SUMMER INTERNSHIP

REPORT ON

ICICI PRUDENTIAL LIFE INSURANCE

( MARKETING )
ACKNOWLEDGEMENT

I take this opportunity to convey our heartful thanks to our Dean (Academics),
Prof. R. Krishnan for providing us with the necessary infrastructure, thereby gi
ving us
freedom to carry out the summer internship work in my area of interest.

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

My sincere thanks to Mr. S.K.M.Rajesh Kumar (Sales Manager), Mr.Prabhu

(Sales Manager) of ICICI Prudential Madurai, who helped me through the project.

I also thank all the staffs of ICICI Prudential (Life Insurance), Main Branch,
Madurai for giving me the moral support to accomplish the project successfully.

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

I also thank all the teaching and non-teaching staff and friends of IIPM,
Chennai for giving us the moral support to accomplish the project successfully.

CONTENTS
S.No
TITLE
Page
No

1
INTRODUCTION

2
LIFE INSURANCE MARKET

10

3
NEED FOR INSURANCE

11
4
ORGANIZATION PROFILE

14

PRODUCT S

18

AWARDS AND RECOGNITIONS

19

MY EXPERIENCE IN ICICI PRUDENTIAL LIFE

INSURANCE

24

8
 Conclusion

25

Bibliography

26
INTRODUCTION

A) INSURANCE IN INDIA:

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

With largest number of life insurance policies in force in the world, Insurance
happens to be a mega opportunity in India. It is a business growing at the rate
of 15-
20 percent annually and presently is of the order of Rs 450 Billion. Together wi
th
banking services, it adds about 7 per cent to the country.s GDP. Gross premium
collection is nearly 2 per cent of GDP and funds available with LIC for investme
nts
are 8 per cent of GDP.

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

A well-developed and evolved insurance sector is necessary for economic

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

Insurance is a federal subject in India. Two legislations govern the sector- Th

e
Insurance Act- 1938 and the IRDA Act- 1999. The insurance sector in India has
come a full circle from being an open competitive market to nationalization and
back
to a liberalized market again. Tracing the developments in the Indian insurance
sector reveals the 360-degree turn witnessed over a period of almost two centuri
es.

B) HISTORICAL PERSPECTIVE ABOUT LIFE INSURANCE IN INDIA:

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

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

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

The Government of India in 1956, brought together over 240 private life
insurers and provident societies under one nationalized monopoly corporation and
Life Insurance Corporation (LIC) was born. Nationalization was justified because
it
would create much-needed funds for rapid industrialization. This was in conformi
ty
with the Government's chosen path of State lead planning and development.
The (non-life) insurance business continued to thrive with the private sector un
til
1972. Their operations were restricted to organized trade and industry in large
cities.
The general insurance industry was nationalized in 1972. India Assurance Company
,
Oriental Insurance Company and United India Insurance Company are subsidiaries
of the General Insurance Company (GIC).

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

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

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

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

D) Important milestones in the general insurance business in India

are:

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

1957: General Insurance Council, a wing of the Insurance Association of India,

frames a code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum
solvency margins and the Tariff Advisory Committee set up.
1972: The general insurance business in India nationalized through The General
Insurance Business (Nationalization) Act, 1972 with effect from 1st January 1973
.
107 insurers amalgamated and grouped into four companies- the National Insurance
Company Limited, the New India Assurance Company Limited, the Oriental
Insurance Company Ltd. and the United India Insurance Company Ltd. GIC
incorporated as a company.

E) INSURANCE SECTOR REFORMS:

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

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

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

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

The Insurance Act should be changed. An Insurance Regulatory body should

be set up. Controller of Insurance- a part of the Finance Ministry- should be
made independent.

d) Investments:

Mandatory Investments of LIC Life Fund in government securities to was

reduced from 75% to 50%. GIC and its subsidiaries are not to hold more than
5% in any company (there current holdings to be brought down to this level
over a period of time)

e) Customer Service:

LIC should pay interest on delays in payments beyond 30 days.

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

The committee felt the need to provide greater autonomy to insurance

companies in order to improve their performance and enable them to act as
independent companies with economic motives. For this purpose, it had
proposed setting up an independent regulatory body- The Insurance
Regulatory and Development Authority.

