The IUP Journal of Marketing Management
Marketing of Life Insurance to the Indian BOP Segment: A Literature Review Using the 4A Framework

Article Details
Pub. Date : November, 2021
Product Name : The IUP Journal of Marketing Management
Product Type : Article
Product Code : IJMM131121
Author Name : Rohit Joshi, Vikas Chauhan and Vipin Choudhary
Availability : YES
Subject/Domain : Marketing
Download Format : PDF Format
No. of Pages : 19



The design and implementation of strategies to enter into the base of the economic pyramid requires a thorough understanding of market potential, opportunities and challenges. Life insurance market is a less explored territory in low-income emerging countries. This paper investigates life insurance services using the 4As framework for the bottom of pyramid (BOP) market. The study conducted a systematic literature review in the BOP context, life insurance, and other related services. Literature that fulfilled certain inclusion criteria was subjected to a quality evaluation before being considered for review. The study presents a very good discussion on various key attributes, opportunities, and challenges for life insurance in the BOP market in terms of acceptability, affordability, accessibility, and awareness. Furthermore, it provides suggestions and implications for marketing life insurance in the BOP market.


Life happens, be prepared! A phrase that makes us ponder over beauty and uncertainty of life at the same time. As per Kocchar (2015), today, 70% people globally live on less than $10 per day, having insufficient financial provisions to tackle unfortunate events such as demise of the income earner and managing unplanned health expenses. As per Ple and Angot (2015), most of the poor population is still not an active part of the financial inclusion activities. A strong and sustainable financial sector needs to be designed for coping with this graphic reality. Insuring the poor can be a fairly good approach to reduce their vulnerability. BOP concept, as per Simanis and Hart (2011), focuses on developing value for both corporations and low-income customers.

According to a recent World Bank (2021) report, climate change and Covid-19 pandemic stress has caused extreme poverty to rise after two decades in the year 2020.