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LIC V/S PRIVATE LIFE INSURANCE COMPANIES
INDEX
Sr.No Topic Page No.
1 I!ro"#c!io !o i$#race 2%1&
2 Pre$e! $ceario o' i$#race i"#$!r( 16%1)
* Tre"$ i i$#race $ec!or 1+%**
, I-pac! o' #"ge! o i$#race $ec!or *,%*6
& P! V/S P#0ic i$#race $ec!or *
6 Co-pa( pro'i0e o' LIC ICICI
pr#"e!ia0
*)%&1
Ioa!io $!ra!eg( IT &2%&6
) E-ergig !re" &%63
+ Coc0#$io 61
13 Re'erece 62
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Introduction Insurance
Accor"ig !o !4e U.S. Li'e O''ice Maage-e! Ic. 5LOMC7 8Li'e
I$#race proi"e$ a $#- o' -oe( i' !4e per$o 94o i$ i$#re" "ie$
94i0$! !4e po0ic( i$ i e''ec!.8
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Li'e i$#race 4a$ co-e a 0og 9a( 'ro- !4e ear0ier "a($ 94e i! 9a$
origia00( coceie" a$ a ri$:%coerig -e"i#- 'or $4or! perio"$ o'
!i-e7 coerig !e-porar( ri$: $i!#a!io$7 $#c4 a$ $ea o(age$. A$ 0i'e
i$#race eca-e -ore e$!a0i$4e"7 i! 9a$ rea0i;e" 94a! a #$e'#0 !oo0
i! 9a$ 'or a #-er o' $i!#a!io$ !4a! ic0#"e$ !e-porar(
ee"$/!4rea!$7 $aig$7 ie$!-e!7 re!ire-e! e!c.
I I"ia $o-e E#ropea$ $!ar!e" !4e 'ir$! 0i'e i$#race co-pa( i
#e! perio" o' $!ea"( "ee0op-e! a! !4e
e$!a0i$4-e! o' I"ia 0i'e o''ice7 i;.7
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Up !o e" o' 1+!4 ce!#r(7 !4e i$#race 9a$ i !4e i$pec!ioa0
$!age. T4ere'ore o 0egi$0a!io 9a$ re>#ire" !i00 !4a! #$#a00( !4e
I"ia Co-pa( Ac!$ 1))* 9a$ app0ica0e. Sice 1+&67 9i!4 !4e
a!ioa0i;a!io o' i$#race i"#$!r(7 !4e $!a!e ? r# Li'e I$#race
Corpora!io o' I"ia 5LIC 4a$ 4e0" !4e -oopo0( i I"ia. T4e
co-e$ !4e LP@ 5Liera0i;a!io7 Pria!i;a!io a" @0oa0i;a!io !4a!
pae" e!r( o' Pria!e a" Foreig Li'e I$#race p0a(er$ i I"ia
"#rig !4e 0a!e +3$ a" ear0ier 2333$. C#rre!0( I"ia a" C4ia are
!4e -o$! 0#cra!ie i$#race -ar:e!$ i !4e 9or0"... T4e $4are o' 0i'e
i$#race pre-i#- !o @DP o' I"ia 9a$ 1.2+ perce!7 94ic4 i$
a($-a0 i !4e g0oa0 $!a"ar". De$pi!e !4e$e oppor!#i!ie$7 4o9eer7
!4ere i$ a0$o a ro#g4 ri"e a4ea" 'or !4e e9 p0a(er$ i I"ia. T4i$ i$
eca#$e7 #0i:e i !4e Be$!7 i$#race i$ $o0" -ore a$ a i$!r#-e!
o' $aig$ i I"ia !4a a$ a pro"#c! o''erig 'or pro!ec!io a"
$ec#ri!(. LIC$ 1++6 i$#race $#re( reea0$ !4a! -ore !4a ,3
perce! o' i$#race%#(er$ 0oo: a! i$#race pro"#c!$ a$ a -ea$ o'
$aig$.
Ri$: coerage i$ o0( a $eco"ar( oec!ie 'or !4e- a" ear0( 26
perce! o' !4e i$#race po0icie$ $o0" are o co$i"era!io$ o' o0" age
$ec#ri!(. O0( 1) perce! o' i$#race po0icie$ are $o0" o "ea!4 ri$:co$i"era!io$. 5IRDA I$#race Reg#0a!or( a" Dee0op-e!
A#!4ori!(
T4e reg#0a!or( o"( 'or i$#race IRDA 4a$ ee e$!a0i$4e" 9i!4 !4e
'o00o9ig -i$$io
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8To pro!ec! !4e i!ere$!$ o' !4e po0ic( 4o0"er$7 !o reg#0a!e7 pro-o!e
a" e$#re or"er0( gro9!4 o' !4e i$#race i"#$!r( a" 'or -a!!er$
coec!e"
T4ere9i!4 or ici"e!a0 !4ere!o.8
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Private Players in Indian Life Insurance
T4e -aor p0a(er$ i I"ia 0i'e i$#race $ec!or ic0#"e
A00ia;
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Me!Li'e I"ia I$#race Co-pa( P!. L!".7
O- Ho!a: Ma4i"ra Li'e I$#race Co. L!".7
S
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Mo$! o' !4e- are i!ere$!e" i i$#rig 'or a a-o#! o' R$. 1% 2
0a:4$
T4ere i$ $igi'ica! re0a!io$4ip eGi$!ig e!9ee -o!40(
4o#$e4o0" ico-e a" a-o#! i$#re"
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Scope
T4e proec! gie$ rie' "e$crip!io o' !4e 'o00o9ig %
B4a! i$ i$#raceJ
E''ec! o' 0iera0i;a!io
Tre"$ i i$#race $ec!or
I-pac! o' #"ge! o i$#race $ec!or
Pro"#c! o''ere" ( LIC ICICI Pr#"e!ia0
I-pac! o' 'iacia0 cri$i$ o LIC
Limitation
Li'e I$#race i$ a a$! $#ec!. I! i$ o! po$$i0e !o proi"e i'or-a!io
regar"ig a00 !4e "i''ere! !(pe$ o' po0icie$ 94ic4 proi"e$ "i''ere!
ee'i!$. T4e proec! 9o#0" 4ae ee -#c4 e!!er i' !4e co-pre4e$ie
$!#"( o' a00 !4e "i''ere! !(pe$ o' po0ic( proi"e" ( "i''ere! co-paie$
i$ #"er!a:e.
DEFINIIONS
T4e "e'ii!io o' i$#race ca e -a"e 'ro- !9o poi!$
F#c!ioa0 "e'ii!io.
Co!rac!#a0 "e'ii!io.
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Functional definition
I$#race i$ a co%opera!ie "eice !o $prea" !4e 0o$$ ca#$e" ( a
par!ic#0ar ri$: oer a #-er o' per$o$ 94o are eGpo$e" !o i! a" 94o
agree !o i$#re !4e-$e0e$ agai$! !4e ri$:.
!eneral Definition
I$#race 4a$ ee "e'ie" !o e !4a! i 94ic4 a $#- o' -oe( a$ a
pre-i#- i$ pai" i co$i"era!io o' !4e i$#rerK$ ic#rrig !4e ri$: o'
pa(ig a 0arge $#- #po a gie co!igec(.
I !4e 9or"$ o' o4 MageeI$#race i$ a p0a ( !4e-$e0e$ 94ic4
0arge #-er o' peop0e a$$ocia!e a" !ra$'er !o !4e $4o#0"er$ o' a007
ri$:$ !4a! a!!ac4 !o i"ii"#a0$.
Fundamental Definition
I !4e 9or"$ o' D.S. a$e007 I$#race acc#-#0a!e" co!ri#!io$ o'
a00 par!ie$ par!icipa!ig i !4e $c4e-e.
"ontractual Definition
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I !4e 9or"$ o' #$!ice Ti"a007 I$#race i$ a co!rac! i 94ic4 a $#-
o' -oe( i$ pai" !o !4e a$$#re" a$ co$i"era!io o' i$#rerK$ ic#rrig !4e
ri$: o' pa(ig a 0arge $#- #po a gie co!igec(.
INS#$AN"E IND#S$%& "LASSIFI"AION
!eneral Insurance
Accor"ig !o "a!a re0ea$e" ( IRDA7 !4e geera0 i$#race i"#$!r(
recor"e" 22.6 per ce! (ear%o%(ear 5(%o%( gro9!4 i gro$$ pre-i#-
#"er9ri!!e "#rig Apri0?Oc!oer 2313. T4e i"#$!r( co00ec!e" gro$$
pre-i#- o' US &.2+ i00io "#rig Apri0?Oc!oer 2313 co-pare" 9i!4
US ,.*1 i00io i !4e $a-e perio" 0a$! (ear.
