Life Insurance Marketing in India (C) The Changing Product & Pricing Norms |
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The Changing Product Profile Contd...However, the private players soon began to launch products that competed with LIC's 'core products.'With innovative product designing and intelligent pricing methods being adopted by these players, industry observers commented, LIC seemed to have realized that it would have to rapidly adapt itself to the changing market dynamics. The decision to launch 'Anmol Jeevan'was, thus, not entirely unexpected.
By the mid-1950s, 154 Indian insurers, 16 foreign insurers and 75 provident societies were operating in the country. The life insurance business was concentrated in urban areas and was confined only to the higher strata of the society.
The growth of the Indian insurance industry was minimal in the 1960s and 1970s due to factors like low savings, low investment, inadequate infrastructure, and low literacy level. However, changes in the country's economy in 1980s, such as growth of industrialization, infrastructure, the capital markets, savings rate and capital formation resulted in tremendous growth in the life insurance industry, which meant the growth of LIC... |
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