From the year 2003 to 2007, LIC reigned supreme in Brand Equity's Most Trusted Brands Survey - in the services list of the survey - the insurance major was the numero uno service brand for five consecutive years.
But call it a reflection of the market dynamics on-the-ground, the big daddy of life insurance in
Telecom services and banks may have dislodged LIC from the overall list, but the company still rules the life insurance category. LIC is at No. 1 spot, followed by competitors SBI Life and Reliance Life at No. 2 & 3 respectively. LIC today has 78% market share in the life insurance space and services 28 crore individual policies besides covering more than 9 crore people under group insurance /superannuation schemes and more than 3 crore families under social security schemes.
While LIC still dominates the category by a wide margin, there are clear indications that competition is hard at work to narrow the gap. The Brand Equity's Most Trusted Brands survey reveals that in the four zones, SBI Life comes a close second after LIC in the North zone. SBI Life also beats LIC as the most preferred life insurance brand in
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The brand has been quite visible through advertising recently and its efforts at improving distribution two years back through the introduction of the Chief Life Insurance Advisors (CLIA) scheme to leverage cream of its agent pool has also yielded positive results. In less than 24 months after CLIA was first introduced, LIC managed to get close to 15 lakh agents.
The first year premium coming from just the CLIA scheme was so significant, that if the proceeds from CLIA were taken in isolation, it'll be the sixth largest amongst the 22 life insurance companies operating in
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