1

CHAPTER 1

INTRODUCTION

1.1 INDUSTRY PROFILE

1.1.1 The History of Insurance

The roots of insurance might be traced to Babylonia, where traders

were encouraged to assume the risks of the caravan trade through loans that
were repaid (with interest 0 only after the goods had arrived safely- a practice
resembling bottomry and given legal force in the Code of Hummurabi (c.2100
B.C) the Phoenicians and the Greeks applied a similar system to their sea borne
commerce. The Romans used burial clubs as a form of life insurance, providing
funeral expenses for members and later payments to the survivors.

With the growth of towns and trade in Europe the medieval guilds
undertook to protect their members from loss by fire and shipwreck, to ransom
them from captivity by pirates, and to provide decent burial and support in
sickness and poverty. By the middle of the 14 th cent., as evidenced by the
earliest known insurance contract (Genoa, 1347), marine , insurance was
practically universal among the maritime nations of Europe.
 2

1.1.2 Insurance In India

The insurance sector in India has come a full from being an open
competitive market to nationalization and back to a liberalized market again. The
state –run Life Insurance Corporation of India (LIC) has held the monopoly in the
country’s life insurance sector. Training the development in the Indian insurance
sector reveals the 360-degree turn witnessed over a period of almost two
centuries. Today there are nearly 13 life insurance players in India.

Out of one billion people in India, only 35 million people are covered by
insurance. thus this sector offers an immense potential for the players. India’s
life insurance premium as a percentage of GDP is just 1.77 percent.

1.1.3 Insurance Sector open up in India

The Insurance Regulatory and Development Authority (IRDA) Bill to

open the insurance sector in India to private and foreign players, was passed by
the Lok Sabha on December 2, 1999 and by the Rajya Sabha on December 7,
1999.

The Bill seeks to grant statutory status to he interim Insurance

Regulatory Authority and amend the 1938 Insurance Act, the 1956 Life
Insurance Corporation Act and the 1972 General Insurance Business
(Nationalization ) Act to end the public sector monopoly . The IRDA Bill
incorporates the recommendations made by the parliamentary Standing
committee on Finance.
 3

1.1.4 Insurance Regulatory and Development Authority

MISSION

To protect the interests of the policyholders, to regulate, promote and

ensure orderly growth of the insurance industry and for matters connected
therewith or incidental thereto.

1.1.5 Duties, Powers and Functions of IRDA

Section 14 of IRDA , 1999 lays down the duties, powers and functions
of IRDA subject to the provisions of this Act and nay other law for the time being,
in force, the Authority shall have the duty to regulate, promote and ensure
orderly growth of the insurance business and re-insurance business.
(2) Without prejudice to the generality of the provisions contained in sub-section
(1) the powers and functions of the Authority shall include.

a) issue to the applicant a certificate of registration, renew, modify,

withdraw., suspend or cancel such registration.

b) Protection of the interests of the policy holders, insurable interest,

settlement of insurance claim, surrender value of policy and other terms and
conditions of contracts of insurance.

c) Specifying requisite qualifications, code of conduct and practical

training for intermediary or insurance intermediaries and agents;

d) Specifying the code of conduct for surveyors and loss assessors;

 4

e) Promoting efficiency in the conduct of insurance business;

f) Promoting and regulating professional organisations connected with

the insurance and re-insurance business
g) levying fees and other charges for carrying out the purposes of this
Act;

h) Calling for information from, undertaking inspection of, conducting

enquiries and investigations including audit of the insurers, intermediaries,
insurance intermediaries and other organizations connected with the insurance
business. .

i) Control and regulation of the rates, advantages,. Terms and conditions

that may be offered by insurers in respect of general insurance business not so
controlled and regulated by the Tariff Advisory committee under section 64U of
the Insurance Act, 1938 (4 to 1938);

j) specifying the form and manner in which books of account shall be

maintained and statement of account shall be rendered by insurers and other
insurance intermediaries;

k) regulating investment of funds by insurance companies ;

l) regulating maintenance of margin of solvency ;

m) adjudication of disputes between insurers and intermediaries or

insurance intermediaries ;

n) supervising the functioning of the Tariff Advisory Committee;

o) Specifying the percentage of premium income of the insurer to finance

schemes for promoting and regulating professional organisations referred to in
clause.
 5

p) Specifying the percentage of life insurance business and general

insurance business to be undertaken by the insurer in the rural or social sector;
and

q) Exercising such other power as may be prescribed Insurance Industry

in the year 2000-2001 gad 16 news entrants, namely.

