ICICI Prudential Life Insurance Company Is A Joint Venture Between ICICI Bank

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. 2602 crore, 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 nation-wide team comprises of over 680 offices, over 235,000 advisors; and 23 bank assurance partners. ICICI Prudential was 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 world-class financial solutions to customers all over India. 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.
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 20,000 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.
Vision
To be the dominant Life, Health 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. 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, Boundary less, Ownership and Passion. Each of the values describes 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.
Values
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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.
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 20 million customers, policyholder and unit holders and manages over 256 billion of funds worldwide (as of June 30, 2007). In Asia, Prudential is the leading European life insurance company with life operations in China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand, and Vietnam. Prudential is the second largest retail fund manager for Asian sourced assets ex-Japan as at June 2006. Its fund management business has expanded into a total of ten markets: China, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan, Vietnam and United Arab Emirates.
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's capital stands at Rs. 26.02 billion with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. For the first quarter ended June 30, 2007, the company garnered Rs. 987 crore of weighted retail + group new business premiums and wrote over 500,000 retail policies in the period. The company has assets held to the tune of over Rs. 20,000 crore. For the past six years, ICICI Prudential 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.
Distribution
ICICI Prudential has one of the largest distribution networks amongst private life insurers in India. It has a strong presence across India with over 700 branches and over 235,000 advisors.
The company has over 23 bancassurnace partners, having tie-ups with ICICI Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank, Idukki District Co-operative Bank, Jalgaon Peoples Co-operative Bank, Shamrao Vithal Co-op Bank, Ernakulam Bank, 9 Bank of India sponsored Regional Rural Banks (RRBs), Sangli Urban Co-operative Bank, Baramati Co-operative Bank, Ballia Kshetriya Gramin Bank, The Haryana State Co-operative Bank and Imphal Urban Cooperative Bank Limited.
Products
Insurance Solutions for Individuals
ICICI Prudential Life Insurance offers a range of innovative, customer-centric 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 Super & LifeTime Plus are unit-linked plans that offer customers the flexibility and control to customize the policy to meet the changing needs at different life stages. Each offer 6 fund options - Preserver, Protector, Balancer, Maximiser, Flexi Growth and Flexi Balanced. 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. 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 RP is a unique and powerful wealth creation insurance solution, which combines the benefits of automatic asset allocation and quarterly rebalancing along with increased protection.
Protection Solutions
LifeGuard 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 cost-effective manner.
Education insurance plans

Education insurance under the SmartKid brand 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 unit-linked form - both single premium and regular premium. Education insurance under the SmartKid brand 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 unit-linked form - both single premium and regular premium.
Retirement Solutions
ForeverLife is a traditional retirement product that offers guaranteed returns for the first 4 years and then declares bonuses annually. 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. 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.
Health Solutions
Health Assure and 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. 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. 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.
Group Insurance Solutions

ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees. Group Gratuity Plan: ICICI Pru's group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations. Group Superannuation Plan: ICICI Pru offers both defined contribution (DC) and defined benefit (DB) superannuation schemes to optimize returns for the members of the trust and rationalise the 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: 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 Pru's flexible group term solution helps provide 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 Pru Life offers flexible riders, which can be added to the basic policy at a marginal cost, depending on the specific needs of the customer. 1) 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 traveling in an authorized mass transport vehicle, the beneficiary will be entitled to twice the sum assured as additional. 2) 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 benefit. 3) 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. 4) Income Benefit: 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.
Board of Directors
Plans overview
ICICI Prudential has a wide array of insurance plans that have been designed with the philosophy that different individuals are bound to have differing insurance needs. The ideal insurance plan is one that addresses the exact insurance needs of the individual that will depend on the age and life stage of the individual apart from a host of other factors.
Life Insurance Plans