T4e p#0ic $ec!or p0a(er$ po$!e" 21.3+ per ce! (%o%( gro9!4 i gro$$
pre-i#- "#rig Apri0?Oc!oer 2313 oer !4e corre$po"ig perio" 0a$!
(ear. A! !4e $a-e !i-e7 pria!e p0a(er$ recor"e" a 2&.1+ per ce! (%o%(icrea$e i gro$$ pre-i#-.
T4e $!a!e%r# i$#rer$ 'are" e!!er !4a !4eir pria!e co#!erpar!$7 9i!4
Ne9 I"ia I$#race co00ec!ig !4e -aGi-#- pre-i#- o' US +16.
-i00io "#rig Apri0%Oc!oer 23137 co-pare" !o US 3.2& -i00io i
!4e $a-e perio" 0a$! (ear7 gro9ig ( 1+.3, per ce!.
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Accor"ig !o !4e IRDA$ S#--ar( Repor!$ o' Mo!or Da!a o' P#0ic a"
Pria!e Sec!or I$#rer$ % 233+%137 ear0( 2)., -i00io po0icie$ 9ere
i$$#e" a" a !o!a0 pre-i#- o' US 2.*1 i00io 9a$ co00ec!e"
.
Life insurance corporation
T4e US ,1 i00io I"ia 0i'e i$#race i"#$!r( i$ co$i"ere" !4e 'i'!4
0arge$! 0i'e i$#race -ar:e!7 a" i$ gro9ig a! a rapi" pace o' *2%*, per
ce! a#a00(7 accor"ig !o !4e Li'e I$#race Co#ci0.
A$ per "a!a re0ea$e" ( Li'e I$#race Co#ci07 !4e apeG i"#$!r( o"(
o' a00 0i'e i$#race co-paie$ i I"ia7 !o!a0 pre-i#- co00ec!e" ( !4e
0i'e i$#race i"#$!r( icrea$e" 1* per ce! !o US ,1.3& i00io i
ca0e"ar (ear 2313 'ro- US *6.2* i00io i 233+. T4e e9 #$ie$$
pre-i#- o' 0i'e co-paie$ 4a$ gro9 ( 2) per ce! (ear%o%(ear 5(o(!o US 1+.1, i00io !i00 Dece-er *1 2313 a$ co-pare" !o US 1&
i00io i 233+. T4e gro9!4 co-e$ i !4e ac:"rop o' $igi'ica!
reg#0a!or( c4age$ -a"e i pro"#c! pro'i0e o' ULIP$ 5#i!% 0i:e"
i$#race pro"#c!$ i 23137 94ic4 9a$ a0$o a (ear i 94ic4 a 'e9
pria!e 0i'e i$#rer$ co-p0e!e" a "eca"e o' !4eir eGi$!ece7 !4e Li'e
I$#race Co#ci0 $ai" i a $!a!e-e!.
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LIC V/S PRIVATE LIFE INSURANCE COMPANIES
S!a!e%o9e" Li'e I$#race Corpora!io 5LIC o' I"ia7 !4e 0arge$! a"
-o$! "o-ia! 0i'e i$#rer cro$$e$ 4a$ gie a eG#era! per'or-ace
i !er-$ o' 'ir$! (ear pre-i#-. A$ o' a#ar( 2+ 23117 LIC receie" a
ico-e o' US .&2 i00io ( $#cce$$'#00( $e00ig 27 &27 ,,7),6 po0icie$.
S
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"ea!4 a" acci"e!$ a" #rg0ar(. A( ri$: co!ige! #po !4e$e7 -a(
e i$#re" agai$! a! a pre-i#- co--e$#ra!e 9i!4 !4e ri$: io0e".
T4#$ co00ec!ie earig o' ri$: i$ i$#race.
Pre'Liberali(ation Scenario
Indian )istory& ime to turn t*e cloc+ bac+'and open up insurance
Fi'!( (ear$ ago7 I"ia 4a" a #$!0ig7 i' $o-e94a! c4ao!ic7 e!ire0(
pria!e i$#race i"#$!r(. T4e (ear a'!er I"epe"ece7 23+ 0i'e
I$#race co-paie$ 9ere "oig #$ie$$ 9or!4 R$12.6 crore 594ic4
gre9 !o a a-a;ig R$ 2+&7&) crore i 1++&%+6. Foreig i$#rer$ 4a" a
0arge -ar:e! $4are ,3 per ce! 'or geera0 i$#race #! !4ere 9ere a0$o
p0e!( o' I"ia co-paie$7 -a( pro-o!e" ( #$ie$$ 4o#$e$ 0i:e !4e
Ta!a$ a" Da0-ia$.
T4e 'ir$! I"ia%o9e" 0i'e i$#race co-pa(7 !4e
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perce! a$ 'oreig i$#rer$ "i". I!$ geera0 i$#race co#!erpar!7 I"ia
Merca!i0e I$#race Co-pa( L!".7 opee" i
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i 1+* !o R$ &7+&6 crore i 1++&% +6. =e!7 rigi" co!ro0$ 4a-per
opera!ioa0 '0eGii0i!( a" ii!ia!ie $o o!4 c#$!o-er$ $erice a" 9or:
c#0!#re !o"a( are "i$-a0.
T4ere are a !o!a0 o' 1* 0i'e i$#race co-paie$ opera!ig i I"ia7 o'
94ic4 oe i$ a P#0ic Sec!or U"er!a:ig a" !4e a0ace 12 are Pria!e
Sec!or E!erpri$e$.
Li$! o' Co-paie$ are i"ica!e" e0o9%
A,LE NO& - NA.E OF )E LIFE INS#$AN"E "O.PAN%
AND )E S)A$E )OLDIN! PAEN
Name of t*e company Nature of )olding
Allianz Bajaj Life Insurance Co Private
Aviva Life Insurance Private
Birla Sun Life Insurance Co Private
HDFC Standard Life Insurance
CoPrivate
ICICI Prudential Life Insurance
CoPrivate
ING Vysya Life Insurance Co Private
Life Insurance Cor!oration of Pu"lic
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India
#a$ Ne% &or' Life Insurance Co Private
#etLife Insurance Co Private
() *ota' #a+indra Life
InsurancePrivate
,eliance insurance Private
SBI Life Insurance Co Private
-A-A. AIG Life Insurance
Co)!anyPrivate
A,LE /0 NA.E OF )E PLA%E$ .A$1E S)A$E 234
Name of t*e Player .ar+et s*are 234LIFE INSURANCE CORPORATION OF
INDIA)2.*
ICICI PRUDENTIAL &.6*
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P$ESEN S"ENA$IO OF INS#$AN"E
IND#S$%
I"ia 9i!4 ao#! 233 -i00io -i""0e c0a$$ 4o#$e4o0" $4o9$ a 4#ge
#!appe" po!e!ia0 'or p0a(er$ i !4e i$#race i"#$!r(. Sa!#ra!io
o' -ar:e!$ i -a( "ee0ope" ecoo-ie$ 4a$ -a"e !4e I"ia
-ar:e! ee -ore a!!rac!ie 'or g0oa0 i$#race -aor$. T4e
i$#race $ec!or i I"ia 4a$ co-e !o a po$i!io o' er( 4ig4
po!e!ia0 a" co-pe!i!iee$$ i !4e -ar:e!. I"ia$7 4ae a09a($
$ee 0i'e i$#race a$ a !aG $aig "eice7 are o9 $#""e0(
!#rig !o !4e pria!e $ec!or !4a! are proi"ig !4e- e9 pro"#c!$
a" arie!( 'or !4eir c4oice.
Co$#-er$ re-ai !4e -o$! i-por!a! ce!re o' !4e i$#race
$ec!or. A'!er !4e e!r( o' !4e 'oreig p0a(er$ !4e i"#$!r( i$ $eeig
a 0o! o' co-pe!i!io a" !4#$ i-proe-e! o' !4e c#$!o-er $erice
i !4e i"#$!r(. Co-p#!eri$a!io o' opera!io$ a" #p"a!ig o'
!ec4o0og( 4a$ eco-e i-pera!ie i !4e c#rre! $ceario. Foreig
p0a(er$ are rigig i i!era!ioa0 e$! prac!ice$ i $erice
!4ro#g4 #$e o' 0a!e$! !ec4o0ogie$
T4e i$#race age!$ $!i00 re-ai !4e -ai $o#rce !4ro#g4 94ic4
i$#race pro"#c!$ are $o0". T4e cocep! i$ er( 9e00 e$!a0i$4e"
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i !4e co#!r( 0i:e I"ia #! $!i00 !4e icrea$ig #$e o' o!4er
$o#rce$ i$ i-pera!ie.
