Marketing Strategies of Private and Public Life Insurance Companies: A Case Study of Bajaj Allianz and Life Insurance Corporation of India

Life is full of uncertainties due to different type of risks like death, accidents, loss of health and property, flood, fire, earthquake. Everyday some unfavorable events do happen which cause anxiety to our life and disturb our peace of mind. Human beings always sought protection from such risks. Insurance is the answer to the types of risks and uncertainties. Insurance is based on the principal that a group of persons exposed to similar type of risk join together and pool their resources to help the few unfortunate ones and meet the loss. Insurance is the process in which losses of few are agreed by many persons who are equally exposed to same risks. Its basic purpose is to derive the plans to meet financial consequences of unfavorable happenings.