In sync with the current marketing trends in life insurance sector, major insurance companies like Life Insurance Corporation(LIC), ICICI Prudential Life, Birla Sun Life Insurance and Tata-AIG are chalking out aggressive marketing plans to woo consumers across the nation.
LIC is planning to roll out a high-voltage television campaign which will feature—Ms Ritu Nanda—LIC’s leading agent to endorse its products and services. LIC has earmarked Rs 100 crore as its advertising budget this year.
LIC is in the process of rolling out a multi-media campaign, which will include press ads, television commercials, radio advertising and outdoor media campaigns. On July 30, it plans to roll out another new product and will be supported by ad campaigns.
The company also plans to launch rural communication plans to reach out to a wider target audience. LIC plans to have two pronged marketing strategy -firstly, its aim is to strengthen the brand name of LIC. And secondly, it will focus on positioning LIC by highlighting its products and services.
In the Rs 16,00O crore life insurance sector, the major players include, LIC, SBI Life, Birla Sun Life Insurance, ICICI Pru Life and Bajaj Alliance among others.