Marketing Strategies of Idbi Federal Life Insurance c

8/11/2019 Marketing Strategies of Idbi Federal Life Insurance c

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ACKNOWLEDGMENT

With 6ro1oun( 2en2e o1 5ratitu(e an( re5ar(; I cone

incom6=ete ithout than4in5 the co==e5e 1acu=t7 ho he=6e( me in a== 6o22i>=e a72

their ho=ehearte( co$o6eration@ *a2t >ut not the =ea2t I am e


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ABSTRACT

In to(a72 cor6orate an( com6etitiution channe=

inc=u(e2 on=7 a5ent2 or a5enc7 ho=(er2 o1 the com6an7@ I1 a com6an7 =i4e I)BI *i1e

In2urance; TATA AI; 3A etc hai5 mar4et a2 com6are( to the other com6anie2@

A5ent2 are the on=7 a7 1or a com6an7 o1 In2urance 2ector throu5h hich 6o=icie2

an( >ene1it2 o1 the com6an7 can >e e6=aine( to the cu2tomer@

The a>ou7in5

6attern in the in2urance in(u2tr7 ith a 26ecia= 1ocu2 on I)BI =i1e In2urance@ The


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TABLE OF CONTENTS

"@ INTRO)UCTION

9@ CO3PAN PROFI*E

#@ RESEARCH OBJECTIES AN) 3ETHO)O*O

@ *ITERATURE REIEW

+@ )ATA ANA*SIS

@ FIN)INS

-@ CONC*USION

/@ RECO33EN)ATIONS

0@ BIB*IORAPH

",@ ANNEURE

i


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INTRODUCTION

Thi2 6ro?ect aim2 to 2tu(7 Marketing Strategies ! IDBI Fe"era# Li!e Ins$ran%e@

The 2co6e o1 thi2 re2earch i2 I)BI Fe(era= *i1e In2urance =imite( amon5 re26on(ent

1rom ac45roun(2@ It inten(2 to 2ho ho the con2umer react2 to

the ma?or u2e2 o1 the a(een


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INDUSTR& O'ER'IEW

O'ER'IEW OF INDUSTR& AS A W(OLE

Ins$ran%e) *+at is it3an ha2 a=a72 >een in 2earch o1 2ecurit7 an( 6rotection 1rom the >e5innin5 o1

cia2i2 o1

in2urance a2 the 2harin5 o1 the =o22e2 o1 a 1e amon52t man7@ In2urance 6roi=it7 an( 2tren5th to the in(i7 the (i2tri>ution

o1 =o22 o1 a 1e amon5 man7 >7 man7 >7 >ui=(in5 u6 oeteen the in2urer an(

in2ure( here>7; in con2i(eration o1 6a7ment o1 6remium >7 the in2ure( the in2urera5ree2 to ma4e 5oo( an7 1inancia= =o22 the in2ure( ma7 2u11er (ue to con2i(eration o1

an in2urance 6eri=@

Nat$re ! Ins$ran%e

Ins$ran%e -eans Srea"ing ! Lsses r S+aring ! Risks/

*i1e i2 1u== o1 ri242@ For 6ro6ert7; there are 1ire ri242L 1or 2hi6ment o1 5oo(2; there are

6eri=2 o1 2eaL 1or human =i1e there are ri242 o1 (eath or (i2a>i=it7L 2o on an( 2o 1orth@

The ri242 are uncertain$ma7 or ma7 not occur@ Peo6=e 1acin5 common ri242 come

to5ether an( 5iution to the common 1un(@ Whi=e it ma7 not >e

6o22i>=e to te== >e1ore; hich 6er2on2 i== 2u11er; >ut it i2 6o22i>=e to te== ho man7

6er2on2 on an a7 a==@ In2urance

thu2 >roa(=7 >e un(er2too( a2 the 6roce22 o1 26rea(in5 o1 =o22e2 o1 an in(iecau2e the7 are 1ree o1 an7 orr7 o1

=o22@ Fo==oin5 9 eam6=e2 e6=ain the a>o


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T+e In"ian ins$ran%e se%tr ) %+anging 0$siness en1irn-ent

In(ia a2 6art o1 it2 >ecomin5 a =i>era=ie( econom7; ha2 no o6ene( u6 mo2t o1 it2

in(u2tr7 2ector2 1or 6rieteen the In(ian an( 1orei5n com6anie2@ An o7 2uch techniGue2 a2 =o 6rice2; hi5her Gua=it7 6ro(uct2; e11icient