1.1.6 Life Insurers

S. No Registration Date of Reg. Name Of The Company

Number
1 101 23.0.2000 HDFC Standard Life Insurance Company
Ltd.
2 104 15.11.2000 Max New York Life Insurance Co. Ltd.
3 105 24.11.2000 ICIC prudential Life Insurance Company
Ltd.
4 107 10.01.2001 OM Kotak Mahindra Life Insurance Co.
Ltd
5. 109 31.01.2001 Birla Sun Life Insurance Company Ltd.
6. 110 12.02.2001 Tata AIG Life Insurance Company Ltd.
7 111 30.03.2001 SBI Life Insurance Company Limited
8 114 02.08.2001 ING VYSA Life Insurance company
Private Limited.
9 116 03.08.2001 Allianz Bajaj Life Insurance Company Ltd
10 117 06.08.2001 Metlife India Insurance Company Pvt Ltd
11 121 03.01.2002 AMP SANMAR Assurance Company Ltd
12 122 14.05.2002 Aviva Life Insurance Co India Pvt Ltd

Source: WWW.IRDA.ORG
 6

1.2 COMPANY PROFILE

1.2.1 VISION

To make ICICI Prudential the dominant Life and Pensions player built
on trust by world – class people and service.

This they hope to achieve by:

a) Understanding the needs of customers and offering the superior products and
Service.

b) Leveraging technology to service customers quickly, efficiently and

Conveniently.

c) Developing and implementing superior risk management and investment

Strategies to offer sustainable and stable returns to our policyholders .

d) Providing an enabling environment to foster growth and learning for our

Employees

e) And above all, building transparency in all their 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 describe what the company stands
for, the qualities of people and the way they work.
 7

1.2.2 Partners

ICICI and Prudential came together in 1993 to form Prudential ICICI

Asset Management Company, which has today emerged as one of the leading
mutual funds in India. The two companies bring together two of the strongest
financial service brands in Asia, known for their professionalism, excellent
quality of service and long term commitment. Riding on the success of this
relationship, the two companies joined hands once more in 2000, to form ICICI
Prudential Life Insurance, with a commitment to provide leading –edge life
insurance solutions. ICICI bank has 74% stake in the company, and prudential
plc has 26%.

1.2.3 Best Life Insurer Award

Outlook Money: March 15, 2004

Winner: ICICI Prudential

In the short span since the insurance sector was opened up, ICICI
prudential Life Insurance has literally dictated the market’s evolution. Catering to
all age and income segments, the company started out with the traditional
insurance policies that were easy to understand. The idea was to entice
customers used to LIC’s style of functioning.

Soon, ICICI Prudential began exploring new areas. It introduced

modern products, like the market - linked product where returns are linked to the
market performance of the underlying assets.
 8

ICICI Prudential leads in virtually all parameters: size of agent force,

number of policies sold, total sum assured, premium income and productivity of
agents. It has set exacting standards for its range of products, riders offered,
quality of information in promotional material and even in the insurance
awareness events organized.

What has been in favour of ICICI Prudential is its range of products

in each segment of life insurance –traditional , unit-linked and single –premium
options, be they for retirement plants or child plans, with such a comprehensive
bouquet it caters goals of a customers.

ICICI Prudential also has a strong sales network and tie-ups with
banks to offer banc assurance products. Its supplementary marketing channels
contribute close to 30 per cent of its premium income. The company is now
reaching out to new and untapped markets. ICICI Prudential works closely with
NGOs and micro-finance institutions to spread awareness about the concept of
insurance in rural areas.

The gap between ICICI Prudential and the second-in-line private insurer
is vast. In fact, this hiatus has led some analysts to wonder if the company isn’t a
trifle too aggressive. But others say this has more to do with the company’s
customer-centric focus, its pan-India presence and superior risk management and
investment strategies. ICICI Prudential is not, however, resting on its laurels. The
company will continue to innovate and set the standards.
 9

1.3 ADVISORSHIP

1.3.1 Insurance Agent

An insurance agent is an agent licensed section 42 of the Insurance

Act 1938.

He receives payment by way of commission or other remuneration for

procuring insurance business. He is also responsible for business relating to the
continuance, renewal or revival of policies of insurance.

The agent cannot be an employee of an insurance company and the

insurance ACT IRDA and the Indian Contract Act govern his role as an agent.

1.3.2 Types of Agents

Absorbed Agent an insurance agent licensed on or before the date of

notification of the insurance Agents Regulations, 2000, under the provisions of
section 42 of the Insurance Act 1938.

Composite Insurance Agent means an insurance agent who holds

both life insurance agency license and general insurance agency license.

Corporate Agent could be a company or a firm.

 10

1.3.3 Function of the Agent

The primary function of the agent is to procure business for the

insurance company , prior to offering the policy, the agent has to check out on
the insurability of the proposer based on the principles of insurable of the
interest and almost god faith. The relevant information can be:

a) paying capacity
b) Health and habits
c) Age

Once the insurance contract has been put in to force, the agent is
supposed to ensure continuance of policy through regular payment of renewal
premiums.

