Industry Internship Project 2015-17

MARKETING MIX
OF
IDBI FEDERAL LIFE INSURANCE CO. LTD.

Submitted by:
Name of the Student: Sumit Kumar Kedia
Roll No.: 151701331
Program: PGDM
Batch: 2015-17

Company Guide: Amit Kumar Singh Faculty Guide: Supriya Bhambri

Designation: Senior Agency Manager

ITM Business School

Plot No. 25 / 26, Institutional Area,
Sector 4, Kharghar, Navi Mumbai
 ACKNOWLEDGEMENT

Firstly, I would like to express my sincere gratitude to IDBI Federal Life Insurance Co Ltd.,
my Project guide, for her attentive guidance, insightful comments and advice for carrying out
this Project. She always gives me continuous encouragement and support, and shares with me
knowledge and experience. I really appreciate the effort she put in the development of me and
my work and her help to improve the quality of my Project.

I would like to express my eternal gratitude and thanks to my parents for their love and
support throughout my life. Their support and absolute faith in my abilities have been a huge
motivation. Perhaps, mere thanks will not suffice for what they have done for me.

Lastly, I would like to acknowledge each and everyone who contributed for my work either
by directly or indirectly.

a) Head of the organization:- Manas Das

b) Faculty Guide:- Supriya Bhambri

c) Others: - Family and friends

 TABLE OF CONTENTS

Acknowledgement

Certificate from Company Guide

Executive Summary

1. Introduction

a. Marketing in Insurance

b. Scenario of Insurance industry

c. Values of IDBI FEDERAL

2. Company Profile

a. IDBI BANK

b. FEDERAL BANK

c. AGEAS

3. Milestones

4. Mission and Vision

5. Competitors of IDBI Federal Life Insurance co. Ltd.

6. MARKETING MIX IN IDBI Federal Life Insurance Co Ltd

a. Seven Ps of Marketing mix (Product, price, place, promotion, people, process,

physical evidence)

b. IDBI FEDERAL products

7. Promotional strategies
8. Current Market Share of LIFE INSURANCE COMPANIES

9. Key achievements

10. Key Learnings

11. Conclusion

12. References
 CERTIFICATE FROM COMPANY GUIDE

This is to certify that the Industry Internship project report titled Marketing Mix of IDBI
Federal Life Insurance, is a bona fide work carried out by Mr.Sumit Kumar Kedia, a student
of PGDM program 2015-17 batch of the Institute for Technology & Management, Kharghar,
Navi Mumbai under my guidance and direction.

Signature of Guide:

Name, Designation & Address:

Date:

Place:
 EXECUTIVE SUMMARY:

Name: Sumit Kumar Kedia

Enrollment no.: 151701331

Organizational details:

Name of the organization: IDBI Federal Life Insurance Co Ltd.

Address of the Organization: IDBI Federal Life Insurance Co.Ltd,

NSP Branch, New Delhi

Main activity of the organization: Life Insurance.

Company guide:

Name: Mr Amit Kumar Singh

Designation: Senior Agency Manager

Title of the project: Marketing Mix of IDBI Federal Life Insurance Co. Ltd.

Objective of the project:

1. Analysis of Customer Perception of the insurance industry.

2. To suggest marketing methodologies to increase business of IDBI-Federal Life

Insurance.

3. To get hands on experience of doing sales for the company.

Methodology:

Field work based on Primary and secondary data.

Conclusion:
With regard to insurance companies, consumers respond at different rates, depending on the
consumers characteristics. Hence Insurance companies should try to bring their new product
to the attention of potential early adopters.

Recommendations:

Print & Electronic Media Advertisement should be used at a high level especially TV
ads should be used,

Hoardings at prime areas should be used.

The most important of all is to create awareness about companys product as well as a
brand in the market is very necessary.

The company can use celebrity to create awareness about the brand and also can collaborate
with some production houses of films and television serials which can reach people in mass.
 CHAPTER 1: INTRODUCTION

Wherever there is uncertainty there is risk. We do not have any control over uncertainties
which involves financial losses. The risks may be certain events like death, pension,
retirement or uncertain events like theft, fire, accident, etc.

Insurance is a financial service for collecting the savings of the public and providing them
with risk coverage. The main function of Insurance is to provide protection against the
possible chances of generating losses. It eliminates worries and miseries of losses by
destruction of property and death. It also provides capital to the society as the funds
accumulated are invested in productive heads.

