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CONTENT
Chapter-1 Introduction Objectives of the study Scope of the study Research Methodology Limitations of the study
Chapter-2 Industry Profile Company Profile Chapter-3 Theoretical Aspects of the study Chapter-4 Data analysis and Interpretation Chapter-5 Findings Suggestions Conclusion Questionnaire Bibliography
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CHAPTER-1
Introduction Objectives of the study Scope of the study Research Methodology Limitations of the study
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INTRODUCTION
A study on marketing strategies adopted in Life Insurance Corporation of India. Strategy is a long term plan of action designed to achieve a particular goal, most often winning. Strategy is differentiated from tactics or immediate actions with resources at hand by its nature of being extensively premeditated, and often practically rehearsed. A marketing strategy is most effective when it is an integral part component of corporate strategy, defining how the organization will engage customers, prospects and competitors in the market arena for success. It is partially derived from broader corporate strategies, corporate mission and corporate goals. They should flow from the firms mission statement. They are also influenced by a range of micro environmental factors. Marketing is so basic that it cannot be considered as a separate function. Today we hear that business operating in a globalized economy that things are moving at a nana second pace. That our markets are characterized by upper competition that descriptive technologies are challenging every business and that must adopt the empowered consumer. The said marketing concept holds that the organizations task is to determine the need wants and interests of target markets and to deliver the desired satisfaction more effectively and efficiently than competitors in a way that preserves or enhance the consumers and societys well-being.
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So far no previous studies have been made on this particular topic that is why the present study gains importance. The study of the marketing strategies is done to get a picture about LIC of Indias commitment towards its strategies of marketing its products, which includes developing stronger brands and loyalty with which uptime customer.
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RESEARCH METHODOLOGY
As the study is mainly concerned with the marketing strategies and consumer satisfaction relating to the LIC of Indias products, in Bellary city, knowing the various distribution channels in LIC, survey method is used to collect the primary data with the help of questionnaire. The study is mainly based on primary data and secondary data with a sample size of 50 respondents. Primary Data Primary data refers to original information gathered for a specific purpose and provides up to date, accurate relevant information, canvassing questionnaire and interviews with potential customers. Secondary Data Secondary data are those data and are available for ready and analyzed as they were previously meant for another purpose. Secondary source of data collection are journals, information from the company records, through reports and internet. Sampling Unit and Size The project is surveyed in the study on the basis of the customers of LIC of India from Bellary. The total sampling size is 50 people. The respondents are selected by using convenient sampling method.
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A Study on Marketing Strategies towards LIC of India 2013-2014 LIMITATIONS OF THE STUDY
The sample is restricted to 50 respondents only. The study is restricted to Bellary city only. Getting accurate response from the respondents is not possible due to their inherent problem. Some of the customers who were busy were not able to provide the information in a proper manner. This study involves only 50 respondents, they were selected randomly; hence the Findings and Suggestions, and conclusion of the study made may not be 100% accurate.
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CHAPTER-2
Industry Profile Company Profile
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A Study on Marketing Strategies towards LIC of India 2013-2014 INTRODUCTION Insurance sector occupies an
important place in a nations economy and modern economic world. Insurance is necessary in a modern society and trade. Hence it is one of the great agencies of commerce, and plays a vital role in the economic development of country, it is one of the results of the industrial revolution and the child of the economic necessity, its prance is very helpful to the economic activity and industrial progress of a country. Life Insurance is the fastest growing sector in India since 2000 as Government allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it to 49%. Life Insurance in India was nationalized by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance companies at that time were taken over by LIC. In 1993, the Government of India appointed RN Malhotra Committee to lay down a road map for privatization of the life insurance sector. While the committee submitted its report in 1994, it took another six years before the enabling legislation was passed in the year 2000, legislation amending the Insurance Act of 1938 and legislating the Insurance Regulatory and Development Authority Act of 2000. The same year the newly appointed insurance regulator - Insurance Regulatory and Development Authority IRDAstarted issuing licenses to private life insurers.
