insurance_sector_in_india
TRANSCRIPT
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Insurance Sector in India
Life Insurance
In 1818 the British established the first insurance company in India in Calcutta, the Oriental Life Insurance
Company. First attempts at regulation of the industry were made with the introduction of the Indian Life
Assurance Companies Act in 1912. A number of amendments to this Act were made until the Insurance Act
was drawn up in 1938. Noteworthy features in the Act were the power given to the Government to collectstatistical information about the insured and the high level of protection the Act gave to the public through
regulation and control. When the Act was changed in 1950, this meant far reaching changes in the industry.
The extra requirements included a statutory requirement of a certain level of equity capital, a ceiling on
share holdings in such companies to prevent dominant control (to protect the public from any adversarial
policies from one single party), stricter control on investments and, generally, much tighter control. In 1956,
the market contained 154 Indian and 16 foreign life insurance companies. Business w
concentrated in urban areas and targeted the higher echelons of society. “Unethical practices adopted by
some of the players against the interests of the consumers” then led the Indian government to nationalize the
industry. In September 1956, nationalization was completed, merging all these companies into the so-called
Life Insurance Corporation (LIC). It was felt that “nationalization has lent the industry fairness, solidity,
growth and reach.”
Insurance may be described as a social device to ensure protection of economic value of life and other
assets. Under the plan of insurance, a large number of people associate themselves by sharing risks attached
to individuals. The risks, which can be insured against, include fire, the perils of sea, death and accidents
and burglary. Any risk contingent upon these, may be insured against at a premium commensurate with the
risk involved. Thus collective bearing of risk is insurance.
Insurance is a contract whereby, in return for the payment of premium by the insured, the insurers pay thefinancial losses suffered by the insured as a result of the occurrence of unforeseen events. The term "risk" is
used to describe the possibility of adverse results flowing from any occurrence or the accidental happenings,
which produce a monetary loss.
Insurance is a pool in which a large number of people exposed to a similar risk make contributions to a
common fund out of which the losses suffered by the unfortunate few, due to accidental events, are made
good. The sharing of risk among large groups of people is the basis of insurance. The losses of an individual
are distributed over a group of individuals.
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PLAYERS IN INDIAN INSURANCE INDUSTRY
6.1 LIFE INSURERS
Insurance industry, as on 1.4.2000, comprised mainly two players: the state insurers:
Life Insurance Corporation of India (LIC)
Life Insurers:
S.No. Name of the Company
1 Max New York Life Insurance Co. Ltd.
2 HDFC Standard Life Insurance Company Ltd.
3 ICICI Prudential Life Insurance Company Ltd.
4 Om Kotak Mahindra Life Insurance Co. Ltd.
5 Birla Sun Life Insurance Company Ltd.
6 Tata AIG Life Insurance Company Ltd.
7 SBI Life Insurance Company Limited
8 ING Vysya Life Insurance Company Private Limited
9 Allianz Bajaj Life Insurance Company Ltd.
10 Metlife India Insurance Company Pvt. Ltd.
11 Reliance Life Insurance Company Ltd.
12 Shriram Life Insurance Company Ltd.
13 Sahara India Life Insurance Company Ltd.
14 Bharti AXA Life Insurance Company Ltd.
15 Aviva Life Insurance Company Ltd.
MARKETING INITIATIVES BY LIC
Life Insurance Corporation of India is a wholly owned undertaking of the Government of India.
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Life Insurance Corporation of India was established by an Act of Parliament on 1st September, 1956. Its
Central Office is located in Mumbai. It also has seven zonal offices each located in Mumbai(Western Zone),
New Delhi (Northern Zone), Kanpur (North-Central Zone), Bhopal (Central Zone), Chennai (Southern
Zone), Hyderabad(South-Central Zone), and Calcutta(Eastern Zone).
It has a network of over 2000(2048) branches and more than nine lakh agents. Over 47 years, LIC has
become a household name for providing security for a lifetime and is synonymous to life insurance in India.
LIC ranks No.1 in the list of top 500 companies on the basis of Net Worth(Rs. 15, 47, 951 million) as well
as Net Profit(2,66,277 million). Currently LIC holds 65% of Life Insurance market in India.
