•Rural mindset for Insurance policy is only benefited after long being time as a fixed deposit or money generator; even they don’t know exactly what the insurance is. •Basically people have known about LIC policies but few of them have Fasal Bima, Pasu Dhan Bima & Vahan Bima. Some of them were well aware about the co. from where their Vahan Bima is. •Major competitor as per result is LIC, OBC, Reliance and BAJAJ ALIANCE. •Known well about IFFCO as a fertilizer Co. who looks after kissans always, but not able to fulfill the fertilizer needs as of shortage in availability.
Even they said “IFFCO ne khad boht achi kiya, sabse badiya hai magar woh jaldi mil hi nhi pati hai” •Only 1 old man know about IFFCO insurance policy as he told that he got the information from the Newspaper advertisement.
•Basic medium for communication & intermediaries are Agents, Animal doctors for pashu dhan bima, wall paintings & newspaper. Daily gatherings of people also influence them. •Level of awareness is quite average as they all know only about the LIFE INSURANCE policies and some of the other companies like BAJAJ ALIENCE and OBC, but they don’t know about the terms and conditions, claim procedures and etc.
•Final decision in doing investment is generally by own, in some cases by their parents also. •They were dissatisfied in the claiming way of Fasal Bima as one old man said that last year he did this policy for the protection of ‘fasal’ from drought but at the end time when he claimed he didn’t receive claiming amount yet. •Co-operative society are the main resources for these peoples as they get whole information for there fasal and other stuffs. •Even a person said that IFFCO gives Fasal Bima with fertilizers & some of them also said if IFFCO is pursuing these policies for them then these are the best as IFFCO won’t do any wrong commitments.
•According to our (Titas & Sneha) opinion people are well aware about the different types of policies but they are not getting exact information about policies, terms and conditions. Insurance policies for them are LIC or a bond of benefit in future. Key findings from VoX-PoP for IFFCO-TOKIO: – Number of Respondents- 15 For Rural mindset, Insurance policy is only beneficial for the long term, mostly as a fixed deposit or money generator; generally speaking the concept of insurance is alien to them. Basically people are aware about LIC policies, It was observed that few of them do have Fasal Bima, Pasu Dhan Bima & Vahan Bima.
Mostly the beneficiaries are aware about the co. from where Vahan Bima is done. Major competitors as per our learning are LIC, OBC, Reliance and BAJAJ ALIANCE. IFFCO brand name enjoys high credibility in the market as a fertilizer Co. who cares for the farmers, but not due to high demand of fertilizers, the supply is not met. According to one respondent, “IFFCO ne khad boht achi kiya, sabse badiya hai magar woh jaldi mil hi nahi pati hai” Almost 99% of the respondents have not seen any communication on ITGI Basic medium for communication & intermediaries are Agents, Vets have also been seen as influencers for cattle insurance.
Other mediums being, wall paintings & newspaper. Daily gatherings of people also influence them. Level of awareness is quite average as they all know only about the LIFE INSURANCE policies and some of the other companies like BAJAJ ALIENCE and OBC, but they don’t know about the terms and conditions, claim procedures and etc. Final decision in doing investment is generally self-made. However in in some cases their parents also play an important role Some isolated cases were observed where the process of claiming Fasal Bima was not positive.
As one respondent pointed out that last year he did this policy for the protection of crops from drought but he did not receive the claim.. Co-operative societies are the main resources for these peoples as they get whole information for their Crops and other stuffs. Some respondent s mentioned that IFFCO gives Fasal Bima with fertilizers & some of them also gave thumbs up to IFFCO as IFFCO enjoys high credibility factor for villagers. REPORT AS PER QUESTIONNAIRES: – 1. What do you know about Insurance policy? -Insurance policy is LIC for most & a key for long time benefit as in way of fixed deposit.
They don’t know what actually Insurance means. 2. What is your family Income & how many members are there in your family? -Family Income is between 5000 to 12000 p. m. 3. Which of these Policies do you know in this: – •LIC •Pasu Dhan Bima •Baris Bima •Yantra Bima •Fasal Bima •Vahan Bima •Ghriha Bima -Mainly they know LIC, Pasu Dhan Bima, and Fasal Bima, Vahan Bima 4. Do you know this policies: – •Baris Bima Yojna •Sankat Haran Bima Yojna •Janta Bima Yojna •Tractor Bima -They don’t know Baris Bima, Sankat haran Bima, Janta Bima but, they know about the tractor Bima.
5. Which of the policy are you using? -Mainly the LIC (Money plus & Jeevan Jyoti) & Vahan Bima (Tractor & Bike) 6. Why are you using this policy? -Future security 7. From How many days are you using this policy? -1-10 year on an average 8. How do you get information about this policy :- •T. V. •Radio •Newspaper •Word of mouth •Opinion leaders (Family members/friends/ sarpanch) •Wall paintings •Banners -Word of mouth, opinion leaders (Animal doctors/friends/ agent), wall paintings & newspapers 9. By whom do you get your Insurance done: – •Agents •Own.
-By agents only 10. In your opinion does any problem occur in claiming? -They didn’t claimed till yet & one of them said that in Fasal Bima after claiming last year he didn’t receive claimed amount yet. 11. At the time of doing policy by whom do you take final Decision: – •Family members •Friends •Pradhan/Sarpanch •Own – Mainly By Own &by the elder members of Family 12. (A) Did you hear about IFFCO & what do you Know about it? (B) Do you ever heard about IFFCO-TOKIO? (C) Which Insurance policy they do? -(A).
IFFCO is best fertilizer Co. , & most trustworthy Co.for farmers in INDIA (B) NO (C) Fasal Protection Policy Promotional Activities: •Hire a well-known person from each village like fal didi who will make aware about each of the policy in between the villagers & help agent to do policy •Wall paintings, posters on most viewed areas, which will manipulate whole information in it. •Broadcast Agricultural programme as sponsor on DD T. V. & AIR. •If any Mela / haat is going on we can sponsor it & have camp for awareness in which we discuss about product features, its credibility & on the spot insurance facility.
•Large POP-ups on main entrance of village which should easily visible from all parts of village. •Promotional Van in each village which will first contact to village Mukhiya as with permission of him we can gather villagers to a site & at site we can play games like that if a person constantly repeat tagline for 10-20 times he will win no. of fertilizers bag in prize (this will help villagers to recall brand). •Paintings on tractors, trolley for free to Loyal customer of IFFCO fertilizers •Tie-up with leading rural brands (e. g. : Tractor bima to a leading tractor brand etc.).
•Village should target through major mobile operators as we can SMS on mobile users for awarenes. •Co-operative societies should only have IFFCO products & all of the IFFCO policies, even society workers have to wear IFFCO dress while there work hours. •We have to show that other brands like kissan bima patra of Post office, LIC policies all were at there own place but we are totally different from them through TVC. (Note: – But, for all this we have to do survey in each of targeted state to know different mindset of villagers of that state) – Thanks Sneha Bharuka.