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A Study on Marketing Strategies towards LIC of India 2013-2014 INSURANCE TODAY When people buy Insurance Today, they are still sharing their risk. Modern insurance companies study statistics that show the frequency of past losses for ex losses from shop fires to try to predict what losses their clients will experience in the future. The insurance company uses the funds paid by many clients to compensate the clients who suffer losses. SOME OF THE MILESTONES IN THE LIFE INSURANCE BUSINESS IN INDIA ARE AS FOLLOWS: 1912: The Indian Life Insurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Life Insurance Companies Act enacted to enable the government to collect statistical information about both life and non life insurance business. 1938: Earlier legislation consolidated and amended to buy the insurance with the objective of protecting the interest of the insuring public. 1956: 245 Indian and foreign insurers and provident societies taken over by the Central Government and nationalized. LIC formed by an Act of Parliament 1956.
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A Study on Marketing Strategies towards LIC of India 2013-2014 KEY PLAYERS IN LIC Life Insurance Corporation of India is the fastest growing sector in India since 2000 as government allowed private players and FDI up to 26%. Life insurance in India was nationalized by incorporating Life Insurance Corporation (LIC) of India in 1956. All private life insurance companies at that time were taken over by LIC. In 1993 the government of republic of India R.N. Malhotra Committee to lay down a road map for privatization of the life insurance sector. All life insurance companies in India have to comply with the strict regulations laid out by Insurance Regulatory and Development Authority of India (IRDA). Therefore there is no risk in going for private insurance players. In terms of being rated for financial strength like international players, only ICICI Prudential is rated by fifth India at National Insurer financial strength. Among private sector players ICICI Prudential Life Insurance between ICICI Bank and Prudential PLC is the target followed by Bajaj Life Insurance Company Ltd. The private companies are coming out with better products which are more beneficial to the customer. Among such products are the ULIPS or the United Linked Investment Plans which offer both life cover as well as scope for saving on investment as the customer desires. In case of mutual fund related Unit linked policies, it varies between 1.5% to 6% on the premium paid agency commission for retail pension policies 7.5% on first year premium and 2.5 % thereafter maximum broker commission. 30% referral fees to banks maximum 55% for regular premium and 10% for single premium. However the above commission may be further subject to the product wise limit specified by IRDA while approving the product.
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A Study on Marketing Strategies towards LIC of India 2013-2014 HDFC Standard Life has established its branches in 110 locations and is targeting non metro towns. It is hoping to leverage pedigree/ parentage to gain more customer acceptance. As a result it is focusing on quality not just volume growth. It has developed some innovative products like the loan cover term assurance plan which provides lump sum in case of death of the assured life during the team plan. Aimed at growing segment of home loan takers, the plan helps the family to repay the outstanding loan. Given that HDFC has a huge data base of home loan customers; it can easily tap into this resource to acquire new business. The company is leveraging its large customer data base of home loan and banking clients to cross sell insurance products.
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A Study on Marketing Strategies towards LIC of India 2013-2014 MARKET SHARES OF KEY PLAYERS
0% 2% 3% 2% 7% 1% 1% 0% 1%
Percentage
1% 1%
LIC ICICI PRUDENTIAL BIRLA SUNLIFE BAJAJ ALLIANZ SBI LIFE TATA AIG MAX-NYL METLIFE AMP SUNMAR OM KOTAK
81%
In the above graph of market shares it is very much clear that most of the shares i.e. about 81% of the market shares are with Life Corporation of India (LIC)
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COMPANY PROFILE
Founding organizations The Oriental Life Insurance Company, the first company in India offering life insurance coverage, was established in Calcutta in 1818 by Bipin Behari Dasgupta and others. Its primary target market was the Europeans based in India, and it charged Indians heftier premiums. The Bombay Mutual Life Assurance Society, formed in 1870, was the first native insurance provider. Other insurance companies established in the pre-independence era included Postal Life Insurance (PLI) was introduced on 1 February 1884 Bharat Insurance Company (1896) United India (1906) National Indian (1906) National Insurance (1906) Co-operative Assurance (1906) Hindustan Co-operatives (1907) Indian Mercantile General Assurance Swadeshi Life (later Bombay Life) Sahyadri Insurance (Merged into LIC, 1986)
The first 150 years were marked mostly by turbulent economic conditions. It witnessed, India's First War of Independence, adverse effects of the World War I and World War II on the economy of India, and in between them the period of worldwide economic crises triggered by the Great depression. The first half of the 20th century also saw a heightened struggle for India's independence. The aggregate effect of these events led to a high rate of and liquidation of life insurance companies in India. This had adversely affected the faith of the general public in the utility of obtaining life cover.