Product
Endowment Plus
Jeevan Anurag Komal Jeevan
CDA Endowment Vesting At 21 Marriage Endowment Or
Educational Annuity Plan CDA Endowment Vesting At 18
Jeevan Kishore Jeevan Chhaya
Child Career Plan Child Future Plan
Child Fortune Plus
Jeevan Aadhar
Jeevan Vishwas
The Endowment Assurance Policy
The Endowment Assurance Policy-Limited Payment Jeevan Mitra(Double Cover Endowment Plan)
Jeevan Mitra(Triple Cover Endowment Plan)
Jeevan Anand
New Janaraksha Plan
Jeevan Amrit
Jeevan Shree-I
Jeevan Pramukh
The Money Back Policy-20 Years
The Money Back Policy-25 Years
Jeevan Surabhi-15 Years
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Jeevan Surabhi-20 Years
Jeevan Surabhi-25 Years
Bima Bachat
Jeevan Bharati - I
The Whole Life Policy
The Whole Life Policy- Limited Payment
The Whole Life Policy- Single Premium
Jeevan Anand
Jeevan Tarang
Two Year Temporary Assurance Policy
The Convertible Term Assurance Policy
Anmol Jeevan-I
Amulya Jeevan-I
Jeevan Saathi Plus
Jeevan Saathi
Place
All the products are targeted on Pan- India. LIC has large penetrative network in whole India mostly in
Rural and Semi- Urban areas.
Price
Customized pricing is done . Pricing is dependent on the premium amount and no. of years of the policy.
Objective is to secure life and also to reduce Tax.
Promotion
Advertising
Though countywide advertising is done by the marketing department, advertising locally in the various cities
is handled by Zonal Offices. The advertising strategy is very well planned and is largely aimed at image
building.
The corporation’s advertisements reached nearly 25 crore people through over 50 campaigns. There were 79hours of TV advertising and 408 hours of Radio advertising. Posters and banners are set up at strategically
important public places such as Airports, Railway stations, Bus terminals, shopping counters an at the
reception counters of the business premises. This enables the policy holders to access information about LIC
& its products etc.
Organize press conferences
Press conferences are organized occasionally, generally when a new policy is released or when the annual
financial results are announced or if something of significance has happened.
Issue Press Releases
Press Releases are issued both by the central office as well as the various zonal offices.
Participate in public awareness programmes
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LIC has time and again joined itself with various community development and awareness programmes for
the cause of rural development and infrastructure development.
Trans-slides
The Corporation has placed trans-slides at strategic places, like Railway Stations and Airports, for maximum
exposure to public at large.
Website
The Corporation’s website www.licindia.com gives information about the corporation’s products, services,
subsidiaries and addresses of branches and about premium payment through the internet. It also provides
• Press releases
• News sections
• Online policy status
Online Premium Payment
LIC has tied up with HDFC Bank, ICICI Bank, UTI Bank, Bank of Punjab, Global Trust Bank, Corporation
Bank, The Federal Bank Ltd., Citibank, and service providers like Bill Junction.com, timesofmoney.com to
offer the online premium payment facility to its customers in select cities.
Information Kiosks
The corporation has installed online information kiosks at prominent places across the country. This
provides information about the Products, services and policy status reports to the customers.
Customer Contact Programme
The purpose of such a campaign is ‘to strengthen the relationship with the customers and to build bridges of
understanding.
Free Phone Call Facility to the Policy Holders
A unique facility of free phone call service is being provided to the policy holders of Mumbai city to enable
them to have easy access to grievance redressal officers over the phone.
Sponsorship
LIC sponsors many events like chess tournaments table tennis tournaments for the employees and also for
the general public. It has also sponsored a health camp organized by ‘Masoom’ – an organization of
understanding and fraternity.
Distribution of Dairies and Calendars
LIC distributes dairies and calendars to its employees and also to the general public every year.
Publicity Stalls
Publicity stalls are been put up by LIC at different fairs and melas to publicize the corporation and its
schemes and plans.
