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Pioneer Institute of Professional Studies
MARKET REPORT
ON
LIFE INSURANCE INDUSTRY
Submitted to : Submitted by:
Prof. ANKITA JAIN HITESH BHAGWANI
Prof. SHWETA JAIN MBA 2nd Sem
Section µC¶
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Declaration I Hitesh Bhagwani hereby declare that this
presentation is made by mine & I have not
taken anyone¶s help in making it
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Contents:
Introduction
Market size & market growth
Companies available Market share
Market Players & their marketing strategies
Marketing strategies
Future outlook
Conclusion
References
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Introduction:
Meaning of insurance:
In law and economics, insurance is a form of
risk management primarily used to hedgeagainst the risk of a contingent, uncertain loss.
Insurance can also be defined as the equitable
transfer of the risk of a loss, from one entity toanother, in exchange for payment.
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CONTD«
Key words involved:
An insurer
An insured or policyholder Premium
Indemnification
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TYPES OF LIFE INSURNCE POLICY:
Traditional plan:
1. Money back policy
2. Child/ education policy3. Investment policy
ULIP
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Market size & market growth:
The US$ 41-billion Indian life insurance industry is
considered the fifth largest life insurance market.
It is growing at a rapid pace of 32-34 per cent
annually, according to the Life Insurance Council.
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Companies available:Following is the list of all life insurance company granted
permission by IRDA.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
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Contd: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 Generali Life Insurance Company Ltd.
18. IDBI Fortis Life Insurance Company Ltd.
19. Canara HSBC Oriental Bank of Commerce Life InsuranceCo. Ltd
20. AEGON Religare Life Insurance Company Limited.
21. DLF Pramerica Life Insurance Co. Ltd.
22. Star Union Dai-ichi Life Insurance Comp. Ltd
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Market share of different companies
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MARKET P
LAYERS
: Life insurance corporation of india(lic)
1. Life Insurance Corporation of India was created
on 1st September, 1956.2. It is fully owned by indian government
3. Before the private players came to india it
enjoyed monopoly in this sector
4. Has extended its activities in 12 countries other
than India with the objective of catering to the
insurance needs of Non Resident Indians.
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Marketingstrategie
s of lic
The early ads of LIC with slogan µ zindagi ke
baad ka saathi¶; this was a marketing strategy,
which was insensitive to the feelings of the
masses
Customised products to suit customer needs ±
Life, Health and Corporate Insurance.
Wide reach to serve customers better ± anetwork of 1000 offices across the country.
More then 2.5Lac Super Agents
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Contd«
Bajaj allianz:
1. Bajaj Allianz Life Insurance Co. Ltd. is a joint
venture between Allianz SE, one of the world's
largest insurance companies, and Bajaj Auto
Limited
2. In it bajaj is having 74 % market share & allianz
is having 26% market share
3. Bajaj Allianz Insurance started its journey on May
2, 2001 when it received the certificate of
Registration from IRDA
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Market strategy of bajaj allianz
:
It always hires local youngsters as , customers
are likely to have more faith in locals.
Bajaj Allianz has around 900 offices across the
country, compared with around 330 for ICICI
Prudential.
Bajaj today has 125,000 agents, way behind
LIC's 1 million but ahead of ICICI Prudential's
100,000.
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Contd.
In keeping with its regional focus,it has more
advertisements on local tv channels
In some of the towns, Bajaj has also used local
financial advisors
Bajaj Allianz has also beefed up its distribution
by teaming up with 10 co-operative banks,around 100 district co-operative banks, as well
as some regional rural banks to drive business
to it
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IC
IC
I prudencial: ICICI Prudential Life Insurance Company is a
joint venture between ICICI Bank and Prudentialplc, a leading international financial services group
ICICI Prudential was amongst the first privatesector insurance companies to begin operations inDecember 2000
ICICI is having 74% market share & prudential is
having 26% market share It is the first life insurer in India that received a
National Insurer Financial Strength rating of AAA(Ind) from Fitch ratings.
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M
arketing strategies Taking amitabh bacchan as the brand
ambassador
Punch lines like jeete raho etc
In the past we have seen a series of some
successful campaigns from ICICI Prudentialrevolving around the brand mascotChintamani.
Jiyo shaan se slogan in an ad. was also a goodmove
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Hdfc standard life: It is a joint venture between HDFC, India¶s
largest housing finance institution and Standard
Life Assurance Company, Europe
In it 72.43% share is of hdfc & 26% share is of
standard.
It was established on 14th August 2000
It has covered over 812,811 lives so far
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M
arketing strategies: The companies used rajasthan royals players during
IPL
HDFC Standard Life was the Associate Sponsor of
Rajasthan Royals in the third season of the Indian
Premier League (IPL 2010).
It is having 568 branches servicing customer needs in
over 700 cities and towns
The first private life insurer to break the ice using the
idea of self-respect instead of µdeath¶ to convey our
brand proposition (Sar Utha Ke Jiyo).
Focus on Long-Term Value
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Future outlook
:
Insurance market is having a lot of scope in
future as almost 70% of indian population is
still uninsured. Indian Life Insurance Segment
is growing at a rapid rate due to more liberal
approach from Govt. More financial groups and
banks including global players are eyeing the
Indian Life Insurance Market.
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Conclusion
Insurance is a nice-looking option for
investment but most people are not aware of its
advantages as an investment option but first,
insurance is about risk cover and protection. By
buying life insurance, you buy peace of mind.
Insurance also serves as an excellent tax saving
mechanism.
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REFERENCES: http://sites.google.com/site/anandgujarat/insu
rance/lif e-insurance-players-in-india
http://www.domain-
b.com
/f inance/in
surance/a
llianz_bajaj_
lif e/20041013_aims.html
http://www.scribd.com/doc/20818316/LIC-strategy
http://www.economywatch.com/insurance/mar
keting/lif e-insurance.html http://www.ibef.org/industry/insurance_indust
ry.aspx
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CONTD.. http://www.oppapers.com/essays/Lic-Marketing-
Strategy/433445
http://en.wikipedia.org/wiki/Insurance
http://www.itrust.in/forum/lif e-insurance/list-of -all-insurance-companies-in-india-and-which-one-is/2023.page
http://iciciprudentiallif einsuranceadvisor.blogspo
t.com/2006/11/icici-prudential-lif e-insurance.html
http://www.iloveindia.com/f inance/insurance/companies/hdf c-standard-lif e-insurance.html
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