ICICI+Prudential+Life+Insurance+Project+Report+Internship.pdf

SUMMERINTERNSHIP

REPORTON

ICICIPRUDENTIALLIFEINSURANCE (MARKETING)

ACKNOWLEDGEMENT

Ita ethisopportunitytoconveyourheartfulthan stoourDean(Academics), Prof.R.Krishnanforprovidinguswiththene Prof.R.Krishnanfor providinguswiththenecessaryinfrastructure,t cessaryinfrastructure,therebygi herebygi vingus freedomtocarryoutthesummerinternshipwor inmyareaofinterest.

Aspecialthan stoMr.SenthilVel(A stoMr.SenthilVel(AFSM)ofICICIPrudential FSM)ofICICIPrudential(lifeinsurance), (lifeinsurance), Maduraiforprovidinginformationabouttheircompany'sproductsandhe Maduraiforprovidinginformationabouttheir company'sproductsandhelpingme lpingme thoughttheproject.

Mysincerethan stoMr.S.K.M.RajeshKumar(SalesManager),Mr.Prabhu (SalesManager)ofICICIPrudentialMadurai,w (SalesManager)ofICI CIPrudentialMadurai,whohelpedmethroughthe hohelpedmethroughtheproject. project.

Ialsothan allthestaffsofICI allthestaffsofICICIPrudential(LifeInsu CIPrudential(LifeInsurance),MainBranch, rance),MainBranch, Maduraiforgivingmethemoralsupporttoacc Maduraiforgivingme themoralsupporttoaccomplishtheprojectsucce omplishtheprojectsuccessfully. ssfully.

Ithan ICICIPrudential(Life ICICIPrudential(LifeInsurance)forgivingt Insurance)forgivingthisopportunitytodoour hisopportunitytodoour projectandforextendingfullco-operation.

Ialsothan alltheteachingandnon-teachingstaffandfriendsofIIPM, Chennaiforgivingusthemoralsupporttoacc Chennaiforgivingus themoralsupporttoaccomplishtheprojectsucce omplishtheprojectsuccessfully. ssfully.

CONTENTS

S.No TITLE Page No

1 INTRODUCTION

4

2 LIFEINSURANCEMARKET

10

3 NEEDFORINSURANCE

11

4 ORGANIZATIONPROFILE

14

5

PRODUCTS

18

6

AWARDSANDRECOGNITIONS

19

7

MYEXPERIENCEINICICIPRUDENTIALLIFE INSURANCE

24

8

Conclusion

25

9

Bibliography

26

INTRODUCTION

A)INSURANCEININDIA:

TheinsurancesectorinIndiahascomeafullcirclefrombeinganopen competitivemar ettonationalizationandbac toaliberalizedmar etagain.Tr acing thedevelopmentsintheIndianinsurancesectorrevealsthe360-degreeturn witnessedoveraperiodofalmosttwocenturies.

Withlargestnumberoflifeinsurancepoliciesinforceintheworld,Insurance happenstobeamegaopportunityinIndia.Itisabusinessgrowingattherate of1520percentannuallyandpresentlyisoftheorderofRs450Billion.Togetherwi th ban ingservices,itaddsabout7percenttothecountry.sGDP.Grosspremium collectionisnearly2percentofGDPandfundsavailablewithLICforinvestme nts are8percentofGDP.

Yet,nearly80percentofIndianpopulationiswithoutlifeinsurancecover whilehealthinsuranceandnon-lifeinsurancecontinuestobebelowinternationa l standards.Inaddition,thispartofthepopulationissubjecttowea socialse curity andpensionsystemswithhardlyanyoldageincomesecurity.Thisisanindicato r thatgrowthpotentialfortheinsurancesectorisimmense.

Awell-developedandevolvedinsurancesectorisnecessaryforeconomic developmentasitprovideslong-termfundsforinfrastructuredevelopmentandat the sametimestrengthenstheris ta ingability.Ithasestimatedthat,overthen extten yearsIndiawouldrequireinvestmentsoftheorderofonetrillionUSdollar.Th e Insurancesector,tosomeextent,canenableinvestmentsininfrastructure developmenttosustaineconomicgrowthofthecountry.