A reform in the Insurance sector was initiated with the passage of the
IRDA Bill in Parliament in December 1999. The IRDA since its incorporation
as a statutory body in April 2000 has fastidiously stuck to its schedule of
 framing regulations and registering the private sector insurance companies.
Since being set up as an independent statutory body the IRDA has put in a
framework of globally compatible regulations. The other decision taken
simultaneously to provide the supporting systems to the insurance sector and
in particular the life insurance companies was the launch of the IRDA online
service for issue and renewal of licenses to agents. The approval of
institutions for imparting training to agents has also ensured that the
insurance companies would have a trained workforce of insurance agents in
place to sell their products.

The Government of India liberalized the insurance sector in March

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

The opening up of the sector is likely to lead to greater spread and

deepening of insurance in India and this may also include restructuring and
revitalizing of the public sector companies. In the private sector 12 life
insurance and 8 general insurance companies have been registered. A host
of private Insurance companies operating in both life and non-life segments
have started selling their insurance policies since 2001.

F) THE INSURANCE REGULATORY AND DEVELOPMENT

AUTHORITY:
Reforms in the Insurance sector were initiated with the passage of the IRDA
Bill in Parliament in December 1999. The IRDA since its incorporation as a statu
tory
body in April 2000 has fastidiously stuck to its schedule of framing regulations
and
registering the private sector insurance companies.
 The other decisions taken simultaneously to provide the supporting systems
to the insurance sector and in particular the life insurance companies launched
the
IRDA.s online service for issue and renewal of licenses to agents.

The approval of institutions for imparting training to agents has also ensured
that the insurance companies would have a trained workforce of insurance agents
in
place to sell their products, which are expected to be introduced by early next
year.

Since being set up as an independent statutory body the IRDA has put in a
framework of globally compatible regulations. In the private sector 12 life insu
rance
and 6 general insurance companies have been registered.

INSURANCE MARKET IN INDIA:

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

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

A) PERFORMANCE OF THE INDIAN INSURACE MARKET-A

REPORT:
The following points will provide you an insight into the insurance market in
India and its fast expanding prospects. The report is well supported by data bas
ed
on detailed analysis that would help investors, financial service providers and
global
banking players to venture into the Indian insurance market.

Taking into account the changing socioeconomic demographics rate of GDP

growth, behavior of consumers, and occurrences of natural calamities at regular
intervals the market of Life Insurance in India is expected grow to the value ar
ound
US $ 41.44 billion by the year 2009. The Market is expected to grow at a
compounded annual growth rate (CAGR) of more than 200% year over year (YOY)
from year 2006 onwards.
. 65% of the general insurance market is controlled by private house that
already exists in the market.
. However in automobile insurance, public sector covers a substantial 68% of
the total market value.
. Among individual companies that are worthy of mentioning, ICICI Lombard
enjoys a whopping 53% market share in Accident Insurance while the
remaining 47% is shared by New India Assurance and United India Insurance
both belonging to the public sector

The other key players of the market include:

A) In Public Sector:
Life insurance Corporation(LIC) of India, National Insurance
Company Limited, Oriental Insurance Limited, New India Assurance Company
Limited and United India insurance Company Limited.
B) In Private Sector:
ICICI prudential Life Insurance, Bajaj Allianz, SBI Life, HDFC
Standard, Birla Sunlife, Aviva Life Insurance, Kotak Mahindra old mutual, Max Ne
w
York Life and Met life, Tata AIG Life, ING Vysya. Thus, the ever increasing
population of the country will ensure constant boom in the India Insurance marke
t in
the distant future.
NEED FOR INSURANCE:

. Superior to an ordinary savings plan as it provides full protection against ri

sk
of death.
. Encourages and forces compulsory savings unlike other saving instruments,
wherein the saved money can be easily withdrawn.

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

. Offers tax relief to policyholders.

. Hedges risk against uncertainty.

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

. Based on the concept of sharing of losses, the society will benefit as

catastrophic losses are spread globally.

NEED FOR LIFE INSURANCE:

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

A) Protection:

You need life insurance to be there and protect the people you love, making
sure that your family has a means to look after itself after you are gone. It is
a
thoughtful business concept designed to protect the economic value of a human li
fe
for the benefit of those financially dependent on him. That is a good reason.
Supposing you are suffered by an injury that keeps you away from earning?
Would you like to be a financial burden on your family, already losing out on yo
ur
salary? With a life insurance policy, you are protected. Your family is protecte
d.
B) Retirement:
Life insurance makes sure that have regular income after retire and also helps
to maintain standard of living. It can ensure that your post-retirement years wi
ll be
spent in peace and comfort.

