A

Project report on

“ROLE OF INTEGRATED COMMUNICATION

MARKETING IN LIFE INSURANCE”

A project submitted to
University of Mumbai for partial completion of the degree of
BACHELOR OF
MANAGEMENT STUDY
Under the Faculty of commerce

By

“RAHIL MAQSOOD KHOT”

Under the Guidance of

Miss. Aliya Tambe

I.C.S COLLEGE KHED KONDHE KHED,

RATNAGIRI-415709

2022-2023

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 CERTIFICATE

This is to certify that Mr “Rahil Maqsood Khot” has worked and duly completed his Project
work for the degree of Bachelor of Management Studies under the faculty of commerce in the
subject of MARKETING and his project is entitled “A PROJECT REPORT ON ROLE OF
INTEGRATED MARKETING COMMUNICATION IN LIFE INSURANCE” under my
supervision.

I further certified that the entire worked has been done by the learner under my guidance and that
no part of it has been submitted previously for any Degree or Diploma of any university.

It is his own work facts reported by his personal findings and investigations.

CO-ORDINATOR PROJECT GUIDE

PRINCIPAL

INTERNAL EXAMINER EXTERNAL EXAMINER

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Date of submission:

DECLARATION BY LEARNER
I the undersigned Mr “Rahil Maqsood Khot” has been declare that the work embodied in this
project in this project work titled Project Report On “ROLE OF INTEGRATED
MARKETING COMMUNICATION IN LIFE INSURANCE” forms my own contribution to
the research work carried out under the guidance of Miss. Aliya Tambe is a result of my own
research work research worked has not been previously submitted to any other University for any
other Degree/Diploma to this or any other University.

Wherever reference has been made to previous works of others, it has been clearly indicated as
such and included in the bibliography.

I, here by further declare that all information of this document has been obtained and presented
in accordance with academic rules and ethical conduct.

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 ACKNOWLEDGMENT
To list who all have helped me is difficult because they are so numerous and the depth is so
enormous.

I would like to acknowledge the following as being idealistic channels and fresh dimensions in
the completion of this project.

I take this opportunity to thank the University of Mumbai for giving me chance to do this
project.

I would like to thank my Principal, Dr. Thorat H. P. for providing the necessary facilities
required for completion of this project.

I take this opportunity to thank our coordinator Dr. Sachin Bhosale, for his moral support and
guidance.

I would also like to express my sincere gratitude toward my project guide Miss. Aliya Tambe
whose guidance and care my project successful.

I would like thank to my college library for having provided various reference books and
magazines related to my project.

Lastly, I would like thank each and every person who directly or indirectly helped me in the
completion of the project especially my PARENTS AND PEERS who supported me throughout
my project.

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 ABSTRACT
"Integrated marketing communication simply recognizes the need to plan and build-up all
relevant marketing communications so that they work together in harmony to greatest effect with
greatest efficiency" In its simplest form, it is the "processes of integrating all elements of
marketing communications mix across all customers contact points to achieve greater brand
coherence.

IMC has an increasingly central role to play in today's market place, because if offers
company a way to strategically coordinate messages and establish a meaningful dialogue with
customers. In short, IMC provides organizations with a strategic method for both establishing
and maintaining relationships with key stakeholders. And this is essential for marketing success
in the twenty-first century.

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 INDEX
CHAPTER NO TITLE OF THE CHAPTER PAGE NO
1. INTRODUCTION
1.1 IMPACT OF INTEGRATED
MARKETING COMMUNICATION.
1.2 BACKGROUND HISTORY OF IMC.
9
1.3 CHARACTERISTICS OF IMC.
1.4 BENEFITS OF IMC.
1.5 PROBLEM DISCUSSION OF IMC.
1.6 LIFE INSURANCE.
1.7 BACKGROUND HISTORY LIFE
INSURANCE.
1.8 TYPES OF LIFE INSURANCE.
2. RESEARCH METHODOLOGY
2.1 SAMPLING.
2.2 DATA COLLECTION.
2.3 OBJECTIVES.
34
2.4 HYPOTHESIS
2.5 SCOPE OF STUDY.
2.6 LIMITATIONS OF IMC.
2.7 SIGNIFICANCE OF IMC.
2.8 SELECTION OF PROBLEM.
2.9 TECHNIQUES OF IMC.
3. LITERATURE REVIEW. 56
4. DATA ANALYSIS AND 59
INTERPRETATION.
5. FINDINGS OF THE STUDY. 87
6. SUGGESTIONS. 89

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7. CONCULSION. 90
8. REFERNCES. 91
9. APPENDIX. 92

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 EXCUTIVE SUMMARY
ICICI prudential life insurance company is joint venture between ICICI Bank premier financial
power house and prudential policy, a leading international financial services group headquartered
in the United Kingdom. ICICI prudential was amongst the first private sector insurance
companies to begin operation in December 2000 after receiving approval from insurance
regulatory development authority (IRDA)

In today’s highly competitive environment companies are rigoursly searching for the
programmes which would given them an edge over their competitors. These programmes range
within a myriad of activities, the marketing communications forming the pivotal among them. A
marketing communication which includes the various promotional tools mixed in appropriate
proportion and integrated into a single marketing programme supposed to give an strategic
advantage to the companies

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 CHAPTER NO:1
INTRODUCTION

1.1 IMAPCT OF INETGRATED MARKETING COMMUNICATION

Having a great product available to your customers at a great price does absolutely nothing for
you if your customers don’t know about it. That’s where promotion enters the picture: it does the
job of connecting with your target audiences and communicating what you can offer them.

In today’s marketing environment, promotion involves integrated marketing

communication (IMC).  In a nutshell, IMC involve bringing together a variety of different
communication tools to deliver a common message and make a desired impact on customers’
perceptions and behaviour. As an experienced consumer in the English-speaking world, you have
almost certainly been the target of IMC activities. (Practically every time you “like” a TV show,
article, or a meme on Facebook, you are participating in an IMC effort!) 

What Is Integrated Marketing Communication?

Defining:

Integrated Marketing communication is tricky because, in a real sense, everything an

organization does has communication potential. The price placed on a product communicates
something very specific about the product. A company that chooses to distribute its products
strictly through discount stores sends a distinct message to the market. Marketing
communication refers to activities deliberately focused on promoting an offering among target
audiences. The following definition helps to clarify this term:

“Integrated Marketing communication includes all the messages, media, and activities used by an
organization to communicate with the market and help persuade target audiences to accept its
messages and take action accordingly”.

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Integrated marketing communication is the process of coordinating all this activity across
different communication methods. Note that a central theme of this definition is persuasion:
persuading people to believe something, to desire something, and/or to do something. Effective
marketing communication is goal directed, and it is aligned with an organization’s marketing
strategy. It aims to deliver a particular message to a specific audience with a targeted purpose of
altering perceptions and/or behaviour. Integrated marketing communication (IMC) makes this
marketing activity more efficient and effective because it relies on multiple communication
methods and customer touch points to deliver a consistent message in more ways and in more
compelling ways.

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The Promotion Mix: Integrated Marketing Communication Methods:

The promotion mix refers to how marketers combine a range of marketing

communication methods to execute their marketing activities. Different methods of marketing
communication have distinct advantages and complexities, and it requires skill and experience to
deploy them effectively. Not surprisingly, marketing communication methods evolve over time
as new communication tools and capabilities become available to marketers and the people they
target.

Seven common methods of marketing communication are described below:

 Advertising: Any paid form of presenting ideas, goods, or services by an identified

sponsor. Historically, advertising messages have been tailored to a group and employ
mass media such as radio, television, newspaper, a

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 Public relations (PR): The purpose of public relations is to create goodwill between an
organization (or the things it promotes) and the “public” or target segments it is trying to
reach. This happens through unpaid or earned promotional opportunities: articles, press
and media coverage, winning awards, giving presentations at conferences and events, and
otherwise getting favourable attention through vehicles not paid for by the sponsor.
Although organizations earn rather than pay for the PR attention they receive, they may
spend significant resources on the activities, events, and people who generate this
attention.
 Personal selling: Personal selling uses people to develop relationships with target
audiences for the purpose of selling products and services. Personal selling puts an
emphasis on face-to-face interaction, understanding the customer’s needs, and
demonstrating how the product or service provides value.
 Sales promotion: Sales promotions are marketing activities that aim to temporarily boost
sales of a product or service by adding to the basic value offered, such as “buy one get
one free” offers to consumers or “buy twelve cases and get a 10 percent discount” to
wholesalers, retailers, or distributors.
 Direct marketing: This method aims to sell products or services directly to consumers
rather than going through retailer. Catalogues, telemarketing, mailed brochures, or
promotional materials and television home shopping channels are all common traditional
direct marketing tools. Email and mobile marketing are two next-generation direct
marketing channels.
 Digital marketing: Digital marketing covers a lot of ground, from Web sites to search-
engine, content, and social media marketing. Digital marketing tools and techniques
evolve rapidly with technological advances, but this umbrella term covers all of the ways
in which digital technologies are used to market and sell organizations, products,
services, ideas, and experiences.

