Month: April 2021

Paying LIC premiums offline

Offline premiums for LIC policies can be paid in any of the below-mentioned ways:

1. NACH (National Automated Clearing House)

NACH means National Automated Clearing House and it is an electronic payment facility offered by the National Payments Corporation of India (NPCI). You would have to submit a NACH mandate form at the nearest LIC branch from which you have bought the policy. Your bank account number should be mentioned on the form. After the form is submitted, LIC would clear it with your bank. If your bank validates the mandate, the premium would be automatically debited from your bank account.

2. Bill Pay

You can register with your bank to pay LIC premiums directly from your bank account through Bill Pay facility. You can register for Bill Pay facility online or offline. After registration, you give your bank the authority to debit LIC premium from your bank account whenever it is due.

3. ATM

You can also pay your LIC premiums through the ATMs of specified banks. Axis Bank and Corporation Bank will allow you to pay premiums through their ATMs. Premiums for all types of LIC policies, except unit-linked plans, health plans and online term plans, can be paid through ATM. Monthly premiums and premiums payable under the Salary Saving Scheme would, however, not be accepted at ATMs. To pay premiums through ATMs, you would have to register for the same with your bank and the facility is available only to the customers of Axis Bank and Corporation Bank.

Paying LIC premium online

Since digital premium payment modes have become popular, LIC allows you to pay its premiums online. LIC online payment can be done through the following means:

1. LIC website

The website of the company allows you to pay LIC premium online with the help of a few clicks of your mouse. You can pay the premium directly without registering as a customer. Alternatively, if you are registered for LIC’s online services, you can pay through the company’s customer portal. The steps for payment through both of these means are as follows:

1. Without logging in (paying directly)

1. Visit https://www.licindia.in/Home/Pay-Premium-Online and choose ‘Pay Direct (Without Login)’
2. Select the type of premium payment that you want to do, i.e. whether you want to pay the renewal premium or the advance premium for the policy

• Provide your policy number, date of birth, mobile number, email id and amount of premium

1. Click on ‘I Agree’ and submit the form to pay the premium online
   2. Through Customer Portal
2. Enter in your valid User ID, email ID or mobile number registered with the policy
3. Enter in your online account password
4. Give your date of birth and sign in to your account
5. You would be able to check the policies that you have bought
6. Choose the policy whose premium you want to pay and pay the premium online

You can pay premiums through your debit card, credit card, mobile wallet, UPI platform or net banking facility offered by your bank.

2. Authorized Banks

LIC has partnered up with Axis Bank, City Union Bank and IDBI Bank to serve as authorized premium collection points for LIC policyholders. You can, therefore, visit the nearest branch of any of these authorized banks across India and pay your LIC premiums on their counter through cash or cheque. If you are paying through cheque, the cheque should be drawn on the bank. Once the premium is paid, the bank would issue a premium receipt which is a valid proof of premium payment. LIC would not issue any other receipt as the bank issued receipt would be sufficient. You can pay premiums for all types of LIC policies except unit-linked plans, health insurance plans and online term plans. The premium can be paid up to 30 days in advance. However, monthly and quarterly premiums would not be accepted if the policy is maturing after the premium has been paid. No additional charges are levied by the banks if you pay your LIC premiums through them.

3. Franchisees

LIC has various franchises which allow you to do LIC online payment of premiums. These franchisees are as follows:

4. AP Online
5. MP online
6. Instapay
7. PayTM
8. Suvidha Infoserve
9. CSC

To pay premiums through any of these franchisees you would have to deposit cash. Premiums cannot currently be paid through cheques. As soon as you deposit the premium, the cash collection counter would issue a signed premium receipt which would be a valid proof of premium payment against your LIC policy. Premiums of all policies can be paid up to 30 days in advance. However, premiums for unit-linked plans, online term plans and health plans are not accepted by these franchisees. No additional cost is applied on a collection of the premium by these franchisees making it easy for you to do LIC online payment of your policy premiums.