In case of a claim the agent should help the insured or his family in
proper settlement of claims.

1.3.4 Agents Qualification

In order to discharge the above duties to the satisfaction to the

consumer, it is required that a person making an application for a license to act
as an insurance agent or as a composite insurance agent .

a) is at least 18 years of age as on the date of application.

 11

b) Has not been found to be a person of unsound mind by a Court of

competent. jurisdiction:
c) Has not been found guilty of any kind of criminal conduct. In case of an
offence
d) At least five years should have elapsed since the completion of
sentence Imposed.
e) Possesses the minimum educational qualification of a pass in 12th
standard or Equivalent examination conducted by any recognized
Board/Institute of Education.
f) Possesses a Certificate in Insurance salesmanship issued by an
Examination Body or any other institution by the Authority (IRDA) in
this behalf.
g) For the purposed of this clause the Authority has presently recognized
the Insurance Institute of India. Mumbai as the examination body.

1.3.5 Agents Regulation

Agent’s regulations deal primarily with the following features.

1.3.6 Appointment of Agents

All insurer or the designated person acting on behalf of the insurer may
appoint a person as an insurance agent. Provided that such agent holds a valid
license at the time of appointment.
 12

1.3.7 Restriction on appointment

All insurance agent who holds a valid certificate of license and who has
been appointed by an insurance company, shall for all intents and purposes, be
an Insurance agent for that insurance company only. A life insurer or his
designated person cannot appoint at personas an insurance agent who has been
working as an insurance agent for another life insurer. A general insurer or his
designated person cannot appoint a personas an insurance agent who has been
working as an insurance agent for another general insurer.

1.3.8 Training of Insurance Agent

Every person appointed as an insurance agent the appointed day by

an insurer shall undergo training organized by an independent Institute or by an
insurer’s institution, to be accredited by the Authority, for a minimum period of for
weeks once in every three years. Where a person is a composite insurance
agent, such training will be for a period of six weeks.

1.3.9 Limitations on Commission to Insurance agents

Every insurance agents and every insurer shall be subject to the

provisions of the Act. In regard to payment of commission or remuneration to the
insurance agent.
 13

1.3.10 Termination of Agency

The licence of any insurance agent including an absorbed agent may

be terminated by the Authority, if such agent suffers, at any time during the
currency of the licence, from any of the said disqualification mentioned is
subsection 42 of the Act, s the case may be.

1.3.11 Issue of duplicate license

An insurance agent shall make an application to the issuing authority

through the designed person for issue of a duplicate license with a fee of rupees
fifty.

1.3.12 Return to be submitted to the Authority

Every insurer shall annually or at such shorter periods as may be

prescribed by the Authority, submit a statement to the Authority showing the
particulars mentioned in section 43 of the Act.

1.3.13 Power to issue instructions or directions.

The Authority may, from time to time such instructions or

directions to the insurance agents designated persons and the insurers, for the
proper conduct of insurance business and furtherance of the provisions of the
Act, and the Insurance Regulatory and Development Authority Act 1999.
 14

1.3.14 Remuneration to Agents

The only way in which the company remunerates the agent is through
commissions received on sales made. Commission to agents is specified as a
percentage of the premium paid. Agents are entitled to term insurance and
gratuity benefits. An agent will be eligible for gratuity if he has worked
continuously for fifteen years or more without agency termination. IRDA has given
the upper limit of remuneration to agents as 40% of premium.

Some companies offer reimbursement of telephone charges and other

office administration expenses to agents.

With the de-regulation of the Insurance Industry there would be a lot of

promotional effort by the various companies In light of the above the following
code of conduct needs to be adhered to while advertising> All advertisement
should be:

• Decent – a level of decency in visuals and words needs to be adhered

to
• Preparent with a sense of responsibility towards the consumer and the
society.
• Conforming to the principles of fair competition – derogatory targeting
of competition is not considered fair.
• Honest and truthful – claims made by advertisement, should be
delivered to the customer.
• Protected fromcoping by the Copyright Act.
• Ethical – advertising should not target sections of the society which
may be unable to take a l ogical decision.
 15

Moreover the IRDA (Insurance advertisement and disclosre)

Regulations.2000 further states the regulations laid down for advertising which
need to be adhered by the Insurance companies and by the agents.

1.3.15 Who can be an Agent ?

• An Individual
• A firm
• A company formed under the Companies Act, 1956(I if 1956), and
includes a banking company as defined as cluses (4A) of section 2 of
the Act.

1.3.16 Practical Training

Practical training includes orientation, particularly in the area of

insurance sales, service and marketing, through training modules as approved by
the authority.

