Life Insurance Corporation

Digital Marketing for LIC has changed the way people buy insurance products like Term Plan, ULIPs Plan, Money back Plan, LIC Plan like Jeevan Akshay, Jeevan Anand etc.  This medium has taken a leap over others on the ways people interact and explore financial brands. It also creates a viral effect, where people compare and gets impressed with the financial product or service and become influencers and in turn influence others to buy certain financial product or avail of certain financial service. 

LIC (Life Insurance Corporation) or often known as Bharatiya Jeevan Beema Nigam is an Indian Government Corporation that was established in 1956. It is an insurance company with 8 zonal offices and 101 divisional offices with its headquarters located in Mumbai. Besides giving life insurance, LIC also offers mutual funds, health insurance, and investment management services. LIC International, LIC Nepal, LIC Lanka, and LIC Housing Finance are all subsidiaries of India’s life insurance firms.

The marketing mix of LIC is consists of 7Ps, but here we are discussing major 4 strategies, which are: Price, Product, Place, Promotion.