Abstract: Marketing strategies of life insurance plays an important role in the penetration of respective market. Insurance companies are in a unique position when it comes to marketing. They have no tangible products to sell, but instead rely on strong relationships with loyal customers and word of mouth to help them compete. Still, despite the challenges, the marketing strategies for insurance companies are really no different than for any other company, and require a strong focus on the basics of effective marketing. The marketing strategies keeps on changing with the passage of time and it needs to be changed accordingly to be able survive and compete in the highly competitive market. Better marketing strategies like new products, innovative distribution, and better use of technology are helping the new breed of private life insurers to take market share away from the monopolist of earlier days. This paper is mainly focused on the marketing strategies adopted by LIC and an attempt is made to find the new marketing strategies which would be more customer oriented and market capturing in nature.
Keywords: Marketing strategies, Private life insurer, LIC, Customer.
Title: Marketing Strategies of LIC in Life Insurance Industry
Author: Mushtaq Ahmad, Obaid-Ur-Rehman
International Journal of Management and Commerce Innovations
ISSN 2348-7585 (Online)
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