• First time applicant

 (Life/Non-Life) - 100 hours

 Composite - 150 hours

• If applicant has following qualifications:

 an Associate/Fellow of the Insurance Institute of India, Mumbai,

 16

 an Associate/Fellow of the Institute of Chartered Accounts of

India, New Delhi;
 an Associate/Fellow of the Institute of costs and Works
Accountant of India, Calcutta;
 an Associate/Fellow of the Institute of company Secretaries of
India, New Delhi;
 a Master of Business Administration of any Institute/University
recognized by any State Government or the Central
Government; or possessing any professional qualification in
marketing from any Institute / University recognized by any State
Government or the central Government-
 Life/Non-life – 50 hours
 Composite - 70 hours

• Renewal of License
 (Life-Non Life) - 25 hours
Composite - 50 hours

1.3.17 Examination

• To be conducted by Insurance Institute of India. Mumbai or any other

examination body recognized by the Authority
• Maximum 50% marks
• Duration of Examination – 7 hrs.
• Format of Examination – Objective type with 10% of question as
numerical.
 17

CHAPTER 2

OBJECTIVES OF THE PROJECT

2.1 OBJECTIVES

PRIMARY OBJECTIVE

To identify the potential Advisors for ICICI Prudential Life Insurance

Company Ltd. Jayanagar Bangalore.

SECONDARY OBJECTIVES

1. To identify the awareness of ICIC prudential.

2 To identify the reasons that restrains one from becoming an advisor.

 18

2.2 SCOPE OF THE STUDY

This study undertaken for ICICI prudential Life Insurance Company

aims to study and identify the potential advisors.

This has been done by preparing a questionnaire which contains

questions put forth to the respondents which would help is analysing the
willingness level of the people to take up the job as an advisor, factor influencing
the people to work for the company.

This study would help in identifying the reason that restrains one from
becoming an advisor. All this would help in giving suggestion to ICICI prudential
in expanding their business in trapping insurance as an investment option. This
study will help the company in tapping advisors from various categories of people.
This study can be used for the company for the recruitment process.
 19

2.3 LIMITATIONS OF THE STUDY

 The area of study is limited to Bangalore city only; hence the result may
not be true for other geographical areas .

 Validity and Reliability of the data obtained depends on the responses

form the customers.

 Time at the disposal of the researcher was limited.

 20

CHAPTER 3

RESEARCH METHODOLOGY

3.1 RESEARCH DESIGN

A research design is purely and simply framework or a plan for study

that guides is collection of data. Descriptive research design is adopted for
analysing the data.

3.2 SAMPLE DESIGN

3.2.1 Population under study

The resident of Bangalore city, who are above the age of 18 years and
passed 12th Standard are targeted respondent for the study

3.2.2 Sample Size

Once the population is determined the sample size has to be fixed .

The various characteristic like age,.Income, qualification, occupation etc, of
respondents are gathered to fix the sample size. The four hundred sample
respondent is taken based convenience sampling method.
 21

3.3 SAMPLING FRAME

The frame refers to the area where the primary data was collected. In
the case of this project the frame includes residential houses and apartments.,
colleges, schools, offices, Banks, Retail shops , companies etc, all these areas
are targeted because of the ease with which many people could be accessed .

3.4 SAMPLING TECHNIQUE

The population has not been defined exactly. Non-probability sampling

technique has been used in the selection process, under this sampling
technique convenience sampling is adopted.

3.5 DATA COLLECTION METHOD

Data collection is the most impeccant aspects in the research

methodology. The data was collected based on interview technique and
personally handed out structured questionnaire. Questions are presented is
exactly the same words is the same order to all the respondents. .

In the typical structured questionnaire the questions as well as the

reasons are standardized. this is accomplished by employing fixed alternative
such a questionnaire facilities easy administration tabulation and analysis open
and closed ended questionnaire facilities easy administration tabulation and
analysis open and closed ended questionnaire methods were used in the
project.
 22

3.5.1 Features of Questionnaire

The questionnaire was designed in order to:

a) To gather the demographic characteristic of the respondents. These

characteristics included.

 Age
 Income
 Qualification
 Occupation

b) Check these features .

 Awareness of respondents about ICICI Prudential

 Awareness about the job profile of insurance advisor.
 Willingness to become the advisor for ICICI Prudential
 23

CHAPTER 4

ANALYSIS AND INTERPRETATION

The collected data is analysed through simple percentage and cross

tabulated charts are used to interpret the data. The inferences given below the
table will makes the reader to understand the problem as well as the solution to
the problem.
 24

TABLE NO. 1
TABLE SHOWING THE AGE GROUP OF THE RESPONDENTS

Age Respondents Percentage `

<20 79 19.8
21-30 130 32.5
31-41 96 24.0
41-50 72 18.0
Above 50 23 5.8
Total 400 100.0

INTERPRETATION

Out of 400 respondents , 19.8% belong to the <20 age group, 32.5%
belong to 21-30 age group, 24% belong ton 31-40 group, 18% belong to 41-50
& 5.8% belong to above 50 age group.

