A PROJECT REPORT ON SERVICE QUALITY MANAGEMENT AT ICICI PRUDENTIAL Head office chandigarh

SUBMITTED FOR THE PARTIAL FULFILLMENT OF THE DEGREE OF MASTER OF BUSINESS ADMINISTRATION PTU jalandhar (2010-2012)

Certificate of Supervisor
This is to certify that Mr. / Ms. ______________________ Roll No. _________ has completed the research project titled __________________________________ under my supervision in partial fulfillment of the MASTER OF BUSINESS
ADMINISTRATION degree of __________universitys

name____________________.

Supervisors signature: Supervisors name: Supervisors Designation: Date: Place:

Forwarded for evaluation by the Dean: (Deans Signature) Seal of the Dean

Declaration

I, hereby declare that the research project report titled -----------------is my own original research work and this report has not been submitted to any University/Institute for the award of any professional degree or diploma.

(Students Name) MBA (Sem) Chandigarh Business School

Date: Place:

AUTHORISATION

I Namita Saini hereby declare that this project report titled PERFORMANCE APPRAISALis submitted by me as a work undertaken by me at PUNJAB STATE COOPERATIVE BANK,,Head office Chandigarh in partial fulfillment of the requirement of my M.B.A.

The report is submitted as partial fulfillment of the requirements for M.B.A of Punjab Technical University,Jalandhar.

I further hereby declare that the information presented in this project is true and original to the best of my knowledge.

(Simarjot Kaur)

ACKNOWLEDGEMENT
I take this opportunity to express my profound gratitude and deep regards to principal,Mr.O.P Midha for developing in me a sense of responsibility and professionalism that helped me in receiving all the help and assistance from the concerned persons during my training. I offer my special thanks to my project guide Mrs.Preeti for exemplary guidance,monitoring and constant encouragement throughout the course of this thesis work.The blessing,help and guidance given by her from time to time shall carry me a long way in my journey of life on which iam about to embark. I would like to thank my college,Rayat &Bahra Institute of Managent,Mohali near Kharar For giving me an opportunity to undertake internship program which helped me in gaining a lot of practical knowledge and exposure to corporate world.

I would like to extend my heart felt thanks to Mrs.Preeti,Manager,Punjab State Cooperative Bank,without whose guidance and support I would not have been able to successfully complete my project.I also offer my sincere appreciatin to the staff in PSCB,Head Office Sector-34 A,Chandigarh. My several well-wishers helped me directly or indirectly.I virtually fall short of words to express my gratefulness to them.Therefore I am leaving this acknowledgement incomplete in their reminiscence. (SIMARJOT KAUR)

PREFACE

In order to achieve positive aim and concrete results,along with theoretical concepts,exposure of real life situation existing in cooperative world is very much needed,this practical training is required.

I took training in the Punjab State Cooperative bank ltd.It was my fortune to get training in very healthy atmosphere.I got ample opporunity to view the overall working of the bank.The topic of my report is Perfomance Appraisal Effectiveness Analysis.

No 1 2
3 4 5 6 7

TITLE INTRODUCTION LIFE INSURANCE MARKET NEED FOR INSURANCE

Page No

4 10 11 14 18 19 24

ORGANIZATION PROFILE
PRODUCTS

AWARDS AND RECOGNITIONS MY EXPERIENCE IN ICICI PRUDENTIAL LIFE INSURANCE

Conclusion

8 9

25 Bibliography

Chapter 3

Introduction to Project

3.1 Objective of study. 3.2 Research Methodology. 3.2(a) Research Design. 3.2(b) Data Gathering... 3.2(b)(i) Data Source.. 3.2(b)(ii) Data Collection.. 3.2(c) Data Processing and Analysis... 3.2(d) Limitations of Study.

Chapter 4

Findigs and Recommendations

4.1(a) Findigs.. 4.1(b) Recommendations..

Chapter

Conclusion

Bibliography. Annexure..

CHAPTER 1. INTRODUCTION OF COMPANY

EXECUTIVE SUMMARY ICICI Prudential Life Insurance is one of the largest Insurance networks in the country, and 3rd 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., The Insurance sector, after the opening up, provides greater opportunities. Several global players have emerged and the market has changed significantly. In the changed scenario, the expectation is that the low Insurance premium as a percentage of GDP prevailing in India will improve and will offer better opportunities to the insurance players.

Life Insurance sector is one of the key areas where enormous business potential exists. In India currently the life insurance premium as a percentage of GDP is 1.3 per cent against 5.2 per cent in the US, but in the liberalized scenario, the life insurance premiums were projected to grow at around 18% to 20% from Rs 215 billion in 1998- 99 to Rs 592 billion in 2004-05 and to Rs 1450 billion by 2009-10. Corporate non-life premium was projected to grow from Rs 84 billion in 1998-99 to Rs 386 billion in 200910 and personal line non-life from Rs 4 billion to Rs 51 billion. In the life Insurance segment the Life Insurance Corporation of India (LIC) is the major player. The LIC has 2050 branches. It is constituted in to seven Zones. Currently there are 5, 60,000 LIC agents in India. General Insurance is another segment, which has been growing at a faster pace.

INTRODUCTION
Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the policy. Essentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed upon sum of money to the insured's named beneficiary so long as the insured's premiums are current. With a large population and the untapped market area of this population insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15-20% annually. Together with banking services, it adds about 7 percent to the countries GDP. In spite of all this growth statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian populations are without life insurance cover and the health insurance. This is an indicator that growth potential for the insurance sector is immense in India.

It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation Malhotra Committee was constituted by the government in 1993 to examine the various aspects of the industry. The key element of the reform process was participation of overseas insurance companies with 26% capital. Creating a more competitive financial system suitable for the requirements of the economy was the main idea behind this reform. Since then the insurance industry has gone through many changes. The liberalization of the industry the insurance industry has never looked back and today stand as one of the most competitive and exploring industry in India. The entry of the private players and the increased use of the new distribution are in the limelight today. The use of new distribution techniques and the IT tools has increased the scope of the industry in the longer run.

