Life Insurance Corporation is planning to rope in a brand ambassador to reposition the LIC brand. "We are planning to rope in a young brand ambassador to attract the new generation to buy insurance products," said LIC managing director T S Vijayan.
"Today the average age of a policy holder is over 30 years which we plan to bring down," he added. "With increasing competition and with 50 per cent of the Indian population being below the age of 30 it's important for institutions to redesign their business strategy," he added.
On an average the institution spends around 2 per cent of its premium collection {Rs 70,000 crore (Rs 700 billion)} on advertising and publicity.