Adgully Exclusive | Rituraj Bhattacharya of Bajaj Allianz's marketing idea of Street Plays

Banking and insurance products and services are areas that still need careful and detailed description for the consumers. From complex to simple product offering, any informations needs to be conveyed in a clear manner so as to attract the target's attention and hold it for longer period. Doing something similar is Bajaj Allianz Guaranteed Maturity Insurance Plan and its GMIP campaign.

Adgully caught up with Rituraj Bhattacharya, Head, Product Development and Market Management to know more about new Bajaj Allianz Guaranteed Maturity Insurance Plan or GMIP campaign.

Talking about the new product Guaranteed Maturity Insurance Plan (GMIP), Bhattacharya said, "Guaranteed Maturity Insurance Plan (GMIP) is a single premium ULIP that provides at maturity at least 200% of the amount invested along with a secure life cover. With the minimum single premium as low as Rs. 5000, the product is the lowest single premium ULIP available in India, thereby making the product affordable for all income segments. Explaining how and why this product, he said, "GMIP is a simple to understand plan in which the single premium invested will be kept in denominations of Rs. 5000 each called as "Guaranteed Maturity Certificate (GMCs)". The provision of GMCs facilitates liquidity and preserves guarantee since partial withdrawals can be made only in units of GMCs i.e. in multiples of Rs. 5000. Thus, the investor will not have to compromise on the guarantee of other GMCs which he/she holds till maturity." Explaining the reasons as to how and why this campaign was taken up, he said, "People living in small towns and rural areas rarely get a chance to invest in ULIPs mainly due to the high premium sizes or the commitment to pay premiums year after year. Thus, in order to reach out to these segments, Bajaj Allianz has come up with "Guaranteed Maturity Insurance Plan" which provides a guaranteed maturity benefit of at least double the premium paid."

Bajaj Allianz plans to use street plays to promote this product. Speaking little bit more on why this medium and how do you plan to execute it, Bhattacharya said, "Being the lowest single premium ULIP available in the market, GMIP is suitable for a vast segment of population residing mainly in Tier II, Tier III and rural areas. To create awareness about this plan, Bajaj Allianz has devised an innovative way to reach out to the masses in some of the areas where conventional media is negligible. The company is using the traditional medium of street plays to explain the insurance benefits of GMIP. This is the first time that an insurance company is using the medium of street plays to reach out to its relevant audience."

Adding further, he said, "The street plays are being conducted in over 200 towns across the country to educate the masses on the guarantee of "double'. The street plays talk about the importance of "guarantee' amidst the various uncertainties in the world today. It is performed by local professional and amateur theatre groups."

Talking about the target for the new product that the campaign aims at hitting, he said, "The plan is suitable for all income groups including those in Tier II and III cities."

Talking about the other marketing and communication plans for GMIP and the spends for the same, Bhattacharya said, "The marketing for GMIP is being done in two phases - Phase One comprises of a vigorous plan reaching 307 cities via mass-reach media vehicles such as an innovative "LIVE' street-play format explaining the product which is localized and performed by skit artists, along with multiple Cable TV networks, Cinema theatres, leading vernacular newspapers and prominent Outdoor sites. Phase Two has a National TV plan across 57 channels of varying genres/ languages spanning geographies and reaching an audience across the country." | By Ankita Tanna [ankita(at)adgully.com]

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