Insurance: Traditional Products Versus New ULIP Products Essay

CHAPTER I INTRODUCTION 1. 1INDUSTRY PROFILE Life is a roller coaster ride and is full of twists and turns. You cannot take anything for granted in life. Insurance policies are a safeguard against the uncertainties of life. Insurance is system by which the losses suffered by a few are spread over many, exposed to similar risks. Insurance is a protection against financial loss arising on the happening of an unexpected event. Insurance policy helps in not only mitigating risks but also provides a financial cushion against adverse financial burdens suffered.

Insurance policies cover the risk of life as well as other assets and valuables such as home, automobiles, jewelry etc… On the basis of the risk they cover, insurance policies can be classified into two categories. ?Life Insurance ?General Insurance Life Insurance Life insurance is a written contract between the insured and the insurer, which provides for the payment of the insured sum on the date of the maturity of the contract or on the unfortunate death of the insured, whichever occurs earlier. Types of Insurance policies ?Endowment Policy ?Whole Life Policy ?Term Life Policy ?Money-back Policy Joint Life Policy ?Group Insurance Policy ?Loan Cover Term Assurance Policy ?Pension Plan or Annuities ?Unit Linked Insurance Plan Endowment Policy, India An endowment policy covers risk for a specified period, at the end of which the sum assured is paid back to the policyholder, along with the bonus accumulated during the term of the policy. An endowment life insurance policy is designed primarily to provide a living benefit and only secondarily to provide life insurance protection. Therefore, it is more of an investment than a whole life policy. Whole Life Insurance Policy, India

Whole life policy runs as long as the policyholder is alive. As risk is covered for the entire life of the policyholder, therefore, such policies are known as whole life policies. A simple whole life policy requires the insurer to pay regular premiums throughout the life. In a whole life policy, the insured amount and the bonus is payable only to the nominee of the beneficiary upon the death of the policyholder. There is no survival benefit as the policyholder is not entitled to any money during his / her own lifetime. Term Life Insurance Policy, India Term life insurance policy covers risk only during the selected term period.

If the policyholder survives the term, the risk cover comes to an end. Term life policies are primarily designed to meet the needs of those people who are initially unable to pay the larger premium required for a whole life or an endowment assurance policy. Money Back Policy, India Money back policy provides for periodic payments of partial survival benefits during the term of the policy, as long as the policyholder is alive. They differ from endowment policy in the sense that in endowment policy survival benefits are payable only at the end of the endowment period. Joint Life Insurance Policy, India

Joint life insurance policies are similar to endowment policies as they too offer maturity benefits to the policyholders, apart from covering risks like all life insurance policies. But joint life policies are categorized separately as they cover two lives simultaneously, thus offering a unique advantage in some cases, notably, for a married couple or for partners in a business firm. Group Insurance, India Group insurance offers life insurance protection under group policies to various groups such as employers-employees, professionals, co-operatives, weaker sections of society, etc.

It also provides insurance coverage for people in certain approved occupations at the lowest possible premium cost. Loan Cover Term Assurance Policy, India Loan cover term assurance policy is an insurance policy, which covers a home loan. Such a policy covers the individual’s home loan amount in case of an eventuality. The cover on such a policy keeps reducing with the passage of time as individuals keep paying their EMIs (equated monthly instalments) regularly, which reduces the loan amount. Various insurance companies offering loan repayment protection insurance policy are •HDFC Standard Life Insurance •Tata AIG ING Vysya •LIC Pension Plan, India Annuities differ from all the other forms of life insurance in that an annuity does not provide any life insurance cover but, instead, offers a guaranteed income either for life or a certain period. Typically annuities are bought to generate income during one’s retired life, which is why they are also called pension plans. By buying an annuity or a pension plan the annuitant receives guaranteed income throughout his life. He also receives lump sum benefits for the annuitant’s estate in addition to the payments during the annuitant’s lifetime. Unit Linked Insurance Plans (ULIP)

Unit linked insurance plan (ULIP) is life insurance solution that provides for the benefits of protection and flexibility in investment. The investment is denoted as units and is represented by the value that it has attained called as Net Asset Value (NAV). The policy value at any time varies according to the value of the underlying assets at the time. ULIP provides multiple benefits to the consumer. The benefits include: •Life protection •Investment and Savings •Flexibility •Adjustable Life Cover •Investment Options •Transparency •Options to take additional cover against •Death due to accident •Disability •Critical Illness Surgeries •Liquidity •Tax planning General Insurance, India General Insurance provides much-needed protection against unforeseen events such as accidents, illness, fire, burglary et al. Unlike Life Insurance, General Insurance is not meant to offer returns but is a protection against contingencies. Almost everything that has a financial value in life and has a probability of getting lost, stolen or damaged can be covered through General Insurance policy. Property (both movable and immovable), vehicle, cash, household goods, health, dishonesty and also one’s liability towards others can be covered under general insurance policy.

Under certain Acts of Parliament, some types of insurance like Motor Insurance and Public Liability Insurance have been made compulsory. Major insurance policies that are covered under General Insurance are: 1. Home Insurance 2. Health Insurance 3. Motor Insurance 4. Travel Insurance Health Insurance, India It is said that a healthy mind resides in a healthy body. Hence it is very important to stay healthy. These days life is very fast and stressful. No matter how much you care one can always fall ill. Health treatment nowadays is very costly.

More than the disease it is the cost of treatment that takes its toll. To get rid of health worries health / medical insurance is the answer. Health insurance policy not only covers expenses incurred during hospitalisation but also during the pre as well as post hospitalisation stages like money spent for conducting medical tests and buying medicines. The cover will be to the extent of the sum insured. Home Insurance, India Every man has a dream to own a house one day. For an ordinary person it takes a whole lifetime of savings to build a house. And one cannot predict a natural calamity like earthquake.