2er


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enera= In2urance Cor6oration !IC' hich a2 the ho=(in5 com6an7 o1 the 1our

6u>=ic 2ector 5enera= in2urance com6anie2 ha2 2ince >een (e=in4e( 1rom the =ater an(

ha2 >een a66ro7 the o2i(iar7 com6anie2 in " other countrie2@

A ho==7$ one( 2u>2i(iar7 com6an7 o1 IC; i@e@ In(ian Internationa= Pte@ *t(@ i2

o6eratin5 in Sin5a6ore an( there i2 a ?oint een re5i2tere(@

In(ian Econom7 In 9,,-$,/

The 3uch eu6horic economic 5roth in In(ia i2 e6ecte( to 2u2tain (urin5 the 7ear@

The >etter 6er1ormance in the 2er=em o1 recor( =eott=enec42; an( 1i2ca= im>a=ance2@

Thou5h there are a =ar5er num>er o1 on5oin5 im>a=ance2 continuin5 o


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in the countr7 i2 >ein5 mar4e( (ue to 2ta5nation in (ome2tic 6ro(uction in the

commo(itie2 2uch a2 heat; 2u5ar an( 6u=2e2@

The (ec=inin5 6ro(uction in the a5ricu=tura= 2ector i2 5enera==7 mar4e( (ue to 2ome

con2traint2 =i4e in1ra2tructure >ott=enec42; 6articu=ar=7 in re5ar( to irri5ation 1aci=itie2L

continue to im6e(e 26ee(7 a(o6tion o1 im6roone o1 In(ian Econom7M@

A== the P=anner2; thin4er2; an( economi2t2 te== a>out 2er


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COM3AN& 3ROFILE

IDBI Fe"era# Li!e Ins$ran%e

IDBI Fe"era# Li!e Ins$ran%e C Lt". i2 a ?oint$a2e( out o1 Euro6e@

In thi2 er 9,"#; the com6an7 ha2 i22ue(

near=7 +@+ =a4h 6o=icie2 ith a 2um a22ure( o1 o


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in the 2tate o1 Kera=a@ It ha2 a 2tron5 netor4 o1 oranche2 an( ";#"9 AT32

26rea( acro22 In(ia@ The >an4 6roit car(2;

on=ine >i== 6a7ment an( ca== centre 1aci=itie2 to o11er roun( the c=oc4 >an4in5

coneen a 6ioneer in 6ro


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To continua==7 2tri


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MANAGEMENT

'ig+nes+ S+a+ane

CEO & Whole Time Director

A4a2 O0eri

Chief People Officer & Head Administration

Anees+ K+anna

Head eBusiness, Maretin! & Product Mana!ement

Anees+ Sri1asta1a

Chief "n#estment Officer

Ar1in" S+a+i

Chief $is Officer

As+#e2 Kenne"2

%ational Head A!enc' & Alliances

Gerge 5+n

Chief (inancial Officer

La#it+a B+atia

Chief Operatin! Officer

Ma+es+ Keni

)ice President "nternal Audit

3$rni-a G$te

Appointed Actuar'

Ra4es+ A4gankar

Head *e!al, Compliance and Compan' +ecretar'

",


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3r"$%ts

At I)BI Fe(era=; it2 our con2tant en(ea


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T2es ! IDBI Fe"era# Li!e Ins$ran%e/

A num>er o1 I)BI Fe(era= *i1e In2urance 6ro(uct2; hich o11er 6rotection an( a=2o

cou6=e( ith 2aut a=2o the 1u==

amount o1 mone7 a22ure( on (eath (urin5 the 6erio( o1 contract@

Ann$it2 r"$%t/i


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3RODUCT 3ROFILE

I)BI Fe(era= *i1e In2urance Pro(uct Ta>=e

RetirementPen2ion P=an Retire2urance

Term P=an Term2urance

Sa


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Contri>ute mone7 in a 1=ei>=e a7 to 2uit cu2tomer2 2ait