Marketing in Insurance

Insurance comes under the service sector and while marketing this service, due care is to be
taken in quality product and customer satisfaction. While marketing the services, it is also
pertinent that they think about the innovative promotional measures. It is not sufficient that
you perform well but it is also important that you let others know about the quality of your
positive contributions.

The creativity in the promotional measures is the need of the hour. The advertisement, public
relations, word of mouth communication needs due care and personal selling requires
intensive care.

There are insurance marketing strategies that can take any insurance agency from mediocre to
success when utilized correctly. Hence it is necessary that an insurance company formulize
their marketing strategies with lot of thought and diligence to capture the untapped potential
in the insurance industry. Through this project we aim to understand the strategies adopted by
IDBI Federal and to find out the effectiveness of these promotional strategies through a study
on consumer behavior.
Scenario of Insurance industry

The brief outlook about the regulatory changes done by the Indian Government over the years
is given below:-

The effect of insurance reforms has been positive on the insurance industry. There has been
positive growth in all the segments, with investments flowing in the right direction. Reforms
have helped to achieve rapid growth in critical areas and sustain them over a period of time
through channelized strategies.
Post reforms, the number of players have increased from 4 to 22 players presently registered
under IRDA (INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF
INDIA).
Recent Trends in Insurance Industry

The strategy that is being followed in the insurance sector in India is the push strategy and
not a pull strategy. Agents are used to sell the policies to the customer by showcasing the
benefits to the prospective buyers. The policies with higher premium resulting in higher
commissions are pushed to the customers as they help the agent in pocketing higher
commission.

The new trend that is emerging in India is the consultative approach. This is the modern
approach. Few of the preliminary steps are similar to the earlier steps as the call is made to
the client as usual, but from then on the customer is seen as a person to be served not a person
to be sold to, giving priority to profit motive. Generally, people selling insurance have to do it
with a mentality of social service and not with profit motive.

The various steps involved in the process are

Step 1: Need Analysis

Step 2: Product Selection

Step 3: Presentation of the reviewed product

Step 4: Closing of the sale

Not only in the way the products are being sold but there is innovation in the products itself
and newer policies are being formulated to full fill the needs of the customer.

At present life insurers are trying to concentrate on the pension schemes where asnon life
insurers are trying to increase their market share by bringing in more innovative schemes. But
with the increase in the presence of the number of insurance companies and the competition
intensifying in the near future the companies will have to think of ways to make increase the
brand awareness and brand visibility of their products.
The key differentiator for the insurance industry is the quality of customer service and
consultancy being provided. Effective CRM has to be employed for the differentiation and
getting customer loyalty.

Even in the realm of distribution channels there are innovations taking please. The traditional
channels are replaced by newer channels like corporate agency, bank assurance, e-insurance
cooperative societies and panchayats. With the advent of information technology newer
avenues of comparing and buying policies have emerged.

Values of IDBI FEDERAL

The first and foremost value which IDBI federal upholds is the transparency. They believe in
clear communication between their partners and stakeholders so that there is no dicrepency
between them.

The second most important thing is the value that they are providing to their customer. They
believe very strongly that whatever they do should be perceived as a high value product by
their customer.

They believe in being rock solid while delivering value to their customers. This results into
being financially strong as the profit is spilled over due to good will.

They are extremely customer friendly as they hold this value the highest.

They believe in providing high value to their stakeholder and partners in their business
 CHAPTER 2: DETAILS OF THE ORGANISATION

Company Profile

IDBI Federal Life Insurance Co Ltd is a joint venture of IDBI Bank - Indias premier
development and commercial bank, Federal Bank - one of Indias leading private sector
banks and Ageas Insurance International - a multinational insurance giant, based out of
Europe.
In this venture, IDBI owns 48% equity while Federal Bank and Ageas own 26% equity each.
IDBI Federal launched its first set of products across India in March 2008, after receiving the
requisite approvals from the Insurance Regulatory Development Authority (IRDA).
In just five months of inception, IDBI Federal became one of the fastest growing new
insurance companies to garner Rs 100 crores in premiums.
As on March 31st, 2009, the Company had collected more than 328 crores in premiums,
through over 87,000 policies and over Rs 2825 crores in Sum Assured. The Company offers
its services through a vast nationwide network across the branches of IDBI Bank and Federal
Bank, in addition to a sizeable network of advisors and partners.
IDBI Bank Ltd continues to be, since its inception, Indias premier industrial development
bank. Created in 1956 to support Indias industrial backbone, IDBI Bank has since evolved
into a powerhouse of industrial and retail finance. Today, it is amongst Indias foremost
commercial banks, with a wide range of innovative products and services, serving retail
and corporate customers in all corners of the country from 689 Branches 1140 ATMs.

