Coping with crisis in life insurance business in India - Need for a strategic outlook

Life Insurance sector is one of the vibrant service industries in India brought new dimensions in the 21st century with effective introduction of private sector in the market. The life insurance sector has achieved significant growth because of the rapid entry of private players with aggressive marketing practices to overcome cut throat competition. But the impact of crisis made the life insurance business to receive the decline especially with some of the cash cow policies like Unit Linked Insurance Plans (ULIPs). Though the impact of crisis is over, yet the life insurance sector needs the boost to lift from the effects of crisis. Rising lapsations in policies and consistent decline in the growth rate of policies showing the need of effective marketing strategies to overcome from the situation. Hence the present research based paper focus on the coping marketing strategies to over come the effects of crisis in life insurance business in India. The study is an emphirical one which focuses on the perceptions of the marketing intermediaries and policy holders.