A REPORT
ON
ADVERTISING AND PROMOTIONAL STRATEGIES FOR
IDBI FEDERAL LIFE INSURANCE CO LTD
By
SAKSHI RAI
IDBI FEDERAL LIFE INSURANCE CO. LTD.
(CP-Barakhamba Road)
COMPANY GUIDE:
Miss Kanika Chadha(Senior Agency Manager)
REPORT
ON
ADVERTISING AND PROMOTIONAL STRATEGIES FOR
IDBI FEDERAL LIFE INSURANCE CO LTD
By
SAKSHI RAI
IDBI FEDERAL LIFE INSURANCE CO. LTD.
A report submitted in partial fulfilment of the
requirements of PGPM Program of
IBS GURGAON
ACKNOWLEDGEMENT
I
would like to take this opportunity to thank all the people who helped me in collecting
necessary information and making the report .I am grateful to all of them for their time,
energy and wisdom. Getting a project ready requires the contribution and effort of many
people. I would like to extend my gratitude to all those who have contributed in completing
this project. First of all, my sincere thanks to the company mentor Miss Kanika Chadha and
training head of IDBI Mr. Deepak Singh. I am also really thankful to my faculty guide Mr
Anubhav Anand Mishra for all the guidance and mentorship.
SAKSHI RAI
E OF
TABL
ABSTRACT
INTRODUCTION
SWOT ANALYSIS
OBJECTIVE
RESEARCH METHODOLOGY
CONTENTS
ABSTRACT
In present day India, Information Technology is considered to be the most booming sector.
But what’s next? It is the insurance sector which is the second sector that is reaching for the
skies after I.T. Sales in the insurance industry is also a really tough job as a negative image
precedes this industry due to a slightly presumptuous public opinion. That is one of the
reasons why I chose this sector; to gather in-depth knowledge of the functioning of this
particular industry as well as I took it as a challenge to break this societal attitude about
insurance generated by the people by creating awareness about the importance and benefits of
insurance. Also, I thought this would help me polish my convincing skills as a marketing and
sales person so as to give me experience in case I’d like to take up some such job in the
future.
The main objective of my report was aware the customer about how insurance can be of help
to them for their:
?
?
?
Financial protection
Children’s future
Personal retirement
My training started with the basic terms related to insurance. Some of them are:
1. PPT – PPT stands for premium payment term which is the number of years customer will
pay the premium.
2. PT – PT stands for policy term which is the number of years policy will continue.
3. Premium – the amount the customer pays annually to the insurance company for his policy.
4. MSA – MSA stands for maturity sum assured which is the guaranteed amount that the
company pays on maturity.
In the first week of my training I was given training on the different products that the
company offers to its customers. These products were divided into 2 categories:
ENDOWMENT
ULiP
Incomesurance guaranteed money back plan 7
pay
Wealthsurance growth plan
Childsurance saving protection plan
Wealthsurance future star plan
Life insurance saving plan
Whole lifesurance saving plan
ENDOWMENT PLAN
Endowment plan is a combination of insurance and investment it means if during the term of
policy that life assured dies in such case beneficiaries will get the benefits. Benefits are sum
assured under the policy and also if there is bonus or guaranteed returns or something that
will also be paid to the beneficiaries.
IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay
We don’t know what lies in our future and therefore when we invest, we seek a guarantee.
IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 pay (hereinafter
referred as Incomesurance 7 pay) is a plan that enables you to stop being concerned of the
future and rest assured, since the plan gives you payouts annually. And yes, it’s guaranteed
Childsurance Savings Protection Insurance Plan
Being a good parent means making sure your child gets good education so that her future
stays secure. The cost of education has shot up significantly and is expected to rise further.
Add to that the cost of your child’s marriage or giving her a head start in career. It is therefore
important for you to stay prepared. Plan early to help your child’s dreams come true
tomorrow and support her at every important milestone of life. Go ahead; secure your child’s
future. At every step!