Under Life insurance plans, ICICI Prudential offers plans under the following major need categories: EducationInsurancePlans WealthCreationPlans PremiumGuaranteeplans ProtectionPlans
The primary objective of a retirement plan is to help you provide for your financial needs in your post retirement years. Click here to know more about our retirement solutions Life Time Super Pension Forever life Life Link Super Pension
Health Product Suite
Under Health Product Suite, ICICI Prudential offers plans under the following major need categories: Hospital Care Health Assure Cancer Care Crisis Cover Diabetes Care Diabetes Care Plus
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Group plan
One Sure Shot Way For An Employer To Retain His Team Employees these days are constantly on the prowl for "better opportunities". How then do you get them to focus on your job and stay committed for long tenures? Human Resource experts agree that employees work with utmost dedication when they believe their organization truly cares about their well-being. One-way of showing your concern for your employees is to shoulder the two responsibilities they worry about most: Security of and Savings for their families. Group Insurance Plans from ICICI Prudential enable you to effortlessly provide your employees with both, savings and security, so they can pass on the benefits to their loved ones.
ICICI
Pru
Group
Solutions
Advantage
ICICI Prudential offers a suite of Group Insurance plans that provide both you and your employees with a host of benefits: 1. Group Super Annuation: This flexible plan for, defined benefit and defined contribution, provides retirement & tax benefits applicable to an approved superannuating trust. 2. Group Gratuity Plan: This hassle-free plan enables you to effortlessly fund your statutory gratuity obligation. 3. Annuity Solutions: This suite of retirement plans enables you to provide your employees with a steady income all through their retired lives. 4. Group Term Insurance Plan: This insurance plan provides affordable cover to all your employees. 5. Group Term Insurance in lieu of EDLI: Employee Provident Fund Organistion (EPFO) as a superior alternative to Employees Deposit Linked Insurance Scheme certifies this plan.
Tax Benefits Pension
on
Insurance
and
Life insurance and retirement plans are effective ways of saving taxes. The tax breaks that are available under our various insurance and pension policies are described below: 1. Our life insurance plans are eligible for deduction under Sec. 80C. 2. Our Pension plans are eligible for a deduction under Sec. 80CCC. 3. Our health insurance plans/riders are eligible for deduction under Sec. 80D. 12
4. The proceeds or withdrawals of our life insurance policies are exempt under Sec 10(10D), subject to norms prescribed in that section.
Objective of Study & Research Methodology
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The main objective of my study is to know about various products available for child insurance in ICICI prudential and other various concerns. The major Objectives are as under:
To study the comparison of different plans available in the market for child insurance. To study the different policies available for children plans. 4 To study the benefits of taking child insurance. 5 o study the preferences of the customers.
To attain the objective of the study the primary as well as the secondary data is used. PrimaryData:- Conducting personal interactions with the manager and staff members of ICICI prudential. SecondaryData:- To complete the present study, the secondary data has been also used. The secondary data has been collected from various published materials like various books, various brochures and website.
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Concept & Definition of Insurance Purpose & need of Insurance Nature & importance of perception Factors influencing perception
Life is full of uncertainties due to different types of risks like death, accidents, loss of health, property, floods, fire, earthquakes and so an. Every day some unfavorable events do happen
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which cause anxiety to be life and disturbs one peace of mind. Insurance is the answer to these types of risks and uncertainties. Insurance is based on principle that group of person exposed to similar type of risk join together and pool their resources to help few unfortunate ones and meet the loss. It is the process in which many people who are equally exposed to some risks share losses of few. Insurance is method, which provides security and protection against financial loss up to some limit. It means shifting risks to insurers in consideration of nominal cost called premium. Insurer agrees top pay certain sum of money to compensate loss caused by occuence of uncertain event in consideration of certain periodical payments i.e. Premium.
Functional Definition
According to R.S. Sharma = Insurance is co-operative device
to spread loss caused by particulars risk over number of persons who are exposed to it, who agree to insure themselves against that risk.
Legal Definition
According To F.W Pattern = Insurance is contract by which
one party for compensation called premium assumes particular risks of other party and promise to pay to him or his nominees a certain or ascertainable sum of money on a specified contingency.
Fundamental Definition
According DS Hansel = Insurance may be defined as social
device providing financial compensation for effects of misfortune the payment being made from the accumulated contributions of all parties participating in the scheme.
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1. Assets are insured, because they are likely to be destroyed or made non-financial through an accidentals occurrence. Such possible occurrences are called perils. Fire floods, breakdowns, lighting, Earthquakes etc. are perils that the assets is exposed to. 2. The risk only means that there is a possibly of loss or damage. It may or may not happen. There has to be an uncertainly about risk. Insurance is done against the contingency that it may happen. Insurance is relevant only if that is no uncertainly about occurrence of an event, it can not be insured against. 3. Conceptually, the mechanism of insurance is very sample. People who were exposed to some risks come together, agree that if anyone of the numbers suffers a loss the other will share the loss, and make good to the person who lost/ all people who send goods by ship. are exposed to the same risk related to water damage, ship risking, Piracy, etc. those owing factories are not exposed to these risks, but they are exposed to different kinds of risks like are exposed to different kinds of risks like fire, earthquakes, lighting, burglary etc. like the different kinds of risks can be identified and separate groups made including those exposed to such risks. By their method the risk is spread among community and likely big impact on one is reduced to smaller manageable impacts on all. 4. The manner in which loss is to, be shared can be determined before hand. It may be proportional O likely loss that each person is likely suffer which is indicative of the benefit he would receive if the peril benefit him. The share could be collected from the members after the loss has occurred or the likely shares may be collected in advance, at the time of admission to the group. Insurance companies collect in advance and create a fund from which thaw losses are paid. 5. A human life is also an income generating asset. This asset also can be lost through unexpectedly early death or made nonfunctional through sickness and disabilities caused by accidents. Accidents mayor may not happen. Death will happen, but the time is uncertain. If it happens around the time of ones retirement when it could be expected that the income would normally cease, the person concerned could once have made some other arrangements to meet the continuing needs. However, if it happens much earlier when the alternate arrangements to meet the continuing needs, insurance is necessary to help those dependents on the income. 6. In the case of a human being he may have arranged for his needs after his retirement. These would have been made based on some expectation like he may live for another 15 days or that his children will look after him. If any of this expectation does not be come true, the original arrangement would become inadequate and there could be difficulties. Living too long can be much a problem as dying to young.
7. Insurance does not protect the asset. It does not prevent its due to the peril. The peril cannot be avoided through insurance. The peril can sometimes be avoided through better safety and damage control management. Insurance only tries to reduce the impact
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of the risk on the owner of the asset and those who depend on that asset. It compensates, may not be fully, the losses. Only economic or financial losses can be compensated. 8. The concept of insurance has been extended beyond the coverage of tangible assets. Exporters run the risk of the importers in the country de faulting as well as losses due to sudden changes in currency exchange rates economics policies or political disturbances. These risks are now insured. Doctors run the risk of being charged with negligence and subsequent liability to bear. There are insured. Thus insurance is extended to intangibles. In some countries the voice of a singer or the legs of a dancer may be insured, although the advantage of spread may not be available in these cases.
The concept of perception is closely related to the personality of a person. We know that people working in an organization differ in terms of physical characteristics, background characteristics (such as training and education) and personality traits. One of the consequences of such of differences is that people do not view things in same way. Perception is described as a persons view of reality. Every person perceives the world and approaches life problems differently. The opinion about and the evaluation of a particular event differ from person to person. Reactions of the people, to different situation, are also different. The reason that people behave on the basis of what they perceive reality to be and not necessarily as what reality is. Perception is one of the most important psychological factors affecting the human behaviour; because perception is the way an individual experiences the situation.
Perception is the process thought, which the information for outside environment is selected, received, organized and interpreted to make it meaningful to you. This input of meaningful information results in decision and action.
ACCORDING TO JOSEPH REITZ, perception
includes all those processes by which an individual receives information about his environment seeing, hearing, feeling, testing and smelling. The study 0f these perceptual processes shows that their 20
functioning is affected by three classes of variables- the objects or events being perceived, the environment in which perception occurs and the individuals doing the perceiving. Perception Refers To Interpretation of Sensory Data. In Other Words, Sensation Involves Detecting the Presence Of A stimulus whereas perception involves understanding what stimulus means. For example, when we see something, the visual stimulus is light energy reflected from external world and eye becomes sensor. This visual image of external thing becomes perception when it is interpreted in the visual cortex of brain. Thus, visual perception refers to interpreting the image of external world projected on retina of eye and constructing a model of three-dimensional world. Perception is determined by both physiological and psychological characteristics of human being whereas sensation is conceived with only physiological features. Thus, perception is not just what one sees with eyes it is much more complex process by which an individual selectively absorbs or assimilates the stimuli in the environment, cognitively organizes the perceived information in specific fashion and then interprets the information to make an assessment about what is going on in ones environment Perception is very important in understanding the human behavior, because every person perceives the world and approaches the life problems differently. Whatever we see or feel is not necessarily the same as it reality is. It is because what we hear is not what is reality said, but we perceive as being said. When we buy something, it is not because it is the best, but because we take it takes it to be the best. Thus, it is because of perception, we can find out why one individual finds a job satisfying while another one may not be satisfied with it. If people behave on the basis of their perception, we can predict their behavior in the changed circumstances by understanding their present perception of the environment. One person may be viewing the facts in one way, which may be different from facts as seen by another viewer. With the help of perception, the needs of various people can be determined, because peoples perception is influenced by their needs. Like the mirrors at amusements park, they distort and world in relation to this tensions. Perception is every important for the manager who wants to making errors when dealing with people and events in the work setting. This problem is made more complicated by the facts that different people perceive the same situation differently. In order to deal with the subordinates effectively, the managers must understand their perceptions properly.
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Perception of an individual is influenced by a number of factors. He has a different perception because he has a different personality, different background and set of experience. All these factors may be classified as follows:(I) Physiology (II) Family (III) culture (IV) Stress (V) Group Pressure (VI) Interaction (VII) Role (VII) Reference Group (IV) Organizational Position and (X) Reward system.
Physiology
Perception of an individual is influenced by his or physiological conditions. For instance a glorious sunrise may look like so many shades of gray or black to a person who is colour-blind or an enchanting music not is impressive to one who is hard of hearing.
Family
The perception of an individual is influenced considerably by the family in which he has been brought up. In the family when the child has seen every elder telling a lie or drinking heavily, he will perceive these vices as the normal way of life. Similarly, the child of a believer will be a: believer and of an atheist a non-believer. The child develops the attitudes and the value system generally prevalent in the family.
Culture
The society and culture in which one live has an indelible impact on his attitudes, values and way of perceiving the world. A person living in a nomadic society in jungles will not feel scared of wild animals; similarly, a cow to a Hindu us the animal to worship and not to eat as beef as compared to a European Film songs on the radio are considered essential to some young men and women to keep the mood intact whereas they are a source of distraction to others, the other cultural variation is that many wealthy Americans and Europeans have abandoned the life style of luxury to find peace and Happiness by joining such clans as ISKON or Mahesh Yogi; conversely these are Indians who aspire for wealth and luxury to get happiness.
Stress
Stress is a situation, which is created by the pressure of environments. It is uncommon situation, which a person confronts. Sometimes stress helps in perceiving things in proper perspective and more often it leads to less accurate impressions. For instance a student learns well under stress of examination more often the same stress in the wrong perception. A cracking sound of wooden plank in the night makes the person to perceive it as he entry of a burglar in the house.
Group Pressure
The perception of an individual (minority) changes with the majority to be in conformity with the group. More often his perception automatically changes when he finds that others do not share his beliefs, attitudes or perception. Conversely if he finds that there are some who fall in line with him, he will try to estimate the effect of majority. S E.ASCH conducted studies to estimate the effect of group pressure upon the modification and distortment of judgment. It will however, be relevant to point that the effect of the group pressure depends on the extent of
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clarity with which the group pressure depends on the extent of clarity with which the group is exercised. If the ambiguity exists in the groups stand the individual may stick to his guns.
Interaction
Interaction among group members helps in improving perception about a person or situation. The interaction provides opportunity for sifting and sharpening perception. Leadership style also affects perceptual process of the group members. If he follows autocratic style, the group members will gradually develop perception as usually dictated by the leader. Conversely, if democratic style is practiced, group members may comprehend perception on merit due to proper interaction.
Role
Role and perception are related if the role is properly perceived. A person is the son, father, husband, student, brother etc. Hence he will have differently in different role. Hence while perceiving the behavior of a person, his role has to be taken into account otherwise the perception about the person will be wrong. For instance, if a grown-up man a talking to his father, he should not be considered to be a person having complex, lack of initiate or too docile to have any enterprise. Similar problem arises when members of organization perceive organizations role differently. For instance, the policy of the organization is punctually. Each member is expected to come in time and leave the workplace in time. Anybody coming late is expected to lose proportional wage. This role of organization may be perceived as a deliberate punitive and vindictive act towards labour rather than reformatory in character.
Reference Groups
Many people use groups of clarity or mind their perception. Groups are expected to perform normative and comparative functions. When an individual, for instance, wants to be identified as a member of an elitist group. he would study the qualities and behavior pattern of such members of the group, try to emulate to be accepted as the member of the group. This is known as no motive function. There may also be comparative function of a reference group under which the person may like to be different. For instance a person would not like to be associated with a group of vagabonds. It is knows as comparative function of the reference group. There may be reference groups within the organizations. These reference groups within the organizations.
Organizational Position
The position held by an individual in organizations. Influences his perception. A production manager will view every problem in the organizations. From the production angle and an economic consultant from economic angle. Similarly, an economist will give economic interpretation of a political phenomenon in the same manner as a sociologist will find a sociological in the linguistic or biology.
Reward System
Reward system in organizations. Has an impact on individual behavior which is preceded by the perception process. If the individual knows that hard work devotion, innovation or productivity are recognized and rewarded in the organizations. His behavior will definitely be
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induced and influenced by the reward system. It is his perception of the reward system that motivates him does more work.
Products Of ICICI Prudential Life Insurance Company Ltd Products Perceived By Customers Life Time Super Life Stage Rp Smart Kids Life Time Super Pension Crisis Care
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Insurance Solutions for Individuals