Insurance is the business of providing protection against financial aspects of risk, such as those to property, life health and legal liability. It is one method of a greater concept known as risk management which is the need to mange uncertainty on account of exposure to loss, injury, disadvantage or destruction. Insurance is the method of spreading and transfer of risk. The fortunate many who are exposed to some or similar risk shares loss of the unfortunate. Insurance does not protect the assets but only compensates the economic or financial loss. In insurance the insured makes payment called premiums to an insurer, and in return is able to claim a payment from the insurer if the insured suffers a defined type of loss. This relationship is usually drawn up in a formal legal contract. Insurance companies also earn investment profits, because they have the use of the premium money from the time they receive it until the time they need it to pay claims. This money is called the float. When the investments of float are successful they may earn large profits, even if the insurance company pays out in claims every penny received

as premiums. In fact, most insurance companies pay out more money than they receive in premiums. The excess amount that they pay to policyholders is the cost of float. An insurance company will profit if they invest the money at a greater return than their cost of float. An insurance contract or policy will set out in detail the exact circumstances under which a benefit payment will be made and the amount of the premiums. Classification of insurance The insurance industry in India can broadly classified in two parts. They are. 1) Life insurance. 2) Non-life (general) insurance.

1) Life insurance: Life insurance can be defined as life insurance provides a sum of money if the person who is insured dies while the policy is in effect. In 1818 British introduced to India, with the establishment of the oriental life insurance company in Calcutta. The first Indian owned Life Insurance Company; the Bombay mutual life assurance society was set up in 1870.the life insurance act, 1912 was the first statuary measure to regulate the life insurance business in India. In 1983, the earlier legislation was consolidated and amended by the insurance act, 1938, with comprehensive provisions for detailed effective control over insurance. The union government had opened the insurance sector for private participation in 1999, also allowing the private companies to have foreign equity up to 26%. Following the opening up of the insurance sector, 12 private sector companies have entered the life insurance business.

Benefits of life insurance Life insurance encourages saving and forces thrift. It is superior to a traditional savings vehicle. It helps to achieve the purpose of life assured. It can be enchased and facilitates quick borrowing. It provides valuable tax relief. Thus insurance is found to be very useful in the lives of the person both in short term and long term. Fundamental principles of life insurance contract; 1) Principle of almost good faith: A positive duty to voluntary disclose, accurately and fully, all facts, material to the risk being proposed whether requested or not. 2) Principle of insurable interest: Relationships with the subject matter (a person) which is recognized in law and gives legal right to insure that person. 2) Non-life (general) Insurance: Triton insurance co. ltd was the first general insurance company to be established in India in 1850, whose shares were mainly held by the British. The first general insurance company to be set up by an Indian was Indian mercantile insurance co. Ltd., which was stabilized in 1907 . there emerged many a player on the Indian scene thereafter. The general insurance business was nationalized after the promulgation of General Insurance Corporation (GIC) OF India undertook the post-nationalization general insurance business. CONCEPTUAL BACKGROUND Satisfaction is defined as . . .

A persons feeling of pleasure or disappointment resulting from comparing a products perceived performance (or outcome) in relation to his or her expectations. Customer Satisfaction can be defined as supplying or gratifying all wants or wishes, fulfilling conditions or desires, or the state of the mind anything that makes a customer feel pleased or contented. Consumer Behavior: Consumer behavior is defined as the behavior that consumers display in searching for, purchasing, using, evaluating and disposing of products and services that they expect will satisfy their needs. The study of the processes involved when individuals or groups select, purchase, use, or dispose of products, services ideas, or experiences to satisfy needs and desires Customer value: The ratio between the customerss perceived benefits (economic, functional and psychological) and the resources (momentary, time, effort, psychological) used to obtain those benefits. Customer satisfaction: Customer satisfaction is the individuals perception of the performance of the product or service in relation to his or her expectations. Motivation: The processes that account for an individuals intensity, direction, and persistence of effort toward attaining a goal. Personality can be described ad the psychological characteristics that both determine and reflect how person responds to his or her environment. Perception is defined as the process by which an individual selects, organizes, and interprets stimuli into a meaningful and coherent picture of the world.

Consumer learning is the process by which individuals acquire the purchase and consumption knowledge and experience they apply to future related behavior. THE CONSUMER ADOPTION PROCESS The consumer adoption process is the process by which customers learn about new products, try them, and adopt or reject them. Today many marketers are targeting heavy users and early adopters of new products recognizing that specific media can reach both groups and tend to be opinion leaders. The consumer adoption process is influenced by many factors beyond the marketers control, including consumers and organizations willingness to try new products, personal influences and the characteristics of the new products or innovations

STAGES OF ADOPTION PROCESS An innovation refers to any good, service, or idea. That is perceived by someone as new. The idea may have long history, but it is an innovation to the person who sees it as new. Innovation takes time to spread through the special system. The consumer adoption process focuses on the mental process through which an individual passes from first hearing about an innovation to final adoption. Adopters of new products have moved through the following five stages. 1. AWARENESS: The consumer becomes aware of the innovation but lacks information about it. 2. INTEREST: The consumer is stimulated to see the information about the innovation. 3. EVALUATION: The Consumer considers whether to try the innovation or not. 4. TRIAL: The consumer tries the innovation to improve his estimate of its value.

5. ADOPTION: The consumer decides to make full and regular use of the innovation.

Insurance sector in India is one of the booming sectors of the economy and is growing at the rate of 15-20 per cent annum. Together with banking services, it contributes to about 7 per cent to the country's GDP. Insurance is a federal subject in India and Insurance industry in India is governed by Insurance Act, 1938, the Life Insurance Corporation Act, 1956 and General Insurance Business (Nationalisation) Act, 1972, Insurance Regulatory and Development Authority (IRDA) Act, 1999 and other related Acts.

