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2nd Floor, Omkar Building, Above Axis Bank, Phadke Cross Road, Dombivli East, Thane421201

Category:InsurancePhone: (0251) 3982230

Mobile: 9820658684

Address: OP Mall, 302, Nanashankarseth Road,Dombivali West,Thane-421202, Maharashtra

Landmark: In OP Mall

Project on

Marketing of Insurance Products

Submitted in the partial fulfilment of the requirements for

the award of Degree Bachelor of commerce Banking and

Insurance (SEM VI) 2010-11

Submitted by: Miss. Saily Pillewar

Roll no: B025

Under the guidance of

Prof. Seema Pawar

University of Mumbai

Kets V.G.VAZE COLLEGE OF ARTS COMMERCE AND

SCIENCE, MITHAGAR ROAD

MULUND - EAST
http://www.asklaila.com/search/Mumbai/Dombivali%20West/Insurance/?searchNearby=false&v=listinghttp://www.asklaila.com/search/Mumbai/Dombivali%20West/Insurance/?searchNearby=false&v=listinghttp://www.asklaila.com/search/Mumbai/Dombivali%20West/Insurance/?searchNearby=false&v=listinghttp://www.asklaila.com/Dombivali-West-Guide-Mumbai/lg317http://www.asklaila.com/Dombivali-West-Guide-Mumbai/lg317http://www.asklaila.com/Dombivali-West-Guide-Mumbai/lg317http://www.asklaila.com/Dombivali-West-Guide-Mumbai/lg317http://www.asklaila.com/search/Mumbai/Dombivali%20West/Insurance/?searchNearby=false&v=listing


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Mumbai- 81

DECLARATION

I Miss Saily Pillewar student of KETs V.G.VAZE COLLEGE OF

Arts COMMERCE AND SCIENCE studying in TY Banking and

Insurance SEM VI (2010 11) hereby declare that I havecompleted the project on Marketing of Insurance

Products under the guidance of Professor Seema Pawar

The information collected is original and true to the best of

my knowledge.

Date:


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Index

Chp

No

Topic Pg no

1

INSURANCE

1.1 Definition & Meaning of

Insurance

1.2 History of Insurance

1.3 Concept of Insurance

1.4 Overview of Insurance

1.5 Principles of Insurance

1-22

Marketing of Insurance

2.1 Marketing of Insurance


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2

2.2 Insurance Marketing

strategies

2.3 Meaning & Definition of

marketing

2.4 Indian Insurance Marketing

2.5 Problems face by insurancecompanies

2.6 Challenges faced by

insurance companies

23-39

3Marketing Mix of Insurance

3.1 7Ps of Marketing Mix

3.2 Tips on successful

Insurance marketing

40-45


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4 Case study

Life Insurance Corporation

ltd

46-54

5 Suggestions and conclusion 55


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DESING OF THE STUDY

Objectives

To know how Insurance companies are benefited through

marketing.

To understand what is marketing.

Limitations

The project is limited to the marketing strategies of LIC.

Time, length, and depth of the study are limited as per the

requirements of Mumbai University.


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Scope

The project begins with a brief mention of what MARKETING

is and its need and importance in Insurance Companies. Itfurther goes on to show the challenges faced by the Insurance

Companies

Methodology of study

Data for the project is obtained from secondary source

Secondary source-

Secondary data for the project has been gathered from various

Marketing & Insurance books and internet.

Period

The period of study was from 22nd

February to 3rd

March 2011.


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Executive summary

Wherever there is uncertainty there is a risk. We do not have control on

uncertainties which involve financial losses. The risk may be certain events like

death, pension, retirement or uncertain events like theft, fire, accident etc.

Insurance is a financial service for collecting the savings of the public and

providing them with the risk coverage. The main function of insurance is to

provide against the possible chance 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 the productive heads.

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 other know about the quality of your positive contribution.


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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.


