CHAPTER - IV
A COMPARSION OF PUBLIC & PRIVATE COMPANIES IN
LIFE INSURANCE WITH THEIR MARKETING
STRATEGIES
In every business now a days due to stiff competition every business needs marketing
strategies to attains our organizational goals. Life insurance is also one of them. The
major marketing strategies which are used at present are as follows-
A. Strategic Situation Analysis
Market Vision , Structure , And Analysis Markets
Segmenting Markets
Continuous Learning About Markets
B. Designing Market – Driven Strategies
Market Targeting And Strategic Positioning Marketing
Marketing Relationship Strategies
Planning For New Plans New
C. Market-Driven Program Development
Strategic Brand Management Products
Value-Chain, Price, And Promotion Strategies
D. Implementing And Managing Market- Driven Strategy
Designing Effective Market-Driven Organizations An
Strategy Implementation And Control Marketing
Here in this chapter there is a comparison of public and private sectors companies
working in life insurance. The parameters on that basis a comparison is made are as
Follows :-
Level Of Competition
The Ranking
Reason For Different Ranking
Satisfaction With The Job
Interest Area Of The Customers
Specific Plans/Policy
Pricing Strategy
Media To Promote The Plans
Service Strategy
Growth Of Insurance Business
Above mention parameters on here researcher is taking one by one parameters for
comparison the life insurance business running by public and private sectors companies.
Easy to understand the comparison the researcher has used some diagrams, charts.
Table IV. 1
Level of Competition In Insurance Business.
Company
Level
LIC
(50
Respondents)
ICICI Pru.
(25
Respondents)
SBI
(25Responden
ts)
Total
%
HIGH 50 (50%)
19
(19%)
18
(18%)
87%
MODERATE -
6
(06%)
7
(07%)
13%
LOW - - - -
TOTAL 50 (50%)
25
(25%)
25
(25%)
100%
Table IV. 1 reveals that the data collected from 100% respondents it is clear that
50% respondents of LIC‘s are saying that level of competition in insurance business is
high. Out of 25% respondents of ICICI pru. 19% are saying that level of competition in
insurance business is high. & 6% are saying that level of competition in insurance
business is moderate. Out of 25% respondents of SBI. 18% are saying that level of
competition in insurance business is high. & (7%) are saying that level of competition in
insurance business is moderate competition. So out of 100% respondent of life insurance
business 87% respondents are saying that level of competition in insurance business is
high. & 13& respondents are saying that level of competition in insurance business is
moderate
Fig. IV. 1 Level of Competition in Insurance Business
87%
13%
0% 0%
HIGH
MODERATE
Table IV. 2
The Ranking of The Company
Company
Level
LIC
(50 Respondents)
ICICI Pru.
(25
Respondents)
SBI
(25Respondent
s)
Total
%
1st rank 50
(50%)
12
(12%)
21
(21%) 83%
2nd rank - 9
(09%)
4
(04%) 13%
3rd rank - 4
(04%) - 04%
TOTAL 50
(50%)
25
(25%)
25
(25%) 100%
Table IV. 2 reveals that the data collected from 100% respondents it is clear
that 50% respondent of LIC‘s are saying that the ranking of the company is 1st rank. Out
of 25% respondent of ICICI pru. 12% are saying that the ranking of the company is 1st
rank. & 09% are saying that the ranking of the company is 2nd rank. & 04% are saying
that the ranking of the company is 3rd rank. Out of 25% respondent of SBI. 21% are
saying that the ranking of the company is 1st rank. & 4% are saying that the ranking of
the company is 2nd rank.
So out of 100% respondent of life insurance business 83% respondents are saying
that the ranking of the company is 1st rank. & 13% respondents are saying that the
ranking of the company is 2nd rank. & 04% respondents are saying that the ranking of the
company is 3rd rank.
Fig. IV. 2 Ranking Of Insurance Business
Graph Show The Ranking of The Company
Fig.
IV. 3 ranking of the company
IV. 2 (b)
83%
13%
4%
0%
1st RANK
2nd RANK
3rd RANK
0
10
20
30
40
50
60
LIC ICICI PRU. SBI
1st RANK
2nd RANK
3 rd RANK
For LIC‘s reasons of different ranks.
Brand name.
Good services & good plans.
Older company.
High network value & channel.
58th years whole experience & 80th years
Monopoly Company.
First profit making co.
Govt. undertaking co.
B. For ICICI pru.‘s reasons of different ranks.
1st RANK 2nd RANK 3rd RANK
Electronic
media service.