A i(e choice o1 ina2e( on cu2tomer2 return e6ectation2

an( ri24 to=erance

Inoo2t cu2tomer2 2aution2 an( >ene1it2

Fun(2 can >e ith(ran in ca2e o1 nee(; a1ter 1ietter return@

KE& FEATURES OF LIFESURANCE SA'INGS INSURANCE 3LAN

Mat$rit2 Bene!it

On the maturit7 o1 7our *i1e2urance 6o=ic7; 6ro


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Deat+ Bene!it

On the (eath o1 the =i1e in2ure( (urin5 the 6o=ic7 term; 6roene1iciar7; the 2um in2ure( a=on5 ith the

onu2; i1 an7 in a =um6 2um@

)eath Bene1it Q Sum in2ure( e2te( 5uarantee( a((ition2 e2te( reonu2e2 Interim >onu2 !i1 an7' Termina= >onu2

G$arantee" A""itins

uarantee( a((ition2 at the rate +, 6er ";,,, 2um in2ure( i== >e a((e( to 7our 6o=ic7

1or each 1u== annua= 6remium that i2 (ue an( 6ai( in the 1ir2t + 7ear2 o1 the 6o=ic7@ In

the ca2e o1 6remium2 6ai( more 1reGuent=7 than annua==7; the 5uarantee( a((ition2

i== >e a((e( on a 6ro rata >a2i2 a2 the (ue 6remium2 are 6ai( in the 1ir2t + 7ear2 o1

the 6o=ic7@ The ecome 6a7a>=e a=on5 ith the 2um

in2ure( at the time o1 a c=aim or maturit7 o1 the 6o=ic7@

Bn$ses

A1ter the 1i1th 6o=ic7 7ear 7our *i1e2urance 6o=ic7 i== 6artici6ate in an7 6ro1it2 o1 our

6artici6atin5 6o=ic7ho=(er2 =i1e 1un( >7 a7 o1 reonu2e2 an( 6o22i>=7

termina= >onu2@ The amount o1 an7 6ro1it2; an( hence o1 an7 >onu2e2 i== (e6en( on

the 1uture e6erience an( 6er1ormance o1 the 1un(@ The >onu2e2 i== >e (ec=are( >7

the Boar( o1 I)BI Fe(era= *i1e In2urance Com6an7 each 7ear; an( once a((e( the7

i== 1orm 6art o1 the 5uarantee( >ene1it2 o1 the 6o=ic7@ The Com6an7 ma7 (ec=are an

interim >onu2 in the ee1ore the net >onu2 (ec=aration@ The com6an7

ma7 a=2o (ec=are a termina= >onu2 to >e 6ai( on maturit7 or (eath 6ro


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Ta7 Bene!its

De"$%tin $n"er Se% 89C/The 6remium2 that 7ou in=e 1or (e(uction un(er Sec /,C o1 the Income Ta Act u6 to the =imit o1

R2@ "; ,,;,,, !a=on5 ith other e=i5i>=e ineteen 1our

6o=ic7 term2 8",; "+; 9, or 9+ 7ear2@

3re-i$- 3a2-ent Ter-/ou can choo2e the term 1or hich 7ou ou=( =i4e to 6a7

6remium2 toar(2 7our *i1e2urance P=an@ The minimum Premium Pa7ment Term i2 +

7ear2 1or 6o=ic7 term2 o1 "+; 9, an( 9+ 7ear2@ The minimum 6remium 6a7ment term

i2 7ear2 1or 6o=ic7 term o1 ", 7ear2@ The maimum Premium Pa7ment Term can >e

eGua= to the Po=ic7 Term@ The minimum 6remium amount i2 R2 9,;,,, 1or annua=

in2ta==ment2; R2 ",;,,, 1or ha=1$7ear=7 in2ta==ment2; R2 +;,,, 1or Guarter=7

in2ta==ment2 an( R2 9;+,, 1or month=7 in2ta==ment2@

Lans

ou can a7 I)BI Fe(era= 1rom time to time@

A"1antage W-en

*i1e2urance o11er2 an a((itiona= 6remium (i2count 1or 1ema=e in2ure( 6er2on2@ The

>a2ic 6remium 6a7a>=e 1or a 1ema=e 6o=ic7ho=(er i== >e eGui


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a==o2 7ou to accumu=ate con2i(era>=e 2ai=itie2 in =i1e@ Po=ic7 i== 6artici6ate in the 2ur6=u2 o1 the com6an72

