WE COVER YOU AT EVERY STEP OF LIFE

LIFE INSURANCE

CONTENTS• Vision• Values• B.O.D• Back Ground• About us• Introduction• Departments• Product/Services• Underwriting Process• Claim Process• SWOT Analysis• Market Share• Conclusion

VISION

To be the dominant Life, Health and Pensions player built on trust by world-class people and service.

 

VALUES

The success of the company will be founded in its unflinching commitment to 5 core values.

VALUES

Boundary less

Integrity

Humility

Customer First Passion

BOARD OF DIRECTORS

RELATIONSHIP MANAGER

MR.N.S.KANNAN

CHAIRPERSON

MS. CHANDA D. KOCHHAR

CHAIRPERSON

MS. CHANDA D. KOCHHAR

EXECUTIVE DIRECTOR

MR.ADRIAN O'CONOR

EXECUTIVE DIRECTOR

MR.RAJIV SABHARWAL

EXECUTIVE DIRECTOR

MR.BARRY STOWE

EXECUTIVEDIRECTOR

MR.K. RAMKUMAR

BACK GROUND• Established in 1848 in U.K.

• Largest life ins. & mutual fund company in U.K. in last decade.

• Has had its presence in Asia for the past 75 years.

• Joint Venture between ICICI Bank & Prudential PLC.

• First Pvt. sector ins. Co. in December 2000 after IRDA approval In INDIA.

INTRODUCTION

ABOUT US

Introduces two types of insurance coverage by two different sub-companies.

• ICICI Lombard General Insurance Company Limited

• ICICI Prudential Life Insurance Company

ICICI Lombard General Ins. Co.

• Joint venture between ICICI Bank & Fairfax financial Holdings Ltd.

• Established in 2001

• ICICI bank has 74% stake

• Fairfax has 26%

• Accredited with AAA rating by ICRA for 4 years

PRODUCTS/SERVICES

Health Insurance Overseas Student Medial Insurance

Travel Insurance Home Insurance

Auto Insurance

CURRENT SITUATION

• Established in December 2000

• Catering to over 1 million customers across 11 Asian countries.

• Accredited with AAA rating

• 559 offices in 489 locations at March 31, 2014

• 10,700 employees and over 171,000 advisors

• Capital stands at Rs 4,796 crores

• Assets under management of over Rs 80,000 crores

DEPARTMENTS

DEPARTMENTS OF ICICI

Finance Department Advertisement Sales

Department

FINANCE DEPARTMENT• Arora is Senior Vice President

Sources used by the company to finance their activities.

• Equity shares is Rs. 326,277 Million which is 67%of total assets.

• Debt is Rs. 160,458 Million which is 33% of total assets.

• The loan and advances has decreased from 0.12% to 0.06

Cont..

Common size balance sheet

• Reserves and surplus has increased by Rs. 161193 which is 54%.

• Cash and bank balance has increased by 21.75%.

• Current liability have increased by 38.14%.

• Current assets has increased by 6.00%.

ADVERTISEMNT

• Mobile promotional

• Television advertising

• Wall hoardings Promotions strategy

• Radio advertising strategy

• Print media advertising strategy

SALES DEPARTMENT

BRANCH MANAGERVikas Seth

Area Manager

Ranajit Sinha

Sales Manager(SM)

Abinash Subba

Team Leader (TL)

Nainish Jhaveri

TWO FUNCTIONAL STRUCTURE

Bancassurance & Alliances

ICICI Prudential was a pioneer in offering life insurance solutions through banks and alliances .

Tied Agency

Largest distribution channel of ICICI Prudential, comprising a large advisor force that targets various customer segments.

PRODUCTS/SERVICES

PLANS

Term plans Retirement plans

Wealth plans Group plans

TERM LIFE INSURANCE

• Simplest and most fundamental insurance product available at extremely affordable prices.

• Individual pays a fixed amount of money periodically.

• Event of death of the policyholder, the entire amount paid, to

the deceased's family.

LIFE COVERThe table below gives an approximate HLV multiple for different age bands.

• An individual's HLV is typically expressed in terms of multiple of his/her annual income.

AGE BAND HLV FACTOR18-24 6

25-29 8

30-34 10

35-44 12

45-49 10

50-54 8

55-64 6

65-75 4

POLICIES

ICICI Pru iProtect

ICICI Pru Pure

Protect

ICICI Pru LifeGuard

ICICI PRUiProtectLife Insurance Plan

• You can now secure your family's future at the click of a button.

• A non-participating term insurance plan that you can buy online at your convenience.

• You can customize this term plan according to your insurance needs.