IDBI
Federal
Lifesurance
Savings
Insurance
Plan
Often, the first step towards a long and arduous journey is the toughest. However, once you
have taken that first stride, the rest of the journey seems easier and more enjoyable. With your
investments, it is the same approach that will ensure you build the right corpus to fulfil your
dreams for yourself and your family – start small, save big!
IDBI
Federal
Lifesurance®
Whole
Life
Savings
Insurance
Plan
We all want to live long and see our future generations grow and prosper. However, not many
of us plan for the long life that we wish for, either because we do not know how to go about it
or because we believe it is an arduous task.
Presenting, IDBI Federal Lifesurance Whole Life Savings Insurance Plan (hence referred to
as Lifesurance Whole Life) which helps you plan for a long and worry-free life in a simple
and convenient way
ULiP (Unit Linked Insurance Plan)
ULIP is a life insurance product, which provides risk cover for the policy holder along with
investment options to invest in any number of qualified investments such as stocks, bonds or
mutual funds. As a single integrated plan, the investment part and the protection part can be
managed according to specific needs and choices.
IDBI
Federal
Wealthsurance
Future
Star
Insurance
Plan
Your child is a star in your eyes and you constantly encourage your child to excel in academic
and extra-curricular activities. You are doing whatever it takes to ensure that your child shines
like a star when she grows up. But have you done everything that is needed to secure a child’s
future? Facilitating the best for him, from education to talent development courses,
everything is going to cost a lot tomorrow. To add to this concern is the uncertainty of life. Of
course, you would like your child to fulfil his dreams, no matter what! IDBI Federal
Wealthsurance Future Star Insurance Plan* is designed with the understanding that your
desire to see him shine like a star is unconditional
IDBI
Federal
Wealthsurance
Growth
Insurance
Plan
As a smart and dynamic individual, you have always charted your own path through life. So
when it comes to investing your hard-earned money, you definitely want to stay in complete
control.
Presenting, IDBI Federal Wealthsurance Growth Insurance Plan (hereafter referred to as
Wealthsurance Growth), which lets you build your wealth, exactly the way you want. With
this plan, you get complete flexibility in steering your investments, basis your financial goals
in life. What’s more, your family stays financially secured with a life cover!
IC33 TRAINING
After successful training on the products, I was given IC33 training. IC33 stands for life
insurance. To become a wealth assurance advisor it is mandatory to appear for the IC33 exam
because after passing the exam one can become an authorised advisor for selling the
insurance products. Some of the topics covered in IC33 training are as follows:
?
?
?
?
?
?
?
History of insurance
Importance of insurance
Elements of a valid contract
Pension and annuities
Underwriting
Nomination
Grievance Redressal Mechanism
SALES PROCESS
U
R
F
K
G
IN
S
L
C
H
B
O
A
D
T
JE
M
P
INTRODUCTION - COMPANY PROFILE
About IDBI Federal Life Insurance
IDBI Federal Life Insurance is one of India’s growing life insurance companies
and offers a diverse range of wealth management, protection and retirement
solutions to individual land corporate customers. 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,
a
multinational
insurance
giant
based
out
of
Europe.
About the sponsors of IDBI Federal Life Insurance Co Ltd
IDBI Bank Ltd
It continues to be, since its inception, India’s premier industrial development
bank. It came into being as on July 01, 1964 to support India’s industrial
backbone. Today, it is amongst India’s foremost commercial banks, with a wide
range of innovative products and services, serving retail and corporate
customers. The Bank offers its customers an extensive range of diversified
services including project finance, term lending, working capital facilities, lease
finance, venture capital, loan syndication, corporate advisory services and legal
and technical advisory services to its corporate clients as well as mortgages and
personal loans to its retail clients.
Federal Bank
It 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 1,247 branches and 1,485 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.
