The document is a report on the marketing mix and promotional strategies of IDBI Federal Life Insurance Co. Ltd. It begins with declarations, acknowledgements, and an executive summary providing details about the organization, project guide, objectives, and methodology. The body of the report analyzes IDBI Federal's marketing mix, products, promotional strategies, and brand awareness. It concludes with recommendations to improve IDBI Federal's marketing and promotions.

1. “Marketing Mix and ProMotional StrategieS
of idBi federal life inSurance co. ltd.”
Report by:
UNDER THE GUIDANCE OF
< >
&
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Asst. Branch Head
IDBI Federal Life Insurance Co Ltd.
DECLARATION

2. I hereby declare that the project titled “Marketing Mix and
Promotional Strategies of IDBI Federal Life Insurance Co
Ltd.” Is an original project done by me and no part of this
project is taken from any source or material published and not
submitted to any other colleges and university later.
.
ACKNOWLEDGEMENT
Firstly, I would like to express my sincere gratitude to <> (<>, IDBI
Federal Life Insurance Co Ltd.), my Project guide, for his attentive
guidance, insightful comments and advice for carrying out this Project.

3. He always gives me continuous encouragement and support, and
shares with me his knowledge and experience. I really appreciate the
effort he put in the development of me and my work and his help to
improve the quality of my Project.
I would like to express my eternal gratitude and thanks to my parents
for their love and support throughout my life. Their support and
absolute faith in my abilities have been a huge motivation. Perhaps,
mere thanks will not suffice for what they have done for me.
Lastly, I would like to acknowledge each and everyone who
contributed for my work either by directly or indirectly.

4. Executive Summary
Name:.
Roll no.: .
Sec- .
Organizational details:
Name of the organization: IDBI Federal Life Insurance Co Ltd.
Address of the Organization: ,
,
Telephone Numbers:
Main activity of the organization: Life Insurance.
Company guide:
Name:

5. Designation:
Telephone numbers:
E-mail:
Title of the project: Marketing Mix and Promotional Strategies focusing on the role of
advertising and consumer behavior towards the promotional
Strategies of IDBI Federal Life Insurance Co Ltd.
Area of project: Marketing.
Objective of the project: To analyze Marketing Mix and Promotional Strategies of
IDBI Federal Life Insurance Co Ltd.
Description of the project in brief: MY main aim is to understand the Marketing
Strategy and Promotional Strategies adopted by
IDBI Federal Life Insurance Co Ltd.
Methodology: Field work based on Primary and secondary data.

6. Recommendations to IDBI Federal Life Insurance Co Ltd:
• Print & Electronic Media Advertisement should be used at a high level especially TV
ads should be used as its reach to the interior of the country is strong and also the
kind of influence it show case on people is much higher compare to other medias.
• After the initial promotional campaign the relative advantage of IDBI FORTIS LIFE
INSURANCE Co. Ltd over its competitor should be highlighted.
• Hoardings at prime areas should be used.
• The most important of all is to create awareness about company’s product as well as
a brand in the market is very necessary.
• The company can use celebrity to create awareness about the brand and also can
collaborate with some production houses of films and television serials which can
reach people in mass.
CONTENT
Title
1. Brief about Insurance Industry.
2. Challenges facing Insurance Industry.

7. 3. Present scenario of Insurance industry.
4. Company Profile.
5. Competitors.
6. Marketing Mix in IDBI federal life insurance company.
7. Brief about IDBI federal products.
8. IDBI federal promotional strategies.
9. Brand awareness of IDBI federal life insurance co ltd.
10. Recommendations.
11. Conclusion.
12. Reference.
INTRODUCTION
Wherever there is uncertainty there is risk. We do not have any control over
uncertainties which involves financial losses. The risks may be certain events like death,
pension, retirement or uncertain events like theft, fire, accident, etc.

