Journal of Marketing and Sales Management

Authors: K. K. Sharan, B. Poongodi

Abstract: In today’s corporate and competitive world, I find that insurance sector has the maximum growth potential as compared to the other sector. Insurance has the maximum growth rate of 70-80% while as FMCG sector has maximum 12- 15% of growth rate. Despite recession this sector has noticed a growth rate of around 35-40%.The growth potential attracts individuals to enter this sector and IDBI Federal Life Insurance Company Ltd has given me the opportunity to get a peek of highly competitive and enhancing sector. The awareness related to life insurance products in India, among the mass, is still very low. The level is even lower in rural areas. Insurance is still considered as a tool for tax planning only, even when companies have attached investment benefits to it. The major factors affecting the purchase of an insurance product are trust, service, product features and relationship with advisors. Firms like LIC are still favoured only because of being a government undertaking units. The concept of m— is-selling has paralyzed the sector itself. People find it hard to have faith in advisors. Their job is really very hard. People are now getting aware of the various investment tools available in the market. The masses in urban cities like Pune have started comparing the products.