Ageas
It is an international insurance group with a heritage spanning 190 years. Ranked
among the top 20 insurance companies in Europe, Ageas has chosen to
concentrate its business activities in Europe and Asia, which together make up
the largest share of the global insurance market. These are grouped around four
segments: Belgium, United Kingdom, Continental Europe and Asia and served
through a combination of wholly owned subsidiaries and partnerships with strong
financial institutions and key distributors around the world. Ageas operates
successful partnerships in Belgium, the UK, Luxembourg, Italy, Portugal,
Turkey, China, Malaysia, India and Thailand and has subsidiaries in France,
Hong Kong and the UK. Ageas is the market leader in Belgium for individual life
and employee benefits, as well as a leading Non-Life player through AG
Insurance. In the UK, Ageas is the sixth largest Non-Life insurer with a number 3
position in cars insured and has a strong presence in the over 50’s market.
SWOT ANALYSIS OF IDBI FEDERAL LIC LTD.
INTRODUCTION- SWOT ANALYSIS
EXTERNAL
INTERNAL
SWOT analysis (alternatively SWOT matrix) is an initialism for strengths, weaknesses,
opportunities, and threats—and is a structured planning method that evaluates those four
elements of a project or business venture. A SWOT analysis can be carried out for a product,
place, industry, or person
POSITIVE
NEGATIVE
STRENGTH
WEAKNESS
Attained Break Even in just five
years from the date of establishment.
(2008-2013)
Lack of awareness about
among the people.
insurance
OPPORTUNITY
THREAT
More than 300m people, with the
potential to buy insurance, remain
uninsured.
Big public sector insurance companies
like Life
Insurance
Corporation
India, National Insurance Company
Limited, Oriental Insurance Limited.
STRENGTH
?
Attained BREAK EVEN POINT within five years from the establishment of the
?
?
?
?
organisation.(2008-2013)
Booked consistent profit in 2014 and 2015 which was approximately 90 crore
Joint Venture of IDBI BANK, FEDERAL BANK and AGEAS.
Customized products according to customer needs.
8 Day claim Guarantee to its customers is a constant effort by the company in which
the company will settle the claim in 8 working days or else pay 8% interest p.a. for
?
?
?
delay of each day.(in case of death)
Solvency rate of about 500%
High quality of service
High degree of customer satisfaction
WEAKNESS
?
?
?
Less penetration into the rural market.
Consumer complaints with respect to servicing charges.
Low number of branches
OPPORTUNITY
?
According to IRDA only 10% of the population is insured which represent around
30%the insurable population. This suggests more than 300m people, with the
?
potential to buy insurance, remain uninsured.
Insurance is the most booming sector after Information Technology.
THREAT
?
Big public sector insurance companies like Life Insurance Corporation (LIC)
India, National Insurance Company Limited, Oriental Insurance Limited, New India
Assurance Company Limited and United India Insurance Company Limited. People
?
?
trust and go to them more.
Very high competition prevailing in the industry.
Lack of infrastructure in rural areas could constrain investment
OBJECTIVES OF THE STUDY
Following are the objectives of my study:
1. New and innovative promotional schemes for IDBI Federal Life Insurance
Co Ltd.
2. To offer the services to the customers of IDBI Federal.
3. Innovative advertising of life insurance and promotional strategies for the
endowment plans and ulip plans for the insurance sector of IDBI Federal.
4. To take feedback from the customers in terms of products, services, etc.
RESEARCH METHODOLOGY
The sources for data collection used are mentioned below:
PRIMARY
? Primary Data: The data is collected through questionnaire method. The questionnaire
consists of number of questions so that one can identify the appropriate response.
Face to face meeting with other Wealth Assurance Advisors.