6artici6atin5 6o=ic7ho=(er2 =i1e 1un(; an( cu2tomer2 2hare o1 thi2 2ur6=u2 i== >e

a((e( to cu2tomer 6o=ic7; 1rom the th 6o=ic7 7ear onar(2; >7 a7 o1 reonu2e2 an( a termina= >onu2 a((e( at the time o1 maturit7; or on ear=ier (eath@ A2 a

con2eGuence; 6artici6atin5 6o=ic7ho=(er2 ho maintain their 6o=icie2 ti== maturit7 i==

en?o7 the >ene1it2 o1 =on5 term (e>t an( eGuit7 inein5 6rotecte( 1rom

the 2hort term


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In%-es$ran%e/

I)BI Fe(era= Income2urance En(oment an( 3one7 >ac4 P=an i2 a 6=an hich i2

(e2i5ne( 1or the cu2tomer2 to reach their 5oa=2 ith con1i(ence@ The main 1eature2 o1

thi2 6=an are:

Premium2 6ai( 1or a =imite( 6erio(

uarantee( annua= 6a7out

3inimum annua= 6a7out (ec=are( at the >e5innin5

A((itiona= annua= 6a7out i2 (ec=are( each time the 6remium i2 6ai(@

A((itiona= annua= 6a7out i2 =in4e( ith $ 2ec intere2t rate2

Cu2tomer2 can ta4e 6erio(ic 6a7ment2 or accumu=ate ti== maturit7

*um6 2um cout there

are =ot2 o1 other 1eature2 hich are in>ui=t in the 6ro(uct =i4e conene1it2 an( (ou>=e a(


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A(@

Wherea2 the 1ir2t a(u72 it in2tant=7; the 2econ( a(e c=ear an(

tran26arent on the i22ue o1 return2 in the in7 the name o1 (a2 an (L$%k2to 6romote

the >ran(@ To create an aarene22 o1 the 6ro(uct2 o1 the or5aniation amon5 the

hou2eho=(2; a 6aintin5 com6etition ?Brig+t Sarks> a2 con(ucte( an( certi1icate2

ere aar(e( to a== 6artici6ant2@

"0


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COM3ETITION ANAL&SIS

I)BI FE)ERA* *IFE INSURANCE Co@ *t(@ i2 in a hi5h=7 com6etitiout 6o6u=ation 5roth; economic 5roth; or 5oe =o2t

2econ(=7; their com6en2ation !cu2tomer or other com6an7' i== >e u2ine22 >ut the7

i== not =eaarrier are hi5h; 6ro1it 6otentia= are a=2o hi5h@

T+reat ! s$0stit$te r"$%t

Thi2 i2 not attractiecau2e there i2 man7

2u>2titute2 in mar4et >ut on=7 2er2titute

9,


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!mean2 inu7er2 >ar5in5 6oer@ )ue to =oe2t 2itchin5; >u7er2 are u7er can ana=72i2 that; hich 6ro(uct i2 5oo( 1or him@ So

(ue to 5roin5 >u7er2 6oer thi2 2e5ment i2 not 5oo( 1or ne 6=a7er@

T+reat ! s$#ier@s gr*ing *er

)ue to o=i5o6o=7 mar4et con(ition in2urance com6an7 cannot rai2e 6rice >ut the7 can

increa2e their 6ro1it 1rom 2e==in5 more 6o=icie2 in mar4et@ In In(ia; 2u66=7$5roin5

6oer !a5ent; >ro4er; >anca22urance' are 5roin5 (ue to =ot o1 com6an7 ai=it7

in I)BI Fe(era= *i1e In2urance Co@ *t(@

9"


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COM3ETITION INFORMATION

Li!e Ins$ran%e

H)FC Stan(ar( *i1e In2urance Com6an7 *t(@

3a Ne or4 *i1e In2urance Co@ *t(@

ICICI Pru(entia= *i1e In2urance Co@ *t(@

Om Kota4 3ahin(ra *i1e In2urance Co@ *t(@

Bir=a Sun *i1e In2urance Co@ *t(@

Tata Ai5 *i1e In2urance Co@ *t(@

SBI *i1e In2urance Co@ *t(@

IN 727a *i1e In2urance Co@ P


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S.W.O.T ANAL&SIS OF T(E ORGANISATION