The Bank offers its customers an extensive range of diversified services including project
financing, term lending, working capital facilities, lease finance, venture capital, loan
syndication, corporate advisory services and legal & technical advisory services to its
corporate clients as well as mortgages and personal loans to its retail clients.

As part of its development activities, IDBI Bank has been instrumental in sponsoring the
development of key institutions involved in Indias financial sector such as the Securities
and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and
National Securities Depository Ltd.
Federal Bank is a scheduled commercial bank founded in 1931. Federal Bank is one of
Indias leading private sector banks, with a dominant presence in the state of Kerala. It has a
strong network of over 612 Branches, 617 ATMs spread across India. The Bank provides over
four million retail customers with a wide variety of financial products. Federal Bank is one of
the first large Indian banks to have an entirely automated and interconnected branch network.

The Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking,
Any Where Banking, debit cards, online bill payment and call centre facilities to offer round-
the-clock banking convenience to its customers.

The Bank has been a pioneer in providing innovative technological solutions to its customers,
having won several awards like the award for Best Use of IT in Retail Banking by IBA, TFCI
and Infosys.
Ageas ranks among Europes top 20 financial institutions and is a reputed international brand
in financial services. European financial services provider engaged in banking and insurance
with a presence in over 50 countries.
Ageas has subsidiaries in France, Germany and Hong Kong. Ageas has a track record in
developing partnerships with strong financial institutions and key distributors in different
markets around the world and successfully operates Italy, Portugal, China, Malaysia, India
and Thailand. Ageas employs more than 13,000 people and has annual inflows of almost
EUR 18 billion.
Strength

Reduced work force and reduced operational costs are the strengths of IDBI federal Life
Insurance. This helped them reach their break even in just 5 years which is a feat achieved by
any company in the insurance sector for the first time.

Weakness

There is constant comparison with LIC and hence there is low brand awareness. This is a big
weakness and people should be educated about the fact that IDBI is also majority part held by
government.

Opportunities

Penetration in rural areas is low. By moving over there in the preliminary stages it can outrun
the others especially ICICI Prudential.
Can increase awareness that it is also a government organization and that will help in
increasing the goodwill and trust quotient in the customers.

Threats

Increase in labor costs and a change in tax regime are going to increase the operational costs
and is also going to call for some new methods of customizing the products so that the
benefits does not decrease.

From the above analysis we can easily say that IDBI should position itself as government
organization customizing products for the rural rich populace. That way it can not only
compete with LIC and be ahead in the race but also ICICI prudential with which it is playing
a catching up game right now.

One of the main reasons for the success of ICICI prudential inspite of that being a private
organization has been that it has penetrated the rural market well, and have used multiple
channels to sell their products.
Challenges facing Insurance Industry

Threat of New Entrants: The insurance industry has been budding with new entrants
every other day. Therefore the companies should carve out niche areas such that the
threat of new entrants might not be a hindrance. There is also a chance that the big
players might squeeze the small new entrants.
Power of Suppliers: Those who are supplying the capital are not that big a threat. For
instance, if someone as a very talented insurance underwriter is presently working for
a small insurance company, there exists a chance that any big player willing to enter
the insurance industry might entice that person off.

Power of Buyers: No individual is a big threat to the insurance industry and big
corporate houses have a lot more negotiating capability with the insurance companies.
Big corporate clients like airlines and pharmaceutical companies pay millions of
dollars every year in premiums.

Availability of Substitutes: There exist a lot of substitutes in the insurance industry.

Majorly, the large insurance companies provide similar kinds of services be it auto,
home, commercial, health or life insurance.

With the size of world's population reaching gigantic proportions, global insurance is also
gaining in stature. Private as well government insurance agencies around the world are
running for insuring lives of millions (and in the process insuring their own businesses more).