The origin of life insurance in India can be traced back to 1818 with the establishment of the Oriental Life Insurance Company in Calcutta. It was conceived as a means to provide for English Widows. In those days a higher premium was charged for Indian lives than the non-Indian lives as Indian lives were considered riskier for coverage. The Bombay Mutual Life Insurance Society that started its business in 1870 was the first company to charge same premium for both Indian and non-Indian lives. In 1912, insurance regulation formally began with the passing of Life Insurance Companies Act and the Provident Fund Act.

By 1938, there were 176 insurance companies in India. But a number of frauds during 1920s and 1930s tainted the image of insurance industry in India. In 1938, the first comprehensive legislation regarding insurance was introduced with the passing of Insurance Act of 1938 that provided strict State Control over insurance business.

Insurance sector in India grew at a faster pace after independence. In 1956, Government of India brought together 245 Indian and foreign insurers and provident societies under one nationalised monopoly corporation and formed Life Insurance Corporation (LIC) by an Act of Parliament, viz. LIC Act, 1956, with a capital contribution of Rs.5 crore.

The (non-life) insurance business/general insurance remained with the private sector till 1972. There were 107 private companies involved in the business of general operations and their operations were restricted to organised trade and industry in large cities. The General Insurance Business (Nationalisation) Act, 1972 nationalised the general insurance business in India with effect from January 1, 1973. The 107 private

insurance companies were amalgamated and grouped into four companies: National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company. These were subsidiaries of the General Insurance Company (GIC).

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

ACKNOWLEDGMENT Its a great privilege that I have done my project in such a well-organized and diversified organization. I am great full to all those who helped and supported me in completing the project First of all I would sincerely like to thank Mr. Rohit Rakibe (Branch Manager, Nasik), for his valuable guidance and kind co-operation during the project.. I am highly grateful to Mr. Dhirendra Kapadi (Associates of HDFC SEC) for the help provided by them in various forms. . Last but not least, I am also thankful to all college staff and my friends for helping me directly or indirectly in my project.

CONTENTS
Sr.No. Topic Page No. 1 Executive summary 1-2 2 Company Profile 2-21 3 Theorotical background 40-50 4 Objective of Project 51-51 5 Research Methodology 52-56 6 Data Analysis & Interpretation 57-64 7 Findings 65-65 8 Suggestion & Recommendation 66-66 9 Conclusion 67-68 10 Bibliography

EXECUTIVE SUMMARY
Theoretical knowledge gained by a student through classroom study is incomplete, if not subject to practical exposure of real corporate world and the challenges and problems that one has to face at the actual work place. In that context the study has been taken to be

aware of the real business world. This project. has been undertaken to study the distribution channel with respect to recruitment of Advisor in ICICI Prudential Life Insurance Company Limited. Insurance policies are sold by retail agent and through banks selling policies through retail are called tide agencies and through banks is called bank assurance . For the same we used to tap the advisor of other insurance sector and agent of Postal department and financial consultants. We also motivated mutual advisor to join ICICI Prudential as an advisor. We collect all data regarding this only and than give them a call for fixing appointment. Once appointment was fixed I used to go on call with the manager. The purpose of meeting was to make them aware of insurance agent as a career and at the same time to influence them to join as an agent. Beside this we also got opportunity to motive the Existing advisor and find solution to the problem that the often faced on call. The target responded were selected from different sources like House wives, Owner of beauty parlor, gym owners, agent of other insurance company, Travel agent real estate agent ,consultancy agency, chartered Accountant, Advocate, small business man, developer and contractor. The recruitment activity was done in Pune. The competitors were Tata Aig, Aviva life insurance, Met life, Max New York, HDFC standard life, Bajaj Alliance, Kotak mahindra, LIC etc. Which almost provide similar products to the customers? The finding of the project were majority of the people knew about the insurance Agent and few of them interesting in making career in insurance sector. And others buy policies

INTRODUCTION

India is the largest democracy in the world having a population more than one billion. It is 5th largest in the world in terms of purchasing power parity (PPP). India GDP growth rate is over 6 percent per year on average for the last decade and saving rate is around 26 percent of GDP Life Insurance Corporation of India was formed in September 1956 by passing LlC Act, 1956 in Indian parliament The first general insurance company, Triton Insurance Company Ltd. was established in Calcutta in 1850. In 1957 the General Insurance Council a wing of Insurance Association of India formed a code of conduct. In 1961 an insurance act was passed to form General Insurance Company Ltd. which was amended in 1968. General Insurance business was nationalized with effect from 1.1.73 by the General Insurance Business Act. From 1973, The General Insurance Company (GIC) as a holding company divided in four subsidiaries as: National Insurance Company Ltd., The New India Assurance Company Ltd., The Oriental Insurance Company Ltd. and The United Assurance Company Ltd

WHAT IS LIFE INSURANCE?

All assets have economic value. The asset would have been created through the efforts of the owner, in the expectation that, either through the income generated there from or some other output, some of his needs would be met. In the case of a motor car, it provides comfort & convenience in transportation. There is no direct income. There is a normally expected life time for the assets during which time it is expected life time for the assets during which time it is expected to perform. The owner, aware of this, can so manage his affairs that by the end of that life time, a substitute is made available to ensure that the value or income is not lost. How ever if the asset gets lost earlier, being destroyed or made non-functional, through an accident or other unfortunate event, the owner & those deriving benefits there from suffer. Hence Insurance is a tool which helps to reduce effects of such adverse events.

