Marketing Mix of HDFC Life Insurance [step by step Guide]

This article focuses on the Marketing Mix of HDFC Life Insurance. HDFC Life Insurance is a venture between HDFC Ltd. and Standard Life. HDFC Ltd has a stake of 51.4% and Standard Life has a stake of 12.3% and rest of the stake. Remaining equity are hold by public. HDFC Life Insurance Limited has started its operations in the year 2000. HDFC Life Insurance Limited is the market leader in a Private Life Insurance company followed by SBI Life, and Bajaj Allianz. Some of the main competitors are :

  • SBI Life
  • Bajaj Allianz Life Insurance
  • HDFC Life Insurance
  • Religare Life Insurance
  • Sahara Life Insurance
  • Tata AIA Life Insurance

Product in the Market Mix of HDFC Life Insurance

HDFC Life Insurance has a customer-centric approach. The organization has long term savings and protection plans for different stages of life. The company has cost-effective products, good customer support, consistent growth in investments, and a fast claim settlement process.

Products of HDFC Life Insurance are:

Term Insurance Plans

  • HDFC Life Click 2 Protect Plus
  • HDFC Life Click 2 Protect 3D Plus Plan

Money Back Plan

  • HDFC Life Super Income Plan

Unit Linked Insurance Plans – ULIPs

  • HDFC Life Click 2 Wealth Plan
  • HDFC Life Classic One Plan
  • HDFC Life Sampoorn Nivesh
  • HDFC Life Click 2 Invest Plan Review
  • HDFC Life Capital Shield Plan
  • HDFC Life Pro Growth Plus Plan
  • HDFC Life Single Premium Pension Super Plan
  • HDFC Life Pro Growth Maximiser Plan
  • HDFC Life Pro Growth Flexi Plan
  • HDFC Life Smart Woman Plan
  • HDFC SL Pro Growth Super II
  • HDFC Life Young Star Super Premium
  • HDFC SL Crest

Whole Life Plan

  • HDFC Sampoorn Samridhi Plus

Endowment Plans

  • HDFC Life Pragati Plan
  • HDFC Life Super Savings Plan
  • HDFC Life Uday
  • HDFC Life Classicassure Plus Plan
  • HDFC Life Sanchay

Child Insurance Plan

  • HDFC Life YoungStar Udaan

Pension Plans

  • HDFC Life Assured Pension Plan
  • HDFC Life Guaranteed Pension Plan
  • HDFC Life Click 2 Retire Plan
  • HDFC Life New Immediate Annuity Plan
  • HDFC Life Personal Pension Plus Plan

Health Plans

  • HDFC Life Easy Health Plan
  • HDFC Life Cancer Care
  • HDFC Life Cardiac Care Plan
  • HDFC Life Click 2 Protect Health

Place in the Market Mix of HDFC Life Insurance

HDFC Life Insurance offers its coverage in every part of India and has a H.Q. in Mumbai, Maharashtra. It has a wide distribution chain that allows its consumers all over the world to supply their services. This covers insurance agent services, online insurance websites, insurance agents, direct networks and banking partner services. HDFC Life Insurance’s multichannel network has spread to almost nine hundred and eighty cities and towns in India, and is managed through an estimated three hundred and ninety-eight branches. The staff comprises two lakh financial consultants to effectively meet growing customer demand by providing individual attention. HDFC Life Insurance has formed a liaison bureau in Dubai.

HDFC Life has multiple channels for selling its policies. HDFC LIFE is selling its policies through its branches. Insurance Advisors are also recruited by the company. Bancassurance is also a channel for selling its policies. HDFC Life has branches all over the country to market its products. Marketing Executives are trained to explain the features and benefits of HDFC Life Insurance. HDFC LIFE is also selling its policies through Online Channel. HDFC Life has a simple claim settlement process.

Price in the Market Mix of HDFC Life Insurance

By offering value for money, HDFC Life Insurance was a trend-setter in the insurance industry. The organization is committed to provide its customers with the best and highest value products at minimum prices. It has kept the premium insurance policy prices at normal level so that large number of people can take advantage of its insurance plans. HDFC is fairly faces strong competition from other existing well established insurance companies. To build its own loyal customer base, it has introduced fair pricing strategies and has kept its premium rate affordable and pocket-friendly. The company has introduced penetration strategy to penetrate India ‘s expanding insurance market.

Promotions in the Market Mix of HDFC Life Insurance

HDFC Life Insurance differentiates itself as one of India’s most trusted brands. It has put its emphasis on CSR activities to improve the social conditions. It was the recipient of several awards for the various plans. Sar Utha Ke Jiyo is one of its most famous taglines, and has generated high visibility among consumers. HDFC Life has taken on several promotional activities to create positive awareness of the brand. Successful advertising campaigns have been launched on radio and several television channels through electrical media. Its advertisements appear in magazines, hoardings, and newspapers. It has an official website that provides interested parties with the related information.

HDFC Life is taking every possible measure to promote its policies. HDFC Life Insurance is using modern techniques for promoting its products and services. For Online advertisements the company is using Google Ad Network and other Ad Networks. The company is using Facebook Marketing, Whatsapp Marketing, and other online Marketing platforms for its promotion. HDFC Life is also advertising its products on Television, Print Media, and Magazines. It is also using Hoardings for promoting its products throughout the country. It is also promoting its products on various Social Media Platforms. These aggressive techniques are developing a good image among the customers of the company.

Insurance Advisors and Insurance executives are also promoting its insurance policies to the customers. HDFC is having a good customer centric approach and try to maintain good customer relations to retain customers.

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