Life Insurance Corporation of India (LIC) SWOT Analysis, Competitors, Segmentation, Target Market, Positioning & USP

Published by MBA Skool Team, Last Updated: April 26, 2020

SWOT analysis of Life Insurance Corporation of India (LIC) analyses the brand/company with its strengths, weaknesses, opportunities & threats. In Life Insurance Corporation of India (LIC) SWOT Analysis, the strengths and weaknesses are the internal factors whereas opportunities and threats are the external factors.

SWOT Analysis is a proven management framework which enables a brand like Life Insurance Corporation of India (LIC) to benchmark its business & performance as compared to the competitors and industry. As of 2020, Life Insurance Corporation of India (LIC) is one of the leading brands in the banking & financial services sector.

The table below lists the SWOT (Strengths, Weaknesses, Opportunities, Threats), top Life Insurance Corporation of India (LIC) competitors and includes Life Insurance Corporation of India (LIC) target market, segmentation, positioning & Unique Selling Proposition (USP).

Life Insurance Corporation of India (LIC) SWOT Analysis, Competitors, Segmentation, Target Market, Positioning, USP & Brand Analysis Table
Life Insurance Corporation of India (LIC) Brand Analysis
Parent Company

Government of India

Category

NBFC

Sector

Banking & Financial Services

Tagline/ Slogan

Yogakshemam Vahamyaham (Your welfare is our responsibility)

USP

India’s Largest Life Insurance Company

Life Insurance Corporation of India (LIC) STP
Life Insurance Corporation of India (LIC) Segmentation

Personal and Group Insurance

Life Insurance Corporation of India (LIC) Target Market

Urban and Rural Investors

Life Insurance Corporation of India (LIC) Positioning

Complete Insurance and financial solutions

Life Insurance Corporation of India (LIC) SWOT Analysis
Life Insurance Corporation of India (LIC) Strengths

Below are the Strengths in the SWOT Analysis of Life Insurance Corporation of India (LIC):

1. Largest state-owned life insurance company in India, and also the country's largest investor
2. Has over 2000 branches across all parts of India and more than 10,00,000 agents.
3.  With Largest fund base it is the biggest investor in India
4. Has over 115,000 employees across India
5. According to The Brand Trust Report, LIC is the 8th most trusted brand of India
6. LIC has subsidiaries like LIC Housing Finance Limited, LIC Cards Services Limited, LIC Nomura Mutual Fund, LIC(Nepal)Ltd, LIC(Lanka)Ltd, LIC(International)BSC(C)

Life Insurance Corporation of India (LIC) Weaknesses

Here are the weaknesses in the Life Insurance Corporation of India (LIC) SWOT Analysis:

1.  It has an image of a Government agency and hence lacks innovation
2. Being a Government agency, red tape and bureaucracy causes problems
3. Managing a huge workforce during economic crisis meant overburdened due to salaries

Life Insurance Corporation of India (LIC) Opportunities

Following are the Opportunities in Life Insurance Corporation of India (LIC) SWOT Analysis:

1.  Use of Technology to provide effective services to cater to urban population.
2.  Government Schemes implementation

Life Insurance Corporation of India (LIC) Threats

The threats in the SWOT Analysis of Life Insurance Corporation of India (LIC) are as mentioned:

1.  Economic crisis
2.  Entry of new NBFCs in the sector
3. Varying Govt policies

Life Insurance Corporation of India (LIC) Competition
Competitors

Below are the top 3 Life Insurance Corporation of India (LIC) competitors:

1.  SBI Life Insurance
2.  Sahara Life Insurance

3.  HDFC Standard Life


This article has been researched & authored by the Content & Research Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.

Similar analysis has also been done for the competitors of the company belonging to the same category, sector or industry. Browse marketing analysis of more brands and companies similar to Life Insurance Corporation of India (LIC). The BrandGuide section covers SWOT Analysis, Competitors, Segmentation, Target Market, Positioning & USP of more than 2800 brands from over 20 industry sectors.

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