A! pre$e! !4e "i$!ri#!io c4ae0$ !4a! are aai0a0e i !4e -ar:e!
are 0i$!e" e0o9
Direc! $e00ig
Corpora!e age!$
@ro#p $e00ig
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R$ 27+33 a$ pre-i#- eac4 (ear. I !4e i$#race !4e a9aree$$
0ee0 'or 0i'e i$#race i$ !4e 4ig4e$! i r#ra0 I"ia7 #! !4e
co$#-er$ are a0$o a9are ao#! -o!or7 acci"e!$ a" ca!!0e i$#race.
I a $!#"( co"#c!e" ( MART !4e re$#0!$ $4o9e" !4a! ear0( oe
!4ir" $ai" !4a! !4e( 4a" p#rc4a$e" $o-e :i" o' i$#race 9i!4 !4e
-aGi-#- pee!ra!io $:e9e" i 'aor o' 0i'e i$#race. T4e $!#"(
a0$o poi!e" o#! !4e pria!e co-paie$ 4ae 4#ge !a$: !o p0a( i
crea!ig a9aree$$ a" cre"ii0i!( a-og !4e r#ra0 pop#0ace. T4eperceie" ee'i!$ o' #(ig a 0i'e po0ic( rage 'ro- $ec#ri!( o'
ico-e #0: re!#r i '#!#re7 "a#g4!er$ -arriage7 c4i0"re$
e"#ca!io a" goo" re!#r o $aig$7 i !4a! or"er7 !4e $!#"( a""$.
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rends in Insurance Sector
INDIAN INS#$AN"E IN /-S "EN#$%&
/555& IRDA $!ar!$ giig 0ice$e$ !o pria!e i$#rer$ ICICI pr#"e!ia0
a" DFC S!a"ar" Li'e i$#race 'ir$! pria!e i$#rer$ !o $e00 a po0ic(
/55- Ro(a0 S#"ara- A00iace 'ir$! o 0i'e i$#rer !o $e00 a po0ic(
/55/& #ire-e! 'or "irec! 0i'e a" No%0i'e I$#race
co-pa( i$ INR1333 -i00io a" !4a! 'or rei$#race co-pa( i$ INR
2333 -i00io. I !4e 233,%3& #"ge!$7 !4e @oer-e! propo$e" 'or
icrea$ig !4e 'oreig e>#i!( $!a:e !o ,+7 !4i$ i$ (e! !o e e''ec!e".
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U"er !4e c#rre! g#i"e0ie$7 !4ere i$ a 26 perce! e>#i!( cap 'or 'oreig
par!er$ i "irec! i$#race a" rei$#race Co-pa(.
Emerging rend in Indian Insurance Sector
#ar'et "y /0123 !articularly in countries li'e India and C+ina -+e
I,DA ist+e )ajor "ody3 %+ic+ is !rovidin4 "etter o!!ortunities for t+e
!rivate!layer in India GIC 5 LIC6s )ono!oly )ar'et a!!roac+ is no
)ore!revalent in India -+e ne% )ar'et scenario for insurance is4ro%in47 nodou"t it is a flyin4 "ird
C4age i$ !4e e!era0 0a9 o' a!#re. Eer(!4ig i$ c4agig accor"ig !o
!4e ee" o' !4e !i-e. Ecoo-ic gro9!4 a" $ocia0 "ee0op-e! i
pre$e! $ceario i$ "#e !o $#""e c4age i i"#$!ria0 po0ic( a"
ecoo-ic p0aig. @0oa0i;a!io 4a$ ee !4e a$ic -a!ra a'!er 1++17
$o eer(oe !4i:$ o' eig g0oa0. Liera0i;a!io7 pria!i;a!io a"
g0oa0i;a!io i$ !4e a$ic cocep! o' $#cce$$ i a00 a$pec! o' "ee0op-e!.
Co-pe!i!io i$ !o#g4 o9 "#e !o g0oa0i;a!io.
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LIC V/S PRIVATE LIFE INSURANCE COMPANIES
!lobali(ation ' 7*e Dynamic Force7
Ma( peop0e co$i"er g0oa0i;a!io o!4ig e9 % $ocie!ie$ 4ae ee
i!ercoec!e" 'or (ear$. T4e 9or0" 4a$ eer eGperiece" g0oa0i;a!io
a! !4i$ 0ee0 o' i!e$i!( e'ore7 or !4e $pee" a! 94ic4 i! i$ !ra$'or-ig
a" i!egra!ig $ocie!ie$.
er-a E. Da0(7 a aa0($! o' @0oa0 Po0ic( For#-7 c4arac!eri;e$
g0oa0i;a!io a$7 8@0oa0 i!egra!io o' -a( 'or-er a!ioa0 ecoo-ie$
i!o g0oa0 ecoo-(7 -ai0( ( 'ree !ra"e a" 'ree -oi0i!(7 #! a0$o (
ea$( or #co!ro00e" ecoo-ic p#rpo$e$.8 e '#r!4er c0ari'ie$ !4a!
g0oa0i;a!io i$ o! i!era!ioa0i;a!io % g0oa0i;a!io rig$ ao#! a
$ig0e7 i!egra!e"7 g0oa0 ecoo-(7 94i0e i!era!ioa0i;a!io i$ a
'e"era!io o' a!io$ coopera!ig a$ $oereig #i!$ !o a"ace !4e
a!ioa0 i!ere$! o' a00 -e-er$. T4o#g4 g0oa0i;a!io 4a$ eco-e a
roa" 4ea"ig 'or a -#0!i!#"e o' g0oa0 i!erac!io$7 ragig 'ro- !4e
eGpa$io o' c#0!#ra0 i'0#ece$ acro$$ or"er$ !o !4e e0arge-e! o'
ecoo-ic a" #$ie$$ re0a!io$ !4ro#g4o#! !4e 9or0"7 i! 4a$ "i''ere!
"(a-ic 'orce 'or "i''ere! per$o.
For !4e ecoo-i$!7 g0oa0i;a!io i$ e$$e!ia00( !4e e-ergece o' a g0oa0
-ar:e!. For a 4i$!oria7 i! i$ a epoc4 "o-ia!e" ( g0oa0 capi!a0i$-.
Socio0ogi$!$ $ee g0oa0i;a!io a$ !4e ce0era!io o' "ier$i!( a" !4ecoergece o' $ocia0 pre'erece$ i -a!!er$ o' 0i'e $!(0e a" $ocia0
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a0#e$. To !4e po0i!ica0 $cie!i$!7 i! repre$e!$ !4e gra"#a0 ero$io o' $!a!e
$oereig!(.
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Ne8 .ar+et Scenario 9 Insurance
I$#race -ar:e! i pre$e! $ceario !4o#g4 i$ a oo-ig $ec!or7 #! !4e
-ar:e! 4a$ c4age" 'ro- $i-p0er !o co-p0eG7 0e$$ c4a00egig !o -ore
c4a00egig. @oig "o-e$!ic !o i!era!ioa0 i$ a er( "i''ic#0! !a$:.
U"er$!a"ig -ar:e! $(erg( a" coge$!io$ o' percep!io o'
c#$!o-er i !4e i$#race 'ie0" i$ er( "i''ic#0!. T4e Reg#0a!or(
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LIC V/S PRIVATE LIFE INSURANCE COMPANIES
$e!ac:. Accor"ig !o *r" A#a0 @0oa0i;a!io I"eG Repor! o' Bor0"
Ba!c4 I$!i!#!e7 !4e gro9!4 ra!e 'e00 $4arp0( 'ro- , i 2333 !o 1.* i
2331.
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,irla Sun Life -6=0>
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co-pa( i !4e co#!r( a$ -a( -ore p0a(er$ 9ai! !o e!er. T4e 4ea0!4
i$#race $ec!or 4a$ !re-e"o#$ gro9!4 po!e!ia07 a" a$ i! -a!#re$ a"
e9 p0a(er$ e!er7 pro"#c! ioa!io a" e4ace-e! 9i00 icrea$e.
State Insurers "ontinue o Dominate
T4ere -a( e roo- 'or -a( -ore p0a(er$ i a 0arge #"eri$#re"
-ar:e! 0i:e I"ia 9i!4 a pop#0a!io o' oer oe i00io.
