Marketing Mix at IDBI

Introduction

Insurance sector in India started way back in

1818.
The Indian Insurance Companies Act was passed
in 1928.
This act empowered the government of India to
gather necessary information about the life
insurance and nonlife insurance organizations
operating in the Indian financial markets.
The Regulatory body that governs the insurance
sector is Insurance Regulatory and Development
Authority(IRDA).

About IDBI Federal Life

Insurance Co. Ltd.

It was started in March 2008 and in just five months of

inception it became one of the fastest growing new
insurance companies to garner Rs.100 Cr in premiums.
It is an Indian government-owned financial services
Insurance company, formerly known as Industrial
Development Bank of India Federal Life Insurance
company Limited.
It is a joint venture of IDBI Bank, Indias premier
development and commercial bank, Federal Bank, one
of Indias leading private sector banks and Ageas, a
multinational insurance giant based out of Europe.

Products of IDBI

Some of the products that fit the varying financial and

investment needs at different stages of life.
Childsurance Savings Protection Insurance Plan
Wealthsurance Growth Insurance Plan SP
Wealthsurance Suvidha Growth Insurance Plan
Wealthsurance Growth Insurance Plan
Termsurance Group Insurance Plan
Termsurance Group Insurance Plan
Lifesurance Savings Insurance Plan

Lifesurance

Lump sum payout at Maturity

Guaranteed Additions to safeguard your savings
Bonuses to boost your savings
Flexibility to plan for your needs
Double Protection Accidental Death Benefit
High Sum Insured Rebate
Advantage Women
Exclusive funds for loved ones
Loans
Tax Benefits

Childsurance

Guaranteed annual payouts for important milestones

Bonuses to add to your savings
Immediate payout of lump sum in case of your unfortunate death
Waiver of future premiums
Plan continues and benefits are paid as planned
Two tax benefits
Flexibility to plan for your needs
Exclusive fund for your loved ones
Loan facility

Wealthsurance

Choose how much you want to invest and for how long
Manage your investments as per your risk appetite
Get guaranteed loyalty additions to boost your investment
Life Cover benefit to financially secure your loved ones
Get tax benefits on the premiums paid as well as the
benefits received

My Work at IDBI (Till Date)

I was instructed how various parameters of the insurance

industry and how SEBI & IRDA regulates the industries.
I was taught about the basic knowledge on financial, legal,
selling process of the insurance.
This training helped me to get an understanding how an
insurance agent and the company works.
I was also taught about selling of the financial products of
IDBI federal with Marketing Mix, its customers, and
employees in retail banking and insurance.
Basically we have to work upon the three products which
have been given by the company to insure peoples life
according to their needs.