ICICI Prudential Life Insurance offers a range of innovative, customer-centric 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 Super & LifeTime Plus are unit-linked plans that offer customers the flexibility and control to customize the policy to meet the changing needs at different life stages. Each offer 6 fund options - Preserver, Protector, Balancer, Maximiser, Flexi Growth and Flexi Balanced. 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. 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 RP is a unique and powerful wealth creation insurance solution, which combines the benefits of automatic asset allocation and quarterly rebalancing along with increased protection.
Protection Solutions
LifeGuard 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 cost-effective manner.
Education insurance plans

Education insurance under the SmartKid brand 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.
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SmartKid plans are also available in unit-linked form - both single premium and regular premium.
ForeverLife is a traditional retirement product that offers guaranteed returns for the first 4 years and then declares bonuses annually. 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. 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.
Health Solutions
Health Assure and 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. 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. 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.
Group Insurance Solutions

ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees.
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Group Gratuity Plan: ICICI Pru's group gratuity plan helps employers fund their statutory gratuity obligation in a scientific manner. The plan can also be customized to structure schemes that can provide benefits beyond the statutory obligations. Group Superannuation Plan: ICICI Pru offers both defined contribution (DC) and defined benefit (DB) superannuation schemes to optimize returns for the members of the trust and rationalise the 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: 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 Pru's flexible group term solution helps provide 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 Pru 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 traveling in an authorized mass transport vehicle, the beneficiary will be entitled to twice the sum assured as additional. 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 benefit. 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: 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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ICICI Prudential life Insurance Company provides saving and wealth creation solutions, protection solutions. Education Insurance plans, Retirement solutions, Health Solutions, Group Insurance solutions, Flexible rider options. There are some products which are mostly preferred by customers and customers are mainly like to take those policies. These products are
Saving And Wealth Creation Solutions

1. Life Time Super 2. Life Stage Rp
Education Insurance Plans

3. Smart Kids
4. Life Time Super Pension
Crisis Cover
Presenting Life Time Super from ICICI Prudential, Indias No. 1 private life insurer, a regular premium unit linked insurance policy that offers flexible investment options along with the benefit of life insurance cover. This policy gives an opportunity to earn potentially higher returns on your investments without sacrificing the protection of your family.
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Potentially higher returns over the long term by investing in unit-linked funds. Additional allocation of units at regular intervals to boost your investment. Options to withdraw your money systematically over the period of 5 years on maturity of the policy. In case of an unfortunate event the death, family will receive Sum Assured or Fund Value, whichever is higher. Cover Continuance option available which ensures continuances of life insurance cover, even if customers wish to take a break in premium payment. Tax benefits on premiums paid and benefits received under the policy, as per the prevailing Income Tax Laws.
1. Customer needs to choose the premium amount, term and Sum Assured for which he wishes to take the policy. 2. After deducting premium allocation charges, the balance amount is invested in the investment funds of his choice. 3. Customer can opt for add on riders available under the policy. 4. On survival, the maturity benefit is paid to the policyholder. In the unfortunate event of death, the nominee receives the higher of Sum Assured or the Fund Value.
Switching Option
Under this option customer can switch his investment between the funds at any time (provided the policy is in force) depending on his financial priorities and investment objective. In any policy year, 4 switches can be done free of charge. The minimum switch amount is Rs. 2000.
Additional Allocation Of Units

There will be additional allocation of units every 4th year, starting from the end of the 4rth year at the rate of 4% of annual premium into your investment fund. Additional allocation of units will be made only if the premiums have been paid regularly up to the date of allocation.
Partial Withdrawal Benefit