HISTORY OF LIFE INSURANCE

The origin and practice of insurance is as ancient as human civilization. From Cave age till date, the story of evolution of mankind is in fact a saga of continuous search for security. His problems have been the same, though the form has changed with the social & economic circumstances. When man used to live in the caves, he used to search for security against animals because they could kill him while he was asleep. He was not at all sure if he could hunt every day & get his food. Because of the above insecurity he used to live in groups so that the other members of the tribe could come to help in time of crisis. Later on, insurance was practiced in a different form. Small contribution of food grains were collected from farmers, hoarded in the local temple premises to be released when there was a famine or others calamities. Today, insurance works on the same principle. But, with growing financial implication the process started demanding money rather than community contribution. The modern concept of insurance came to India with the arrival of Europeans. The first life insurance company was established in India in 1818 as oriental life insurance company by Europeans for the welfare of widows of Europeans. It was strange that many of the companies floated were looking after European interest and even charged extra premium on Indian lives. Bombay mutual life assurance society limited established in 1870 was the first to stop this discrimination. This was the year in which the first insurance act was past by the British parliament. The insurance business flourished thereafter.

By the year 1955 there were 245 insurance companies and provident societies, out of which 16 were non Indian companies. A comprehensive legislation the insurance act 1938 was passed with a view to consolidate and amend the laws relating to the business of insurance. It came into force with effect from july 1
st

1939. the act was amended in 1950. The broader objectives of socialism prompted the govt. to nationalize the insurance business, in the year 1956. the general insurance business was nationalized in 1972, through GIC Act 1972. the life insurance corporation of India came into existence on 1
st

September 1956

NEED OF LIFE INSURANCE

Page 10
10 What if customer already has life insurance? As an individual, for the extent of financial protection you need is different from that as a married man which in turn is different from that as a parent. At each life stage, it is necessary to re-evaluate the amount of protection and provision you require and adjust for the same. Below are some of the events in your life for which you should re-evaluate and plan your life insurance needs. Life Stages 1. Marriage 2. Birth of a child 3. Schooling of a child 4. Education of a child 5. Marriage of a child 6. Retirement How much insurance do customers need? The main purpose of life insurance is to provide a financial cushion to your loved ones in the event that something unfortunate should happen to you. One must provide enough, so as to generate a future income stream that will take care of the financial needs of their dependents.

11 How much insurance you need depends on your annual income, your expenses and your existing assets. Use our Insurance Calculator to get a rough estimate of how much you should insure yourself for. Concept of Human Life Value Generally speaking one can estimate the extent of life insurance by calculating ones Human Life Value (HLV). This is the net present value of ones future earnings. Put simply, it is the amount that a persons family would permanently lose, should anything unfortunate happen to that person. As a thumb rule, a 30 year old should insure oneself for about 8 times his or her annual income. At 35, this is about 6 times. Of course, the exact amount must be adjusted according to the number of dependents, existing investments and ones lifestage. For instance, if at 30, a person has two children and parents to provide for, the amount of insurance should also be higher. You can calculate your Human Life Value by multiplying your current annual income with the number of years remaining for your retirement. Lets assume that you are 30 years old and you earn 4,00,000 per annum. Now, if your retirement age is 55 you have 25 years to go before retirement. So your Human Life Value is (25 x 4,00,000) = Rs. 100,00,000 (one crore rupees). So, your present Human Life Value is one crore rupees, provided you stay healthy If you take factors like inflation and increase in income over a period of time into account, your Human Life Value is a lot more. BENEFITS OF INSURANCE Insurance is the instrument of security, saving and peace of mind. It provides several benefits by paying a small amount of premium to an insurance company as : It is gratifying to see insurance market players and practitioners coming together on an occasion like this to reinforce a common vision to create a progressive and dynamic insurance industry where each one of us have an important role to play. After nearly decades of intense debate consensuses developed in India for ending the public sector monopoly in insurance and open the industry to private sector participants subject to suitable regulation. Today, to the credit of combined efforts by both the regulators and industry players, the benefits of insurance are widely acknowledged, public confidence in the industry has been very much restored and the industry on the whole is far more dynamic. In the last two years alone, we have witnessed some fundamental changes in the landscape of the Indian insurance industry. The insurance industry has been opened up, with a restriction of 26% on foreign ownership to Indian insurers. The total FDI in India in the insurance sector today stands at Rs. 812.50 crores. The total premium income of

the Indian insurance industry , both life and non life for the year ending 31
st

march 2003 stands at Rs. 71376.11 crores. Out of this the share of life insurance presmium is 78% i.e Rs. 55738.11 crores and general insurance premium is 22% i.e Rs. 15638 crores. This is contrast to the premium levels of Rs. 34898 crores in life insurance and Rs.10087.03 crores in general insurance as on 31
st

march, 2001. the growth rate of life insurance has been slightly over 26% and the general insurance 23% and the combined growth rate stands at 25% over the last two years. The paid up equity of the insurance industry is Rs. 3916 crores today

INDUSTRY PROFILE
Page 14 14 LIFE 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. Tracing the development in the indian insurance sector reveals the 360 degree turn witnessed over a period of almost two centuries. A BREIF HISTORY OF THE LIFE INSURANCE SECTOR The business of life insurance in India in its exsisting form started in the year 1818 with the establishment of the Oriental Life Insurance company in Calcutta. Some of the important milestones in the life insurance business in India are : 1912: The Indian life assurance companies act enacted as the first statue 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 businesses. 1938: Earlier legislation consolidated and amended to buy the insurance act with the objective of protecting the interests of the insuring public. Page 15 15 1956: 245 Indian and foreign insurers and provident societies are taken over by the central government and nationalized. LIC formed by an act of parliament, viz. LIC Act 1956, with the capital contribution of Rs. 5 crore from the government of India. The general insurance business in India, on the other hand can trace its roots to the Triton

insurance company Ltd., the first insurance company established in the year 1850 in Calcutta by the british. Some of the 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 (nationalization) Act, 1972 nationalized the general insurance business in India with effect from 1
st

January 1973. 107 insurers amalgamated and grouped into 4 companies viz. The National Insurance company Ltd. , The new India Assurance Company Ltd. , The Oriental Insurance