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A Study on Marketing Strategies towards LIC of India 2013-2014 Nationalization in 1955 LIC Zonal Office, at Connaught Place, New Delhi, designed by Charles Correa, 1991. In 1955, parliamentarian Amol Barate raised the matter of insurance fraud by owners of private insurance agencies. In the ensuing investigations, one of India's wealthiest businessmen, Sachin Devkekar, owner of the Times of India newspaper, was sent to prison for two years. Eventually, the Parliament of India passed the Life Insurance of India Act on June 19, 1956 creating the Life Insurance Corporation of India, which started operating in September of that year. It consolidated the life insurance business of 245 private life insurers and other entities offering life insurance services, this consisted of 154 life insurance companies, 16 foreign companies and 75 provident companies. The nationalization of the life insurance business in India was a result of the Industrial Policy Resolution of 1956, which had created a policy framework for extending state control over at least seventeen sectors of the economy, including the life insurance. Growth as a monopoly From its creation, the Life Insurance Corporation of India, which commanded a monopoly of soliciting and selling life insurance in India, created huge surpluses, and by the year 2006 it was contributing around 7% of India's GDP. The Corporation, which started its business with around 300 offices, 5.7 million policies and a corpus of INR 45.9 crores (US$ 92 million as per the 1959 exchange rate of roughly INR5 for US$1), had grown to 25,000 servicing around 350 million policies and a corpus of over INR800000 crore (US$130 billion) by the end of the 20th century.
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A Study on Marketing Strategies towards LIC of India 2013-2014 Liberalization post 2000s In August 2000, the Indian Government embarked on a program to liberalize the Insurance Sector and opened it up for the private sector. Ironically, LIC emerged as a beneficiary from this process with robust performance, albeit on a base substantially higher than the private sector. In 2013 the First Year Premium compound annual growth rate (CAGR) was 24.53% while Total Life Premium CAGR was 19.28% matching the growth of the life insurance industry and also outperforming general economic growth.
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LIC's slogan yogakshemam vahamyaha is in Sanskrit language which translates in English as "Your welfare is our responsibility". This is derived from ancient Hindu text, the Bhagavad Gita's 9th chapter, 22nd verse. The slogan can be seen in the logo, written in Devanagari script.
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COMPANY PROFILE
Type State-owned Industry Financial services Founded 1 September 1956 Headquarters Mumbai, India Key people
Products
S.K Roy (Chairman), Sushobhan Sarker (Managing Director), S.B Mainak (Managing Director) V.K Sharma (Managing Director), Usha Sangwan (Managing Director) Life insurance, health insurance, investment management, mutual fund US$46,794 million (2013) US$3,257 million (2013) 1325000 crore(US$210 billion) (2010)
Owner(s) Government of India Employees 120,767 (Mar 2013)[1] Subsidiaries LIC Housing Finance LIC Pension Fund Ltd. LIC International LIC Cards Services LIC Nomura Mutual Fund Website www.licindia.in
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Objectives of LIC
Spread Life Insurance widely and in particular to the rural areas and to the socially and economically backward classes with a view to reaching all insurable persons in the country and providing them adequate financial cover against death at a reasonable cost. Maximize mobilization of people's savings by making insurance-linked savings adequately attractive. Bear in mind, in the investment of funds, the primary obligation to its policyholders, whose money it holds in trust, without losing sight of the interest of the community as a whole; the funds to be deployed to the best advantage of the investors as well as the community as a whole, keeping in view national priorities and obligations of attractive return. Conduct business with utmost economy and with the full realization that the moneys belong to the policyholders. Act as trustees of the insured public in their individual and collective capacities. Meet the various life insurance needs of the community that would arise in the changing social and economic environment. Involve all people working in the Corporation to the best of their capability in furthering the interests of the insured public by providing efficient service with courtesy. Promote amongst all agents and employees of the Corporation a sense of participation, pride and job satisfaction through discharge of their duties with dedication towards achievement of Corporate Objective.
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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."