InsuranceisafederalsubjectinIndia.Twolegislationsgovernthesector-Th e InsuranceAct-1938andtheIRDAAct-1999.TheinsurancesectorinIndiahas

comeafullcirclefrombeinganopencompetitivemar ettonationalizationand bac

toaliberalizedmar etagain.TracingthedevelopmentsintheIndianinsurance sectorrevealsthe360-degreeturnwitnessedoveraperiodofalmosttwocenturi es.

B)HISTORICALPERSPECTIVEABOUTLIFEINSURANCEININDIA:

ThehistoryoflifeinsuranceinIndiadatesbac to1818whenitwas consideredasameanstoprovideforEnglishWidows.Interestinglyinthosedays ,a higherpremiumwaschargedforIndianlivesthanthenon-Indianlives,asIndian liveswereconsideredmoreris yforcoverage.

TheBombayMutualLifeInsuranceSocietystarteditsbusinessin1870.It wasthefirstcompanytochargesamepremiumforbothIndianandnon-Indianlive s. TheOrientalAssuranceCompanyestablishedin1880.TheGeneralinsurance businessinIndia,ontheotherhand,cantraceitsrootstotheTriton(Tital) Insurance CompanyLimited,thefirstgeneralinsurancecompanyestablishedintheyear185 0 inCalcuttabytheBritish.Untiltheendofnineteenthcentury,insurancebusin ess wasalmostentirelyinthehandsofoverseascompanies.

InsuranceregulationformallybeganinIndiawiththepassingoftheLife InsuranceCompaniesActof1912andtheprovidentfundActof1912.Several fraudsduring20'sand30'ssulliedinsurancebusinessinIndia.By1938,there were 176insurancecompanies.Thefirstcomprehensivelegislationwasintroducedwith theInsuranceActof1938thatprovidedstrictStateControloverinsurancebusi ness. Theinsurancebusinessgrewatafasterpaceafterindependence.Indiancompanie s strengthenedtheirholdonthisbusinessbutdespitethegrowththatwaswitness ed, insuranceremainedanurbanphenomenon.

TheGovernmentofIndiain1956,broughttogetherover240privatelife insurersandprovidentsocietiesunderonenationalizedmonopolycorporationand LifeInsuranceCorporation(LIC)wasborn.Nationalizationwasjustifiedbecause it wouldcreatemuch-neededfundsforrapidindustrialization.Thiswasinconformi ty withtheGovernment'schosenpathofStateleadplanninganddevelopment.

The(non-life)insurancebusinesscontinuedtothrivewiththeprivatesectorun til 1972.Theiroperationswererestrictedtoorganizedtradeandindustryinlarge cities. Thegeneralinsuranceindustrywasnationalizedin1972.IndiaAssuranceCompany , OrientalInsuranceCompanyandUnitedIndiaInsuranceCompanyaresubsidiaries oftheGeneralInsuranceCompany(GIC).

C)ImportantmilestonesinthelifeinsurancebusinessinIndia:

1912:TheIndianLifeAssuranceCompaniesActenactedasthefirststatuteto regulatethelifeinsurancebusiness. 1928:TheIndianInsuranceCompaniesActenactedtoenablethegovernmentto collectstatisticalinformationaboutbothlifeandnon-lifeinsurancebusinesse s.

1938:EarlierlegislationconsolidatedandamendedtobytheInsuranceActwith the objectiveofprotectingtheinterestsoftheinsuringpublic.

1956:245Indian,foreigninsurersandprovidentsocietiesweretoo overbyCen tral governmentandnationalized.LICformedbyanActofParliament-LICAct1956- withacapitalcontributionofRs.5croresfromtheGovernmentofIndia.

D)ImportantmilestonesinthegeneralinsurancebusinessinIndia are:

1907:TheIndianMercantileInsuranceLtd.setup-thefirstcompanytotransact all classesofgeneralinsurancebusiness.

1957:GeneralInsuranceCouncil,awingoftheInsuranceAssociationofIndia, framesacodeofconductforensuringfairconductandsoundbusinesspractices.

1968:TheInsuranceActamendedtoregulateinvestmentsandsetminimum solvencymarginsandtheTariffAdvisoryCommitteesetup.