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16 Company Ltd. And The United India Insurance Company Ltd. GIC incorporated as a company. 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 statutory 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 were the launch of 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. Insurance companies in India Insurance is a colossal sector in India that is growing at a speedy rate of 15-20%. The insurance sector is approximately 450 billion yet 70 percent of the population in India is not insured. This gives you a peek into the huge growth opportunity that exists for this segment. The insurance business in India mainly consists of two main players, the Life Insurance Corporation (LIC) and General Insurance Corporation (GIC). Almost 100 divisional offices and 2000 branch offices are functional for LIC. As LIC caters to life insurance, health insurance, property and accident. insurance it needs an increasing number of employees. Thus insurance companies in India are growing vertically and

Page 17
17 horizontally bringing growth and employment opportunities. The other player GIC undertakes motor, marine, personal accident and fire insurance. Moreover it has four subsidiaries a) Oriental Insurance, b) United India Insurance, c) New India Assurance, and d) National Insurance. Insurance companies in India have a

deep-rooted history. It all began in 1818 when Oriental Life Insurance Company in Calcutta was established. From then on insurance was scattered across the country. It was an unorganized sector. Then in 1950, the entire insurance segment was nationalized. After achieving freedom, the insurance sector gained momentum. In 1956 the government of India consolidated 240 private life insurers and provident societies and this was how LIC came to life. The justification to the nationalization of the life insurers was that the government would reap the necessary funds that were required for industrialization. The general insurance industry still remained in the hands of the private sector till 1972 and was then nationalized. LIC adds about 7 percent to the country's GDP. With IRDA's regulation not less than 15 percent of funds ftom the insurance companies are said to fill the coffers of infrastructure and social sectors. Thus they are providing vital funds to the country's growth. Infrastructure of the country bears risks that are of a long-term character. They include political instability, geological hindrances, gestation period and illiteracy. The long tern funds provided by Life Insurance of India not only cover these risks but also help securing a brighter future for the country. Besides infrastructure the insurance companies in India are vital for one's saving purpose. In the beginning insurance was looked at as a 'tax-benefit' investment. Slowly, however the mindset of the common man is changing. Life insurance is now looked on as

Page 18 18 investment vehicle. With the introduction of private players in the sector there has been more transparency and flexibility in the sector. Private players have procured almost 9 percent of the insurance segment even though the coveted policies like endowment and money back still lay with the government. Better services, individual attention and pure transparency have given the private sector an upper hand. But with a huge unorganized market in India yet to tap the insurance companies in India have a voluminous market to explore. Insurance Companies in the Present Global Scenario The most important aspect for any financial services institution dealing with today's regulatory framework is the need to build an integration, risk, compliance and regulatory environment. The globalization of business, the proliferation of, and dependency on, technology, and the preservation of a trusted and secure environment to facilitate financial institutions, all require financial services organizations to have in placed the mechanisms to ensure sound and reliable security and privacy. The industry's landscape is continuously changing and increasing in complexity across financial services, causing firms to face a diverse array of challenges and concerns. Role of Private sector has grown rapidly in the service industry, especially with reference to Insurance management. The insurance industry, as an integral part of the financial services industry does not stand apart from the profound changes in the financial sector. Recently we are witnessing an enhanced competition in the insurance industry probably due to the opening up of this sector to private participants. There is a close inter-action between insurance and economic growth. As economy grows, the living standards of people increase. As a Page 19 19

consequence, demand for insurance increases. As the assets of people and of business enterprises increase in the growth process, the demand for general insurance also increases. In fact, with the widening of the economy, the demand for new types of insurance products emerges. Insurance now extends not only to product market but also to service industries including finance. It is equally true that growth itself is facilitated by insurance. The global consolidation of the financial services sector is in large part driven by acquisition activity. Companies competing for a greater share of consumer funds are seeking quick access to new markets, new products and new channels of distribution, both domestically and economically. Grounded in a deep understanding of the issue, we have tried to deal with today's life insurance and financial services environment in a very lucid manner covering all the aspects such as productivity, management of processes, growth drivers, and critical factors for success and policy implications Indian insurance companies may be started by domestic entities in joint venture with foreign entities, with the latter holding a maximum of26 per cent of the equity. According to the latest data, in life and non-life insurance, the new entities have already managed to garner more than 20 per cent of the new business premium. In banking, foreign banks in India now have a share of only around 7 per cent of total banking assets. Recently, the RBI released an ambitious road map for increasing the presence of foreign banks in India. As per the guidelines, the aggregate foreign investment from all sources will be allowed up to a maximum of 74 per cent of the paid up capital of the private bank. Page 20 20 The roadmap is divided into two phases. In the first phase, between March 2005 and March 2009, foreign banks will be permitted to establish presence by way of setting up a wholly owned banking subsidiary (WOS) or conversion of the existing branches into a was. Further, during this phase, permission for acquisition of shareholding in Indian private sector banks by eligible foreign banks will be limited to banks identified by the RBI for restructuring. During the second phase commencing in April 2009, the RBI may permit merger/acquisition of any private sector bank in India by a foreign bank. The public sector at present dominates the Indian financial services sector. The Government does not have enough money to sustain the expansion plans of the present public sector enterprises. For example, the recent public issue by Punjab National Bank has brought down the Government's stake from 80 per cent to 57 per cent. On the other hand, foreigners hold more than 70 per cent of the equity in the two leading private sector banks in India, namely ICICI Bank and HDFC Bank Insurance companies Insurance industry earlier comprised of only two state insurers. Life Insurers i.e. Life Insurance Corporation of India (LIC) and General Insurers i.e. General Insurance Corporation of India (GIC) GIC had four subsidiary companies. With effect from Dec'2000, these subsidiaries have been de-linked from parent company and made as independent insurance companies.