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 1. Guerrilla marketing: This newer category of marketing communication involves
unconventional, innovative, and usually low-cost marketing tactics to engage consumers
in the marketing activity, generate attention and achieve maximum exposure for an
organization, its products, and/or services. Generally, guerrilla marketing is experiential:
it creates a novel situation or memorable experience consumers connect to a product or
brand
Impact of IMC on Life Insurance

Man is exposed to risk and uncertainties. for instances the type of the death of a person is
uncertain, and in the case of his premature death his defendants may find themselves deprived of
all means of existence. Every prudent man will carefully consider how best he can prevent such
risks or minimise or provide a gas effect. It is difficult for an individual to Survival is the
arrangement for covering the risk is possible the arrangement is made possible by insurance.
Insurance step into transfer switch risk and dangers to the shoulders of the person who are
willing to accept the burden of monetary consideration insurance is a device by which the loss
likely to be caused by an certain event is spread over a number of person who are exposed to it
and who proposed to insurance themselves against such an event. The essence of insurance that
is compensates the financial loss this of a purchaser and thus his depends was decorated of fixed
income even if the person is not around.

As these days there are a number of companies both private and public who are providing the
service of insurance, so it becomes essential for a firm's to distinguish their brand from its
competitors and also make people aware about their presence Integrated Marketing
Communication is one such tool by which of firm can achieve the objectives of Integrated
Marketing Communication has gained popularity in recent years in order to market a product
essential in the highly competitive markets such as that of India

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 1.2 BACKGROUND HISTORY OF IMC

The term Integrated Marketing Communications was first coined in 1989. Since that era,
marketing communications has shifted from a dominance of advertising. The American
Association of Advertising Associations (4 A’s) defined IMC as “an approach to achieving the
objectives of a marketing campaign through a well-coordinated use of different promotional
methods that are intended to reinforce each other.” At that time the 4A’s recognized the
importance of various mediums including advertising, public relations, sales promotion and
direct marketing for delivering consistent messages across marketing channels.

The need to focus beyond advertising predominately was due to several factors. It was becoming
increasingly difficult for a single message to have a significant impact; there were other ways to
effectively reach customers; and technology advances made audience targeting and database
marketing more efficient and cost effective.

As with any concept, integrated marketing communications has evolved. The concept is now
more centred on the customer, specifically customer shopping and buying preferences.  Based on
the theory that it takes between 7 and 12 impressions before a message is effective at moving a
customer to purchase, integrated marketing communications leverages the opportunity to place
messages in front of the customer at various stages of the buying cycle.  Depending on the
customer, a different series of integrated product messages will tell the full product story and
effectively reach the customer.

Integrated marketing communications uses the principles of the four Ps (product, price,
promotion and place) to pull together all aspects of marketing communications. These include
advertising (broadcast, outdoor, online, direct marketing), online/digital media (e-commerce,
email marketing, social media, mobile marketing, search engine optimization, content
marketing), public relations, promotions, sales, customer service, trade shows/events and product
promotions.

In today’s world, organizations not only push out messages but also use technology to reach their
target audiences. Businesses and organizations rely on Internet presence to tell their story and
provide the ability to purchase products, when appropriate.  Organizations also use social media
to interact with customers and prospective customers. And since the Internet is so highly used as

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a source of information, organizations and businesses strive to rank in the top listing of an
Internet search.

Overall, it’s not enough to just reach the customer. Integrated marketing communications at its
best is the most cost effective and efficient mix of mediums to move a target audience through
the buying process, based on the organization’s goals, objectives and budget.

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 1.3 CHARACTERISTICS OF IMC

Major characteristics of this marketing revolution include:

1. A shifting of promotional budget from media advertising to other forms of promotion,

particularly consumer and trade Oriented sales promotions. Many marketers feel that
traditional media advertising has become too expensive and is not cost effective.

Also, escalating price competition in many markets has resulted in marketers pouring more
of their promotional budgets into price productions rather than media advertising.

2. The fragmentation of media markets, which has resulted in less emphasis on mass media
such as network television and more attention to smaller, targeted media alternatives such
as direct mail and even sponsorships.
3. A shift in market place power from manufactures to retailers. Consolidation in the retail
industry is resulting in small local retailers being replaced by regional, national and
international chains.

These large retailers are using their clout to demand promotional fees and allowances from
manufactures, Moreover, new technologies such as cheek out scanners provide retailers with
information on the effectiveness of manufacturer’s promotional programs. This is leading
many marketers to shift their focus to promotional tools that can produce short term.

4. The rapid growth and development of data base marketing. Many companies are using
computers to build data bases containing customer names; geographic, demographic and
psychographic profiles; purchase patterns; media preferences- credit ratings, and other
characteristics.

Marketers are using this information to target consumers through a variety of direct
marketing methods, such as telemarketing and direct response advertising, rather than relying
on mass media through traditional advertising.

5. Change in media buying practices. Many companies are taking media buying in house or
are turning to independent media buying services that offer discounted rates. Those who
have kept media buying with their advertising agencies are demanding reduced

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 commissions and more accountability. They are also telling their agencies to consider
less expensive alternatives to mass media advertising.

This marketing revolution is affecting everyone involved in the marketing and promotional
process. Companies are recognizing that they must change the ways they market and promote
their products and services. such as sales promotions.

They are selling to customers who are increasingly price sensitive and less likely to respond
to creative advertising through the mass media. Nestle, P & G, Hindustan Lever, Modi
Xerox, and many other companies have adopted the IMC approach, and research shows that
its use will continue to spread.

The marketing revolution has had even greater impact on traditional advertising agencies. Many
agencies have responded to the call for synergy among the various promotional tools by
acquiring PR, sales promotion, and direct marketing companies and touting themselves as IMC
agencies that offer one step shopping for all of their client’s promotional needs.

Some agencies became involved in these non-advertising areas to retain their client’s
promotional money and have struggled to offer any real value beyond creating advertising.
However, most agencies recognize that their future success depends upon their ability to
understand all areas of promotion and help their clients develop and implement integrated
marketing communication programs.

A successful IMC program requires that a firm find the right combination of promotional tools
and techniques, define their role and the extent to which they can or should be used and Co-
ordinate their use. To accomplish this, those responsible for the company’s communications
efforts must understand the role of promotion in the marketing program.

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 1.4 BENEFITS OF IMC

Although Integrated Marketing Communications requires a lot of effort it delivers many benefits.
It can create competitive advantage, boost sales and profits, while saving money, time and stress.

IMC wraps communications around customers and helps them move through the various stages
of the buying process. The organisation simultaneously consolidates its image, develops a
dialogue and nurtures its relationship with customers.

This ‘Relationship Marketing’ cements a bond of loyalty with customers which can protect them
from the inevitable onslaught of competition. The ability to keep a customer for life is a powerful
competitive advantage.

IMC also increases profits through increased effectiveness. At its most basic level, a unified
message has more impact than a disjointed myriad of messages. In a busy world, a consistent,
consolidated and crystal-clear message has a better chance of cutting through the ‘noise’ of over
five hundred commercial messages which bombard customers each and every day.

At another level, initial research suggests that images shared in advertising and direct mail boost
both advertising awareness and mail shot responses. So, IMC can boost sales by stretching
messages across several communications tools to create more avenues for customers to become
aware, aroused, and ultimately, to make a purchase

Carefully linked messages also help buyers by giving timely reminders, updated information and
special offers which, when presented in a planned sequence, help them move comfortably
through the stages of their buying process… and this reduces their ‘misery of choice’ in a
complex and busy world.

IMC also makes messages more consistent and therefore more credible. This reduces risk in the
mind of the buyer which, in turn, shortens the search process and helps to dictate the outcome of
brand comparisons.

Un-integrated communications send disjointed messages which dilute the impact of the message.
This may also confuse, frustrate and arouse anxiety in customers. On the other hand, integrated
communications present a reassuring sense of order.