4. Merchant

Various merchants are also tied up with LIC for LIC online payment facility. These merchants are as follows:

1. Empowered agents who collect premiums through specified premium points
2. Senior Business Associates (SBAs) and LIC Associates who collect premiums through Life Plus Offices
3. Chief Organizers
4. Retired LIC employees

These merchants are allowed a user ID and password which connects them with LIC portal. Using the portal connection, they can collect premiums on behalf of LIC and log the premiums with the company. After collecting premiums up to a predefined limit (the limit is defined by the marketing department of LIC), the merchants deposit the amount in Axis Bank or any branch of LIC. They can also deposit cash invoice online through LIC’s portal through the net banking facility of their bank account. Payment can be done through cash or cheque. You can pay the premiums for all types of policies except online term plans. Upon receiving the premium, the merchants issue a signed premium receipt which serves as a valid proof of premium payment.

Benefits of LIC online payment

By allowing online payment facility for premiums, LIC has offered its customers a host of benefits. These benefits are as follows:

• Customers can pay the premium even on the move as they don’t have to visit the branch of the company for premium payment
• Online premiums are credited almost instantly in real time-saving time for policyholders
• Even if the payment is made through alternate channels like merchants, franchisees, authorized banks, etc. no additional charges are levied which make the payment easy and convenient for the policyholder
• Given the different means of LIC online payment, you can choose any mode which is suitable for you and gets the job done quicker
• You immediately receive the premium receipt which you can use as proof in case of any type of premium payment-related disputes
• The chances of policy lapse reduce as you are given various options of paying premiums. Thus, you can easily continue your coverage and enjoy the benefits the policy has to offer

Grace period for premium payment

Once the policy is issued, you are required to pay the premiums on each due date. Premiums can be paid annually, half-yearly, monthly or quarterly and the due date is fixed accordingly. However, you might miss a premium payment due to any reason. Some common reasons why premium payments are missed include the following:

• Forgetting the due date
• Paying the premium very late on the due date which is not credited within the due date
• Travelling outside the country when the premium is due
• Financial crunch, etc.

If the premiums are not paid, the policy lapses and the coverage stops. However, LIC offers its customers the benefit of a grace period to pay the premium due. During the grace period, the policy does not stop. You get full insurance coverage.

Grace period means an extra period allowed to pay the outstanding premium. The grace period allowed under LIC policies is 30 days if you pay the premiums annually, quarterly or half-yearly. However, if the premiums are paid monthly, the grace period allowed is 15 days. Here are some of the aspects of grace period which you should know:

• The period starts from the next day of the premium due date. This means that if the due date is15th of September, the grace period would begin from 16th of September
• Usually, one month is allowed as a grace period. Thus, the number of days of grace can be 30 or 31
• If the insured dies during the grace period and the premiums have not been paid, the outstanding premium would be deducted from the claim amount and the death benefit would be paid
• Participating policies would earn a bonus during the grace period even if the premium is outstanding because, during the grace period, the policy does not lapse
• If the premiums are not paid even during the grace period, the policy would lapse

The Insurance Regulatory and Development Authority of India (IRDAI) has introduced several regulatory changes to health insurance. Insurance Regulatory and Development Authority of India (IRDAI) has reviewed IRDA (Health Insurance) Regulations, 2013 and notified IRDAI (Health Insurance) Regulations, 2016 on 18th July 2016. The Authority prescribed constitution of a Product Management Committee (PMC) for General and Health Insurers, which is an internal oversight mechanism within the company. PMC shall approve roll-out of Group Insurance products under Use and File procedure and also withdrawal of products. Prior approval of IRDAI is dispensed for Group Health Insurance Products and for withdrawal of the products of General and Health Insurers. The revised regulations increase the transparency and flexibility in withdrawal and rolling out of products.