Very
transparent
employee co.
Our charge is
low.
Brand name.
High growth,
market
Experience
Company.
Good services,
& good plans.
Second largest
premium co.
Transparency in
system.
Customer faith in
LIC.
LIC is older
company.
Market good
will
More
competition.
C. For SBI‘s reasons of different ranks.
1st RANK 2nd RANK
Market strength is so high.
Older company.
Good pals, & services.
Less charge.
Business growth in no. 1
position.
Highest producer of MDRT in
the year 2009.
Highest growth rate in number
of policies.
LIC is older company.
Transparency in system.
Table IV - (3) a
Plans Wise Ranking
Company
Plans
LIC
(50 Respondents)
ICICI Pru.
(25 Respondents)
SBI
(25 Respondents)
1st 2nd 3rd 4th 1st 2nd 3rd 4th 1st 2nd 3rd 4th
Money back 18
16
12
04
04
02
14
05
- 06
15
04
Retirement 06
12
14
18
15
04
02
04
- 17
02
04
Endowment 10
10
12
18
04
02
04
15
- - 09
16
Investment 18
12
12
08
05
14
06
- 25
- - -
Conclusion:
(A.) For LIC
For money back plan: - Out of 50 respondents of LIC‘s 18 respondents are gives
ranking at 1st. 16 respondents are gives ranking at 2nd. 12 respondents are gives ranking
at 3rd. 04 respondents are gives ranking at 4th.
For retirement plan: - Out of 50 respondents of LIC‘s 18 respondents are gives
ranking at 4th 14 respondents are gives ranking at 3rd. 12 respondents are gives ranking at
2nd. 06 respondents are gives ranking at 1st.
For endowment plan: - Out of 50 respondents of LIC‘s 18 respondents are gives
ranking at 4th 12 respondents are gives ranking at 3rd. 10 respondents are gives ranking at
2nd. 10 respondents are gives ranking at 1st.
For investment plan:- Out of 50 respondents of LIC‘s 18 respondents are gives ranking
at 1st . 12 respondents are gives ranking at 2nd. 12 respondents are gives ranking at 3rd.
08 respondents are gives ranking at 4th.
(B.) For ICICI Pru.
For money back plan: - Out of 25 respondents of ICICI Pru. 14 respondents are gives
ranking at 3rd 05 respondents are gives ranking at 4th. 04 respondents are gives ranking
at 2nd. 02 respondents are gives ranking at 1st.
For retirement plan: - Out of 25 respondents of ICICI Pru. 15 respondents are gives
ranking at 1st 04 respondents are gives ranking at 2nd &4th. 02 respondents are gives
ranking at 3rd.
For endowment plan: - Out of 25 respondents of ICICI Pru. 15 respondents are gives
ranking at 4th. 04 respondents are gives ranking at 1st &3rd. 02 respondents are gives
ranking at 2nd.
For investment plan: - Out of 25 respondents of ICICI Pru. 05 respondents are gives
ranking at 1st. 14 respondents are gives ranking at 2nd & 06 respondents are gives
ranking at 4th.
(c.) For SBI:-
For money back plan: - Out of 25 respondents of SBI. 15 respondents are gives ranking
at 3rd. 06 respondents are gives ranking at 2nd. 04 respondents are gives ranking at 4th .
For retirement plan: - Out of 25 respondents of SBI. 17 respondents are gives
ranking at 2nd. 04 respondents are gives ranking at 4th. 02 respondents are gives ranking
at 3rd.
For endowment plan:- Out of 25 respondents of SBI. 16 respondents are gives ranking
at 4th. 09 respondents are gives ranking at 3rd.
For investment plan: - 25 respondents of SBI. Are gives ranking at 1st.
Table IV – (3.) b
Reasons For Gives Ranking of Specific Plans
PLANS. LIC
(50 Respondents)
ICICI Pru.
(25 Respondents)
SBI
(25Respondents)
MONEY
BACK:-
90% maturity.
More benefit &
amount is safe.
This plans is
every type
person‘s like
Regular cash
payment to
customer on
timely basis.
Money use in
emergency time.
Very good plan.
Source of regular
income in
regular time.
Good profitable
plan.
RETIREMENT:-
ENDOWMENT:-
INVESTMENT:-
medium class,
lower class,&
higher class.
This plan is self
depend old age.
Provide pension
till he/she live if
investor die than
the corpus money
give by company
to their nominee.
Less premium.
Very good plan &
market. growing .