Public Functions
Inauguration of new offices helps in communication as well as in enhancing the image of the corporation.
Advertisement at Kumbh Mela
LIC has also advertised about its products and the corporation even in Kumbh Mela.
Training Programmes
Training programmes are arranged by LIC for its employees so that they can be trained for the purpose of public relation activities.
Meetings
Meetings of Development officers are arranged by LIC to train their employees for public relation activities.
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Marketing activities undertaken by
private insurance companies in India combating LIC.
METLIFE
MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife, Inc. and was incorporated as
a joint venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonjiand Co. Private Limited and other private investors. MetLife is one of the fastest growing life insurance
companies in the country. It serves its customers by offering a range of innovative products to individuals
and group customers at more than 600 locations through its bank partners and company-owned offices.
MetLife has more than 50,000 Financial Advisors, who help customers achieve peace of mind across the
length and breadth of the country.
MetLife, Inc., through its affiliates, reaches more than 70 million customers in the Americas, Asia Pacific
and Europe. Affiliated companies, outside of India, include the number one life insurer in the United States
(based on life insurance enforce), with over 140 years of experience and relationships with more than 90 of
the top one hundred FORTUNE 500® companies. The MetLife companies offer life insurance, annuities,
automobile and home insurance, retail banking and other financial services to individuals, as well as group
insurance, reinsurance and retirement and savings products and services to corporations and other
institutions.
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Tele Marketing - Direct Marketing in which sales person uses telephone to solicit prospective
customers to buy product and services.
Database Marketing - Analyze customer database and use the results to form future projection that
help to improve efficiency and develop new products
Bancassurance -Selling of insurance through a bank’s established distribution channels. Penetrating
rural market using Bancassurance Medium only
5 key focus areas are-
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People
Product
Infrastructure
Branding
Customer Service
Major Advertisement Campaign
Internet Television and other Audio Mediums
Telemarketing
Referrals
Personalization of Product and Services
Penetrating untapped Semi urban and rural market
Future Plans-
Goal of 5 million customers by 2010
Further Expand operations to Class B and Class C cities and part of rural India
Aggressive Growth plans of 100% yoy for next 2-3 years.
To capture a market share of 5% in Indian Insurance Sector
MetLife International plans to increase its stake in the Indian Subsidiary
Max New York Life Insurance
• Max New York Life Insurance Company Ltd. is a joint venture between Max India Limited, one of
India's leading multi-business corporations and New York Life International, the international arm of
New York Life, a Fortune 100 company.
• First life insurance Company in India to be awarded ISO 9001:2000 certifications.
• Among the top five most respected insurance companies in India as per Business world 2004 & 2006
survey
• Received ‘Best Six Sigma Project’ award at Sakal Six Sigma Excellence Awards – 2006
• Founded - 2000
• Managing Director & CEO Rajesh Sud
• Paid-Up Capital Rs. 1,782 crores
• Employees 13,923
• Number of Products 43
• Number of Offices 710
• Number of Offices
Dedicated To Rural Buss. 133
• Number of Cities 385
• MDRTs 214 (FY 2008)
MARKETING INTIATIVES
PRODUCT
MNYL has now 43 products. Earlier its non-linked plans are much greater which were the cause of
hindrance in their growth but now due to the launching of unit linked plans since FY 05 it is growing at thehigh rate.
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Inc
120%
Linked Prod
MNYLI has customized its products according to different profiles of the customers. They have customized
product offerings for the rural customers.
PRICE
In the insurance business, the pricing decisions are concerned with the premium charged against the policies,interest charged for defaulting the payment of premiums & credit facilities, commission charged for
underwriting & consultancy services
PLACE
Place mix means products and services must be at the right place, at the right time in order to be consumed.
• Has 92,500 agents and plans to expand to over 200,000 agents by the end of 2011-2012
• Has 710 offices
40 60
800
PROMOTION
It is an element in an organization’s marketing mix that serves to inform, persuade, or/ and remind people
about an organization or individual goods, service, image, ideas, community involvement or impact on the
society.
