Untitled

“MARKETING STRATEGY USED IN LIFE INSURANCE BUSSINESS”
A PROJECT SUBMITTED TO
UNIVERSITY OF MUMBAI FOR PARTIAL
COMPLETION OF THE DEGREE OF
BACHELOR IN COMMERCE (BANKING AND INSURANCE)
UNDER THE FACULTY OF COMMERCE
BY
PRERMA MACHINDRA GAIKWAD
UNDER THE GUIDANCE OF
PROF. MRS. BHUMIKKA PARELLKAR
VPM’S
K. G. JOSHI COLLEGE OF ART’S &N. G. BEDEKAR COLLEGE OF

COMMERCE AUTONOMOUS THANE
MARCH 2023
DECLARATION
I the undersigned MR. PRERNA MECHINDRA GAIKWAD here by, declare that the work Embodied In this project
work titled “MARKETING STATERGY USED IN LIFE INSURNACE BUSINESS’’, forms my own contribution the
research work carried out under the guidance of PROF.MRS.BHUMIKA PARELLKAR is a result of my own research
work and has not been previously submitted to any other university for any other Degree to his or any other university.
Wherever references have been made to the previous works of others, it is clearly indicated as such and included in the
bibliography.
I, here by further declare that information of these documents has been obtained and presented in accordance with
academic rules and ethical conduct.
NAME AND SIGNATURE OF THE LEARNER
PRERNA MACHINDRAGAIKWAD
Certified By
PROF. BHUMIKA PARELLKAR

AKNOWLEDGEMENT
To list who all have helped me in difficult because they are so numerous and depth is so enormous.
I would like to acknowledge the following has been idealistic channels and fresh dimension in the completion
of this project.
I take the opportunity to thank the University of Mumbai for giving me chance to do this project.
I would like to thanks my Principal, MRS.DR. SUCHITRA NAIK for providing the necessary facilities
required for completion of this project.
I take this opportunity to thank our coordinate MRS. Dr. MRUNMAYEE THATTE, for her moral support
and guidance.
I would also like to express my sincere gratitude towards my project guide PROF. MRS. BHUMIKA
PARELLKAR Whose guidance and care made the project successful.
I would like to thank my College Library for having provided various reference books and magazine related
to my project.
Lastly, I would like to thank each and every person who directly or indirectly helped me incompletion of
project especially my parents and peers who supported me throughout my project.
INDEX
SR.NO CONTENT PAGE NO

CHAPTER 1 INTRODUCTION 1
1.1 Introduction on Marketing strategy used in 2

life insurance business
1.2 Types of life insurance in india 3
1.3 Features of life insurance plans 4
1.4 Advantages of buying a life insurance 4
policy
1.5 Life insurance policy is important for your 6
Financial security?
1.6 Disadvantages of life insurance 7
1.7 Six factors to consider before buying a Life 7
insurance policy
1.8 Marketing strategy of life Insurance 8
companies
1.9 Insurance marketing strategies for grow 9
insurance business
1.10 Life insurance marketing ideas 11
CHAPTER 2 RESEARCH METHODOLOGY 13
2.1 Research methodology 14

2.2 Introduction of study 14
2.3 Objective of the study 14
2.4 Scope of the study 14
2.5 Statement of the study 14
2.6 Significance of the study 14
2.7 Source of the data collection 15
2.8 Sample design 15
2.9 Limitation of the study
CHAPTER 3 REVIEW OF LITRATURE
3.1 Introduction
3.2 Theorical review
CHAPTER 4 DATA ANALYSIS AND INTERPRETATION
4.1 Meaning
4.2 Tools of data analysis
4.3 Tests of Data Analysis
4.4 Data collection from Respondents
CHAPTER 5 SUGGESTION, FINDINGS AND CONCLUSION
CHAPTER 6 BIBLIOGRAPHY
ANNEXURE
LIST OF TABLES
SR.NO TITLES OF TABLES PG. NO
CHAPTER 4 4.1 AGE? 27
4.2 AREA? 28
4.3 QUALIFICATION 29
4.4 GENDER? 30
1 What do you feel after investing in insurance plans of 31
life insurance?
2 Who influenced you to get an insurance policy? 32
3 How are the insurance policies do you have? 33
4 How long does life insurance plan last? 34
5 Dose the insurance agents/ marketing executive 35
recommended life insurance
6 How are the charges in insurance policy of life 36
insurance
7 How are the insurance policy of life insurance 37
8 How regularly do you pay premium 38
9 How many insurance policy do you currently have 39
10 How much life insurance cost 40
11 What type of insurance do you have 41
12 What type of insurance claim did you recently have 42
13 Reasons for investing in insurance plans of life 43
insurance
14 What would you like more in insurance policies of life 44
insurance
LIST OF DIGRAMS
SR.NO TITLES OF DIGRAMS PG. NO
CHAPTER 4 4.1 AGE? 27
4.2 AREA? 28
4.3 QUALIFICATION 29
4.4 GENDER? 30
1 What do you feel after investing in insurance plans of 31
life insurance?
2 Who influenced you to get an insurance policy? 32
3 How are the insurance policies do you have? 33
4 How long does life insurance plan last? 34
5 Dose the insurance agents/ marketing executive 35
recommended life insurance
6 How are the charges in insurance policy of life 36
insurance
7 How are the insurance policy of life insurance 37
8 How regularly do you pay premium 38
9 How many insurance policy do you currently have 39
10 How much life insurance cost 40
11 What type of insurance do you have 41
12 What type of insurance claim did you recently have 42
13 Reasons for investing in insurance plans of life 43
insurance
14 What would you like more in insurance policies of life 44
insurance
CHAPTER NO. 1
INTRODUCTION
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1.1 INTRODUCTION OF MARKETING STRATEGY
Marketing strategy is an organization’s promotional efforts to allocate its resources across a
wide range of platforms and channels to increase its sales and achieve sustainable competitive
advantage within its corresponding market.
Strategic marketing emerged in the 1970s and 80s as a distinct field of study, branching out of
strategic management. Marketing strategy highlights the role of marketing as a link between the
organization and its customers, leveraging the combination of resources and capabilities within an
organization to achieve a competitive advantage.
Marketing warfare strategies are competitor-centered strategies drawn from analogies with the
field of military science. Warfare strategies were popular in the 1980s, but interest in this approach
has waned in the new era of relationship marketing. An increased awareness of the distinctions
between business and military cultures also raises questions about the extent to which this type of
analogy is useful. In spite of its limitations, the typology of marketing warfare strategies is useful for
predicting and understanding competitor responses.
Life insurance is one of the fastest-growing sectors in India since 2000 as Government
allowed Private players and FDI up to 26% and recently Cabinet approved a proposal to increase it
to 49%. In 1955, mean risk per policy of Indian and foreign life insurers amounted respectively to
₹2,950 & ₹7,859[1] (worth ₹15 lakh & ₹41 lakh in 2017 prices). Life Insurance in India was
nationalized by incorporating Life Insurance Corporation (LIC) in 1956. All private life insurance
companies at that time were taken over by LIC. In 1993, the Government of India appointed RN
Malhotra Committee to lay down a road map for privatization of the life insurance sector.
While the committee submitted its report in 1994, it took another six years before the enabling
legislation was passed in the year 2000, legislation amending the Insurance Act of 1938 and
legislating the Insurance Regulatory and Development Authority Act of 2000. The same year, newly
appointed insurance regulator – Insurance Regulatory and Development Authority IRDA—started
issuing licenses to private life insurers.
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1.2 Types of life insurance in India
Life insurance products come in a variety of offerings catering to the investment needs and objectives of
different kinds of investors. Following is the list of broad categories of life insurance products:
Term insurance policies

The basic premise of a term insurance policy is to secure the immediate needs of nominees or beneficiaries in
the event of the sudden or unfortunate demise of the policy holder. The policyholder does not get any monetary
benefit at the end of the policy term except for the tax benefits he or she can choose to avail of throughout the
tenure of the policy. In the event of the death of the policyholder, the sum assured is paid to his or her
beneficiaries. Term insurance policies are also relatively cheaper to acquire as compared to other insurance
products.
Money-back policies
Money back policies are basically an extension of endowment plans wherein the policyholder
receives a fixed amount at specific intervals throughout the duration of the policy. In the event
of the death of the policyholder, the full sum assured is paid to the beneficiaries. The terms
again might slightly vary from one insurance company to another.
Whole life policies
A whole life insurance plan covers the insured over his life. Whole Life Insurance offers dual benefits – Death
Benefits as well as Savings Benefits. There is flexibility to choose the premium payment like: Monthly or
Annual mode. The primary feature of this product is that the validity of the policy is not defined so the
policyholder enjoys the life cover throughout his life.
Unit-linked investment policies (ULIP)