SECONDARY
? Secondary Data: This data have been already available in other sources and have been
collected from there. It has been made available by firm’s journals, website,
newspaper & magazine.
doc_773638399.docx
ON
ADVERTISING AND PROMOTIONAL STRATEGIES FOR
IDBI FEDERAL LIFE INSURANCE CO LTD
By
SAKSHI RAI
IDBI FEDERAL LIFE INSURANCE CO. LTD.
(CP-Barakhamba Road)
COMPANY GUIDE:
Miss Kanika Chadha(Senior Agency Manager)
REPORT
ON
ADVERTISING AND PROMOTIONAL STRATEGIES FOR
IDBI FEDERAL LIFE INSURANCE CO LTD
By
SAKSHI RAI
IDBI FEDERAL LIFE INSURANCE CO. LTD.
A report submitted in partial fulfilment of the
requirements of PGPM Program of
IBS GURGAON
ACKNOWLEDGEMENT
I
would like to take this opportunity to thank all the people who helped me in collecting
necessary information and making the report .I am grateful to all of them for their time,
energy and wisdom. Getting a project ready requires the contribution and effort of many
people. I would like to extend my gratitude to all those who have contributed in completing
this project. First of all, my sincere thanks to the company mentor Miss Kanika Chadha and
training head of IDBI Mr. Deepak Singh. I am also really thankful to my faculty guide Mr
Anubhav Anand Mishra for all the guidance and mentorship.
SAKSHI RAI
E OF
TABL
ABSTRACT
INTRODUCTION
SWOT ANALYSIS
OBJECTIVE
RESEARCH METHODOLOGY
CONTENTS
ABSTRACT
In present day India, Information Technology is considered to be the most booming sector.
But what’s next? It is the insurance sector which is the second sector that is reaching for the
skies after I.T. Sales in the insurance industry is also a really tough job as a negative image
precedes this industry due to a slightly presumptuous public opinion. That is one of the
reasons why I chose this sector; to gather in-depth knowledge of the functioning of this
particular industry as well as I took it as a challenge to break this societal attitude about
insurance generated by the people by creating awareness about the importance and benefits of
insurance. Also, I thought this would help me polish my convincing skills as a marketing and
sales person so as to give me experience in case I’d like to take up some such job in the
future.
The main objective of my report was aware the customer about how insurance can be of help
to them for their:
?
?
?
Financial protection
Children’s future
Personal retirement
My training started with the basic terms related to insurance. Some of them are:
1. PPT – PPT stands for premium payment term which is the number of years customer will
pay the premium.
2. PT – PT stands for policy term which is the number of years policy will continue.
3. Premium – the amount the customer pays annually to the insurance company for his policy.
4. MSA – MSA stands for maturity sum assured which is the guaranteed amount that the
company pays on maturity.
In the first week of my training I was given training on the different products that the
company offers to its customers. These products were divided into 2 categories:
ENDOWMENT
ULiP
Incomesurance guaranteed money back plan 7
pay
Wealthsurance growth plan
Childsurance saving protection plan
Wealthsurance future star plan
Life insurance saving plan
Whole lifesurance saving plan
ENDOWMENT PLAN
Endowment plan is a combination of insurance and investment it means if during the term of
policy that life assured dies in such case beneficiaries will get the benefits. Benefits are sum
assured under the policy and also if there is bonus or guaranteed returns or something that
will also be paid to the beneficiaries.
IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 Pay
We don’t know what lies in our future and therefore when we invest, we seek a guarantee.
IDBI Federal Incomesurance Guaranteed Money Back Insurance Plan 7 pay (hereinafter
referred as Incomesurance 7 pay) is a plan that enables you to stop being concerned of the
future and rest assured, since the plan gives you payouts annually. And yes, it’s guaranteed
Childsurance Savings Protection Insurance Plan
Being a good parent means making sure your child gets good education so that her future
stays secure. The cost of education has shot up significantly and is expected to rise further.
Add to that the cost of your child’s marriage or giving her a head start in career. It is therefore
important for you to stay prepared. Plan early to help your child’s dreams come true
tomorrow and support her at every important milestone of life. Go ahead; secure your child’s
future. At every step!