In recent times we have seen what havoc an earthquake or any other natural calamity such as floods, landslides and torrential rains can wreck. Hence home insurance is very important. Home insurance policy also protects against other hazards like gas cylinder explosion, fire due to electric short circuit as well as man-made disaster like burglary. Home insurance policy available in the market covers broadly two things: •Building structure •Contents inside the home Motor Insurance, India Legally, no motor vehicle is allowed to be driven on the road without valid insurance. Hence, it is obligatory to get the vehicle insured.

Motor insurance policies cover against any loss or damage caused to the vehicle or its accessories due to the following natural and man made calamities. Natural Calamities: Fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide. Man made Calamities: Burglary, theft, riot, strike, malicious act, accident by external means, terrorist activity, any damage in transit by road, rail, inland waterway, lift, elevator or air. Motor insurance provides compulsory personal accident cover for individual owners of the vehicle while driving.

One can also opt for a personal accident cover for passengers and third party legal liability. Third party legal liability protects against legal liability arising due to accidental damages. It includes any permanent injury / death of a person and damage caused to the property. Travel Insurance, India Travel and tourism is one of the most fast growing sectors around the world. With rise in standards of living, more and more people are embarking on journeys and exploring new places. Before going on a trip you need to address all your travel worries.

Travel insurance policy takes care of all your travel worries. It secures you and your loved ones in their sojourn abroad. Travel insurance plans offer host of benefits such as medical expenses, loss or delay of baggage or passport, personal accident, financial emergency assistance and hijack distress allowance. Life Insurance Companies in India Before insurance sector was opened to the private sector Life Insurance Corporation (LIC) was the only insurance company in India. After the opening up of Insurance sector in India there has been a glut of insurance companies in India.

These companies have come up with innovative and flexible insurance policies to cater to varying needs of the individual. Opening up of the Insurance sector has also forced the LIC to tighten up its belt and deliver better service. All in all it has been a bonanza for the consumer. Major Life insurance Companies in India are: •Life Insurance Corporation of India •ICICI Prudential Life Insurance •Aviva Life Insurance •Bajaj Allianz Life Insurance •Birla Sun Life Insurance •HDFC Standard Life Insurance •ING Vysya Life Insurance •Om Kotak Mahindra Life Insurance •Max New York Life Insurance Metlife India Insurance •Reliance Life Insurance •SBI Life Insurance •Shriram Life Insurance •Tata AIG Life Insurance The Life insurance scenario in India Since 1956, the nationalization of the insurance industry, the state run Life Insurance Corporation on India (LIC) has held the monopoly in that country’s life insurance sector General Insurance Corporation of India (GIC), with its four subsidiaries, was its counterpart in the causality sector. Over time, taking advantage of its monopoly and virtual prerogative in establishing premiums, LIC has evolved into a monolith.

With around 600,000agents in the every nook and corner of the vast country, it has created an enviable brand name, particularly among the rural population of the country. it has around $40 billion as its fund and is a strong player in the financial sector. However, on the qualitative side, it has very little to take pride in. And there lies the potential for foreign players to challenge this behemoth. As is typical with monopolies, the premium rates charged by LIC are among then highest in the world, and its track record in customer service can, at best, be called shabby.

With a huge unionized, rigid work force mostly in the clerical category, LIC runs the risk of high fixed cost, while boasting about full-scale automation of its operation, the truth is that its technology is outdated. The new players, with the state-of-the-art technology under their belt, will be in advantageous position. 80% of LIC’s business is procured by 20% of ill trained agent force. The foreign player, with domestic partner’s strong brand value, can test the unconvenential distribution channels like brokers, the internet, the banking distribution system etc.

A brief history of the Insurance sector The business of life insurance in India in its existing form started in India 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 statute 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 by the Insurance Act with the objective of protecting the interests of the insuring public. ?1956: 245 Indian and foreign insurers and provident societies taken over by the central government and nationalised. LIC formed by an Act of Parliament, viz. LIC Act, In the year 1956, with a 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 general 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 (Nationalisation) Act, 1972 nationalised the general insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and grouped into four companies viz. ?The National Insurance Company Ltd. , ?The New India Assurance Company Ltd. , ?The Oriental Insurance Company Ltd. ?The United India Insurance Company Ltd. , and ?General Insurance Corporation incorporated as a company. Insurance sector reforms In 1993, Malhotra Committee, headed by former Finance Secretary and RBI Governor R. N.

Malhotra, was formed to evaluate the Indian insurance industry and recommend its future direction. The Malhotra committee was set up with the objective of complementing the reforms initiated in the financial sector. The reforms were aimed at “creating a more efficient and competitive financial system suitable for the requirements of the economy keeping in mind the structural changes currently underway and recognising that insurance is an important part of the overall financial system where it was necessary to address the need for similar reforms…” In 1994, the committee submitted the report and some of the key recommendations included: ) Structure •Government stake in the insurance Companies to be brought down to 50% •Government should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as independent corporations •All the insurance companies should be given greater freedom to operate ii) Competition ?Private Companies with a minimum paid up capital of Rs. 1bn should be allowed to enter the industry ? No Company should deal in both Life and General Insurance through a single entity ?

Foreign companies may be allowed to enter the industry in collaboration with the domestic companies ? Postal Life Insurance should be allowed to operate in the rural market ? Only one State Level Life Insurance Company should be allowed to operate in each state iii) Regulatory Body ?The Insurance Act should be changed ?An Insurance Regulatory body should be set up ?Controller of Insurance (Currently a part from the Finance Ministry) should be made independent iv) Investments ?Mandatory Investments of LIC Life Fund in government securities to be reduced from 75% to 50% ?