Chart 1
Chart showing the age group of the respondents

6% 20% <20
18%
21-30
31-41
41-50
24% 32%
Above 50
 25

TABLE NO. 2

TABLE SHOWING RESPONDENTS GENDER

Gender Respondents Percentage `

Male 192 48.0
Female 208 52.0
Total 400 100

INTERPRETATION

Out of the 400 respondents , 48% are male & 52& are female .

Chart 2
Chart showing Respondents gender

48% M ale
52% F em ale
 26

TABLE NO. 3

TABLE SHOWING RESPONDENT EDUCATIONAL DETAILS

Education Details Respondents Percentage `

Post graduate & above 142 35.5
Graduate 109 27.3
Diploma 90 22.5
12th pass 53 13.3
10th pass 1 .3
Uneducated 5 1.3
Total 400 100.0

INTERPRETATION

Out of 400 respondents 35.5% are post graduate, 27.3% are

graduates, 22.5% are Diploma , 13.3% are 12th pass , 0.3% an 10th pass and
1.3 are uneducated.

Chart 3
Chart showing Respondents Educational Details

Post gradudate &

1% above
0% Graduate
13%
36% Diploma
22%
12th pass
28%
10th pass

Uneducated
 27

TABLE NO. 4
TABLE SHOWING RESPONDENTS EARNINGS PER ANNUM

Earnings per No. of Percentage

annum Respondents
< Rs 1.5 lakh 111 27.8
Rs 1.5 – 3 lakh 135 33.8
Rs 3-5 lakh 65 16.3
> Rs 5 lakh 89 22.3
Total 400 100

INTERPRETATION

Among the respondents , 27.8% have < Rs 1.5 lakh earnings ,

33.8% have Rs 1.5 – 3 lakh earnings, 16.3% have Rs. 3 -5 lakh earnings, 22.3
% have >less 5 lakhs earnings. .

Chart 4
Chart showing Respondents Earning per Annum

22% 28% < Rs 1.5 lak h

Rs 1.5 – 3 lak h

16% Rs 3-5 lak h

34% > Rs 5 lak h
 28

TABLE NO. 5
TABLE SHOWING RESPONDENTS AWARENESS ABOUT
ICICI PRUDENTIAL

Awareness about ICICI No. of Percentage

Prudential Respondents
Yes 380 95
No 20 5.0
Total 400 100

INTERPRETATION

Out of 400 respondents, 95% have heard about ICICI prudential 5%

have not.

Chart 5
Chart showing Respondents Awareness about ICICI Prudential

5%

Y es
No

95%
 29

TABLE NO. 6
TABLE SHOWING RESPONDENTS APPROACHED BY ICICI ADVISORS

Approached by ICICI No. of Percentage

Advisor respondents
Yes 329 82.25
No 71 17.75
Total 400 100

INTERPRETATION

Out of 400 respondents 82.25 % were approached by ICICI Advisors,

17.75% were not.

Chart 6
Chart showing Respondents approached by ICICI Advisors

18%

Y es
No

82%

TABLE NO. 7
 30

TABLE SHOWING WHETHER THE RESPONDENTS FEEL LIFE

INSURANCE IS MUST

Life Insurance Must? No. of Percentage `

Respondents
Yes 239 59.8
No 161 40. 3
Total 400 100

INTERPRETATION

Among the respondents , 59.8% feel insurance is must, 40.3% feel

insurance is not must .

Chart 7
Chart showing is Life Insurance must ?

40%
Y es
No
60%
 31

TABLE NO. 8
TABLE SHOWING IN WHAT WAY INSURANCE IS SEEN BY RESPONDENTS

In what way insurance No. of Percentage

is seen Respondents
Saving 48 20.1
Investment 23 9.6
Tax benefit 88 36.8
Death benefit 61 25.5
Income 19 7.9
Total 239 100.0

INTERPRETATION

Among the respondents , 20.1% see insurance as savings 9.6% see

insurance as investment, 36.8% see as tax benefit , 25.5% see as death benefit,
79% see as Income.

Chart 8
Chart showing in what way insurance is seen by respondents

8% Saving
20%
26% Investment
10%
Tax benefit
Death benefit
36% Income
 32

TABLE NO. 9

TABLE SHOWING WILLINGNESS OF RESPONDENTS IN UNDERTAKING

AN ACTIVITY FOR EXTRA INCOME

Willingness in No. of Percentage

undertaking activity Respondents
Yes 290 72.5
No 110 27.5
Total 400 100.0

INTERPRETATION

Out of the 400 respondents 72.5% are ready to undertake an activity

for extra income 27.5% are not ready.