Partial withdrawals will be allowed after completion of 3 policy years and on payment of full 3 years premium. The minimum partial withdrawals amount is Rs. 2000.
Settlement Benefit
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On maturity of this policy, policyholder can choose to take the fund value as a structured benefit. With this facility, he can opt to get payments on a yearly, half yearly, quarterly or monthly (through ECS) basis, for a period of 1,2,3,4 or 5 years, post maturity (settlement period). At any time during the settlement period, he has the option to withdraw the remaining fund value. During the settlement period, the investment risk in the investment portfolio is borne by the policyholder.
Death Benefit
In the unfortunate event of death during the term of the policy, the nominee shall receive the higher of Sum Assured (net of permissible partial withdrawals) or the fund value.
Cover Continuance Option

This option ensures that policyholders life insurance Cover Continuance in case you are unable to pay premiums, any time after payment of first three years premium. All applicable charges will be automatically deducted from the units available in your fund. He needs to opt for Cover Continuance, if he wishes to avail of this benefit.
Additional Protection with Riders

He can further customize his policy with optional riders, to enjoy additional protection as given below:
Riders Benefits Accident and Disability Benefit Rider In the event of death or disability due to an (ADBR) accident the rider benefit amount would be paid accordingly. Critical Illness Benefit Rider (CIBR) In the event of the life Assured being diagnosed for nay of the specified critical illness, the rider benefit amount would be paid. Waiver of Premium Rider (WOPR) In the event of total and permanent disability due to an accident all further premiums till maturity would be paid by the company.
He can surrender your policy. Surrender Values are available to him after deducting surrender charges and would depend on the number of completed policy year. Following are the Surrender Value applicable after payment of full 3 years premium.
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No. Of Completed years of the policy 3 years 4 years 5 years and above
Surrender Value as a % of Fund Value 98% 99% 100%
Minimum/Maximum entry age Maximum age of Maturity Minimum/Maximum Policy Term Premium Payment Frequency Minimum Premium Minimum Sun Assured Tax Benefit
0-65 years 75 years 10-75 years Yearly, Half Yearly, Monthly Rs. 18,000 per annuam Annual Premium x Term/2, subject to a minimum of Rs. 1,00,000. Premium paid for the policy and critical illness benefit rider will be eligible for tax benefit under section 80C & 80D respectively. Any benefit amount received under this policy will be eligible for the tax benefit under section 10 (10D), as per prevailing income tax laws.
1. In case the Life Assured is below age 7 years (age nearest birthday) at the time of death, only the fund value would be payable. 2. The minimum Fund Value post partial withdrawal should be equal to at least 110% of one years premium, else the policy will terminate and the balance fund Value will be paid to the policyholder. Partial withdrawals are allowed only if the Life assured at least 18 years of age. Partial Withdrawals will have the following effect on your sum Assured. Upto the age of 60 years, Sum Assured payable on death is reduced to the extent of Partial Withdrawals made in the preceding two years. After the age of 60 years, Sum Assured payable on death is reduced to the extent of Partial Withdrawals made from age 58 years onwards. 3. Customers will be pays out a proportional number of units (based on the payment option and period chosen). The value of the payments will depend on the number of units and the respective fund NAVs as on the date of each payment. At any time during this period, he can take the remaining Fund Value as a lump sum payment; Partial withdrawals are not allowed during this period. If you wish to exercise the settlement 34
option at the time of maturity. He needs to inform the company within a period of 3 months preceding the maturity of the policy. Death Benefit or rider benefit will not be available during the settlement period. 4. In case he have not opted for cover continuance option, then your life cover continues for a period of 2 years from the last premium paid (by levying applicable charges), after which his policy will be foreclosed and applicable surrender value would be paid. 5. If full premium for the first three policy years is not paid, the policy lapses and if not revived within the period of two years from the due date of the last unpaid premium, then surrender value as applicable will be paid at the end of the third policy year or at the end of reinstatement period whichever is later. 6. If premium has been paid for three full policy years and after policy years have elapsed and the Fund Value across all Funds under the policy falls below 110% one full years premium, the policy shall be terminated by paying the Fund Value after applying surrender charges, if applicable. This condition will also apply during the Cover Continuance stage, if opted for. 7. Increase in Sum Assured is allowed subject to underwriting if all due premiums till date have been paid. Any medical costs for this purpose would be borne by the policyholder and will be levied by cancellation of units. 8. The term chosen at inception of the policy cannot be changed. 9. If the Life Assured whether sane or insane commits suicide within one year from the date of issue of this policy, only the Fund Value will be paid if the Life Assured, whether sane or insane, commits suicide within one year from the effective date of increase in Sum Assured, then the amount of increase shall not be considered in the calculation of the Death Benefit. 10. Free look period: 15 days from the date on which he receive the policy document.
Company has different priorities at different life stages. When young, we are willing to take a risk in our investments, with expectations of high returns. As we shoulder the responsibility of a family, we become little cautious, preferring a mix of both risk and safety of investment. Towards the end of our working life, we look towards our post retirement security and are happy with the preservation of our hard-earned savings.
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With such changing priorities, it is important to adopt Asset Allocation as an investment practice. It helps to strike the right balance by distributing investments across different asset classes like equity and debt. More importantly, it changes according to our life stage profileage, risk tolerance, etc. However, the discipline of making the right Asset Allocation at various life stages requires the expertise and dedicated time of someone who can manage your money on a day-to-day basis. Keeping this in mind ICICI Prudential Lifer Insurance brings Life Stage RP. This policy provides with an option of life cycle based portfolio strategy that continuously re-distributes customer money across various asset classes (Automatic Assets Allocation). This is based on customer are, and helps him achieve the right Asset Allocation to meet his desired financial goals.
Option to choose a unique and personalized lifecycle based portfolio strategy to create ideal balance between Equity and Debt. Opportunity to earn potentially higher returns by investing in Unit Linked Funds. Additional allocation of units at regular intervals to enhance your investment. Ensure capital preservation at the time of policy maturity by systematic transfer to debt fund in the last 10 policy quarters. Option to withdraw your money systematically over the period of 5 years on the maturity of the policy. In the unfortunate event of death, customers nominee will receive, as per prevailing Income Tax Laws.
Customer needs to choose the premium amount term, your portfolio strategy and the Sum Assured for which he wishes to take the policy. After deducting the premium allocation charges, the balance amount is invested as per his chosen portfolio strategy. He can opt for the add-on riders available under the policy. On survival, the maturity benefit is paid as a lump sum or as a settlement period option. In the unfortunate event of death, the nominee receives the Sum Assured and the Fund Value.
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With Life Stage RP, customers have the option to choose from two unique portfolio strategies. These are:
1. Lifecycle based portfolio strategy 2. Fixed portfolio strategy

1. Lifecycle based portfolio strategy
This strategy takes into consideration the dynamic nature of customers life and priorities. It is the ideal investment approach as his financial needs keep changing customer life stage, and requires life insurance policy. Under the life cycle based portfolio strategy, customer investments will be distributed between two funds-flexi Growth IV and protector IV in a proportion that depends on his age (Automatic Assets Allocation).
2. Fixed portfolio strategy

If customers prefer to allocate his investments in different classes based on your personal judgment, then He can opt for the fixed Portfolio strategy. Under this strategy, he can choose to invest fully in any one fund or allocate your premiums in the various funds, in a proportion that suits his investment needs.
Change in Portfolio Strategy (CIPS)