IDBI
Federal
Lifesurance
Savings
Insurance
Plan
Often, the first step towards a long and arduous journey is the toughest. However, once you
have taken that first stride, the rest of the journey seems easier and more enjoyable. With your
investments, it is the same approach that will ensure you build the right corpus to fulfil your
dreams for yourself and your family – start small, save big!
IDBI
Federal
Lifesurance®
Whole
Life
Savings
Insurance
Plan
We all want to live long and see our future generations grow and prosper. However, not many
of us plan for the long life that we wish for, either because we do not know how to go about it
or because we believe it is an arduous task.
Presenting, IDBI Federal Lifesurance Whole Life Savings Insurance Plan (hence referred to
as Lifesurance Whole Life) which helps you plan for a long and worry-free life in a simple
and convenient way
ULiP (Unit Linked Insurance Plan)
ULIP is a life insurance product, which provides risk cover for the policy holder along with
investment options to invest in any number of qualified investments such as stocks, bonds or
mutual funds. As a single integrated plan, the investment part and the protection part can be
managed according to specific needs and choices.
IDBI
Federal
Wealthsurance
Future
Star
Insurance
Plan
Your child is a star in your eyes and you constantly encourage your child to excel in academic
and extra-curricular activities. You are doing whatever it takes to ensure that your child shines
like a star when she grows up. But have you done everything that is needed to secure a child’s
future? Facilitating the best for him, from education to talent development courses,
everything is going to cost a lot tomorrow. To add to this concern is the uncertainty of life. Of
course, you would like your child to fulfil his dreams, no matter what! IDBI Federal
Wealthsurance Future Star Insurance Plan* is designed with the understanding that your
desire to see him shine like a star is unconditional
IDBI
Federal
Wealthsurance
Growth
Insurance
Plan
As a smart and dynamic individual, you have always charted your own path through life. So
when it comes to investing your hard-earned money, you definitely want to stay in complete
control.
Presenting, IDBI Federal Wealthsurance Growth Insurance Plan (hereafter referred to as
Wealthsurance Growth), which lets you build your wealth, exactly the way you want. With
this plan, you get complete flexibility in steering your investments, basis your financial goals
in life. What’s more, your family stays financially secured with a life cover!
IC33 TRAINING
After successful training on the products, I was given IC33 training. IC33 stands for life
insurance. To become a wealth assurance advisor it is mandatory to appear for the IC33 exam
because after passing the exam one can become an authorised advisor for selling the
insurance products. Some of the topics covered in IC33 training are as follows:
?
?
?
?
?
?
?
History of insurance
Importance of insurance
Elements of a valid contract
Pension and annuities
Underwriting
Nomination
Grievance Redressal Mechanism
SALES PROCESS
U
R
F
K
G
IN
S
L
C
H
B
O
A
D
T
JE
M
P
INTRODUCTION - COMPANY PROFILE
About IDBI Federal Life Insurance
IDBI Federal Life Insurance is one of India’s growing life insurance companies
and offers a diverse range of wealth management, protection and retirement
solutions to individual land corporate customers. 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,
a
multinational
insurance
giant
based
out
of
Europe.
About the sponsors of IDBI Federal Life Insurance Co Ltd
IDBI Bank Ltd
It continues to be, since its inception, India’s premier industrial development
bank. It came into being as on July 01, 1964 to support India’s industrial
backbone. Today, it is amongst India’s foremost commercial banks, with a wide
range of innovative products and services, serving retail and corporate
customers. The Bank offers its customers an extensive range of diversified
services including project finance, term lending, working capital facilities, lease
finance, venture capital, loan syndication, corporate advisory services and legal
and technical advisory services to its corporate clients as well as mortgages and
personal loans to its retail clients.
Federal Bank
It 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 1,247 branches and 1,485 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.