Main article: Unit-linked insurance plan
Unit-linked insurance policies again belong to the insurance-cum-investment category where one gets to enjoy
the benefits of both insurance and investment. While a part of the monthly premium pay-out goes towards the
insurance cover, the remaining money is invested in various types of funds that invest in debt and equity
instruments. ULIP plans are more or less similar in comparison to mutual funds except for the difference that
ULIPs offer the additional benefit of insurance.
Pension policies
Pension policies let individuals determine a fixed stream of income post retirement. This basically is a
retirement planning investment scheme where the sum assured or the monthly pay-out after retirement entirely
depends on the capital invested, the investment timeframe, and the age at which one wishes to retire. There
are again several types of pension plans that cater to different investment needs. Now it is recognized as an
insurance product and is regulated by IRDA.
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1.3Features of Life Insurance Plan
1. Policyholder
Policyholder is the individual who pays the premium for the life insurance policy and signs a life insurance
contract with a life insurance company.
2. Premium
A premium is the cost the policyholder pays the life insurance company for covering his/her life.
3. Maturity
Maturity is the stage at which the policy term is completed and the life insurance contract ends.
4. Insured
Insured is the individual whose life is secured via the life insurance. After his/her death the insurance company
is accountable to provide a financial amount to the dependents.
5. Sum Assured
The amount the insurance company pays the dependents of the insured if those events occur which are
specified in the life insurance contract.
6. Policy Term
Policy term is the specified duration (listed in the life insurance contract) for which the insurance company
provides a life cover and the time period during which the contract is active (listed in the life insurance
contract).
7. Nominee
A nominee is an individual listed in the life insurance contract who is entitled to receive the predetermined
compensation, as a part of the policy.
8. Claim
On the insured’s demise, the nominees can file a claim with the insurance provider in order to receive the
predetermined payout amount.
1.4 Advantages of Buying a Life Insurance Policy
1. Death Benefits
Life insurance enables individuals to protect themselves and their families, in case of any
unfortunate happening in the life of the insurer. The insurer pays an amount equivalent to the sum
assured as specified in the contract along with applicable bonuses. This is known as the death
benefit.
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2. Wealth Creation through Investment Components
A few life insurance policies offer wealth creation benefits as well. In such life insurance plans,
you can invest your premiums in different funds based on your risk appetite. These life insurance
plans are excellent wealth builders in the long run.
Invest 4G offered by Canara HSBC gives you the option of choosing from a range of seven funds.
The fund options include both equity and debt investments and 4 different portfolio management
strategies to help you maximise your gains.
3. Financial Security
The primary importance of a life insurance policy is that it provides your family with long-term
financial security. Life insurance policies provide a lump sum money to financially support your
family in the case of your early demise. Plans like iSelect Start term can look after the family’s
regular expenses, future goals and any ongoing debts after your death.
4. Loan Option
A cheaper loan facility is one of the important benefits of life insurance plans. You can use your
life insurance policy with the investment part for a loan as well. Life insurance plans like
guaranteed savings plans, money back plans and whole life insurance policies acquire a cash value
over time. You can borrow at a low rate of interest against this cash value.
5. Life Stage Planning

The importance of life insurance grows as you progress through your life stages. Life stages refer
to the multiple major stepping stones like marriage, childbirth, home purchase, retirement, etc. You
can use life insurance plans to prepare for each of these life stages. For example, term insurance
for protection, child plan for child’s marriage and education, ULIP for building wealth, the pension
plan for retirement, etc.
6. Assured Income Benefit

Assured Income benefit is another important benefit of life insurance plans. ISELECT SMART360
TERM PLAN offer a regular income payout option for your family after your early demise.
Similarly, life insurance pension plans can offer a long-term guaranteed income to you and your
spouse.
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Fig. No.1.4.1
1.5 Life Insurance Policy is Important for your Financial Security?

The importance of life insurance in your life cannot be overstated. It helps you and your family get financially
secure. There are many benefits of life insurance other than providing financial protection. It can help you in
achieving different goals throughout your life as well. Here are some reasons that depict the importance of life
insurance.
1. Cover for Critical Illness Situations

The costs associated with healthcare are sky-rocketing. If the disease is critical like heart attack, respiratory
issues etc, then it is sure to dig a huge hole in your pockets. These diseases also take a lot of time to recuperate
and require proper rest. Thus, during this time, you will not be able to earn as well. Life Insurance policies
such as Canara HSBC Life Insurance term plan iSelect Star, cover critical/terminal insurance in all their plan
options. Thus, you are given money the moment you are diagnosed.
2. Achieve Child Goals Safely

It’s a given that as a parent, you would want the best for your child. You can align your life insurance policy
so that you can help fulfil your child’s goals of higher education or marriage. But these goals require a lot of
money. There are specific life insurance plans made to achieve these goals known as Child Plans. These not
only include life cover but allow you to invest and build your corpus. Canara HSBC Life Insurance Child
Plans such as Smart Junior Plan as well as Invest 4G has a lot of strategies with which you can achieve your
goal. Also, these come with a Premium Funding Benefit option that waives off the remaining premiums if you
die during the policy. The policy is continued.
3. Enjoy a Safer Retirement

Retirement is one of the biggest milestones you look forward to throughout your working life. After retirement,
you will no longer have your income by your side. Thus, it becomes important to accumulate enough funds so
that you no longer have to worry post you retire .Retirement plans provide your life cover as well as a stream
of regular income. Also, ULIPs such as Invest 4G has a systematic withdrawal feature that helps you receive
a regular sum of money for your expenses after retirement.
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1.6 Disadvantages of Life Insurance
The following are the main life insurance disadvantages –
High premium for aged people

This is the major disadvantage of life insurance policy. The higher the age the higher would the premium to
be paid in the life insurance. This is due to the simple fact that the risk increases with the age so is the premium.
So, it is advisable to take life insurance at a very early age to prevent yourself from paying high premiums.
There is a chance where the insurance companies have rejected or denied providing policy to old age people
having ailments.
Difficult to calculate the returns

The returns on the life insurance policies are quite complicated and it is highly difficult to predict the returns.
The returns from life insurance are purely based on market conditions and performance. So a particular figure
is difficult to arrive at in the case of life insurance unlike PPF and other fixed deposit schemes
Complex Policies
In India, many insurance companies offer different types of life insurance plans. You can choose the best life
insurance plan as per your requirement. But it can also create confusion in the minds of the customer because
different insurance policies have different features. Some policies are simple, and some are not so simple. It
can be daunting to choose the right life insurance policy.
Insurance Companies May Not Pay the Benefits

The insurance companies use various tricks to avoid paying the benefits even after the maturity of the policy
and also they have denied paying the sum assured or the death benefit to the policyholder or the nominee.
They would mention many hidden charges or clauses to reduce the pay-out. So, it is important to carefully
understand the details of the policy and choose a company that has a positive pay-out rate. Things to know
about the merits and demerits of life insurance and the importance of having life insurance it is advisable to
talk to our agents before entering a contract.
Awareness of Exclusions, Hidden clauses

Any financial product available in the market certainly has some exclusions and hidden clauses incorporated
into it. It is your responsibility to find out those clauses and choose the right life insurance policy. For example,
most of the policies don’t pay for suicide in the first year and almost all the policies exclude loss of life due to
drugs overdose or involvement in criminal activities.
1.7 Six Factors to Consider before Buying a Life Insurance Policy

Here is a list of the factors that you should consider before you decide to buy a life insurance policy.
1. Sum Assured
The first and foremost thing to look at is the amount you will be covered for through your insurance. You are
required to choose the sum assured before the commencement of the policy. Assess all the future needs and
expenses of your family members before deciding an amount.
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2. Duration of the Policy
This is the time for which your policy will be active. Life insurance policies come with different terms. They
can range from 10 years to even covering for you till the age of 100. The longer the policy the lower can be
your premium.
3. Additional Benefits of the Life Insurance Policy

