Define insurance marketing. explain life insurance corporation of india.

Question: Define insurance marketing. explain life insurance corporation of india. 

Insurance marketing is the process of promoting and selling insurance products and services to potential and existing customers. It involves creating and implementing strategies that suit the needs and preferences of different segments of the market, such as individuals, groups, businesses, or institutions. Insurance marketing can help insurance providers increase their brand awareness, generate new leads, retain clients, and boost their profitability.

One of the insurance products that can be marketed is life insurance. Life insurance is a contract between an insurer and a policyholder, in which the insurer agrees to pay a sum of money to the beneficiary or beneficiaries upon the death of the insured person, in exchange for regular premiums paid by the policyholder. Life insurance can provide financial protection and security for the dependents of the insured person, as well as serve as a savings or investment tool.

One of the organizations that offers life insurance in India is the Life Insurance Corporation of India (LIC). LIC is a state-owned enterprise that was established in 1956 by an act of Parliament. LIC is the largest life insurer in India, with a market share of over 70% as of 2019. LIC offers a variety of life insurance products, such as term insurance, endowment plans, money back plans, pension plans, unit-linked plans, and health insurance. LIC also participates in social welfare schemes and rural development initiatives.

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