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A Study Comparative Analysis from Individual’s Perspective in Choosing Life Insurance Policy at Icici Prudential Life Insurance Company

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"A study Comparative analysis from individual’s perspective in choosing life insurance policy at ICICI Prudential Life Insurance Company”

Summer Internship Project report submitted in partial fulfillment of the

Requirements for the degree of Master of Business Administration

By

Surya S

(1627335)

Under the guidance of

Prof. Sreelakshmi P

Associate Professor

Institute of Management

Christ University, Bengaluru

[pic 1]

Institute of Management

Christ University

2017

[pic 2]

Declaration

I hereby declare that the Summer Intern Project report entitled “A study Comparative analysis from individual’s perspective in choosing life insurance policy at ICICI Prudential Life Insurance Company” has been undertaken by me for the award of Master of Business administration. I have completed this study under the guidance of Prof. Sreelakshmi P. I also declare that this Summer Intern Project report has not been submitted for the award of any Degree, Diploma, Associate ship, Fellowship or any other title, in Christ University or in any other university.

Place: Bengaluru                                                 ___________________                                

Date:                                                                         Surya S

          (1627335)

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Certificate

This is to certify that the Summer Intern Project report submitted by Surya S on the title “A study Comparative analysis from individual’s perspective in choosing life insurance policy at ICICI Prudential Life Insurance Company” is a record of summer intern project work done by him/her during the academic year 2016-17 under my guidance and supervision in partial fulfillment of Master of Business Administration.

Place: Bengaluru                                                 ____________________

                                                                Sreelakshmi P        

Date:                                                                Associate Professor

                                                                Institute of Management

                                                                Christ University

                                                                Bengaluru

                                                                                         

Acknowledgement

I am indebted to many people who helped me accomplish this Internship successfully.

First, I thank the Vice Chancellor Dr Fr Thomas C Mathew, Christ University for giving me the opportunity to do my project.

I thank Dr. Suniti Phadke, Dean, Fr. Thomas T V, Director, Prof. Sudhindra

S, Associate Dean, Prof. Shrikanth Rao, Head of the Department and Prof. Krishna M

C, Head-Finance, Institute of Management, Christ University for their kind support.

I thank Prof Sreelakshmi P for her support and guidance during the course of my internship. I remember her with much gratitude for his patience and motivation, but for which I could not have submitted this work.

I wish to express my sincere thanks to my corporate mentor, Ravi Natarajan, Senior Manager Operations, ICICI Prudential life Insurance company, Chennai, for giving me an opportunity to work under his/her guidance and successfully complete my internship.

I thank my parents for their blessings and constant support, without which this internship project would not have seen the light of day.

        

_____________________

     Surya S

              (1627335)

Executive Summary

The title of the summer internship project is near examination of Unit Link Insurance Plans of ICICI Prudential. ICICI Prudential is a main protection aggregate comprehensively and the biggest resource chief on the planet, overseeing resources more than worth of Rs 1 trillion and the main insurance agency in India to be recorded in BSE and NSE . ICICI Prudential Life Insurance is the first in India to get a National Insurer Financial Strength rating of AAA (Ind) by Fitch Ratings. Private insurance agencies are in the outset arrange. The effect on the protection market is unmistakable. The advertising methodologies of these private administrators have constrained LIC to change its apparatuses. The market is more mindful and practical about venture and comes back from protection items. Protection business is more straightforward when contrasted with the past. In this foundation this review tries to examine the financial specialist's conduct towards protection items all in all and ICICI Prudential specifically.

Chapter No.

TABLE OF CONTENTS

Page No.

1

Introduction

8-11

2

Industry Profile

12-15

3

Company Profile

16-19

4

Objectives of the study

20-20

5

Project / Process Design and Methodology

21-27

6

Research Methodology and Data Analysis

28-42

7

Conclusion

43-43

8

Findings from the study

44-44

9

Learning outcome from the study and during the period of internship at the company

45-45

10

References, Bibliography and Appendices

46-46

INTRODUCTION

It is very much perceived that the insurance business is central to the prosperity of our social orders. Created economies couldn't have risen without hazard sharing. Without insurance, society's ability to moderate hazard would be restricted and the security of advantages from calamitous misfortune would be weakened. The business' capacity to improve and to convey insurance at aggressive costs is vital for all partners. Today's reality presents genuine difficulties. Central changes in normal, financial, social and political circles, moving partner desires and wide achieving mechanical developments prompt a never-endingly changing and requesting hazard condition. This call for nonstop adjustment from organizations around the world. The insurance is principally ordered in light of the remuneration to be paid to a man for an expected misfortune to his life, business or an advantage. Insurance is extensively characterized into Life Insurance and General Insurance Life Insurance is thought to be an essential piece of a person's speculation portfolio, not really to aggregate riches, but rather to feel fiscally secure. The life insurance keeps the group of life insurance holder secured. The 21st century starting made a fabulous welcome to the private part in India. Inside a time of 10 years, the whole situation has changed immensely with the passage of many organizations. To conquer the opposition between them, the life insurance organizations begun to offer the new policies; among those the Unit Linked Insurance Plan has changed whole execution of life insurance policies in a constrained period.

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