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A Study on Marketing Strategies towards LIC of India 2013-2014 BELLARY PROFILE: Life Insurance Corporation of India (LIC) is an old life insurance company in India. It is also the insurer with the largest customer base. The company was formed on 1st September, 1956, with the city of Bellary growing at a higher rate there is a rapid growth in mining and finance industries also.
PROFILE of LIC of INDIA IN BELLARY Company name LIC of India Branch Head Mr. Venkappa Address Life Insurance Corporation of India Main Branch, Station Road, Bellary, 583101
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CHAPTER-3
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A Study on Marketing Strategies towards LIC of India 2013-2014 THEORETICAL ASPECTS OF THE STUDY
Strategy is a long term plan of action designed to achieve a particular goal, most often winning. Strategy is differentiated from tactics or immediate actions with resources at hand by its nature of being extensively premeditated, and often practically rehearsed. A marketing strategy is most effective when it is an integral part component of corporate strategy, defining how the organization will engage customers, prospects and competitors in the market arena for success. It is partially derived from broader corporate strategies, corporate mission and corporate goals. They should flow from the firms mission statement. They are also influenced by a range of micro environmental factors. CORPORATE LEVEL STRATEGY: At the corporate level, strategies are devised in an attempt to exploit the firms distinctive competencies by developing long term plans for business operations. To great extent, attitudes at the corporate level reflect the concerns of the stake holders and society at large. BUSINESS LEVEL STRATEGY: It involves making decisions about the competitive positions of single business unit. The managers at this level translate the general statements of corporate strategy learners into extent, functional objectives and strategies for individual business division. Business level managers determine what the companys competitive advantage is to be based upon in specific product market area. FUNCTIONAL LEVEL STRATEGY: This level consists of managers from geographic product and functional area. These managers design short time strategies and fixed annual objectives in different areas such as research & development, finance & accounting, marketing, production, operations and human resources. Functional level managers addresses problems related to the efficiency and effectiveness of production, success of particular products and services in increasing their market share and quality of customer service.
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A Study on Marketing Strategies towards LIC of India 2013-2014 Customer is a focal point in every marketing activity, customer awareness and expectations are maturing in the early stages of evolution. Customers are satisfied when their expectations are met, delighted their expectations are exceeded. Satisfied customers are sensitive and frequently talk about the company. It involves building customers and not just building products. A detailed analysis of the study is considered to be necessary in order to compare the actual theory with that observed in practice, the variance of which taking from the basis for improvement. Keeping in view this point to fulfill the objectives of the study an attempt has been made to segment the various respondents on the basis of their age, educational qualification, profession and income, they are depicted through tables and charts.
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CHAPTER-4
Data analysis and Interpretation
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A Study on Marketing Strategies towards LIC of India 2013-2014 1. Age of respondents Age Respondents Percentage Below 25 5 10% 25-35 14 24% 35-45 16 32% 45-55 8 16% Above 55 7 14%
AGE OF RESPONDENTS
35 30 25 20 15 10 5 0 Below 25 25-35 35-45 45-55 Above 55 AGE OF RESPONDENTS
The survey was conducted on 50 respondents. As I studied and everyone knows that Indias 64% of the population is working age group people. Through this survey I came to know that there are more young adults from age group of 25 to 45.
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A Study on Marketing Strategies towards LIC of India 2013-2014 2. ANNUAL INCOME OF RESPONDENTS Annual income Below 5,00,000 Respondents Percentage 9 18% 5,00,0008,00,000 8 16% 8,00,00010,00,000 23 46% Above 10,00,000 10 20%
The economic condition in the form of annual income of the respondents has been presented in the form of table and chart. Here 18% of the respondents annual income is below 5,00,000. 16% of the respondents annual income falls between 5,00,000 8,00,000. Most of them, that is 46% of the respondents annual income comes between 8,00,000 10,00,000. And 20% of the respondents annual income is above 10,00,000 rupees. This statistics clearly shows that majority of the respondents annual income is between 8,00,000 10,00,000 rupees, whereas only few have an annual income below 5,00,000 rupees.