Customer can change his chosen Portfolio Strategy up to 4 times during policy term. This facility is provided free of cost.
Additional Allocation of Units

There will be additional allocation of units of 12% of annual premium every 5 years of policy term. Additional allocation of units will be made only if the policy is in force and all due premiums have been paid up to the date of allocation.
Partial Withdrawal Benefit

Partial withdrawals will be allowed after completion of 3 policy years. From 4 th year onwards, one partial withdrawal is allowed each year subject to a maximum of 20% of the Fund Value on the date of partial withdrawal.
Maturity Benefit
Based on the term chosen for policy he will be entitled to receive the Fund Value at the time of maturity. Alternatively, he can opt foe the settlement options available. For this policy,
Death Benefit
In the unfortunate event of death during the term of the policy, the nominee will receive the Sum Assured and the fund value.
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Settlement Options.
On maturity of this policy, he can choose to take the Fund Value as a structured benefit. With this facility, he can opt to get payments on a yearly, half yearly, quarterly or monthly (through ECS) basis for a period of 1,2,3,4 or 5 years, post maturity (settlement period). At any time during the settlement period, he has the option to withdraw the entire Fund Value.
Increase / Decrease of Sum Assured.

Customers can choose to increase or decrease your sum assured at any time during the policy term.
Cover Continuance Option

This option ensures that customer life insurance Cover Continuance in case he is unable to pay premiums, any time after payment of first three years premium. All applicable charges will be automatically deducted from the units available in your fund. He needs to opt for Cover Continuance, if he wishes to avail of this benefit.

Customer can further customize your policy with optional riders, to enjoy additional protection at a nominal extra cost, as given below: Riders Benefits Accident and Disability Benefit Rider In the event of death or disability due to an (ADBR) accident the rider benefit amount would be paid accordingly. Critical Illness Benefit Rider (CIBR) In the event of the life Assured being diagnosed for may of the specified critical illness, the rider benefit amount would be paid.
Surrender Values are available to customer after deducting surrender charges and would depend on the number of completed policy years. Following are the Surrender Values applicable after payment of full 3 years premium. No. of Completed years of the policy 3 years Surrender Value as a % of Fund Value 96%
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4 years 5 years
98% 100%
Minimum/Maximum entry age Minimum/Maximum age of Maturity Minimum/Maximum Term Premium Payment Frequency Minimum Premium Minimum Sum Assured Tax Benefit
0-65 years (age nearest birthday) 18-75 years 10-75 years Yearly, Half Yearly, Monthly Rs. 15,000 per annuam Annual Premium x Term/2, Premium paid for the policy and critical illness benefit rider will be eligible for tax benefit under section 80C & 80D respectively. Any benefit amount received under this policy will be eligible for the tax benefit under section 10 (10D).
1. The minimum partial withdrawal amount is Rs. 2000. The maximum amount that can be withdrawn is 20% of the fund values at the time of withdraw. Partial withdrawal is allowed if Life Assured is at least 18 years of age. 2. In case the Life Assured is below age 7 years (age nearest birthday) at the time of death, only the fund value would be payable. 3. Post maturity you will be paid out a proportional number of units (based on the payment option and period chosen). The value of the payments will depend on the number of units and the respective fund Net Asset Values NAVs as on the date of each payment. At any time during this period, he can take the remaining Fund Value as a lump sum payment. Partial withdrawals and switches are not allowed during this period. If you wish to exercise the settlement option at the time of maturity. You need to inform the company at least a months preceding the date of maturity of the policy. During the settlement period the investment risk of the Investment portfolio lies with the policyholder. 4. Increase in Sum Assured is allowed subject to underwriting if all due premiums till date have been paid. Any medical costs for this purpose would be borne by the policyholder and will be levied by cancellation of units. Decrease in Sum Assured is allowed only up to minimum Sum Assured allowed under this policy.
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5. In case he have not opted for cover continuance option, then your life cover continues for a period of 2 years from the last premium paid (by levying applicable charges) , after which his policy will be foreclosed and applicable surrender value would be paid. 6. If full premium for the first three policy years is not paid, the policy lapses and if not revived within the period of two years from the due date of the last unpaid premium, then surrender value as applicable will be paid at the end of the third policy year or at the end of reinstatement period whichever is later. 7. If premium has been paid for three full policy years and after policy years have elapsed and the Fund Value across all Funds under the policy falls below 110% one full years premium, the policy shall be terminated by paying the Fund Value after applying surrender charges, if applicable . This condition will also apply during the Cover Continuance stage, if opted for. 8. The term chosen at inception of the policy cannot be changed. 9. If the Life assured whether sane or insane commits suicide within one year from the date of issue of this policy, only the Fund Value will be paid. If the Life Assured, whether sane or insane, commits suicide within one year from the effective date of increase in Sum Assured, then the amount of increase shall not be considered in the calculation of the Death Benefit. 10. Free look period: 15 days from the date on which he receive the policy document. 11. Tax benefits are available as per prevailing Income Tax Laws, subject to condition mentioned therein. The over all limit includes other eligible investment subject to a limit of Rs. 1, 00,000 u/s 80C. Service tax and education cess will be charged extra as per applicable rates. Tax laws may be subject to change from time to time.
As a responsible parent, we will always strive to ensure a successful life for our child. However, life is full of uncertainties and even the best-laid plans can go wrong. Heres how we can give me child a 100% safe and assured tomorrow, whatever the uncertainties. Smart Kid Education Plan is designed to provide flexibility and to safeguard your childs future education and lifestyle, taking all possibilities into account. Presenting Smart Kid. A specially designed education plans that safeguard childs education, no matter what. Smart Kid Education Plans have 4 products on offer. 1. Unit-linked Regular Premium 2. Unit-linked Regular Premium II 3. Unit-linked Single Premium II 4. Regular Premium
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Financial benefit when you require it.

With the ever increasing cost of education, the financial requirements for childs career would change from time to time. This plan provides you with the flexibility of withdrawals, whenever customer requires them. It allows you a maximum of 5 withdrawals, the amounts of which are as under: Withdrawal 1st 2nd 3rd 4th 5th Amount of Withdrawal (As a percentage of the accumulated value) Upto 20% of the Accumulated Value Upto 25% of the Accumulated Value Upto 30% of the Accumulated Value Upto 35% of the Accumulated Value Upto 40% of the Accumulated Value
So be it engineering college fees or post graduates studies, customers can use the withdrawals as per your requirements. Customer can avail of this flexibility any time after 5 years. However He would be allowed to make only one withdrawal in a year. At the end of the premium paying term, He can take the remaining value as maturity benefits.
Peace of mind for you