8. Insurance is a financial service for collecting the savings of the public and providing them
with risk coverage. The main function of Insurance is to provide protection against the
possible chances of generating losses. It eliminates worries and miseries of losses by
destruction of property and death. It also provides capital to the society as the funds
accumulated are invested in productive heads.
Types of Insurance:
1. Life Insurance - Insurance guaranteeing a specific sum of money to a designated
beneficiary upon the death of the insured, or to the insured if he or she lives beyond a
certain age.
2. Health Insurance - Insurance against expenses incurred through illness of the insured.
3. Liability Insurance - This insures property such as automobiles, property and
professional/business mishaps.
Challenges facing Insurance Industry
• Threat of New Entrants: The insurance industry has been budding with new
entrants every other day. Therefore the companies should carve out niche areas such
that the threat of new entrants might not be a hindrance. There is also a chance that
the big players might squeeze the small new entrants.
• Power of Suppliers: Those who are supplying the capital are not that big a threat.
For instance, if someone as a very talented insurance underwriter is presently

9. working for a small insurance company, there exists a chance that any big player
willing to enter the insurance industry might entice that person off.
• Power of Buyers: No individual is a big threat to the insurance industry and big
corporate houses have a lot more negotiating capability with the insurance
companies. Big corporate clients like airlines and pharmaceutical companies pay
millions of dollars every year in premiums.
• Availability of Substitutes: There exist a lot of substitutes in the insurance industry.
Majorly, the large insurance companies provide similar kinds of services – be it auto,
home, commercial, health or life insurance.
With the size of world's population reaching gigantic proportions, global insurance is also
gaining in stature. Private as well government insurance agencies around the world are
running for insuring lives of millions (and in the process insuring their own businesses
more).
In fact, the insurance industry is a key component of the world economy today owing to its
premiums, its investment and, above all, the social and economic role it plays in covering
personal and business risks.
Financial viability of insurance companies
However, although the insurance industry is a flourishing in world economy today, one
need to keep in mind that financial viability/stability of the insurance company is a major
consideration at the time of purchasing insurance contract. The viability factor is important
because many a times, an insurance premium paid currently provides coverage for losses in
distant future and there are instances where a number of insurance companies have gone
insolvent, thus leaving their policyholders with little helpful or no coverage. Therefore,

10. even if the global industry is strengthening more and more, the weak links are also co-
existent and blind faith can lead to a severe downfall. There are also independent rating
agencies for insurance companies which could be helpful in providing sound information
on financial viability of various insurance companies.
Marketing in Insurance
Insurance comes under the service sector and while marketing this service, due care is to be
taken in quality product and customer satisfaction. While marketing the services, it is also
pertinent that they think about the innovative promotional measures. It is not sufficient that
you perform well but it is also important that you let others know about the quality of your
positive contributions.
The creativity in the promotional measures is the need of the hour. The advertisement,
public relations, word of mouth communication needs due care and personal selling
requires intensive care.
There are insurance marketing strategies that can take any insurance agency from mediocre
to success when utilized correctly. Hence it is necessary that an insurance company
formulize their marketing strategies with lot of thought and diligence to capture the
untapped potential in the insurance industry. Through this project we aim to understand the
strategies adopted by IDBI Federal and to find out the effectiveness of these promotional
strategies through a study on consumer behavior.
Present scenario of Insurance industry
The brief outlook about the regulatory changes done by the Indian Government over the
years is given below:-

11. The effect of insurance reforms has been positive on the insurance industry. There has been
positive growth in all the segments, with investments flowing in the right direction.
Reforms have helped to achieve rapid growth in critical areas and sustain them over a
period of time through channelized strategies.
Post reforms, the number of players have increased from 4 to 22 players presently
registered under IRDA (INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF
INDIA).
Company Profile

12. IDBI Federal Life Insurance Co Ltd is a joint venture of IDBI Bank - India’s premier
development and commercial bank, Federal Bank - one of India’s leading private sector
banks and Ageas Insurance International - a multinational insurance giant, based out of
Europe.
In this venture, IDBI owns 48% equity while Federal Bank and Ageas own 26% equity
each. IDBI Federal launched its first set of products across India in March 2008, after
receiving the requisite approvals from the Insurance Regulatory Development Authority
(IRDA).
In just five months of inception, IDBI Federal became one of the fastest growing new
insurance companies to garner Rs 100 crores in premiums.
As on March 31st, 2009, the Company had collected more than 328 crores in premiums,
through over 87,000 policies and over Rs 2825 crores in Sum Assured. The Company
offers its services through a vast nationwide network across the branches of IDBI Bank and
Federal Bank, in addition to a sizeable network of advisors and partners.