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pria!e o%0i'e p0a(er$ 9i!4 a ).11 -ar:e! $4are. ICICI Lo-ar" 4a$
'oc#$e" o gro9ig !4e -ar:e! 'or geera0 i$#race pro"#c!$ a"
icrea$ig pee!ra!io 9i!4i eGi$!ig c#$!o-er$ !4ro#g4 pro"#c!
ioa!io a" "i$!ri#!io.
$eac*ing Out o "ustomers
No "o#!7 !4e c#$!o-er pro'i0e i !4e i$#race i"#$!r( i$ c4agig 9i!4
!4e i!ro"#c!io o' 0arge #-er o' "ierge! i!er-e"iarie$ $#c4 a$
ro:er$7 corpora!e age!$7 a" aca$$#race.
T4e i"#$!r( o9 "ea0$ 9i!4 c#$!o-er$ 94o :o9 94a! !4e( 9a! a"
94e7 a" are -ore "e-a"ig i !er-$ o' e!!er $erice a" $pee"ier
re$po$e$. Bi!4 !4e i"#$!r( a00 $e! !o -oe !o a "e!ari''e" regi-e (
2337 !4ere 9i00 e co$i"era0e i-proe-e! i c#$!o-er $erice 0ee0$7
pro"#c! ioa!io a" e9er $!a"ar"$ o' #"er9ri!ig.
Intense "ompetition
I a "e%!ari''e" eiro-e!7 co-pe!i!io 9i00 -ai'e$! i!$e0' i price$7
pro"#c!$7 #"er9ri!ig cri!eria7 ioa!ie $a0e$ -e!4o"$ a"
cre"i!9or!4ie$$. I$#race co-paie$ 9i00 ie 9i!4 eac4 o!4er !o
cap!#re -ar:e! $4are !4ro#g4 e!!er pricig a" c0ie! $eg-e!a!io.
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T4e a!!0e 4a$ $o 'ar ee 'o#g4! i !4e ig #ra ci!ie$7 #! i !4e eG!
'e9 (ear$7 icrea$e" co-pe!i!io 9i00 "rie i$#rer$ !o r#ra0 a" $e-i%
#ra -ar:e!$.
!lobal Standards
B4i0e !4e 9or0" i$ e(eig I"ia 'or gro9!4 a" eGpa$io7 I"ia
co-paie$ are eco-ig icrea$ig0( 9or0" c0a$$. Ta:e !4e ca$e o' LIC7
94ic4 4a$ $e! i!$ $ig4! o eco-ig a -aor g0oa0 p0a(er 'o00o9ig a
R$2)3%crore ie$!-e! 'ro- !4e I"ia goer-e!. T4e co-pa( o9
opera!e$ i Ma#ri!i#$7 Fii7 !4e UH7 Sri La:a7 Nepa0 a" 9i00 $oo $!ar!
opera!io$ i Sa#"i Araia. I! a0$o p0a$ !o e!#re i!o !4e A'rica a"
A$ia%Paci'ic regio$ i 2336.
T4e (ear 233& 9a$ a !e$!ig p4a$e 'or !4e geera0 i$#race i"#$!r(
9i!4 a $erie$ o' ca!a$!rop4e$ 4i!!ig !4e I"ia $#%co!ie!.
o9eer7 9i!4 ro#$! rei$#race progra--e$ i p0ace7 i$#rer$ 4ae
$#cce$$'#00( -aage" !o !i"e oer !4e cri$i$ 9i!4o#! a( a"er$e i-pac!
o !4eir a0ace $4ee!$. Bi!4 0i'e i$#race pre-i#-$ eig #$! 2.& o'
@DP a" geera0 i$#race pre-i#-$ eig 3.6& o' @DP7 !4e
oppor!#i!ie$ i !4e I"ia -ar:e! p0ace i$ i--e$e. T4e eG! 'ie (ear$
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LIC V/S PRIVATE LIFE INSURANCE COMPANIES
9i00 e c4a00egig #! !4o$e !4a! ca #i0" $ca0e a" -ar:e! $4are 9i00
$#rie a" pro$per
!lobali(ation of Life Insurance .ar+et
SOME @ENERAL INFORMATION A
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LIC V/S PRIVATE LIFE INSURANCE COMPANIES
T4e 12 pria!e i$#rer$ i !4e 0i'e i$#race -ar:e! 4ae a0rea"( grae"
ear0( + perce! o' !4e -ar:e! i !er-$ o' pre-i#- ico-e. T4e e9
#$ie$$ pre-i#- o' !4e 12 pria!e p0a(er$ 4a$ !rip0e" !o R$ 1333 crore
i 2332% 3* oer 0a$! (ear. Mea94i0e7 $!a!e o9e" LIC$ e9 pre-i#-
#$ie$$ 4a$ 'a00e. Ioa!ie pro"#c!$7 $-ar! -ar:e!ig a" aggre$$ie
"i$!ri#!io.
T4a!$ !4e !rip0e 94a--( co-ia!io !4a! 4a$ ea0e" '0e"g0ig pria!e
i$#race co-paie$ !o $ig #p I"ia c#$!o-er$ 'a$!er !4a a(oe eer
eGpec!e". I"ia$7 94o 4ae a09a($ $ee 0i'e i$#race a$ a !aG $aig"eice7 are o9 $#""e0( !#rig !o !4e pria!e $ec!or a" $appig #p
!4e e9 ioa!ie pro"#c!$ o o''er. T4e gro9ig pop#0ari!( o' !4e
pria!e i$#rer$ $4o9$ i o!4er 9a($. T4e( are coiig -oe( i e9
ic4e$ !4a! !4e( 4ae i!ro"#ce".
T4e $!a!e o9e" co-paie$ $!i00 "o-ia!e $eg-e!$ 0i:e e"o9-e!$
a" -oe( ac: po0icie$.
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aggre$$ie $!ace o' pria!e i$#rer$ i$ a0rea"( pa(ig ric4 "ii"e"$.
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E")NOLO!% $END IN INS#$AN"E .A$1E A$E AS
FOLLO:S&
"omputeri(ation&
Ii!ia00(7 i !4e 0a!e 1+&3K$ !4e i$#race co-paie$ #$e" Ui!
Recor" Mac4ie$ 5E0ec!ro Mage!ic Mac4ie$ !o proce$$ "a!a p#c4e"
i!o car"$. Co-p#!er$ 9ere i!ro"#ce$ i !4e -i" 1+63K$ a" ( !4e
1+)3K$ !4e Ui! P4a$e" Mac4ie$ 9ere p4a$e" o#! a" !4e e!ire proce$$
9a$ co-p#!eri;e". T4i$ ro#g4! ao#! grea!er e''iciec( a" >#ic:
$erice "e0ier(
Internet&
To"a(7 !4e i!ere! 4a$ co-p0e!e0( c4age" !4e $erice "e0ier(
proce$$. I!ere! i$ !o"a( #$e" !o ee $e00 i$#race po0icie$. I!ere! i$7
i 'ac!7 proig !o e oe o' !4e 9i"e0( #$e" "i$!ri#!io e!9or:$ 'or
$e00ig i$#race po0icie$. A0$o i!ere! i$ #$e" 'or $e"ig pre-i#-
o!ice$ !o po0ic( 4o0"er$ !4ro#g4 e%-ai0$
Co-paie$ 0i:e LIC7 ICICI a00 4ae 9e$i!e$ 'ro- 94ic4 peop0e ca ge!
!4e i'or-a!io ao#! !4eir pro"#c!$7 price$7 ario#$ $c4e-e$7 a" 0o!$ o'
o!4er i'or-a!io. Peop0e ca a0$o p#rc4a$e !4e pro"#c! !4ro#g4 !4i$
9e$i!e.
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LIC V/S PRIVATE LIFE INSURANCE COMPANIES
otal S*are Electronic "learance Service 2E"S4&
A0-o$! a00 !4e ig orgai;a!io$ !o"a( proi"e !4e ECS 'aci0i!( !o
i!$ c#$!o-er$. A po0ic( 4o0"er 4aig a acco#! i a( a: 94ic4 i$ a
-e-er o' !4e 0oca0 c0earig 4o#$e ca op! 'or ECS "ei! !o pa(
pre-i#-$. T4e a"a!age 4ere i$ !4a! oce !4e op!io i$ eGerci$e"7 !4e
po0ic( 4o0"er ee" o! i$i! a rac4 'or pa(ig !4e pre-i#- or
co00ec!ig !4e receip!$. O !4e "a( i"ica!e" ( !4e po0ic( 4o0"er7 !4e
pre-i#- a-o#! 9i00 e "irec!0( "ei!e" !o !4e a: acco#! o' !4e
po0ic(4o0"er a" !4e receip! 9i00 e i$$#e" ( !4e "e$iga!e" rac4
o''ice.
