IDBI Federal Life Insurance: Bringing wealth to everyone

In September 2010, IDBI Federal Life Insurance launched a new ULIP called Wealthsurance Milestone Plan. The product enables customers to save and build wealth under the protection of insurance to meet their financial goals. Two television commercials have been launched to introduce the product. Created by Ogilvy Mumbai, the TVCs aim to create intrigue about the product.

The second film, titled 'Tyagi', begins with the shot of a bungalow, inside which a rich young man is getting his head shaved by a barber. The man, who is becoming a 'sanyaasi', is shown saying goodbye to all his family members, friends and servants. As the man steps out of his home, a representative of IDBI Federal Life Insurance meets him and says that he has an appointment with him.

As the family mourns, the young man returns, calling his secretary to fetch the cheque book so that he can buy the wealth insurance plan. The TVC ends with the same voiceover saying that whoever has heard about the plan has bought it.

Speaking on the product, GV Nageswara Rao, managing director and chief executive officer, IDBI Federal Life Insurance, says, "Wealthsurance has been our flagship product and is power packed with benefits and options. Thus, to try and explain all its benefits in less than a minute doesn't do justice to it. So we decided to create an intrigue about the product. With Ogilvy as our partner, we were sure to get clutter breaking commercials."

The creative team for the campaign includes Abhijit Avasthi, national creative director; Amitabh Agnihotri, creative director (copy); Samir Sojwal, creative director (art); and Yogesh Pradhan, creative controller. The planning team includes Kanwal Shoor, planning head; and Neeraj Bassi. The servicing team had Hephzibah Pathak, Asha D'Souza, Chitralekha Chetia and Sheetanshu Mishra (account management).

Produced by Soda Films, the commercial has been shot by Rajesh Krishnan.

The wealth effect

Rahul Jauhari, national creative director, Pickle Lintas finds the TVCs pretty interesting. He says, "Both the films are immensely watchable, with good performance, casting and production values. The scripting is tight and right. As a campaign, the films are clutter breaking - something IDBI Federal needed to be noticed in a cluttered market. Between the two, I found the twist in the Alley TVC more interesting as a script. The humour is pitched right and will cut through."

Lubna Khan, senior planning director, Cheil Worldwide says that the campaign creates awareness but not enough relevance. She elaborates, "This is one campaign where a good creative execution has managed to overshadow and underplay the brand. In today's crowded and confusing financial services market, consumers, even as they make extensive comparison of products, make their final decisions based on a combination of hard headed rationality and irrational trust. In my opinion, not enough has been done to define what the brand delivers on both these aspects."