13. IDBI Bank Ltd continues to be, since its inception, India’s premier industrial development
bank. Created in 1956 to support India’s industrial backbone, IDBI Bank has since evolved
into a powerhouse of industrial and retail finance. Today, it is amongst India’s foremost
commercial banks, with a wide range of innovative products and services, serving retail
and corporate customers in all corners of the country from 689 Branches 1140 ATMs.
The Bank offers its customers an extensive range of diversified services including project
financing, term lending, working capital facilities, lease finance, venture capital, loan
syndication, corporate advisory services and legal & technical advisory services to its
corporate clients as well as mortgages and personal loans to its retail clients.
As part of its development activities, IDBI Bank has been instrumental in sponsoring the
development of key institutions involved in India’s financial sector – such as the Securities
and Exchange Board of India (SEBI), National Stock Exchange of India Limited (NSE) and
National Securities Depository Ltd.

14. Federal Bank is a scheduled commercial bank founded in 1931.Federal Bank is one of
India’s leading private sector banks, with a dominant presence in the state of Kerala. It has
a strong network of over 612 Branches, 617 ATMs spread across India. The Bank provides
over four million retail customers with a wide variety of financial products. Federal Bank is
one of the first large Indian banks to have an entirely automated and interconnected branch
network.
The Bank has a wide range of services like Internet Banking, Mobile Banking, Tele
Banking, Any Where Banking, debit cards, online bill payment and call centre facilities to
offer round-the-clock banking convenience to its customers.
The Bank has been a pioneer in providing innovative technological solutions to its
customers, having won several awards like the award for Best Use of IT in Retail Banking
by IBA, TFCI and Infosys.

15. Ageas ranks among Europe’s top 20 financial institutions and is a reputed international
brand in financial services. European financial services provider engaged in banking and
insurance with a presence in over 50 countries.
Ageas has subsidiaries in France, Germany and Hong Kong. Ageas has a track record in
developing partnerships with strong financial institutions and key distributors in different
markets around the world and successfully operates Italy, Portugal, China, Malaysia, India
and Thailand. Ageas employs more than 13,000 people and has annual inflows of almost
EUR 18 billion.

16. Milestones
March 2008 M IDBI Federal starts operations with two products – Homesurance &
Wealthsurance.
August 2008 A IDBI Federal becomes one of the fastest growing new life insurers to
collect premiums worth Rs 100 crores.
October 2008 O IDBI Federal launches Bondsurance
January 2009 J IDBI Wealthsurance Cup 2009 – India v/s Sri Lanka held in Sri Lanka.
March 2009 M collected premium of over 328 corers and 87,000 policies and a Sum
assured of Rs 2825 crores since inception
November 2009 N IDBI Federal launches Incomesurance

19. Brand gets bigger

20. The Mission
We aim to be recognized as a leading provider of wealth management, protection and
retirement propositions that satisfy the needs of and add value to our key customer
segments.
We shall continually strive to enhance the customer experience, in relationship
management and service delivery, and interact with our customers in the most convenient
and cost effective manner.
We shall be transparent in our dealings and act with integrity.
We shall invest in and build quality human capital in order to achieve our mission.
Vision
To be a customer centric channel, while setting benchmarks in the life insurance industry,
in terms of presence, productivity and profitability.

22. Competitors of IDBI Federal Life Insurance co. Ltd.
1. Bajaj Allianz Life Insurance Company Limited 20. AEGON Religare Life Insurance Company
Limited 2. Birla Sun Life Insurance Co. Ltd 21. DLF Pramerica Life Insurance Co.
Ltd.
3. HDFC Standard Life Insurance Co. Ltd 22. Star Union Dai-ichi Life Insurance Comp. Ltd.
4. ICICI Prudential Life Insurance Co. Ltd.
5. ING Vysya Life Insurance Company Ltd.
6. Life Insurance Corporation of India
7. Max New York Life Insurance Co. Ltd
8. Met Life India Insurance Company Ltd.

