Theyre banking their lives on ads

New Delhi, Aug 4 | Updated: Aug 5 2005, 05:30am hrs
Ad spends by life insurance companies are slated to register a 25% growth this year to touch Rs 155 crore. The banking and insurance category has seen ad-spends grow consistently by over 20% year-on-year in the last two years. The category as a whole will spend Rs 280-290 crore this year, industry sources said.

A slew of brand-building advertising from companies offering life insurance like ICICI Prudential, Tata AIG, SBI Life and Max New York Life will additionally boost the insurance category, sources added.

Last year, the top three big spenders in the life insurance category in TV and print were ICICI Prudential (Rs 30 crore), Tata AIG (Rs 13 crore) and SBI Life (Rs 12 crore).

While ICICI, as a group, relies heavily on its brand ambassador Amitabh Bachchan, it has not involved him in selling life insurance. Tata AIG with Naseeruddin Shah and Harsha Bhogle and Max New York Life with Rahul Dravid are taking each other head-on for establishing their brand presence.

Rahul Dravid is the Mr Dependable for Indian cricket and gels well with our brand positioning as life insurance expert, Debashis Sarkar, director marketing for Max New York Life told FE.

The company plans to spend Rs 12 crore for the 8-part TV commercial with Dravid this year. Others who have lined-up brand-building advertising are Aviva, HDFC Standard Life, Met Life and Bajaj Allianz, with each gearing to spend between Rs 8-12 crore in the next one year, sources added.