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Oriental Insurance Company Limited, New India Assurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited. The first batch of licenses was issued by the Insurance Regulatory and Development Authority (IRDA) in 2001. At present following are the players in the Indian Market: Life insurers: 1. ALLIANZ BAJAJ LIFE INSURANCE CO. LTD. 2. AMP SANMAR ASSURANCE Co. LTD. 3. BIRLA SUN LIFE INSURANCE CO. LTD. 4. DABUR CGU LIFE INSURANCE COMPANY PVT. LTD. 5. HDFC STANDARD LIFE INSURANCE CO. LTD. 6. ICICI PRUDENTIAL LIFE INSURANCE CO. LTD. 7. ING VYSY A LIFE INSURANCE CO. PVT. LTD. 8. LIFE INSURANCE CORPORATION OF INDIA. 9. MAX NEW YORK LIFE INSURANCE CO. LTD. 10. METLIFE INDIA INSURANCE CO. PVT. LTD

Page 22 22 11. OM KOTAK MAHINDRA LIFE INSURANCE CO. LTD. 12. SBI LIFE INSURANCE CO. LTD. 13. TATA AIG LIFE INSURANCE CO. LTD. Non-life insurers: 1. BAJAJ ALLIANZ GENERAL INSURANCE CO. LTD. 2. ICICI LOMBARD GENERAL INSURANCE CO. LTD. 3. IFFCO TOKYO GENERAL INSURANCE CO. LTD. 4. NATIONAL INSURANCE CO. LTD. 5. NEW INDIA ASSURANCE CO. LTD. 6. ORIENTAL INSURANCE CO. LTD. 7. RELIANCE GENERAL INSURANCE CO. LTD. 8. ROYAL SUNDARAM ALLIANCE INSURANCE CO. LTD. 9. TATA AIGLIFE INSURANCE CO. LTD. 10. UNITED INDIA INSURANCE CO. LTD Re-insurers: GENERAL INSURANCE CORPORATION OF INDIA IRDA (Insurance Regulatory and Developing Authority) On the recommendation of Malhotra Committee, an Insurance Regulatory Development Act (IRDA) passed by Indian Parliament in 1993. Its main aim is to activate an insurance regulatory apparatus essential for proper monitoring and control of the Insurance

industry. Due to this Act several Indian private companies have entered into the insurance market, and some companies have joined with foreign partners IRDA was constituted by an act of parliament. The Authority is a ten member team consisting of: (a) A Chairman (b) Five whole-time members (c) four part-time members (1) Subject to the provisions of Section 14 of IRDA Act, 1999 and any 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, modifies, withdraw, suspend or cancel such registration; (b) protection of the interests of the policy holders in matters concerning assigning of policy, nomination by 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; (e) Promoting efficiency in the conduct of insurance business; (f) Promoting and regulating professional organizations connected with the insurance and reinsurance 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

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24 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 of 1938); j) Specifying the form and manner in which books of account shall be maintained and statement of accounts 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; (0) specifying the percentage of premium income of the insurer to finance schemes for promoting and regulating professional organizations referred to in clause (f); (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 powers as may be prescribed

Tariff Advisory Committee (TAC) (Statutory Body under Insurance Act 1938): Tariff Advisory Committee controls and regulates the rates, advantages, terms and conditions that may be offered by insurers in respect of General Insurance Business relating to Fire, Marine (Hull), Motor, Engg. and workmen Compensation. Effective 22/07/98, the TAC Board has been reconstituted with seven members representing the present General Insurance Industry and eight members from government and industry

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Company profile
History: Incorporated on 20 July 2000 it is a joint venture between ICIC(74%) and Prudential LIC(26%) of U.K. In November 2000, ICICI Prudential Life Insurance was granted Certification of Registration for carrying out life insurance business by the Insurance Regulatory & Development Authority of India. The Company issued its first policy on 12 December 2000.ICICI Prudential Life Insurance is a joint venture between the ICICI Group and Prudential plc, of the UK. ICICI started off its operations in 1955 with providing finance for industrial development, and since then it has diversified into housing finance, consumer finance, mutual funds to being a Virtual Universal Bank and its latest venture Life Insurance. Foreign Partner: Established in 1848, Prudential plc. Of U.K. has grown to be the largest life insurance and mutual fund Company in U.K. Prudential plc. Has had its presence in Asia for the past 75 years catering to over 1 million customers across 11 Asian countries. Prudential is the largest life insurance company in the United Kingdom (Source: S&P's UK Life Financial Digest, 1998). ICICI and Prudential came together in 1993 to provide mutual fund products in India and today are the largest private sector mutual fund company in India. Their latest venture ICICI Prudential Life plans to take care of the insurance needs at

Page 26 26 various stages of life Prudential plc, one of the UK's leading financial service providers, issued life insurance policies in Poland prior to World War II through Prudential Assurance Company Limited and its subsidiary "Przezomosc", a now defunct Polish company in which Prudential Assurance acquired a controlling interest in 1927. Pizezomosc continued to issue life policies in Poland until 31 December 1936, and Prudential Assurance issued life policies in Poland from 1 January 1933 to 31 December 1936. With effect from 1 January 1937 both companies ceased to accept new life business and the administration of the two portfolios was combined. Based on notes of surviving records that existed in Prudential Assurance's London office there were 4,623 policies in force in Poland at the outbreak of World War II in 1939. Over 33% of these policies have been settled since the early 1950s despite significant gaps in our records, due in no small part to their destruction in Poland under Nazi

Occupation. The assets of Prudential's Polish Business were seized by the Nazi occupying authorities, following the invasion of Poland in 1939. Unlike some major European insurers Prudential did not trade in Nazi occupied Europe 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

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27 companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential's equity base stands at Rs. 9.25 billion with ICICI Bank and Prudential plc holding 74% and 26% stake respectively. In the financial year ended March 31, 2005, the company garnered Rs 1584 crore of new business premium for a total sum assured of Rs 13,780 crore and wrote nearly 615,000 policies. The company has a network of about 56,000 advisors; as well as 7 banc assurance and 150 corporate agent tie-ups. For the past four years, ICICI Prudential has retained its position as the No.1 private life insurer in the country, with a wide range of flexible products that meet the needs of the Indian customer at every step in life Promoters 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 to YOU. 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 leadingedge life insurance solutions. ICICI Bank has 74% stake in the company, and prudential PLC has 26%.