OPTIONS

• ICICI Pru iProtect Option I: Where the death benefit

is equal to the sum assured

• ICICI Pru iProtect Option II: Where an additional death benefit equal to the base Sum Assured or Rs. 5,000,000, whichever is lower, is payable in case of death due to accident

DETAILSMinimum / Maximum age at entry 20 / 65 years (Age completed birthday)

Policy term 10 / 15 / 20 / 25 / 30 years

Maximum age at policy expiry 75 years (Age completed birthday)

Minimum premium Rs. 2,000 (excluding service tax and education cess)

Accidental Death Benefit (Only with iProtect Option II)

Equal to Sum Assured, subject to a maximum of Rs. 50 lacs

Mode of Premium payment Yearly

FEATURES • Life insurance cover at extremely affordable premiums

• Special premium rates for non-tobacco users

• Instant life insurance cover with simple online application process

• Additional pay out on death due to an accident,in case of iProtect Option II

ICICI PRUPureProtectLife Insurance Plan

ICICI PRUPureProtectLife Insurance Plan

• Pure Protect, with which you can insure your life and provide total security to your family, at a very affordable cost.

• Invest in the plan that best suits your protection needs and guarantees lifelong comfort and security to your family.

FEATURES/BENEFITS• Term plan

• Death benefit

• Maturity benefit

• Waiver of Premium Rider

• Accidental Death and Disability Benefit Rider

ICICI PRULifeGuardLife Insurance Plan

ICICI PRULifeGuardLife Insurance Plan

• LifeGuard acts as a sheild.

• A cost-effective plan, LifeGuard comes in two variants:

LifeGuard Single Premium

LifeGuard with Return of Premium

LifeGuard Single Premium

• Premium at policy inception, cover till policy matures.

LifeGuard with Return of Premium

• Life cover with maturity benefit.

Cont..

Plan Minimum Sum Assured

Policy Term Premium*Instalments

LifeGuard

with Return of Premium

Rs 5 Lakhs

Between 10 & 30 years

Monthly, half-yearly or

annually

LifeGuard Single

Premium

Rs 2.5 Lakhs

Between 3 & 15 years

Single Premium plan

FEATURES/BENEFITS

• Death benefit

• Extended life cover

• Additional riders

• Maturity benefit

RETIREMENT PLAN

Retirement insurance ensures that you or your family members receive a regular pension amount post a retirement date.

WHY DO I NEED IT

• Longer retirement years

• Financial independence post retirement

• Inflation

WEALTH PLAN

• A lump sum amount of money at the maturity of the Policy.

• In the unfortunate event of death during the term of the policy, your family receives lump sum amount.

• It combines the benefits of protection and saving in a single instrument

WHY DO I NEED IT

• Regular savings

• Protection

GROUP PLAN

• ICICI Prudential understands the importance of employee benefit offerings.

• And has a suite of Group solution plans that provide both you and your employees with a complete range of benefits.

GROUP RETIREMENT PLAN

• ICICI Pru Group “SUPERANNUATION” plan Unit linked/Non linked.

• ICICI Pru Group “GRATUITY” plan ULIP/Non ULIP .

GROUP PROTECTION PLAN

• ICICI Pru Group Term Insurance plan

• ICICI Pru Group Annuity plan

UNDERWRITING

UNDERWRITING PROCESS

• Underwriting Guidelines

• Underwriting Documents Required

• Underwriting Process

• Underwriting Time Frames

CLAIM PROCESS

STEPS

• Intimation

• Claim Processing

• Claim Decision

INTIMATION

CLAIM PROCESS

• Scrutinizing

• Requirement is raised within 8 calendar days

• Updating

• Claim guidance

CLAIM DECISION

• Claim decision within 12 calendar days.

• Most of our pay outs through electronic modes.

FILE A CLAIM

• Mandatory documents

• Additional documents for non-accidental death

• Additional documents for accidental death

SETTLEMENT OF CLAIM

Turn Around Time ICICI Prudential Life Insurance Co. Ltd. IRDA

Raising Requirements 8 Days 15 Days

Non-Early cases 12 Days 30 Days

Early cases 90 Days 180 Days

• 95% claims are settled within internal timelines.

SWOT ANALYSIS

STRENGTHS

Most trustedNo.1

InnovationLargest

Financial Institute

Asset Base

Highest Paid up Capital

WEAKNESSES

• Competitors

• Target upper class people only

• English language only

OPPORTUNITIES

• Huge Market

• More Corporate agents

• No. of adopting new technology

• Strong Brand

• Emotionalism in people

THREATS

• Existing life insurance players

• New entrance

• Change in the policy of IRDA

• Lack of awareness

MARKET SHARE

FY 2012 FY 2013 FY 20140

2

4

6

8

10

12

14

16

18

20

16.1

18.5 18.9

5.97 7.2

Pvt. IndustryOverall Industry

COMPARION

CONCLUSION

CONCLUSION

ICICI Prudential Ins. Co. is known for its excellence in the insurance sector today. The company follows a well defined sound and effective recruitment and selection policies and

procedures.Thus the company has scope to increase the number of the employees to operate for its further establishment and expansion of business and to acquire the best human resource

in this competitive environment.

REFRENCES

• https://www.iciciprulife.com/public/pdf/Investor-Relations/Investor%20Relations/ICICI_Prudential_Annual_Report_FY_2014.pdf

• http://www.iciciprulife.com/public/About-us/Management-Profile.htm

• http://en.wikipedia.org/wiki/ICICI_Lombard

• http://www.iciciprulife.com/public/Life-plans/what-is-term-plan.htm

• http://www.slideshare.net/amitsoni/financial-analysis-of-icici-prudential-life-insurance?related=2