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Consistent images and relevant, useful, messages help nurture long term relationships with
customers. Here, customer databases can identify precisely which customers need what
information when… and throughout their whole buying life.

Finally, IMC saves money as it eliminates duplication in areas such as graphics and photography
since they can be shared and used in say, advertising, exhibitions and sales literature. Agency
fees are reduced by using a single agency for all communications and even if there are several
agencies, time is saved when meetings bring all the agencies together – for briefings, creative
sessions, tactical or strategic planning.

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 1.5 PROBLEM DISCUSSION OF IMC

Although IMC as a concept has been active for nearly three decades it is still in development but
regardless of IMC still being in development, it appears companies are indeed implementing it.
“It is obvious that IMC as "a new marketing communication strategy" is being extensively
utilized by advertising and PR agencies” (Kitchen et al., 2008, p.43).

Considering companies are implementing it they need to know what IMC is about and what it
means. With these so many different definitions of IMC and some firms even utilizing their own
definitions of the concept, it is possible that not everyone will understand it right. This
misunderstanding of the concept could lead to not being able to profit from IMCs benefits. Luck
and Moffatt (2009) have claimed that when firms do not get the desired results from
implementing it, they become disappointed with marketing.

Integrated Marketing Communications, implemented well in an organization can provide many

benefits. IMC being a big part of the process of creating and sustaining brand identity and brand
equity is one of the major reasons for its growing importance (Luck & Moffatt, 2009). This is
shown in a study where authors Dewhirst & Davis (2005) studied a Canadian tobacco company
that gained greater brand equity and greater shareholder value by utilizing IMC processes such as
data-driven targeting and communication. Another benefit IMC provides is strengthening the
relationship the customer has with the brand by identifying the customers’ communication
channels and increasing brand knowledge while still assuring consistency in their messages
(Laurie & Mortimer, 2011). According to Reid et al., (2005) being consistent with company’s
brand message is one of main causes of having a successful brand.

Managerial perceptions are of importance for companies to be able to implement a successful

IMC, and this is what this research will address but in the context of Swedish firms. For the
authors of this study, it is important to study the perceptions Swedish firms have of the IMC
concept and its successful implementation. This is due to the fact that there was a lack of
research into IMC in the Swedish market. To study IMC, the authors will use the five main
components of IMC that authors Kitchen et al., (2004) reference in their study. These five
success factors were recognized to be very significant to IMC due to the previous studies the
authors read on the topic of IMC and its variety of definitions. These factors were mentioned in

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many articles as connected to IMC and it is for this reason the authors decided to examine this
factor.

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 1.6 LIFE INSURANCE

When you buy life insurance, you enter a contract with an insurance company that promises to
provide your beneficiaries with a certain amount of money upon your death. In return, you make
periodic payments, called premiums. The premium amount is based on factors such as your age,
gender, medical history, and the dollar amount of life insurance you purchase.

In the event of your passing, life insurance provides money directly to your beneficiaries. They
can use the money for:

Making up for your lost income

Funding a child’s education

Paying off household debt

Paying for your funeral and other related expenses

Certain types of life insurance may provide benefits for you and your family while you’re still
living. For example, permanent life insurance offers a cash value component, which can be used
during your lifetime.

There are two main categories of life insurance

Term life insurance offers protection for your loved ones for a specified time period—usually
from one to 20 years. If you stop paying premiums, the insurance stops. Term policies pay
benefits if you die during the period covered by the policy; but they do not build cash value.

Permanent life insurance policies do not expire; they are intended to protect your loved ones
permanently, if you pay your premiums. Some of these policies accumulate cash value. Learn
more about the difference between term life insurance and whole life insurance.

How much life insurance do you need?

Your goal should be to develop a life insurance plan (through one or more policies) that,
following your death, compensates for the loss of your economic contribution. Here are two
ways to determine how much life insurance you may need. Work with your financial advisor to
figure out the best approach for you:

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Replacement income need

This is a well-established method in determining the financial contribution you can expect to
make to your family from now until you would retire. It’s more than just replacing your income;
it accounts for everything you provide for your family, including:

Salary

Benefits/health insurance

401(k) and retirement savings

Personal services you perform for your family, such as childcare, cooking, home maintenance,
etc.

Less, your personal consumption—annual spending on personal needs, such as food, clothing,
entertainment, etc.

Survivor needs analysis

This approach is based on replacing an amount of income needed for your surviving spouse and
children to maintain a desired level of income and lifestyle. Your survivors’ needs are then
compared to their assets, existing life insurance, and income sources to determine any additional
life insurance requirements. An insurance professional or financial advisor can help you
determine an accurate figure and choose appropriate coverage.

It’s never too early to start thinking about life insurance and get the financial security you and
your family need and deserve.

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 1.7 BACKGROUND HISTORY LIFE INSURANCE

Did you know that life insurance has been around since the days of ancient Rome? Or that
Lloyd’s of London got its start as a coffee spot for sailors?

In honour of Life Insurance Awareness Month, we’ve compiled a few pivotal moments in life
insurance history to give you a better idea of the product’s storied past.

Use the knowledge to wow your clients with your life insurance expertise. To give yourself a
better understanding of where life insurance is headed. Or maybe just to sweep any insurance-
related category on “Jeopardy.” The possibilities are endless, really.

100 B.C.

The origins of the concept of life insurance, as we know it, can be traced to ancient Rome. Caius
Marius, a Roman military leader, created a burial club among troops, so in the event of the
unexpected death of a club member, other members would pay for the funeral expenses.

Many similar clubs originated in this era. Romans believed anyone who was improperly buried
would become an unhappy ghost, so the clubs were embraced by the government and military
because of the deep conviction that it was absolutely essential for each person, regardless of
social standing, to be buried in the correct manner. The clubs later evolved to also provide a
stipend to the survivors of the deceased.

The concept disappeared for a long period of time, however, after the Roman Empire fell around
450 A.D.

1688

Edward Lloyd’s Coffee House, a small shop on London’ Tower Street and a popular gathering
place for ship captains, ship owners and merchants, becomes the go-to place for shipping news
and, eventually, marine insurance. It was there that the modern concept of an insurance company
came into being.

In 1769, a group of professional underwriters broke off to establish New Lloyd’s Coffee House,
which would eventually grow up into Lloyd’s of London.

1759

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The Presbyterian Synod of Philadelphia sponsored the first life insurance corporation in America
for the benefit of Presbyterian ministers and their dependents. Episcopalian ministers organized a
similar fund a decade later.

(The first insurance company in the American colonies was formed before this, in Charleston,
S.C., in 1735, but it offered only fire insurance at first. It didn’t add life insurance until 1760.)

1837

The panic of 1837 and the resulting financial crisis spurred a shift toward mutualization for life
insurance companies. Between 1838 and 1849, only one life insurance company raised capital on
a stock basis. During the same period, 17 mutual, requiring little initial capital, were chartered.

The spread of mutual as well as other developments — like legal changes allowing women to
purchase life insurance and a cultural shift away from preachers who demonized life insurance as
“gambling” — created a boom period for life insurance companies. Many of today’s largest life
insurers were formed in this period, including New York Life, MassMutual, John Hancock and
MetLife.

1875

During the depression years of 1871 to 1874, 46 life insurance Companies operations, with 32
failing outright. The result: $35 million in losses for policyholders.

In 1875, the Widows and Orphans Friendly Society was founded in Newark, N.J. with a single
product: burial insurance. It was the first company in the United States to make life insurance
available to the working class. That company eventually became Prudential.

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 1.8 TYPES OF LIFE INSURANCE

1. Term life insurance

Term life insurance lasts for a number of years before it expires. If you die before the
term is up, a set amount of money, known as the death benefit, is paid to your
designated beneficiary. Term insurance is considered the simplest, most accessible life
insurance policy.
When you make your payments (known as your premiums), you’re paying for the death
benefit that will go to your beneficiaries when you are gone. The death benefit can be
paid out as a lump sum, a monthly payment, or an annuity. Most people elect to receive
their death benefit as a lump sum.
Term life insurance policies are more affordable than other types of life insurance
policies and generally have lower premium costs. The average monthly premium
payment for a 20-year, $500,000 policy for a healthy 35-year-old female is $24.48.
Methodology: Rate is calculated for a female non-smoker with a Preferred health rating
based in Ohio; Life insurance averages are based on a composite of policies offered by
Policy genius from AIG, Banner, Bright house, Lincoln, Mutual of Omaha, Pacific Life,
Principal, Protective, Prudential, SBLI, and Transamerica and may vary by insurer, term,
coverage amount, health class, and state. Not all policies are available in all states. Rate
illustration

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valid as of 1/11/2021.
2. Whole life insurance
Whole life insurance, on the other hand, is a type of permanent life insurance because it
does not expire. It has a death benefit and a cash value, which is an investment-like, tax-
deferred savings account that is included in the policy. The cash value accrues interest at
a predetermined fixed rate. Each month, a certain portion of your premium will go into
the cash value of the policy, which offers a guaranteed rate of return (the exact amount
that goes into savings is determined by your individual policy). The policy's cash value
grows over time and can be withdrawn when it accumulates enough value or is used for
a loan.
A whole life insurance policy can cost five to 15 times as much as a term life policy for
the same death benefit amount, according to Policy genius data in January 2021.