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Chapter 1

INSURANCE


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1.1

Definition

Apromise of compensation for specific potential future losses in exchange for a

periodicpayment.Insurance is designed to protect the financial well-being of an

individual,company or otherentity in the case of unexpectedloss.Someforms of

insurance arerequiredby law,while others are optional.Agreeing to the terms of

an insurance policy creates a contract between the insured and the insurer. In

exchange for payments from the insured (called premiums), the insurer agrees to

pay thepolicyholder asum of money upon the occurrence of a specificevent.In

most cases, the policy holder pays part of the loss (called thedeductible), and the

insurer pays the rest. Examples include car insurance, health insurance, disability

insurance,life insurance,andbusiness insurance.

The meaning of insurance

Insurance is a policy from a large financial institution that offers a person,

company, or other entity reimbursement or financial protection against possible

future losses or damages.

The meaning of insurance is important to understand for anybody that is

considering buying aninsurance policy or simply understanding the basics of

finance. Insurance is a hedging instrument used as a precautionary measure against

future contingent losses.
http://www.businessdictionary.com/definition/promise.htmlhttp://www.investorwords.com/10666/potential.htmlhttp://www.investorwords.com/9809/future.htmlhttp://www.investorwords.com/1797/exchange.htmlhttp://www.investorwords.com/10604/periodic.htmlhttp://www.investorwords.com/3634/payment.htmlhttp://www.investorwords.com/10738/protect.htmlhttp://www.investorwords.com/5572/financial.htmlhttp://www.businessdictionary.com/definition/individual.htmlhttp://www.investorwords.com/992/company.htmlhttp://www.investorwords.com/1714/entity.htmlhttp://www.investorwords.com/2896/loss.htmlhttp://www.businessdictionary.com/definition/form.htmlhttp://www.businessdictionary.com/definition/required.htmlhttp://www.businessdictionary.com/definition/law.htmlhttp://www.investorwords.com/10482/optional.htmlhttp://www.investorwords.com/4950/terms.htmlhttp://www.investorwords.com/2517/insurance_policy.htmlhttp://www.businessdictionary.com/definition/create.htmlhttp://www.investorwords.com/1079/contract.htmlhttp://www.investorwords.com/2519/insured.htmlhttp://www.investorwords.com/2523/insurer.htmlhttp://www.investorwords.com/8794/agree.htmlhttp://www.investorwords.com/3626/pay.htmlhttp://www.investorwords.com/3728/policy.htmlhttp://www.investorwords.com/2324/holder.htmlhttp://www.businessdictionary.com/definition/sum.htmlhttp://www.investorwords.com/3100/money.htmlhttp://www.businessdictionary.com/definition/event.htmlhttp://www.investorwords.com/1339/deductible.htmlhttp://www.investorwords.com/9996/include.htmlhttp://www.investorwords.com/2289/health_insurance.htmlhttp://www.investorwords.com/1461/disability_insurance.htmlhttp://www.investorwords.com/1461/disability_insurance.htmlhttp://www.investorwords.com/2807/life_insurance.htmlhttp://www.businessdictionary.com/definition/business-insurance.htmlhttp://www.economywatch.com/insurance-overview/meaning-insurance.htmlhttp://www.economywatch.com/insurance-overview/meaning-insurance.htmlhttp://www.businessdictionary.com/definition/business-insurance.htmlhttp://www.investorwords.com/2807/life_insurance.htmlhttp://www.investorwords.com/1461/disability_insurance.htmlhttp://www.investorwords.com/1461/disability_insurance.htmlhttp://www.investorwords.com/2289/health_insurance.htmlhttp://www.investorwords.com/9996/include.htmlhttp://www.investorwords.com/1339/deductible.htmlhttp://www.businessdictionary.com/definition/event.htmlhttp://www.investorwords.com/3100/money.htmlhttp://www.businessdictionary.com/definition/sum.htmlhttp://www.investorwords.com/2324/holder.htmlhttp://www.investorwords.com/3728/policy.htmlhttp://www.investorwords.com/3626/pay.htmlhttp://www.investorwords.com/8794/agree.htmlhttp://www.investorwords.com/2523/insurer.htmlhttp://www.investorwords.com/2519/insured.htmlhttp://www.investorwords.com/1079/contract.htmlhttp://www.businessdictionary.com/definition/create.htmlhttp://www.investorwords.com/2517/insurance_policy.htmlhttp://www.investorwords.com/4950/terms.htmlhttp://www.investorwords.com/10482/optional.htmlhttp://www.businessdictionary.com/definition/law.htmlhttp://www.businessdictionary.com/definition/required.htmlhttp://www.businessdictionary.com/definition/form.htmlhttp://www.investorwords.com/2896/loss.htmlhttp://www.investorwords.com/1714/entity.htmlhttp://www.investorwords.com/992/company.htmlhttp://www.businessdictionary.com/definition/individual.htmlhttp://www.investorwords.com/5572/financial.htmlhttp://www.investorwords.com/10738/protect.htmlhttp://www.investorwords.com/3634/payment.htmlhttp://www.investorwords.com/10604/periodic.htmlhttp://www.investorwords.com/1797/exchange.htmlhttp://www.investorwords.com/9809/future.htmlhttp://www.investorwords.com/10666/potential.htmlhttp://www.businessdictionary.com/definition/promise.html