This plan gives the option to choose a protection cover for a Sum Assured between 5 to 50 times your annual contribution (for ages 41 and above, maximum multiple would be 25 only). The uniqueness of this plan is that even if anything happens to the parent, the benefits to the child are not compromised. The benefits under this policy are as under: The Sum Assured is paid immediately This ensures that your loved ones stay financially secure, even in your absence. All the future contributions are waved- Therefore your family is not burdened financially and accumulation of funds for your childs career continues. The policy Benefits continue This ensures that units can be withdrawn as and when required for your childs educational and development needs. Premium Waiver Rider is available at a nominal extra amount- You can ensure that in the unfortunate event of total and permanent disability due to an accident, all the premiums that were to be paid by you are waived. However, the policy continues to secure your childs future.
Annual Allowance
With the help of the income Benefit Rider, this plan guarantees a regular income to secure childs educational and developmental needs for his all-round development. The income Benefit Rider takes care of this through the payment of 10% of the sum assured annually to child in the unfortunate event of the parents death.
Premium Holiday
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If customers have been making premium payments for at least 5 years and then miss out on any of the subsequent premium payments, policy does not lapse. We will ensure that policy keeps on continuing. However to keep the policy in force, the mortality charges (which include payer waiver benefit premium) are deducted from customer fund, which will have an affection on your savings.
Customer chooses a Sum Assured between specified ranges of 5-50 times (for ages 41 and above it is 5 to 25 times) your annual contribution. Part of the premium paid by you is adjusted towards mortality charges (which include payer waiver benefit premium) and administrative expenses and the rest is invested as per the investment plan chosen by you. Entry into the plan will be based on the units allotted to customer on the policy issue date, as per the unit value on that date.
Contribution
Customer chooses the contribution under the plan, subject to a minimum of Rs. 18,000. He has the option of paying monthly, half yearly or yearly premiums.
Flexible Contribution
He can also increase or decrease your annual contribution. The maximum decrease in premium can be up to 20% of the initial premium chosen, at the time of policy application. However in no circumstances can be premium be reduced to below the minimum premium allowed under the plan at that time or 80% of the initial chosen premium, whichever is higher. There is no upper limit to be increase in premium contributions. Premium can be increased with or without an increase in Sum Assured. Any change in the contribution will be allowed only on policy anniversaries. In case of death of the policyholder, the waiver amount will be equal to contribution at the start of the policy.
Like the unit linked Regular Premium plan, this will also provide you the flexibility of withdrawals under the same conditions.
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The uniqueness of this plan even if anything happens to the parent, the benefits to the child are not compromised. The benefits under this policy are as follows a) Death Benefit: The death benefit is equal to the Sum Assured chosen at the time the parent applies for the policy and will be payable immediately on death of policyholder. In case of unfortunate death, here is how the policy works: The Sum Assured is paid immediately. Future contributions till maturity of the product will be waved off and the company will make the contribution good. The policy Benefits continue so that units can be withdrawn for your childs and when required for educational or development needs. b) You can choose the Premium Waiver Rider at a nominal extra amount. This ensure that in the unfortunate event of total and permanent disability due to an accident, all the premiums that were to be paid by you are waived and policy continues to secure your childs future.
Contribution
Customer can choose the contribution under the plan subject to a minimum of Rs. 18,000. Customer has the option of paying monthly, half yearly or yearly premiums.
Flexible Contribution
Customer can also increase or decrease your annual contribution. The maximum decrease in premium can be up to 20% of the initial premium chosen, at the time of Policy application. However in no circumstances can be premium being reduced to below the minimum premium allowed under the plan at that time or 80% of the initial chosen premium whichever is higher. There is no upper limit to be increase in premium contributions. Premium can be increased with or without an increase in Sum Assured. Any change in the contribution will be allowed only on policy anniversaries. In case of death of the policyholder, the waiver amount will be equal to contribution at the start of the policy.
Annual Allowance
With the help of the income Benefit Rider, this plan guarantees a regular income to secure childs educational and development needs, Benefit Rider takes care of this through the payment of 10% of the sum assured annually to child in the unfortunate event of the parents death.
Automatic Cover Continuance

This is a feature provided by the product, wherein the insurance cover under the policy continues even if there is a temporary break in the payment of annual contribution, after the premium 3 years have been paid. During this period, the cover continues by deducting mortality charges (in terms of units) from the value of investments. However, this facility is subject to two conditions: 43
In the first 10 years of the policy, the break in contribution can only be availed in case contributions till that date are paid off. In the first 10 years, this facility can be availed of for a maximum of two years at a time. After the first 10 years of the policy, you can avail of this automatic coverage facility without the two mentioned pre-conditions. .
Who can Purchase this policy?

Applicable for both Unit-linked Regular Premium and Unit-linked Regular Premium-II. If you are a parent aged between 20 and 60 years, with children in the range group of 0 to 15 years, you can apply for this policy. Other Detail of Policy Amount and mode of payment:
Rs. 18,000 for annual payments Rs. 9,000 for half yearly payments Rs. 1,500 for monthly payments Between 10 to 25 years Between 22 to 25 years 70 years Rs. 1, 00,000
Choice of term: Age of your child at maturity: Maximum age of parent on maturity: Minimum Sum Assured:
Financial Benefits
You can choose this Smart Kid plan in case you want to make a one-time, lump sum investment for your childs future. Like the unit-linked Regular Premium II Plan, this plan also provides you with the same flexibility of withdrawals, under the same conditions.

This plan gives you the protection cover for a Sum Assured of 5 times your premium. The uniqueness of this plan is that even if anything happens to the parent, the benefits to the child are not compromised. In case of unfortunate death, here is how the policy works. The Sum Assured is paid immediately. The policy Benefits continue so that amount can be withdrawn for your child as and when required for educational or development needs.
Annual Allowance
With the help of the income Benefit Rider, this plan guarantees a regular income to secure childs educational and developmental needs for his all-round development. The income Benefit Rider takes care of this through the payment of 10% of the sum assured annually to child in the unfortunate event of the parents death.
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Who can Purchase this policy?

As a parent aged between 20 and 50 years with children in the range group of 0 to 15 years, you can apply for this policy.
Other Detail of Policy

Minimum single premium: Choice of term: Age of your child at maturity: Maximum age of parent on maturity: Minimum Sum Assured: Rs. 50,000 Between 10 to 25 years Between 22 to 25 years 60 years Rs. 2, 50,000
Can the policy be surrendered?

Full withdrawal of the policy is possible any time after the payment of the single premium. The surrender values available to you as a policyholder would be as follows: During the 1st policy year 95% of the value of investments During the 2nd policy year 96% of the value of investments During the 3rd policy year 97% of the value of investments th From the 4 policy year 100% of the value of investment
Financial Benefits
The Smart Kid plan offers the option of a regular premium payment method. This way you can spread outlay for premium payments over the terms of the policy. The plan differs from the previous two Smart Kids plans in that it is not Unit-Linked.