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 Whole life
offers lifetime coverage as long as you pay the premiums. However, the cash value
component makes whole life more complex than term life because of surrender fees,
taxes, interest, and other stipulations.
Whole life insurance may be worthwhile if you need the cash value to cover things like
endowments or estate plans, or if you have long-term dependents such as children with
disabilities

Term life insurance VS Whole life insurance

In general, term life insurance is the best option for most people because it’s more
affordable than whole life insurance. But like any insurance.

product, there are pros and cons to consider.

Term life insurance pros

 No hidden fees, exclusions, or risks

 Can cancel the policy before it expires without losing any value

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  Most affordable option

Term life insurance cons

 Coverage expires at the end of the term, so you’ll need to shop for a new policy or
convert your policy if you still need insurance

Whole life insurance pros

 Doesn’t expire, so you can keep it for as long as necessary

 The cash value component is useful for estate planning
 Works as a forced savings vehicle

Whole life insurance cons

 Five to 15 times more expensive than term

 People often buy less coverage than needed or surrender policies early due to the high
cost
 Other investments offer higher interest rates
 Surrender value of the policy changes with time.

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 1. Universal life insurance

Universal life insurance has a cash value, just like a whole life insurance policy. Your premiums
go toward both the cash value and the death benefit. But there’s a twist: You can change the
premium and death benefit amounts without getting a new policy.

Although you need to have a minimum premium to keep the policy in force, you can use the cash
value to pay that premium. That means if you have enough money in the cash value, you can use
that to skip premium payments entirely, letting the accrued interest do the work until the cash
value is depleted.

The cash value of a universal life policy

But the cash value of a universal life insurance policy has an interest rate that’s sensitive to
current market interest rates. If the interest rate being credited to your policy decreases to the

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minimum rate, your premium would have to increase to offset the reduced cash value. This
flexibility makes universal life insurance attractive to some people, but it’s also confusing and
generally not a good life insurance purchase.

1. Indexed universal life insurance

Indexed universal life insurance (IUL) is a type of universal life insurance (UL), but the way the
cash value behaves differentiates the two.

An index is essentially a group of investments like stocks or bonds. The S&P 500 and the
NASDAQ-100 are examples of indexes. The insurer doesn’t directly invest in the market but
uses the interest rate and performance of a specific index to set the interest rate for your policy.

Indexed universal life insurance policies have a minimum guaranteed interest rate (so you won’t
lose money), but the interest rates aren’t fixed or varied like some other permanent insurance
policies.

IUL policies have all the same offerings as universal life insurance policies, but the way the cash
value account grows and shrinks is different. While universal life’s cash value has
a variable Interest Variable life insurance indexed universal life’s cash value is based on an index
chosen by the insurer.

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 1. Variable life insurance

The money paid into a variable life insurance cash value goes into a series of mutual fund-like
sub-accounts where you can get some decent growth, but you can also lose money depending on
the market.

It can be used as an investment option

This type of policy’s cash value is more akin to investing. While this makes variable life
insurance policies a better investment option than whole life insurance policies — with potential
for higher, tax-deferred growth — you can only invest in the sub-accounts available through
your policy That means you don’t get to choose from the wide variety of mutual funds that are
available on the open market.

It is a riskier option

The product is also riskier. Why? The same reason investing in stocks is risky: Most people
don’t know much about the stock market and don’t know enough to make changes in their
investment. There are too many variables for the average person to manage it effectively.

All of this makes a variable life insurance policy both a limited investment option and a limited
coverage option.

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 CHAPTER NO:2
RESEARCH METHOLOGY

RESEARCH METHODOLOGY

Research methodology

Research methodology is a way to systematically solve the research problem. It may be

understood as science of studying how research is done scientifically. In it we study various steps
that are generally adopted by a researcher in studying his research problem along with logic
behind them.

Integrated Marketing Communications is described as “a concept of marketing communications

planning that recognizes the added value of a comprehensive plan that evaluates the strategic
roles of a variety of communication disciplines and combines these disciplines to provide clarity,
consistency and maximum communications impact” (Belch and Belch, p.22 ).

Integrated Marketing Communication in explained by Lee (1996, p.34) as ‘a new way of looking
at the whole, where once we saw only parts such as advertising, public relations, sales
promotion, purchasing, employee communication, and so forth, to look at it the way the
consumer sees it – as a flow of information from indistinguishable sources’

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Iacobacci and Calder (2003, p. ) specify the difference of integrated marketing from the
traditional marketing by the fact that the main focus of the integrated marketing is on on-to-one
marketing, relationship marketing or database marketing.

This idea is supported by Schultz et al (1993, p.) who claim the main attention of integrated
marketing to be on communication.

The benefits of the Integrated Marketing Communications is listed in MMC Learning (online,
2010) as the following:

• Integrated Marketing Communications initiates and maintains communication with customers.

This leads to the increased level of customer satisfaction and the consolidation of image for the
company;

• The level of customer loyalty can be increased significantly through the use of Integrated
Marketing Communications due to the strong bond between customers and the company it
creates.

• Increased level of profitability can be resulted by the use of the Integrated Marketing
Communications due to the fact that the latter increases the overall efficiency of the company.

• Messages sent to the customer through Integrated Marketing Communications are usually more
consistent and this increases its credibility

• Duplication of marketing and other efforts are eliminated in Integrated marketing

communication therefore company funds are saved consistently.

Smith (1998, pp. 168-1690 lists the following principles of Integrated Marketing
Communication:

• Integrated Marketing Communication starts with activity and the perception of the customer;

• The integration of the business strategy with the needs of the customer is undertaken by
Integrated marketing Communication

• The coordination of business communications is undertaken by and within Integrated

marketing Communication mix

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 2.1 SAMPLING

It involves procedures that use a small part of population to make confusion regarding the whole
population

Sampling plan for the project.

Geographical / sample area: VADODRA

Sampling unit the recent policy holders of ICICI PRUDENTIAL.

Sample size:100

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 2.2 DATA COLLECTION

The project was to identify the specific roles played by the constituents of integrated marketing
communications, so I used the primary and secondary methods of data collection. I used the
company's database of new policy holders and then collected the primary information from them
by administering the questionnaire to them.

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 2.3 OBJECTIVES

• To find out the specific roles played by the various constituent of Integrated Marketing
Communication.

• To identify the most effective among the IMC.

• To suggest various ways of improving the IMC.

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 2.4 HYPOTHESIS

H1- To control resources, to communicate plans are constituents of integrated marketing

communication.

H0- To control resources, to communicate plans are not constituent of integrated marketing
communication.

H1- In a market trend marketing planning is effective among the integrated marketing
communication.

H0- In a market trend marketing planning is ineffective among the integrated marketing
communication.

H1- By proper messaging it suggests ways of improving the integrated marketing

communication.

H0- By improper messaging it suggests ways of improving the integrated marketing

communication.

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 2.5 SCOPE OF STUDY

In today’s highly competitive environment Companies are rigorously searching for

programs which would give them an edge over their competitors this programs range within a
myriad of activities the marketing communication from the pivotal among them. A marketing
communication which includes the various promotional tools mixed in inappropriate proportion
and integrated into a single marketing program is supposed to give and strategic advantage to the
companies. Advertising is a type of communication used to persuade viewers to take some action
with respect to products and services. This assignment is based on the scope of marketing
communication. The first segment gives brief detail about the structure, role and functions of
different advertising parties (advertiser, client, ad agency etc) in the communication industry.
After the identification of parties involved in communication industry, I had discussed the
relationship between different parties of communication industry.