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History of insurance

Refers to the development of a modern laws and market ininsurance against risks.

In some sense we can say that insurance appears simultaneously with the

appearance of human society. We know of two types of economies in human

societies: money economies (with markets, money, financial instruments and so

on) and non-money or natural economies (without money, markets, financial

instruments and so on). The second type has been used much longer than the first.

In such an economy and community, we can see insurance in the form of people

helping each other. For example, if a house burns down, the members of thecommunity help build a new one. Should the same thing happen to one's

neighbour, the other neighbors must help. Otherwise, neighbours will not receive

help in the future.

Turning to insurance in the modern sense (i.e., insurance in a modern money

economy, in which insurance is part of the financial sphere), early methods of

transferring or distributing risk were practiced byChinese andBabylonian traders

as long ago as the3rd and2ndmillennia BC, respectively. Chinese merchants

travelling treacherous river rapids would redistribute their wares across many

vessels to limit the loss due to any single vessel's capsizing. The Babylonians

developed a system which was recorded in the famousCode of Hammurabi, c.

1750 BC, and practiced by earlyMediterranean sailingmerchants. If a merchant

received a loan to fund his shipment, he would pay the lender an additional sum in

Exchange for the lender's guarantee to cancel the loan should the shipment be

stolen.
http://en.wikipedia.org/wiki/Insurancehttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Babyloniahttp://en.wikipedia.org/wiki/3rd_millennium_BChttp://en.wikipedia.org/wiki/2nd_millennium_BChttp://en.wikipedia.org/wiki/Millenniumhttp://en.wikipedia.org/wiki/Code_of_Hammurabihttp://en.wikipedia.org/wiki/Mediterraneanhttp://en.wikipedia.org/wiki/Merchanthttp://en.wikipedia.org/wiki/Merchanthttp://en.wikipedia.org/wiki/Mediterraneanhttp://en.wikipedia.org/wiki/Code_of_Hammurabihttp://en.wikipedia.org/wiki/Millenniumhttp://en.wikipedia.org/wiki/2nd_millennium_BChttp://en.wikipedia.org/wiki/3rd_millennium_BChttp://en.wikipedia.org/wiki/Babyloniahttp://en.wikipedia.org/wiki/Chinahttp://en.wikipedia.org/wiki/Insurance


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Achaemenian monarchs were the first to insure their people and made it official by

registering the insuring process in governmental notary offices. The insurance

tradition was performed each year inNowruz (beginning of the Iranian New Year);

the heads of different ethnic groups as well as others willing to take part, presented

gifts to the monarch. The most important gift was presented during a special

ceremony. When a gift was worth more than 10,000 Derrik (Achaemenian gold

coin) the issue was registered in a special office. This was advantageous to those

who presented such special gifts. For others, the presents were fairly assessed by

the confidants of the court. Then the assessment was registered in special offices.

The purpose of registering was that whenever the person who presented the gift

registered by the court was in trouble, the monarch and the court would help him.

Jahez, a historian and writer, writes in one of his books on ancient Iran: "whenever

the owner of the present is in trouble or wants to construct a building, set up a

feast, have his children married, etc. the one in charge of this in the court would

check the registration. If the registered amount exceeded 10,000 Derrik, he or she

would receive an amount of twice as much."