1972:ThegeneralinsurancebusinessinIndianationalizedthroughTheGeneral InsuranceBusiness(Nationalization)Act,1972witheffectfrom1stJanuary1973 . 107insurersamalgamatedandgroupedintofourcompanies-theNationalInsurance CompanyLimited,theNewIndiaAssuranceCompanyLimited,theOriental InsuranceCompanyLtd.andtheUnitedIndiaInsuranceCompanyLtd.GIC incorporatedasacompany.

E)INSURANCESECTORREFORMS: In1993,MalhotraCommittee-headedbyformerFinanceSecretaryandRBI GovernorR.N.Malhotra-formedtoevaluatetheIndianinsuranceindustryand recommenditsfuturedirection.TheMalhotracommitteewassetupwiththeobject ive ofcomplementingthereformsinitiatedinthefinancialsector.

Thereformswasaimedatcreatingamoreefficientandcompetitivefinancial systemsuitablefortherequirementsoftheeconomy eepinginmindthestructur al changescurrentlyunderwayandrecognizingthatinsuranceisanimportantparto f theoverallfinancialsystemwhereitwasnecessarytoaddresstheneedforsimi lar reforms.In1994,thecommitteesubmittedthereportandsomeofthe ey recommendationsincluded:

a)Structure: Governmentsta eintheinsuranceCompaniesmustbroughtdownto50%. Governmentshouldta eovertheholdingsofGICanditssubsidiariessothat thesesubsidiariescanactasindependentcorporations.Alltheinsurance companiesmusthavegreaterfreedomtooperate.

b)Competition: PrivateCompanieswithaminimumpaidupcapitalofRs.1bnshouldallow enteringthesector.NoCompanyshoulddealinbothLifeandGeneral Insurancethroughasingleentity.Foreigncompanieswereallowedtoenter theindustryincollaborationwiththedomesticcompanies.PostalLife Insurancewasallowedtooperatetheruralmar et.OnlyoneStateLevelLife InsuranceCompanyshouldbeallowedtooperateineachstate.

c)RegulatoryBody: TheInsuranceActshouldbechanged.AnInsuranceRegulatorybodyshould besetup.ControllerofInsurance-apartoftheFinanceMinistry-shouldbe madeindependent.

d)Investments: MandatoryInvestmentsofLICLifeFundingovernmentsecuritiestowas reducedfrom75%to50%.GICanditssubsidiariesarenottoholdmorethan 5%inanycompany(therecurrentholdingstobebroughtdowntothislevel overaperiodoftime)

e)CustomerService:

LICshouldpayinterestondelaysinpaymentsbeyond30days. Insurancecompaniesmustbeencouragedtosetupunitlin edpension plans.Computerizationofoperationsandupdatingoftechnologytobecarried outintheinsuranceindustry.Thecommitteeemphasizedthatinorderto improvethecustomerservicesandincreasethecoverageofinsurance policies,industryshouldbeopeneduptocompetition.Butatthesame time,thecommitteefelttheneedtoexercisecautionasanyfailureonthe partofnewplayerscouldruinthepublicconfidenceintheindustry.Hence,it wasdecidedtoallowcompetitioninalimitedwaybystipulatingtheminimum capitalrequirementofRs.100Crores.

Thecommitteefelttheneedtoprovidegreaterautonomytoinsurance companiesinordertoimprovetheirperformanceandenablethemtoactas independentcompanieswitheconomicmotives.Forthispurpose,ithad proposedsettingupanindependentregulatorybody-TheInsurance RegulatoryandDevelopmentAuthority.

AreformintheInsurancesectorwas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stuc toitsscheduleof

framingregulationsandregisteringtheprivatesectorinsurancecompanies. SincebeingsetupasanindependentstatutorybodytheIRDAhasputina framewor ofgloballycompatibleregulations.Theotherdecisionta en simultaneouslytoprovidethesupportingsystemstotheinsurancesectorand inparticularthelifeinsurancecompanieswasthelaunchoftheIRDA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wor forceofinsuranceagentsin placetoselltheirproducts.

