MARKETING OF INSURANCE SERVICES

Submitted To -: Submitted By - :
1. Anchal Mishra

Roshita Maam

2. Anirudha Gaur
3. Ankita Mutha 4. Ankita Soni 5. Mukesh Khatik

6. Narendra Menaria
7. Omprakash Prajapat 8. Pallavi Gupta 9. Tabassum Rasiya

Definition of Insurance
A promise of compensation for specific future

losses in exchange for a periodic payment. Insurance is designed to protect the financial well-being of an individual, company or other entity in case of unexpected loss.

Top insurance companies

LIC

ICICI
BAJAJ SBI RELIANCE HDFC BIRLA TATA AIG KOTAK

Indian Life Insurance Market S hare C ompany name Market S hare LIC 70.92 IC IC I 6.92 BAJAJ 4.79 S BI 3.28 R E LIANC E 2.22 HDFC 2.5 BIR LA 2.06 TATA AIG 1.23 KOTAK 1.05 OTHE R S 3.06

LIC IC IC I BAJAJ S BI RE LIANC E HDF C BIRLA TATA AIG K OTAK OTHE RS

Zindagi ke saath bhi , Zindagi ke baad bhi

Established on -1 Sep 1956

Mission & vision of LIC

Mission "Explore and enhance the quality of life of people through financial security by providing products and services of aspired attributes with competitive returns, and by rendering resources for economic development." Vision "A trans-nationally competitive financial conglomerate of significance to societies and Pride of India."

Marketing Mix of LIC

Product

Price
Place Promotion Process Physical evidence People

Products
Insurance plans Pension plans Unit plans LICs Special Plans Group insurance schemes

Insurance plans
As individuals it is inherent to differ. Each

individual's insurance needs and requirements are different from that of the others. LIC's Insurance Plans are policies that talk to you individually and give you the most suitable options that can fit your requirement.

Product Range

Pension Plan
Pension Plans are Individual Plans that gaze

into your future and foresee financial stability during your old age. These policies are most suited for senior citizens and those planning a secure future, so that you never give up on the best things in life.

Jeevan Akshay-VI

 Unit plans are investment plans for those who

realise the worth of hard-earned money. These plans help you see your savings yield rich benefits and help you save tax even if you don't have consistent income.

Endowment Plus

LICs Special Plans are not plans but opportunities that knock on your door once in a lifetime. These plans are a perfect blend of insurance, investment and a lifetime of happiness!

Bima Nivesh 2005

Jeevan Saral

 Group Insurance Scheme is life insurance

protection to groups of people. This scheme is ideal for employers, associations, societies etc. and allows you to enjoy group benefits at really low costs.

Group Term Insurance Schemes Group Insurance Scheme in Lieu Of EDLI Group Gratuity Scheme Group Super Annuation Scheme Group Savings Linked Insurance Scheme Group Leave Encashment Scheme Group Mortgage Redemption Assurance Scheme Group Critical Illness Rider

JanaShree Bima Yojana (JBY) Shiksha Sahayog Yojana Aam Admi Bima Yojana

Product: Jeevan Arogya Plan

LICs Jeevan Arogya gives :

Valuable financial protection in case of hospitalization, surgery etc Increasing Health cover every year Lump sum benefit irrespective of actual medical costs No claim benefit Flexible benefit limit to choose from Flexible premium payment options

Price
PRINCIPAL INSURED (Male)
Age at entry 20 30 40 50 Premium (`) 1922.65 2242.90 2799.70 3768.00

 SPOUSE (Female) / PARENT (of PI/Spouse)

(Female)
Age at entry 20 30 40 50 Premium (`) 1393.15 1730.65 2240.60 2849.10

CHILD
Age at entry Premium (`)

0
5 10 15

792.00
794.75 812.35 870.75

Place
Related to two important facets --

i) Managing the insurance personnel, and ii) Locating a branch. Maintaining the norms for offering the services in such a way that a gap between the servicespromised and services - offered is bridged over. Upgrading the promised services reach to the end users Agents have rural orientation and are well aware of the lifestyles of the prospects or users. Prefer local persons for recruitment. Conduct training programme to focus mainly on behavioral management.

 While locating branches, a number of factors, such as

smooth accessibility, availability of infrastructural facilities and the management of branch offices and premises are considered. Provide safety measures and also factors like office furnishing, civic amenities and facilities, parking facilities and interior office decoration. LIC branch offices with a new vision, distinct approach and an innovative style. Make the work place conducive, attractive and proactive for the generation of efficiency among employees. Productive place decisions.