In fact, the insurance industry is a key component of the world economy today owing to its
premiums, its investment and, above all, the social and economic role it plays in covering
personal and business risks.
Milestones

March 2008 IDBI Federal starts operations with two products Homesurance &
Wealthsurance.
August 2008 IDBI Federal becomes one of the fastest growing new life insurers to
collect premiums worth Rs 100 crores.
October 2008 IDBI Federal launches Bondsurance
January 2009 IDBI Wealthsurance Cup 2009 India v/s Sri Lanka held in Sri Lanka.
March 2009 collected premium of over 328 corers and 87,000 policies and a Sum
assured of Rs 2825 crores since inception
November 2009 IDBI Federal launches Incomesurance

Mission

To be recognized as a leading provider of wealth management, protection and

retirement propositions that satisfy the needs of and add value to our key customer
segments.

Continually strive to enhance the customer experience, in relationship management

and service delivery, and interact with customers in the most convenient and cost
effective manner.

Be transparent in customer dealings and act with integrity.

Invest in and build quality human capital in order to achieve this mission.
Vision

To be a customer centric channel, while setting benchmarks in the life insurance industry, in
terms of presence, productivity and profitability.

Competitors of IDBI Federal Life Insurance co. Ltd.

1. Bajaj Allianz Life Insurance Company Limited

2. Birla Sun Life Insurance Co. Ltd

3. HDFC Standard Life Insurance Co. Ltd

4. ICICI Prudential Life Insurance Co. Ltd.

5. ING Vysya Life Insurance Company Ltd.

6. Life Insurance Corporation of India

7. Max New York Life Insurance Co. Ltd

8. Met Life India Insurance Company Ltd.

9. Kotak Mahindra Old Mutual Life Insurance Limited

10. SBI Life Insurance Co. Ltd

11. Tata AIG Life Insurance Company Limited

12. Reliance Life Insurance Company Limited.

13. Aviva Life Insurance Co. India Pvt. Ltd.

14. Sahara India Life Insurance Co, Ltd.

15. Shriram Life Insurance Co, Ltd.

16. Bharti AXA Life Insurance Company Ltd.

17. Future General Life Insurance Company Ltd.

19. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd
20. AEGON Religare Life Insurance Company Limited

21. DLF Pramerica Life Insurance Co. Ltd.

22. Star Union Dai-ichi Life Insurance Comp. Ltd.

 CHAPTER 3: ANALYSIS

Marketing Mix of IDBI Federal Life Insurance Co Ltd

The term insurance marketing refers to the marketing of Insurance services with the aim to
create customer and generate profit through customer satisfaction. The Insurance
Marketing focuses on the formulation of an ideal mix for Insurance business so that the
Insurance organization survives and thrives in the right perspective.

The marketing mix is the combination of marketing activities that an organization engages in
so as to best meet the needs of its targeted market. The Insurance business deals in selling
services and therefore due weight age in the formation of marketing mix for the Insurance
business is needed.
The marketing mix includes sub-mixes of the 7 Ps of marketing i.e. the product, its price,
place, promotion, people, process & physical attraction. The above mentioned 7 Ps can be
used for marketing of Insurance products, in the following manner:
PRODUCT:

A product means what we produce. If we produce goods, it means tangible product and when
we produce or generate services, it means intangible service product. A product is both what a
seller has to sell and a buyer has to buy.

Thus, an Insurance company sells services and therefore services are their product. When a
person or an organization buys an Insurance policy from the insurance company, he not only
buys a policy, but along with it the assistance and advice of the agent, the prestige of the
insurance company and the facilities of claims and compensation. It is natural that the users
expect a reasonable return for their investment and the insurance companies want
to maximize their profitability. Hence, while deciding the product portfolio or the product-
mix, the services or the schemes should be motivational. IDBI Federal provides many
products which cater to the needs of the Indian customers.

IDBI Federal products:-

WEALTHSURANCE
CHILDSURANCE

INCOMESURANCE

LIFESURANCE
PRICING:

In the insurance business the pricing decisions are concerned with:

i) The premium charged against the policies

ii) Interest charged for defaulting the payment of premium and credit facility, and

iii) Commission charged for underwriting and consultancy activities.

The three main factors used for determining the premium rates under a life insurance plan
are mortality, expense and interest. The premium rates are revised if there are any significant
changes in any of these factors.

Mortality (deaths in a particular area): When deciding upon the pricing strategy the
average rate of mortality is one of the main considerations. In a country like South
Africa the threat to life is very important as it is played by host of diseases.
Expenses: The cost of processing, commission to agents, reinsurance companies as
well as registration are all incorporated into the cost of installments and premium sum
and forms the integral part of the pricing strategy.

