Since the evolution of mankind, the need for biological and physical fulfillment has emerged. Over the long span of development of mankind there is a very high advancement in technological and industrial growth. In the beginning of 20th century, World has faced two major revolutionary wars World War I and World War II. These have gradually changed the world into global village. Due to advancement and growth in population simultaneously there has been an increase in the demand for physical need. Availability of options has increased competition among people. These have led to the need of proper financial planning. The emergence of investment option is mainly driven by people's social and demographic variables as described below. Needs are generally classified into protection needs and investment needs. Protection needs refers to the needs that have to be primarily taken care of, to protect the living standard , current requirements and survival requirements of investors. Need for regular incomes, need for retirement income and need for insurance cover are protection need. Investment needs are additional financial needs that have to be served through saving and investment. These are needs for children's education, hosing and children's professional growth.
[...] My main focus group is the ICICI Prudential financial advisor and employee of ICICI Prudential Life Insurance Company Ltd. QUESTION 2 Annual income of the Persons of the focus group? Less than to to More than ANALYSIS From the above chart we can see that there are 66% persons are fall under the income group of 100,000 to 299,999. So a majority of the peoples monthly income falls under the 8000 to 25,000. Charts show that there are 24% people with an income less than 100,000. [...]
[...] the government insurance companies where primarily meant to cover risk but in today's market, the policies are having predominantly a major part of investment option with high rate of return. One of the major challenge for all private companies is to develop a strong sales team, since LIC who enjoyed a monopoly in this sector before it was opened for private players has a network of 2,50,000 agents. India at a glance Population : 1.3 Billion Economy : 5th largest in the world in terms of purchasing power parity (PPP) Premium as a percentage of GDP : GDP growth rate : Over per year on an average for the last decade Saving rate : Around 30% of GDP Estimated middle class population : 300 Million Insured population : 70 million only Estimated business (2008) : $ 6.6 Billion REASONS FOR SELECTING AN INSURANCE SECTOR FOR RESEARCH Life Insurance Sector acts as a backbone of any economy. [...]
[...] ICICI Prudential Life Insurance Company Limited ICICI Prudential Life Insurance Company Limited was incorporated on July The authorized capital of the company is Rs.2300 Million and the paid up capital is Rs Million. The Company is a joint venture of ICICI and Prudential plc UK The Company was granted Certificate of Registration for carrying out Life Insurance business, by the Insurance Regulatory and Development Authority on November It commenced commercial operations on December becoming one of the first few private sector players to enter the liberalized arena. [...]
[...] COMPANY PROFILE REASONS FOR SELECTION OF ICICI PRUDENTIAL FOR THE RESEARCH ICICI Prudential ranks as number one amongst the private life insurance players. There is vast potential for this company in Indian market. ICICI Prudential is moving really fast to capture untapped market and it is expanding it's operations in different regions in India. The company not only stands No but also treats its employees as No.1. No other company provides rewards and recognition to their employees and advisors as done by ICICI Prudential. [...]
[...] In the same way Investment Pattern of ICICI Prudential Life Insurance Company is helpful in the following ways It will be helpful to the company to know where it is lacking behind. The study will helpful to know the investor's satisfaction towards return provided by ICICI Prudential Life Insurance Company. On the basis of the study company can take the corrective actions. The study will be helpful to know the investment pattern in comparison to LIC. DATA COLLECTION Life Insurance Statistics PREMIUM(Rs. [...]
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