Be sure to take note of the benefits involved in the policy. These can be bonuses, riders, etc. Riders enhance
the scope of the policy. Make sure that your policy contains these benefits before buying.
4. Flexibility
The life insurance policy should be flexible. These can be in the form of providing multiple payment options,
freedom to choose the mode and duration of payments, etc. The more flexible a policy is the more it is easy
for you to customize according to your own.
5. Terms and Conditions

Make sure you do read the terms and conditions part associated with the policy thoroughly. There can be
certain things that you might not be aware of or the agent did not communicate to you.
6. Claim Settlement
Last but not least is to consider the claim settlement process of the insurer. Go through the process so that you
know the steps involved to get the claim. Also, check the claim settlement ratio of the company.
1.8 Marketing Strategies of Life Insurance Companies

In Modern economic conditions the performance and competitive pressures of financial services industry are
increasing. The rise of the internet and other new kinds of media has put this industry under growing pressure.
In today’s global financial services market, an increasing number of new competitors, such as independent
financial advisers, have transformed many present financial services organisations’ business models and
competitive factors. The core of any marketing strategy is a marketing plan. In order to implement a marketing
strategy properly, there is a need of precise plan of action. However, a tactical marketing plan can be written
without first defining an overall strategy. A marketing strategy without a solid foundation is useless. As the
core of a company’s marketing strategy, marketing plans are designed to achieve marketing goals and
objectives. A company’s marketing objectives, policies, and procedures should be integrated into a single,
cohesive strategy as part of a well-thought-out marketing strategy. The first step in developing of
marketing strategy is to construct a foundation of knowledge. Organizations are able to achieve
their aims or objectives.
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The following methods are used to strengthen the products marketing strategy:
• Segmentaion: A market is segmented into smaller subcategories by breaking a larger market into smaller
subcategories. This is a direct result of the realisation that the whole market consists of a number of distinct
submarkets (referred to as “segments”). A lot of commonality exists between segments (individuals in a
segment have similar views toward specific variables). In light of their shared characteristics, a marketing plan
is likely to be well received by this demographic. Both groups are likely to have similar thoughts and beliefs
if a specific product or service is offered at a specific price, delivered in a specific manner, and promoted in a
specific way.
• Positioning: Positioning is critical, as there is a lot of competition for your potential fans’ attention in
today’s world. You have a better chance of attracting their attention if you can offer a distinct benefit. Your
product must be viewed from the customer’s perspective in comparison to the competition.
• Targeting: As a result of targeting, you can concentrate your marketing efforts on a certain segment of
your target market. The capacity of a small business to use focused marketing could be the deciding factor in
its success. Using targeted marketing to promote, price, and distribute one’s goods or services is a benefit to
business. If you employ target marketing, all of your marketing activities will have a clear direction.
• Marketing Mix: In order to attract and retain customers, marketing experts and specialists employ a
range of techniques. The most critical concept in this endeavour is that of the marketing mix. The marketing
mix can be conceptualised in two ways: according to the 4P model or 7P model. The marketing mix’s 4Ps or
7Ps must be balanced. The 4Ps model has long been used In the product business, whilst the service industry
has found it to be a useful proposition.
1.9 Insurance marketing strategies for grow insurance business

The insurance industry is saturated with national brands making a lot of noise, making it tough for local
insurance agencies to be heard by consumers. Smart marketing strategies are necessary so that an Insurance
agency can stand out from the national and local competition. These are but a few examples of marketing
strategies an insurance agency can employ, but every agency should consider the market and exactly what the
target market is looking for before implementing any new program.
1. Boost Credibility within Your Community

Growing your client base starts with your local community. After all, it’s much easier to develop relationships
with prospects and customers when you can meet them in person. As an insurance company, there are a lot of
opportunities for making a positive impression within your local community. Broad marketing strategies such
as billboards and public transport advertising can be an effective way to get your name out there when you’re
just starting and need to build brand awareness. But you can take a more active approach, too. Consider
sponsoring a local sports team or 5K race, volunteering for local organizations, and buying booths at events,
such as arts festivals. These can all help you get the word out while boosting your credibility.
2. Pay-per-click Advertising
Competition is fierce in the insurance industry. And most people seeking to purchase insurance are looking
for a good deal. While they’re scouring Google for the best options, you don’t want your website to appear on
the last possible results page. You can give pay-per-click (PPC) advertising a try to counteract this. By bidding
on specific keywords, you can get your insurance company in front of more people than you can in the search
results alone. Because it’s so competitive, you’ll likely need some professional help creating your PPC
campaigns. Forget trying to figure out geo-targeting, device targeting, and keyword bidding strategies on your
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own. When choosing the keywords you want to rank for, don’t just choose the most popular ones. While
“health insurance” may have a huge search volume, it can also be extremely expensive to target.
3. Develop a Business Network

Developing a Business network is one of the best ways to grow your business. Yes, today, most of the contact
may happen online, but you can still find unique ways to demonstrate your value as a partner. Once you’ve
made the introduction, be consistent with your follow-ups. Find unique ways to add value to your strategic
partners’ businesses, and you’ll start generating referrals in no time.
4. Invest in Content Marketing

Content marketing for insurance companies is an integral part of any marketing strategy. Want to drive traffic
to your website while also driving qualified leads? Content marketing can help you achieve this and more if
you stay consistent. By creating content that helps prospects and clients understand their options for coverage,
such as blogs, guides, and tip sheets, you can deliver lasting value. This makes content marketing one of the
best insurance marketing ideas out there. And over time, if you stick with it, you can become a trusted authority
on all things insurance.
5. Manage Online Reviews

Managing your online reviews is one of the most critical insurance marketing strategies for winning new
clients. With 89% of customers making an effort to read reviews online before buying a new product, it’s
evident how important reviews are to your company’s reputation. Reviews also help set expectations for new
customers. They can determine if your company provides adequate customers service and support, which can
make or break their decision to work with you. These are all reasons why review management is so important.
Consider how you respond to online reviews because those reading your reviews are also reading and
considering your responses. Each day, reviews can be read by thousands of consumers—93% of whom are
influenced by what your buyers have to say. Reviews have a big impact, so making sure you have a consistent
flow of real feedback on Google, Facebook, and industry-specific sites can help you build trust and draw in
more insurance leads.
6. Build a Referral Network

Strategic partners for insurance agencies include real estate agents, mortgage lenders, estate planning attorneys
and even other insurance agents. If your insurer specializes in a specific type of insurance – for example,
worker’s compensation – many other agencies are instead focused on auto and home insurance, and they can
refer business clients to you. Offer to sit in open houses with real estate agents. Add value and partners will
emerge to provide you with solid referrals. Referral marketing is incredibly effective, but alone, it doesn’t
guarantee that word will quickly spread about your business. If you want to amplify the positive messages
your clients are sharing about you, you need to have an insurance marketing strategy that puts reviews into
play.
7. Partnerships
Another way you can get effective referrals is by reaching out to local businesses that aren’t direct competitors,
but still have an audience you want to reach. For example, you may ask to form a partnership with an
accounting firm. Partnerships, of course, aren’t limited to the digital space. You and your partners can and
should promote each other while chatting with clients in-person, so your partnership grows even more
beneficial. You can also partner up to host or run a booth at local community events to further drive growth
together.
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8. Social media ads.
Social media marketing beyond LinkedIn is a must for pretty much every industry these days. Customers are
using social platforms to not only connect, but also to shop and research. In addition to posting organic content
on each platform and engaging with followers, insurance agents can use social media ads to drive brand
awareness and gain leads among users who aren’t following their page. While ads are available on every
platform, we especially recommend investing in Facebook retargeting ads. These Facebook ads help you draw
back consumers who were already interested and browsed your insurance website, but may not have taken the
next step to request your services.
1.10 Life Insurance Marketing Ideas
1. Invest in local SEO

SEO has always been important, and it’s constantly evolving. Recent changes to favor quality over quantity
mean you’ll want to either touch up your existing SEO efforts and/or create new content accordingly. Since
your insurance business is probably targeted toward a state or locality within that state, local SEO is where
you’ll want to invest a lot of effort. When someone does a “near me” Google search, you want to be at the top
of those results. A simple way to do that is by optimizing your directory listings. Fill out a business profile on
every platform that will let you. Don’t just do it for Google, make a profile for sites like Bing and Yellow
Pages too.
2. Revamp your website