In the second section, different current trends have been discussed. I have also discussed in detail
about the current trends in Pakistani market and also used different ad images with examples. I
have identified the impact of current trends Micro marketing and sales promotion on advertising
industry and parties of advertising industry.

In the third section, traditional response hierarchy models (AIDA, hierarchy of effects model,
innovation adoption model and information processing model) have been discussed. Then I have
selected two ads, one of Ufone and the other of Mobilink Jazz for evaluation considering the
response hierarchy models and also confirm the response hierarchy models of these ads.

In the last and final section, I have evaluated the ads and made an effective judgment on the
selected ads that weather they are developed to satisfy the hierarchy models or not.

P1: Explain the structure, role and relationship between parties in communication industry.

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1.Communication:

Communication is defined as “Two-way process of attainment mutual understanding, in which

participants not only exchange (encode-decode) information but also create and share meaning
( sense). (communication, 2009-2010)

(Communication process, 2010)

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 2. Business Communication:

Communication is the lifeblood of an organization (business). Business communication is any

communication used to endorse a product, organization or service with the objective of making
sale. In business communication, message is transferred through various channels of
communication as well as internet, print (publications), television, radio, outdoor and word of
mouth. In business, communication is considered center among business, interpersonal skills and
manners.

Parties Involves In Communication Industries:

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There are different parties involved in communication channels through which adverting takes
place. These are

 Advertisers
 Advertising agency
 Media
 Clients
 Role and Function of Different Parties
 Advertisers

The role of advertiser is to focus on gratifying the general consumers by addressing their
requirements through goods and services. As for the communication role, this refers to the mass
communication purpose that advertising is capable to full fill. It is a stunning means to inform
the clients (customers) and communicate to them about the goods and services they wish to buy.
Normally an advertiser’s objectives behind creating an advertisement are to generate sales.
(advertiser, 1999) Also it helps the consumers to assess the value and benefits of the products.

 Advertising Agency

An ad agency or Advertising Agency is a service provider that works for clients to create an
effectual and goal Oriented advertising campaign meant at representing the organization
positively in the eyes of its target customers. Companies hire advertising agencies to connect
with their end customers. An advertising agency starts by getting well familiar with the client’s
goals, products & target audience. This information proves beneficial in planning and making an
effective advertising campaign. Once an advertising agency knows its clients’ needs, the course
action of brainstorming and planning begins. This includes creating interesting attractive jingles,
slogans and attention clutching body copy for advertisements. (Sinha, 2005 – 2011)

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  Media

Media plays a very significant role in advertising. There are different types of media for example
press, outdoor advertisements, television, posters, radio, cinema, internet and mobile advertising.
It helps the businesses to develop the market equity. It builds the positioning of the company and
eases the image of the company which it wants to generate in the minds of the customers. It also
helps to send the message to large audience. Different kinds of media’s present the different
forms and concepts of advertising. Moreover, different varieties of media also improve the
affordability of the companies and different advertising podiums (platforms) can be used by the
companies to spread the me (Wazzan) sage.

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2.6 LIMITATIONS OF INTEGRATED MARKETING COMMUNICATION

It must be hard being a consumer today. Whether they’re trying to buy a lipstick or a loo roll, a
car or a carrot, the marketplace is flooded with brands, companies and offers all screaming to be
bought. Every day, more than 5,000 marketing messages are reaching the eyes and ears of every
single one of the nation’s shoppers, vying for their attention in increasingly clever ways. Making
your brand stand out among all this chaos is a tough job, but with some thought, it can be done.

Those who throw money at marketing like to make noise. They shout at consumers from emails,
texts, web banners and more. And like the whiny kid in the supermarket, they may end up getting
their packet of sweets, but with a lot of bad feeling wrapped up in it too.

Those who are too polite just don’t get heard at all. You know who they are; that company who
sends you like one email newsletter a year, snivelling and grovelling for you not to hate them for
asking for repeat business.

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Then there are those who make just enough noise, but say so many different things to you, you
just end up plain confused. You know you hear from them a lot, but you can’t for the life of you
remember their strapline. Or their logo. Or indeed what you’d buy from them at all.

These types of companies need more integration in their life. Look at Nike, for instance. For
decades, the ‘Just Do It’ strapline has remained consistent across every single message they put
out, and it speaks just as strongly to the fitness focussed millennials of today as it did to the
basketball playing street kids of the 1980’s. They spent just enough; they shouted just loud
enough; but more importantly, they always said the same thing.

 WHAT DO WE MEAN BY INTEGRATED MARKETING?

When we talk about integrated marketing we are taking about consistency. We want to achieve a
similar output and a complementary message at every customer touch point, whether online,
offline, at home or mobile. As a specialist B2B integrated agency, we look at several specific
areas in order to do this:

Branding: At the heart of everything about integration is the brand itself. Any good marketing
campaign will hold your brand identity close to its heart, informing your messaging, guiding
your research and helping you speak to your audience in a voice they can trust and understand.

Research: Strategic thinking driven by solid, informative research, is the backbone of effective
integrated marketing. Getting to know who your audience is, what they want, and how they want
to feel about your services or products is a crucial step in this process.

The message: One important difference between a truly integrated marketing campaign and a
single use one is that an integrated approach will hold a message the resonates deeply with your
audience. It should almost overlook the products themselves, instead focussing on what creates
an emotional connection with the audience, and can help to send a message of beliefs and
personal benefits, not just the technical features.

We’ll look at all channels, from content management to social media, advertising to blogrolls,
and see where there are mixed messages and a lack of consistency. We look at tone of voice,
visual branding and core messages, seeing where there is opportunity to create more uniformity.

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When all these elements start to work in harmony together, the result can be a powerful, exciting
marketing tool that will propel your brand to new heights.

Think again about Nike. When they do any marketing, whether it’s TV, YouTube prerolls, static
banners or event sponsorship, you know what you’re going to get. There’s the ‘swoosh’, every
single time. And that strapline, ‘Just Do It’, Every. Single. Time.

They don’t blather on about the technical excellence of their shoes or clothes; instead, we see
emotive images of people jumping, running, achieving. The artistic direction and accompanying
music brings us back to our own goals, our own ambitions and our motivation to achieve. We
feel personally empowered by the advertising, and in our minds, the Nike brand is intrinsically
linked with achievement, inspiration and drive. that’s integrated marketing done right.

 SO, WHY SHOULD WE BOTHER?

Integration can be tough. It requires new thinking, new consistency and a more ‘together’
attitude to marketing on all platforms. So, why should we make the effort to get into all this,
when it’s so tough and much easier to continue our disparate marketing campaigns as they are?

Well, we’ll discuss all the benefits of integrated marketing in a moment, but before we do, let’s
look at what our customers want. After all, isn’t fulfilling our customers wishes all part of the
job?

In the My Buys / e-tailing group’s Annual Consumer Insights Survey, the disparity between what
our customers want and what we’re actually giving them was made profoundly clear.
Respondents to the survey rated ‘consistency’ as one of the most important elements to make
them feel loyal to a brand, with 85 per cent stating that having a consistent shopping experience
from the website to the store was either very or somewhat important.

Similarly, 72 per cent of respondents felt that any marketing collateral should be consistently
presented from the web to the store to the mobile or PC at all times. How many brands are
actually meeting these needs? Not enough.

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Around 50 per cent of brands strive to ensure a consistent shopping experience from web to
store, a gap of 41 per cent between needs and provision. Only 39 per cent of brands are ensuring
consistency of marketing collateral, leaving a gap of 46 per cent between needs and provision.
These gaps serve to create frustration among consumers, who are looking for something that just
isn’t there. But for brands who are prepared to make the effort, these gaps are ready to be filled,
and to put them well ahead of the competition.

Let’s take a closer look at the pros and cons of integrated marketing, so we can understand just
what we’re getting ourselves into here.