Chart 9
Chart showing willingness of respondents in undertaking an activity for
extra income

28%

Y es
No
72%
 33

TABLE NO. 10

TABLE SHOWING TIME THAT CAN BE SPEND BY WILLING

RESPONDENTS

Time No. of Percentage `

Respondents
3 hrs /day 95 32.8
Week ends 85 29.3
Part Time 94 32.4
Full Time 16 5.5
Total 290 100.0

INTERPRETATIONS

Among the respondents 32.8% are ready to spend 3hrs /days ,

29.3% are ready to spend week ends, 32.4% are ready to work part time, 5.5%
are ready to work full time .

Chart 10
Chart showing time that can be spend by willing Respondents

6%
3 hrs /day
33%
32% W eek ends
P art Tim e
F ull Tim e
29%
 34

TABLE NO. 11

TABLE SHOWING THE AWARENESS OF RESPONDENTS ABOUT THE

JOB OF INSURANCE ADVISOR

Aware No. of Percentage

Respondents
Yes 131 32.8
No 269 67.3
Total 400 100.0

INTERPRETATION

Out of the respondents, 32.8% are aware about the job of insurance
advisors & 67.3% are not aware.

Chart 11
Chart showing knowing the job of Insurance Advisor

33%
Y es
No
67%
 35

TABLE NO. 12

TABLE SHOWING HOW THE RESPONDENTS CAME TO KNOW ABOUT

ADVISOR SHIP

Sources No. of Percentage

Respondents
Through other 81 61.8
Insurance advisors
Friends /Relatives 26 19.8
Others 24 18.3
Total 131 100.0

INTERPRETATION

Among the respondents, 61.8% have come to know about advisor

ship through other advisors , 19.8% through friends /relatives and 18.3%
through others .

Chart 12
Chart showing How the respondents come to know about advisor ship

Through other
18% ins uranc e advis ors
F riends /Relatives
20% 62%
O thers
 36

TABLE NO. 13

TABLE SHOWING THE LIKENESS OF THE RESPONDENTS TO BE ICICI

PRULIFE ADVISOR

Likeness No. of Percentage

Respondents
Yes 101 25.3
No 299 74.8
Total 400 100.0

INTERPRETATION

Among the respondents, 25.3% like to be a ICICI prudential life

advisor, 74.8% do not like.

Chart 13
Chart showing knowing job of Insurance Advisor

25%

Y es
No

75%
 37

TABLE NO. 14

TABLE SHOWING GENDER AND AWARENESS OF ICICI PRUDENTIAL

(TWO-WAY TABLE)

AWARENESS OF ICICI
PRUDENTIAL
Gender No Yes Total
19 189
Female (95) (49.7) 208
1 191
Male (5) (50.3) 192
Total 20 380 400

INTERPRETATION

It is found from the above table that the percentage those who are
aware of ICICI Prudential was highest 50.3% for the males and the awareness of
females was less with 49.7%.
 38

Chart 14

Chart showing gender and awareness of ICICI prudential

 39

TABLE NO. 15

TABLE SHOWING GENDER AND WILLINGNESS TO BE AN ADVISOR

(TWO-WAY TABLE)

WILLINGNESS TO BE AN ADVISOR
Gender No Yes Total
171 37
Female (57.1) (36.8) 208
128 64
Male (42.9) (62.2) 192
Total 299 101 400

INTERPRETATION

It is found from the above table that the percentage those who are
Willing to be an Advisor of ICICI Prudential was highest with 62.2% for females
and 36.8% for the males.
 40

Chart 15

Chart Showing Gender And Willingness To Be An Advisor

 41

TABLE NO. 16

TABLE SHOWING EARNINGS PER ANNUM AND WILLINGNESS TO BE AN

ADVISOR. (TWO-WAY TABLE)

WILLINGNESS TO BE AN
ADVISOR
Earnings per
Annum No Yes Total
32 79
< Rs 1.5 lakh (10.7) (78.2) 111
89 -
> Rs 5 lakh (29.7) - 89
113 22
Rs 1.5 - 3 lakh (37.7) (21.8) 135
65 -
Rs 3 - 5 lakh (21.7) - 65
Total 299 101 400

INTERPRETATION

It is found from the above table that the percentage those who are
Willing to be an Advisor of ICICI Prudential was highest with 78.2% for people
with income less than 1.5 lakhs and with a lowest of 21.8% for people with
income between 1.5 lakhs to 3 lakhs.
 42

