National Insurance Academy, Pune|Sales and Marketing
P852 | Programme on Opportunities for Reinvestment (LIC)
Academic Year 2026-2027
Duration
2Days
Scheduled Dates
04 Jun 2026 - 05 Jun 2026
09 Jul 2026 - 10 Jul 2026
20 Aug 2026 - 21 Aug 2026
03 Sep 2026 - 04 Sep 2026
08 Oct 2026 - 09 Oct 2026
19 Nov 2026 - 20 Nov 2026
10 Dec 2026 - 11 Dec 2026
Background
LIC handles a vast claims portfolio, with significant amounts paid out every month as maturity claims. These payouts represent an opportunity to retain and reinvest funds by encouraging the claimants to take up new policies for themselves/ relatives, thereby ensuring continued financial protection and long-term wealth creation. To optimize this, the Manager (Reinvestment) will be responsible for engaging with claimants and offering suitable reinvestment options. This initiative will enhance policyholder retention, acquiring new customers, improve persistence, and contribute to LIC's long-term business sustainability. The training module is designed to equip Managers (Reinvestment) with the knowledge, skills, and tools required to effectively encourage claimants to reinvest their maturity proceeds into new policies, annuities etc. as a prospective customer. It will focus on customer relationship management, product knowledge, financial planning, and persuasive communication to maximize policy claim payment conversion to new policy contracts.
Learning Objectives
Analyze LIC's maturity claim trends and reinvestment potential.
Gain in-depth knowledge of term insurance, endowment, pension, annuity, health and ULIP plans.
Align reinvestment strategies with customers' long-term goals and tax benefits.
Profile of the prospective customers based on the STP model of demographics, financial needs, and their reinvestment potential.
Build trust-based relationships and provide personalized reinvestment solutions.
Address customer concerns with confidence and persuasion.
Use technology to track claims, monitor reinvestment potential, and ensure follow-ups.
Adhere to IRDAI guidelines, avoid mis selling, and maintain transparency.
Improve cross-selling, upselling, and customer retention strategies.
Engage in role-playing, case studies, and mock sales interactions for real-world readiness
Key Contents
The Claims Portfolio and Reinvestment Potential: Overview of LIC's maturity claims portfolio, customer behaviour post-maturity, Business impact of reinvestment on LIC.
Customer Profiling and Segmentation: Identifying different customer segments (retirees, professionals, HNIs, etc.), Analysing past policies and understanding customer needs, Digital tools for customer insights
LIC's Reinvestment-Oriented Products - Part 1: Overview of traditional savings and endowment plans, Pension and annuity plans for long-term security, Product suitability based on different stages of customers' life cycle.
LIC's Reinvestment-Oriented Products - Part 2: ULIPs and wealth accumulation plans, comparison with Mutual Fund investments, Tax benefits and financial planning considerations, Product bundling strategies
Consultative Selling Approach for Reinvestment: Understanding customer motivations and concerns, Need-based selling and offering customized solutions, Building long-term customer relationships, up-selling & cross-selling strategies.
Handling Customer Objections and Closing Sales: Common objections and how to address them, psychological aspects of decision-making, Effective follow-up strategies using MS-Excel (including quantifying IRR for comparable products)
Customer Relationship Management (CRM) for Reinvestment: Importance of a proactive customer engagement approach, Digital and offline touchpoints for communication, Personalized interactions for better customer experience
Role of Technology and Data Analytics in Reinvestment: Using CRM tools for tracking claims and reinvestment opportunities, Digital marketing strategies for reaching out to the customer and Leveraging automation for making customer centric presentations.
Regulatory Guidelines and Ethical Selling: IRDAI guidelines on solicitation and reinvestment, Ethical sales practices and avoiding mis-selling, Ensuring customers' trust and transparency in sales.
Legal and Compliance Aspects of Claims Reinvestment: Documentation and customers' rights, Ensuring informed consent in policy purchases, Dispute resolution mechanisms
Real-Life Case Studies and Success Stories: Analysis of successful claims reinvestment strategies, Learning from best practices in the insurance industry, Group discussion on real customer scenarios
Mock Sales Interactions and Role-Playing: Simulated sales meetings with different customer profiles, Peer and expert feedback on communication strategies, Final assessment and certification.
Who Should Attend
Manager (Reinvestment) (ADM/DM3 cadre) in Divisional Offices and Secretaries/Dy. Secretaries of Claims Dept in Zonal Offices and Central Office, Principals of STCs and FMs of ZTCs and STCs of Life Insurance Corporation of India to be nominated by HRD Depts. of respective offices.
