Developing A Better Product Mix For A Business Essay

Developing A Better Product Mix For A Business Essay

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Individual insurance business having enjoyed growth in previous years is expected to have key position in future also. Therefore, there is an imperative need to develop a better product mix for this sector. To improve the business, LIC should emphasis on the international market also.  To increase the life insurance fund LIC should cut the management expenses.  To fulfill the responsibility towards the society LIC should invest in infrastructure and social security as per IRDA guidelines.  Owing to intense competition with private sector, LIC should adopt aggressive marketing strategies.  LIC should develop insurance products including group policies to cater to different categories.  LIC should conduct more extensive market research before introducing insurance products targeted at specific segments of the population to meet the competition.  LIC must follow best investment practices and must have a strong asset management company to maximize returns.  LIC should streamline its grievance redressal committee for efficient and effective service.  To increase its market share LIC should come up with new innovative products to offer great variety or choice to the customers and also make improvement in the quality of service.  In present stiff market competition, a focus on niche segment can be an effective way of marketing for LIC to differentiate from the competitors. Focus should be on design attractive product schemes with attractive premium structure to suit varied requirements of the investors by considering their financial position.  The policy makers of LIC should concentrate on the potential market of unit linked insurance policies.
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 LIC should device policies which provide effective risk coverage an...


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The LIC has made remarkable progress in the field of mobilization of resources and their channelization. It has built up a big reservoir being used for financing socio-economic schemes of national importance and needs of public and private sector undertakings. Although the LIC has played an important role in garnering burgeoning amount of savings from the people, even then there is ample scope for tapping savings from vast untapped section of the society.
9.5 SCOPE FOR FUTURE RESEARCH
This study was limited only for Public Sector Company but there is still scope for further research in comparative study of performance of LIC with the private players of life insurance industry or investment analysis of the insurance sector in India or comparative analysis of investment policy of Life Insurance Corporation of India with General Insurance Corporation of

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