MNYL does its promotion through television, radio and even by having handles bearing their names in the
local trains of Mumbai. It has now tied up with the Indian railway which is the first Public Private
partnership (PPP) of its kind in the insurance sector.
It has an exclusive tie- up with Indian Railways to innovatively advertise on famous trains like Rajdhani.Full train is covered with Max New York Life Insurance ad vinyl’s.
Max New York wanted to convey the message that 'insurance is your partner for your life.
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Max New York Life also carried out an extensive outdoor media campaign across the country,
focusing on 'India-specific' images such as traditional wrestlers and village people. In addition to such
TV commercials, the private insurance companies were trying to make their presence felt by
organizing blood donation camps, contests and sponsoring various events. It has created customized
promotional campaigns for the rural market.
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank of India and
Prudential plc of United Kingdom.In this joint venture ICICI Bank has a stake of 74% and
Prudential plchas stake of 26%.
ICICI Bank Limited is India's largest private sector bank and the second largest bank in the country,
with around $121 billion of assets under management as of March 31, 2008. ICICI Bank’s subsidiaries
has been providing various financial services and are among the largest in securities brokerage firms,
mutual funds and private equity firms.At present ICICI Bank has its business opeartions in 19
countries.
Prudential Plc was established in London in 1848, and has its business operations in various parts of
the world such as UK, Europe, US, Asia and the Middle East.It provides customized and innovative
retail financial services and products to more than 20 million customers and manages over £267
billion of funds worldwide.
ICICI Prudential Life Insurance Company began their operations in December 2000 after Insurance
Regulatory Development Authority (IRDA) allowed private insurance players to start providing life
insurance solutions to people. They have tie ups with 21 banks for bancassurance and has over 952
branches in addition to 1,004 micro-offices.They have the second largest number of insurance
advisors with over 291,000 advisors all over the country.
Awards: ICICI Prudential was the first life insurer in India to receive a National Insurer FinancialStrength rating of AAA (Ind) from Fitch ratings.
MARKETING STRATEGIES
Products
Individual Plans:
ICICI Prudential Life Insurance has designed various customised and innovative insurance products
to meet the various needs of the customer which keeps on changing with the changing phases of life.
Thers are various riders availballe which can be addd to products to make them utmost customised.
A-Savings & Wealth Creation Solutions
ICICI Prudential Life Insurance-Save'n'Protect
ICICI Prudential Life Insurance-CashBakLifeTime Gold & LifeTime Plus
ICICI Prudential Life Insurance-LifeLink Super.
ICICI Prudential Life Insurance-Premier Life GoldInvestShield Life New
ICICI Prudential Life Insurance-InvestShield Cashbak
ICICI Prudential Life Insurance-LifeStage RP
B-Protection Solutions
ICICI Prudential Life Insurance-LifeGuard
ICICI Prudential Life Insurance-HomeAssure
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C-Education insurance plans
ICICI Prudential Life Insurance-SmartKid
D-Retirement Solutions
ICICI Prudential Life Insurance-ForeverLife
ICICI Prudential Life Insurance-LifeTime Super Pension
ICICI Prudential Life Insurance-LifeLink Super Pension
ICICI Prudential Life Insurance-Immediate Annuity
ICICI Prudential Life Insurance-PremierLife Pension
E-Health Solutions
ICICI Prudential Life Insurance-Health Assure Plus
ICICI Prudential Life Insurance-Cancer Care .
ICICI Prudential Life Insurance-Cancer Care Plus .
ICICI Prudential Life Insurance-Diabetes Care .
ICICI Prudential Life Insurance-Diabetes Care Plus
ICICI Prudential Life Insurance-Hospital CareICICI Prudential Life Insurance-Crisis Cover
Group Plans:
ICICI Prudential Life also offers Group Insurance Solutions for companies which aims to provide
tension free working environment for their employees.
ICICI Prudential Life Insurance-Group Gratuity Plan
ICICI Prudential Life Insurance-Group Superannuation Plan
ICICI Prudential Life Insurance-Group Immediate Annuities
ICICI Prudential Life Insurance-Group Term PlanRetirement Solutions in the form of Life Insurance. Plan retirement in advance.