Key Changes of IRDAI (Health Insurance) Regulations, 2016

1. Under Health plus Life Combi Product, Combination of any Life Insurance cover offered by a life insurer and a Health Insurance cover offered by General Insurer or Health Insurer is allowed.
2. General Insurers or Health Insurers are permitted to launch pilot products for a period not exceeding five years. At the end of the five-year period from the date of launch of the product, product shall be continued either as a regular product or shall be withdrawn.
3. Life Insurers may offer long term Individual Health insurance products i.e., for term of 5 years or more. Life insurer may not offer indemnity based products.
4. Credit Linked Group Health/Personal Accident policies can be offered for a term extended up-to the loan period not exceeding five years by all Insurers.
5. Any Health Insurance Product offered by Insurers shall not be marketed or offered unless it is filed with the Authority as per the Product Filing Guidelines. Product Filing Guidelines specified Use and File norms for Group Health Insurance Products offered by General and Health Insurers.
6. Product Management Committee (PMC) of General and Health Insurers can decide on withdrawal of Health Product by complying with the extant Guidelines prescribed in Product Filing Guidelines, 2016.
7. Review of product performance after five years to seek fresh approval stands deleted.
8. Norms specified for Group Insurance.
9. General and Health Insurers may devise mechanisms or incentives to reward policyholders for wellness and preventive habits. It is further specified that the underwriting policy shall also cover the approach and aspects relating to offering health insurance coverage not only to standard lives but also to sub-standard lives. Denial of proposal shall be in writing and shall be the last resort.
10. Insurers are now permitted to use the same proposal form without any change, for any number of their products. Norms are incorporated to protect the privacy of the policyholders.
11. Restriction on allowing Cumulative Bonus to benefit based products stands deleted.
12. General and Health Insurers to endeavour to provide coverage for one or more systems under AYUSH. Earlier exemption to Benefit based products stands deleted.
13. Norms on Wellness & Preventive Aspects of health insurance products are specified.
14. The nomenclature of ‘Standard List of Excluded Expenses in Hospitalization Indemnity policies’ stands changed to ‘Items for which optional cover may be offered by Insurers’ in order to enable the Insurers cover these generally excluded items at their discretion.
15. Policyholder shall have the right to require a settlement of his/her claim in terms of any of his/her policies.
16. No fresh underwriting at renewal stage where there is no change in Sum Insured offered. Where there is an improvement in the risk profile, the Insurer may endeavour to recognise that for removal of loadings at the point of renewal.
17. Earlier Regulatory provision of HIR, 2013 [Reg. No. 8(d)(iv)] on claim event falling during two policy periods stands deleted. No claim shall be closed in the books of the Insurer without proper disposal as per policy terms and conditions.
18. The following other disclosures are to be made:

• Product-wise or location or geography-wise particulars of the TPAs
• Product-wise cashless services offered
• Geography-wise list of Network Providers
• Specific disclosures in case of Pilot Products

19. The Insurer may provide a permanent Identity card (Smart Cards) to avail cashless facility which is valid as long as the policy is renewed with the company.
20. Authority specified certain Standards and benchmarks for hospitals in the provider network through Guidelines.
21. Where a claim is denied or repudiated, the communication shall be made only by the Insurer. Reasons for the denial or repudiation to be specified referring to corresponding policy conditions. Details of grievance redressal procedures available with the Company and with the Insurance Ombudsman to be furnished
22. Insurers and TPAs should put in place systems and procedures to identify, monitor and mitigate frauds.

Health plus life combo products

The ‘Combi Products’ may be promoted by all Life Insurance and Non-Life Insurance Companies.

The ‘Combi Product’ shall be the combination of Pure Term Life Insurance cover offered by life insurance companies and Health Insurance cover offered by non life insurance companies. Health Insurance for the purpose of this product class means effecting of contracts which exclusively provide sickness benefits or medical, surgical or hospital expense benefits, whether in-patient or outpatient, on an indemnity or reimbursement basis.