GIC and its subsidiaries are not to hold more than 5% in any company (There current holdings to be brought down to this level over a period of time) v) Customer Service ?LIC should pay interest on delays in payments beyond 30 days ? Insurance companies must be encouraged to set up unit linked pension plans ? Computerisation of operations and updating of technology to be carried out in the insurance industry The committee emphasised that in order to improve the customer services and increase the coverage of the insurance industry should be opened up to competition.

But at the same time, the committee felt the need to exercise caution as any failure on the part of new players could ruin the public confidence in the industry. Hence, it was decided to allow competition in a limited way by stipulating the minimum capital requirement of Rs. 100 crores. The committee felt the need to provide greater autonomy to insurance companies in order to improve their performance and enable them to act as independent companies with economic motives. For this purpose, it had proposed setting up an independent regulatory body.

The Insurance Regulatory and Development Authority 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 was 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. Since being set up as an independent statutory body the IRDA has put in a framework of globally compatible regulations. In the private sector 13 life insurance and 6 general insurance companies have been registered. 1. 2 COMPANY PROFILE

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 companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA). ICICI Prudential’s equity base stands at Rs. 11. 85 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 bancassurance 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. Our vision To make ICICI Prudential the dominant Life and Pensions player built on trust by world-class people and service.

This we hope to achieve by ?Understanding the needs of customers and offering them superior products and service ? Leveraging technology to service customers quickly, efficiently and conveniently ? Developing and implementing superior risk management and investment strategies to offer sustainable and stable returns to our policyholders ? Providing an enabling environment to foster growth and learning for our employees ? And above all, building transparency in all our dealings. We do believe that we are on the threshold of an exciting new opportunity, where we can play a significant role in redefining and reshaping the sector.

Given the quality of our parentage and the commitment of our team, there are no limits to our growth. PROMOTERS ICICI Bank ICICI Bank (NYSE:IBN) is India”s second largest bank and largest private sector bank with over 50 years of financial experience and with assets of Rs. 1812. 27 billion as on 30th June, 2005. ICICI Bank offers a wide range of banking products and financial services to corporate and retail customers through a variety of delivery channels and through its specialised subsidiaries and affiliates in the areas of investment banking, life and non-life insurance, venture capital and asset management.

ICICI Bank is a leading player in the retail banking market and has over 13 million retail customer accounts. The Bank has a network of over 570 branches and extension counters, and 2,000 ATMs. Prudential private limited company 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 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. MANAGEMENT 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. HT Phong Mr. M. P. Modi Mr. R Narayanan Ms. Shikha Sharma, Managing Director Mr. N. S. Kannan, Executive Director Management Team Ms. Shikha Sharma, Managing Director & CEO Mr. N. S. Kannan, Executive Director Mr. V. Rajagopalan, Chief – Actuary Mr. Sandeep Batra, Chief Financial Officer & Company Secretary Ms. Anita Pai, Chief – Customer Service and Operations Mr. Puneet Nanda, Chief – Investments FACTS OF ICICI PRU LIFE

DISTRIBUTION ICICI Prudential has one of the largest distribution networks amongst private life insurers in India, having commenced operations in 110 cities and towns in India, stretching from Bhuj in the west to Guwahati in the east, and Amritsar in the north to Trivandrum in the south. The company has seven bancassurance tie-ups, having agreements with ICICI Bank, Federal Bank, South Indian Bank, Bank of India, Lord Krishna Bank and some co-operative banks, as well as about 290 corporate agents and brokers.

It has also tied up with NGOs, MFIs and corporates for the distribution of rural policies and organisations 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 60,000 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. 1. 3 PRODUCT PROFILE 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 products can be enhanced with up to 5 riders, to create a customized solution for each policyholder. Savings Solutions ?SecurePlus is a transparent and feature-packed savings plan that offers 3 levels of protection. ?CashPlus is a transparent, feature-packed savings plan that offers 3 levels of protection as well as liquidity options. ?Save and Protect is a traditional endowment savings plan that offers life protection along with adequate returns. CashBak 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 Maximiser. ?LifeLink II is a single premium Market Linked Insurance Plan which combines life insurance cover with the opportunity to stay invested in the stock market. LifeLink Super is a single premium Market Linked Insurance Plan which combines 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. ?InvestShield Life is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest. ?InvestShield Cash is a Market Linked plan that provides capital guarantee on the invested premiums and declared bonus interest along with flexible liquidity options. InvestShield 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. Children Plans SmartKid 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 childs life.

SmartKid plans are also available in unit-linked form both single premium and regular premium. Retirement Solutions ?ForeverLife is a retirement product targeted at individuals in their thirties. ?SecurePlus 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 ? LifeLink Pension II is a single premium market-linked pension plan. ?InvestShield Pension is a regular premium pension plan with a capital guarantee on the investible premium and declared bonuses. Golden Years is a limited premium paying retirement solution that offers tax benefits up to Rs 100,000 u/s 80C, with flexibility in both the accumulation and payout stages. ICICI Prudential also launched Salaam Zindagi, 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 Pru Group Gratuity Plan: ICICI Prudential’s 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 Prudential 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 retirement. ICICI Prudential Group Term Plan: ICICI Prudential 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 Prudential 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. ?Income Benefit: This rider pays the 10% of the sum assured to the nominee every year, till maturity, in the event of the death of the life assured.