Interest: Depends plan to plan

PLACE:

This component of the marketing mix is related to two important facets

i) Managing the insurance personnel, and

ii) Locating a branch.

The management of agents and insurance personnel is found significant with the viewpoint of
maintaining the norms for offering the services. This is also to process the services to the end
user in such a way that a gap between the services- promised and services offered is bridged
over. In a majority of the service generating organizations, such a gap is found existent which
has been instrumental in making worse the image problem. The transformation of potential
policyholders to the actual policyholders is a difficult task that depends upon the professional
excellence of the personnel.

Thus the place management of insurance branch offices needs a new vision, distinct approach
and an innovative style. This is essential to make the work place conducive, attractive and
proactive for the generation of efficiency among employees. The branch managers need
professional excellence to make place decisions productive. IDBI Federal has around
thousands and thousands of insurance agents all over India to manage their regional
customers effectively. Also, IDBI Federal has over 796 branches all over India which help in
increasing their customer base.
PEOPLE:

Understanding the customer better allows in designing appropriate products. Being a service
industry which involves a high level of people interaction, it is very important to use this
resource efficiently in order to satisfy customers. Training, development and strong
relationships with intermediaries are the key areas to be kept under consideration. Training
the employees, use of IT for efficiency, both at the staff and agent level, is one of the
important areas to look into. IDBI Federal has created various financial products which have
been tailored according to the needs of the customers. They have over thousands of sales
personnel who are trained efficiently to bridge in the gap between the customers and the
company.
PROCESS:

The process should be customer friendly in insurance industry. The speed and accuracy of
payment is of great importance. The processing method should be easy and convenient to the
customers. Installment schemes should be streamlined to cater to the ever grow.
PROMOTION:

The insurance services depend on effective promotional measures. In a country like India, the
rate of illiteracy is very high and the rural economy has dominance in the national economy.
It is essential to have both personal and impersonal promotion strategies.

In promoting insurance business, the agents and the rural career agents play an important
role. Due attention should be given in selecting the promotional tools for agents and rural
career agents and even for the branch managers and front line staff. They also have to
be given proper training in order to create impulse buying. Advertising and Publicity,
organization of conferences and seminars, incentive to policyholders are impersonal
communication. Arranging Kirtans, exhibitions, participation in fairs and festivals, rural
wall paintings and publicity drive through the mobile publicity van units would be effective
in creating the impulse buying and the rural prospects would be easily transformed into actual
policyholders.

IDBI Federal has also adopted various promotional strategies like:

Commercial Ads
Print Ads

Events

Personnel selling

Word of mouth

Viral marketing
Current Market Share of LIFE INSURANCE COMPANIES:-

Key achievements:

My mission is to improve the quality of human life by enabling people to do more, feel better,
live longer.

Successfully managed a diverse range of projects from conception through

implementation.
Effectively prioritized and organized work loads in a constantly changing
environment to meet daily and weekly schedules.
Commended by management on numerous occasions for the quality and consistency
of my performance.
Created and presented an excellent image of the company and its services to
customers, and coordinated and communicated well with clientele and management at
all levels.
Commended by supervisor/management for the quality and consistency of my
performance.
Reorganized department for more productive operation, including providing faster
service
 Organized and implemented and efficient work flow system that resulted in
significant cost savings.

Key Learnings:

Positive and enthusiastic, able to communicate effectively with management at all

levels and direct workers in a manner insuring maximum efficiency.
High motivational level, excellence of leadership technique, and professional
attention to detail supplemented by the ability to influence and stimulate others.
Ability to create and present an excellent image of the company and its service to
customers, and to coordinate and communicate well with clientele and management at
all levels.

Creative and energetic, capable of sustained effort necessary to see a project through
from conception to completion.

Hard working, capable of 100% effort reinforced with solid and successful experience
in all-around maintenance and repair.
Career reflecting total involvement, high motivation, persuasive interaction and
communication with people, eagerness to work, and proven leadership qualities.
Multiplicity of experience and skills including carpentry, wood work, metals,
plumbing, mechanics, general maintenance and repair.
Disciplined and well organized in work habit, with ability to function smoothly in
pressure situations.
MANAGERIAL PROBLEMS UNDER STUDY:

During the period of my internship in IDBI, while interacting with the interested buyers i
came across quite a few questions out of which majority had a recurring phenomenon. These
questions were:

1. Brand awareness of IDBI as many asked whether this bank was in the business of
selling insurance.
2. Are the products better than that of LIC
3. Gap in patterns across various demography
4. Severe lack of trust.