23. 9. Kotak Mahindra Old Mutual Life Insurance Limited
10. SBI Life Insurance Co. Ltd
11. Tata AIG Life Insurance Company Limited
12. Reliance Life Insurance Company Limited.
13. Aviva Life Insurance Co. India Pvt. Ltd.
14. Sahara India Life Insurance Co, Ltd.
15. Shriram Life Insurance Co, Ltd.
16. Bharti AXA Life Insurance Company Ltd.
17. Future Generali Life Insurance Company Ltd.
19. Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd
.
MARKETING MIX IN IDBI Federal Life Insurance Co
Ltd
The term insurance marketing refers to the marketing of Insurance services with the aim to
create customer and generate profit through customer satisfaction. The Insurance
Marketing focuses on the formulation of an ideal mix for Insurance business so that the
Insurance organization survives and thrives in the right perspective.

24. The marketing mix is the combination of marketing activities that an organization engages
in so as to best meet the needs of its targeted market. The Insurance business deals in
selling services and therefore due weight age in the formation of marketing mix for the
Insurance business is needed.
The marketing mix includes sub-mixes of the 7 P’s of marketing i.e. the product, its price,
place, promotion, people, process & physical attraction. The above mentioned 7 P’s can be
used for marketing of Insurance products, in the following manner:

26. PRODUCT:
A product means what we produce. If we produce goods, it means tangible product and
when we produce or generate services, it means intangible service product. A product is
both what a seller has to sell and a buyer has to buy. Thus, an Insurance company sells
services and therefore services are their product. When a person or an organization buys an
Insurance policy from the insurance company, he not only buys a policy, but along with it
the assistance and advice of the agent, the prestige of the insurance company and the
facilities of claims and compensation. It is natural that the users expect a reasonable return
for their investment and the insurance companies want to maximize their profitability.
Hence, while deciding the product portfolio or the product-mix, the services or the schemes
should be motivational. IDBI Federal provides many products which cater to the needs of
the Indian customers. IDBI Federal products:-
WEALTHSURANCE
W INCOMESURANCE
I BONDSURANCE
B TERMSURANCE
T HEALTHSURANCE
H RETIRESURANCE
R GROUP MICROSURANCE
G HOMESURANCE
H LOANSURANCE
L CHILDSURANCE

27. WEALTHSURANCE:
The Wealthsurance Milestone Plan is a unique Insured Wealth Plan designed to help cross
different milestones in one’s life. It enables customers to save and build wealth under the
protection of Insurance to meet their financial goals. The Wealthsurance Milestone Plan
offers a wide range of Investment options, Insurance options and unmatched flexibility that
allows customers to customize a plan suited to their needs. Customers can plan for their
milestones like completion of school education for their child, a marriage, acquisition of a
new house and so on. This Plan comes with a wide range of 13 investment options and 7
insurance benefits - all packaged with a low charge structure and unmatched flexibility.
INCOMESURANCE:
IDBI Federal Incomesurance Endowment and Money Back Plan is loaded with lots of
benefits which ensure that you get Guaranteed Annual Payout along with insurance
protection which will help you to reach you goals with full confidence. Incomesurance Plan
is very flexible and allows you to customise your Plan as per your individual and family’s
future requirements. Moreover it also allows you to choose Premium Payment Period,
Payout Period, Payout Options and more.

28. BONDSURANCE:
The IDBI Federal Bondsurance Advantage Plan is a single premium plan where you need
to make just a one-time investment. You can choose a Maturity Period of 5, 7, 10, 15 or 20
years. At the end of the chosen period, you will receive a guaranteed maturity amount. In
case of death of the insured person before the Maturity Date, a guaranteed Death Benefit
will be paid.
TERMSURANCE:
IDBI Federal Termsurance Protection Plan (Termsurance) comes with three cover options
which you can select on the basis your requirement. Termsurance is designed with a host of
benefits & options aimed at satisfying your every need. It not only allows you to customise
your plan as per your individual and family’s needs, it also comes with a host of benefits

29. like convenient insurance cover options, flexible premium payment terms, choice of policy
term and lots more flexible options.
HEALTHSURANCE:
Presenting the IDBI Federal Healthsurance Hospitalisation and Surgical Plan. If you’re
aged 18 years to 55 years and currently in good health, this new insurance plan is designed
to help you manage the extra financial burden that comes with hospitalisation, by providing
a wide range of attractive benefits.