TheGovernmentofIndialiberalizedtheinsurancesectorinMarch 2000withthepassageoftheInsuranceRegulatoryandDevelopment Authority(IRDA)Bill,liftingallentryrestrictionsforprivateplayersand allowingforeignplayerstoenterthemar etwithsomelimitsondirectforeign ownership.Underthecurrentguidelines,thereisa26percentequitycapfor foreignpartnersinaninsurancecompany.Thereisaproposaltoincreasethis limitto49percent.

Theopeningupofthesectorisli elytoleadtogreaterspreadand deepeningofinsuranceinIndiaandthismayalsoincluderestructuringand revitalizingofthepublicsectorcompanies.Intheprivatesector12life insuranceand8generalinsurancecompanieshavebeenregistered.Ahost ofprivateInsurancecompaniesoperatinginbothlifeandnon-lifesegments havestartedsellingtheirinsurancepoliciessince2001.

F)THEINSURANCEREGULATORYANDDEVELOPMENT AUTHORITY: 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statu tory bodyinApril2000hasfastidiouslystuc toitsscheduleofframingregulations and registeringtheprivatesectorinsurancecompanies.

Theotherdecisionsta ensimultaneouslytoprovidethesupportingsystems totheinsurancesectorandinparticularthelifeinsurancecompanieslaunched 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wor force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 framewor ofgloballycompatibleregulations.Intheprivatesector12lifeinsu rance and6generalinsurancecompanieshavebeenregistered.

INSURANCEMARKETININDIA: TheIndiaInsurancemar etdespitehavingahighlyelaboratehistory spanningalmosttwocenturies,hascomeofageonlyinlast50yearsafterthe formationoftheLifeInsuranceCorporation(LIC)ofIndiain1956andtheentry of privatecompaniesintothemar etin2000.

TraditionallytheIndianInsuranceMar ethadcenteredonthelifeinsurance untilrecently,ahostofotherinsurancepoliciescoveringadiverserangeofi ssues andobjectsli eMedicalInsurance,AccidentInsurance,FireInsurance,Automobi le Insuranceandotherpolicieswhichfallunderthecategoryofgeneralinsurance are beingprovidedbyvariousprivateinsurancecompanies.

A)PERFORMANCEOFTHEINDIANINSURACEMARKET-A REPORT: Thefollowingpointswillprovideyouaninsightintotheinsurancemar etin Indiaanditsfastexpandingprospects.Thereportiswellsupportedbydatabas ed ondetailedanalysisthatwouldhelpinvestors,financialserviceprovidersand global ban ingplayerstoventureintotheIndianinsurancemar et.

Ta ingintoaccountthechangingsocioeconomicdemographicsrateofGDP growth,behaviorofconsumers,andoccurrencesofnaturalcalamitiesatregular

intervalsthemar etofLifeInsuranceinIndiaisexpectedgrowtothevaluear ound US$41.44billionbytheyear2009.TheMar etisexpectedtogrowata compoundedannualgrowthrate(CAGR)ofmorethan200%yearoveryear(YOY) fromyear2006onwards. .65%ofthegeneralinsurancemar etiscontrolledbyprivatehousethat alreadyexistsinthemar et. .Howeverinautomobileinsurance,publicsectorcoversasubstantial68%of thetotalmar etvalue. .Amongindividualcompaniesthatareworthyofmentioning,ICICILombard enjoysawhopping53%mar etshareinAccidentInsurancewhilethe remaining47%issharedbyNewIndiaAssuranceandUnitedIndiaInsurance bothbelongingtothepublicsector Theother eyplayersofthemar etinclude: A)InPublicSector: LifeinsuranceCorporation(LIC)ofIndia,NationalInsurance CompanyLimited,OrientalInsuranceLimited,NewIndiaAssuranceCompany LimitedandUnitedIndiainsuranceCompanyLimited. B)InPrivateSector: ICICIprudentialLifeInsurance,BajajAllianz,SBILife,HDFC Standard,BirlaSunlife,AvivaLifeInsurance,Kota Mahindraoldmutual,MaxNe w Yor LifeandMetlife,TataAIGLife,INGVysya.Thus,theeverincreasing populationofthecountrywillensureconstantboomintheIndiaInsurancemar e tin thedistantfuture. NEEDFORINSURANCE:

.Superiortoanordinarysavingsplanasitprovidesfullprotectionagainstri s ofdeath.