With the a>oi=it7 to cro22 2e== 1inancia= 2erare=7 >ein5 ta66e(@

Techno=o57 i2 im6ro


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RESEARC( OB5ECTI'ES

OB5ECTI'ES

To 2tu(7 the >ene1it2 o1 thi2 6ro(uct 6ro7 I)BI Fe(era= *i1e In2urance

com6an7@

To 4no the con2umer 1ee(>ac4@

To 4no the mar4etin5 2trate5ie2 a(o6te( to 6romote the2e 6ro(uct2@

To ma4e the 6ri=e to the in


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RESEARC( MET(ODOLOG&

3RIMAR& SOURCES

!i' )ata co==ecte( 1rom In2urance com6anie2 throu5h ue2tionnaire

SECONDAR& SOURCES

!i' IR)A act;

!ii'Han(>oo4 o1 In2urance a5ent2 o1 (i11erent *i1e In2urance com6anie2

!iii' Internet e>2ite2 o1 IR)A an( e tar5ete( toar(2 the mar4eter2@ The 2tu(7 i== a=2o inc=u(e

2emi$2tructure( inter


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LITERATURE RE'IEW

The In(ian *i1e In2urance com6an7 act ::a2 the 1ir2t 2tatutor7 >o(7 that 2tarte(

to re5u=ate the =i1e in2urance >u2ine22 in In(ia@ B7 :a>out :In(ian; :1orei5n

an( 6roeen e2ta>=i2he( in In(ia@ Then the centra= 5oreath o1 the countr7@ A1ter the =i>era=iation the entrance o1 1orei5n

6=a7er2 ha2 a((e( to the com6etition in the mar4et@

Ins$ran%e Se%tr Re!r-sIn :; 3a=hotra Committee; hea(e( >7 1ormer Finance

Secretar7 an( RBI oeen 1ramin5 re5u=ation2

an( re5i2terin5 the 6riein5 an in(e6en(ent

2tatutor7 >o(7 ha2 6ut a 1rameor4 o1 5=o>a==7 com6ati>=e re5u=ation2@

9


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IM3ACT OF LIBERALIHATION

The intro(uction o1 6ri


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5o


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IN'ESTMENT IN LIFE INSURANCE

*i1e in2urance 6o=icie2 are Mca2h e in a term 6o=ic7@ The ece22

6remium i2 then in7 the in2urer or in an

account contro==e( >7 the 6o=ic7 ho=(er; >ui=(in5 u6 ca2h ene1it; to >orro a5ain2t 1or an7 u2e

or to 4ee6 the 6o=ic7 in e11ect i1 in2ure( 2to6 6a7in5 month=7 6remium2@

90


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DATA ANAL&SIS

:. AGE OF T(E RES3ONDENTS

PARTICTU*ARS NO@OF@RESPON)ENT PERCENTAE

*e22 than 9+ "" ""D

9+ $ #+ , ,D

#+ 8 + 9, 9,D

A>o


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. UALIFICATION OF T(E RES3ONDENTS@

PARTICUA*R NO@OF@RESPON)ENT PERCENTAE

ra(uate +9 +9D

Po2t ra(uate 90 90D

)i6=oma / /D

Other (i2ci6=ine "" ""D

TOTA* ",, ",,D

#"

ANAL&SIS/

From the 2ur


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. OCCU3ATIONS OF T(E RES3ONDENTS

PARTICU*ARS NO@OF@RESPON)ENT PERCENTAE

Bu2ine22 man # #D

Pro1e22iona=2 "/ "/D

Jo> ho=(er2 #- #-D

Other2 "" ""D

TOTA* ",, ",,D

#9

ANAL&SIS/

From the 2urac45roun(@


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A'ERAGE ANNUAL INCOME OF RES3ONDENTS.


U6 to " =a4h ## ##D

" =a4h 8 # =a4h # #D

# =a4h 8 + =a4h 9, 9,D

+ =a4h & a>o' #D o1 the re26on(ent2 ha


38/54

FAMIL& SIHE OF RES3ONDENTS

PARTICU*ARS NO@OF@RESPON)ENT PERCENTAEBe=o + mem>er2 +, +,D

+ $ ", mem>er2 #9 #9D

A>oeteen + to ", mem>er2@


39/54

ACCORDING TO LIFE INSURANCE


Ri24 Co


40/54

AWARENESS OF IDBI FEDERALLIFE INSURANCE


e2 "- "-D

No /# /#D

TOTA* ",, ",,D

#

ANAL&SIS/

From the 2ur


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8 AWARENESS REGARDING INSURANCE

PARTICU*ARS NO@OF@RESPON)ENT PERCENTAE e2 9 9D

No 0/ 0/D

TOTA* ",, ",,D

#-

ANAL&SIS/

From the 2ur


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. 3ERCENTAGE OF RES3ONDENTS W(O ARE UNDER

DIFFERENT 3LANS OF IDBI FEDERAL LIFE INSURANCE

CO.


