Life Insurance Marketing in India (C) The Changing Product & Pricing Norms

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Case Details:

Case Code : MKTG028
Case Length : 14 Pages
Period : 2000 - 2002
Pub Date : 2002
Teaching Note : Available
Organization : ICICI Prudential, Max New York Life, ETC
Industry : Insurance
Countries : India

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Product Innovations

The new, private insurers focused on providing customized products -products that contain innovative features -to the customers. It was observed that in the Indian market, only endowment and money back policies were popular among consumers.

Private insurers came up with need-based insurance policies such as whole life policies, term insurance policies as well -products designed according to needs of the customer.

In so far as the premium is concerned, the pure risk protection products introduced by some new private insurers had no facility for savings, and hence, their premiums were very low, as compared to money back and endowment policies. In cases where LIC offered policies at relatively low premiums, private insurers were expected to score over LIC because of the additional benefits offered by their policies for a marginally higher premium...

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LIC Rejigs its Portfolio

With the above developments in the market, LIC too had to gear up for competition. In the year 2002, LIC introduced a new facility — the term assurance rider — that would accompany select life insurance policies. This facility provided an extra risk cover, which was double the existing risk cover under the plan, subject to an overall limit of Rs 25 lakh...

Future Implications

The issue of bonus rates on policies emerged as an important factor that could determine the future prospects of various players in the insurance industry. LIC was criticized for offering low bonus rates traditionally.

However, many private players were apprehensive that, by increasing the bonus rates on its policies in the future, LIC could strangle them. Coincidentally, LIC announced a guarantee of minimum bonus and additional loyalty bonus on some of its policies. The company also offered attractive bonuses on its endowment policies...


Exhibit I: Different Types of Life Insurance Policies
Exhibit II: Products for Individuals Offered by Different Companies
Exhibit III: Comparing Endowment Policies
Exhibit IV: Comparing Money Back Policies
Exhibit V: Comparing Term Life Policies

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