Mature amount is
tax free.
This plan is more
dependability.
Maximum selling
product.
Gives best
maturity benefits.
Low charge.
Best investment
portfolio manager.
Very good plan &
more market.
growing .
Very good return.
High
commission to
advisors.
Less popular due
to long term.
This plan is not
related to the
market.
Long term plan.
Indian people
makes
investment in
insurance &
separate
investment
product.
Best services.
Core
competency of
SBI‘s fund
manager
Table IV - 4
Satisfaction with the Job
Company
Satisfied
LIC
(50
Respondents)
ICICI Pru.
(25
Respondents)
SBI
(25
Respondents)
Total
%
YES.
48
(48%)
25
(25%)
23
(23%)
96%
NO.
02
(02%)
-
2
(02%)
04%
TOTAL
50
(50%)
25
(25%)
25
(25%)
100%
Table IV. Reveals that the data collected from100 respondents it is clear that out
of 50 respondents of LIC‘s 48 respondents are satisfied with this job . & 02 respondents
are not satisfied with this job. 25 respondents of ICICI pru. are satisfied with this job.
Out of 25 respondents of SBI. 23 respondents are satisfied with this job. & 02
respondents are not satisfied with this job.
So out of 100 respondents of life insurance business 96 respondents are satisfied
with this job. & 4% respondents are not satisfied with this job.
Fig IV – 4 Satisfaction of all insurance job
Graph Show Satisfaction of the Job
Fig IV
– 5 Satisfaction of the job
Table IV - (4)A.2
The Level of Satisfaction.
96%
4%0%0%
YES
NO
0
5
10
15
20
25
30
35
40
45
50
LIC ICICI Pru SBI
NO
YES
Company
Level
LIC
(50
Respondents)
ICICI Pru.
(25
Respondents)
SBI
(25Respondents)
Total
%
HIGHLY
SATISFACTION
20
(20%)
02
(02%)
12
(12%) 34%
SATISFIES 28
(28%)
23
(24%)
13
(13%) 64%
TO SOME
EXTENT
SATISFIES
02
(02%) - - - - 02%
TOTAL 50
(50%)
25
(25%)
25
(25%) 100%
Conclusion
As per the data collected from 100 respondents it is clear that Out of 50
respondents of LIC‘s 20 respondent are highly satisfied with this job . & 28
respondents only satisfied with this job. & 02 respondents are to some extent satisfies
with this job. Out of 25 respondents of ICICI pru. 02 respondents are highly satisfied
with this job. & 23 respondents only satisfied with this job. Out of 25respondents of
SBI. 12 respondents are highly satisfied with this job . & 13 respondents only satisfied
with this job.
So out of 100 respondents of life insurance business 64 respondents are satisfied
with this job. & 34 respondents are highly satisfied with this job. 02 respondents are to
some extent satisfies with this job.
Fig IV – 6 Level of Satisfaction of all Insurance Business.
Graph Show The Level of Satisfaction. of Insurance Job
Fig IV – 7 Level Of Satisfaction Of Insurance Job.
IV - (4) B.
Table show that the Specified Reasons For Not Satisfied.
LIC
(50 Respondents)
ICICI Pru.
(25 Respondents)
SBI
(25 Respondents)
34%
64%
2% 0%
HIGHLY SATISFACTION
SATISFIES
TO SOME EXTENT SATISFIES
0
5
10
15
20
25
30
35
40
45
50
LIC ICICI Pru SBI
TO SOME EXTENT SATISFIES
SATISFIES
HIGHLY SATISFACTION
Out of 50 respondents of
LIC ‗s 48 respondents
are highly satisfied &
satisfied & 2 respondents
are saying that there are
no guarantee of ulip‘s
schemes.
25 respondents of ICICI
Pru. is highly satisfied.
& satisfied.
25 respondents of SBI
is highly satisfied &
satisfied.
Table IV - (5)
Interest Area of the Customer Taking the Insurance
Plans.
Company
Plans
LIC
(50
Respondents)
ICICI Pru.
