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In the first ever survey of Indian consumers, 4Ps B&M and ICMR find out why we opt for insurance - do we prefer private or public insurance, and has our insurance exposure gone up? Also featuring exclusive interviews with Vikram Mehmi – Birla Sun Life, Ajay Bimbhet – Royal Sundaram Alliance Insurance et al.
Thy name is trust, ‘BIG’ trust
The biggest of them all in the whole of Asia for sometime now – Life Insurance Corporation of India (LIC), is only getting bigger by the day.... Its sole objective till date, has been to spread life insurance widely and in particular to the rural areas and to the socially and reasonably backward classes in India; with an aim to gain access to all insurable persons in the country by providing them an adequate financial cover against death, and at a reasonable cost. It also believes in maximising mobilisation of people’s savings by making insurance-linked savings adequately attractive.
It goes by demand and thus LIC of India, as part of its endeavour to come out with new products over time, has launched Group Critical Illness Rider. The product is targeted chiefly at the employer-employee group who have taken group insurance products earlier or are planning to buy a group insurance product. T. S. Vijayan, Chairman, LIC, said, “Human capital is important for the success of any organisation. The employees are subjected to three key risks - death, disability and occurrence of critical illness which influences the individual employee’s physically and financially and, consequently, the organisation. Hence, LIC has come out with a comprehensive group insurance scheme with Critical Illness (Accelerated) Rider.” Thoughtful, in this age of efficiency control!
Figures however, are not that thought-provoking with LIC registering Rs.22,761.49 crores as premium collections during the first six months of FY 2007-08, marking a decline of 2.87%, as compared to a year back. Indeed, at a time when competition is gnawing hard at its margins, the giant needs to work with volumes than margins.
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Source : IIPM Editorial, 2008
An Initiative of IIPM, Malay Chaudhuri and Arindam chaudhuri (Renowned Management Guru and Economist).
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