Chart 16

Chart Showing Income and Willingness to be an Advisor

 43

TABLE NO. 17

TABLE SHOWING MARITAL STATUS AND WILLINGNESS TO BE AN

ADVISOR (TWO-WAY TABLE)

WILLINGNESS TO BE AN
ADVISOR
Marital Status No Yes Total
20
Divorced (6.6) --- 20
178 53
Married (59.5) (52.4) 231
82 44
Unmarried (27.4) (43.5) 126
19 4
Widower (6.3) (3.9) 23
Total 299 101 400

INTERPRETATION

It is found from the above table that the percentage those who are
Willing to be an Advisor of ICICI Prudential was highest with 52.4% for people
who are married and people who are divorced are lowest with not even one
percentage are willing to take up their career as Advisor.
 44

Chart 17

Chart showing marital status and willingness to be an advisor

TABLE NO. 18
 45

TABLE SHOWING EDUCATIONAL DETAILS AND WILLINGNESS TO BE AN

ADVISOR (TWO-WAY TABLE)

WILLINGNESS TO BE AN ADVISOR
EDCATIONAL DETAILS NO YES TOTAL
10th Pass 1 ---- 1
53
12th Pass (17.7) ---- 53
88 2
Diploma (29.43) (1.9) 90
49 60
Graduate (16.3) (59.4) 109
103 39
Post Graduate & above (34.4) (38.6) 142
5
Uneducated (1.6) ---- 5
Total 299 101 400

INTERPRETATION

It is found from the above table that the percentage those who are
Willing to be an Advisor of ICICI Prudential was highest with 59.4% for people
who are graduate and people who are uneducated,12th pass and 10th pass are
lowest with not even one percentage are willing to take up their career as
Advisor.

Chart 18
 46

Chart showing educational details and willingness to be an advisor

CHAPTER 5
 47

FINDINGS, SUGGESTIONS AND CONCLUSION

5.1 FINDINGS

 Out of 400 respondents 82.25 % were approached by ICICI Advisors,

17.75% were not.

 Among the respondents , 27.8% have < Rs 1.5 lakh earnings , 33.8%
have Rs 1.5 – 3 lakh earnings, 16.3% have Rs. 3 -5 lakh earnings, 22.3
% have less than 5 lakhs earnings.

 Out of 400 respondents 35.5% are post graduate, 27.3% are graduates,
22.5% are Diploma , 13.3% are 12 th pass , 0.3% an 10th pass and 1.3
are uneducated . Chart showing Respondents Educational Details

 Out of the 400 respondents, 48% are male & 52& are female.

 Out of 400 respondents, 95% have heard about ICICI pru 5% have not.

 Among the respondents 32.8% are ready to spend 3hrs /days , 29.3%
are ready to spend week ends, 32.4% are ready to work part time, 5.5%
are ready to work full time .

 Among the respondents, 61.8% have come to know about advisor ship
through other advisors, 19.8% through friends /relatives and 18.3%
through others.

 Among the respondents, 20.1% see insurance as savings 9.6% see

insurance as investment, 36.8% see as tax benefit , 25.5% see as death
benefit, 79% see as Income.
 48

 Among the respondents , 59.8% feel insurance is must, 40.3% feel

insurance is not must .

 Out of the respondents , 32.8% are aware about the job of insurance
dvisors & 67.3% are not aware

 Among the respondents, 25.3% like to be a ICICI prudential life advisor,

74.8% do not like .

 Out of 400 respondents 31.5% are Unmarried, 57.8% are married, 5.0%
are divorced and 5.8% are widowers

 Out of 400 respondents, 19.8% belong to the <20 age group, 32.5%
belong to 21-30 age group, 24% belong ton 31-40 group, 18% belong to
41-50 & 5.8% belong to above 50 age group.

 Among the respondents, 28.7% rate advisors source as excellent,

31.8% rate as very good , 39.5% rate as fair.

 Out of the 400 respondents 72.5% are ready to undertake an activity for
extra income 27.5% are not ready.

 It is found that the percentage those who are aware of ICICI Prudential
was highest 50.3% for the males and the awareness of females was less
with 49.7%.

 It is found that the percentage those who are Willing to be an Advisor of

ICICI Prudential was highest with 62.2% for females and 36.8% for the
males.

 It is found that the percentage those who are Willing to be an Advisor of

ICICI Prudential was highest with 78.2% for people with income less than
1.5 lakhs and with a lowest of 21.8% for people with income between
1.5 lakhs to 3 lakhs.