This may seem out of place on a list of life insurance marketing ideas, but a good rule of thumb is to update
your website every six months or so. If it’s been a while since you’ve made any changes, you could be missing
opportunities to communicate with people. Look over your layout and content. Is it easy to read? Easy to
navigate? Does the person visiting your site know exactly who you are and what you do as soon as they arrive?
If not, change it. Optimize your website for mobile. It should be just as easy to read and navigate on a
smartphone or tablet as on a desktop or laptop. Keep load times down so people can get the information they
need quickly and don’t click away
3. Create an email marketing strategy

As far as life insurance marketing ideas go, this is one of the best. People’s inboxes are the best way to get
seen today. They provide a direct line of communication to customers, and if you craft a compelling email,
chances are they’ll open it. If you don’t already have one, you’ll want to build an email list. It’s less difficult
than it sounds, and people will give you their email with the proper incentive and transparency from you. Say
they visit your site for a quote on a policy. Collect their email so you can send it to them when it’s ready. You
can add that email to your list and use it for further correspondence after you’ve delivered that quote — with
the option to opt-out.
4. Manage your online reviews

If you’re looking to buy something online, what’s the first thing you do? If you’re in the majority of the
population, you look at customer reviews. It’s no different for people searching for a local business. Once your
GBP profile is filled out and looking great, encourage people to leave reviews. The more good reviews you
have, the better it will look for you, and the more Google will prioritize your listing in local search. Once
people leave reviews, engage with them whether they’re good or bad. You can thank the people who left good
reviews, and the bad ones may contain valid criticisms you can address. People are looking for business owners
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that actually engage with them, especially in an industry like insurance. People who leave good reviews are
also candidates for referral marketing. If they leave a glowing review on your Google profile, thank them and
tell them you’re happy to help anyone they know who might need life insurance.
5. Consider PPC ads

Pay per click (PPC) ads help you jump the line and get displayed at the top of relevant search results. Google
and Facebook both offer PPC ads. Each has its pros and cons, but either can significantly expand your reach.
PPC ads charge you a set rate that you pay each time someone clicks your advertisement. Rates vary by
industry and keyword, so if you choose to go this route, be sure you’re prepared to pay the cost and that the
return on investment justifies the amount.
6. Market yourself on social media

This is where you can deliver content that provides value to people looking for answers about life insurance.
Blog posts, explainer videos, questionnaires, infographics — the possibilities are vast. Social media is a good
place to establish your brand voice and meet people where they are. Speak to them as human beings, not
marketing metrics. Answer their questions like you would if a friend came to you for information. Social media
is another touchpoint to engage with customers about their experience. If they’re dissatisfied, you can
communicate with them to assess their concerns. You can also find out what they want to know from you with
polls.
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CHAPTER NO. 2
REASEARCH METHODOLOGY
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2.1 REASEARCH METHODOLOGY
A research methodology involves specific techniques that are adopted in research process to collect, assemble
and evaluate data. It defines tools which are useful to gather relevant information in research studies. Various
types of surveys, questionnaires and studies are common tools of any research. Research methodology is to be
studied in order to check the relevance or any theory along with its applications. Research methodology helps
identify the research activity in a meaningful manner and thereby analyse it.
2.2 INTRODUCTION OF STUDY

This research compare public sector life insurance with private sector life insurance. With this study we will
understand that which company products are more popular in people. And also we know that public are
satisfied with which type of company Public or Private Life Insurance.
2.3 OBJECTIVE OF STUDY

• To compare and analyze the financial performance of private sector life insurance companies and life
insurance cooperation of India.
• To analyze the marketing strategy of insurance companies.
• To understand the concept and mechanism of insurance.
• To determine problems in marketing Life Insurance products between urban and rural areas.
2.4 Scope of the study

• To study also the different strategies methods followed by the life insurance company.
• To compare the performance of Public and Private sector Life Insurance Company.
• To analyze the marketing strategy of life insurance Companies
To suggest/ purpose a marketing strategy for Indian life insurance companies based on the findings of the
work
2.5 SIGNIFICANCE OF THE RESEARCH
In this study, comparing two life insurance companies i.e. LIC and BAJAJ. Both are giant companies
in life insurance sector. This research will help both companies for marketing strategies.
2.6 LIMITATIONS OF THE RESEARCH

14
• Study is restricted to LIC and Bajaj.
• As a secondary data is used in this research there might be chances of some errors.
• Sometimes less data is available.
• Only two life insurance companies are taken for study.
2.7 SAMPLE SZE

• Primary Data
• Statistical tools for analysis percentage test and pie diagram
2.8 HYPOTHESIS
Hypothesis is a proposition made as a basis for reasoning, without any assumption of its truth. A
hypothesis is an approximate explanation that relates to the set of facts that can be tested by certain
further investigation. There are basically two types, namely, null hypothesis and alternate hypothesis.
• NULL HYPOTHESISA
Null Hypothesis is a hypothesis that says there is no statistical significance between the two variables
in the hypothesis. It attempts to show that no variation exists between variables or that a single variable
is no different than its mean. It is written as H0 i.e. H(zero), which stands for Negative or No or
Rejected.
• ALTERNATIVE HYPOTHESIS
The alternative hypothesis is the hypothesis used in hypothesis testing that is contrary to the null
hypothesis. It is usually taken to be that the observations are the result of a real effect. It is written as
H1, which stands for Positive or Yes or accepted.
H0 – LIC insurance products are not more popular than Bajaj.H1 – LIC insurance products are more
popular than Bajaj.
15
CHAPTER NO.3
REVIEW OF LITERATURE
16
3.1 Introduction
The purpose of this chapter is to highlight at the work that other scholars and researchers have done concerning
insurance as a business model. An empirical review has been undertaken leading to a conceptual framework
which is proposed to guide the study.
3.2 Theoretical Review

This section examines the various theories that will be used to inform the study on the dynamics of business
in an economy.
1. (Thirupathi & S. Subhashini, 2019)Insurance is a contract between the insurer and the insured in
which the insurer promises to pay out a specified amount of money called a premium in return for the
insured being paid for their losses. The insurance sector, a major industry in India, makes a substantial
contribution to the country’s overall development. Descriptive statistical tools like mean, standard
deviation, and ANOVA are used to compare the financial performance of selected life insurance
enterprises in India.
Keywords ( premium, life insurance)
2. (VIJAY, 2019) The Indian insurance industry prepares for a new era of risk management, it is garnering
international attention. Competition in India’s insurance sector has been restored following its complete
nationalisation. Insurance can help stabilise the economy, trade, and commerce. Only with the introduction
of private insurance in India did the life insurance industry in that country grow and become more
competitive. Customers in India are flocking to the private sector in order to take advantage of the latest
in life insurance innovation, which they previously perceived as a tax haven. The LIC’s market share has
shrunk due to competition from private enterprises, which has spurred rapid expansion. Due of client
3. dissatisfaction, this is a major worry for the sector. From a nationalised to an open insurance market,
India’s insurance business has undergone an incredible transition.
Keywords ( Private insurance, Innovation)
4. (Reddy, 2019) This article examines the LIC’s (Life Insurance Corporation of India Ltd.) financial and
investment performance from 2001-02 to 2015-16. Income and expenditure are the metrics used to gauge
a company's financial health. All of these aspects of an investment’s performance are taken into account
when evaluating its performance. This study’s sections are divided in half. In the first segment, the
performance of financial and investment assets is examined. First and foremost, the LIC’s overall revenue
is assessed in relation to specific investments made in the sector and the instruments used.
Keywords ( Investment performance, Relation to specific investment)
17
5. (Pooja Puri, 2017) In this study, the particularly interested in the privatisation of India’s life insurance
sector. LIC dominated the insurance industry till the year 2000. There has been an increase in
competitiveness since insurance was privatised. New private insurance companies have altered the
insurance sector, making it more competitive. For the sake of comparison, I looked at how well life
insurance companies like the LIC and new private companies like MetLife do in providing customer
satisfaction, raising customer awareness, determining client preferences, and operating as an organisation.
A customer’s perception of their business is shown via this.
Keywords ( Customer statisfaction, raising customer awareness, client

