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A detailed study on the market awareness and market share of the ING Vysya group life insurance

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Dipankar C.
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documents in English
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market study
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44 pages
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  1. Introduction.
  2. About the competitors.
  3. Life Insurance corporation of India.
    1. Salient features.
  4. Benefits of the scheme.
    1. On retirement.
    2. On death.
    3. On resignation.
    4. The various Pension options provided by LIC.
    5. Group Insurance scheme in conjunction with super-annuation scheme.
  5. Group (term) insurance scheme.
  6. Group savings linked insurance scheme.
  7. Birla Sun Life.
    1. Group gratuity.
    2. Accidental Death and dismemberment.
    3. Critical illness.
  8. Group protection solution.
  9. SBI Life.
  10. Max New York Life.
    1. Services offered by Max New York Life.
    2. Group superannuation.
    3. Benefits.
    4. Investment options.
  11. Metlife India.
    1. Group benefits.
    2. Plan enhancements.
    3. The accelerated benefits option.
    4. Total control account.
    5. Post retirement benefits.
    6. Life insurance funding account.
  12. Allianz Bajaj.
    1. Group term life insurance.
    2. Group term life in lieu of EDLI.
    3. Group gratuity.
    4. Key man insurance.
  13. Aviva.
  14. Om Kotak Mahindra.
    1. Plan highlights.
    2. Benefits.
  15. ICICI Prudential.
    1. Group Gratuity Plan.
    2. Benefits.
    3. Group term assurance.
    4. Benefits.
  16. Filters to better understand the sectors.
  17. Areas covered for the collection of primary data.
  18. Manufacturing.
  19. Exporting.
  20. Shares amongst three products in Jigani.
  21. Share amongst group life, gratuity and superannuation.
  22. Prefered advertising medium.
  23. Awareness about ING Vysys Life against other insurance players.
  24. Total dormant market in group superannuation within the areas covered.
  25. Total dormant market in group gratuity within the areas covered.
  26. Exporting sector.
  27. SWOT Ananlysis of the ING Vysys Life.
  28. Recommendations and suggestions.
  29. Conclusion.
  30. Limitations to the project.
  31. Bibliography.

India, with a middle class household population of around 200 million, presents a huge untapped potential for players in the insurance industry. Its per capita income is expected to grow at over 6% in the next 10 years, which paired with the ever increasing awareness levels of the masses pose an attractive venture for the insurance providers. Another factor that has added to the cause is the growing insecurity amongst the people with the random & repetitive unrest around the world. People fear death all the more now and the insurance seems to be the only way out, at least as referred by the insurance companies. RIES & TROUT in their famous book MARKETING WARFARE talk about mountains in the mind and their occupancy by products. Well, in the Indian insurance market, the whole mountain of the mind is occupied by LIC. With the entry of players like AIG, Sun Life, New York Life, ING, Allianz, Cardiff, Prudential etc has rejuvenated the erstwhile monopoly player LIC, which has responded to the competition in admirable fashion by launching new products and improving service standards. The scope of expansion is still unlimited as virtually all the players are concentrating on large cities and towns except for LIC. Advice and need based selling is emerging through much better trained advisers and sales force. However, there is still a long way to go and various customer surveys indicate that the standards are still below customer expectation levels. Innovative channels of distribution have been adopted like the internet or the bancassurance route, to name a few.

[...] AWARENESS ?About Group life, Gratuity, Superannuation' All were aware of gratuity were aware of group life and 11 were aware of superannuation ?About ING VYSYA Life Insurance' Almost 75% companies were unaware about the group insurance services offered by ING VYSYA. The rest had a fair idea about it. MIND SHARE OF CONSUMERS: Most of them were aware about LIC and the ESI services. ADVERTISING MEDIUM PREFERRED According to the companies, print was the most convenient media to promote their products. [...]


[...] Now in the tapped market of 19% the major share goes to LIC with TATA AIG and BIRLA SUN LIFE having a small share of the pie each. TOTAL DORMANT MARKET IN GROUP SUPERANNUATION WITHIN THE AREAS COVERED Only 19 companies had group superannuation cover whereas the other 103 companies are still uncovered or have self financed scheme of the tapped market is covered by LIC. Birla Sun Life gets the rest. TOTAL DORMANT MARKET IN GROUP GRATUITY WITHIN THE AREAS COVERED 30 companies have group gratuity cover. [...]


[...] They have tried to explore various segments amongst the insurance market and one amongst the many is the group life insurance for the employees. It evolves to give a bunch of benefits to the employees including tax exemptions and retirement payments. On the other hand, for the employers it proved to be potent way to build loyalty and decrease the threatening attrition rate. With the falling interest rates, corporates realize its better to invest gratuity and superannuation in debt and equity. [...]

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