30. RETIRESURANCE:
A retirement plan designed to accumulate money to aid a comfortable retirement. The plan
provides a guaranteed return on your investment and grows steadily over the years to
ensure that you have a corpus on your retirement date, guaranteed.
GROUP MICROSURANCE:
IDBI Federal Group Microsurance Plan provides affordable life insurance cover to groups.
This plan is extremely useful to Micro Finance Institutions, Self Help Groups and NGOs to
insure the lives of their group members and thus provide security to the group members’
families. The plan can also be used for providing loan protection to the group members’
families.

31. HOMESURANCE:
IDBI Federal Homesurance Plan is a mortgage reducing term assurance plan – MRTA,
which offers protection to your home from your home loan. The Plan provides a cover
equal to the outstanding balance of your home loan against any unfortunate events that may
occur to you. This plan gives you the option of a Single Premium.
LOANSURANCE:
Loansurance is a cost-effective way to ensure that the outstanding debt is settled in the
unfortunate event of death of the insured member. This term assurance plan provides cover
to a person directly liable for loan repayment (and the partners, in case of a partnership), as
per the benefit schedule

32. CHILDSURANCE:
Whether your child wants to be a doctor, an engineer, an MBA, a sportsman, a performing
artist, or dreams of being an entrepreneur, the IDBI Federal Childsurance Dream builder
Insurance Plan will keep you future-ready against both, changing dreams and life’s twists.
It allows you to create build and manage wealth by providing several choices and great
flexibility so that your plan meets your specific needs. However, what makes Childsurance
a must-have for any parent who is looking to make their child’s future shock-proof is its
powerful insurance benefits. Childsurance allows you to protect your child plan with triple
insurance benefits so that your wealth-building efforts remain unaffected by unforeseen
events and your child’s future goals can be achieved without any hindrance.
Despite all these tailored products there is still scope for improvement in this field. The
Group Insurance scheme is required to be promoted, the Crop Insurance is required to be
expanded and the new schemes and policies for the villagers or the rural population are
to be included. . The introduction of Rural Career Agents Scheme has been found
instrumental in inducing the rural prospects but the process is at infant stage and requires
more professional excellence. So there is lot of potential in insurance sector which is
waiting to be uncorked hence revealing to the economy the benefits of insurance industry.
The policymakers are required to activate the efforts. It would be prudent that the LIC is

33. allowed to pursue a policy of direct investment for rural development. Investment in
Government securities should be stopped and the investment should be channelized
in private sector for maximizing profits. In short, the formulation of product-mix should be
in the face of innovative product strategy. While initiating the innovative process it
is necessary to take into consideration the strategies adopted by private and
foreign insurance companies.
PRICING:
In the insurance business the pricing decisions are concerned with:
i) The premium charged against the policies
ii) Interest charged for defaulting the payment of premium and credit facility, and
iii) Commission charged for underwriting and consultancy activities.

34. With a view of influencing the target market or prospects the formulation of pricing
strategy becomes significant. In a developing country like India where the disposable
income in the hands of prospects is low, the pricing decision also governs the
transformation of potential policyholders into actual policyholders. The strategies may be
high or low pricing keeping in view the level or standard of customers or the
policyholders. The pricing in insurance is in the form of premium rates.
The three main factors used for determining the premium rates under a life insurance plan
are mortality, expense and interest. The premium rates are revised if there are any
significant changes in any of these factors.
t Mortality (deaths in a particular area): When deciding upon the pricing strategy
the average rate of mortality is one of the main considerations. In a country like
South Africa the threat to life is very important as it is played by host of diseases.
a Expenses: The cost of processing, commission to agents, reinsurance companies
as well as registration are all incorporated into the cost of instalments and premium
sum and forms the integral part of the pricing strategy.
Interest: The rate of interest is one of the major factors which determine people’s
willingness to invest in insurance. People would not be willing to put their funds to
invest in insurance business if the interest rates provided by the banks or other
financial instruments are much greater than the perceived returns from the insurance
premiums.