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28 ICICI Bank ICICI Bank is India's second largest bank with an asset base of Rs. 106812 crore. ICICI Bank provides a broad spectrum of financial services to individuals and companies. This includes mortgages, car and personal loans, credit and debit cards, corporate and agricultural finance. The Bank services a growing customer base of more than 7 million customer accounts and 5 million bondholders' accounts through a multi-channel access network. This includes about 450 branches and extension counters, 1675 ATMs, call centers and Internet banking (www.icicibank.com). ICICI Bank posted a net profit ofRs.1, 206 crore for the year ended March 31, 2003. ICICI Bank is the only Indian company to be rated above the country rating by the international rating agency Moody's and the only Indian company to be awarded an investment grade international credit rating. The Bank enjoys the highest AAA (or equivalent) rating from all leading Indian rating agencies. Prudential plc:

Established in 1848, prudential plc is a leading international financial services company in the UK, with around US$250 billion funds under management and more than 16 million customers worldwide. Prudential has brought to market an integrated range of financial services products that now includes life insurance, pensions, mutual funds, banking, investment management and general insurance. In Asia, Prudential is UK's largest life insurance company with a vast network of 22 life and mutual fund operations in twelve countries-China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. Since 1923, Prudential has

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29 championed customer-centric products and services, supported by over 60,000 staff and agents across the region. VISION The companys vision is to make ICICI Prudential the dominant life and pension player built on trust by world-class people and services. hope to achieve this by: . Understanding the needs of customers and offering them superior Products and services. . Leveraging technology to service the customers quickly, efficiently and conveniently.. Developing and implementing superior Ur deal in risk management and Investing strategies to offer sustainable and stable return to the Policy holders. . Providing an environment to foster growth and learning of our employees. . And above all building transparency in organizations

Board of Directors
The ICICI Prudential Life Insurance Company Limited Board comprises reputed people from the finance industry both from India and abroad. Mr. K. V. Kamath, Chairman Mr. Mark Norbom Mrs. Lalita D. Gupte Mrs. Kalpana Morparia Mrs. Chanda Kochhar Mr. Kevin Holmgren Mr. M.P. Modi Mr. R Narayanan Ms. Shikha Sharma, Managing Director

Management Team
Ms. Shikha Sharma, Managing Director Mr. Sandeep Batra, Chief Financial Officer & Company Secretary Mr. Shubhro J. Mitra, Chief - Human Resources Mr. Puneet N Anda, Head - Investments Ms. Anita Pai, Chief - Customer Service and Operations

Mr. V. Rajagopalan, Appointed Actuary Mr. Dipan Bhattacharya - Chief Information Technolog

COMPANY 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 20 products can be enhanced with up to 6 riders, to create a customized solution for each policyholder. Savings Solutions Secure Plus is a transparent and feature-packed savings plan that offers 3 levels of protection. Cash Plus is a transparent, feature-packed savings plan that offers 3 levels of protection as well as liquidity options. Save n Protect is a traditional endowment savings plan that offers life protection along with adequate returns. Cash back 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. Lifetime & Lifetime II offer customers the flexibility and control to customize the policy to meet the changing needs at different life stages. Each offer 4 fund options? Preserver, Protector, Balancer and Maxi miser. Life Link II is a single premium Market Linked Insurance Plan which combines

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32 life insurance cover with the opportunity to stay invested in the stock market. Premier Life is a limited premium paying plan that offers customers life insurance cover till the age of 75. Invest Shield Life is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest. Invest Shield Cash is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest along with flexible liquidity options. Invest Shield Gold is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest along with limited premium payment terms. Protection Solutions Lifeguard is a protection plan, which offers life cover at very low cost. It is available in 3 options, Level term assurance, level term assurance with return of premium and single premium. Child Plans

Smart Kid education plans provide 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. Smart Kid plans are also available in unit linked form, both single premium and regular premium. Page 33 33 Retirement Solutions Forever Life is a retirement product targeted at individuals in their thirties Secure plus Pension is a flexible pension plan that allows one to select between 3 levels of cover. Market-linked retirement Products: Lifetime Pension II is a regular premium market-linked pension plan . Life Link Pension II is a single premium market-linked pension plan. . Invest Shield Pension is a regular premium pension plan with a capital guarantee On the invertible premium and declared bonuses. ICICI Prudential also launched? Salaam Indigo? A social sector group insurance Policy targeted at the economically underprivileged sections of the society. Group Insurance Solutions ICICI Prudential also offers Group Insurance Solutions for companies seeking to enhance benefits to their employees. ICICI Prudential Group Gratuity Plan: ICICI Pro 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. ICICI Prudential Group Superannuation Plan: ICICI Pro offers a flexible defined contribution superannuation scheme to provide a retirement kitty for each member of the group. Employees have the option of choosing from various annuity options or opting for a partial commutation of the annuity at the time of Page 34 34 retirement. ICICI Prudential Group Term Plan: ICICI Pm 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 Pm 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 sum assured under the policy. If the death occurs while traveling in an authorized mass transport vehicle, the beneficiary will be entitled to twice the sum assured as additional benefit. Accident Benefit: This rider option pays the sum assured under the rider on death