Ageas
It is an international insurance group with a heritage spanning 190 years. Ranked
among the top 20 insurance companies in Europe, Ageas has chosen to
concentrate its business activities in Europe and Asia, which together make up
the largest share of the global insurance market. These are grouped around four
segments: Belgium, United Kingdom, Continental Europe and Asia and served
through a combination of wholly owned subsidiaries and partnerships with strong
financial institutions and key distributors around the world. Ageas operates
successful partnerships in Belgium, the UK, Luxembourg, Italy, Portugal,
Turkey, China, Malaysia, India and Thailand and has subsidiaries in France,
Hong Kong and the UK. Ageas is the market leader in Belgium for individual life
and employee benefits, as well as a leading Non-Life player through AG
Insurance. In the UK, Ageas is the sixth largest Non-Life insurer with a number 3
position in cars insured and has a strong presence in the over 50’s market.
SWOT ANALYSIS OF IDBI FEDERAL LIC LTD.
INTRODUCTION- SWOT ANALYSIS
EXTERNAL
INTERNAL
SWOT analysis (alternatively SWOT matrix) is an initialism for strengths, weaknesses,
opportunities, and threats—and is a structured planning method that evaluates those four
elements of a project or business venture. A SWOT analysis can be carried out for a product,
place, industry, or person
POSITIVE
NEGATIVE
STRENGTH
WEAKNESS
Attained Break Even in just five
years from the date of establishment.
(2008-2013)
Lack of awareness about
among the people.
insurance
OPPORTUNITY
THREAT
More than 300m people, with the
potential to buy insurance, remain
uninsured.
Big public sector insurance companies
like Life
Insurance
Corporation
India, National Insurance Company
Limited, Oriental Insurance Limited.
STRENGTH
?
Attained BREAK EVEN POINT within five years from the establishment of the
?
?
?
?
organisation.(2008-2013)
Booked consistent profit in 2014 and 2015 which was approximately 90 crore
Joint Venture of IDBI BANK, FEDERAL BANK and AGEAS.
Customized products according to customer needs.
8 Day claim Guarantee to its customers is a constant effort by the company in which
the company will settle the claim in 8 working days or else pay 8% interest p.a. for
?
?
?
delay of each day.(in case of death)
Solvency rate of about 500%
High quality of service
High degree of customer satisfaction
WEAKNESS
?
?
?
Less penetration into the rural market.
Consumer complaints with respect to servicing charges.
Low number of branches
OPPORTUNITY
?
According to IRDA only 10% of the population is insured which represent around
30%the insurable population. This suggests more than 300m people, with the
?
potential to buy insurance, remain uninsured.
Insurance is the most booming sector after Information Technology.
THREAT
?
Big public sector insurance companies like Life Insurance Corporation (LIC)
India, National Insurance Company Limited, Oriental Insurance Limited, New India
Assurance Company Limited and United India Insurance Company Limited. People
?
?
trust and go to them more.
Very high competition prevailing in the industry.
Lack of infrastructure in rural areas could constrain investment
OBJECTIVES OF THE STUDY
Following are the objectives of my study:
1. New and innovative promotional schemes for IDBI Federal Life Insurance
Co Ltd.
2. To offer the services to the customers of IDBI Federal.
3. Innovative advertising of life insurance and promotional strategies for the
endowment plans and ulip plans for the insurance sector of IDBI Federal.
4. To take feedback from the customers in terms of products, services, etc.
RESEARCH METHODOLOGY
The sources for data collection used are mentioned below:
PRIMARY
? Primary Data: The data is collected through questionnaire method. The questionnaire
consists of number of questions so that one can identify the appropriate response.
Face to face meeting with other Wealth Assurance Advisors.
SECONDARY
? Secondary Data: This data have been already available in other sources and have been
collected from there. It has been made available by firm’s journals, website,
newspaper & magazine.
doc_773638399.docx