HOW TO RAISE AN AWARENESS ABOUT THE LIFE INSURANCE IN THE COUNTRY
The Life Insurance Corporation of India (LIC) (Hindi: भारतीय जीवन बीमा निगम) is the largest state-owned life insurance company in India, and also the country's largest investor. It is fully owned by the Government of India. Headquartered in Mumbai, financial and commercial capital of India, the Life Insurance Corporation of India currently has 8 zonal Offices and 113 divisional offices located in different parts of India with lending a grand opportunity for the employment programs.
With largest number of life insurance policies in force in the world, Insurance happens to be a mega opportunity in India. It’s a business growing at the rate of 15-20 per cent annually and presently is of the order of Rs 450 billion. Together with banking services, it adds about 7 per cent to the country’s GDP. Gross premium collection is nearly 2 per cent of GDP and funds available with LIC for investments are 8 per cent of GDP.
Yet, nearly 80 per cent of Indian population is without life insurance cover while health insurance and non-life insurance continues to be below international standards. And this part of the population is also subject to weak social security and pension systems with hardly any old age income security. This itself is an indicator that growth potential for the insurance sector is immense.
Though we have such a long varied possibilities to insure our various needs,
People are not aware of the growing need of ‘the greatest need’. The major determining factor is lack of awareness of life insurance. And this phenomenon is not confined to rural and semi rural segments of society: it pervades urban populace as well. Consumer awareness is the mainspring of demand creation which runs the wheels of industry. To this ‘demand’ curve, suppliers and service providers respond,by making available to consumers what they want, meeting their needs and expectations. Consumer awareness, thus, becomes...