This article focuses on the Marketing Mix of ICICI Prudential Life Insurance. ICICI Prudential Life Insurance is a venture of ICICI Bank & Prudential. ICICI Prudential Life Insurance Limited has started its operations in the year 2001. ICICI Prudential Life Insurance Limited is the market leader in a Private Life Insurance company followed by SBI Life, Bajaj Allianz & HDFC Life. ICICI Prudential AUM (Assets Under Management) as of the year ending 2019 was 1,604.10 billion. It is the first insurance company in India to be listed on BSE and NSE.
Products in the Marketing Mix of ICICI Prudential Life Insurance
ICICI Prudential 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 ICICI Prudential Life Insurance are:
Term Insurance
- ICICI Pru iProtect Smart
Health Insurance
- ICICI Pru Heart / Cancer Protect
- ICICI Pru Smart Health Cover
Unit Linked Insurance Plans
- ICICI Pru Signature
- ICICI Pru1 Wealth
- ICICI Pru LifeTime Classic
- ICICI Pru Guaranteed Wealth protector
- ICICI Pru Smart Life
Saving Plans
- ICICI Pru Future Perfect
- ICICI Pru Cash Advantage
- ICICI Pru Savings Suraksha
- ICICI Pru Assured Insurance Plans
- ICICI Lakshya Wealth
- ICICI Pru Lakshya Lifelong Income
Retirement Plans
- ICICI Pru Signature
- ICICI Pru Immediate Annuity
- ICICI Pru Easy Retirement Regular Premium
- ICICI Pru Easy Retirement Single Premium
Place in the Marketing Mix of ICICI Prudential Life Insurance
ICICI Prudential has multiple channels for selling its policies. ICICI is selling its policies through its branches. Insurance Advisors are also recruited by the company. Bancassurance is also a channel for selling its policies. ICICI Prudential has branches all over the country to market its products. Marketing Executives are trained to explain the features and benefits of ICICI Prudential Life Insurance. ICICI is also selling its policies through Online Channel. ICICI Prudential has a simple claim settlement process.
Price in the Marketing Mix of ICICI Prudential Life Insurance
Premium depends on the Insurance Cover and Age of the Insurer. ICICI Prudential has competitive pricing and benefits as per the IRDA Regulations. Yearly and Monthly Premium Payment Options are available in the insurance policies of ICICI Prudential Life Insurance.
Promotion in the Marketing Mix of ICICI Prudential Life Insurance
ICICI Prudential is taking every possible measure to promote its policies. ICICI Prudential Life Insurance is using modern techniques for promoting its products and services. Online advertisements the company is using Google Ad Network and other Ad Networks. The company is using Facebook Marketing, Whatsapp Marketing, Tiktok Marketing for its promotion. ICICI Prudential 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.
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