performance)
6. (Rajini et al., 2017) These studies are aimed at determining what factors affect the satisfaction of
insurance providers by evaluating various insurance policies and programmes. Multiple regression analysis
was used to analyse the link between the two insurance companies’ selection criteria, consumer awareness,
service quality, and customer happiness. About 200 people were interviewed, each one using the same
questionnaire. According to this study, Indian life insurance customers are happy with their payouts,
selection criteria, and customer care. All other aspects aside, customers of Reliance Life insurance are
satisfied with only one criterion: sreturns. Companies could employ marketing campaigns to improve
knowledge of other policies in addition to retirement programmes.
Keywords ( statisfaction, consumer awareness, service quality, customer

happiness)
7. (Srivastava & Prakash, 2016) India’s economy and industry began to shift from a statecontrolled
structure to one that was more open and integrated in 1991. “ As a result of these reforms, the insurance
business has been made more competitive. In 1999, the Insurance Regulatory and Development Authority
was established as a result of this industry-changing regulation (IRDA). Both state and private Indian life
insurance companies are examined in this article. In terms of overall premium income, LIC held a 73%
share of the market as at the end of FY 2014-15. With 24 private insurers already operating, competition
is fierce in the insurance sector. Private insurance companies are expanding at a faster pace than the
government-run system. Insuring one’s home and belongings is now easier than ever before. Insurance
companies compete by selling policies and collecting premiums.
Keywords ( premium income, insurance services, collecting premiums)
8. (Chakraborty & Sengupta, 2015) The Life Insurance Corporation of India had a near-total
monopoly on the Indian life insurance industry before to the reform. However, things have taken a dramatic
turn for the better after the year 2000. In India, there were 24 life insurance companies active at the end of
the fiscal year 2012-13, including one public sector operator, L.I.C.I. (FY 2012-13). Since then, LICI’s
market share has dwindled to about 72% at year’s end of fiscal year 2012-13. ICICI Pru, HDFC Standard
Life Insurance Company Limited (HDFC Standard), and SBI Life Insurance Company Limited (SBI Life)
are three of India’s largest life insurance companies that we studied for three consecutive fiscal years
commencing in FY 2001. At the end of FY 2012-13, these three businesses had a combined 4.72 percent
of the private sector life insurance market.
18
Keywords ( Life Insurance market, communication)
9. (Nisamudheen, 2013) Life insurance companies can’t function without their team of customerfocused,
well-trained staff. Finding the most important success elements for customer satisfaction is key”if you
want to remain competitive and expand your market share within the life insurance sector. This 16
International Journal of Advanced Research in Commerce, Management & Social Science (IJARCMSS)
– July-September, 2022investigation has two primary objectives. This inquiry relies on both primary and
secondary sources of data. In order to collect primary data, 100 policyholders in Kerala’s Malappuram
district were interviewed using a questionnaire. A total of 50 persons from the LIC and HDFCSL will be
chosen at random for the study. Filling out a questionnaire regarding their insurance coverage is a
requirement for policyholders. ANOVA, the chi square test, and percentage calculations all fall under this
umbrella.
Keywords (customer satisfaction, business performance)
10.(Kaur Bawa & Chattha, 2013)The success of the company has a ripple effect throughout
the industry and the economy. Several criteria can be used to gauge financial success for
Indian life insurers, according to the conclusions of this study. Different financial ratios
have been calculated to measure it, taking into account the insurers’ liquidity, solvency,
profitability and leverage.. The performance of a corporation may normally be estimated
using its profitability and insurance. Using a variety of metrics, including liquidity,
solvency, leverage, market capitalization and equity capital, the profitability of Indian life
insurers is analysed. The data used to build this study’s sample of 18 Indian life insurers
spans five years, from 2007-2008 to 2011-12. (including 1 public and 17 private). Using
multivariate linear regression models, the profitability of life insurance is examined. The
study indicated that while capital had a negative impact on profitability, liquidity and size
had a beneficial impact. Profitability is not affected by financial soundness or insurance
leverage.
Keywords ( liquidity, solvency, profitability)
11. V. Narasimha Rao Insurance is a social device in which a group of individuals (insured)
transfer risk to another party (insurer) in order to combine loss experience, which permits statistical
prediction of losses and provides for payment of losses from funds contributed (premiums) by all
members who transferred risk. In India, insurance have a deep-rooted history. Insur- ance sector in India
has come a long way since the time when businesses were tightly regulated and concentrated in the hands
of a few public sector insurers. Following the passage of Insurance Regulatory and Development
authority (IRDA) Act in 1999, India allowed private sector in favour of market driven competition. LIC
was set up in 1956 when the life insurance business was nationalized.
Keywords ( premiums, communication)
19
12. (Anand Prakash, 2011)Running a successful life insurance company is about right structuring the
life insurance products, which calls for minimising the performance-expectation gap. The life insurance
business is not just about paying claims, but involves multiple expectations from various stakeholders. A
lot of research has been carried out in the area of service quality; however, there is a paucity of critical
examination of service quality neural networks applicable to life insurance business. The study attempts
to critically examine five possible combinations of neural networks as applicable to measure service
quality. A survey instrument has been designed to collect data from various stakeholders in Indian life
insurance business, and have been analysed by using neural networks.
Keywords ( paying claims, service quality )
13. (V V N Reddy, 2020)There is a strong link between an institutional framework of insurance

sector and sustainable economic growth. Insurance business has a positive impact on economic
development and vice versa. As a developed insurance market stimulates economic growth of a country,
the level of its economic growth affects insurance business development in return. In India, regulatory
changes commenced since midnineties for opening up of insurance markets to private and foreign
insurers. After more than one and half decade execution of insurance sector reforms, Indian life
insurance business have been witnessed the better growth.
Keywords ( economic development, economic growth, better growth)
14. (Sm Narayanan, 2019)The fast emerging economy is bringing with it rapidly changing technologies,
increasing knowledge intensity in all areas of business and services delivery channels to the customers
such as E-Banking. Today e banking services as smart banking, touch banking, 360 degree banking,
innovative banking, virtual banking and internet banking services available at any time. The competition
has been especially tough for public sector banks, as the newly established private sector banks and foreign
banks are leaders in the adoption of e banking services. The fast advancing global information
infrastructure enable the development of electronic commerce at a global level. The paper tries to focus
for e banking services provided by Indian bnaking industries. Finally paper concludes the technology
changes and future trends in E-banking services which helps for the development. Keywords: Usage of E-
banking services, customer satisfaction of e _ banking services, current influences and future trends of
indian banking services, etc.,
Keywords ( increasing knowledge, smart banking, degree banking, Innovative

banking, and internet banking)
15. ( Vijayendra Gupta ,2013) During the last two decades banking industry worldwide has undergone
phenomenal transformation. It has been partly driven and partly facilitated by the developments in
technology. Technology is a strategic tool for differentiation of banking services and has brought grass
root revolution, as can be seen in the way various banks operate, deliver, and compete against each other.
The fundamental differences Between marketing services and consumer goods have been the subject of
extensive discussion. Researchers in past years have found technology acceptance in services from many
levels like self service technology for delivering services at anytime, anywhere either by human or by
technology. Employees are viewed as internal customers and as a key link to external customer satisfaction.
Keywords ( Revolution, banks operates, consumer goods)

