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ICICI PRU

1. A CASE STUDY ON ROLE OF LIFE INSURANCE IN MINIMIZING RISK WITH SPECIAL REFERENCE TO ICICI PRUDENTIAL LIFE INSURANCE COMPANY

2. ABOUT COMPANY Industry : Insurance (Life Insurance) ICICI Prudential is one of the leading life insurance companies in India, offering a wide range of insurance and investment products to meet the diverse needs of customers. The company is a joint venture between ICICI Bank, a leading private sector bank in India, and Prudential Corporation Holdings Limited, a global financial services company based in the UK. ICICI Prudential Life Insurance is one of the largest Insurance networks in the country, and 2nd Life Insurance Company in India. The ICICI Group has been in existence since 1955 when ICICI Ltd., was created. ICICI Prudential started in 2002 as subsidiary of ICICI Ltd

3. PRODUCT RANGE ICICI Prudential Life Insurance Company offers a wide range of life insurance products designed to address various financial needs & objectives: 1.Term Insurance 2.Health Insurance 3.Savings & Investment Plans 4.Retirement Solutions 5.Group Insurance

4. RESEARCH METHODOLOGY OBJECTIVES OF THE STUDY  To know the risk minimizing factor in insurance.  To know the public interest towards the insurance.  To find out which parameters is motivating insurance. RESEARCH DESIGN: Research Design is the conceptual structure within which research is conducted. It constitutes the blueprint for collection, measurement, and analysis of data. The design used for carrying out this research is Descriptive.

5. RESEARCH METHODOLOGY SAMPLING PLAN: It is very difficult to collect information from every member of a population. As time and costs are the major limitation that the researcher faces. A sample of 100 was taken the sample size of 100 individuals were selected based on convenient sampling technique. The individuals were selected in the random manner to form sample and data were collected from them for the research study.   DATA TYPE In this research the type of data collection is Primary data Secondary data 

6. Age of the respondents ANALYSIS: 11% of the respondents are less than 25 years old. 40% of the respondents are between 25 and 35 years of age. 20% of the respondents are between 35 and 45 years of age. 29% of the respondents are more than 45 years of age.

7. Qualification of the respondents ANALYSIS:   52% of the respondents were graduate   29% of the respondents were post graduate 8% of the employees were diploma 10% of the respondents were other discipline

8. Occupation of the respondents ANALYSIS: 34% of the respondents are businessmen. 18% of the respondents are professionals. 37% of the respondents are job holders. 11% of the respondents are background.

9. Average annual income of respondents ANALYSIS: 33% of the respondents have an average annual income up to 1 lakh 43% of the respondents have an average annual income from 1 lakh to 3 lakh 20% of the respondents have an average annual income from 3 lakh to 5 lakh 4% of the respondents have an average annual income above from 5 lakh

10. Family size of respondents ANALYSIS: 50% of the respondents are below 5 members. 32% of the respondents are between 5 to 10 members. 28% of the respondents are above 10 members.

11. What is the major purpose of taking life insurance? ANALYSIS: 10% of the respondents say risk coverage. 3% of the respondents say tax savings. 4% of the respondents say good return. 3% of the respondents say financial security. 80% of the respondents say all of the above.

12. Do you find life insurance policy as a tool for minimizing risk? ANALYSIS: 83% of the respondents say yes 17% of the respondents say no

13. % of respondents who are under different plans of ICICI Prudential life insurance co. ANALYSIS: 41% of the respondents are under invest gain plan. 36% of the respondents are under unit gain plan. 8% of the respondents are child gain plan. 15% of the respondents are whole life plan. Nobody under pension plan.

14. Do you find the different insurance plans of ICICI are convenient as per the premium payment? ANALYSIS: 91% of the respondents say yes 8% of the respondents say no

15. Have you taken Mediclaim policy to cover your health risk? ANALYSIS: 95% of the respondents are Mediclaim holder 5% of the respondents are not Mediclaim holder

16. Do you find claim settlement process easy ? ANALYSIS: 89% of the respondents agree that the process is easy 11% of the respondents don’t find the process easy

17.   Have you taken insurance plan to cover your life uncertainness? ANALYSIS:   96% of the respondents have taken plan to cover uncertainness 4% of the respondents haven’t taken plan to cover uncertainness

18. Findings: Total 100 respondents have been approached out of which 75 are the potential respondents who have shown interested for investment & finance plan   Above 20% of respondents are shown interest for investment & financial plan. Above 33.33% of respondents are not interested to give their personal records.   Above 12.67% of respondents have already been covered by other insurance companies.   Above 10% of respondents have given invalid records. Above 10% of respondents are interested for investment plan after knowing ICICI PRUDENTIAL LIFE INSURANCE products. Above 80% of respondents have taken life insurance for multiple reason that are risk coverage, tax savings, good return and security Above 83% of respondents consider insurance policy as a tool for minimizing risk Above 96% of respondents believes insurance plan to cover your life uncertainness