Life Insurance Corporation of India - BCG Matrix Analysis | Updated 2024

BCG Matrix for Life Insurance Corporation of India

Overall Business Model

The Life Insurance Corporation of India (LIC) is a state-owned insurance group and investment corporation. Established in 1956, LIC has grown to become the largest insurance company in India. The company's business model revolves around providing life insurance policies, pension plans, health insurance, and investment management services. LIC operates through a network of agents, brokers, and direct sales channels, leveraging its extensive reach to cater to a diverse customer base.

Individual Products

  1. Endowment Plans: These plans offer a combination of i...
BOSTON CONSULTING GROUP (BCG) MATRIX
Question Mark
Star
Dog
Cash Cow
E
Endowment Plans
T
Term Insurance Plans
M
Money Back Plans
P
Pension Plans
H
Health Insurance Plans
U
ULIPs
C
Child Plans
G
Group Insurance Plans
MARKET GROWTH
RELATIVE MARKET SHARE (low to high)

Analysis

Product Analysis and Justification

Endowment Plans

Endowment Plans are classified as Star. These plans have a strong market presence due to their dual benefit of savings and insurance. The market for endowment plans is growing as more individuals seek financial security and savings options.

Term Insurance Plans

Term Insurance Plans fall under the Question mark category. While these plans have a high growth potential due to increasing awareness about the importance of life insurance, they currently hold a moderate market share. Competition from private insurers is intense, ...

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