20
16. D.Rajasekar, (2014) The SWOT analysis i.e. strengths, weakness, opportunities and threats for
bancassurance has been studied. Bancassurance is a distribution model for insurance products. World
bancassurance is a combination of bank insurance. Bank is a vehicle which selling different types of
financial products like loans, PPF, Money Transfer, Share & debentures, deposits, etc.
Keywords ( combination, comunication, Money transfer))
17. Dr. P.K. Gupta (2000), in the article named “Exploring Rural markets for Private Life Insurance
Players in India” has tried to examine the present state of affairs of rural life insurance in India and attempts
to explore the causes, which led to poor penetration of rural life insurance markets for which a survey of
2000 sample of rural customers was been conducted to examine their perception and attitude towards
buying life insurance products. The study bought out interesting facts to lights like rural households with
head of the family more educated but with less family income are more likely to purchase a life insurance
policy than those with better social security but lesser education & rural customers consider safety of
invested funds as the most important factor in buying a life insurance followed by claims settlement and
assistance in policy purchases. On the distribution side the research stated that a firm belief among the
insurance companies is that agents are best suited for tapping the rural segments.
Keywords ( customer consider, social security, Rural customer)
18. Alok Mittal and Akash Kumar (2003), in their study “An Exploratory Study of Factors Affecting
Selection of Life Insurance Products” have attempted to identify the factors which are affecting the
consumers in taking into consideration before selecting a life insurance product and determining the extent
to which these factors are taken into consideration for choosing life insurance products. The study
highlighted that consumers take into consideration factors like product attributes, customer delight,
payment mode, product flexibility, risk coverage, grace period, professional advisor, and maturity period
as important before making a decision on selection of a life insurance product but most important factors
which are of vital importance was product attributes, and the least important was maturity period.
Keywords ( communication, product flexibility, risk coverage)
19. William H.Greene, and Dan Segal (2004), in their research “Profitability and Efficiency in the
U.S. Life Insurance Industry” have discussed the relationship between cost inefficiency and profitability
in the U.S. life insurance industry. The life insurance industry is mature and highly competitive, and cost
efficiency may be the main driver of profitability. The authors derive cost efficiency using the stochastic
frontier (SF) method allowing the mean inefficiency to vary with organizational form and the outputs. In
addition, the estimation of the cost efficiency measure takes into account the underlying accounting
concepts. This study suggests that cost inefficiency in the life insurance industry is substantial relative to
earnings, and that inefficiency is negatively associated with profitability measures such as the return on
equity.
Keywords ( Cost inefficiency relationship, Highly competative, profitability)
21
20. T.Venkateswara Rao (2004), presented a paper titled “Alternative Distribution Channels in India”
in Global Conference of Actuaries. This research points out that a distribution channel means a set of
interdependent organizations involved in the process of making a product or service available for use or
consumption by the consumer by creating place utility & the value of having the products where the
customer wants them, when they want them. The research said that in Distribution in Life Insurance
requires the intermediaries. The current insurance market depends heavily on Individual Agency channel
but it concluded that Alternative distribution channels can give competitive edge for the Insurers, a
statistics of Alternative Distribution channels of LIC suggest that corporate agencies including banks are
garnering 82% and the rest 18% is coming from Brokers & Over time bancassurance may get at least 20%
distribution share in life insurance market.
Keywords ( consumption, Distrubution shares)
21. Sinha and Tapen (2005), in their research article “The Indian Insurance Industry: Challenges and
Prospects” have stated that India is among the most promising emerging insurance markets in the world.
But out of total insurance premium market in India particularly life insurance currently makes up 80% of
premiums. The research also highlighted that when India undertook to open the domestic insurance market
to private-sector and foreign companies since then, 13 private life insurers and eight general insurers have
joined the Indian market. But speaking about major hurdles this research spoke on the obsolete regulations
on insurance prices which have to be replaced by risk-differentiated pricing structures. . Furthermore it
said that both the life and non-life insurance sectors would benefit from less invasive regulations. The
author also suggested that Price liberalisation will be needed to improve underwriting efficiency and risk
management and the Private insurers will have a key role to play in serving the large number of informal
sector workers.
Keywords ( Premium, customer services)
22. Marco Arena [The World Bank] (2006), in the article – “Does Insurance Market Activity
Promote Economic Growth? A Cross-Country Study for Industrialized and Developing Countries” has
stated that during the last decade, there has been faster growth in insurance market activity, particularly in
emerging markets given the process of liberalization and financial integration, which raises questions about
its impact on economic growth. So this research tried to systematic ally assess the impact of insurance
market activity (life and non-life insurance) on economic growth. To accomplish this task this research
used measures of insurance premiums as a proxy of insurance activity for a set of 56 countries over the
1976-2004 period. Based on research the paper has concluded that there is a causal relationship of
insurance market activity on economic growth& both life and non-life insurance premiums have a positive
and significant effect on economic growth. But in the case of life insurance, its impact on economic growth
is driven by high-income countries only ,On the other hand, in the case of non-life insurance, its impact is
driven by both high-income and developing (middle and low income) countries.
Keywords ( Financial Integration, economic growth)
23. Rajni M. Shah (2007), Paper Presented at the C.D.Deshmukh Seminar on “Creating Consumer
Awareness in Life Insurance” has analysed as how to harness huge untapped market potential for life
insurance to the benefit of vast rural and semi urban populace. The paper has quoted the famous line –
“customer is business, business is people, people are customers” in context of consumer awareness. The
22
paper emphasises that Consumer awareness will provide a new frame of reference for value creation as
also an opportunity for innovation and also have emphasised on campaigns to educate rural and semi urban
masses on the need for security that protects their livelihood, security for produce and belongings and
create feel-good feeling. In summary it states that a new phenomenon will emerge where Market dynamics
will rule and unfold a stage through a process of evolution by co-creating unique value with customers
will merge as expounded by Prof. C.K. Prahalad in his later path-breaking Title “ The Future of
Competition : Co-creating Unique Value with Customers”.
Keywords ( customer is business, Awareness)
24. Tamzid Ahmed Chowdhury and Masud Ibn Rahman (2007), in the article, “Problems and
Strategies in Service Marketing: Bangladesh Perspective”, present a conceptual framework of the
problems and strategies in services marketing that derive from five unique characteristics of services. The
framework is based on a review of the growing body of literature in services marketing. The article also
reports the findings from a survey of service firms concerning problems they face and strategies they use.
A combination of theoretical aspects and survey results in one article affords the opportunity to make a
bridge between the empirical practices and theoretical aspects.
Keywords ( Service marketing, business performance)
25. Subir Sen (2008), in his article “An Analysis of Life Insurance Demand Determinants for Selected
Asian Economies and India” has tried to understand economic and other socio-political variables, which
may play a significant role in explaining the life insurance consumption pattern in Greater China Region
and six ASEAN countries for the 11- year period 1994-2004 and also tried to re-assess whether or not the
variables best explaining life insurance consumption pattern for twelve selected Asian economies in the
panel are significant for India for the period 1965 to 2004. This research has highlighted that in India the
economic variables such as income, savings, prices of insurance product, inflation and interest rates &
demographic variables like dependency ratio, life expectancy at birth, crude death rate and urbanization
are few significant determinants which effect the insurance consumption.
Keywords ( Economic variables, prices of insurance product, inflation)
26. Lavanya Vedagiri Rao (2008) in article, “Innovation and New Service Development in Select
Private Life Insurance Companies in India” try to examine how service firms actually innovate by
interviewing Zonal managers of select 10 private life insurance companies in India. The research stated
that Private Life Insurance organizations use systematic procedures in the areas of New Service
Development (NSD) Strategies and deploy that for new services & the study also reports on how the
organizations involve their customers in the service innovation process. Another observation from the
study was that the top executives of all the ten companies participate in the idea generation stage. This
research strongly concluded that liberalization.
Keywords ( Innovation, liberalisation)
27. Manjit Singh and Rohit Kumar (2008), in the paper, “Indian Insurance Industry Outlook in the
Post Reform period”, highlight that insurance penetration and density has witnessed an increasing trend in
the post- reform period, but has a long way to go to even come close to the developed nations. The study
also indicates huge unexplored and untapped market in India and shows huge opportunities for insurance
23
companies to capture the business from competitive market; the survival of companies will depend on their
strategies and efforts to increase their penetration levels and tap the new business positions especially in
rural India
Keywords ( Business performance, increase Trade)
28. Nagaraja Rao, K. (2010), in his article “Challenges in Designing Need Based Products in Life
Insurance for Inclusive Growth in India”, analyses the challenges faced by the insurers in designing need-
based products in insurance for inclusive growth, and concludes that the policies of life insurance
companies are still not rural-centric, catering to the specific needs of the people. With a view to
popularizing life insurance, he recommends that the consumers need to study the rural market, analyse the
specific needs of each segment and design innovative products, to suit the requests of the people to the
objective of inclusive growth.
Keywords ( Inclusive growth, communication)
29. Sonika Chaudhary, Priti Kiran (2011), in their paper “Life Insurance Industry in India -Current
Scenario” discussed that life insurance in India’s trend from the year 2005-06 to 2010-2011. During the
study period this sector moved upwards from the factors like number of offices, number of agents, new
business policies, premium income etc. Further, many new products like ULIPs, pension plans etc. and
riders were provided by the life insurers to suit the requirements of various customers. However, the new
business of such companies was more skewed in favour of selected states and union territories. This paper
concludes that Private life insurers used the new business channels of marketing to a great extent when
compared with LIC
Keywords ( Business policy, Premium income, Number of agents)
30. Upadhyaya and Badlani (2011), in their research, attempt to identify the key success factors in the
life insurance industry, in terms of customer satisfaction so as to survive intense competition and to
increase the market share. The objectives of the study are to identify the factors of customer satisfaction
in retail life Insurance in India and to study the importance of technology in fulfilling Customer
Satisfaction. Data was collected from 206 insurance customers of the ten public and private sector life
insurance companies from the major cities of Rajasthan and Maharashtra state in India. The study
concludes that despite high satisfaction levels, there remains a lot to be done by the management of the
retail life Insurance companies to maximise their customer satisfaction and improve the quality of service.
The satisfaction of the customer with the services of the Life Insurance Companies was found to be linked
with the performance of the service
24
3.3. REFERENCE
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26
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27
CHAPTER NO. 4
DATA ANALYSIS
AND
INTERPRITATION
28
4.4 DATA COLLECTION FROM RESPONDENTS
4.1 Introduction
In this section focus is on the analysis and report of the results of the study. The main issues covered are
demographics of the respondents, descriptive statistics and inferential assessment of the variable/objectives
of the study.
4.2 Tools of Data Analysis