(25
Respondents)
SBI
(25
Respondents)
Total
%
TAX
BENEFITS
- -
06
(06%)
06%
INVESTMENT
02
(02%)
- - 02%
RISK –
COVERAGE
04
(04%)
12
(12%)
08
(08%)
24%
ANY OTHER - - - -
ALL THE
OPTION
44
(44%)
13
(13%)
11
(11%)
68%
TOTAL
50
(50%)
25
(25%)
25
(25%)
100%
Table IV . 5 reveals that the data collected from 100 respondents it is clear that
Out of 50 respondents of LIC‘s 44 respondents are saying that the interest area of
customer taking the all the option insurance plans like (tax benefits, investment, risk-
coverage, any other,) & 04 respondents are saying that the interest area of customer
taking the risk – coverage plan. & 02 respondents are saying that the interest area of
customer taking the investment plan. Out of 25 respondents of ICICI pru. 13
respondents are saying that the interest area of customer taking the all the option
insurance plans like (tax benefits, investment, risk-coverage, any other,) & 12
respondents are saying that the interest area of customer taking the risk – coverage plan.
Out of 25 respondents of SBI . 11 respondents are saying that the interest area of
customer taking the all the option insurance plans like (tax benefits, investment, risk-
coverage, any other,) & 08 respondents are saying that the interest area of customer
taking the risk –coverage plan. & 06 respondents are saying that the interest area of
customer taking the tax benefits plan.
So out of 100% respondents of life insurance business 68% respondents are
saying that the interest area of customer taking the all the option insurance plans like (tax
benefits, investment, risk-coverage, any other,) & 24% respondent are saying that the
interest area of customer taking the risk – coverage plan. & 06% respondent are saying
that the interest area of customer taking the tax benefits plan. & 02% respondent are
saying that the interest area of customer taking the investment plan.
Fig
IV -8 Interest Area of the Customer Taking the Insurance Plans In All Insurance
Business
Graph Show Interest Area of the Customer Taking The Insurance Plans Company
Wise
Fig IV-
9 Interest Area of The Customer Taking The Insurance Plans
Company Wise
6%
2%
24%
0%68%
TAX BENEFITS
INVESTMENT
RISK - COVERAGE
ANY OTHER
ALL THE OPTION
0
5
10
15
20
25
30
35
40
45
LIC ICICI Pru SBI
TAX BENEFITS
INVESTMENT
RISK-COVERAGE
ANY OTHER
ALL THE OPTION
Table IV - (6) A
The Marketing Strategies Which Are Adopted By Your Company At Present.
LIC
(50 Respondents) ICICI Pru.
(25 Respondents) SBI
(25Respondents)
Investment basis
Good services.
& good plans.
Motivation for
customer.
Rewards &
recognisation for
performance.
References of
general business.
Advertising by
t.v. cinemas &
mouth
convenience.
Providing full
guidelines &
information of
the customer.
More beneficial.
Better return in
investment
plan.&
maximum risk –
coverage & good
pension plan.
Communication.
Financial planning.
Electronic media ,
& press .
Rewards &
recognisation for
performance.
Good services. &
good plans.
Provide need basis
services.
Various distribution
channel network
has been establish
to achieve the goal .
Customer
requirement.
Market & product
promotion.
Selling on the
basis of their
brand image
state bank
brand service
last 200 years.
Well educate
the agents in
proper manner
to have long-
term
reputation
among the
company‘s
agents &
policy holders.
Word &
mouth and
electronic
media
campaign.
Company
image & good
will.
Basis on security
& saving.
Focus on
traditional plan.
Various
distribution
channel network
Table IV - 6 (B) 1.
The Strategies Related To Frame The Specific Plan/Policy.
LIC (50 Respondents)
ICICI Pru. (25 Respondents)
SBI (25Respondents)
Customer need
identification
Financial
planning.
Tax benefits.
Money back
plan whenever is
requirement of
money .
Retirement plan
pension plan.
Child plan
cover child risk -
cover & propose
or tax benefit &
its need every
parents.
Smart vid
policy.
Tax benefits.
Customer
beneficial .
Wealth grip.
Customer need
identification
& pitching the
relevant
product.
Life time
policy.
Financial
planning
Cost optimum
& profitability.
Life cover.
Financial
planning .
Fact funding /
need analysis of
customer.
Table IV- 6 (B) 2.
Pricing Strategies (Cost –Premium Of The Policy )
LIC
(50 Respondents)
ICICI Pru.
(25 Respondents)
SBI
(25 Respondents)
Price affordable
cost.
Low rate of
premium
allocation charge
its put of risk.
Competitive
pricing.
Price is after for
each one.
In endowment
plan less
premium & risk
cover is very
high.
Competitive
pricing.
Lowest premium.
Price affordable
cost.
Annually
premium.
Annuity to
avoid lapsation.
Less expanses
& reach to
mass.
Table IV - 6 (B) 3.
