INSURANCE :

Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party happening of a certain event. Insurance is a protection against a financial loss arising on the happening of an unexpected event. Insurance companies collect premium to provide for this protection. A loss is paid out of this premium collected from the insuring public. The Insurance company act as a trustee to the amount collected through premium. Insurance is generally classified in three main categories,    Life insurance, Health insurance and General insurance

NEED OF THE INSURANCE:

 Encourages and forces compulsory savings unlike other saving instruments, wherein the saved money can be ea sily withdrawn.  Provides loan to tie over a temporary difficult phase and is also acceptable as security for a commercial loan.  Offers tax relief to policyholders.  Hedges risk against uncertainty.  For a policy taken 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.

Benefits of Insurance:

Insurance is the instrument of security, saving and peace of mind. It provides several benefits by paying a small amount of premium to insurance company as:

 Safeguards oneself and one's family for future requirements.  Peace of mind-in case of financial loss.  Encourage saving.  Tax rebate  Protection from the claim made by creditors.  Security against a personal loan, housing loan or other types of loan.  Provide a protection cover to industries, agriculture, women and child

OBJECTIVES of the study:

 The study is on the profile of the organization  To Know the awareness of people towards life Insurance.  To identify the need of insurance  To know about the selling/marketing of the insurance  To analyze the distribution of the insurance  To enhance the selling & marketing of In surance in the company.  To study the consumer preference for life insurance in general.  To better know how the consumer's profile affects the investment decision in insurance.  To understand the positioning of life insurance products.

Industry Profile:

 ICICI Prudential Life Insurance Company ranks first among private sector insurance company in India.  ICICI Prudential has one of the largest distribution networks among private sector insurance companies in India.

 ICICI Prudential understands the need of customers and offers them superior products and services.  ICICI Prudential offers a great variety of insurance plan and policies to fulfill needs of its different custom.

COMPANY PROFILE:

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 operati ons in December 2000 after receiving approval from insurance regulatory development authority (IRDA). ICICI prudential 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 rating is the highest credit rating, and is a clear assurance of ICICI Prudential's ability to meet its obligations to customers at the time of maturity or claims

HISTORY OF PRUDENTIAL:

 Established in 1848, today prudential plc is a leading international financial services company with some 21 million customers, policyholders and unit holders and some 23,000 employees worldwide. In the UK prudential is a leading life and pensions provider with around seven million customers.  M&G was acquired by prudential in 1999 and is the group's UK and European fund manager, responsible for managing over 149 billion (as at 31 December 2005).  Launched by prudential in 1998, egg is an innovative financial services company, with over 3 million customers wi th a market share of 5% of UK credit card balances.  In Asia, prudential is the leading European life insurer with life and fund management operations in 12 Countries serving some seven million customers.  In the US, prudential owns Jackson national life, a leading life insurance company, and has more than 3 million policies and contracts in force.

VISION OF THE COMPANY:

 To make ICICI prudential the dominant life and Pensions player built on trust by world-class people and service. This we hope to achieve by:  Understanding the needs of customers and offering them superior products and service.  Leveraging technology to service customers quickly, efficiently and conveniently.  Providing an enabling environment to foster growth and learning for our employees.

VALUES OF THE COMPANY:

 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 keystones of our success.

PRODUCTS OF THE ICICI PRUDENTIAL:

1. 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. 2. SAVINGS & WEALTH CREATION PLANS:  Save n Protect

 Cash back.  Life Time Gold  Life Stage RP  Life Link Super  Premier life Gold.  Invest Shield Cash Back.

3. RETIREMENT SOLUTION:  Forever Life  Life Time Super Pension  Life Stage Pension  Life Link Super Pension  Immediate Annuity 4. HEALTH SOLUTION:  Health Assure Plus  Cancer  Hospital Care  Crisis Cover  Diabetes Care Active  Medi Assure  Health saver 5. PROTECTION SOLUTION:  Pure protect  Life Guard  Home Assure  Life Stage Assure 6. CHILD PLANS:  Smart Kid New ULRP 7. GROUP INSURANCE SOLUTION:  ICICI Prudential also offers group insurance solution for companies seeking to enhance benefit to their employees.

 Group Gratuity Plan  Group Superannuation Plan  Group Immediate Annuities 8. 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 customer.  Accidental & Disability Benefit  Critical Illness Benefit  Wavier of premium  Income Benefit Ride

Current Scenario:

 Current market share 17.5%  Ranks no.1 among the private players  Statistics across India Total number of branches 1900, Advisor base 2,10,000  Current Capital Rs.4780 crores Assets held 57,000 crores
AWARDS

Confederation of Indian Industry (CII) - Western Region recently awarded ICICI Prudential Life a 'Commendation for Strong Commitment to HR Excellence 2008' at the CII HR Summit 2008.

ICICI Prudential Life was awarded the Life Insurance Company of the Year at the12th Asia Insurance Industry Awards 2008.

BOARD OF DIRECTORS

The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad.  Ms. Chanda Kochhar, Managing Director & CEO  Mr. Barry Stowe, Director  Mr. Adrian OConnor, 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