 10 11 8 50 59
Percentage 18% 24% 20% 22% 16% 100%
No. of Respondents
8
9 Highly Satisfied Satisfied Moderate
11
Unsatisfied
12
Highly Unsatisfied 10
ANALYSIS: From the survey it was found that amongst 50 respondents a) b) c) d) e)
18% of the respondents are Highly Satisfied. 24% of the respondents are Satisfied. 20% of the respondents are Moderate. 22% of the respondents are Unsatisfied. 16% of the respondents are Highly Unsatisfied.
Q10. According to you, in what areas should the insurance companies work upon? Particulars Easy Procedures Fewer premiums More Returns Transparency Total
No. of Respondents 14 10 9 17 50
60
Percentage 28% 20% 18% 34% 100%
18
No. of Respondents
16 14 12 10
Series1
17
8
14
6
10
4
9
2 0 Easy Returns
Fewer premiums
More Returns Transperancy
ANALYSIS: From the survey it was found that amongst 50 respondents a) b) c) d)
28% of the respondents want Easy procedures. 20% of the respondents want Fewer premiums. 18% of the respondents want More returns. 34% of the respondents want Transparency.
Q11. Do You think that services have improved after allowing private players in insurance sector ? Particulars Yes No Total
No. of Respondents 40 10 50
61
Percentage 80% 20% 100%
20% Yes No 80%
ANALYSIS: From the survey it was found that amongst 50 respondents a) 80% of the respondents think that services have improved. b)20% of the respondents think that services have not improved.
Findings According to my survey the noteworthy points are: Most of the people buy life insurance as just a tax benefit tool or as a life cover while only a few of the respondent take it as a saving option.The reason for this is lack of knowledge of insurance benefits among the people. • A Majority of the respondent buy insurance products because of the need reason while rest of the respondents buy for the brand purpose. •
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A Majority of the people come to know about the policies from the Direct Selling Agents. • A Majority of the people are satisfied by the incentives associated with their policies. • Most of the respondents are satisfied by the services offered by there insurance company while some says that they are not satisfied by the services. • Most of the respondents want more Transparency from the side of the company. •
63
Conclusion and Suggestions
CONCLUSION
After overhauling the all situation that boosted a number of Pvt. Companies associated with multinational in the Insurance Sector to give befitting competition to the established behemoth ICICI in private sector, we come at the conclusion that
64
• There are very tough competition among the private insurance companies on the level of new trend of advertising to lull a major part of Customers. • ICICI is not left behind in the present race of advertisement. • The entry of more Pvt. players in the Insurance Sector have expanded the product segment to meet the different level of the requirement of the customers. It has brought about greater choice to the customers. • ICICI has vast market and very firm grip on its traditional customers and monopoly of life insurance products..
IRDA, is also playing very comprehensive role by regulating norms mandating to private players in this sector, that increases the confidence level of the customers to the private players.
65
Suggestions The study has provided with the useful data from the respondents. There has a lot to be recommended. Following are the recommendations:
• There is a need for better promotion for the investment products & services. The bank should advertise its products through television because it will reach to the masses. • More returns should be provided on Insurance plans. • As the bank provides the Insurance facility to its customers. It should provide this facility by tie up with the other Insurance organizations as well. The main reason is that, the entire customers do not want Insurance of only one company. They should have choice while selecting a suitable Insurance plans. This will definitely add to the goodwill & profit for the bank.
66
ANNEXURE
67
QUESTIONNAIRE Name Age Occupation
- _____________ - _____________ - _____________
Q1. Are you currently insured? - Yes - No If yes, please give the details of company, plan, premium etc. Q2. Are you satisfied with your current insurer ? - Yes - No Q3. Which is your favoured insurance company ? - LIC - ICICI - HDFC - Birla sun life - Bajaj Allianz - Others
Q4 Are you interested in the products offered by ICICI Prudential ? - Yes - No - Cant say Q5. What is your main concern while taking an insurance policy ? -
Tax benefit Security Investment/Savings
68
Q.6 Does this policy satisfy your financial needs? (Please rate on the scale of 1 to 10 with 1 being least satisfied)
Q.7 Please express your opinion for the premiums paid for the above policy? -Very high [ ] -High [ ] -Moderate [ ] -Low [ ] -Very Low [ ] Q.8 How do you come to know about this policy? (Please tick). -Advertisements [ ] -Friends and relatives [ ] -Direct selling agents [ ]. - Others (please specify) _____________________. Q.9 Are there any incentives (tax benefits or Bonuses) associated with this policy? (Please give appropriate details about it). -
_______________________________________________________ _______________________________________________________ ____________
10. Are you satisfied with the incentives associated with your policy? -Highly satisfied [ ]. -Satisfied [ ] -Moderate [ ] -Unsatisfied [ ] -Highly Unsatisfied [ ]. 69
Q11. According to you, in what areas should the insurance companies work upon? -
Less complicated procedures Fewer premiums More returns Transparency
Q12. Do You think that services have improved after allowing private in insurance sector ?
players
- Yes - No
Your comments on ICICI Prudential __________________________________________________________________ __________________________________________________________________
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Bibliography • www.icicibank.com • www.iciciprulife.com •
en.wikipedia.org/wiki/Main_Page
•
www.licindia.com
• www.hdfcinsurance.com • www.maxnewyorklife.com • Brochures provided by the ICICI Prudential •
Kothari C R, ‘Research and Methodology- Methods & Techniques’, New Age International (P) Ltd., 2004
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