35. PLACE:
This component of the marketing mix is related to two important facets
i) Managing the insurance personnel, and
ii) Locating a branch.
The management of agents and insurance personnel is found significant with the viewpoint
of maintaining the norms for offering the services. This is also to process the services to the
end user in such a way that a gap between the services- promised and services offered is
bridged over. In a majority of the service generating organizations, such a gap is found
existent which has been instrumental in making worse the image problem. The
transformation of potential policyholders to the actual policyholders is a difficult task that
depends upon the professional excellence of the personnel.
The agents and the rural career agents acting as a link, lack professionalism. The front-line
staff and the branch managers also are found not assigning due weight age to the
degeneration process. The insurance personnel if not managed properly would make all
efforts insensitive. Even if the policy makers make provision for the quality up gradation,
the promised services hardly reach to the end users.
It is also essential that they have rural orientation and are well aware of the lifestyles of the
prospects or users. They are required to be given adequate incentives to show their
excellence. While recruiting agents, the branch managers need to prefer local persons and
provide them training and conduct seminars. In addition to the agents, the front-line staff

36. also needs an intensive training programmed to focus mainly on behavioral
management. Another important dimension to the Place Mix is related to the location of the
insurance branches.
While locating branches, the branch manager needs to consider a number of factors, such
as smooth accessibility, availability of infrastructural facilities and the management of
branch offices and premises. In addition it is also significant to provide safety measures and
also factors like office furnishing, civic amenities and facilities, parking facilities and
interior office decoration should be given proper attention.
Thus the place management of insurance branch offices needs a new vision, distinct
approach and an innovative style. This is essential to make the work place conducive,
attractive and proactive for the generation of efficiency among employees. The branch
managers need professional excellence to make place decisions productive. IDBI Federal
has around thousands and thousands of insurance agents all over India to manage their
regional customers effectively. Also, IDBI Federal has over 796 branches all over India
which help in increasing their customer base.
PEOPLE:

37. Understanding the customer better allows in designing appropriate products. Being a
service industry which involves a high level of people interaction, it is very important to
use this resource efficiently in order to satisfy customers. Training, development and strong
relationships with intermediaries are the key areas to be kept under consideration. Training
the employees, use of IT for efficiency, both at the staff and agent level, is one of the
important areas to look into. IDBI Federal has created various financial products which
have been tailored according to the needs of the customers. They have over thousands of
sales personnel who are trained efficiently to bridge in the gap between the customers and
the company.
PROCESS:
The process should be customer friendly in insurance industry. The speed and accuracy of
payment is of great importance. The processing method should be easy and convenient to
the customers. Instalment schemes should be streamlined to cater to the ever grow.
Promotion

38. The insurance services depend on effective promotional measures. In a country like India,
the rate of illiteracy is very high and the rural economy has dominance in the national
economy. It is essential to have both personal and impersonal promotion strategies.
In promoting insurance business, the agents and the rural career agents play an important
role. Due attention should be given in selecting the promotional tools for agents and rural
career agents and even for the branch managers and front line staff. They also have to
be given proper training in order to create impulse buying. Advertising and Publicity,
organization of conferences and seminars, incentive to policyholders are impersonal
communication. Arranging Kirtans, exhibitions, participation in fairs and festivals, rural
wall paintings and publicity drive through the mobile publicity van units would be effective
in creating the impulse buying and the rural prospects would be easily transformed into
actual policyholders.
IDBI Federal has also adopted various promotional strategies like:
I Commercial Ads
C Print Ads
P Events
E Personnel selling
P Word of mouth
viral marketing

