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Marketing Strategies of Public Player Vis-└-Vis Private Player In Life Insurance Sector

Rs. 1,000.00

The circle is complete, Privatization to nationalization and back to privatization. It has been quite a journey. The Union Government in 1956 nationalized the private sector-dominated Indian life insurance sector. Idea was to weld together a dynamic and vigorous organization, capable of taking insurance to every sector of people throughout the country and mobilizing their savings while affording to them complete security together with efficient serviceĺ, as the proclamation said. Well as they say, the road to disaster is paved with good intentions.
The very reasons for which the insurance sector was nationalized are now being given for its privatization. The current reasoning: the sector needs to grow for which it needs genuine competition. Yes competition of the kind that might manage to build a reputation of efficiency and fair play, and thus reposition the concept in consumer minds as a hugely beneficial service not a sort of must-pay tax, the benefits of which may or may not ever come. In line with the ongoing reforms in the country, the Government had appointed a committee in April 1993 under the Chairmanship of Mr R N Malhotra, an ex-governor of the Reserve Bank of India, to suggest reforms in the nationalised insurance sector. The committee submitted its report to the Government in January 1994.
The committee has suggested the opening up of the insurance sector to private sector participation, including international companies. A restructuring of the nationalised insurance companies, Life Insurance Corporation of India and the General Insurance Corporation of India, has also been proposed.
With the opening up of the insurance sector the competition has grown between the public players and the new entrant i.e. private insurance corporation of india which has so far monopoly in the life insurance sector is facing tough competition from the private players. I had here trired to see the change in the marketing strategies of life insurance corporation after the opening up of insurance sector. Hers I compared the marketing strategies of lic vis-Ó-vis HDFCSLIC.

Number of Pages of Project Report: 132
Package Includes: Project Report
Project Format: Document (.doc)

Table of Contents of Project Report:
1. Objective
2. Research Methodology
3. Executive Summary
4. Insurance
5. Origin of Life Insurance
6. Insurance Marketing
7. Company Profile
8. Conclusion
9. Questionnaire
10. Bibliography

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