Product modification / Customizations.- Products targeted to HNI’s and Corporate clients.
Price
Transparent Pricing policy. This is reflected via its Retirement Planner & Retirement Calculator.
They adopt customized pricing.
Place
Pan- India campaign targeting population between age group of 30-40 years.
Customized packages for Rural markets.
People
Target group is middle age people between age group of 30-40 years. Mostly corporate people. Seminars,
Planners are the touch points for acquiring prospects.
Physical Evidence
Seminars.
Planners
Direct Marketing ActivitiesOutdoor Advertising
Co- branding Activities
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Promotion
Aggressive Strategy of promotion. Promotion is done through all medias.
Direct Marketing. Co- branding activities.
Push Strategy is followed by ICICI Prudential.
Educative programs are undertaken like Seminars, Planners to create awareness about new products
launched.
Annual budget of promotion is around Rs.4.8 crores.
T.V. Advertisements-
ICICI Prudential showed a series of scenes depicting the childhood, marriage and old age of an
individual. The purpose of using these visuals was to translate the company's message 'I will protect'
into real-life incidents. In order to project its commitment towards consumers to 'protect at every
stage of life,' the company brought in the concept of sindoor,3 which symbolizes protection. Sindoor
was shown throughout the commercial as a mark of auspiciousness and protection, and at the end, it
became the red line below the ICICI Prudential logo (Refer to Exhibit II). Max New York also
resorted to depicting positive emotions such as trust and protection in its print advertisements.
The company released two print advertisements. While one of them carried an image of the revered
deity Goddess Durga, the other projected three teenagers standing together, with their faces paintedgreen, white and saffron – like the Indian national flag. ICICI Prudential launched the 'TruLife
Club' for its high-value policyholders as part of its marketing strategy. Through TruLife Club, the
company is offering a wide range of health-related products, health and fitness equipment and
membership in gyms, health resorts and clinics in India. Policyholders with a sum assured of Rs 0.5
million or more are included into this club.
Ads are running on the Internet platform also. They have tagline -We Cover you. At every step in life.
TATA AIG LIFE INSURANCETata AIG Life Insurance Company Limited is a joint venture between Tata Group and American
International Group, Inc. (AIG). The Tata Group holds 74 per cent stake in the insurance venture
with AIG holding the balance 26 percent.Tata AIG Life started its operations in India in 2001 after
getting the licence from IRDA.
As a joint venture Tata AIG Life combines two business conglomerates which have occupied
leadership positions in their respective fields and places.Tata AIG Life concentrates on providing life
insurance solutions to both individuals and corporates with innovative and customised products.
Tata Group have their long association with India's Insurance sector as they were the largest
insurance company in India prior to the nationalisation of insurance. The Tata Groups has their
business operations spresd in various sectors such as telecom, steel,automobiles etc and have occupied
leadership positions in most of these sectors. The Tata Group have their business opeartions spread in
more than 80 countries across six continents and together they employee more than 289,500 people all
over the world. In the year 2007 they had the revenue of $28.8 billion and a market capitalisation of
$72.2 billion.
The American Group AIG have their business operations spread all over the world and is the world’s
leading international insurance and financial services organization.They are the largest underwriter
of commercial and industrial insurance in the United States. With their long associations in the
insurance sector AIG has established one of the most extensive life insurance networks in the world.
MARKETING INITIATIVES
Product
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Tata AIG has a innovative , customized product range in life insurance sector.
1. Golden NRI Policies
2. Womb to Heaven Policies
3. Group Insurance – Hawkers, Nurses, Doctors, I.T. professionals
4. Tour –Well insurance (Free Tours like free medical check up )
5. Job Guarantee Insurance policies
6. Medical Insurance – Hybrid Products, cosmetics surgery, Dentistry, surgical treatment – medilife
low premium.
7. Pharma Sector
8. I.T. Sector
9. Bio-Tech Sector
10. Research Sector
11. BPO Insurance
12. Key Men Insurance
13. Business Profit Guarantee Policies
PricePricing done by Tata AIG is customized pricing depends on the policy and premium. They follow
transparent pricing policy .