It is available on SmarKid, SecurePlus and CashPlus. ?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 SecurePlus and CashPlus. ? CHAPTER II RESEARCH INFORMATION 2. 1 OBJECTIVES OF THE STUDY 2. 1. 1 Primary Objectives ?To identify the traditional products market potential. ?To identify the traditional products strength, 2. 1. 2 Secondary Objectives ?To identify the insurance products market potential. ?To create an awareness about the traditional products of ICICI Prudential. To identify the preference of the customer. 2. 2NEED FOR THE STUDY The last few years have been a watershed for assured return plans. As the insurance sector has developed, there’s been a growing acceptance by most policyholders that the assured return era is a thing of the past. The private insurance companies are focusing on the Market Linked Plans. This study undertaken for ICICI Prudential Life Insurance Company Ltd aims to analyse the risk which involved in traditional insurance plan and to analyse the performance of their products. ? 2. 3LIMITATIONS OF THE STUDY Due to a limited duration, a detailed and a comprehensive study could not be made. ?The time Period taken for the study vary between one company to another company. ?The data collected from the company websites may be biased ? Certain information & data which cannot be accessed or published ? The analysis and interpretation of the fund is based only on the past performance ? CHAPTER III METHODOLOGY OF THE STUDY Research methodology is a way of systematically solving the research problem. Research methodology deals with the research design used and methods used to present the study. 3. 1RESEARCH DESIGN

A research design is a detailed blue print used to guide a research study toward its objective. The process of designing a research study involves many interrelated decisions. The most significant decision is the choice of research approach, because it determines how the information will be obtained. The choice of the research approach depends on the nature of the research that one wants to do. The research design adopted for this study is Descriptive Research. Descriptive method was adopted because it deals with description of the state of affairs as it exist at present 3. 2SAMPLING A sample is a smaller representation of a larger whole.

When some of the elements are selected with the intention of finding out something about the population from which they are taken, that group of elements is referred as a sample, and the process of selection is called Sampling. 3. 2. 1Sampling Technique The population is divided into several sub-populations that are individually more homogeneous and then items are selected from each stratum to constitute a sample. The sampling design of the study is based on Simple random sampling. The researcher has selected 200 respondents randomly in ADYAR ICICI prudential life insurance company in Chennai. 3. 3DATA COLLECTION METHOD

The data collected can be categorized into two types. a) Primary datab) Secondary data The Primary data are those which are collected afresh for the first time, and thus happens to be original in character. Among the various methods, which can be used to collect the primary data, the researcher has adopted two methods which are Personal Interview method and Structured Questionnaire method. The researcher has prepared structured questionnaires, which contained predominantly multiple choice questions. The respondent’s opinions are gathered with regard to the problem with the help of the questionnaires.

The tools used for collecting the Primary data are: ?Structured Questionnaire. ?Personal Interviewing. The Secondary data are those which have already been collected by someone else and which have already passed through the statistical process. The secondary data is collected with the help of ADYAR ICICI prudential life insurance company, Directory, Company Website, Internet etc. Both primary and secondary data collection have been taken for this research study. 3. 4STATISTICAL TOOLS USED FOR THE STUDY The data has been mainly analyzed by using the following methods and tests. 1. Percentage Analysis 2. Two – way analysis 3.

Ranking Method 4. Chi – Square Test Cross Tabulation and Percentage method supplemented by appropriate charts are used to interpret the analysis. 3. 4. 1Percentage Analysis Percentage refers to a special kind of ratio in making comparison between two or more data and to describe relationships. Percentage can also be used to compare the relation terms the distribution of two or more sources of data. Number of Respondents Percentage of Respondents = ——————————— X 100 Total Respondents 3. 4. 2Ranking Method (Weighted Average Method)

This technique was used to rank out the opinion about the characteristic of CitiFinancial mortgages by the industrial sectors in the study area. In this method the respondents were asked to rank their opinion about the characteristics of the company. The order of merit given by the respondents was converted into ranks by using the following formula. Weightage Score= ? WiXj Where Wi-Weightage value Xj-Ranking position value 3. 4. 3Chi-Square Analysis Chi-square is a non-parametric test of statistical significance for bi-variate tabular analysis. A non-parametric test, like chi square, is a rough estimate of confidence.

Chi-square is used most frequently to test the statistical significance of results reported in bivariate tables and interpreting bivariate tables is integral to interpreting the results of a chi-square test. Chi – Square Test Method The Chi – square method is the application of testing the significant difference between observed and expected values. Null Hypothesis (H0) The hypothesis, or assumption, about a population parameter we wish to test, usually an assumption of the status quo. Alternative Hypothesis (H1) The conclusion we accept when the data fail to support the null hypothesis. Statistical Test: Chi–square test (? ) = Degrees of freedom= (R-1) (C-1) whereas,O=Observed frequency E=Expected frequency R=Number of rows C=Number of columns To find E : Row Total ? Column Total Expected Frequency=———————————– Grand Total Level of Significance (? ): A value indicating the percentage of sample values that is outside certain limits, assuming the null hypothesis is correct, that is, the probability of rejecting the null hypothesis when it is true. CHAPTER IV DATA ANALYSIS AND INTERPRETATION 4. 1PERCENTAGE ANALYSIS TABLE NO. 4. 1. 1 AGE OF THE RESPONDENTS S. No. Age No. of RespondentsPercentage 1. Below 25 years4221. 0 . 26-35 years5226. 0 3. 36-45 years5628. 0 4. Above 45 years5025. 0 Total200 100. 0 INFERENCE From the above table it is inferred that 21. 0% of the respondents are belong to below 25 years of age group, 26. 0% of the respondents are belong to 26-35 years of age group, 28. 0% of the respondents are belong to 36-45 years of age group and 25. 0% of the respondents are belong to above 45 years of age group. It is concluded from the above analysis that maximum of the respondents are belong to 36-45 years of age group. ? TABLE NO. 4. 1. 2 GENDER OF THE RESPONDENTS S. No. Gender No. of RespondentsPercentage 1. Male 12261. 0 2.