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A Study on Marketing Strategies towards LIC of India 2013-2014 3. QUALIFICATION OF RESPONDENTS Qualification SSLC PUC Graduates Post Graduates Respondents Percentage 2 4% 11 22% 20 40% 7 14% 10 20% Others
QUALIFICATION OF RESPONDENTS
45 40 35 30 25 20 15 10 5 0 SSLC PUC Graduates Post Graduates Others QUALIFICATION OF RESPONDENTS
As the survey was conducted on 50 respondents, the above graph represents the qualification of the respondents. It depicts that 2 of the respondents were SSLC qualified, 11 of the respondents were PUC qualified, majority of the respondents that is 20 out of 50 were graduates, 7 of them were Post Graduates and 10 of the respondents had some other qualification. Most of the respondents were graduates and only a few were SSLC qualified.
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A Study on Marketing Strategies towards LIC of India 2013-2014 4. ARE YOU INSURED? Insured status Respondents Percentage Yes 50 100% No 0 0%
Insured status
120 100 80 60 40 20 0 yes no
Insured status
The survey was conducted on 50 respondents wherein I came to know that all of the respondents were insured. Hence this makes it clear that everyone are aware of insurance policy scheme.
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A Study on Marketing Strategies towards LIC of India 2013-2014 5. NUMBER OF MEMBERS IN YOUR FAMILY. Number of members in family Respondents Percentage 11 22% 25 50% 9 18% 5 10% Below 3 3-6 6-9 Above 9
members
60 50 40 30 20 10 0 below 3 3 to 6 6 to 9 above 9
members
The survey was conducted on 50 respondents wherein about 50% of the respondents had a family consisting of 3-6 members in it.
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A Study on Marketing Strategies towards LIC of India 2013-2014 6. RESPONDENTS INSURED IN DIFFERENT COMPANIES Company Respondents Percentage LIC 21 42% Bajaj Allianz 11 22% ICICI 7 14% HDFC 5 10% Others 6 12%
RESPONDENTS INSURED
45 40 35 30 25 20 15 10 5 0 LIC Bajaj Allianz ICICI HDFC Others RESPONDENTS
The survey was conducted on 50 respondents wherein I came to know that the leader in todays market is LIC, and it is a well-established brand because of its overall performance and rating from the respondents. Here of the respondents opt for LIC, 22% of the respondents are satisfied with Bajaj Allianz, 14% respondents are insured in ICICI Prudential, 12% of them have gone for some other companies and only 10% of the respondents opt for HDFC. According to the response from the respondents most of the respondents have selected LIC to get insured and only a few are interested in HDFC.
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A Study on Marketing Strategies towards LIC of India 2013-2014 7. RESPONDENTS SATISFACTION TOWARDS LIC Satisfaction Respondents Percentage Yes 41 82% NO 9 18%
The survey was conducted on 50 respondents wherein I came to know that the satisfaction level of respondents towards LIC of India was much better. The above statistics clearly depicts that 82% of respondents are satisfied with services of LIC of India, whereas only 18% of the respondents are not satisfied with it. Hence the above chart makes it clear that most of the respondents are satisfied with LIC of India, whereas only a few are not satisfied.
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A Study on Marketing Strategies towards LIC of India 2013-2014 8. RESPONDENTS OPTED FOR THE PRODUCT Types of insurance Health Insurance Unit Linked Insurance Plan Single Premium Plan Money Back Plan Endowment Plan Others Respondents 5 5 2 10 23 10 percentage 10% 10% 4% 20% 46% 10%
The survey was conducted on 50 respondents wherein I have selected randomly few of the policies provided by LIC of India. Here the above chart shows the respondents opt for the product where about 46% of all the respondents went for endowment plan and about 20% of the respondents selected money back policy
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A Study on Marketing Strategies towards LIC of India 2013-2014 9. AWARENESS OF THE COMPANY Media Respondents Percentage Newspaper 10 20 Magazine 8 16 T.V. 10 20 Agent 17 34 Others 5 10
Graph showing percentage of media through which people are aware of the company
The survey was conducted on 50 respondents wherein the above chart depicts the awareness of the respondents through different media towards LIC of India. 20% of the respondents are aware through Newspaper 16% of the respondents are aware through Magazine 20% of the respondents are aware through Television 34% of the respondents are aware through agents 10% of the respondents are aware through other medias
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A Study on Marketing Strategies towards LIC of India 2013-2014 10. LIC RANKED BY THE RESPONDENTS Rank Respondents Percentage 1 24 48 2 11 22 3 7 14 4 5 10 5 3 6
The survey was conducted on 50 respondents wherein it is clear that majority of the respondents have ranked LIC to the top. The ranks provided by the respondents are as follows: 24 of the respondents have ranked 1 to LIC 11 of the respondents have ranked 2 to LIC 7 of the respondents have ranked 3 to LIC 5 of the respondents have ranked 4 to LIC 3 of the respondents have ranked 5 to LIC.
