Primary objective of the distribution is to increase the customer base who have a disposable income level of more than 2 lakhs per annum. Price: The price of a life insurance depends upon the period by which premium is bieng paid. Specifications of LIC child fortune plus is given below Specifications | LIC Child Fortune plus |
Age (Male)| 35 years|
Sum Assured| 5,00,000|
Benefit Period| 20 years|
Fund Option| Growth Fund|
Premium Paying Term| 20 years|
Maturity FV @10%| 45,29,923|
Margins of intermediaries: Margins of intermediaries is on commission basis. These intermediaries have varied commission rates according to the policy and according to the company. These margin rates generally lie between 7-8%. Other brands handled by intermediaries: Intermediaries may handle various other brands also. The most common brands that these intermediaries handle are : * Aviva wealth plus one
* ICICI health plan
Size of network (no of intermediaries): In insurance market only one intermediary is found. That is the agent who acts on behalf of the company and for the customer.
Sale volume at each level: Sale volume in insurance sector is increasing day by day. The Insurance company sell at an average volume of Rs . 140 crores. The Distributor sell at an average volume of Rs 8 lakhs.
Logistics: There are two modes of selling the insurance Policy 1. Offline: This through the agent who handles the customer. 2. Online : The insurance forms are available in the internet where it is a tedious tasks to fill various forms through online medium. Mostly the offline mode of delivery is preffered by most of the customers. Promotion by channel members:
1.Company : Most of the promotions are done by the LIC only. They advertise in Televisions, Radio, Interenet and various other print media. They also ensure in sponsoring...