Female 7839. 0 Total200 100. 0 INFERENCE It is noted from the above table that 61. 0% of the respondents are male and 39. 0% of the respondents are female. ? TABLE NO. 4. 1. 3 NATIVITY OF THE RESPONDENTS S. No. Nativity No. of RespondentsPercentage 1. Rural 4020. 0 2. Urban 16080. 0 Total200 100. 0 INFERENCE It is inferred from the above table that 20. 0% of the respondents are in rural area and 80. 0% of the respondents are in urban area. ? ? TABLE NO. 4. 1. 4 EDUCATIONAL QUALIFICATION OF THE RESPONDENTS S. No. Educational Qualification No. of RespondentsPercentage 1. School 2211. 0 2. College 4020. 0 3. Professional 10251. 4. Diploma 3618. 0 Total200 100. 0 INFERENCE It is noted from the above table that 11. 0% of the respondents are educated till the level of school, 20. 0% of the respondents are educated till the level of college, 51. 0% of the respondents are educated till the level of professional and 18. 0% of the respondents are educated till the level of diploma. ? TABLE NO. 4. 1. 5 OCCUPATION OF THE RESPONDENTS S. No. Occupation No. of RespondentsPercentage 1. Business 4020. 0 2. Agricultural 3618. 0 3. Self Employed 4120. 5 4. Employed 6331. 5 5. Others 2010. 0 Total200 100. 0 INFERENCE It is inferred from the above table that 20. % of the Respondents are in business, 18. 0% of the respondents are agriculturist, 20. 5% of the respondents are working as self employed, 31. 5% of the respondents are working as employed and 10. 0% of the respondents are working in other places. ? TABLE NO. 4. 1. 6 INCOME PER ANNUM S. No. Income per AnnumNo. of RespondentsPercentage 1. ; Rs. 500004924. 5 2. Rs. 50001 to Rs. 1000005929. 5 3. Rs. 100001 to Rs. 2000006130. 5 4. ; Rs. 2000003115. 5 Total200 100. 0 INFERENCE From the above analysis it is found that 24. 5% of the respondents are earning less than Rs. 50000 per annum, 29. 5% of the respondents are earning Rs. 0001-Rs. 100000 per annum, 30. 5% of the respondents are earning Rs. 100001- Rs. 200000 per annum and 15. 5% of the respondents are earning more than Rs. 200000 per annum. ? TABLE NO. 4. 1. 7 EXPENDITURE PER ANNUM S. No. Expenditure Per AnnumNo. of RespondentsPercentage 1. ; Rs. 500009748. 5 2. Rs. 50001 to Rs. 1000009849. 0 3. Rs. 100001 to Rs. 20000052. 5 4. ; Rs. 20000000. 0 Total200 100. 0 INFERENCE From the above table it is cleared that 48. 5% of the respondents are spending less than Rs. 50000 per annum, 49. 0% of the respondents are spending Rs. 50001-Rs. 100000 per annum and 2. 5% of the respondents are spending Rs. 00001- Rs. 200000 per annum. ? TABLE NO. 4. 1. 8 NUMBER OF FAMILY MEMBERS HAVING INCOME S. No. Number of Family MembersNo. of RespondentsPercentage 1. 1 member3517. 5 2. 2 members8844. 0 3. 3 members5829. 0 4. 4 members199. 5 Total200 100. 0 INFERENCE From the above table it is stated that 17. 5% of the respondents’ family are getting income with only one member. 44. 0% of the respondents’ family are getting income with two members, 29. 0% of the respondents’ family are getting income with three members and 9. 5% of the respondents’ family are getting income with four members. ? ? TABLE NO. 4. 1. 9 TOTAL INCOME OF THE FAMILY