.Encouragesandforcescompulsorysavingsunli eothersavinginstruments, whereinthesavedmoneycanbeeasilywithdrawn.

.Providesloantotieoveratemporarydifficultphaseandisalsoacceptablea s securityforacommercialloan.

.Offerstaxrelieftopolicyholders.

.Hedgesris againstuncertainty.

.Forapolicyta enundertheMWPAct1874,(MarriedWomen'sPropertyAct), atrustiscreatedforwifeandchildrenasbeneficiaries.

.Basedontheconceptofsharingoflosses,thesocietywillbenefitas catastrophiclossesarespreadglobally.

NEEDFORLIFEINSURANCE: Lifebringswithitmanysurprises,somepleasantandsomenotsoandaLife InsurancePlanensuresthatyouarebetterpreparedtofaceuncertainties.Ina numberofways:

A)Protection:

Youneedlifeinsurancetobethereandprotectthepeopleyoulove,ma ing surethatyourfamilyhasameanstoloo afteritselfafteryouaregone.Itis a thoughtfulbusinessconceptdesignedtoprotecttheeconomicvalueofahumanli fe forthebenefitofthosefinanciallydependentonhim.Thatisagoodreason. Supposingyouaresufferedbyaninjurythat eepsyouawayfromearning? Wouldyouli etobeafinancialburdenonyourfamily,alreadylosingoutonyo ur salary?Withalifeinsurancepolicy,youareprotected.Yourfamilyisprotecte d.

B)Retirement: Lifeinsurancema essurethathaveregularincomeafterretireandalsohelps tomaintainstandardofliving.Itcanensurethatyourpost-retirementyearswi llbe spentinpeaceandcomfort.

C)SavingsandInvestments: InsuranceisameanstoSaveandInvest.Theperiodicpremiumsareli e Savingsandyouareassuredofalumpsumamountonmaturity.Apolicycancome inreallyhandyatthetimeofyourchild.seducationormarriage!Besides,itc anbe usedassupplementalretirementincome.

D)TaxBenefits: Lifeinsuranceisoneofthebesttaxsavingoptionstoday.Taxcanbesaved twiceonalifeinsurancepolicy-oncewhenyoupayyourpremiumsandoncewhen youreceivematuritybenefits.Moneysavedismoneyearned.

ORGANISATIONPROFILE:ICICIPRUDENTIAL

ICICIPrudentialLifeInsuranceCompanyisajointventurebetweenICICI Ban -oneofIndia.sforemostfinancialservicecompaniesandPrudentialplc- a leadinginternationalfinancialservicegroupheadquarteredintheUnitedKingdo m. TotalcapitalinfusionstandatRs47.80billion,withICICIBan holdingasta eof 74%andprudentialplcholding26%.TheybeganoperationsinDecember2000after receivingapprovalfromInsuranceRegulatoryDevelopmentAuthority(IRDA).Today , ournation-wideteamcomprisesofover2000branches(inclusiveof1,100micro offices),over2,58,000advisors;and24bancassurancepartners.

ICICIprudentialisthefirstInsurerinIndiatoreceiveaNationalInsurer FinancialStrengthratingofAAA(Ind)fromFitchrating.Forthreeyearsinar ow, 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Brand..

A)ICICIPRUDENTIALEDGE: TheICICIPrudentialedgecomesfromourcommitmenttoourcustomer,inall thatwedo-beitproductdevelopment,distribution,thesalesprocessor servicing..

1.Theproductshavebeendevelopedafteraclearandthroughunderstandingof customer.sneed.ItisthisresearchthathelpsusdevelopEducationplansthat offertheidealwaytotrulyguaranteethe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fundyoumight needtorecoverfromdreadeddisease.

2.Havingtherightproductisthefirststep,butit.sequallyimportanttoens ure that,thecustomercanaccessthemeasilyandquic ly.Tothisend,ICICI prudentialhasanadvisorbaseacrossthelengthandbreadthofthecountry, andalsopartnerswithleadingban s,corporateagentsandbro ersto distributetheproducts

3.Robustris managementandunderwritingpracticesformthecorebusiness. Withclearguidelinesinplace,weensureequitablecostingofris s,and therebyensureasmoothandhassle-freeclaimprocess.