Data analysis tools make it easier for user to process and manipulate data, analysesthat Relationship and
correlations between data sets, and it also help to identify patterns and Trends for interpretation. Here is a
complete list of tools.
1. Editing: The editing of data is a process of examining the raw data to detect errors and omissions and to
correct them. If possible, so as to ensure legibility, Completeness, consistency and accuracy.
2. Classification: In most research studies, voluminous raw data collected through a survey need to be
.Classification of data, which in simple term is the process of arranging data in Groups or classes on the
basis of some characteristics.
3. Coding: Coding refers to the process of transforming collected information or observation or
observations to set of meaningful, cohesive categories
4. Tabulation: Tabulation is a way of processing information or data by putting it in table. Tabulation is
used for summarization and consideration of data.
5. Graph: Graphic representation is another way of analysing numerical data. A graph is a Set of chart
through which statistical data are represented in the form of lines or Curves drawn across the coordinated
points plotted on its surface. Graph enables us in studying the case and effect relationship between two
variables.
4.3 Tests of Data Analysis
A test can be considered an observation or experiment that determination one or More characteristics of a
given sample, product, process or service. The purpose of testing involves a prior determination expected
observation and a comparison of that P a g e | 40expecting to what one actually observes. Here on test is used
for data Analysis. Use only percentage test and pie.
29
4.4 DATA COLLECTION FROM RESPONDENTS
Age?
Variables Percentage
15-30 92.1%
30-40 6.3%
40-60 7.9%
60 above 1.65%
PIACHART4.1
Interpretation:
The data related to above Information, it has interpreted that 92.1% Respondents are 15-30 , 1.65 %
Respondents are between 30-40 , 6.3% Respondents are between 40-60 years .Thus below 30 age group is the
highest group of Respondents and above 30-40 years age group is the lowest.
30
AREA??
Urban 80.6%
Rural 19.4%
PIECHART 4.2
Interpretation:
The data related to above information, it has interpreted that 80.6% % respondents are from Urban area
and 19.4% respondents are from rural area .Thus urban area is the highest group of respondents And
rural area is the lowest.
31
QUALIFICATION?
SSC 6.7%
HSC 7.9%
Under Graduate 77.8%
Post Graduate 11.1%
piechart:4.3
Diagram 4.3
Interpretation:
The data related to above information, it has Interpreted that 77.8% respondents are under graduate,
11.1% respondents are post graduate, 7.9% respondents are HSC passed and 6.7% respondents are
SSC passed. Thus under graduate is the highest group of respondents and SSC passed is the lowest
group of respondents..
32
GENDER?
Male 47.6%
Female 52.4%
piechart 4.4
Interpretation:
The data related to above information, it has Interpreted that 52.4% respondents are male and 47.6 %
respondents are Female .Thus male is the highest group of respondents and female is the lowest group of
respondents.
33
Q.1 What do you feel after investing in insurance plans of life insurance?
Good 54.8%
Averagely satisfied 30.6%
Cheated 3.4%
Investment decision 8.1%
Interpretation:
The data related to above information, it has interpreted that 54.8% Respondents are investing other type of
insurance 30.6% respondents are investing their life insurance, 30.6% respondents are holding their averagely
satisfied and 81.1% respondent are investing in insurance plans of life insurance .Thus, other holders is the
highest group of respondent, and cheated Holder is the lowest group of respondent.
34
Q.2 who influenced you to get an insurance policy?
The media 15%
Insurance agents 20%
Family and friends 60%
Other’s 5%
Interpretation
The data related to above information, it has interpreted that 60% Respondents given that friends and
family, 20% respondents thik that influenced insurance agents, 5% respondents think that others nd 15 %
respondents think that the media. Thus friends and family is the highest group of respondent and other’s is the
lowest group of respondent.
35
Q.4 Do you have insurance policy?
Yes 77.4%
No 22.6%
piechart 4.4
Interpretation:
The data related to above information, it has interpreted that 77.4% respondents have insurance policy and
22.6% respondents they have no insurance policy.
36
Q.5 How long does my life insurance plan Last?
Five year 36.1%
Ten year 27.9%
Five or ten year 26.2%
Upto 35 to 40 year’s 9.8%
piechart 4.5
Interpretation :
The data related to above information, it has interpreted that 36.1% respondents think that life insurance plan
last for five years, 27.9% respondents think that life insurance plan lasts for ten years 26.2% respondents
think that life insurance plan lasts fir five to ten years and 9.8% respondents think that life insurance plan lasts
upto 35 -40 years
37
Q. 6. Does the insurance agent’s / marketing executives recommend Life Insurance?
Yes 41.9%
No 9.7%
May be 30.6%
Depend on the situation 17.7%
Fig 4.6
Interpretation:
From the above piechart no 4.6 and fig. No 4.6 it is observed that out of 41.9% respondents yes and
17.7% respondents depend on the situation, that insurance agents recommend insurance company
offers various policies, 30.6% responds may be and life insurance company offers various policies,and
9.7% responds nothing any marketing executives Life Insurance.
38
Q. 7 how are the charges in insurance policies of life insurance?
High 19.7%
Average 49.2%
Low 13.1%
Medium 18%
piechart 4.7
Interpretation:
The data related to above information, it has interpreted that49.2% respondents thik that life insurance
charges 19.7% Respondents is high and 13.1% respondents think that charges in insurance policies is
low. And 18% respondents are medium.
39
Q. 8 How are the insurance policies of life insurance?
Highly 20.6%
Satisfactory 49.2%
Average 28.6%
Dissatisfactory 2.3%
Piechart :4.8
Interpretation:
From the above table no. 4.8 and fig. No 4.8 it is observed that out of 49.2% Respondents and 28.6%
respondents are statisfactory and average With the behaviour of insurance companies And 20.6% are
high with the behaviour of insurance companies.
40
Q. 9 How regularly do you pay your premiums?
Monthly 39.3%
Quarterly 18%
Half year 18%
Yearly 24.6%
DIAGRAM 4.9
Interpretation:
The date related to above information,but has interpreted that 39.3% Respondents are monthly pay and
18% Respondents are quarterly pay their premiums, and 24.6% Respondents pay their premiums yearly
and last one 18% respondents pay their premiums at half year.
41
Q. 10 How many insurance policies do you currently have?
1 66.7%
2 23.3%
3 8.3%
More than 5 2.1%
Diagram 4.10
Interpretation:
From the above diagram no 4.10 and fig no 4.10 it is observed that out of 66.7% Respondents 1
insurance policies currently have, and 23.3% Respondents 2 insurance policies currently have and only
and lowest 2.1% Respondents are more than 5. 8.3% Respondents have 3 insurance policies currently
have.
42
Q. 11 How much does life insurance cost?
Best health 9.5%
Good health 47.6%
Average health 19%
All of the above 23.8%
Diagram 4.11
Interpretation:
Interpretation:
In the above piechart, diagram no 4.11 shows the 47.% respondents have good health in life insurance
cost, 19% respondents have averagely health and 23.8% responds all of the above and it shows 9.5%
best health does life insurance cost.
43
Q. 12 What type of insurance do you have?
Private 23%
Public 5.2%
Life 68.9%
Social 4.3%
Interpretation:
In this given diagram 4.12 shows the above information, there are 23% respondents in private type of
insurance, and the highest 68.9% of life insurance and very lowest that is social 4.3% respondents.
44
Q. 13 What type of insurance claim did you recently have?
General claim 19.4%
Life insurance claim 66.1%
Homeowner claim 11.3%
Business liability 4.3%
Diagram 4.13
Interpretation:
From the above piechart no 4.13 it is observed that 19.4% general claim of insurance claim recently
have, and the very highest 66.1% respondents life insurance claim recently have and the very lowest
that is business liability 4.3% and the last one 11.3% respondents homeowner claim of insurance claim
recently have.
45
Q. 14 Reasons ffor investing In insurance plans of life insurance?
Schemes are good 53.2%
Needs to save tax 6.5%
Tax saving 19.4%
Recommended by 21%
family and friends
diagram 4.14
Interpretation:
This piechart shows the reason for investing in insurance plans of life insurance, 53.2% respondents
have schemes are good, 19.4% Respondents are tax saving and there are 21% respondents recommend
by family members and friends and the last one is 6.5% respondents needs to save tax.
46
Q. 15 what would you like more in insurance policies of life insurance?
More 23%
More security 52.5%
Others 18%
Specify 6.6%
Interpretation:
The data related to above information It has interpreted that 52.5% more security in life insurance
policy, and 23% respondents more in Life insurance policy, and 18% Respondents have others and
6.6% Respondents are specify.
47
CHAPTER NO. 5
CONLUSION, SUGGETIONS AND FINFINGS
48
5.1 CONCLUSION
➢ Life Insurance industry is an emerging service sector in this competitive market . This requires new
strategy in order To survive and survive successfully .
➢ There are huge potential to tap the insurance and for this, industry needs to frame such plans and
strategies that will help to capture the market.
➢ Life insurance has today become a core of any market economysince it offers plenty of scope for
accumulating large sums of money for long periods of time.
➢ Companies instead of focusing only onimproving the variety of products needs to focus on targeting
new segments and implement innovative strategies in orderto achieve sustained growth and ensure
profitability of business as well as growth of insurance coverage.
➢ The life insurers should conduct more extensive market research before introducing insurance
products targeted at specific segments of the population so that insurance Can become more
meaningful and affordable to common people.
➢ With the ability to earn huge sums of money over an extended period of time in today’s market
economy, life insurance is a must-have.
5.2 Suggestions
➢ All details about the company should be given to the customers.
➢ More advertisement should be conducted.
➢ Use new techniques of sales promotion.
➢ The company should give personal attention to each customer.
➢ Tell importance of life insurance and to increase the awareness about the life insurance of the people.
➢ Mostly, people come to know about the services and terms and conditions of the plans through agent. So,
agents must enhance their skill and knowledge.
49
5.3 FINDINGS
1. Moderate awareness of its insurance business.
2. Majority of the respondents who were targeted were businessmen and people working in some
organizations belonging to the service sector.
3. 50% of the respondents thinks that purchasing life insurance will secure their family however 50%
of the respondent also think that purchasing Life insurance will not secure their family.
4. 72% of the respondents prefer lumpsum and 52% of the respondents prefers SIP.
5. ICICI by a significant margin is the most preferred company by the investors and most 40 %of the
respondents have purchased insurance policies from LIC.
50
BIBLIOGRAPHY
51
WEB LINK
➢ www.BirlaSunlife.com
➢ www.irda.gov.in
➢ Birlasunlife New Advisor Book
➢ www.google.com
➢ https://en.m.wikipedia.org/wiki/Life_insurance
➢ https://en.m.wikipedia.org/wiki/Insurance
52
ANNEXURE
• SURVEY QUESTIONNAIRE
• Questionnaire on topic “ Marketing Strategies used in life insurance business “
Name
1. How many insurance policies do you currently have?