As with the Unit-linked Smart Kids plans, this plan offers the benefits that should anything happen to the applicant parent, the future of the child is not compromised at all. In case of death, the plan work as follow: The Sum Assured chosen is paid immediately. Future contributions till policy maturity of the product will be waived and the contribution made good by the company. The policy Benefits continue for your childs educational or development needs.
Guaranteed educational benefits at a glance

Enjoy the power to avail of 2 options, depending on your specific needs. Option 1: Benefits at critical educational milestones
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At the end of Childs Age th 10 year of the 15 Years policy (Term7years) 12th year of the 17 Years policy(Term-5 years) 15thyear of the 20 Years policy(Term2years) 17th year of the 22 Years policy
Payout 20% of the SA
25% of the SA
25% of the SA
Needs met Extra tuition, preparation for professional courses, change of school or college. Join a professional college or graduation college. Higher studies or post graduation Further Education in India or abroad. Alternatively used for marriage or career establishment.
30% of the SA +GA+VB
Option 2: Avail the Benefits in the last 5 years of the policy. At the end of Childs Age th 13 year of the 18 Years policy(Term-4 years) 14th year of policy(Term-3 years) 15th year of policy(Term-2 years) 16th year of policy(Term years) 17th year of policy Payout 25% of the SA Needs met Extra tution, preparation for professional courses, change of school or college. Join a professional college or graduation college. Graduation
the 19 Years
20% of the SA
the 20 Years
20% of the SA
the 21Years 1 the 22 years
20% of the SA
Graduation
20% of the SA +GA+VB
Further Education in India or abroad. Alternatively, used for marriage or career establishment
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*SA = Sum Assured, GA = Guaranteed Additions @3.5% on Sum Assured for the first 4 years; VB Vested Bonus based in the experienced of company.
Who can purchase this policy?

If you are a parent aged between 20 and 60 years, with children in the age group of 0 to 12 years, you can apply for this policy.
Additional benefits
Income Benefit Rider: On the death of the parent (life assured) during the term of the product, 10% of the Sum Assured under the rider is paid to the nominee every year, for the remaining years, till the maturity of the policy. The benefit of this rider can be availed by parent policyholders in the age of group 20 to 55, with the benefit ceasing at the age of 65. The minimum Sum Assured under this rider is Rs. 1,00,000/-. Accident and Disability Benefit Rider: On the death of the parents (life assured) due to an accident, the child gets an additional Sum Assured. IN case of accidental death of the parent while traveling by mass surface transport, the nominee will get twice the Sum Assured under the rider. Accidents can also impair the capacity of the parent to earn. In the event of total and permanent disability, 10% of the Sum Assured is paid to the child every year for 10 years. Parent policyholders in the age group of 20 to 55 years can avail of the benefit of this rider, with the benefit ceasing at the age of 65. The minimum Sum Assured under this rider is Rs. 1,00,000. Waiver of Premium Rider (Only with Unit-linked Regular Premium II) Should the parent (life covered) suffer a total and permanent disability and is not able to pay the premium due to the same, the rider waives off all the premiums to be paid till the end of the rider or event of death, should it occurs earlier this ensures that childs future is not compromised under my circumstances. Parent policyholders in the age group of 18 to 55 years can avail of the benefit of this rider, with the benefit ceasing at the age 65.
Tax Benefits with Smart Kids Education Plan

Tax benefits under Section 80C and Section 10 (10D) are applicable, as per prevailing Income Tax Laws.
In the prime of our life and at the peak of our career. We enjoy all the comforts life has to offer us. A Happy family, own home and car, frequent dining out, holidays in India and abroad. These are pleasure we are used to today. We wish to keep enjoying them even after we stop working we can plan for it now. All we need is a good retirement plan. 47
ICICI Prudential, understand our needs and keep us plan for a better future. ICICI bring Life Time Super Pension: a regular premium, unit linked pension policy that offers the flexibility to invest in unit-linked funds that generate potentially higher returns. The accumulated value of your policy provides us with a regular income pension for life.
Accumulate savings and create a retirement kitty by investing regularly in unit-linked policy. Get regular income (Pension) post retirement. Enjoy the flexibility to choose from 5 pension options through which customer can receive pension. Choose retirement date from which customer will start receiving pension. Choose from 4 investment funds to invest money, based on risk appetite. Receive up to one third of the accumulated value as a tax-free lump sum on vesting (retirement) date. Opt for a life insurance cover that will provide complete protection to family. Enjoy tax benefits on premiums paid, as per prevailing tax laws.
This pension plan works in two phases: 1. The first or Accumulation Phase wherein policyholder pay regular premium towards the policy and accumulate savings for retirement. 2. The second or Annuity (Pension) Phase wherein policyholder start receiving pension from the accumulated amount, as per chosen pension option.
Fl exible retirement date

Policyholder can start receiving pension any time after you reach 45 years of age. However He has the option of deferring this date till the age of 75 years.
Switch between the funds

Customers can switch between fund the various fund options at any time. There is a provision of 4 free switches every policy hears, subject to the condition that the minimum switch amount is Rs. 2,000.
Death Benefit
Customers have 2 options of Sum Assured: Opt for a Zero Sum Assured and make it a pure investment plan, or
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Opt for a Sum Assured, which can be chosen between a minimum of Rs. 1,00,000 and maximum of annual premium multiplied by the policy term. In the unfortunate event of death, the spouse receives higher of Sum Assured or the Fund Value. This may be taken as a lump sum or may be used to purchase an annuity from the Company. However, where the spouse is not the nominee, the benefits will be paid in lump sum to the nominee.
Cover Continuance option

This option ensures that your life insurance cover continues in case, customer is unable to the premiums, if at least first 3 years premium have been fully paid. Applicable charges will be automatically deducted from the units available in fund. He needs to opt for Cover Continuance either at the time of purchase of policy or any time thereafter, if he wishes to avail of this benefit.

Customer can further customize his plan by adding riders, for additional protection at a nominal extra cost, as given below: Benefit Summary Accident and Disability Benefit Rider In the event of death or disability due to an (ADBR) accident, the rider benefit amount would be paid. Waiver of Premium Rider (WOPR) In the case of total and permanent disability due to an accident, all further premiums till original vesting age would be waived and policy will continue.
The accumulated value of policyholder investment will start paying him a regular income in the form of a pension, at a frequency chosen by him. The annuity can be received monthly, quarterly, half-yearly or yearly. He can choose to receive the annuity in your bank account and also through an ICICI Prudential Annuity Card. For details, he can contact Customer Service Help line number.
Five different ways of receiving pension

Customers have the flexibility to choose from the following five different annuity (pension) options currently available. Life Annuity Life Annuity with return of Purchase Price. Life Annuity Guaranteed for 5/10/5 years & for life thereafter Joint Life, Last Survivor without return of Purchase Price. Joint Life, Last Survivor with return of Purchase Price.
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Commutation of Pension Fund

Customers have the option to receive a lump sum amount up to 1/3 rd of the total fund value, tax free, on the vesting date.
Surrender values are available to customer after deducting surrender charges, and would depend on the number of completed policy years. Following are the surrender vales available after payment of 3 full years premiums. No. of completed years of the policy 3 Years 4 Years 5 years & above Surrender Value as a % of Fund Value 96% 98% 100%
Minimum/Maximum Entry Age Maximum Cover Ceasing Age Minimum/Maximum Policy Term Minimum/Maximum Vesting Age Premium Payment Frequency Minimum Premium Free look Period Tax Benefits
18 years 65 years 75 years 10 years 57 years 45 years 75 years Yearly, Half Yearly, Monthly Rs. 10,000 per annuam Rs. 5,000 half yearly, Rs. 834 monthly 15 days from the date on which you receive the policy documents Under Section 80CCC, as per prevailing Income Tax Laws on premium paid for base policy.
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Todays fast paced hectic life coupled with poor diet and lack of exercise is taking toll on our health. Incidences of medical ailments and critical illnesses are rising at an alarming rate, so is the cost of medical treatment, straining financially is case of any medical eventuality. Hence the only defense is to be financially covered against Diseases, Disability and Death. Therefore, ICICI Prudential Life Insurance presents, Crisis Cover the most comprehensive protection policy. This policy covers you from all angles, providing cover not only against 35 critical illnesses but also from total and permanent disability and death.
1. Most comprehensive cover against 35 diseases (critical illnesses), disability and death. 2. Receive lump-sum payout on diagnosis, in addition to any other health plan. 3. Coverage continues even after claiming benefit on select critical illnesses including angioplasty. 4. No survival period for claiming the benefit. 5. Long-term coverage up to 75 years of age. 6. No need to undergo medical test to avail this policy, up to benefit amount of Rs. 10 Lakhs. 7. Premium paid is eligible for deduction under section 80C & 80D.
Critical illness benefit (CIB)