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CHAPTER-5
Findings Suggestions Conclusion Questionnaire Bibliography
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A Study on Marketing Strategies towards LIC of India 2013-2014 FINDINGS The marketing strategies towards LIFE INSURANCE CORPORATION OF INDIA is based on its several objectives. Basically to know about the company and its products. To know the various strategies adopted by LIC of India. Differentiating the LIC of Indias products with the other competitors products. To identify the potential customers. To know the services provided by LIC of India. The study is aimed to find out the strategies towards LIC of India. The following findings are derived from the data evaluated in the previous chapter. It has been found that the annual premium of LIC of India is slightly higher than its competitors. It has been recognized that the awareness of the company is due to more number of agents. It has been observed that LIC of India is public company, so most of the respondents have invested, in it as it would be safer than to invest in any other private insurance company. It has been found that the company is going on opening its branches in different areas. It has been observed that most of the respondents are satisfied with the service of LIC of India. It has been observed that the information technology of LIC of India is excellent.
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A Study on Marketing Strategies towards LIC of India 2013-2014 SUGGESTIONS Life Insurance Corporation of India is a very well versed company. It believes in concept selling by opening new branches all over the country rather giving advertisements in television or any other media. But still it is suggested that it should give advertisement in television, so that general public can know better about this company as much of them are not aware of its benefits. 1. The annual premium of LIC of India is higher when compared to the competitors. So it is suggested that its premium plans must be revised and should see that its premium amount is being fixed at a reasonable level. 2. It is suggested that the company has to go for deep insight in the insurance sector as it would help the agents to convince the general public easily to invest in the company. 3. The awareness of the company is due to agents, so it is suggested that the company provide more training and encourage the agents for their work. 4. It is also suggested that the company must also concentrate on other medias for its awareness like advertisement through newspaper, magazines, television etc. 5. The company is suggested to tie up with other organizations which have strong hold in rural and semi-urban areas, or open its own branches to compete with them.
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CONCLUSIONS:
Hence to conclude, I came to know about Life Insurance Corporation of India, role of financial consultant to selling insurance products. During on the job training I learned to talk with strangers, getting touch with them to get references. And what are the abilities functions of FCs in the company. The size of the market has grown and the size of the insurable population in India is indeed vast and the existing player has managed to cover about two third of it. The opportunities before the players are therefore a plenty in terms of target audience. The perception of public, the collapse of many small time financial institutions, and the scope for entering related areas to sale the insurance products in door to door selling strategy is very useful. There is a probability of a spurt in employment opportunities. A number of web sites are coming up on insurance, a few financial magazines exclusively devoted to insurance and also a few training institutes being set up hurriedly. Many of the universities and management institutes have already started or are contemplating new courses in insurance it was very helpful to more awareness of the sector.
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A Study on Marketing Strategies towards LIC of India 2013-2014 QUESTIONNAIRES 1. Your Name and Address _______________________________ _______________________________. 2. Age Below 25 25-35 35-45 45-55 Above 55
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A Study on Marketing Strategies towards LIC of India 2013-2014 8. If yes, are you satisfied by the services offered by LIC? Yes No
9. In which insurance company are you interested to invest? LIC ICICI HDFC Bajaj Allianz Others
10. In which insurance product do you like to invest? Health Insurance Money Back Endowment Others
11. How are you aware about LIC of India? Newspaper Magazines Television Agents Others
12. Would you like to recommend LIC of India to others If yes give reason ____________________________ If no give reason _____________________________ 13. Do you have any other suggestions ( Please specify) _____________________________________________________ _____________________________________________________ _____________________________________________________
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A Study on Marketing Strategies towards LIC of India 2013-2014 BIBLIOGRAPHY Internet www.google.co.in www.licindia.in en.wikipedia.org Books Magazines Newspapers
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