In


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:9 3ERCENTAGE OF RES3ONDENT@S BENEFITS OF

C(OOSING T(E 3ARTICULAR 3RODUCTS


Ri24 coene1it 9, 9,D

3aturit7 (ate "9 "9D

Sum A22ure( / /D

TOTA* ",, ",,D

#0

ANAL&SIS/

a' #D o1 the re26on(ent2 2a7 that a >ene1it o1 choo2in5 the 6articu=ar

Pro(uct i2 1or Sa1et7 o1 =i1e@

>' 9,D o1 the re26on(ent2 2a7 that a >ene1it o1 choo2in5 the 6articu=ar

6ro(uct2 i2 1or a((itiona= >ene1it to 1ami=7

c' "9D o1 the re26on(ent2 2a7 that a >ene1it o1 choo2in5 the 6articu=ar

6ro(uct2 i2 1or maturit7 (ate

(' /D o1 the re26on(ent2 2a7 that a >ene1it o1 choo2in5 the 6articu=ar

6ro(uct2 i2 1or 2um a22ure(


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:: 3ERCENTAGE OF DISAD'ANTAGES IN INSURANCE 3LAN

PARTICUA*RS NO@OF@RESPON)ENT PERCENTAE

*iGui(it7 #+ #+D

*a62ation 9, 9,D

Una>=e to (eci(e

6remium

"0 "0D

Hi5h ri24 co


45/54

: 3ERCENTAGES OF RES3ONDENTS W(O WANT TO IN'EST

IN T(ESE DIFFERENT A'ENUES@

PARTICUA*RS NO@OF@RESPON)ENT PERCENTAE

Recurrin5 )e6o2it , ,D

EGuit7 Fun( 9+ 9+D

Ba=ance( Fun( ", ",D

3utua= Fun( "" ""D

)e>t Fun( + +D

Ca2h Fun( 0 0D

TOTA* ",, ",,D

CONCLUSIONS AND FINDINGS

"

ANAL&SIS/

From the 2ur


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FINDINGS

On an ana=72i2 an( e=i2hment o1 6riout ",D o1 re26on(ent2 ha


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RECOMMENDATIONS

A2 the 6eo6=e thin4 that in2urance i2 a too= 6rotect their 1ami=7 & a ta 2aecau2e there i2 a =ar5e 6otentia= 1or in2urance in

In(ia@

Com6an7 2hou=( come u6 ith it2 >ranch in )e=hi@ With the o>?ecti=ic@ Becau2e the entrance o1 6rie a tou5h ta24 to 2ecure a 5oo(

6o2ition in mar4et@

Since I)BI Fe(era= *i1e In2urance i2 =ea(in5 ith 2ee ea27 1or them to 6enetrate into the mar4et an( 2ecure a 5oo( 6o2ition i1 the7

6a7 5reater attention to the 2er


48/54

CONCLUSION

The >a2ic o>?ectieen

1u=1i==e( in the ear=ier cha6ter; >a2e( on the o>?ectiein5 ai=it7 o1

1un(2 a1ter e


49/54

Po=icie2 2hou=( >e i22ue( Guic4=7 an( ith =e22 1orma=itie2

Other 2ere im6rou2ine22 hour2 on

June #,; 9,,+@

For 2hare2 he=( in e=ectronic 1orm: >ene1icia= oner2 ho2e name2 a66ear in

the 2tatement2 o1 >ene1icia= 6o2ition 1urni2he( >7 NS)* an( C)S* a2 at the

c=o2e o1 >u2ine22 hour2 on June #,; 9,,0@

There ha2 >een tremen(ou2 chan5e in the in2urance hi2tor7@ An( ith it there ha2 >een

continuou2 5roth in thi2 2ector >oth in In(ian a2 e== a2 or=( contet@

The o6enin5 u6 o1 the in2urance 2ector ha2 chan5e( the ho=e =oo4 o1 the in(u2tr7@