39. They have brought out many interesting and humorous ads of their products such as
Wealthsurance, Incomesurance, Retiresurance etc which has got very good response from
customers. They have also conducted events with an aim to create interest around financial
planning with Life Insurance at branches which was critical to getting prospects interested
in IDBI Federal products.
Building an engagement process around the solution being offered gives an additional
boost to this cause. Spelling Bee was a specially created spelling contest created to connect
with children. The philosophy of this module hinged around making learning fun. The
event was timed to coincide with Children’s day in November 2010. The spellings to be
completed revolved around visual and verbal cues to words related to saving, money and
finance and aimed at teaching children the value of money early in life.
The engagement started with the spelling contest for kids and gave their IRMs a natural
opening for a discussion with parents about financial planning for their children’s future
needs like education. This is a sort of channel marketing which IDBI Federal had adopted
to create awareness as well as to educate the future generation about the company and the
importance of saving.
Also IDBI Federal involved themselves in developing their business by joining hands with
SAMHITA, a community development organization based out of Bhopal which works
towards bringing financial literacy to the underprivileged population in Madhya Pradesh.
They believe that such financial literacy among the under banked population will help bring
a holistic change in the way people perceive and understand financial products and their
utility at various stages in their life.

40. This will ultimately help bring them closer to financial inclusion. They started this journey
with SAMHITA in 2008 by providing low cost group coverage female members of
SAMHITA under Group Microsurance. This way they have covered 86,721 lives for a sum
assured of Rs. 66.7 crores since then. They also offer the protection of Termsurance
Grameen Suraksha to the family members of these people.
IDBI Federal Termsurance Grameen Suraksha is especially designed to make life
insurance affordable to rural customers with options of four convenient premium slabs of
Rs 49.08, Rs 98.17, Rs 147.25 and Rs 196.33 (inclusive of taxes) with corresponding sums
assured of Rs 5,000, Rs 10,000, Rs 15,000 and Rs 20,000.
In this way IDBI Federal has made intelligent moves to capture the rural market which has
lot of potential and promise in the future. Promotional strategies are very important for any
intangible product especially like life insurance and financial savings where people should
be given complete education about such products because of which all insurance companies
take due care while formulizing their promotional strategies.

41. Brand awareness of IDBI Federal Life Insurance Co Ltd.
Awareness Percentage of Various IDBI Federal products:-

42. People seen Advertisement Of IDBI Federal Life Insurance Company
from:-

43. Current Market Share of LIFE INSURANCE COMPANIES:-

44. Recommendations
• Print & Electronic Media Advertisement should be used at a high level especially TV
ads should be used as its reach to the interior of the country is strong and also the
kind of influence it show case on people is much higher compare to other medias.
• After the initial promotional campaign the relative advantage of IDBI FEDERAL
LIFE INSURANCE Co Ltd. over its competitor should be highlighted.
• Hoardings at prime areas should be used.
• The most important of all is to create awareness about company’s product as well as
a brand in the market is very necessary.

45. • The company can use celebrity to create awareness about the brand and also can
collaborate with some production houses of films and television serials which can
reach people in mass.

46. CONCLUSION
With regard to insurance companies, consumers respond at different rates, depending on
the consumers characteristics. Hence Insurance companies should try to bring their new
product to the attention of potential early adopters.
a) Due to the intense competition in the life insurance market, the life insurance Return on
investment, company reputation and premium outflow are most preferred attributes that are
expected by the respondents. Hence greater focus should be given to these attributes
companies have to adopt better strategies to attract more customers.
b) Keeping the cost, quality and return on investment in tact is necessary in order to tackle
the competition.
c) Life insurance products are taken mainly by middle and higher income group. Hence
they should be regarded as maim targeted income groups. Life insurance products which
are suitable for lower income group should also be released so that the market share
increases.
d)) return on investment, company reputation and premium outflow are most preferred
attributes that are expected by the respondents. Hence greater focus should be given to
these attributes.
e) Private life insurance companies should adopt effective promotional strategies to
increase the awareness level among the consumers.
f) Life insurance companies should ask for their consumer feedback to know whether the
consumers are really satisfied or dissatisfied with the service and product of the companies.
If they are dissatisfied, then the reasons for dissatisfaction should be found out and should
be corrected in future.
g) The LIC brand name has earned a lot of goodwill and enjoys high brand equity. As
there is intense competition in life insurance market, LIC should work hard to maintain its
top position and offer better service and product.

47. References:-
 Websites
o www.idbifederal.com
o www.irda.gov.in