• The Policy Term and Sum Assured limits are as proposed and cleared under File and Use norms.
• Riders / Add-on covers may be offered subject to File and Use clearance
• The premium components of both risks are to be separately identifiable and disclosed to the policyholders at both pre-sale stage and post-sale stage and in all documents like policy document, sales literature etc.
• The product may be offered both as individual insurance policy and on group insurance basis. However in respect of health insurance floater policies, the pure term life insurance coverage is allowed on the life of one of the earning members of the family who is also the proposer on health insurance policy subject to insurable interest and other applicable underwriting norms of respective insurers.
• The integrated premium amount of the ‘Combi Product’ shall be basis for reckoning the threshold limit / applicability of extant Regulations, guidelines and circulars etc. issued by the Authority or any other statutory body.
• Commission and Claim payouts in respect of ‘Combi Products’ shall be by respective insurers only.
• ‘Combi product’ shall have a free look option as outlined in Regulation (6) (2) of IRDA (Protection of Policyholders’ Interests) Regulations, 2002. Free Look option is to be applied to the ‘Combi Product’ as a whole.
• The Health portion of the ‘Combi Product’ shall entitle its renewability at the option of policy holder to have an independent / standalone health insurance policy from Non-Life Insurance Company of the respective ‘Combi Product’.

Lead Insurer: As two insurance companies are involved in offering the ‘Combi Product’ one of the insurance companies may be mutually agreed to act as a lead insurer in respect of each ‘Combi Product’ marketed with agreed terms, conditions and considerations. The Lead Insurer for the purpose of these guidelines is the insurance company mutually agreed by both the insurers to play a critical role in facilitating the policy service as a contact point for rendering various services as required in these guidelines. It is envisaged that the lead insurer would play a major role in facilitating underwriting and policy service.

• Underwriting: Under the ‘Combi Product’, underwriting of respective portion of risk shall be underwritten by respective insurance companies, that is; Life Insurance risk shall be underwritten by Life Insurance Company and the Health Insurance portion of risk to be underwritten by Non-Life Insurance Company.
• File and Use: It is expected that the common strength of both insurers are leveraged and consequent benefits are passed on to policyholders under this product class. Hence, to examine this aspect it is proposed that both the independent products are integrated as a single product and filed with a common brand name. Both the insurance companies are advised to carry out the cost benefit analysis from the perspective of common policyholders before filing the product. Insurers may also utilize the existing insurance products ‘as it is without modifications’ that are already cleared under the extant File and Use norms. However the ‘Combi Product’ is to be filed at the stage of integrating for getting File and Use approval irrespective of the earlier approval to either of products. ‘Combi Product’ filing shall follow the File and Use guidelines in vogue and all such guidelines that would be issued from time to time. ‘Combi Product’ is to be filed with Actuarial Department of IRDA in File and Use formats that are in vogue.

The business of general insurance was nationalised through The General Insurance (Emergency) Provisions Ordinance promulgated on 13 May 1971 and thereby the business being carried on by 107 entities was consolidated and restructured into four companies namely The New India Assurance Company Limited, Bombay, United India Fire & General Insurance Company Limited, Madras, Oriental Fire & General Insurance Company Limited, Bombay and National Insurance Company Limited, Calcutta (New India Assurance Co. Ltd., United India Insurance Co. Ltd., The Oriental Insurance Co. Ltd., and National Insurance Company Co. Ltd. respectively).

The General Insurance Business (Nationalisation) Act, 1972 (GIBNA) that followed paved the way for the Government to take over ownership of these businesses. Accordingly, GIC was incorporated on 22 November 1972 as a private company under Companies Act, 1956[4] in Bombay and received its Certificate for Commencement of Business on 1 January 1973.

GIC’s stated role was to function as the holding company of the four companies, and superintend, control and carry on the business of General insurance on behalf of the Government of India.

The first Chairman of GIC was A Rajagopalan, an Actuary and an officer of the Indian Administrative Service (IAS). M K Venkateshan and S K Desai were appointed the two Managing Directors of GIC.