 Pros of integrated marketing

 As a B2B integrated agency ourselves, we could go on, and on, and on, about the benefits
of integrated marketing. But in the interest of brevity, we’ve picked just a few of the top
pros to share with you here:
 You’ll develop more trust: Consistent reliability and reliable consistency helps your
customers get to know and to trust you.
 Your brand will be more easily recognised: Looking the same way, speaking the same
way and giving the same clear message at every touch point is guaranteed to help
customers recognise you faster and more easily.
 The message becomes concentrated: Instead of diluting your message by opting for a
scattergun approach, you’ll be focussing it and concentrating its effects, both on your
customers and internally within your organisation too.
 Your budget goes further: When everyone from your SEO genius to your social media
manager is focussed on the same message and end goal, things get cheaper. Duplicated
efforts are less likely, transactional costs are minimised through standardised branding
and promotional collateral, and design and print costs will benefit from being scaled up.
 You’ll make more money: There are plenty of case studies out there which show a direct
benefit to revenue from integrated customer journeys. In fact, in some cases, integrated
marketing has been shown to produce double the sales value year on year.
 It’s what your customer’s want: As we discussed earlier, customers are crying out for
consistency in marketing and shopping experiences, so why on earth wouldn’t you give it

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 to them? Chances are many of your competitors are not giving it to them either, so you’ll
be a step ahead if you take the lead in this initiative.
 If you’re looking for a marketing strategy that offers the biggest impacts, the best ROI
and the highest chance of success, integration is for you.
 Cons of integrated marketing
 Not everything about integrated marketing is roses and white picket fences though. Here
are some of the things we’ve watched brands struggle with in the past:
 It’s not easy: It takes a shift in mindset to get integration really working for you. You’ll
need to plan meticulously in order to get it right, and will need to stop thinking about
different types of marketing as different ‘department or teams, because it’s all one big
animal now.
 You have to do your homework: But Miss, the dog ate it. No, really, you have to crunch
some numbers to get this to work, largely to find out who your audience are and what
motivates them. Without this knowledge, you’ll struggle to find a message that really
resonates and motivates in the way you need it to.
 You’ll have to work together: Does your design department tend to live a very separate
life from your web analytics team? Do your CRM specialists barely nod hello to your
SEO team on a day to day basis? Well, all that needs to change, because you can only
achieve truly integrated marketing when you’re running a truly integrated team. This may
require some alterations to your operations, or even to the layout of your office, but don’t
be afraid; together you are stronger!
 Measurements can be challenging: Because you’re working across so many channels
with this one mega-campaign, measurements of success and data points to consider are
about to get much more complicated. It’s all perfectly do-able, but you need to have
agreed as a team what successes look like before you start, so you can measure and
recognise when you’ve achieved a goal.
 None of these cons are very difficult to overcome if you’re approaching this with a
commitment to integrated marketing. We can support you through this changing process,
and help you implement the right frameworks to ensure success in the long run. Get in
touch with our B2B integrated agency today and find out more about making your
messages more consistent.

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 2.7 SIGNIFICANCE OF INTEGRATED MARKETING
COMMUNICATION

Integrated marketing communication plays an integral role in communicating brand message to a

larger audience. Integrated Marketing communication helps in integrating all essential
components of marketing to communicate similar message to potential and existing end-users.

Integrated marketing communication goes a long way in creating brand awareness among
customers at a minimal cost. Integrated marketing communication is essential not only for
business to business marketing but also for direct interaction with customers. Organizations
implementing integrated marketing communication not only successfully promote their brands
among target audience but also develop trust among them who would always stick to their
brands, no matter what. Through integrated marketing communication, similar message goes to
customers simultaneously, eventually creating a better impact on them. Believe me, the end-user
does not even think of buying Brand B, if features and benefits of Brand A are communicated
well to the end-users. Integrated marketing communication is more effective as it carefully
blends various marketing tools such as advertising, public relations, direct marketing and so on.

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Integrated marketing communication scores over traditional ways of marketing as it focuses on
not only winning new customers but also maintaining long term healthy relationship with them.
Integrated marketing communication ensures two way dialogue with customers - a must in all
business. Customer feedbacks need to be monitored well if you wish to survive in the long run.
Remember, their feedbacks are valuable and need to be evaluated carefully. Gone are the days
when marketers used to rely only on advertising and simple promotions to make their brand
popular among end- users. In the current scenario of cut throat competition, marketers need to
promote their brands by effectively integrating relevant marketing tools for better results and
increased productivity. Integrated marketing communication plays an essential role in delivering
a unified message to end-users through various channels and thus has better chances of attracting
customers. A single message goes to customers across all marketing channels be it TV, Radio,
Banners, hoardings and so on. Integrated marketing communication ensures the brand (product
or service) is an instant hit among end-users. It also develops a sense of attachment and loyalty
among end-users.

Marketers do not also have to think really hard as to which marketing tool is really effective in
creating brand awareness. Integrated marketing communication saves time which is often lost in
figuring out the best marketing tool. Through integrated marketing communication, marketers
can smartly blend and integrate all marketing tools for better response. In a layman’s language
integrated marketing communication provides a wide range of options which help marketers
connect easily with their target customers. Integrated marketing communication ensures that the
customer gets the right message at the right place and right time. Integrated marketing
communication uses several innovative ways to promote brands among customers such as
newspaper inserts, hoardings and banners at the most strategic locations, pamphlets, brochures,
radio or television advertisements, press releases, discount coupons, loyalty clubs, membership
clubs,PR Activities, sales promotional activities, direct marketing initiatives, social networking
sites (Face book. Twitter, Orkut), blogs and so on.

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 2.8 SELECTION OF PROBLEM

Integrated marketing communications (IMC) sounds like a complicated theory, but it’s quite
simple. Put plainly, it's a style of communication that incorporates all of a brand’s messaging
into one unified tone. IMC takes a company’s various promotions and ensures that they follow a
distinct, unified style which results in marketing efforts that are consistently recognizable to
customers. IMC has four primary objectives: creating brand awareness, generating product
interest, increasing the desire for products and prompting action in the form of a sale.

 Attention and Awareness:

One of the main objectives of IMC is building attention and awareness for your brand. A
consistent brand voice helps build stronger relationships with consumers. Strong relationships
translate into customer loyalty. IMC helps people recognize your brand across media. Ideally,
potential customers would see one of your brand’s blog or social media posts and immediately
recognize who wrote it. IMC keeps your brand in front of customers, reminding them of who you
are and what you do. Attention and brand awareness drive more traffic to your site or store,
giving you more opportunity for sales.

 Interest:

Another objective of integrated marketing Communications is to generate interest in your

products by informing customers of what differentiates your product or service from your
competitors. You can also communicate information about the product to your would-be
customers. Many businesses incorporate blogs and other content into their IMC approach as a
means of providing value and expertise to customers. Generating interest can be done in many
ways, but ultimately the goal is increasing demand for your product. Having a unified
communication approach lets customers get to know you and see what you have to offer. This
objective is not so much about making sales, but building relationships and convincing your
target customers to interact with your brand.

 Desire:

The next objective of IMC is cultivating the desire in your customers to make a purchase. In
creating desire, you are trying to move your customers from liking your brand to deciding to

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make a purchase. Think of this as the bridge to making a sale. Creating desire within your
customer is usually done by elevating their perception of your product. One way you can create
desire is through a free trial of the product. Once the customer knows how much value your
product provides, they will be more comfortable paying for it. Another way of influencing
customers through IMC is to establish an emotional connection. Forging a genuine, lasting
relationship with customers is the ultimate way to gain trust and ensure long-term sales.

 Action:

After forging relationships with your customers, gaining their trust and piquing their interest in
your products, your last objective of IMC is prompting the customer to take action on a purchase.
One way to incite action is to reduce the consumer’s purchase risk. An example of this is
guaranteeing your product for 30 days. If a customer knows that they can return a product they
don’t like, they are more likely to make a purchase. Further, this is an excellent time to set up
and encourage repeat purchases. Again, the objective of IMC is to build strong, long-term
relationships with customers, not trick them into buying one-time products. Integrated marketing
allows this relationship-building to occur in a way that’s natural and mutually beneficial to
businesses and customers alike.

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 2.9 TECHNIQUES AND OF INTEGRATED MARKETING
COMMUNICTION

Integrated Marketing Communications is described as “a concept of marketing communications

planning that recognizes the added value of a comprehensive plan that evaluates the strategic
roles of a variety of communication disciplines and combines these disciplines to provide clarity,
consistency and maximum communications impact” (Belch and Belch, p.22 ).

Integrated Marketing Communication in explained by Lee (1996, p.34) as ‘a new way of looking
at the whole, where once we saw only parts such as advertising, public relations, sales
promotion, purchasing, employee communication, and so forth, to look at it the way the
consumer sees it – as a flow of information from indistinguishable sources’

Iacobucci and Calder (2003, p. ) specify the difference of integrated marketing from the
traditional marketing by the fact that the main focus of the integrated marketing is on on-to-one
marketing, relationship marketing or database marketing.

This idea is supported by Schultz et al (1993, p.) who claim the main attention of integrated
marketing to be on communication.