S. No. Total income No. of RespondentsPercentage 1. ; Rs. 5000031. 5 2. Rs. 50001 to Rs. 1000006633. 0 3. Rs. 100001 to Rs. 20000010552. 5 4. ; Rs. 2000002613. 0 Total200 100. 0 INFERENCE It is stated from the above table that 1. 5% of the respondents’ total family income is below Rs. 50000, 33. 0% of the respondents’ total family income is in between Rs. 50001-100000, 52. 5% of the respondents’ total family income is in between Rs. 100001-200000 and 13. 0% of the respondents’ total family income is above Rs. 200000. ? TABLE NO. 4. 1. 10 TOTAL MEMBERS OF THE FAMILY S. No. Family members No. of RespondentsPercentage . 1 member31. 5 2. 2 members2311. 5 3. 3 members5929. 5 4. 4 members11557. 5 Total200 100. 0 INFERENCE It is inferred from the above table that 1. 5% of the respondents are having only one member in their family, 11. 5% of the respondents are having only two members in their family, 29. 5% of the respondents are having only three members in their family and 57. 5% of the respondents are having only four members in their family. ? TABLE NO. 4. 1. 11 INCOME TAX PAYMENT OBLIGATIONS S. No. Opinion No. of RespondentsPercentage 1. Yes 13065. 0 2. No 7035. 0 Total200 100. 0 INFERENCE It is obtained from the above table that 65. % of the respondents are paying income tax and 35. 0% of the respondents are not paying income tax. ? ? TABLE NO. 4. 1. 12 AMOUNT OF INCOME TAX LIABILITY S. No. Tax Amount No. of RespondentsPercentage 1. ; Rs. 50008442. 0 2. Rs. 5001 to Rs. 100003718. 5 3. Rs. 10001 to Rs. 2000094. 5 4. ; Rs. 2000000. 0 Total130 100 INFERENCE It is followed from the above table that 42. 0% of the respondents are paying the income tax amount of below Rs. 5000, 18. 5% of the respondents are paying the income tax amount of in between Rs. 5001-10000 and 18. 5% of the respondents are paying the income tax amount of in between Rs. 0000-20000. ? TABLE NO. 4. 1. 13 FACTS ABOUT OWNING BANK ACCOUNT S. No. OpinionNo. of RespondentsPercentage 1. Yes 12763. 5 2. No 7336. 5 Total200 100. 0 INFERENCE It is inferred from the above table that 63. 5% of the respondents are having bank account and 36. 5% of the respondents are not having bank account. ? ? TABLE NO. 4. 1. 14 NUMBER OF INSURANCE POLICIES S. No. Number of PoliciesNo. of RespondentsPercentage 1. One9849. 0 2. Two9145. 5 3. Three52. 5 4. Four63. 0 Total200 100. 0 INFERENCE It is evident from the above table that 49. 0% of the respondents are having only one number of insurance policy followed by 45. % of the respondents are having two insurance policies, 2. 5% of the respondents are having three insurance policies and 3. 0% of the respondents are having four insurance policies. ? TABLE NO. 4. 1. 15 TYPE OF PRODUCTS S. No. Type of ProductsNo. of RespondentsPercentage 1. New 11557. 5 2. Traditional 8542. 5 Total200 100. 0 INFERENCE It is clear from the above table that 57. 5% of the respondents are purchasing new products launched by ICICI Prudential and 42. 5% of the respondents are purchasing traditional products offered by ICICI Prudential. ? ? TABLE NO. 4. 1. 16 POLICY PREMIUM S. No. Premium AmountNo. f RespondentsPercentage 1. Less than Rs. 25006130. 5 2. Rs. 2501 – Rs. 500010150. 5 3. Above Rs. 50003819. 0 Total 200 100. 0 INFERENCE It is stated from the above table that 30. 5% of the respondents are paying the premium amount of less than Rs. 2500, 50. 5% of the respondents are paying the premium amount in between Rs. 2501-5000 and 19. 0% of the respondents are paying the premium amount of above Rs. 5000. ? ? TABLE NO. 4. 1. 17 PERIOD OF PAYMENT OF POLICY S. No. Period of paymentNo. of RespondentsPercentage 1. Less than 10 years 5628. 0 2. 10-20 years 9949. 5 3. Above 20 years 4522. 5 Total200 100. 0

INFERENCE It is followed from the above table that 28. 0% of the respondents are paying the premium amount in the period of less than 10 years, 49. 5% of the respondents are paying the premium amount in the period of 10-20 years and 22. 5% of the respondents are paying the premium amount in the period of above 20 years. ? TABLE NO. 4. 1. 18 POLICY SUM ASSURED S. No. Sum AssuredNo. of RespondentsPercentage 1. Less than 2 lakhs 8241. 0 2. 2-5 lakhs 9045. 0 3. Above 5 lakhs 2814. 0 Total200 100. 0 INFERENCE It is obtained from the above table that 41. 0% of the respondents’ sum assured amount is less than Rs. lakh, 45. 0% of the respondents’ sum assured amount in between Rs. 2-5 lakh and 14. 0% of the respondents’ sum assured amount is above Rs. 5 lakh. ? ? TABLE NO. 4. 1. 19 MODE OF PAYMENT S. No. Mode of PaymentNo. of RespondentsPercentage 1. Monthly (ECS) 5326. 5 2. Half- yearly 9849. 0 3. Yearly 4924. 5 Total200 100. 0 INFERENCE It is stated from the above table that 26. 5% of the respondents are paying the premium amount by monthly (ECS), 49. 0% of the respondents are paying the premium amount by half-yearly and 24. 5% of the respondents are paying the premium amount by both cash and yearly. ? ? TABLE NO. . 1. 20 SOURCES OF AWARENESS ABOUT THE POLICY S. No. SourcesNo. of RespondentsPercentage 1. Friends 4924. 5 2. Relatives7135. 5 3. Company Officers 5025. 0 4. Advertisement 3015. 0 Total200 100. 0 INFERENCE It is obtained from the above table that 24. 5% of the respondents are aware about the policy details through friends followed by 35. 5% of the respondents are aware about the policy details through relatives, 25. 0% of the respondents are aware about the policy details through company officers and 15. 0% of the respondents are aware about the policy details through advertisement. ? TABLE NO. 4. 1. 21