4.Entrustedwithhelpingourcustomermeettheirlong-termgoals,theyadoptan investmentphilosophythataimstoachieveris adjustedreturnsoverthe long-term.

5.Lastbutdefinitelynottheleast,our32000plusstrongteamisgiventhe opportunitytolearnandgrow,everydayinmultitudeofways.Webelievethis eepsthemengagedandenthusiastic,sothattheycandeliveronour promisetocoveryou,ateverystepinlife.

B)OURVISIONANDVALUES

OURVISION: Tobethedominantlife,HealthandPensionplayerbuildontrustbyworldclass peopleandservice

Thiswehopetoachieveby: .Understandingtheneedofcustomersandofferingthemsuperiorproducts andservice

.Leveragingtechnologytoservicecustomerquic ly,efficientlyand conveniently.

.Developingandimplementingsuperiorris managementandinvestment strategiestooffersustainableandstablereturntothepolicyholders.

Thesuccessofthecompanywillbefoundedinitsunflinchingcommitmentto

5corevaluesIntegrity,CustomerFirst,Boundaryless,Ownershipandpassion.

Eachofthevaluesdescribeswhatthecompanystandsfor,thequalitiesofour peopleandthewaywewor .

OURVALUES:

EverymemberoftheICICIPrudentialteamiscommittedto5corevalues: Integrity,CustomerFirst,Boundaryless,Ownership,andPassion.Thesevalues shineforthinallwedo,andhavebecomethe eystonesofoursuccess.

C)PROMOTERS:

ICICIBan Limited(NYSE:BSE)isIndia.slargestprivatesectorban and thesecondlargestban inthecountry,withconsolidatedthetotalassetsof$1 21 billionasofSeptember30,2008.

D)PRUDENTIALPLC:

EstablishedinLondonin1848,PrudentialPlc,throughitsbusinessesinthe UK,Europe,US,AsiaandtheMiddleEast,providesretailfinancialservicespro ducts andservicestomorethan21millioncustomers,policyholderandunitholdersa nd 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Chin a,Hong Kong,India,Indonesia,Japan,Korea,Malaysia,thePhilippines,Singapore,Taiw an, 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mar ets includingChina,HongKong,India,Japan,Korea,Malaysia,Singapore,Taiwan, VietnamandUnitedArabEmirates.

E)MANAGEMENTPROFILE: BOARDOFDIRECTORS: TheICICIPrudentiallifeInsuranceCompanyLitedBoardcomprisesreputed peoplefromthefinanceindustrybothfromIndiaandabroad.

Mr.K.V.Kamath,Chairman Ms.ChandaKochhar,Director Mr.BarryStowe,Director Mr.AdrianO.Connor,Director Prof.MartiG.Subrahmanyam,Director Mr.MaheshPrasadModi,director MsRamaBijapur ar,Director Mr.Ke iDadiseth,Director Ms.Shi haSharma,ManagingDirector Mr.N.S.Kannan,ExecutiveDirector Mr.BhargavDasgupta,ExecutiveDirector

F)MANAGEMENTTEAM:

TheICICIPrudentiallifeInsuranceCompanyLimitedBoardcomprises reputedpeoplefromthefinanceindustrybothfromIndiaandabroad. Ms.Shi ha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 Mr.PuneetNandha,ExecutiveVicepresident&ChiefInvestmentofficer

G)DISTRIBUTION:

ICICIPrudentialLifehasoneofthelargestdistributionnetwor samongst privatelifeinsurersinIndia.IthasstrongpresenceacrossIndiawithover20 00 branches(including1,100micro-offices)andanadvisorbaseofover2,58,000 (as onNovember30,2008).

