sdlfosih

Marketing mix is the policy adopted by any concern to get success in the field of marketing. The life insurance marketing emphasizes the importance of the consumers preference. Therefore, a life insurer first analyses the nature of the consumer's needs. All the life insurance marketing efforts focus attention around the consumers needs. Then the management plan his product in such a way that he can give satisfaction to the consumers and face the competitors. All these programmes involve a number of functions which are to be planned carefully. Planning needs analysis of the insurance market to take a decision, prediction and forecastiong as to the future needs of the consurers. Thus, identification of demand and supply involves various functions of life insurance marketing to attain success in the insurance market and the combination of these function is known as Life Insurance Marketing Mix. According to Prof. Neil H. Borden, " The marketing mix refers to the apportionment of...

The first and formost objective of all marketing activities is the satisfying of human wants. Besides life insurance has other objectives too. Some of the objectives are : Spread of life insurance message Mobilization of savings in the form of pension Profit maximization Successful distribution of life insurance products Improving customer services Increasing customer base and its spread Developing corporate image Developing guiding policies and their implementation for a good result Suggest solution by studying the problems relating to life insurance business.

The economic activities can be divided into three main categories - Primary, Secondary and Tertiary. The primary activities include agriculture, fishing, forests and mining. The secondary activities include agriculture, construction, and industry. The tertiary activities include services like insurance, banking, finance, transport, communication etc. The list of services include utilities, civil, insurance banking, defense services, transport etc. In LIC, life insurance service are rendered with a view to protect the people against the risk of loss due to accident, fire, death, sickness, unemployment and so on. Some people might argue that there is service marketing, but only marketing in which the service element is greater than the product element. We do agree that, in the sale of majority of the goods, there are both a product part as well as a service part. However, there are so many service organizations like insurance companies, banks, transport companies who do not think of them...

Different insurance company can introduce different kinds of life insurance policies. Some of them are classified in to the following kinds. 1. Whole life policy The whole life policy will mature only on the death of the insured. This kind of policy is done to protect the dependents of insured in which low premium is paid up to his life. Although, this type of policy has no financial gain to insured, reach persons prefer to take this kind of policy to make provision for the payment of death duty. The policy can further be classified as under. Ordinary whole life policy : Under the ordinary whole life policy premiums are payable throughout the life of the insured and the insured sum is payable to his dependents or nominee only after his death. Limited premium whole life policy : Under the limited premium whole life policy, the premium is paid for a limited or selected period (say up to 20 years) but the policy will mature for payment only on the death of the insured. Si...

Insurance is a transfer of risk. Life insurance policy means a written document which says a payment of money is made on death but not one which says payment is made only if the death is accidental or if death happens in certain circumstances or during the period a person has agreed to pay premiums. A life insurance policy is a legally binding contract between an individual and insurer (insurance company) in which the individual transfers some or all of his or her human life value to the insurance company. Life insurance policy is the insurer (insurance company) is the entity that will decide if the insured individual is worth the risk of paying out a death benefit upon the insured's death. The death benefit is the amount of insurance the insurer is required to pay upon the person's death. The insured pays premiums on a monthly, semiannual or annual basis for the insurance. Depending on the type of life insurance, the life insurance policy may last 10, 15 or 20 years, or even ...

Those persons who are interested to enter in to life insurance contract should follow the following procedures to make effective of life insurance contract. 1. Submit the proposal form The interested person can obtain the proposal form from the agent or insurance company. The person is requested to answer all the questions in the proposal form and give accurate and adequate information on all the material items. By this duly filled proposal form i.e. printed questionnaire paper, insurer receives detail information of the person such as name, address, occupation, date of birth, mode of payment etc. 2. Submit certificate of age The proposer has to mention the exact date of birth in the proposal. The risk of life insurance depends on age and the rate of premium is fixed according to it. For this purpose, proposer is obliged to submit any one of birth certificate, citizenship certificate, horoscope, school certificate. 3. Medical examination On the receipts of proposal along with birth cer...

1. General contract Life insurance contract is just like a general contract where offer and acceptance is of typical nature. Submission of proposal along with premium is an offer and dispatch of acceptance letter is the acceptance. Like a general contract, a minor cannot enter into a contract without guardian acceptance. Person of sound mind can enter in to a contract and contract with alien enemy is void. To make a contract, both parties must have free consent, legal objectives and no chances of coercion. Undue influence, fraud and misrepresentation. 2. Investments Insurer is liable to return premium along with some benefit to the insured person after the expire of time or the death of insured person. Thus premium paid by him regularly is like depositing money in a bank. In case of his premature death the fixed amount is paid to his nominee. 3. Conditional contract Life Insurance is a conditional contract because the insurer shall pay the insured sum only when the contract is contin...