The benefits of the Integrated Marketing Communications is listed in MMC Learning (online,
2010) as the following:

• Integrated Marketing Communications initiates and maintains communication with customers.

This leads to the increased level of customer satisfaction and the consolidation of image for the
company;

• The level of customer loyalty can be increased significantly through the use of Integrated
Marketing Communications due to the strong bond between customers and the company it
creates.

• Increased level of profitability can be resulted by the use of the Integrated Marketing
Communications due to the fact that the latter increases the overall efficiency of the company.

• Messages sent to the customer through Integrated Marketing Communications are usually more
consistent and this increases its credibility

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• Duplication of marketing and other efforts are eliminated in Integrated marketing
Communications; therefore, company funds are saved consistently.

Smith (1998, pp. 168-1690 lists the following principles of Integrated Marketing
Communication:

• Integrated Marketing Communication starts with activity and the perception of the customer;

• The integration of the business strategy with the needs of the customer is undertaken by
Integrated marketing Communication

Page 55 of 94
 CHAPTER NO. 3

LITERATURE REVIEW
3.1 REVIEW OF LITERATURES

Gatzert, et.al (2009)

Gatzert says that the life insurers often claim that the life settlement industry reduces their
surrender profits and leads to an adverse shift in their portfolio of insured risks; that is, high risks
main in the portfolio instead of surrendering. In this article, we aim to quantify the effect of
altered surrender behaviour - subject to the health status of an insured - in a portfolio of life
insurance contracts on the surrender profits of primary insurers. Our model includes mortality
heterogeneity by applying a stochastic frailty factor to a mortality table. We additionally
Analyses the impact of the premium payment method by comparing results for annual and single
premium payments.

Bernier & Mouelhi (2009)

Bernier shows that the paper characterizes the (weak-form) efficiency of the Toronto Stock
Exchange (TSX) with respect to the life insurance sector in a post-demutualization context, using
a methodology called co integration analysis. The major conclusion that can be drawn from this
analysis is that the Canadian stock market appears to have been inefficient in pricing the
securities of the three newly demutualized life insurance firms that became part of the S&P/TS
Xidex of Canada's financial sector. Indeed, it appears that it would have been possible to predict
the future price behaviour of these life insurance stocks by relying on past information following
their demutualization.

Graves (2009)

Graves had explained about the recession has added many challenges to the already full plate
face by insurance executives. There is no question that changes are coming in the regulation of

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insurers. Even before the recession, the SEC proposed regulating indexed annuities as securities.
It is still aggressively pursuing that issue (Rule 151A).

Lucia Porcu, S del Barrio Garcia, Philip J Kitchen

Since the mid-1990’s, the concept of Integrated Marketing Communications (IMC) has come to
the fore and attracted considerable attention in the literature. The main purpose of this paper is
twofold:

(1) to explore IMC by delimitating its conceptual boundaries and identifying its main dimensions
and

(2) to develop a whole theoretical model of its antecedents and consequences.

To achieve this goal, this study analyses the conceptual framework around IMC and its
dimensions and it presents an extensive literature review. Moreover, a new definition is
presented and the main dimensions of the concept are highlighted. A systematic literature review
is carried out to identify IMC antecedents and consequences and the research hypotheses are
formulated. Following the obtained results, a conceptual model has been developed and the most
relevant findings are discussed. Finally, the main academic and managerial implications are
described. This model will help academics and marketers to better understand the role that this
new marketing paradigm plays within modern management, in identifying the key variables that
promote or hinder IMC and the benefits derived from its implementation.

Åke Finne, Christian Grönroos

Journal of marketing Communications 15 (2-3), 179-195, 2009

Using as a starting-point the model of integrated marketing communication (IMC), which is

based on the tenet that the company integrates the marketing message conveyed to the consumer,
this paper switches the focus by highlighting the consumer's message integration. A review of
the marketing communication literature on meaning creation uncovered four central factors
influencing the process of meaning creation: historical; future; external; and internal factors.
However, the literature seems to be lacking a broad model that includes all these factors as well
as a specific study of the nature and impact of future factors. Combining insights from marketing
communication with findings from research in relationship marketing, this paper presents a

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holistic model that is based on the consumer perspective and takes into account the impact of all
four factors on message integration. By shedding light on the influence of the future time factor
on message reception, the paper presents an emerging Relationship Communication Model
(RCM). It offers researchers and marketers a useful tool for understanding and managing
marketing communication more effectively.

Takalani Mudzanani

African Journal of Marketing Management 7 (8), 90-97, 2015

This conceptual paper proposes that communication strategies should be aligned to the IMC
message typology in its entirety. In order to shed light on the role of IMC in the development of
communication strategies a literature review was conducted. The literature review revealed that
IMC is a logical structure of developing communication strategies. An organisation should
control (planned) or influence messages (unplanned, product, service) to ensure message
consistency and maximum communication impact. In simple terms, an organisation should strive
to match its brand promise made through planned messages with actual performance as reflected
in its product, service, and unplanned messages. The paper provides a communication planning
framework to organisations on how to use IMC message typology to ensure message consistency
and maximum impact.

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 CHAPTER NO 4

DATA ANALYSIS, AND

INTERPRETATION
DATA ANALYSIS AND INTERPRETATION

Data analysis and interpretation is the process of assigning meaning to the collected information
and determining the conclusions, significance, and implications of the findings. The steps
involved in data analysis are a function of the type of information collected, however, returning
to the purpose of the assessment and the assessment questions will provide a structure for the
organization of the data and a focus for the analysis.

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Page 60 of 94
 NO TYPES RESPONDENTS %

1. YES 48 75%

2. NO 16 25%

Interpretation:
From the above chart 75% people accept that man is exposed to risk and uncertainties and 25%
people are do not accept that man is exposed to risk and uncertainties.

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NO TYPES RESPONDENTS %
1. YES 28 43.8%
2. NO 36 56.3%

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Interpretation:
From the above chart 43.8% people accept that the death of the person is uncertainties and 56.3%
people do not accept that the death of the person is uncertainties.

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 NO TYPES RESPONDENTS %
1. YES 34 54%
2. NO 29 46%

Interpretation:

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From the above chart 54% people accept that the insurance help the person to prevent against
uncertainties and risk and 46% people do not accept that the insurance help the person to prevent
against uncertainties and risk.

NO TYPES RESPONDENTS %
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1. YES 29 46%
2. NO 34 54%
Interpretation:
From the above chart 46% people accept that the integrated marketing communication has a
increasingly central role to play in today’s market and 46% people do not accept that the
integrated marketing communication has a increasingly central role to play in today’s market.

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NO TYPES RESPONDENTS %
1. YES 34 53.1%
2. NO 30 46.9%

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Interpretation:
From the above chart 53.1% people accept that the integrated marketing communication helps in
life insurance and 46.9% people do not accept that the integrated marketing communication helps
in life insurance.

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 NO TYPES RESPONDENTS %
1. YES 33 51.6%
2. NO 31 48.4%

Interpretation:
From the above chart 51.6% people accept that it is difficult for an individual to survive unless
the arrangement for covering the risk and 48.4% people do not accept that it is difficult for an
individual to survive unless the arrangement for covering the risk.

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NO TYPES RESPONDENTS %
1. YES 34 54%
2. NO 29 46%

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Interpretation:
From the above chart 54% people accept that they understand the needs of customers offering
them superior products and services and 46% people do not accept that they understand the
needs of customers offering them superior products and services.

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 NO TYPES RESPONDENTS %
1. YES 30 46.9%
2. NO 34 53.1%

Interpretation:
From the above chart 46.9% people accept that they implement or develop superior risk
management and investment strategies and 53.1% people do not accept that they implement or
develop superior risk management and investment strategies.

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NO TYPES RESPONDENTS %
1. YES 33 51.6%
2. NO 31 48.4%

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Interpretation:
From the above chart 51.6% people accept that the life insurance has two types of plans and
48.4% people do not accept that the life insurance has two types of plans.

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 NO TYPES RESPONDENTS %
1. YES 31 49.2%
2. NO 32 50.8%

Interpretation:
From the above chart 49.2% people accept that the ICICI prudential agents are called advisors
and 50.8% people do not accept that the ICICI prudential agents are called advisors.

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NO TYPES RESPONDENTS %
1. YES 33 51.6%
2. NO 31 48.4%

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Interpretation:
From the above chart 51.6% people accept that the sale broacher’s contain the information about
the product and 48.4% people do not accept that the sale broacher’s contain the information
about the product.