Whi=e the *IC in or(er to 1ace the com6etition i2 comin5 ith ne 2trate5ie2@ Ne

6=a7er2 =i4e I)BI Fe(era= are =ea(in5 the 2ector (ue to their 2trate5ic mana5ement an(

tai=ore( ma(e 6ro?ect2@

From our re2earch a=2o e conc=u(e that thou5h the aarene22 an( 6eo6=e o6tin5 1or

*IC 6=an2 are more a2 com6are to 3N* >ut the =ater are 5ainin5 momentum in the

mar4et (a7 >7 (a7@

The 6rimar7 rea2on2 1or >u7in5 an in2urance 6o=ic7; hether =i1e or non$=i1e i2 to

6rotect u2 1rom


50/54

rate@ So hat (oe2 in2urance o11er; 6erha62 6eace o1 min(; >ut e7 man7 (ei==ion >u2ine22 in In(ia an( 7et it2 26rea( in the countr7 i2

re=atieen a>=e to ma4e hea(a7 in In(ia@

There ha2 >een a 2tron5 1a== in in2urance >u2ine22 in recent 7ear2@ Furthermore; it can

>e o>2eru2ine22 i2 not increa2in5 a2 2tron5=7 a2 =i1e >u2ine22@ On the

other han(; 5roth 1=uctuation2 haeen re=ati


51/54

BIBLIOGRA3(&

BOOKS

Marketing Manage-ent>7 Kot=er; Phi=i6 Pear2on E(ucation 9n(e(ition@

Cns$-er Be+a1ir>7 @ Schi11man; *eon; Prentice$Ha== 6u>=ication I /th

e(ition@

IRDA 5$rna#

IDBI Fe"era# Li!e Ins$ran%e C-an2 -againes

Ne*saer an" B$siness -againes

Ne*s 3aers/)

"@ The Economic Time2@

9@ Time2 o1 In(ia@

#@ Bu2ine22 2tan(ar(@

@ Financia= E6re22@

Magaines:$

"@ Bu2ine22 or=(@

9@ Bu2ine22 To(a7#@ Out=oo4@

WEBSITES

htt6:@i(>i1e(era=@com

-


52/54

ANNEURE

$estinnaire

:. ARE &OU EM3LO&ED

e2 No

I1 7e2; on=7 then 6rocee(

. D 2$ +a1e an2 ins$ran%e #i%2

e2 No

. W(IC( INSURANCE 3OLIC& DO &OU (A'E

*i1e Non$*i1e Both

. W(IC( C9@S INSURANCE 3OLIC& &OU 3REFER T(E MOST

!RANK THE3'

*IC

Icici 6ru(entia=

SBI =i1e in2urance

IN 727a =i1e

I)BI Fe(era= =i1e in2urance

Tata Ai5 =i1e

An7 other

. FOR (OW MAN& &EARS DO &OU (A'E INSURANCE 3OLIC&

!P*EASE TICK '

a' +7r2 >' +$", 7r2 c' ",$"+ 7r2 (' An7 other !26eci17'

. W(AT DO &OU T(INK ARE T(E BENEFITS OF INSURANCE CO'ER

Co


53/54

. W(IC( FEATURE OF &OUR 3OLIC& ATTRACTED &OU TO BU& IT

*o 6remium

*ar5er ri24 conac4 5uarantee

Re6utation o1 com6an7

Ea27 acce22 to a5ent2

An7 other XXXXXXXXXXX!26eci17'

8. &OUR MONT(L& INCOME

a' Y4 >'4$/4 c' /4$"94 ('"9$"4 e' other XXXXXXXXXXX!S6eci17'

. DO &OU REALL& T(INK INSURANCE 3OLIC& CO'ER IN TODA&@S

SCENARIO IS NOT ESSENTIAL

:9 W(AT@S &OUR 3ERCE3TION ABOUT INSURANCE

A 2a


54/54

:. DO &OU 3A& TAES

e2 No

: W(ERE (A'E &OU IN'ESTED OR TA SA'ING

*IC

NSC

BON)S

PPF

PF

EPF

:. W(IC( IS T(E BEST FORM OF IN'ESTMENTS

Fie( a22et2

Ban4 (e6o2it2

Jee==er7

Securitie2; i@e@ Bon(2; m12

Share2

In2urance

:. W(AT DO &OU INTENT TO FAIN FORM IN'ESTMENTS

Saene1it2

:8. W(AT@ T(E RIG(T AGE TO BU& INSURANCE

a' Sa

Documents

Marketing Strategies of Idbi Federal Life Insurance c