On 1 January 1973, GIC was notified as the reinsurer under Section 101 A of Insurance Act, 1938,[5] making it the Indian reinsurer for receiving obligatory cessions, a role hitherto played by two companies called India Reinsurance Corporation Limited (India Re) and Indian Guarantee and General Insurance Company Limited (Indian Guarantee).

GIC was reborn as a pure reinsurance company in November, 2000. It was re-notified as ‘Indian reinsurer’ under Insurance Act, 1938 and continued to receive obligatory cessions from direct insurers. It continued writing foreign inward reinsurance business purely on its own account from 1 April 2002.

With effect from 21 March 2003, the four subsidiaries were delinked from GIC by an administrative order from the Ministry of Finance and became directly owned by the Government.

An Act to provide for the acquisition and transfer of shares of Indian insurance companies and undertakings of other existing insurers in order to serve better the needs of the economy by securing the development of general insurance business in the best interests of the community and to ensure that the operation of the economic system does not result in the concentration of wealth to the common detriment, for the regulation and control of such business and for matters connected therewith or incidental thereto.

Effect of transfer of undertakings.

(1) The undertaking of every such existing insurer as is referred to in section 5 shall be deemed to include all assets, rights, powers, authorities and privileges and all property, movable and immovable, cash balances, reserve funds, investments and all other rights and interests in, or arising out of, such property as were immediately before the appointed day in the ownership, possession, power or control of such existing insurer in relation to the undertaking, whether within or without India, and all books of accounts, registers, records and all other documents of whatever nature relating thereto, and shall also be deemed to include all borrowings, liabilities and obligations of whatever kind then subsisting of the existing insurer in relation to the undertaking.

(2) Unless otherwise expressly provided by this Act, all deeds, bonds, agreements, powers of attorney, grants of legal representation and other instruments of whatever nature subsisting or having effect immediately before the appointed day and to which any such insurer as is referred to in section 5 is a party or which are in favour of such existing insurer shall be of as full force and effect against or in favour of the Indian insurance company in which the undertaking or the part to which the instrument relates has vested and may be enforced or acted upon as fully and effectually as if, in the place of the existing insurer referred to in section 5, the Indian insurance company in which the undertaking or any part thereof has vested had been a party thereto, or as if they had been issued in its favour.

(3) If, on the appointed day, any suit, appeal or other proceeding of whatever nature in relation to any business of the undertaking which has been transferred under section 5 is pending by or against any such existing insurer as is referred to in that section, the same shall not abate, be discontinued or be in any way prejudicially affected.

The objectives of this Code will be pursued having regard to the law, and acknowledging that a contract of insurance is a contract based on the utmost good faith.

Assignment

A policy of insurance is a contract of a personal nature and hence cannot be transferred by the insured without the consent of the insurer. In the case of life and personal accident insurances, the subject matter of the insurance is a life and is not amenable to transfer. An assignment of the policy in such cases is just an assignment of the right to receive the proceeds of the policy.

The Insurance Act lays down the mode of assignment and transfer of a life insurance policy. An assignment or transfer may be made only on satisfaction of the following conditions:

(i) An endorsement upon the policy itself or by a separate instrument;

(ii) The endorsement or instrument should be signed by the transferor or his agent and should be attested by at least one witness;

(iii) It should specifically set forth the fact of transfer or assignment.

Nomination

A policy holder of a life insurance policy on his own life has the right, either while effecting the policy or before it matures, to nominate a person to whom the money secured by the policy should be paid in the event of the death of the policy holder. An insurer is not bound by such nomination unless it is brought to his notice, endorsed on the policy and registered in the records of the policy. It is pertinent to note that a transfer of assignment of a policy automatically leads to cancellation of a nomination. Additionally, these provisions relating to nomination under the Insurance Act do not 16 apply to any policies under the Married Women’s Property Act, 1874.

Tax implications

Insurance companies and insurance agents, in India, are subject to tax for the premiums and the commissions received by them respectively, under the Indian Income Tax Act, 1963 (“Income Tax Act”).

