Study of Promotion strategies adopted by public and private life insurance companies in India

There is need to create favourable selling environment for some unsought products like life insurance. Right and effective promotion fulfil this gap as they aimed at not only informing consumers as well as educate them about life insurance benefits. This research work aimed to find out prevalent promotional strategies preferred by life insurance companies. Promotion mix is analysed under advertising, sales promotion, personal selling, direct marketing and public relations. This study aimed at knowing preference and choice of adopting right promotion tool by public and private life insurance companies. Findings of depth interview and survey of life insurance sales managers, agents and experts threw light on promotion mix strategies adopted by public and private life insurers. This study also helps to know the effectiveness of various promotion tools in affecting consumer behaviour. It was observed in this research that traditional methods life personal selling and advertising are still very much preferred and effective tool for creating awareness for life insurance and private and public life insurance companies differ in their promotion mix adopted for their services.