"all "enters and S.S services&
A0-o$! a00 !4e i$#race co-paie$ 4ae !4eir o9 ca00 ce!er$
94ic4 ca!er !o !4e p4oe a$e" >#erie$ o' !4e po0ic(4o0"er$. T4i$ $erice
i$ 2,G a" !4e( 4ae !4e I!erac!ie Voice Re$po$e 5IVR $($!e-$ a!
a00 !4e rac4e$.
.
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LIC V/S PRIVATE LIFE INSURANCE COMPANIES
Impact of ,udgeton Insurance Sector
Insurance and Indian ,udget /5--'/5-/
Proposals in Indian ,udget /5--'/5-/
A.
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.
Analysis
T4e i$#race 0egi$0a!io 9o#0" icrea$e !4e FDI 0i-i! !o ,+perce! 'ro- !4e c#rre! 26 perce!. T4e LIC i00 9o#0" icrea$e
!4e $4are capi!a0 o' Li'e I$#race Corpora!io 5LIC !o R$.133
crore 'ro- i!$ c#rre! R$.& crore.
T4e PFRDA
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9i!4o#! !aG i-pac!.
NOE&
T4e i00$ re0a!ig !o !4e i$#race $ec!or 4a$ ee pe"ig 'or pa$!
$eera0. T4e I$#race La9$ 5A-e"-e!
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LIC V/S PRIVATE LIFE INSURANCE COMPANIES
Private CS Public Insurance Sector
Pria!e p0a(er$ i !4e 0i'e i$#race #$ie$$ are gro9ig a! a $corc4ig
pace. Bi!4i !4ree (ear$ o' !4eir icep!io7 !4e( 4ae $ei;e" ao#! 1, perce! o' !4e -ar:e!.
Co-pare !4i$ !o e9 geera!io pria!e%$ec!or a:$7 94ic4 !oo: ie
(ear$ 'or 23 per ce! $4are i !4e I"ia a:ig i"#$!r(. A" a'!er
$ee (ear$ i !4e i"#$!r(7 i 23337 pria!e -#!#a0 '#"$ acco#!e" 'or
#$! + per ce! o' a -ar:e! !4a! 4a" ee "o-ia!e" ( !4e Ui! Tr#$! o'
I"ia.
T4ere$ ao!4er "i-e$io !o !4e i$#race #-er$ ga-e. B4i0e !4e
pria!e i$#race co-paie$ 4ae a!!aie" 1* !o 1, per ce! $4are o' !4e
oera00 i$#race -ar:e!7 !4eir $4are i !4e :e( -e!ro$ 5M#-ai a"
De04i i$ a$ 4ig4 a$ *3 !o ,3 per ce!.
7Be 4ae !o $!r#gg0e !o co-p0e!e a "ea0 i !4e -e!ro$ o97 eca#$e
po0ic(4o0"er$ are co-parig pro"#c!$ a" a$:ig 'or e!!er "ea0$78 $a($ S
< Ma!4#r7 c4air-a o' !4e Li'e I$#race Corpora!io o' I"ia.
Pria!e i$#race co-paie$ are e$$e!ia00( oi! e!#re$ 9i!4 g0oa0
i$#race co-paie$ 4o0"ig a -aGi-#- o' 26 per ce! $!a:e. T4e
'oreig par!er$ are ie$!ig 4eai0( i !4e I"ia -ar:e! a"7 !4ere(7
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LIC V/S PRIVATE LIFE INSURANCE COMPANIES
"riig $a0e$7 eca#$e !4e( $ee I"ia e-ergig a$ oe o' !4e igge$!
-ar:e!$ i !4e A$ia regio.
"ompany Profile of LI" 9 I"I"I Prudential
Li'e I$#race Corpora!io o' I"ia 9a$ crea!e" o 1$! Sep!e-er7 1+&67
9i!4 !4e oec!ie o' $prea"ig 0i'e i$#race -#c4 -ore 9i"e0( a" i
par!ic#0ar !o !4e r#ra0 area$ 9i!4 a ie9 !o reac4 a00 i$#ra0e per$o$ i
!4e co#!r(7 proi"ig !4e- a"e>#a!e 'iacia0 coer a! a rea$oa0e
co$!. LIC 4a" & ;oa0 o''ice$7 ** "ii$ioa0 o''ice$ a" 212 rac4
o''ice$7 apar! 'ro- i!$ corpora!e o''ice i !4e (ear 1+&6.
$e' organi(ation of LI" too+ place and large numbers of ne8
branc* offices 8ere opened0 To"a( LIC '#c!io$ 9i!4 23,) '#00(
co-p#!eri;e" rac4 o''ice$7 133 "ii$ioa0 o''ice$7 ;oa0 o''ice$ a"
!4e corpora!e o''ice. LICK$ Bi"e Area Ne!9or: coer$ 133 "ii$ioa0
o''ice$ a" coec!$ a00 !4e rac4e$ !4ro#g4 a Me!ro Area Ne!9or:.
http://www.google.co.in/imgres?imgurl=http://informdaily.com/wp-content/uploads/2010/03/LIC_Logo.jpg&imgrefurl=http://informdaily.com/lic-recruitment-2010-lic-ado-recruitment-2010.html&usg=__MGf9d4-CJYG-7DCJHtahk3r6r-E=&h=3601&w=6601&sz=978&hl=en&start=1&zoom=1&tbnid=Z-Quel_qgE6XOM:&tbnh=82&tbnw=150&ei=LLKlTdTuKMbVrQfmm-3vCQ&prev=/images%3Fq%3Dlic%26hl%3Den%26sa%3DG%26gbv%3D2%26tbm%3Disch&itbs=1 -
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LIC 4a$ !ie" #p 9i!4 $o-e
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LIC V/S PRIVATE LIFE INSURANCE COMPANIES
i M#-ai5Be$!er oe7 Ne9 De04i 5Nor!4er oe7 Hap#r 5Nor!4%
Ce!ra0 oe7
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LIC V/S PRIVATE LIFE INSURANCE COMPANIES
P#0ic. e0p !4e p#0ic !o apprecia!e !4e per'or-ace a" !4e 0i-i!a!io$
o' LIC.
Product offered by LI"
Insurance Plan
A$ i"ii"#a0$ i! i$ i4ere! !o "i''er. Eac4 i"ii"#a0K$ i$#race ee"$a" re>#ire-e!$ are "i''ere! 'ro- !4a! o' !4e o!4er$. LIC i$#race
p0a$ are po0icie$ !4a! !a0: !o (o# i"ii"#a00( a" gie (o# !4e -o$!
$#i!a0e op!io !4a! ca 'i! c#$!o-er re>#ire-e!$.
"*ildren plan
Ho-a0 eea % P0a No. 1&+
C4i0"re De'erre" % P0a o.,1
eea Hi$4ore % P0a o.132
eea C44a(a % P0a o.13*
Marriage E"o9-e!/E"#ca!ioa0 A#i!( % P0a No. +3
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LIC V/S PRIVATE LIFE INSURANCE COMPANIES
eea A#rag % P0a o.16)
Endo8ment Policy
E"o9-e! 9i!4 Pro'i!$ % P0a o.1, Li-i!e" Pa(-e! E"o9-e! 9i!4
Pro'i!$ % P0a o.,)
Ne9 aaRa:$4a Po0ic( % P0a o.+1
eea Aa" P0a o. 1,+
eea Mi!ra Trip0e Coer % P0a o.1**
!roup Insurance Policy
@ro#p I$#race Sc4e-e i$ 0i'e i$#race pro!ec!io !o gro#p$ o' peop0e.
