EXECUTIVE SUMMARY
ICICI Prudential Life Insurance is one of the largest Insurance networks in the country, and 2nd Life Insurance Company in India. The ICICI Group has been in existence since 1955 when ICICI Ltd., was created. ICICI Prudential started in 2002 as subsidiary of ICICI Ltd., Today ICICI Life Insurance has a customer base of 4 million with total assets exceeding Rs.1, 00,000 Cr. making it the 2nd largest life insurance company in the country, next only to LIC.
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 2009-10 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 constitut ...