Thecompanyhas24bancassurancepartnershavingtie-upswithICICIBan ,

Ban ofIndia,SouthIndianban ,ShamraoVitthalCo-Opban ,JalgaonpeoplesCo Opban ,Erna ulamdistrictCo-Opban ,Idu iDistrictCo-OpBan ,Ratnagiri

SindhudurgGraminBan ,Jhar handGraminBan ,SolapurGraminBan ,Narmada MalwaGraminban ,WaingangaKshetriyaGraminBan ,RatnagiriDistrictCentral Co-OpBan ,SevaVi asCo-Opban ,SangliUrbanCo-Operativeban ,The HaryanaStateCo-OperativeBan ,Renu aNagri Saha ariBan ,AmanathCoOperativeBan ,ArvindSaha ariBan ,BhandaraUrbanCoOperativeBan .

H)PRODUCTS:

INSURANCESOLUTIONFORINDIVIDUALS: ICICIPrudentialLifeInsuranceoffersarangeofinnovative,customer-centric productthatmeetstheneedsofcustomersateverystage.

a)SAVINGS&WEALTHCREATIONPLANS: .SavenProtect .Cashbac . .LifeTimeGold .LifeStageRP .LifeLin Super .PremierlifeGold. .InvestShieldCashBac .

b)PROTECTIONSOLUTION: .Pureprotect .LifeGuard .HomeAssure .LifeStageAssure

c)CHILDPLANS: SmartKidNewULRP

d)RETIREMENTSOLUTION: .ForeverLife

.LifeTimeSuperPension .LifeStagePension .LifeLin SuperPension .ImmediateAnnuity

e)HEALTHSOLUTION: .HealthAssurePlus .Cancer .HospitalCare .CrisisCover .DiabetesCareActive .MediAssure .Healthsaver

f)GROUPINSURANCESOLUTION: ICICIPrudentialalsooffersgroupinsurancesolutionforcompaniessee ingto enhancebenefittotheiremployees. .GroupGratuityPlan .GroupSuperannuationPlan .GroupImmediateAnnuities .GroupTermplan

g)FLEXIBLERIDEROPTIONS: ICICIPrudentialLifeInsuranceoffersflexibleriders,whichcanbeaddedto thebasicpolicyatamarginalcost,dependingonthespecificneedsofthecust omer.

.Accidental&DisabilityBenefit .CriticalIllnessBenefit .Wavierofpremium .IncomeBenefitRider

AWARDSANDRECOGNITIONS:

A)AWARDS: 12thAsiaInsuranceIndustryAwards2008 ICICIPrudentialLifewasawardedtheLifeInsuranceCompanyoftheYearatthe 12thAsiaInsuranceIndustryAward2008. . BrandExcellenceintheBan ingandFinancialservices

ICICIPrudentialLifewontheAwardforBrandExcellenceintheBan ingand FinancialservicescategoryattheAsiaBrandCongress2008.

http://www.iciciprulife.com/public/images/ET_TROPHY_03-copy.jpg

Ms.Shi haSharma,MD&CEO,ICICIPrudentialLifeInsuranceCo.Ltd.was adjudgedtheBusinesswomanoftheyearatTheEconomicTimesAwardsfor CorporateExcellence,2007-08. .

Mar etingExcellenceAward2008 ICICIPrudentialLifewontheICICIGroupMar etingExcellenceAward2008inthr ee eycategoriesforitsmar etinginitiatives.

http://www.iciciprulife.com/public/images/E&YoungEntreprAwds2007.jpg

Ms.Shi haSharma,MD&CEO,ICICIPrudentialLifeInsurancewasawardedthe OutstandingBusinesswomanoftheYearatCNBCTV18'sIndiaBusinessLeader Awards2007.

http://www.iciciprulife.com/public/images/effie1_awards07.jpg ICICIPrudentialLife.s,retirementsolutionscampaignfortheyear2006-07was awardedtheBronzeEffytrophyintheservicescategory.ItalsowontheBrand EquityBraveryAward2007,institutedbyAdclub.

http://www.iciciprulife.com/public/images/inovaward06s.jpg InnovationAwardforlaunchingDiabetesCarePrudenceAward2006.People Awardforexcellenceintrainingandpeopledevelopment-PrudenceAward2006.

MostTrustedPrivateLifeInsurer.TheEconomicTimes-ACNielsenSurveyofMo st TrustedBrands2003,2004and2005. http://www.iciciprulife.com/public/images/Award_Outloo _Money.jpg BestLifeInsurer2003.Outloo MoneyAwards2003&2004 IMMAwardforExcellence.InstituteofMar eting&Management OrganizationwithInnovativeHRPracticesIndiraGroupofInstitutes.

