Marketing Mix of Birla Sun Life Insurance [Explained]

Marketing Mix of Birla Sun Life Insurance focuses on 4Ps Product, Price, Place and Promotion. Aditya Birla Sun Life Insurance is one of the largest insurance companies. It was founded in the year 2000 and was a joint venture between Sun Life Financial Inc and Aditya Birla Group, two trusted global brands.

marketing Mix of Birla Sun Life Insurance -1

Aditya Birla Sun Life Insurance is reportedly one of India’s top 10 private insurers and is known for creating innovative and benchmarks in this field. By incorporating its core values such as dedication, honesty, zeal, agility and seamlessness, its mission is to become a role model and pioneer in the financial services industry. Some of its notable competitors are as follows:

marketing Mix of Birla Sun Life Insurance
[Birla Sun Life Insurance is the Registered Trademark of its Registered Owner. It is used here for Educational Purpose Only.]

Products in the Marketing Mix of Birla Sun Life Insurance – Birla Sun Life Insurance Marketing Mix

Aditya Birla Sun Life Insurance is the first insurance provider to launch many creative schemes in India, such as Unit Linked Life Insurance Policies, the Free Look Period and the Business Continuity Scheme. Aditya Birla Sun Life Insurance handles the financial affairs of people and enterprises. The following are some of the key products in the product line:

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Term Insurance Plans

  • BSLI Protect @ Ease Term Plan
  • BSLI Easy Protect Plan
  • BSLI Protector Plus Plan
  • BSLI Future Guard Plan

Money Back Plan

  • Birla Sun Life Insurance-Vision Money Back Plus Plan

Unit Linked Insurance Plans – ULIPs

  • BSLI Wealth Aspire Plan
  • BSLI Wealth Assure Plan
  • BSLI Fortune Elite Plan
  • BSLI Wealth Max Plan
  • BSLI Wealth Secure Plan

Health Plan

  • Birla Sun Life Insurance-Hospital Plus Plan

Endowment Plans

  • BSLI Guaranteed Future Plan
  • BSLI Vision Regular Return Plan
  • BSLI Vision Endowment Plus Plan
  • BSLI Savings Plan
  • BSLI Income Assured Plan
  • BSLI Vision Endowment Plan
  • BSLI Vision LifeIncome Plan
  • BSLI Vision LifeSecure Plan

Child Insurance Plan

  • Birla Sun Life Insurance-Vision Star Plan

Pension Plans

  • Immediate Annuity Plan
  • Empower Pension Plan
  • Empower Pension SP Plan

Place in the Marketing Mix of Birla Sun Life Insurance – Birla Sun Life Insurance Marketing Mix

The secret to successful performance is each organisation’s service delivery strategy. With its immense expertise and tremendous product range, Aditya Birla Sun Life Insurance supports individuals , groups and organisations by providing personalised insurance solutions.

Only because of the extensive delivery network that has extended over more than five hundred cities is this possible. It has an intricate network of 10,500 consultants, 600 offices and 150 partnership with banks, broker and corporate agent relationships. The organisation also works in countries such as Bermuda, Japan, China, and the UK, and its headquarters are located in Mumbai.

There are different channels for Aditya Birla Sun Life to market its policies. Aditya Birla Sun Life, through its subsidiaries, sells its strategies. Insurance Consultants are also employed by the agency. Bancassurance is also a channel for the products to be sold. In order to sell its products, Aditya Birla Sun Life has branches across the country. To explain the attributes and benefits of Aditya Birla Sun Life Insurance, marketing executives are educated. Aditya Birla Sun Life sells its policies through an online portal as well. Aditya Birla Sun Life provides a clear method of dispute arbitration.

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Price in the Marketing Mix of Birla Sun Life Insurance – Birla Sun Life Insurance Marketing Mix

The premium depends on the cover and age of the insurer. As per the IRDA Rules, Aditya Birla Sun Life has competitive prices and advantages. The insurance plans of Aditya Birla Sun Life Insurance offer Annual and Monthly Premium Payment Options.

Promotions in the Marketing Mix of Birla Sun Life Insurance – Birla Sun Life Insurance Marketing Mix

To promote its policies, Aditya Birla Sun Life is taking every possible action. For the marketing of its products and services, Aditya Birla Sun Life Insurance employs new techniques. The company’s web ads using Google Ad Network and other ad networks. For its advertising, the business uses Facebook Marketing, and Whatsapp Marketing. Aditya Birla Sun Life also advertises its tv, print papers, and magazine items. It is now using Hoardings for the regional marketing of its goods. On multiple Social Media Sites, it also sells its goods. This vigorous tactics establish a positive reputation within the company’s clients.

As one of the most trusted brands, Birla Sun Life Insurance has won its prestige and this has been possible because of its employees. The organisation has staff incentive programmes to improve morale and loyalty as part of its advertising strategy.

It was the first business to sell policies through the internet. It provides benefits to draw more customers, including rebates, rewards, e-marketing and direct mail. Its brand ambassador was Cricketer Kapil Dev and cricketers such as Virendra Sehwag, Yuvraj Singh and Suresh Raina were roped in to act in its advertisements.

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"Marketing Mix of Birla Sun Life Insurance [Explained]." Projects4MBA [Online]. Available: https://www.projects4mba.com/marketing-mix-of-birla-sun-life-insurance/4659/. [Accessed: October 24, 2020]
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