Place
Products are marketed to pan India mostly to the working class between 25- 40 years of age.
People
Mostly working class between age group of 25-40 years. NRI as well as Pregnant women are also targeted
as a new marketing initiative by TATA AIG.Prospects touch point is through Seminars, Innovative Quiz shows and promotion in corporate offices.
Physical Evidence
Seminars, Quizzes, Doctors, Call Center + Insurance Gallery, Help lines, Network Marketing, E- Insurance
Port folio (Individuals) – Insurance Department B.P.O. (Companies).
Wealth Port folio – Finance aggregation
Portal Services
Crystal claims services (Unsettled claims +consumer court services).
Kiosks set up in West side stores to give information about different policies.
Promotion
Internet advertising is the new strategy adopted in promoting its innovative products. Promotion through
SMS service. Print Advertisements through Magazines, News Papers. Co- branding activity through
Westside stores.
T.V. Advertisements - Naseerudin Shah (Shah), as its brand ambassador for endorsing its personal
accidental death insurance policy. TVC’s are aired on all the leading channels based on its innovative
products.
KOTAK MAHINDRA LIFE INSURANCE
Kotak Mahindra Old Mutual Life Insurance Ltd. is a joint venture between Kotak Mahindra Bank Ltd.(KMBL), and Old Mutual plc.
Being India`s one of leading financial conglomerates, Kotak Mahindra provides complete financial
solutions to caters to the financial needs of individuals and corporates.These services encompasses
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commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking and
many more.
The Kotak Mahindra group has around 20,000 people working for its various business organisations
and provides services to around 4.4 million customers with its large and intensive distribution
network of branches, franchisees, representative offices and satellite offices spread across 370 cities
and towns in India as well as in New York, London, San Francisco, Dubai, Mauritius and Singapore.
The Group has a net worth of over Rs. 5,824 crore,
Old Mutual has a history of more than150 years and currently has its headquarters in London. It has
its operations in various countries such as South Africa, the United States and the United Kingdom
and offers large range of financial services with continuous innovation . It had around £279bn of
Funds under its Management as on 31 December 2007.
MARKETING INITIATIVES
Product
Individual Plans:
kotak Smart Advantage
Kotak Eternal Life Plans
Kotak Platinum Advantage Plan
Kotak Headstart Child Plans
Kotak Sukhi Jeevan Plan
Kotak Privileged Assurance Plan
Kotak Term Plan
Kotak Preferred Term Plan
Kotak Money Back Plan
Kotak Child Advantage PlanKotak Endowment Plan
Kotak Capital Multiplier Plan
Kotak Retirement Income Plan
Kotak Retirement Income Plan(unit linked)
Kotak Safe Investment Plan II
Kotak Flexi Plan
Kotak Easy Growth Plan
Kotak Premium Return Plan
Group Plans:
Employee Benefits
Kotak Term Grouplan
Kotak Credit Term Grouplan
Kotak Complete Cover Grouplan
Kotak Gratuity Grouplan
Kotak Superannuation Grouplan
Rural Plans:
Kotak Gramin Bima Yojana
Price
Price of the policy depends on the different premiums. Customized pricing is done by Kotak.
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Place
Products are marketed to Pan- India. Now main focus of the marketers is in the rural areas as it has lot of
potential.
People
People in the age group of 25-40 and above 50 till 60 are its target customers.
Physical Evidence
Seminars, Merchandising, Corporate Stationary, free Blood checking of Senior Citizens .
Promotion-
Kotak always expressed itself as always close to Customers with the help of:-
• Advertising
• Merchandising
• Corporate Stationery
• Tele Marketing is marketing the product through telephone.
• Direct selling part includes Tele marketing through advertisements.
T.V. Campaigns of Kotak Mahindra life Insurance-
Woven around the theme of making a "smart decision," the new ad reinforces the brand promise of keeping
customers Zindagi se ek kadam aagey (one step ahead of life), and is based on the premise that smart
financial planning is the key to staying ahead. product – specific campaigns. Kotak came up with its new
campaigns themed 'Jeene ki azaadi' (Freedom to live).