A thousand years later, the inhabitants ofRhodes created the 'general average',

which allowed groups of merchants to pay to insure their goods being shipped

together. The collected premiums would be used to reimburse any merchant whose

goods were jettisoned during transport, whether to storm or sink age.

The ancient Athenian "maritime loan" advanced money for voyages with

repayment being cancelled if the ship was lost. In the 4th century BC, rates for the

loans differed according to safe or dangerous times of year, implying an intuitive

pricing of risk with an effect similar to insurance.

TheGreeks andRomans introduced the origins of health and life insurance c. 600

BCE when they created guilds called "benevolent societies" which cared for

thefamilies of deceased members, as well as payingfuneral expenses of
http://en.wikipedia.org/wiki/Achaemenianhttp://en.wikipedia.org/wiki/Nowruzhttp://en.wikipedia.org/wiki/Rhodeshttp://en.wikipedia.org/wiki/General_averagehttp://en.wikipedia.org/wiki/Ancient_Greecehttp://en.wikipedia.org/wiki/Ancient_Romehttp://en.wikipedia.org/wiki/Familyhttp://en.wikipedia.org/wiki/Funeralhttp://en.wikipedia.org/wiki/Funeralhttp://en.wikipedia.org/wiki/Familyhttp://en.wikipedia.org/wiki/Ancient_Romehttp://en.wikipedia.org/wiki/Ancient_Greecehttp://en.wikipedia.org/wiki/General_averagehttp://en.wikipedia.org/wiki/Rhodeshttp://en.wikipedia.org/wiki/Nowruzhttp://en.wikipedia.org/wiki/Achaemenian


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Members.Guilds in the Ages served a similar purpose. TheTalmud deals with

several aspects of insuringgoods.Before insurance was established in the late 17th

century, "friendly societies" existed in England, in which people donated amounts

of money to a general sum that could be used for emergencies.

Medieval and Early modern

Separate insurance contracts (i.e., insurance policies not bundled with loans or

other kinds of contracts) were invented inGenoa in the 14th century, as were

insurance pools backed by pledges of landed estates. The first known insurance

contract dates fromGenoa in 1343, and in the next century maritime insurancedeveloped widely and premiums were intuitively varied with risks. These new

insurance contracts allowed insurance to be separated from investment, a

separation of roles that first proved useful in marine insurance. The first printed

book on insurance was the legal treatise On Insurance and Merchants'

BetsbyPedro de Santarem (Santerna), written in 1488 and published in 1552.

Insurance became far more sophisticated in post-RenaissanceEurope, and

specialized varieties developed. The will ofRobert Hayman,written in 1628, refers

to two policies he has taken out with a wealthy Londoner: one of life insurance and

one of marine insurance.[6]Toward the end of the 17th century, London's growing

importance as a centre for trade increased demand for marine insurance. In the late

1680s, Mr. Edward Lloyd opened a coffee house that became a popular haunt of

ship owners, merchants, and ships captains, and thereby a reliable source of the

latest shipping news. It became the meeting place for parties wishing to insure

cargoes and ships, and those willing to underwrite such ventures. Today,Lloyd's of

London remains the leading market (note that it is not an insurance company) for
http://en.wikipedia.org/wiki/Guildhttp://en.wikipedia.org/wiki/Talmudhttp://en.wikipedia.org/wiki/Good_(economics)http://en.wikipedia.org/wiki/Genoahttp://en.wikipedia.org/wiki/Genoahttp://en.wikipedia.org/w/index.php?title=Pedro_de_Santar%C3%A9m&action=edit&redlink=1http://en.wikipedia.org/wiki/Renaissancehttp://en.wikipedia.org/wiki/Europehttp://en.wikipedia.org/wiki/Robert_Haymanhttp://en.wikipedia.org/wiki/History_of_insurance#cite_note-5http://en.wikipedia.org/wiki/History_of_insurance#cite_note-5http://en.wikipedia.org/wiki/History_of_insurance#cite_note-5http://en.wikipedia.org/wiki/Lloyd%27s_of_Londonhttp://en.wikipedia.org/wiki/Lloyd%27s_of_Londonhttp://en.wikipedia.org/wiki/Lloyd%27s_of_Londonhttp://en.wikipedia.org/wiki/Lloyd%27s_of_Londonhttp://en.wikipedia.org/wiki/History_of_insurance#cite_note-5http://en.wikipedia.org/wiki/Robert_Haymanhttp://en.wikipedia.org/wiki/Europehttp://en.wikipedia.org/wiki/Renaissancehttp://en.wikipedia.org/w/index.php?title=Pedro_de_Santar%C3%A9m&action=edit&redlink=1http://en.wikipedia.org/wiki/Genoahttp://en.wikipedia.org/wiki/Genoahttp://en.wikipedia.org/wiki/Good_(economics)http://en.wikipedia.org/wiki/Talmudhttp://en.wikipedia.org/wiki/Guild