Media To Promote The Insurance Plan.
Company
Media
LIC
(50
Respondents)
ICICI Pru.
(25
Respondents)
SBI
(25
Respondents)
Total
%
PRESS
02
(02%)
02
(02%)
- 04%
ELECTRONIC
MEDIA
-
03
(03%)
07
(06%)
10%
MOUTH
CONVINCING
16
(16%)
02
(02%)
16
(16%)
34%
ANY OTHER - - - -
ALL THE OPTION
32
(32%)
18
(18%)
02
(02%)
52%
TOTAL
50
(50%)
25
(25%)
25
(25%)
100%
Table IV – 6 (B) 3 reveals that the data collected from 100 respondents it is clear
that Out of 50 respondents of LIC‘s 32 respondents are saying that the media to
promote the insurance plan by all the option like ( press, electronic media, mouth
convincing, any other,) & 16 respondents are saying that the media to promote the
insurance plan by mouth convincing. & 02 respondents are saying that the media to
promote the insurance plan by press. Out of 25 respondents of ICICI pru. 18
respondents are saying that the media to promote the insurance plan by all the option
like ( press, electronic media, mouth convincing, any other,) & 03 respondents are
saying that the media to promote the insurance plan by electronic media. 02 respondents
are saying that the media to promote the insurance plan by press. & 02 respondents are
saying that the media to promote the insurance plan by mouth convincing . Out of 25
respondents of SBI . 16 respondents are saying that the media to promote the
insurance plan by mouth convincing . & 07 respondents are saying that the media to
promote the insurance plan by electronic media. & 02 respondents are saying that the
media to promote the insurance plan by all the option like ( press, electronic media,
mouth convincing, any other,)
So out of 100% respondents of life insurance business 52% respondents favors in
all the option. & 34 % respondents favors in mouth convincing. & 10% respondents
favors in electronic media. & 04 % respondents favors in press.
Fig IV -
10 The Media To Promote The Insurance Plan In All Insurance Business
Graph Show The Media To Promote The Insurance Plan company wise
Fig IV –
11 The Media To Promote The Insurance Plan Company Wise
4 – 6(B) 4.a
4%10%
34%
0%
52%
PRESS
ELECTRONIC MEDIA
MOUTH CONVINCING
ANY OTHER
ALL THE OPTION
PRESS
ALL THE OPTION
0
5
10
15
20
25
30
35
LIC ICICI Pru
SBI
PRESS
ELECTRONIC MEDIA
MOUTH CONVINCING
ANY OTHER
ALL THE OPTION
The Service Strategies (Pre. & Post)
For LIC:
PRE SERVICES POST SERVICES
Identification of customer.
Need base policy.
Provide more beneficial
information.
Key collection.
Offers good strategy plans,
according to customer need.
Financial planning.
Customer awareness for saving
& future requirement provided
by LIC.
Premium collection.
Very well support at
claim time .
Provide information
related security &
saving.
Intimation of premium.
Deposit installment time
to time.
Provide loan as
requirement.
Provide sms facilities for
renewal premium.
Regular fallow up with
customer.
Provide total amount
after maturity.
For ICICI pru.:
Table IV – 6(B) 4.b
PRE SERVICES POST SERVICES
Provide product knowledge.
Customer need identification .
Key collection .
Financial planning & need
analysis.
Regular follow up with
customer.
Maximum satisfaction of
customer .
Premium collection &
update about new
products.
Intimation of premium
due via sms, email,
Etc.
For SBI.-
Table IV –6 (B) 4.c
PRE SERVICES POST SERVICES
Grievance redresser with
existing customer.
Through insurance advisors.
Free need analysis helping him
understand his assets &
liabilities and customizing
products as per his need.
Regular contact with the
customer.
Through operation
department.
Reminder for renewal
premium , understating
t&c
4.-7
Which Sector (Public & Private) Marketing Strategies Are (Product , Price,
Promotion , Services,) Better Than Other.
The respondents relates to the concerning insurance company opined there opinion
that over company‘s marketing strategies is better than other rivalry company‘s in all
respects i.e. products, price, promotion, & policy servicing strategies.
Researcher observation work private company that is i.e. ICICI Pru. & SBI there
marketing strategies are comparative better than the public sector company LIC.
Researcher realized that the private insurance company‘s products are more varied
which suits there different needs of the clienteles.
So far as, there pricing strategies are concerned the product prices are more
competitive economical one.