• 1
• 2
• 3
• More than 5
2. How regularly do you pay your premiums?

• Monthly
• Quarterly
• Half year
• Yearly
3. How long does life insurance plan Last?

• Five year
• Ten year
• Five or ten year
• Up to 35 to 40 year
1. Who influenced you to get an insurance policy?

• The media
• Insurance agents
• Friend’s and family
• Other’s
2. Do you have an insurance policy?

• Yes
• No
3. What type of insurance claim did you recently have?

• General claim
• Life insurance claim
53
• Homeowner claim
• Business claim
4. How is the premium amount to be paid in insurance plans of life insurance company?
• Highly satisfied
• Average
• Dissatisfactory
• Satisfactory
5. How are the charges in insurance policies of life insurance?

• High
• Average
• Low
• Medium
1. What would you like more in insurance policies of life insurance?

• More benefits
• More security
• Other’s
• Specify
2. Reasons for investing in insurance plans of life insurance?

• Schemes are good
• Tax saving
• Recommended by family and friends
• Need to save tax
3. Does the insurance agent/ marketing executives recommend life insurance?

• Yes
• No
• May be
• Depend on the situation
4. What type of insurance do you have?

• Private
• Public
• Social
• Life
5. What do you feel after investing in insurance plans of life insurance?

• Good
54
• Averagely satisfied
• Cheated
• Investment decision
6. How are the insurance policies of life insurance?

• Highly satisfied
• Satisfactory
• Average
• Dissatisfactory
7. What kind of insurance policies do you have?

• Saving policy
• Whole life policy
• Endowment policy
• Money back policy
8. How much does life insurance cost?

• Best health
• Good health
• Average health
• All of the above
55

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“MARKETING STRATEGY USED IN LIFE INSURANCE BUSSINESS”

UNIVERSITY OF MUMBAI FOR PARTIAL

COMPLETION OF THE DEGREE OF

BACHELOR IN COMMERCE (BANKING AND INSURANCE)

UNDER THE FACULTY OF COMMERCE

PRERMA MACHINDRA GAIKWAD

UNDER THE GUIDANCE OF

PROF. MRS. BHUMIKKA PARELLKAR

K. G. JOSHI COLLEGE OF ART’S &N. G. BEDEKAR COLLEGE OF

NAME AND SIGNATURE OF THE LEARNER

PROF. BHUMIKA PARELLKAR

SR.NO CONTENT PAGE NO

1.1 Introduction on Marketing strategy used in 2

2.1 Research methodology 14

Term insurance policies

Unit-linked investment policies (ULIP)

1.4 Advantages of Buying a Life Insurance Policy

5. Life Stage Planning

6. Assured Income Benefit

1.5 Life Insurance Policy is Important for your Financial Security?

1. Cover for Critical Illness Situations

2. Achieve Child Goals Safely

3. Enjoy a Safer Retirement

High premium for aged people

Difficult to calculate the returns

Insurance Companies May Not Pay the Benefits

Awareness of Exclusions, Hidden clauses

1.7 Six Factors to Consider before Buying a Life Insurance Policy

3. Additional Benefits of the Life Insurance Policy

5. Terms and Conditions

1.8 Marketing Strategies of Life Insurance Companies

1.9 Insurance marketing strategies for grow insurance business

1. Boost Credibility within Your Community

3. Develop a Business Network

4. Invest in Content Marketing

5. Manage Online Reviews

6. Build a Referral Network

1.10 Life Insurance Marketing Ideas

1. Invest in local SEO

2. Revamp your website

3. Create an email marketing strategy

4. Manage your online reviews

5. Consider PPC ads

6. Market yourself on social media

2.2 INTRODUCTION OF STUDY

2.3 OBJECTIVE OF STUDY

• To analyze the marketing strategy of insurance companies.

• To understand the concept and mechanism of insurance.

2.4 Scope of the study

• To analyze the marketing strategy of life insurance Companies

2.5 SIGNIFICANCE OF THE RESEARCH

2.6 LIMITATIONS OF THE RESEARCH

2.7 SAMPLE SZE

3.2 Theoretical Review

Keywords ( premium, life insurance)

Keywords ( Private insurance, Innovation)

Keywords ( Investment performance, Relation to specific investment)

Keywords ( Customer statisfaction, raising customer awareness, client

Keywords ( statisfaction, consumer awareness, service quality, customer

Keywords ( premium income, insurance services, collecting premiums)

Keywords (customer satisfaction, business performance)

Keywords ( liquidity, solvency, profitability)

Keywords ( premiums, communication)