B)RECOGNITIONS:

A)ICICIPrudentialLifewasrecognizedasthemosttrustedbrandamongst privatelifeinsurersintheEconomicTimes-MostTrustedBrandsurvey2008.

B)IMMAwardforExcellence.InstituteofMar eting&Management.

C)OrganizationwithInnovativeHRPractices.IndiraGroupofInstitutes.

D)OrganizationwithInnovativeHRPractices.Asia-PacificHRCongressAwards forHRExcellence.

MYEXPERIENCEINICICIPRUDENTIAL:

MysummerinternshipstartedinflyingcolorsasMr.C.SenthilVel,AFSMand Mr.S.K.M.RajeshKumar(SalesManager)ofICICIPrudentialLifeInsurance, MaduraiwhogaveanexcellentpresentationabouttheirorganizationandaboutLi fe insurancemar etinIndia.Mysummerinternshipstructurefor1½monthswas developedbyMr.C.SenthilVelasperhisplan,hewantedtogiveuspractical exposureofLifeInsuranceIndustry.AsperhisplanhetoldmetojoinwithF.S .C team.Fromthe1stdayitself,Iwenttocallswiththeteam.

Inthebeginningdays,Ifeltdifficultinexplainthepoliciesbutlateron,I managedtoexplainaboutthepolicies.Manyofthecustomersas edmeIsitan insurancefirm?assoonasIsaidthatIamcallingfromICICIPRUDENTIALI cannottellthemanythingratherthanyessirassoonastellyestheysaidthatI am notinterested.SomepeoplewillhearthewholestoryandwillsaythatIamlittl e busywithmywor andcallmelaterortomorrow.Manypeoplewereas ingwhyI shouldta elifepolicies.Iansweredthattoovercomeris sirtheirnextquestion waswhatris ?Icannottellthemthatifudieitwillbefinancialsupporttoyou r familysir

A)STEPSFOLLOWEDINTELEMARKETINGOFPOLICIES:

.Firstly,Iwouldma eacalltothecustomer.

.Irequestthecustomertoshareafewminuteswithmeto nowaboutthe insuranceplansavailable.

.DependingontheageofthecustomerIinformhimaboutthevarious plansthatwouldsuithim.

.IfhehasanychildrenIalsoexplainhimaboutthechildplansavailable.

.IclearlyexplainhimabouttheTaxbenefitswhichhewillreceive.

.Ialsoexplainabouttheshorttermandthelongtermplans.

.IfheisinterestedItellhimthatIwouldli etohaveanappointmentwith himatanyconvenientplacetogivemoredetailedinformationaboutthe plans.

.ThisismypersonalexperienceinICICIprudentiallifeinsurance

CONCLUSION:

Thereisnoequivalentwaytolearnthingsthanlearningitpractically. Everyonelearnsfromhismista es,onexperience.Thepracticalexperienceisan entirelydifferentaspectwhenconsideredaboutwhatwelearntinclassroom.Thi s summertrainingreportwouldrevealthevariouslearningprocess.Ihavelearned someofthe eythingsli ehowtobehaveintheorganization?,Howtotal wit h customers?,howtocommunicatewithseniorofficials?

Iwouldli etoconveymyregardsandsincerethan stoMr.c.SenthilVel AFSM,Mr.S.K.M.RajeshKumar(SalesManager)andMr.Prabhu(SalesManager) ofICICIPrudentialLifeInsurance,Maduraifortheircontinuedsupportandguid ance throughoutmyinternshipperiodandalsoforhelpingmetocompletemyinternshi p trainingsuccessfully.

Iwouldli eConcludethatICICIPrudentialLifeInsuranceprovidedme withaverygoodfriendlylearningenvironment;theyareequippedwithhighqual ity infrastructure,pantryFacilitiescombinedwithneatandcleanenvironment

Bibliography:

1)http://www.iciciprulife.com 2)http://www.google.com 3)http://www.wi ipedia.com 4)http://business.mapsofindia.com