C) Savings and Investments:

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

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

ICICI Prudential Life Insurance Company is a joint venture between ICICI

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

ICICI prudential is the first Insurer in India to receive a National Insurer

Financial Strength rating of AAA (Ind) from Fitch rating. For three years in a r
ow,
ICICI Prudential has been voted as India.s Most Trusted Private Life Insurer, by
the
Economic times AC Nielsen ORG Marg survey of Most Trusted Brand..

A) ICICI PRUDENTIAL EDGE:

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

1. The products have been developed after a clear and through understanding of
customer.s need. It is this research that helps us develop Education plans that
offer the ideal way to truly guarantee the child.s education, Retirement
solutions that are a hedge against inflation and yet promise a fixed income
after you retire, or Health insurance that arms you with the fund you might
need to recover from dreaded disease.

2. Having the right product is the first step, but it.s equally important to ens
ure
that, the customer can access them easily and 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 the products
3. Robust risk management and underwriting practices form the core business.
With clear guidelines in place, we ensure equitable costing of risks, and
thereby ensure a smooth and hassle-free claim process.

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

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

B) OUR VISION AND VALUES

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

This we hope to achieve by:

. Understanding the need of customers and offering them superior products
and service

. Leveraging technology to service customer quickly, efficiently and

conveniently.

. Developing and implementing superior risk management and investment

strategies to offer sustainable and stable return to the policyholders.

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

5 core values Integrity, Customer First, Boundary less, Ownership and passion.
Each of the values describes what the company stands for, the qualities of our
people and the way we work.

OUR VALUES:

Every member of the ICICI Prudential team is committed to 5 core values:

Integrity, Customer First, Boundary less, Ownership, and Passion. These values
shine forth in all we do, and have become the keystones of our success.

C) PROMOTERS:

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

D) PRUDENTIAL PLC:

Established in London in 1848, Prudential Plc, through its businesses in the

UK, Europe, US, Asia and the Middle East, provides retail financial services pro
ducts
and services to more than 21 million customers, policy holder and unit holders a
nd
manages over .256 billion of funds worldwide (as of June 30, 2008). In Asia,
prudential is the leading Europe-based life insurer with life operations in Chin
a, Hong
Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiw
an,
Thailand, and Vietnam. Prudential is one of the largest asset management
companies in terms of overall assets sourced in Asia ex-Japan with .34.3 billion
funds under management (as of June 30, 2008) and operations in ten markets
including China, Hong Kong, India, Japan, Korea, Malaysia, Singapore, Taiwan,
Vietnam and United Arab Emirates.

E) MANAGEMENT PROFILE:
BOARD OF DIRECTORS:
The ICICI Prudential life Insurance Company Lited Board comprises reputed
people from the finance industry both from India and abroad.
Mr. K.V. Kamath, Chairman
Ms. Chanda Kochhar, Director
Mr. Barry Stowe, Director
Mr. Adrian O.Connor, Director
Prof. Marti G. Subrahmanyam, Director
Mr. Mahesh Prasad Modi, director
Ms Rama Bijapurkar, Director
Mr. Keki Dadiseth, Director
Ms. Shikha Sharma, Managing Director
Mr. N.S. Kannan, Executive Director
Mr. Bhargav Dasgupta, Executive Director

F) MANAGEMENT TEAM:

The ICICI Prudential life Insurance Company Limited Board comprises

reputed people from the finance industry both from India and abroad.
Ms. Shikha Sharma, Managing Director & CEO
Mr. N.S. Kannan, Executive Director
Mr. Bhargav Dasgupta, Executive Director
MS. Anita Pai, Executive Vice president Customer Service & Technology
Dr. Avijit Chatterjee, Appointed Actuary
Mr. Puneet Nandha, Executive Vice president & Chief Investment officer

G) DISTRIBUTION:

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

The company has 24 banc assurance partners having tie-ups with ICICI Bank,
Bank of India, South Indian bank, Shamrao Vitthal Co-Op bank, Jalgaon peoples Co
-
Op bank, Ernakulam district Co-Op bank, Idukki District Co-Op Bank, Ratnagiri
Sindhudurg Gramin Bank, Jharkhand Gramin Bank, Solapur Gramin Bank, Narmada
Malwa Gramin bank, Wainganga Kshetriya Gramin Bank, Ratnagiri District Central
Co-Op Bank, Seva Vikas Co-Op bank, Sangli Urban Co- Operative bank, The
Haryana State Co- Operative Bank, Renuka Nagrik Sahakari Bank, Amanath Co-
Operative Bank, Arvind Sahakari Bank, Bhandara Urban Co Operative Bank.