All these issues raised questions about the way IDBI bank was segmenting their clientele and
the way they approached their clients.

BENEFITS OF THE PROJECT TO THE COMPANY

Half of the work is simply done by knowing what the problem is at hand and by knowing the
weakness. By keeping them in mind the operations and the marketing efforts can be
streamlined by customizing them according the needs of target customer.

It is a well known fact that one size doesnt fit all. Before approaching a customer it is always
a good idea to know the needs of the customer before approaching them. This project tries to
point out the shortcomings and modifications in their marketing approach.

Problems Formulation

To increase the brand awareness about the company.

To do the need analysis of the customer
 To design the marketing mix in such a that the education of the common public
happens regarding the financial instrument
Increase the financial education
Increase transparency and increase the trust quotient. The increase in this awareness
might lead to increase in customer base.
The economies of scale can be achieved by tapping into the base of wary customers.
Therefore, the objectives of the company as of now should be
1. More differentiation of the product
2. To identify target segments more appropriately
3. To have customized strategies for every segment
So the major challenges right now in front of IDBI are what the general attitude towards
various segments is and how to increase the brand awareness of IDBI.
 CONTACTS DEVELOPED THROUGH NETWORKING

Phone
Names of people approached Number Reasons for Rejecting
JAGRIT 9711167082 Already has a LIC policy
already has a LIC policy
SUDHANSHU NANDA 9999373265
DEEPANSHU ARORA 9891625955 Fixed Deposits are more secure
Investment in other financial instruments
NITIN MUNKA 9534466161 like bonds, equity, etc.
Investment in other financial instruments
ROHIT SINGH 8088470236 like bonds, equity, etc.
SAURABH SINGH 8010434058 Other financial priorities
KESHAV KEDIA 9711507662 Fixed Deposits
Insurance in other private companies.
+614321577
SAJAL SHARMA 42
ANKUSH SINGH 8806929064 Other financial priorities
NIRMAL SARAF 8002058854 Insurance in other private companies.
RAKESH CHAUDHARY 9999932178 already has a LIC policy
KAMAL KEDIA 9430685711 already has a LIC policy
KARAN KUMAR 9819885834 Insurance in other private companies.
RAJEEV KUMAR 9905990363 already has a LIC policy
Investment in other financial instruments
RITESH KUMAR 8879495016 like bonds, equity, etc
RAHUL KUMAR 9006365552 Insurance in other private companies.
SAURAV 9807021928 Already has a LIC policy
Initially was ready but switched to ICICI.
GAURAV JHA 9665112397 Didnt disclose details
RISHABH SRIVASTAVA 9867567898 Investing in share market
SAURABH SUMAN 9867252468 Already invested in other firms policies
 Need short term high returns. Focusing on
VIKAS GUPTA 8452088626 other type of investment
YOGESH AGARWAL 9530039800 Didnt disclose the details
PRANAY 97017421120 Already has a LIC policy
 CHAPTER 4: CONCLUSION:

Due to the intense competition in the life insurance market, the life insurance Return
on investment, company reputation and premium outflow are most preferred attributes
that are expected by the respondents. Hence greater focus should be given to these
attributes companies have to adopt better strategies to attract more customers.

Keeping the cost, quality and return on investment in tact is necessary in order to
tackle the competition.

Life insurance products are taken mainly by middle and higher income group. Hence
they should be regarded as main targeted income groups. Life insurance products
which are suitable for lower income group should also be released so that the market
share increases.

Return on investment, company reputation and premium outflow are most preferred
attributes that are expected by the respondents. Hence greater focus should be given to
these attributes.

Private life insurance companies should adopt effective promotional strategies to

increase the awareness level among the consumers.

Life insurance companies should ask for their consumer feedback to know whether
the consumers are really satisfied or dissatisfied with the service and product of the
companies. If they are dissatisfied, then the reasons for dissatisfaction should be
found out and should be corrected in future.

The LIC brand name has earned a lot of goodwill and enjoys high brand equity. As
there is intense competition in life insurance market, LIC should work hard to
maintain its top position and offer better service and product.
References:-

Websites

o www.idbifederal.com

o www.irda.gov.in