THE ADDITIONAL BENEFITS WITH POLICY S. No. Opinion No. of RespondentsPercentage 1. Yes 9346. 5 2. No10753. 5 Total200 100. 0 INFERENCE It is followed from the above table that 46. 5% of the respondents are having additional benefits with this policy and 53. 5% of the respondents are not having additional benefits with this policy. ? ? TABLE NO. 4. 1. 22 THE PROPOSER OF THE POLICY S. No. PROPOSERNo. of RespondentsPercentage 1. Self 7839. 0 2. Spouse 6934. 5 3. Parents 5326. 5 Total200100. 0 INFERENCE It is identified from the above table that 39. 0% of the respondents are paying the premium amount by self, 34. % of the respondents are paying the premium amount for their spouse and 26. 5% of the respondents are paying the premium amount for their parents. ? ? TABLE NO. 4. 1. 23 THE LIFE ASSURED OF THE POLICY S. No. InsurerNo. of RespondentsPercentage 1. Self 10552. 5 2. Spouse 7437. 0 3. Children2110. 5 Total200100. 0 INFERENCE It is found from the above table that 52. 5% of the respondents are insured by self, 37. 0% of the respondents are insured for their spouse and 10. 5% of the respondents are insured for their children. ? TABLE NO. 4. 1. 24 NUMBER OF OPTIONS HAD FOR CHOOSING POLICY S. No. Number of PolicyNo. f RespondentsPercentage 1. 2 policies 5226. 0 2. 3-4 policies 9447. 0 3. Above 4 policies5427. 0 Total200 100. 0 INFERENCE It is evident from the above table that 26. 0% of the respondents are having two options for choosing insurance policy, 47. 0% of the respondents are having 3-4 options for choosing an insurance policy and 26. 0% of the respondents are having above four options for choosing an insurance policy. ? 4. 2RANKING TABLE NO. 4. 2. 1 TYPE OF POLICY S. No. Type of PolicyWeightage score rank 1. Save and protect 402V 2. Life guard 508IV 3. Secure Plus 709II 4. Life time 785I 5. Smart kid596III

INFERENCE From the above table it is understood that the respondents preferred mostly as Life time policy and it is ranked as first with score of 785 points, the respondents preferred second and third policies are ‘Secure Plus’ and ‘Smart Kid’ with score of 709 and 596 points. The fourth and fifth rank preferred as ‘Life guard’ and ‘Save and protect’ policies with score of 508 and 402 points. It is concluded from the above analysis that maximum of the respondents preferred Life time policy. ? TABLE NO. 4. 2. 2 MODE OF SAVING S. No. Mode of SavingWeightage score rank 1. Gold 681V 2. Shares 759I 3.

Debentures 649VI 4. Real estate 720II 5. Bank A/C713III 6. Insurance 682IV INFERENCE From the above table it is understood that the respondents preference about the saving mode. The respondents preferred as first saving mode is ‘Shares’, which is hottest investment and more benefit area at present in the world with score of 759 points, ‘Real estate’ and ‘Bank’ ranked as second and third with score of 720 and 713 points. The respondents preferred as fourth and fifth rank as ‘Insurance’ and ‘Gold’ with score of 682 and 681 points. The last saving mode is ‘Debentures’ with score of 649 points. ? TABLE NO. 4. 2. 3

REASON FOR SELECTING THE NEW PRODUCTS S. No. ReasonsWeightage score rank 1. Term 672I 2. Return 594IV 3. Riders 625II 4. Premium 615III 5. Mode 494V INFERENCE It is identified from the above table that the reasons for preference the new products. The respondents select the first reason of its ‘Term’ with score of 672 points followed by ‘Riders’ and ‘Premium’ as second and third rank with score 625 and 615 points, ‘Return’ occupies fourth rank with score of 594 points and ‘mode’ of payment occupies as last rank with score of 494 points. 4. 3CHI – SQUARE ANALYSIS TABLE NO. 4. 3. 1 OCCUPATION AND TYPE OF POLICY S. No.

OccupationType of PolicyTotal NewTraditional 1Business61420 2Agricultural6410 3Self Employed191736 4Employed523789 5Others321345 Total11585200 Null Hypothesis (H0)-There is no significant relationship between occupation and type of policy. Alternative Hypothesis (H1)-There is close relationship between occupation and type of policy. ? CHI-SQUARE (? 2) CALCULATION : Calculated ? 2 value=9. 986 Degree of freedom=4 Table value=9. 488 Remark=Null Hypothesis rejected INFERENCE From the above analysis, we find that the calculated value of ? 2 is greater than the table value and hence, the null hypothesis is rejected.

So, there is a close significant relationship between Occupation and type of policy. TABLE NO. 4. 3. 2 EDUCATIONAL QUALIFICATION AND TYPE OF POLICY S. No. Educational qualificationType of PolicyTotal New Traditional 1School17522 2College103040 3Professional6438102 4Diploma241236 Total11585200 Null Hypothesis (H0)-There is no significant relationship between educational qualification and type of policy. Alternative Hypothesis (H1)-There is close relationship between educational qualification and type of policy. ? CHI-SQUARE (? 2) CALCULATION : Calculated ? 2 value=23. 195 Degree of freedom=3 Table value=7. 815

Remark=Null Hypothesis rejected INFERENCE From the above analysis, we find that the calculated value of ? 2 is greater than the table value and hence, the null hypothesis is rejected. So, there is a close significant relationship between educational qualification and type of policy. ? TABLE NO. 4. 3. 3 NUMBER OF OPTIONS FOR CHOOSING A POLICY AND TYPE OF POLICY S. No. Number of OptionsType of PolicyTotal New Traditional 12 options312152 23-4 options524294 3Above 4 options322254 Total11585200 Null Hypothesis (H0)-There is no significant relationship between number of options for choosing a policy and type of policy.

Alternative Hypothesis (H1)-There is close relationship between number of options for choosing a policy and type of policy. ? CHI-SQUARE (? 2) CALCULATION : Calculated ? 2 value=0. 347 Degree of freedom=2 Table value=5. 991 Remark=Null Hypothesis accepted INFERENCE From the above analysis, we find that the calculated value of ? 2 is less than the table value and hence, the null hypothesis is accepted. So, there is a no significant relationship between number of options for choosing a policy and type of policy. ? 4. 4TWO – WAY TABLE TABLE 4. 4. 1 INCOME AND TYPE OF POLICY S. No.