Complete coverage against 35 critical illnesses. These critical illnesses are divided into two groups depending on the benefit amount payable. Group 1. Critical illnesses with full payout advantage In the event of diagnosis of Critical illnesses covered under this group, the benefit amount payable is equal to the full Sum Assured chosen under the policy. After the payout, the policy ceases to exit. Group2: Critical illnesses with coverage continuation advantage In the event of diagnosis of any of the Critical illnesses covered under this group, if the Sun Assured is greater than 10 lakhs, then benefit amount payable will be Rs. 10 Lakhs. The cover will continue for the balanced Sum Assured, for the remaining critical illnesses, disability or death. The premium will also be revised proportionately on the following policy anniversary, for the reduced Sum Assured. If Sum Assured is less than Rs. 10 Lakhs, then benefit amount payable will be the full Sum Assured and the policy will close.
Total & Permanent Disability Benefit (TPDB)

Full Sun Assured will be paid if you suffer from Total & Permanent Disability (TPD). This benefit is payable even if TPD occurs because of an accident during the waiting period.
Death Benefit (DB)

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In the unfortunate event of death during the policy term, the Sum Assured will be paid to your nominee. There is no waiting period applicable for claiming this benefit.
Premium Amounts
Given below are the annual amounts for a Sum Assured of Rs. 5 Lakhs for some sample policy terms and age of entry for a male life assured. Age Years 25 30 35 40 45 Policy Term 20 years Rs. 2474 Rs. 3204 Rs. 4724 Rs. 7281 Rs. 11182
15 years Rs. 2435 Rs. 2896 Rs. 4106 Rs. 6282 Rs. 9804
25 years Rs. 2734 Rs. 3738 Rs. 5576 Rs. 8442 Rs. 12554
The premiums are guaranteed for first 5years from the date of commencement of the policy. Thereafter, the premiums are annually reviewed able. Any change in premium will only be effected with approval from IRDA and after giving notice in writing to the policyholder. The above premiums are inclusive of model rebate and large Sum Assured discount & exclusive of any service tax and education cess. CRISIS COVER AT-AGLANCE Minimum/Maximum entry age Minimum/Maximum Policy Term Maximum Coverage Ceasing age Minimum/Maximum (CIB,DBor TPDB Sum
18 years to 60 years 10-50 years 75 years Assured Rs. 3,00,000 to Rs. 20,00,000
Premium Payment Frequency Maturity Benefit Tax Benefit
Yearly, Half Yearly, Monthly No Maturity benefit is payable Premium paid is eligible for the tax benefit under section 80C & section 80D.
Recommendations Limitations Conclusion
After making analysis of CONSUMER PERCEPTION REGARDING PRODUCT OF ICICI PRUDENTIAL LIFE INSURANCE COMPANY the major Recommendations are:
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Companies must introduce innovative products and services for its customers with and ample degree of flexibility, which in turn can give them a good brand image. Companies must introduce Attractive Schemes to influence the buying behavior of customers. Companies must represent their data ads in TV, Newspapers and magazines as well as these are the most preferred media by the consumers. Company must have a trained network of agent, which attracts the customers mind. Insurance companies have to create more vibrant and competitive industry so as to achieve greater insurance penetration. Companies must make the claim settlement in a easy and a effective manner. Effective steps should be taken for the customer awareness.
In an attempt to make this project Authentic reliable every possible aspect of topic was kept in mind. Never loss, despite this function constrains at play during formulation of this project. The main limitations are: Study is limited in Phagwara city because of limited time so result of study may not generalized for India as work. Another factor could be existence of biasness of respondents mind. Many times these biasness have greater learning on responses forward by respondents.
Conclusion
ICICI Prudential lift Insurance Company has relation of position as Indias no. 1 private life insurance company for 5th year running company gives flexibility to meet the growing
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aspirators and needs of policy holders. Finds under management have leaped to more then Rs. 8800 crore and total premium income has crossed Rs. 4250 crore. The products of the company like education plans that offer ideal way to truly guarantee Childs education, retirement solution that are hedge against inflation and get promise a fixed income after retirement, or wealth insurance that arms us with funds we might need to recover from dreaded diseases.
ICICI Prudential life has an advisor base across the length and breadth of country and also partners with leading banks, corporate agents and brokers to distribute products. Today ICICI Prudential shoulders the responsibility of protecting long term financial needs of over 2 million customers. Company new took forwards to reaching even greater heights in years to come, on strength of goodwill.

ICICI Prudential Life Insurance Company Is A Joint Venture Between ICICI Bank

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ICICI Prudential Life Insurance Company Is A Joint Venture Between ICICI Bank

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ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank - one of India's foremost financial services

The ICICI Prudential Edge

Savings & Wealth Creation Solutions

Education insurance plans

Group Insurance Solutions

Flexible Rider Options

Life Insurance Plans

Health Product Suite

Tax Benefits Pension

Objective of Study & Research Methodology

ACCORDING TO JOSEPH REITZ, perception

Insurance Solutions for Individuals

Savings & Wealth Creation Solutions

Education insurance plans

Group Insurance Solutions

Flexible Rider Options

Saving And Wealth Creation Solutions

Education Insurance Plans

Additional Allocation Of Units

Partial Withdrawal Benefit

Cover Continuance Option

Additional Protection with Riders

Surrender Value as a % of Fund Value 98% 99% 100%

1. Lifecycle based portfolio strategy 2. Fixed portfolio strategy

2. Fixed portfolio strategy

Change in Portfolio Strategy (CIPS)

Additional Allocation of Units

Partial Withdrawal Benefit

Increase / Decrease of Sum Assured.

Cover Continuance Option

Additional Protection with Riders

Financial benefit when you require it.

Peace of mind for you

Peace of mind for you

Automatic Cover Continuance

Who can Purchase this policy?

Peace of mind for you

Who can Purchase this policy?

Other Detail of Policy

Can the policy be surrendered?

Peace of mind for you

Guaranteed educational benefits at a glance

Payout 20% of the SA

30% of the SA +GA+VB

the 21Years 1 the 22 years

20% of the SA +GA+VB

Who can purchase this policy?

Tax Benefits with Smart Kids Education Plan

Fl exible retirement date

Switch between the funds

Cover Continuance option

Additional Protection with Riders

Five different ways of receiving pension

Commutation of Pension Fund

Critical illness benefit (CIB)

Total & Permanent Disability Benefit (TPDB)

Death Benefit (DB)

Premium Payment Frequency Maturity Benefit Tax Benefit

Recommendations Limitations Conclusion

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