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Marine and other specialist types of insurance, but it works rather differently than

the more familiar kinds of insurance.

Insurance as we know it today can be traced to theGreat Fire of London,which in

1666 devoured 13,200 houses. In the aftermath of this disaster,Nicholas

Barbon opened an office to insure buildings. In 1680, he established England's first

fire insurance company, "The Fire Office," to insure brick and frame homes.

The concept of health insurance was proposed in 1694 by Hugh the Elder

Chamberlen from thePeter Chamberlen family. In the late 19th century, "accident

insurance" began to be available, which operated much like

modern disability insurance. This payment model continued until the start of the

20th century in some jurisdictions (like California), where all laws regulating

health insurance actually referred to disability insurance.

The first insurance company in theUnited States underwrote fire insurance and

was formed in Charles Town (modern-dayCharleston),South Carolina in 1732,

but it provided only fire insurance.

Industrial revolution

Benjamin Franklin helped to popularize and make standard the practice of

insurance, particularly againstfire in the form ofperpetual insurance.In 1752, he

founded thePhiladelphia Contribution ship for the Insurance of Houses from Loss

by Fire. Franklin's company was the first to make contributions toward fire

prevention. Not only did his company warn against certain fire hazards, it refused

to insure certain buildings where the risk of fire was too great, such as all wooden

houses.

The sale of life insurance in the U.S. began in the late 1760s.

ThePresbyterian Synods inPhiladelphia andNew York founded the Corporation

for Relief of Poor and Distressed Widows and Children of Presbyterian Ministers
http://en.wikipedia.org/wiki/Great_Fire_of_Londonhttp://en.wikipedia.org/wiki/Nicholas_Barbonhttp://en.wikipedia.org/wiki/Nicholas_Barbonhttp://en.wikipedia.org/wiki/Peter_Chamberlenhttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/Charleston,_South_Carolinahttp://en.wikipedia.org/wiki/South_Carolinahttp://en.wikipedia.org/wiki/Benjamin_Franklinhttp://en.wikipedia.org/wiki/Firehttp://en.wikipedia.org/wiki/Perpetual_Insurancehttp://en.wikipedia.org/wiki/Philadelphia_Contributionship_for_the_Insurance_of_Houses_from_Loss_by_Firehttp://en.wikipedia.org/wiki/Philadelphia_Contributionship_for_the_Insurance_of_Houses_from_Loss_by_Firehttp://en.wikipedia.org/wiki/Presbyterianhttp://en.wikipedia.org/wiki/Philadelphiahttp://en.wikipedia.org/wiki/New_Yorkhttp://en.wikipedia.org/wiki/New_Yorkhttp://en.wikipedia.org/wiki/Philadelphiahttp://en.wikipedia.org/wiki/Presbyterianhttp://en.wikipedia.org/wiki/Philadelphia_Contributionship_for_the_Insurance_of_Houses_from_Loss_by_Firehttp://en.wikipedia.org/wiki/Philadelphia_Contributionship_for_the_Insurance_of_Houses_from_Loss_by_Firehttp://en.wikipedia.org/wiki/Perpetual_Insurancehttp://en.wikipedia.org/wiki/Firehttp://en.wikipedia.org/wiki/Benjamin_Franklinhttp://en.wikipedia.org/wiki/South_Carolinahttp://en.wikipedia.org/wiki/Charleston,_South_Carolinahttp://en.wikipedia.org/wiki/United_Stateshttp://en.wikipedia.org/wiki/Peter_Chamberlenhttp://en.wikipedia.org/wiki/Nicholas_Barbonhttp://en.wikipedia.org/wiki/Nicholas_Barbonhttp://en.wikipedia.org/wiki/Great_Fire_of_London


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in 1759;Episcopalianpriests created a comparable relief fund in 1769. Between

1787 and 1837 more than two dozen life insurance companies were started, but

fewer than half a dozen survived.