NO TYPES RESPONDENTS %
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1. YES 36 57.1%
2. NO 27 42.9%
Interpretation:
From the above chart 57.1% people accept that the promotion function in most sectors are
dominated by mass media advertising and 42.9% people do not accept that the promotion
function in most sectors are dominated by mass media advertising.

NO TYPES RESPONDENTS %
1. LIFE INSURANCE 34 53.1%
COMPANY
2. LIFE CORPORATION 15 23.4%
COMPANY
3. LIFE CORPORATE 13 20.3%
COMPANY
Page 78 of 94
4. LIFE 2 3.2%
CONSIDERATION
COMPANY
Interpretation:
From the above chart 53.1% people accept that the full form of LIC is life insurance company,
23.4% people accept that the full form of LIC is life corporation company, 20.3% people accept
that the full form of LIC is life corporate company and 3.2% people accept that the full form of
LIC is life consideration company.

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 NO TYPES RESPONDENTS %
1. YES 20 32.8%
2. NO 33 54.1%
3. MAYBE 8 13.1%

Interpretation:
From the above chart 32.8% people accept that the advertisement of LIC helps people to get
attracted, 54.1% people do not accept that the advertisement of LIC helps people to get attracted
and 13.1% people accept that maybe the advertisement of LIC helps people to get attracted.

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NO TYPES RESPONDENTS %
1. INTEGRATED 37 57.8%
MARKETING
COMMUNITION
2. INFRAGATED 16 25%
MARKETING
COMMUNATIONS
3. INSTANT 6 9.4%
MARKETING
COMMUNICATION
Page 81 of 94
4. INTERNATIONAL 5 7.8%
MARKETING
COMMUNICATION
Interpretation:
From the above chart 57.8% people accept that the full form of IMC is integrated marketing
communication, 25% people accept that the full form of IMC is infragated marketing
communication, 9.4% people accept that the full form of IMC is instant marketing
communication and 7.8% people accept that the full form of IMC is international marketing
communication.

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 NO TYPES RESPONDENTS %
1. INTEGRATED 37 57.8%
MARKETING
COMMUNITION
2. INFRAGATED 16 25%
MARKETING
COMMUNATIONS
3. INSTANT 6 9.4%
MARKETING
COMMUNICATION
4. INTERNATIONAL 5 7.8%
MARKETING
COMMUNICATION

Interpretation:
From the above chart 57.8% people accept that the full form of IMC is integrated marketing
communication, 25% people accept that the full form of IMC is infragated marketing
communication, 9.4% people accept that the full form of IMC is instant marketing
communication and 7.8% people accept that the full form of IMC is international marketing
communication.

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Page 84 of 94
 NO TYPES RESPONDENTS %
1. YES 17 26.6%
2. NO 41 64.1%
3. MAYBE 6 9.4%

Interpretation:
From the above chart 26.6% people accept that the integrated marketing communication helps in
life insurance, 64.1% people do not accept that the integrated marketing communication helps in
life insurance and 9.4% people accept that maybe integrated marketing communication helps in
life insurance.

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 CHAPTER NO.5

FINDINGS
FINDINGS OF THE STUDY

Role of various constituents of IMC

 ADVERTISING:

• Provides information about company's business

• The advertisements have positioned ICICI prudential as a successful brand in life insurance,
this serves door opener for the advisors.

 PERSONAL SELLING:

• Provide relevant information about policies

• Is very important in life insurance

• It is important in consumer decision making

 SALES LITERATURE:

• Sales literature gives credibility to company's promise

• Sales literature helps in convincing customer

• Sales literature provides comprehensive information about ICICI PRUDENTIAL'S products

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  DIRECT MARKETING:
 TELE MARKETING:

• Tele calls play important part in fixing appointments

• Tele calls helps in knowing brief back ground of customers

 INTERNET MARKETING:

• Internet marketing helps in maintaining CRM

• Internet is useful to customers to get updated on their policy status

 PUBLICITY /PR:

• Publicity increase awareness and inclination

• ICICI PRUDENTIAL in news favour the company sales

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 CHAPTER NO.6

SUGGESTIONS
SUGGESTION

 Advertisements of ICICI PRULIFE should be more products expressive and easily

comprehensive, so that a customer feels an urge to enquire about the products.
 Since from the findings it is clear that advisors are extremely Important in selling the
policies, they should be trained on the concepts of marketing and not just selling. They
should be equipped with proper CRM techniques so that they could increase the
frequency of call conversion as well as they could retain the existence clientele.
 Sales literature should be written in more customer friendly language, the technical terms
should be clearly explain since it is considered as providing credibility to company's
promise, company's seal on it will give even more authenticity to the promises made in
the brochure.
 Telemarketers should enquire the brief background of prospects during the appointments
calls so that proper strategies could be planned before the visit of the sales personnel.
 Internet should be used to maintain CRM and update policy holder about the position of
their fund, as well as informing them about a new product even before it is launched so
that they would get a feeling of preferential treatment.
 Company should engage in keeping itself in news, should organize events, seminars etc.
 The company should initiate hassle free claim settlements as this communicates to the
consumers that the company is prompt in keeping its promises and this influences
consumer decision making in a big way.
 The IMC program is effective when the message carried by its constituents is uniform
that is each constituents of this program should communicate the same message to the
prospects, this is when the tools of IMC will work in tandem and their fusion and unison
will bring about the desired impact in influencing consumer decisions.

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 CHAPTER NO.7

CONCLUSIONS
CONCLUSION

Thus, we can see the role of integrated marketing communication in life insurance industry. It is
the effect of the fusion of the individual components of the integrated marketing communications
that clicks and bring about the realization of the goal that the communications programme is
intended to achieve.

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 CHAPTER NO. 8

REFERENCE
REFERENCE

Anastasio, Susan. Small Business Insurance and Risk Management Guide. U.S. Small Business
Administration, n.d.

Bury, Don. The Buyer's Guide to Business Insurance. Oasis Press, 1994.

Janecek, Lenore. Health Insurance: A Guide for Artists, Consultants, Entrepreneurs, and Other
Self-Employed. Allworth Press, 1993.

Kirwan, Roberta. "How Much Insurance Do You Need?" Money. April 1, 1999.

Kurylo, Steve. "Choosing the Most Appropriate Insurance Policy and Company." Estate
Planning. October 1996.

Lynn, Jacquelyn. "A Quick Guide to Insurance." Entrepreneur. June 1997.

Stettner, Morey. "Your Money or Your Life: A Guide to Term Insurance." Working

Woman. April 1998.

Wolpoff, Charles R. " 'Key Man' Life Insurance Helps Companies Survive." Washington
Business Journal. September 5, 1997.

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 CHAPTER NO.9

APPENDIX
APPENDIX

Questionnaire

Dear Respondent,

I am pursuing bachelor in commerce from ICS college, Khed is conducting a

research on “A ROLE OF INTEGRATED MARKETING COMMUNICATION
IN LIFE INSURANCE”. I would be extremely thank- full if you spare time to
answer the following questions. All the facts disclosed by you will be used for
academic purpose only.

Name ……………………………………………………………….

Age: ………

Contact/Id

Sex: ……………….

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1. Do man is exposed to risk and uncertainties?
o Yes
o No
2. Do the death of the person is uncertain?
o Yes
o No
3. Do insurance help the person to prevent against uncertainties and risk?
o Yes
o No
4. Do integrated marketing communication has a increasingly central role to
play in today's market?
o Yes
o No

5. Do integrated marketing communication helps in life insurance?

o Yes
o No
6. Is it difficult for an individual to survive unless the arrangement for covering
the risk?
o Yes
o No
7. Do you understand the needs of customers offering them superior products
and services?
o Yes
o No

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8. Do you implement or develop superior risk management and investment
strategies?
o Yes
o No
9. Do life insurance has two types of plans?
o Yes
o No
10. In ICICI Prudential does agents are called advisors?
o Yes
o No
11. Do the sale broachers contain the information about the product?
o Yes
o No
12. Do the promotion functions in most sectors are dominated by mass media
advertising?
o Yes
o No
13. What is the full form of LIC?
o Life insurance company
o Life corporation company
o Life corporate company
o Life consideration company

14. Does advertisement of LIC helps people to get attracted?

o Yes

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 o No
15.Maybe what is the full form of IMC?
o International marketing communication
o Integrated marketing communication
o Infragated marketing communication
o Instant marketing communication
16. Does integrated marketing communication helps in life insurance?
o Yes
o No
o Maybe

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