This article is on the Marketing Mix of Life Insurance Corporation of India (LIC) – LIC Marketing Mix.
Life Insurance Corporation of India (LIC) is an Indian Insurance and investment company. LIC is having the largest customer base. Customers have full trust in the LIC of India. LIC is the largest insurance company is an Indian company and is headquartered in Mumbai, India.
The Life Insurance Corporation (LIC) was established in the year 1956 after the Indian Parliament passed an act to nationalize the private insurance industry. Nearly 245 insurance companies have been combined to create this LIC company. The insurance sector has been under the monopoly of LIC since that time until the year 2000. The main objective of the nationalization of LIC-Life Insurance was to eliminate the risk of loss and to provide money protection to the policyholder.
Let’s discuss Marketing Mix of Life Insurance Corporation (LIC) – LIC Marketing Mix:
Product in the Marketing Mix of Life Insurance Corporation (LIC) – LIC Marketing Mix
Life Insurance Corporation (LIC) has designed a number of products in accordance with the requirements of the common people. Insurance is mainly taken out for the purpose of providing the bread and butter to the family after the death of the Insurer due to accidents or disasters. Life Insurance Corporation (LIC) provides different insurance options to its customers, such as the following-
In addition, various pension plans, annuities, group insurance, special plans, and unit-linked plans are also in operation for the benefit of customers. Life Insurance Corporation (LIC) has also introduced a range of products particularly for children, senior citizens, women, and the disabled. LIC also has programs for individuals on the poverty line.
Place in the Marketing Mix of Life Insurance Corporation of India (LIC) – LIC Marketing Mix
Life Insurance Corporation (LIC) is the market leader in the insurance industry of India hence the distribution of its services is carried out through a number of channels – direct and indirect. Numerous routes are used to meet potential customers. The most important and basic channel member was the “Insurance Agent.” The aim of the LIC Company is to take various innovative routes to reach the farthest and most remote corner. Physical distribution of service products, which in this case are funds and support at the right time and place, is an important factor in the marketing policy of Life Insurance Corporation (LIC):
Term Insurance Plans
- LIC Jeevan Amar Plan
- LIC Tech Term Plan
Money-Back Plans
- LIC Jeevan Shiromani
- LIC Bima Shree Plan
- LIC New Money Back Plan – 20 Years
- LIC New Money Back Plan – 25 Years
Unit Linked Insurance Plans – ULIPs
- LIC SIIP Plan
- LIC Nivesh Plus Plan
Health Plans
- LIC Jeevan Arogya Plan
- LIC Cancer Cover Plan
Endowment Plans
- LIC Aadhaar Shila Plan
- LIC Aadhaar Stambh
- LIC Jeevan Labh Plan
- LIC New Bima Bachat Plan
- LIC Jeevan Lakshya Plan
- LIC New Jeevan Anand Plan
- LIC Single Premium Endowment Plan
- LIC New Endowment Plan
Child Insurance Plans
- LIC New Children’s Money Back Plan
- LIC Jeevan Tarun Plan
Pension Plans
- Pradhan Mantri Vaya Vandana Yojana (PMVVY)
- LIC Jeevan Shanti Plan
Place in the Marketing Mix of Life Insurance Corporation of India (LIC) – LIC Marketing Mix
The distribution chain of the company consists of agents, brokers, development officers, marketing executives, finance-related retail outlets, branch offices, partnerships with banks, distributors, and corporate agencies. Currently, there are eight zoning offices in LIC, 109 divisional offices, 2,048 branches, 992 satellite offices, and numerous corporate offices. It also has a network of 242 corporate agents, 1,337,064 individual agents, 79 referral agents, 98 brokers, and 42 banks.
Price in the Marketing Mix of Life Insurance Corporation of India (LIC) – LIC Marketing Mix
An effective pricing policy is a very significant factor in the efficient operation of the insurance company because it is the pricing policy that influences the sales volume of the company. In reality, price is the value provided by the seller for the commodity. For any LIC-Life Insurance policy, the policyholder must pay a premium that is paid either annually, half-yearly, quarterly or, in some cases, monthly. The management shall take the decision to set the premium for each policy relating to a specific time.
A complete market analysis is carried out and information on various facts is collected, such as how much money an individual can afford for a particular scheme and the economic and financial condition of the market at that particular time. These data help to develop fair and reasonable pricing policies. The management also makes decisions on the pricing of the premium mode, the return on investment, the premium level, the interest on loans, and commissions. If you compare LIC products offer value for money when compared to other insurance companies. With its excellent brand value and service quality, the consumer can get maximum value on the basis of the price charged for the LIC product.
Promotion in the Marketing Mix of Life Insurance Corporation of India (LIC) – LIC Marketing Mix
The Life Insurance Corporation (LIC) promotion strategy is very simple and straightforward. Its main aim is to inform consumers about its different policies and about its brand. In order to do so, steps have been taken, such as personal sales, exhibitions, sponsoring events, advertising, and new schemes. Bags, calendar diaries are distributed as gifts and incentives to policyholders. Advertisements are seen on TVs, magazines, billboards.
A mobile van for advertising travels through rural areas, creating awareness of the company.
Life Insurance Corporation (LIC) has its own website and where all the detailed information on any possible queries is provided to the consumer. The majority of advertising is directed towards insurance that can be purchased by the common man in order to increase the reach of the company and, at the same time, the sale of the product. Thus, the introduction of products and the retention of products in the minds of customers are the main objectives of the Life Insurance Corporation promotions.
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