Income Type of PolicyTotal New Traditional 1; Rs. 5000013 (54. 2)11 (45. 8)24 2Rs. 50001 to Rs. 10000069 (64. 5)38 (35. 5)107 3Rs. 100001 to Rs. 20000028 (45. 9)33 (54. 1)61 4; Rs. 2000005 (62. 5)3 (37. 5)8 Total11585200 It is inferred from the above table that ?Maximum of the less than Rs. 50000 income respondents are purchasing new type of policy. ?Maximum of the Rs. 50001 to 1 lakh income level respondents are purchasing new type of policy. ?Maximum of the Rs. 1 lakh to 2 lakh income level respondents are purchasing traditional type of policy. ?Maximum of the above Rs. lakh income level respondents are purchasing new type of policy. ? TABLE 4. 4. 2 NUMBER OF POLICIES TAKEN AND TYPE OF POLICY S. No. Number of policyType of PolicyTotal New Traditional 11 Policy62 (63. 3)36 (36. 7)98 22 Policies49 (53. 8)42 (46. 2)91 33 Policies3 (60. 0)2 (40. 0)5 44 Policies1 (16. 7)5 (83. 3)6 Total11585200 It is inferred from the above table that ?Maximum of the respondents are purchasing one number of new policy. ?Maximum of the respondents are purchasing two numbers of new policies. ?Maximum of the respondents are purchasing three numbers of new policies. Maximum of the respondents are purchasing four numbers of traditional policies. ? TABLE 4. 4. 3 OPINION ABOUT GETTING ANY ADDITIONAL BENEFITS AND TYPE OF POLICY S. No. OpinionType of PolicyTotal New Traditional 1Yes48 (51. 6)45 (48. 4)93 2No67 (62. 6)40 (37. 4)107 Total11585200 It is identified from the above table that ?Maximum of the respondents are getting additional benefits with new type of policy. ?Maximum of the respondents are not getting any additional benefits with new type of policy. ? CHAPTER V SUMMARY OF FINDINGS, SUGGESTIONS AND CONCLUSION 5. 1FINDINGS It is found from the analysis that maximum of the respondents are belong to 36-45 years of age group. ?It is noted from the study that maximum (61. 0%) of the respondents are male. ?It is inferred from the analysis that most (80. 0%) of the respondents are in urban area. ?It is noted from the study that maximum (51. 0%) of the respondents are educated till the level of professional. ?It is found from the study that most (31. 5%) of the respondents are working as employed. ?It is evident from the survey that maximum (30. 5%) of the respondents are earning Rs. 100001- Rs. 200000 per annum. It is noted from the analysis that most (49. 0%) of the respondents are spending Rs. 50001-Rs. 100000 per annum. ?It is found from the survey that most (57. 5%) of the respondents are having only four member in their family. ?It is noted from the analysis that maximum (65. 0%) of the respondents are paying income tax. ?It is evident from the study that most (42. 0%) of the respondents are paying the income tax amount of below Rs. 5000. ?It is found from the survey that maximum (63. 5%) of the respondents are having bank account. ?It is evident from the study that most (49. %) of the respondents are having only one number of insurance policy. ?It is found from the survey that most (50. 5%) of the respondents are paying the premium amount in between Rs. 2501-5000. ?It is evident from the study that maximum (49. 5%) of the respondents are having insurance policies period of 10-2- years. ?It is clear from the survey that most (45. 0%) of the respondents sum assured amount in between Rs. 2-5 lakh. ?It is found from the survey that most (49. 0%) of the respondents are paying the premium amount by cheque. ?It is evident from the study that maximum (35. %) of the respondents are aware about the policy details through advisor. ?It is stated from the survey that maximum (39. 0%) of the respondents are paying the premium amount by self. ?It is found from the survey that most (52. 5%) of the respondents are insured by self. ?It is clear from the survey that most (47. 0%) of the respondents are having 3-4 options for choosing insurance policies. ?From the analysis it is understood that the respondents preferred mostly as Life time policy. ?From the study it is found that the respondents preference ‘Shares’ type saving mode. It is identified from the above table that the reasons for preference the new products is its ‘Term’. ?It is found from the analysis that the occupation of the respondents depends on their purchase type of policy. ?It is evident from the analysis that there is a close significant relationship between educational qualification and type of policy. ?It is found from the analysis that there is a no association between number of options for choosing a policy and type of policy. ?It is found from the study that maximum of the Rs. 50001 to 1 lakh income level respondents are purchasing new type of policy. 5. 2SUGGESTIONS ?The company may properly educate the customers as their investments plans are biased with their educational qualification and to whom they conduct campaign frequently to disseminate information of their products. ?The company may approach agriculturists for selling of their traditional products. ?The company may focus on 25 to 35 years of people, as their earning ratio is more these days. ?The respondents are not aware of new products hence they may advertise more on new products to attract the customer. ?More strategies and plan are needed to be the leader in the market. A large no of private employees choose insurance for saving tax. The company could benefit by coming up with appropriate measures to influence those people. ? 5. 3CONCLUSION The study titled, “A COMPARATIVE STUDY OF TRADITIONAL PRODUCTS WITH NEW ULIP PRODUCTS” reveals the perception of the customers are enrolled in the ICICI Prudential Life Insurance, Adayar branch, Chennai, This study shows the level of expectation of the customers who have opted life insurance policies as their investment plan based on the parameters like age group occupation, educational level, income level, and so on.

The study reveals that ICICI prudential life insurance enjoy the better position in the life insurance market. The study also reveals that company has to concentrate more on Agricultural sector for their traditional products. The present position in at the satisfactory level but to survey in this competitive world the company has to strengthen its promotional tools & the product spectrum. Future innovations in product level can be enhanced. ? 1-33,35,37,39,41,43,45,47,49,51,53,55,57,59,61,63,65,67,69,71,73,75,77,79,81-96