So far as, distribution network strategies concerned that is more intensive to the
interior part to approach the clienteles. Lastly it was realized & also true the adverting
campaign of private company‘s for their products are more aggressive, effective, and
efficiently manage.
In some up we conclude those private companies with their marketing strategies a
step ahead then the public sector company.
Table IV– (9)
Growth of Insurance Business.
Company LIC ICICI Pru. SBI Total
Growth
(50
Respondents)
(25
Respondents)
(25Respondents) %
LIMITED - -
12
(12%)
12%
AVERAGE
04
(04%)
05
(05%)
- 09%
GOOD
34
(34%)
18
(18%)
08
(08%)
60%
VERY
BRIGHT
12
(12%)
02
(02%)
05
(05%)
18%
TOTAL
50
(50%)
25
(25%)
25
(25%)
100%
Table IV 9 reveals that the data collected from 100 respondents it is clear that
Out of 50 respondents of LIC‘s 34 respondents are saying that the growth of insurance
business is good.& 12 respondents are saying that the growth of insurance business is
very bright. & 04 respondents are saying that the growth of insurance business is an
average. Out of 25 respondents of ICICI pru. 18 respondents are saying that the
growth of insurance business is good. & 05 respondents are saying that the growth of
insurance business is an average. & 02 respondents are saying that the growth of
insurance business is very bright. Out of 25 respondents of SBI . 12 respondents are
saying that the growth of insurance business is limited. & 08 respondents are saying that
the growth of insurance business is good. & 05 respondents are saying that the growth of
insurance business is very bright.
So out of 100% respondent of life insurance business 60% respondents are
saying that the growth of insurance business is good. & 18% respondent are saying that
the growth of insurance business is very bright. & 12% respondent are saying that the
growth of insurance business is good is limited. & 09% respondent are saying that the
growth of insurance business is an average.
Fig IV –
12 The Growth of Insurance Business In All Insurance Business.
Graph show The Growth of Insurance Business company wise
12%
10%
60%
18%
LIMITED
AVERAGE
GOOD
VERY BRIGHT
Fig IV – 13 The Growth Of Insurance Business Company Wise.
IV – 10.
The Suggestion Regarding To Boost The Insurance Business Specifically.
For LIC:-
IN YOUR COMPANY. AS A WHOLE INSURANCE
SECTOR.
Focus on systematic way plan
for business growth.
Keep market study & need
base policy of customer.
Company taking right
decision.
Importance customer
services.
To encourage fare practices.
Focus on truth & willness
business.
Tax benefit is major concern
for every people.
All insurance company
should work according to
IRDA guidelines.
Reduce of all charge .
Make your side bright rest
0
5
10
15
20
25
30
35
40
45
50
LIC ICICI Pru SBI
VERY BRIGHT
GOOD
AVERAGE
LIMITED
Focus on tradition plan not
give 3 or 5 years double
saving plan.
Provide smart bonus of his
advisors.
Company should approach
rural area for business
purpose & awareness people
for saving.
Some criteria should be
defined for advisors to avoid
miss selling.
Company making strategy
time to time according
to market situation.
will always shine.
Provide need base long term
investment plan.
Time to time inspection by
IRDA of all insurance
organization.
Avoid miss selling.
In india all public & private
insurance business
organization till date cover
only 7% to 8 % business
whole 90 % to 92% business
as remaining
so insurance sector is good
opportunity to action them.
For ICICI pru.:-
IN YOUR COMPANY. AS A WHOLE INSURANCE
SECTOR.
Generating high clientele
base.
Good products launch for
customer favours .
Keep market study & need
base policy of customer.
To encourage fare practices.
Improve customer services.
Good faith in employee.
Some criteria should be
Product awareness among
public.
Make your side bright rest
will always shine.
Tax benefit is major concern
for every people.
Avoid miss selling.
Reduce all charge.
Improve customer services.
Communication to customer
defined for advisors to
avoid miss selling.
Reduce all charge.
as out whole country of the
policy.
All insurance company should
work according to IRDA
guidelines.
For SBI :
IN YOUR COMPANY. AS A WHOLE INSURANCE
SECTOR.
Generation quality products.
Receipt more & get more.
Provide better services.
Quality requirement of
advisors.
Spreading awareness in the
mass regarding life stage &
protection.
Transparency leads to
survival
Improve premium & gave
high life cover.
Educated the staffs & make
in ethical manner.
More awareness & education
on insurance by govt.
REFERENCES
LIC of India product profile brochure.
SBI product profile brochure.
ICICI prudential product profile brochure.