People
Principal Insured (PI)), your spouse, your

children, your parents and parents of your spouse can all be insured under one policy.
Minimum age at entry Maximum age at entry

Self / spouse

18 years

65 years (last birthday)

75 (last birthday)

Parents / parents-in- 18 years law Children 91 days

17 years (last birthday)

Pension Plans - Jeevan Akshay VI

It is an Immediate Annuity plan, which can be

purchased by paying a lump sum amount. Premium is to be paid in a lump sum. Minimum purchase price : Rs.50,000/= or such amount which may secure a minimum annuity as under: Mode Minimum Annuity
Monthly Quarterly Half-yearly Yearly Rs. 500 per month Rs. 1000 per quarter Rs. 2000 per half year Rs. 3000 per year

 No medical examination is required under the

plan. No maximum limits for purchase price, annuity etc. Minimum age at entry 40 years last birthday and Maximum age at entry 79 years last birthday. Age proof necessary.

Unit linked Endowment plan

This is a unit linked Endowment plan which offers

investment cum insurance cover during the term of the policy. The Unit Fund is subject to various charges and value of units may increase or decrease, depending on the Net Asset Value (NAV).

Eligibility Conditions
(a) Minimum Age at entry (b)

7 (age last 60 years

(c)
(d)

(e)

birthday) Maximum Age at entry (age nearer birthday) Minimum Maturity Age (completed) Maximum Maturity Age nearer birthday) Policy Term years

18 years
70 years (age

10 to 20

Minimum Premium Regular premium (other than monthly (ECS) mode): Rs. [20,000] p.a. Regular premium (for monthly (ECS) mode): Rs. [1,750] p.m. Single premium: Rs. [30,000] Maximum Premium Regular premium: Rs. [1,00,000] p.a. Single premium: No Limit

Group insurance schemes

Group (term) Insurance Scheme is meant to

provide life insurance protection to groups of people. Administration of the scheme is on group basis and cost is low. Under Group (Term) Insurance Scheme, life insurance cover is allowed to all the members of a group subject to some simple insurability conditions without insisting upon any medical evidence. Scheme offers covers only on death and there is no maturity value at the end of the term.

Process
Is customer friendly. Speedy and accurate payment mechanism.

Processing method is easy and convenient to the

customers. Installment schemes is streamlined to cater to the ever growing demands of the customers. IT & Data Warehousing smoothens the process flow. IT helps in servicing large no. of customers efficiently and bring down overheads. The use of data warehousing management and mining helps to find out the profitability and potential of various customers product segments.

Physical Evidence
Physical evidence includes facility design, equipment, signage,

employee dress, tangibles, reports & statements. Signage: Signage personifies the insurance company. It gives an identity by which users recognize the company. A signage depicts the companys philosophy & policy. Started in India in 1818 to provide insurance for English widows when Oriental Life Insurance Company was incorporated in Calcutta, followed by Bombay Life Assurance Company in 1823 and Triton Insurance Company for General Insurance in 1850. Insurance regulation began in India by passing of two Acts: i.) Life Insurance Companies Act of 1912 and ii.) Provident Fund Act of 1912. 245 Indian & foreign insurance provident were merged and then nationalized.

Promotion..\LIC Pension Plan - Statue

Commercial - in Hindi.mp4

Market Segmentation
On the basis of: Age & life cycle stage Gender Income Social-class Geographic, and Various Demographic characters.

 Individual Marketing: focusing upon a particular

individual like a man, woman, child, senior citizens etc. Segment Marketing: focusing upon a group of individuals Local Marketing: focusing upon a particular area or location or a locality, e.g. *For rural areas: Rural Insurance Plans like Jan Raksha Plan. *Rural postal life insurance: Gram Santosh, Gram Suraksha, Gram Suvidha, Gram Sumangal, Gram Priya etc.

LIC in major cities of India

Targeting Customers
For children: LIC has Children Insurance Plans,

risk coverage from seven years age of child parents risk to the extent of premium payment can be covered. For women: Ladies insurance like jeevan sneha. For elderly & retired people: Pension products like Jeevan Dhara, Jeevan Suraksha, & Jeevan Akshay for individual policyholders. A large number of employers adopt group pension scheme of LIC. For employees: Group life insurance & schemes like Employees Deposit Linked Insurance Schemes (EDLI), Group Gratuity Scheme,

 For girls: Jeevan Sarita, Sukanya etc.

For employees of posts & telegraph

departments: Santosh (Endowment Assurance), Suraksha (whole life assurance), Suvidha (Anticipated Endowment Assurance), Sumangal (Anticipated Endowment Assurance), Yugal Suraksha (joint life Endowment Assurance) etc.

LIC hai toh kahin aur kyon jana

THANK YOU