T4i$ $c4e-e i$ i"ea0 'or e-p0o(er$7 a$$ocia!io$7 $ocie!ie$ e!c. a"
a00o9$
=o# !o eo( gro#p ee'i!$ a! rea00( 0o9 co$!$.
aa$4ree
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LIC V/S PRIVATE LIFE INSURANCE COMPANIES
eea Saa!4i % P0a o.)+
.oney ,ac+ Policy
Moe(
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LIC V/S PRIVATE LIFE INSURANCE COMPANIES
LICK$ Specia0 P0a$ are o! p0a$ #! oppor!#i!ie$ !4a! :oc: o (o#r
"oor oce i a 0i'e!i-e. T4e$e p0a$ are a per'ec! 0e" o' i$#race7
ie$!-e! a" a 0i'e!i-e o' 4appie$$
Ter- A$$#race % P0a o.,*
eea Aa"4ar % P0a o.11,
erm Policy
Coer!i0e Ter- A$$#race % P0a o.&)
Ne9
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LIC V/S PRIVATE LIFE INSURANCE COMPANIES
Pro'i! p0#$
For!#e p0#$
Moe( p0#$
C4i0" 'or!#e p0#$
T4e co-pa( a$$ige" !o -e i$ ICICI Pr#"e!ia0 Li'e I$#race
Co-pa(. I! i$ i !o $e00ig 0i'e i$#race pro"#c!$. ICICI Pr#"e!ia0 Li'e
I$#race Co-pa( i$ a oi! e!#re e!9ee ICICI #ar!ere" i !4e Ui!e" Hig"o-. ICICI
Pr#"e!ia0 9a$ a-og$! !4e 'ir$! pria!e $ec!or i$#race co-paie$ !o
egi opera!io$ i Dece-er 2333 a'!er receiig approa0 'ro-
I$#race Reg#0a!or( Dee0op-e! A#!4ori!( 5IRDA. A! pre$e! i! i$
http://www.google.co.in/imgres?imgurl=http://globalthoughtz.com/wp-content/uploads/2010/04/icici-logo.jpg&imgrefurl=http://globalthoughtz.com/2010/04/top-5-life-insurance-companies-in-india/&usg=__uvHZRqlYdc0UcmQp6ZMZD1FQAWY=&h=183&w=513&sz=13&hl=en&start=2&zoom=1&tbnid=yfQ_jTBUmTNeHM:&tbnh=47&tbnw=131&ei=arKlTYqUDsjSrQfc4-ngCQ&prev=/images%3Fq%3Dicici%2Bprudential%26hl%3Den%26gbv%3D2%26tbm%3Disch&itbs=1 -
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gro9ig a! a !re-e"o#$ pace. No9 9e ca $a( !4ere i$ o c0o$e
co-pe!i!or !o ICICI Pr#"e!ia0.
For !4e pa$! 'ie (ear$7 ICICI Pr#"e!ia0 4a$ re!aie" i!$ po$i!io a$ No. 1pria!e 0i'e i$#race i !4e co#!r(7 9i!4 a 9i"e rage o' '0eGi0e
pro"#c!$ !4a! -ee! !4e ee"$ o' I"ia c#$!o-er a! eer( $!ep i 0i'e. T4e
co-pa( -ai0( "epe"$ o a"i$or$.
T4e a"i$or$ are co$i"ere" a$ !4e ra" a-a$$a"or$ o' !4e co-pa( or
!4e 9or:ig par!er 94o "oe$K! 4ae !o ie$! !o ge! re!#r$ #! #$!
9or: 9i!4 !4e co-pa( !o -a:e -oe(. A"i$or$ -ai o i$ !o $e00
po0ic( a" i re!#r !4e a"i$or$ ge! 4#ge re!#r 0i:e 4ig4 co--i$$io7
re9ar"$7 recogi!io e!c. e i$7 'or a00 p#rpo$e$7 a a#!4ori;e" $a0e$-a
'or i$#race.
A"i$or$ ca eco-e !4e Ui! Maager o' !4e co-pa( i' !4e( pa$$ !4e
piac0e progra-. ICICI Pr#"e!ia0 4a$ recr#i!e" a" !raie" ao#!&67333 i$#race a"i$or$ !o i!er'ace 9i!4 a" a"i$e c#$!o-er$.
F#r!4er7 i! 0eerage$ i!$ $!a!e%o'%!4e%ar! IT i'ra$!r#c!#re !o proi"e
$#perior >#a0i!( o' $erice !o c#$!o-er$.
Maager 9i00 ge! a 'iGe" $a0ar( a" !4e co--i$$io o !4e po0icie$ $o0"
( 4i$ a"i$or a" !4e co--i$$io o' !4e po0icie$ 94ic4 4e 4a$ a0rea"(
$o0". Tiger !ea- -aager i$ oe 94o ge!$ !o $e00 !4e po0ic( a" ge!
co--i$$io7 !rai !4e a"i$or$ ao#! !4e pro"#c! a" 4e i$ a0$o a pai" #p
e-p0o(ee o' !4e co-pa(.
CISION
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To e !4e "o-ia! Li'e7 ea0!4 a" Pe$io$ p0a(er #i0! o !r#$! (
9or0"%c0a$$ peop0e a" $erice
CAL#ES
Ver( -e-er o' !4e ICICI Pr#"e!ia0 !ea- i$ co--i!!e" !o & core
a0#e$ I!egri!(7 C#$!o-er Fir$!7
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Bea0!4 Crea!io P0a$
Pre-i#- @#ara!ee p0a$
Pro!ec!io P0a$
Pension 9 $etirement Solutions&
T4e pri-ar( oec!ie o' a pe$io p0a i$ !o 4e0p (o# proi"e 'or (o#r
'iacia0 ee"$ i (o#r po$! re!ire-e! (ear$. =o# 9i00 'i" a Pe$io
P0aig Ca0c#0a!or o !4e $i!e7 -ea! !o -a:e (o#r pe$io p0a reie9
a$ $i-p0e a$ po$$i0e. T4e ca0c#0a!or i$ !4e 'ir$! $!ep i (o#r Pe$io P0a
$c4e-e !4ere are o!4er $!ep$ !o9ar"$ ge!!ig !4e I"ia pe$io po0ic(
(o# ee".
Li'e S!age Pe$io
Li'e!i-e S#per Pe$io
Li'e0ie S#per Pe$io
Foreer Li'e
)ealt* Product Suite
U"er ea0!4 Pro"#c! S#i!e7 ICICI Pr#"e!ia0 o''er$ p0a$ #"er !4e
'o00o9ig -aor ee" ca!egorie$
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o$pi!a0i$a!io P0a$
Me"iA$$#re
o$pi!a0 Care
Cri!ica0 I00e$$ Pa$
Cri$i$ Coer
Cacer Pro"#c!$
Cacer Care
Diae!e$ Pro"#c!$
Diae!e$ Care Ac!ie
Diae!e$ A$$#re
$etirement Solutions
ICICI PRUDENTIAL Proi"e a 9i"e rage o' re!ire-e! p0a$ a" !4e(
are a$ 'o00o9$
Li'e S!age Pe$io
Li'e!i-e S#per Pe$io
Li'e0ie S#per Pe$io
Foreer Li'e
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I--e"ia!e A#i!(
!roup Plans
ICICI Pr#"e!ia0 o''er$ a $#i!e o' gro#p i$#race p0a$ !4a! are a$
'o00o9$
@ro#p $#per a#a!io
@ro#p gra!#i!( perio"
A#i!( $o0#!io p0a
@ro#p !er- i$#race p0a
@ro#p !er- i$#race i 0ie# o' EDL
LI" Ne8 eevan Sura+s*a CS I"I"I Prudential Forever
life
LICK$ Ne9 eea S#ra:$4a I o''er$ coo0 co-'or! !o $ere !4e
(o#g7 !4e -i""0e age" a" !4e o0" 94ic4 4a$ a0$o !4e $ec#ri!( a"
$a'e!( ac:ig o' @oer-e! o' I"ia. I! i$ a i"ea0 $o0#!io 'or peop0e
a$ i! o! o0( o''er$ re!ire-e! ee'i!$ #! a0$o !a:e$ care o' o#r
pro!ec!io ee"$ 59i!4 !er- ri"er op!io. To co-a! !4e icrea$e i
0ogei!(7 !4i$ p0a proi"e$ reg#0ar g#ara!ee" ico-e a! o0" age a"
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4e0p$ i p0aig !o -ee! re>#ire-e!$ 'or c#rre! a" '#!#re ee"$. T4i$
p0a proi"e$ a 0o! o' '0eGii0i!( i !er-$ o' ario#$ pe$io op!io$ 'or
(o# !o c4oo$e 'ro-. A""i!ioa00( (o# ca a0$o op! 'or a i$#race coer
"#rig !4e "e'er-e! perio" ( !a:ig !4e Ter- Ri"er a""$ o. A! !4e
e" o' !4e "e'er-e! perio" 94e !4e pre-i#- cea$e$7 !4i$ po0ic( ca7 a!
(o#r op!io7 pa( (o# a 0#-p$#- a-o#!a" a $#i!a0e pe$io 'or (o#r
0i'e!i-e.
T4e $i-i0ar pro"#c! -ar:e!e" ( ICICI Pr#"e!ia0 Li'e I$#race
Co-pa( i$ Foreer Li'e7 a co-pre4e$ie re!ire-e! $o0#!io !4a! i$
"ee0ope" :eepig i -i" (o#r capai0i!ie$ a" ee"$ 9i!4 re$pec! !o
(o#r re!ire-e! p0aig.
