Life Insurance Marketing in India (A)
The Changing Advertising & Promotion Norms
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Case Details:
Case Code : MKTG026
Case Length : 11 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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The Changing Advertising & Promotion Norms case study
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Background Note
The life insurance industry in India dates back to 1818, when a British firm Oriental Life Insurance Company opened its office in Kolkata, followed by Bombay Life Assurance Company in 1823.
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During the British rule in India, 'The Indian Life Assurance Companies Act' was enacted in 1912, which was followed by the Indian Insurance Companies Act, 1928 enabling government to collect the data regarding life and non-life business conducted by both Indian and foreign insurance companies.
The 1928 act was amended and a new act, 'Insurance Act' was formed in 1938. By the mid-1950s, 154 Indian insurers, 16 foreign insurers and 75 provident societies were operating in the country. The life insurance business was concentrated in urban areas and was confined to the higher strata of the society.
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In 1956, management of these companies was taken over by the Government of India. LIC was formed in September 1956 through the 'LIC Act 1956' with a capital of Rs 50 million. One of the main objectives of forming LIC was to spread the
insurance cover and make it available to the lower segments of the society.
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In 1972, government formed General Insurance Corporation (GIC) when it took over management control of 106 private general insurance companies. Over the years, LIC expanded its network all over the country emerging as one of the largest corporations in India. Insurance industry's growth in the India was minimal in 1960s and 1970s due to factors like low savings, low investment, inadequate infrastructure, and illiteracy. However, changes in the economy in 1980s, such as growth in the rate of industrialization, infrastructure, the capital markets, savings rate and capital formation resulted in a tremendous growth in the life insurance industry, which in other words meant growth of LIC. |
Over the years, LIC launched several schemes aimed at expanding its reach in the rural areas. Many group insurance and social security schemes were started by the company to enhance its reach over the rural. LIC had seven zonal offices, 100 divisional offices, 2,048 branch offices and army of agents totaling 6,28,031...
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