Many life insurance companies have a very big advertising budget. They also have a huge budget for spending on the social media, and I am not sure if they are happy with the results.
I am convinced that they are not putting enough effort to make the necessary impact. Let me tell them what are the questions at the top of the mind of the potential customers:
1. LIC is owned by the government does it AUTOMATICALLY not become GOVERNMENT GUARANTEED and therefore safe?
2. Is it not material that the fund managers will be better in a government organization than in a private sector company?
3. Lic has never seen any major fraud – does that not make my money very safe?
4. If life insurance is so important, why does the government not make it compulsory?
5. LIC is the only one which gets tax deduction, right? do you get it for other life insurance companies too?
6. LIC has the best fund managers in the country because they have the experience of handling Rs. 600,000 crores of funds.
7. LiC has the best claim settlement ratio so it must be the best company to buy life policies, right?
8. LiC is very close to the government so it must be getting the best deals no?
9. Specifically I have been told that in case of LiC ALL THE POLICIES are government guaranteed including Ulips.
1o. The Lic agent is known to our family for a very long time…and he does not charge us anything for selling life insurance to us, why should we look for a different agent? ……
and many more. No private insurance company has bothered to run a campaign trying to eradicate such beliefs…sad is it not? Now please comment on how many of you have heard this and believe this?
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