 It is found that the percentage those who are Willing to be an Advisor of

ICICI Prudential was highest with 52.4% for people who are married and
people who are divorced are lowest with not even one percentage are
willing to take up their career as Advisor.
 49

 It is found from the above table that the percentage those who are Willing
to be an Advisor of ICICI Prudential was highest with 59.4% for people
who are graduate and people who are uneducated,12th pass and 10th
pass are lowest with not even one percentage are willing to take up their
career as Advisor.

TO SUM IT ALL

 25.3% of the respondents are interested in joining as ICICI Prudential

Advisor and 74.7% are not interested.

 95% of the respondents are aware of ICICI Prudential Life Insurance

Company.

 Among the reasons for not joining as advisor includes

o High pressure

o Low conversion ratio

o More risk in the business

o No steady source of income

 50

5.2 SUGGESTIONS

 The company is targeting the higher segment people but in survey it is

found, large number of middle and lower income people favour the job as
an additional income source. Hence the company could take appropriate
measures to these segments

 There is general feeling of insecurity among the people regarding the job
of an agent with a private life insurance company. Hence the company
must take measures to in still a sense of security among the people about
the job.

 Awareness is needed to create the importance of life insurance not only

for high class people but also for all classes of people.

 A large number of private employees favoured the job but they were afraid
to take it up because of in security. The company could benefit by coming
up with appropriate measures to influence those people

 Many recognition programs have to be develop in order to motivate the

Advisors.
 51

5.3 CONCLUSION

The market potential to become the insurance advisor for ICICI

prudential life insurance company is low. The existence of competition to
become advisor in various private life insurance company is increasing day by
day. The service factor become the vital element in determining the individual
market share. The analysis has been done to find the reason why many people
restraining to take up the job. With the God’s grace the reason was found it is in
our hand to remove the limiting factors from the minds of the people and make
them to join with us to serve the people. The company has to formulate many
strategies to get many advisor to do our business.
 A STUDY TO IDENTIFY THE POTENTIAL ADVISORS FOR ICICI
PRUDENTIAL LIFE INSURANCE COMPANY LTD, JAYANAGAR BAN
GALORE

PERSONAL DETAILS

1. Name of the respondent :

2. Age : less than 20 21-30

31-40 41-50 Above 50

3. Gender : Male Female

4. Marital Status : Unmarried Married

Divorced Widower

5. Residential Address :
Street :
City :
Pin code :

6. Telephone Number :

7. Email –Id :

8. How long have you been in Bangalore ?

9. In which company are you working ?

MNC Public Sector Co Private Sector Co
Government Other’s (Please Specify)
EDUCATIONAL DETAILS
Post Graduate & above Graduate Diploma
12th pass 10th pass Uneducated

Financial Details
Salary Income Rs. ……………….. per annum
Business Income Rs………………….per annum
Spouse Income Rs. …………………Per annum
Pension Income Rs. …………………Per annum
Any Additional Income Please specify ……………………….

1. What are your earnings

Less than Rs. 1.5 Lakh Rs 1.5-3 lakh
Rs 3-5 lakh Greater than Rs. 5 Lakh
OTHERS Please specify …………………..
2. Have you heard about ICICI Prudential Life Insurance company ?
Yes No

3. Have you been approached by any ICICI prudential Life insurance

Company’s Financial Advisor ?
YES NO
a) If “YES , how would you rate the service provided by the advisor. ?
Excellent Very Good
Fair Poor

4. Do you think life insurance is a must ?

YES NO
In what way as
Saving Investment Tax Benefit
5. Would you like to undertake any activity to earn extra income without any
initial
investment ?
Yes No
a. If “YES” how much time would you spend for new business ?
0.-3 hrs/day Week Ends Part time Full time
b. If “NO” what are the reasons ?
………………………………………….
6. Do you know what is the job of a life insurance Advisor ?
YES NO
a) If “YES”, how did you come to know about that ?
Advertisements Through other insurance Advisors
Friends /Relatives Others

7. Would you like to join as an ICICI Prulife Advisor .

YES NO

8. When can an ICICI Pru UM meet you?

……………………………………………

9. If not interested please specify the reason. ?

………………………………………………..

10. General suggestion:

Date:
Place : Respondents Signature.
 REFERENCES

Websites

www.iciciprulife.com
www.prudential.co.uk
www.insuremagic.com
www.irda.org

Books

1. Kotler P; and Armstrong, Gary (2001); principles of marketing, 11th Edn;

Prentice Hall, New Jersey
2. Kotler P (2002); marketing management, 11th Edn; Pearson Education,
New Delhi.
3. Insurance; principles and practices- by Mathew
4. Life insurance agent’s licensing course; centre for management
development, New Delhi.

MAGAZINES

1. Business Today.
2. Industrial Economist
3. The Hindu Business Line.
Text : 1-23,37,39,41,43,45,47-55
Text with chart : 24-36,38,40,42,44,46