T4e $a0ie! 'ea!#re$ o' !4i$ p0a are a$ #"er A "e'er-e! pe$io p0a
!o #i0" #p (o#r re!ire-e! ee'i!$.
2i4 I! proi"e$ reg#0ar ico-e 'or 0i'e7 a'!er a $!ip#0a!e" "a!e.
2ii4 T4e a-o#! (o# receie "epe"$ o !4e pre-i#- (o# pa( !i00 !4e
$!ip#0a!e" "a!e a" !4e op!io (o# c4oo$e.
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2iii4 I! a0$o o''er$ 0i'e coer "#rig !4e "e'er-e! perio".
2iv4 Po$!poe-e! o' re!ire-e! age
2v4 ea0!4 coer !i00 age 6& !4ro#g4 a""%o ee'i!$7 o! o0(
94i0e Pa(ig pre-i#-7 #! a0$o 94i0e receiig pe$io
Innovation Strategy and I in LI" 9I"I"I
Prudential
INNOCAION SA$E!% IN LI"
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LIC 4a$ rea0i;e" !4e i-por!ace o' per$oa0 io0e-e! a" 4a$
ic0#"e" i! i !4e !raiig progra- i!$e0'. Oce !4e Age! i$ recr#i!e" 4e
ee"$ !o #"ergo a co-p#0$or( !raiig progra- "e$ige" ( LIC. T4e
Traiig
Progra- a0$o eGp0ai$ !4e- !4e i-por!ace o' !4e $-a00e$! o' !4e
c#$!o-er .i.e. c#$!o-er 94o i$ #$! $ee:ig geera0 i'or-a!io.
T4e Age!$ a" e-p0o(ee$ are !raie" !o Apo0ogi$e !o i!$ c#$!o-er$ ee
i' !4e( are o! a! 'a#0!.
SO IT DOSENT TAHE MUC OF TIME FOR TE ANDS OF
TE LIC LO@O TO COME CLOSER FOR APOLO@=.
LIC 4a$ e$!a0i$4e" e0aora!e @rieace Re"re$$a0 Mac4ier( a!
"i''ere! 0ee0 a$ per !4e c#$!o-er re>#ire-e!. T4ere are Co-p0ai!
ce00$ 94ic4 are $pecia00( $e! #p !o 0i$!e #p !o eac4 a" eer( c#$!o-erK$
pro0e-$. LIC ga$ a0$o $e! #p Po0ic(4o0"er Co#ci0$ a" oa0 A"i$or(
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T4i$ i$ !4e -ai rea$o 94( LI" conducts training programs'or !4e
e90( recr#i!e" Age!$ a$ 9e00 a$ !4e o!4er E-p0o(ee$. I a( :i" o'
rea:"o9 $i!#a!io$ LIC !r( !o o''er a ra!ioa0 eGp0aa!io a"
"e-o$!ra!e $e$i!ii!( a" cocer !o !4e c#$!o-er ra!4er !4a
"e'e"ig !4e-$e0e$.
Offers Some "ompensation for t*e Inconvenience&
Co-pe$a!io 4ere 9o#0"K! -ea o' #$! -oe!ar( co-pe$a!io or
$o-e eG!re-e -ea$#re$ 0i:e 'irig !4e
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!o !4e per$o 94o $ee$ i! a$ e9. Ioa!io !a:e$ !i-e !o $prea" !4ro#g4
!4e $pecia0 $($!e-.
T4e co$#-er a"op!io proce$$ 'oc#$e$ o !4e -e!a0 proce$$ !4ro#g494ic4 a i"ii"#a0 pa$$e$ 'ro- 'ir$! 4earig ao#! a ioa!io !o 'ia0
a"op!io. A"op!er$ o' e9 pro"#c!$ 4ae -oe" !4ro#g4 !4e 'o00o9ig
'ie $!age$.
1. A8areness&T4e co$#-er eco-e$ a9are o' !4e ioa!io #! 0ac:$
i'or-a!io ao#! i!.
2. Interest&T4e co$#-er i$ $!i-#0a!e" !o $ee !4e i'or-a!io ao#! !4e
ioa!io.
*. Evaluation&T4e Co$#-er co$i"er$ 94e!4er !o !r( !4e ioa!io or
o!.
,. rial&T4e co$#-er !rie$ !4e ioa!io !o i-proe 4i$ e$!i-a!e o' i!$a0#e.
&. Adoption&T4e co$#-er "eci"e$ !o -a:e '#00 a" reg#0ar #$e o' !4e
ioa!io
I in LI"
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I !o"a(K$ 9or0"7 IT i$ a -#$! 'or a( i"#$!r( !o :eep pace 9i!4 !4e
c#$!o-erK$ c4agig eGpec!a!io$. T4i$ i$ e$pecia00( re0ea! i !4e
$erice i"#$!r(. T4e i$#race $ec!or 4a$ !o e$#re !4a! !4e !ec4o0og( i!
c4oo$e$ "oe$ o! 0ag e4i" 94ere c#$!o-er eGpec!a!io$ are cocere".
LIC 4a$ -ore !4a 16 crore po0ic( 4o0"er$. So i! 4a$ !o i"#c! !4e e$! IT
pro"#c!$ aai0a0e a" #$e !4e- !o ca!er !o !4e ee"$ o' !4e c#$!o-er$
a" "e0ier a(94ere a( !i-e $erice o "e-a" a" !o a"" a0#e !o i!$
e9 pro"#c!$. T4e !r#$! a" !4e goo"9i00 o' !4e c#$!o-er gaie" i !4e
0a$! &3 (ear$ 4ae !o e co$o0i"a!e" ( -a:ig a00 ac!ii!ie$ -orec#$!o-er$ 'oc#$e".
For i$!ace7 LIC 4a$ a corpora!e Be $i!e !o proi"e i'or-a!io o
pro"#c!$7 $erice$7 po0ic( $!a!#$7 grieace$ a" pre-i#- ca0c#0a!or.
O!4er 'aci0i!ie$ ic0#"e !o#c4%$cree i'or-a!io :io$:$ a! ce!ra0
0oca!io$ !o proi"e 2, G i>#ir( $erice$ !o c#$!o-er$.
I in I"I"I Prudential
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T4e I'or-a!io !ec4o0og( '#c!io a! ICICI Pr#"e!ia0 i$ co--i!!e" !o
ea0e a #$ie$$ !4ro#g4 !4e #$e o' !ec4o0og(. I! i$ $eg-e!e" i!o ,
gro#p$ !o ea0e 4ig4e$! 0ee0 o' "e0ier( o' c#$!o-er. Li'e A$ia
So0#!io @ro#p !4a! proi"e '0eGii0i!( i "e$igig e!!er pro"#c!
o''erig !o e" #$er7 !4e $o0#!io gro#p% Be !4a! proi"e rea0 !i-e
i'or-a!io !o c#$!o-er a" i$ re$po$i0e 'or c#$!o-er re0a!io$4ip
-aage-e!7 IT Arc4i!ec!#re corpora!e $o0#!io gro#p i$ i c4arge o'
"ee0opig a" -aria!ig a 0#e pri! 'or !4e IT arc4i!ec!#re 'or !4e
e!erpri$e a$ 94o0e. T4i$ !ea- 9or: a$ a i 4o#$e RD $o0#!io gro#p7
eGp0orig e9 !ec4o0ogica0 ii!ia!ie$ a" a0$o ca!er$ !o i'or-a!io
ee"$ o' corpora!e '#c!io i !4e orgai;a!io. IT i'ra$!r#c!#re gro#p i$
re$po$i0e 'or proi"ig 4ar"9are7 $o'!9are7 e!9or: $erice !o !4e
94o0e orgai;a!io. T4i$ gro#p r# a! Digi!a0 ero#$ $($!e- o' !4e
e!erpri$e a! !4e 4ig4e$! 0ee0 o' e''iciec( a" proi"e ro#$!7 $ca0a0e
a" 4ig40( aai0a0e p0a!'or- 'or "ee0op-e! #$ie$$ app0ica!io
Emerging rend in LI" 9 I"I"I Prudential
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E.E$!IN! $END IN Life Insurance
"orporation
Bi!4 !4e e-ergece o' co-pe!i!io7 LIC 4a$ i-p0e-e!e" $!ra!egic
-oe$ 'or #$ie$$ gro9!47 a$ 9e00 a$ e$#re" >#a0i!( i-proe-e! i
$erice $!a"ar"$. A$ o !o"a(7 !4e( 4ae ee proi"ig $erice !o
aro#" 12 crore po0ic( 4o0"er$ a" !4eir !rac: 4a$ ee 9e00
ac:o90e"ge" a$ re'0ec!e" !4ro#g4 co!i#a0 #p gra"a!io o' $erice
$!a"ar"$ c#0-ia!ig i!o a 9or0" c0a$$ per'or-ace i !4e area o' c0ai-
$e!!0e-e! opera!io$.
