Chennai:In their bid to create awareness about the importance of insurance and to strengthen brand recall, insurance companies, especially life insurers, are emerging as major spenders on advertising and marketing, next only to banks.

State-owned Life Insurance Corporation (LIC) of India, which is estimated to have spent about Rs 175 crore, is the largest advertiser in the sector. Interestingly, LIC had resorted to newer ways to retain its brand recall among commoners. It was for the first time that the insurance behemoth sponsored a function like last year's Zee Cine Awards. |ADR Watch - Mixed week for Indian counters|

ICICI Prudential said that it was essential for private insurance companies to create awareness about insurance as well as brand name. In spite of having a larger parent brand, ICICI Prudential Life spent Rs 21.6 crore from April to December 2005. SBI Life Insurance has earmarked Rs 20 crore for the current financial year. Products highlighted were life cover, children's policies and pension products. Since life insurance companies come out with long-term (10-20 years) policies, they can afford to spend more on marketing and advertising. General insurance products are, on the other hand, renewed annually. Gaining customers' confidence is key as far as life insurance firms are concerned.

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