H) PRODUCTS:

INSURANCE SOLUTION FOR INDIVIDUALS:

ICICI Prudential Life Insurance offers a range of innovative, customer-centric
product that meets the needs of customers at every stage.

a) SAVINGS & WEALTH CREATION PLANS:

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

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

c) CHILD PLANS:

Smart Kid New ULRP

d) RETIREMENT SOLUTION:
. Forever Life
. Life Time Super Pension
. Life Stage Pension
. Life Link Super Pension
. Immediate Annuity

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

f) GROUP INSURANCE SOLUTION:

ICICI Prudential also offers group insurance solution for companies seeking to
enhance benefit to their employees.
. Group Gratuity Plan
. Group Superannuation Plan
. Group Immediate Annuities
. Group Term plan

g) FLEXIBLE RIDER OPTIONS:

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

. Accidental & Disability Benefit

. Critical Illness Benefit
. Wavier of premium
. Income Benefit Rider
AWARDS AND RECOGNITIONS:

A) AWARDS:

12th Asia Insurance Industry Awards 2008

ICICI Prudential Life was awarded the Life Insurance Company of the Year at the
12th Asia Insurance Industry Award 2008.
.
Brand Excellence in the Banking and Financial services

ICICI Prudential Life won the Award for Brand Excellence in the Banking and
Financial services category at the Asia Brand Congress 2008.
 http://www.iciciprulife.com/public/images/ET_TROPHY_03-copy.jpg

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

Marketing Excellence Award 2008

ICICI Prudential Life won the ICICI Group Marketing Excellence Award 2008 in thr
ee
key categories for its marketing initiatives.
 http://www.iciciprulife.com/public/images/E&YoungEntreprAwds2007.jpg

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

http://www.iciciprulife.com/public/images/effie1_awards07.jpg

ICICI Prudential Life.s, retirement solutions campaign for the year 2006-07 was
awarded the Bronze Effy trophy in the services category. It also won the Brand
Equity Bravery Award 2007, instituted by Ad club.

http://www.iciciprulife.com/public/images/inovaward06s.jpg

Innovation Award for launching Diabetes Care Prudence Award 2006. People
Award for excellence in training and people development - Prudence Award 2006.
Most Trusted Private Life Insurer. The Economic Times - A C Nielsen Survey of Mo
st
Trusted Brands 2003, 2004 and 2005.
http://www.iciciprulife.com/public/images/Award_Outlook_Money.jpg

Best Life Insurer 2003. Outlook Money Awards 2003 & 2004
IMM Award for Excellence. Institute of Marketing & Management
Organization with Innovative HR Practices Indira Group of Institutes.

B) RECOGNITIONS:

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

B) IMM Award for Excellence. Institute of Marketing & Management.

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

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

for HR Excellence.
MY EXPERIENCE IN ICICI PRUDENTIAL:

My summer internship started in flying colors as Mr.C.Senthil Vel, AFSM and

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

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

A) STEPS FOLLOWED IN TELEMARKETING OF POLICIES:

. Firstly, I would make a call to the customer.

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

. Depending on the age of the customer I inform him about the various
plans that would suit him.
. If he has any children I also explain him about the child plans available.
. I clearly explain him about the Tax benefits which he will receive.

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

. If he is interested I tell him that I would like to have an appointment with

him at any convenient place to give more detailed information about the
plans.

. This is my personal experience in ICICI prudential life insurance

CONCLUSION:

There is no equivalent way to learn things than learning it practically.

Everyone learns from his mistakes, on experience. The practical experience is an
entirely different aspect when considered about what we learnt in classroom. Thi
s
summer training report would reveal the various learning process. I have learned
some of the key things like how to behave in the organization? , How to talk wit
h
customers? , how to communicate with senior officials?

I would like to convey my regards and sincere thanks to Mr.c.Senthil Vel

AFSM, Mr. S.K.M.Rajesh Kumar (Sales Manager) and Mr.Prabhu (Sales Manager)
of ICICI Prudential Life Insurance, Madurai for their continued support and guid
ance
throughout my internship period and also for helping me to complete my internshi
p
training successfully.

I would like Conclude that ICICI Prudential Life Insurance provided me

with a very good friendly learning environment; they are equipped with high qual
ity
infrastructure, pantry Facilities combined with neat and clean environment
Bibliography:

1) http://www.iciciprulife.com
2) http://www.google.com
3) http://www.wikipedia.com
4) http://business.mapsofindia.com