Prior to theAmerican Civil War, many insurance companies in the United

Statesinsured the lives of slaves for their owners. In response to bills passed

inCalifornia in 2001 and inIllinois in 2003, the companies have been required to

search their records for such policies.New York Life for example reported that

Nautilus sold 485 slaveholder life insurance policies during a two-year period in

the 1840s; they added that their trustees voted to end the sale of such policies 15

years before theEmancipation Proclamation.

Insurance is essentially a hedge against misfortune, in modern usage. In the 20th

century insurance was also used as a form or extortion, most notably used by

organized crime as a means of generating tax free income and to control

businesses, populations, and politics, usually on a local level.

In the USA, until the passage of the Social Security Act, the federal government

had never mandated any form of insurance upon the nation as a whole, but this

program expanded the concept and acceptance of insurance as a means to achieve

individual financial security that might not otherwise be available. That expansion

experienced its first boom market immediately after the Second World War with

the original VA Home Loan programs that greatly expanded the idea that

affordable housing for veterans was a benefit of having served. The mortgages that

were underwritten by the federal government during this time included an

insurance clause as a means of protecting the banks and lending institutions

involved against avoidable losses. During the 1940s there was also the GI life

insurance policy program that was designed to ease the burden of military losses

on the civilian population and survivors.
http://en.wikipedia.org/wiki/Episcopal_Church_in_the_United_States_of_Americahttp://en.wikipedia.org/wiki/American_Civil_Warhttp://en.wikipedia.org/wiki/Slave_insurance_in_the_United_Stateshttp://en.wikipedia.org/wiki/Californiahttp://en.wikipedia.org/wiki/Illinoishttp://en.wikipedia.org/wiki/New_York_Life_Insurance_Companyhttp://en.wikipedia.org/wiki/Emancipation_Proclamationhttp://en.wikipedia.org/wiki/Emancipation_Proclamationhttp://en.wikipedia.org/wiki/New_York_Life_Insurance_Companyhttp://en.wikipedia.org/wiki/Illinoishttp://en.wikipedia.org/wiki/Californiahttp://en.wikipedia.org/wiki/Slave_insurance_in_the_United_Stateshttp://en.wikipedia.org/wiki/American_Civil_Warhttp://en.wikipedia.org/wiki/Episcopal_Church_in_the_United_States_of_America


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During the 1970s and 1980s there was a growth in supp sold 485 slaveholder life

insurance policies during a two-year period in the 1840s; they added that their

trustees voted to end the sale of such policies 15 years before theEmancipation

Proclamation.

















During the 1970s and 1980s there was a growth in supp

sold 485 slaveholder life insurance policies during a two-year period in the 1840s;

they added that their trustees voted to end the sale of such policies 15 years before

theEmancipation Proclamation.


http://en.wikipedia.org/wiki/Emancipation_Proclamationhttp://en.wikipedia.org/wiki/Emancipation_Proclamationhttp://en.wikipedia.org/wiki/Emancipation_Proclamationhttp://en.wikipedia.org/wiki/Emancipation_Proclamationhttp://en.wikipedia.org/wiki/Emancipation_Proclamationhttp://en.wikipedia.org/wiki/Emancipation_Proclamation


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sold 485 slaveholder life insurance policies during a two-year period in the 1840s;they added that their trustees voted to end the sale of such policies 15 years before

















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businesses, populations, and politics, usually on a local level.In the USA, until the passage of the Social Security Act, the federal government















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century insurance was also used as a form or extortion, most notably used byorganized crime as a means of generating tax free income and to control
















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