LI"s strengt* lies in
a. Bi"e e!9or: o' rac4e$ coerig r#ra0 area$.
. A 0arge a" 9e00% $prea" agec( orgai;a!io.
c. A ac:o90e"ge" recor" o' per'or-ace.
". A"e>#a!e (ie0" 9i!4 4ig4 ri$: coer eig o''ere" :eepig !4e po0ic(
4o0"er$ $a!i$'ie" i !4e eGi$!ig i !4e ecoo-ic $ceario.
e. Be00 accep!e" ra" e>#i!( !4ro#g4o#! !4e co#!r(.
I a""i!io !o !4i$7 LIC 4a$ a e$!a0i$4e" a" 9e00 a"-ii$!ere"
@rieace Re"re$$e" Mec4ai$- a" 9i!4 O-#"$-a i!ere!io7 !4e
c#$!o-er$ appear !o e 9e00 a!!e"e". o9eer7 !4i$ -ec4ai$- 4a$ !o
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e re$!r#c!#re" :eepig i ie9 !4e a""i!ioa0 0ega0 proi$io$ 0ai" "o9
( !4e reg#0a!or a$ eGpo#"e" i !4e IRDA ac!.
Futuristic Approac*
Ti00 !o"a(7 LIC eo(e" a -oopo0(. I! i$ o9 !4a! rea0i!( eGi$!$ i !4e
are o' -ar:e!ig 5i.e. $a0e$ a" a'!er $a0e$ $erice opera!io$. I! 9i00 o9
4ae !o 'o00o9 a -#0!i%'ace!e" $!ra!eg( !o9ar"$ c#$!o-er re!e!io a"
a0$o eGpa"ig !o a e9 c0ie!e0e. Bi!4 !4e e9 'ace o' !4e -ar:e!7re0a!io$4ip -aage-e! $ee-$ !o e !4e e9 -a!ra.
A! !4e #c0e#$ o' !4i$ approac4 i$ !4e cocep! o' C#$!o-er Re0a!io$4ip
-aage-e!. T4e ee" i$ !o 4ae a co-pre4e$ie reie9 o' !4e
#$ie$$ :eepig i ie9 c#$!o-er eGpec!a!io$
"ustomer Orientation
LIC7 !o e i !4e rec:oig7 4a$ !o 4ae a e''icie! 'ee"%ac: $($!e-7 $o
a$ !o #"er$!a" 94a! !4e c#$!o-er "e$ire$ i !er-$ o' pro"#c! "e$ig7
$erice proce"#re$7 re0a!io$4ip coeiece7 acce$$ii0i!(7 re$po$e$ i
!er-$ o' per$oa0i;e" $erice7 a!!e"ace7 core a" co-p0i-e!ar( o ai"ii"#a0 a$i$.
T4e e9 p0a(er$ i !4e -ar:e! 0i:e ICICI7 DFC e!c. 9i00 "e'ii!e0( e
er( aggre$$ie i !4e ope -ar:e!. LIC 4a$ !o go a4ea" 9i!4 !4eir
'or-er c#$!o-er$7 eGi$!ig c#$!o-er7 i a er( ge!0e a" co#r!eo#$
-aer7 rea$$#rig !4e- o' !4eir e!!er $erice$ 9i!4 per$oa7 a!!e!io.
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ADCE$ISIN! $NED IN LI"
Ne8s Papers and .aga(ines
LIC gie a"$ i !4e e9$ paper$ a" -aga;ie$ ro#" !4e (ear !o
co!i#e i!$ ra" i-age a" a0$o 94e e9 pro"#c!$ are i!ro"#ce".
Nor-a00( i!$ a"$ are p#0i$4e" i imes of India.
elevision
Co-paie$ 0i:e LI"? a"er!i$e o !e0ei$io !o -a:e peop0e a9are o'
T4eir pro"#c!$ a" $erice$
Advertisement on $adio satellite c*annel
A"er!i$e-e! ao#! LIC are 're>#e!0( ee !e0eca$! o ra"io a"
$a!e00i!e c4ae0.
E.E$!IN! $END IN I"I"I P$#DENIAL
I a $igi'ica! -oe7 ICICI Pr#"e!ia0 Li'e I$#race a oi! e!#re
e!9ee !4e ICICI gro#p a" Pr#"e!ia0 P0c o' !4e UH 4a$ eGpa"e"
i!$ -ar:e!ig p0a!'or- 'or pro-o!ig 0i'e i$#race pro"#c!$ !o 17&33
a:$ rac4e$ 'ro- 6,2 rac4e$ !4ro#g4 i!$ eGi$!ig aca$$#race
!ie%#p 9i!4 $ee a:$.
Bi!4 !4i$7 ICICI Pr#"e!ia0 4a$ icrea$e" !4e #-er o' a: rac4e$
5#"er ac a$$#race !ie%#p$ ( ao#! 1*3 per ce!. I 'i$ca0 2332%
233*7 !4e #-er o' a: rac4e$ e!9or:e" ( !4e co-pa( gre9 (
23 per ce! !o 6,2 rac4e$. O' !4e$e7 **) rac4e$ 9ere 'ro- 'o#r e9
ac a$$#race re0a!io$4ip$ 94ic4 i! 4a" 'orge" 9i!4 A00a4aa"
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T4e re-aiig eGpa$io i$ 'ro- ear0ier re0a!io$4ip$7 o!a0( ICICI
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Co-pe!i!io 9i00 $#re0( ca#$e !4e -ar:e! !o gro9 e(o" c#rre! ra!e$7
crea!e a igger 8pie78 a" o''er a""i!ioa0 co$#-er c4oice$ !4ro#g4 !4e
i!ro"#c!io o' e9 pro"#c!$7 $erice$7 a" price op!io$. =e!7 a! !4e
$a-e !i-e7 p#0ic a" pria!e $ec!or co-paie$ 9i00 e 9or:ig !oge!4er
!o e$#re *ealt*y gro8t* and development of t*e sector. C4a00ege$
$#c4 a$ "ee0opig a co--o i"#$!r( co"e o' co"#c!7 co!ri#!ig !o a
co--o ca!a$!rop4e re$ere '#"7 a" c4a0:ig o#! agree-e!$ e!9ee
i$#rer$ !o $e!!0e c0ai-$ !o !4e ee'i! o' !4e co$#-er 9i00 re>#ire
cocer!e" e''or! 'ro- o!4 $ec!or$.
T4e -ar:e! i$ o9 i a eo0ig p4a$e 94ere oe ca eGpec! a 0o! o'
ac!io$ i co-ig "a($. T4e c#rre! i-pe"i-e!$ 'or 'oreig
par!icipa!io ? 0i:e 26 e>#i!( cap o 'oreig par!er7 i00 "e'ie"
reg#0a!or( ro0e o' IRDA
5I$#race Reg#0a!or( "ee0op-e! A#!4ori!(% !4e 9a!c4"og o' !4e
i"#$!r( i pe$io #$ie$$ e!c.are eGpec!e" !o e re-oe" i ear
'#!#re. T4e ear0(%a"op!er$ 9i00 !4e 4ae a c0ear a"a!age co-pare" !o
0aggar"$ i @aiig !4e -ar:e! $4are a" -ar:e! 0ea"er$4ip. T4e 9i00
ee" !o -a:e $#re rig4! o9 !4a! a00 !4eir i'ra$!r#c!#re i$ i p0ace $o !4a!
!4e( ca reap !4e ee'i! o' a 8#0i-i!e" po!e!ia0.8
,ibliograp*y
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Li'e%I$#race7 by .c !ILL
I$#race I"#$!r( ( I"FAI Publication
I$#race i I"ia
Important :ebsite
999.icicipre"#!ia0.co-
999.0ici"ia.co-
999.$crii".co-
999.goog0e.co.i
Ne8spaper
Ti-e$ o' I"ia
T4e ecoo-ic !i-e$.
http://www.icicipreduntial.com/http://www.licindia.com/http://www.scribid.com/http://www.icicipreduntial.com/http://www.licindia.com/http://www.scribid.com/