due to accident. 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. Major Surgical Assistance Benefit: provides financial support in the event of medical emergencies, ensuring benefits are payable to the life assured for medical expenses incurred for surgical procedures. Cover is offered against 43 surgical procedures. Income Benefit: This rider pays the 10% of the sum assured to the nominee every Page 35 35 year, till maturity, in the event of the death of the life assured. It is available on Smart Kid, Secure Plus and Cash Plus Waiver of Premium: In case of total and permanent disability due to an accident, the premiums are waived till maturity. This rider is available with Secure Plus and Cash Plus. ABOUT THE PROMOTERS ICICI Bank is India's second-largest bank with total assets of about Rs.112, 024 crore and a network of about 450 branches and offices and about 1750 ATMs. It offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialized subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital, asset management and information technology. ICICI Bank posted a net profit of Rs.l, 637 crores for the year ended March 31, 2004. ICICI Bank's equity shares are listed in India on stock exchanges at Chennai, Delhi, Kolkata and Vadodara, the Stock Exchange, Mumbai and the National Stock Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New York Stock Exchange (NYSE). 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 16 million customers, policyholder and unit holders worldwide. As of June 30, 2004, the company had over US$300 billion in funds under management. Prudential has brought to market an integrated range of financial services products that now includes life assurance, pensions, mutual funds, banking, investment

Page 36 36 management and general insurance. In Asia, Prudential is the leading European life insurance company with a vast network of 24 life and mutual fund operations in twelve countries - China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam. PRIVATE SECTOR INSURANCE MARKET SHARES In todays Private insurance sector ICIC Prudential holds the highest i.e. huge30%share in the private insurance market, as compared to all other which together

comprise of the rest 70% of the market share. In the financial year ended march 31, 2005, the company garnered rs.1584 crore of new business premium for a total sum assured of Rs. 13780 crore and wrote nearly 615000 policies. The company has a network of about 56000 advisors: as well as 7 banc assurance and 150 corporate agent tie-ups for the past four years, ICICI Prudential has retained its position as the no.1 private life insurer in the country 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, having commenced operations in 74 cities and towns in India. These are: Agra, Ahmedabad, Ajmer, Allahabad, Amritsar, Anand, Aurangabad, Bangalore, Bareilly, Bharuch, Bhatinda, Bhopal, Bhubhaneshwar, Calicut, Chandigarh, Chennai, Coimbatore, Dehradun, Durgapur, Faridabad, Goa, Guntur, Guwhati, Gurgaon, Gwalior, Page 37 37 Hyderabad, Hubli, Indore, Jaipur, Jalandhar, Jamnagar, Jamshedpur, Jodhpur, Kanpur, Karnal, Kochi, Kolkata, Kolhapur, Kota, Kottayam, Kozhikode, Lucknow, Ludhiana, Madurai, Mangalore, Meerut, Mehsana, Mumbai, Mysore, Nagpur, Nasik, Noida, New Delhi, Patiala, Pune, Raipur, Rajkot, Ranchi, Rourkela, Saharanpur, Salem, Shimla, Siliguri, Surat, Thane, Thrissur, Trichy, Trivandrum, Udaipur, Vadodara, Vapi, Vashi, Vijayawada and Vizag. The company has seven banc assurance tie-ups, having agreements with ICICI Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank and some cooperative banks, as well as over 150 corporate agents and brokers. It has also tied up with NGOs, MFIs and corporate for the distribution of rural policies and organizations like Dhan for distribution of Salaam Zindagi, a policy for the socially and economically underprivileged sections of society. ICICI Prudential has recruited and trained about 56,000 insurance advisors to interface with and advise customers. Further, it leverages its state-of-the-art IT infrastructure to provide superior quality of service to customers

MARKET SHARE OF LIFE INSURANCE COMPANIES

MARKET SHARE

20%
30% 10% 8% 7% 5% 4%
4%

4% 3% 4% 1%

BAJAJ ALLIANZ ICICI PRUDENTIAL HDFC STANDARD SBI LIFE BIRLA SUNLIFE TATA AIG MAX NEW YORK AVIVA KOTAK MAHINDRA ING VYSYA RELIANCE LIFE MET LIF

LIFE INSURERS Public Sector Life Insurance Corporation of India Private Sector Allianz Bajaj Life Insurance Company Limited Birla Sun-Life Insurance Company Limited HDFC Standard Life Insurance Co. Limited ICICI Prudential Life Insurance Co. Limited ING Vysya Life Insurance Company Limited Max New York Life Insurance Co. Limited MetLife Insurance Company Limited Om Kotak Mahindra Life Insurance Co. Ltd. SBI Life Insurance Company Limited TATA AIG Life Insurance Company Limited AMP Sanmar Assurance Company Limited Dabur CGU Life Insurance Co. Pvt. Limited GENERAL INSURERS Public Sector National Insurance Company Limited New India Assurance Company Limited Oriental Insurance Company Limited United India Insurance Company Limited Private Sector Bajaj Allianz General Insurance Co. Limited ICICI Lombard General Insurance Co. Ltd. IFFCO-Tokio General Insurance Co. Ltd. Reliance General Insurance Co. Limited Royal Sundaram Alliance Insurance Co. Ltd. TATA AIG General Insurance Co. Limited Cholamandalam General Insurance Co. Ltd. Export Credit Guarantee Corporation HDFC Chubb General Insurance Co. Ltd. REINSURER General Insurance Corporation of India

Websites www.licindia.com www.allianzbajaj.co.in www.birlasunlife.com www.hdfcinsurance.com www.iciciprulife.com www.ingvysayalife.com www.maxnewyorklife.com www.metlife.com www.omkotakmahnidra.com www.sbilife.co.in www.tata-aig.com www.ampsanmar.com www.avivaindia.com

www.nationalinsuranceindia.com www.niacl.com www.orientalinsurance.nic.in www.uiic.co.in www.bajajallianz.co.in www.icicilombard.com www.itgi.co.in www.ril.com www.royalsun.com www.tata-aig.com www.cholainsurance.com www.ecgcindia.com

www.gicindia.com