The Income Tax Act deals with the computation of the income of the following insurance companies:

• Companies carrying on life insurance business which are resident in India;
• Companies carrying on any other kind of insurance business, which are resident in India; and
• Non-resident persons carrying on the business of insurance in India through a branch.

Taxation on Insurance Business

The Income Tax Act provides that the income tax payable on the profits and gains arising from the life insurance business will be calculated at the rate of 12.5% of such prof its and gains. An insurance company is required to deposit an amount equal to one-third of the tax, in a Social Security Fund as notified by the Central Government. Further, the insurance company is required to deposit an amount of not less than 2.5% of the profits and gains of the insurance business in such a Security Fund. Where the insurance company has deposited such an amount, the income tax payable by the insurance company will be reduced by that amount and the amount to be deposited in the Security Fund would also be calculated on the income tax so reduced.

The term ‘Yogakshemam Bahamayam’ in our ancient texts. This suggests that a form of “community insurance” was prevalent around 1000 BC and practised by the Aryans. In modern times, Triton Insurance Co. Ltd. was the first general insurance company to be established in India in 1850. The Bombay Mutual Life Insurance Society started its business in 1870. It was the first company to charge same premium for both Indian and non-Indian lives. The Oriental Assurance Company was established in 1880. Thereafter, many players emerged. By 1956, there were around 240 private life insurers and more than 100 general insurers. The Government of India, concerned by the unethical standards adopted by some players against the consumers, nationalised the industry in two phases in 1956 (life) and in 1972 (non-life). The government brought together life insurers under one nationalised monopoly corporation and LIC was born. The general insurance business remained in the private sector till 1972. Then, nearly 107 insurers were amalgamated and grouped into four companies- National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company. They were subsidiaries of the General Insurance Company (GIC).

The modern form of Life Insurance came to India from England in the year 1818. Oriental Life Insurance Company started by Europeans in Calcutta was the first life insurance company on Indian Soil.

The insurance companies established during that period were brought up with the purpose of looking after the needs of European community and Indian natives were not being insured by these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the foreign life insurance companies started insuring Indian lives. But Indian lives were being treated as sub-standard lives and heavy extra premiums were being charged on them.

Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance company in the year 1870, and covered Indian lives at normal rates. Bharat Insurance Company (1896) was also one of such companies inspired by nationalism. The Swadeshi movement of 1905-1907 gave rise to more insurance companies such as The United India in Madras, National Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore.

Life Insurance Companies Act, 1912

In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and periodical valuations of companies should be certified by an actuary. But the Act discriminated between foreign and Indian companies on many accounts, putting the Indian companies at a disadvantage.

Insurance Act 1938

From 44 companies with total business-in-force as Rs.22.44 Crores, it rose to 176 companies with total business-in-force as Rs.298 Crores in 1938. With a view to protect the interests of the Indian Insurance companies, the earlier legislation was amended with the enactment of the Insurance Act 1938, which consists comprehensive provisions for effective control over the activities of insurers or insurance organizations.

The Insurance Act 1938 was the first legislation governing the life insurance and non-life insurance and to provide strict state control over insurance business.

Birth of Life Insurance Corporation of India

On 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian insurance companies, 16 non-Indian companies and 75 provident were operating in India at the time of nationalization. Nationalization was accomplished in two stages; initially the management of the companies was taken over by means of an Ordinance, and later, the ownership too by means of a comprehensive bill.

The Parliament of India passed the Life Insurance Corporation Act on June 1956, and the Life Insurance Corporation of India was created on September 1956, with the objective of spreading life insurance much more widely and in particular to the rural areas with a view to reach all insurable persons in the country, providing them adequate financial cover at a reasonable cost.

The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector.

History of General (non-life) Insurance

The history of general insurance dates back to the Industrial Revolution in the west during the 17th century. General Insurance in India has its roots in the establishment of Triton Insurance Company Ltd. at Kolkata in the year 1850 by the Britishers. In 1907, the Indian Mercantile Insurance Ltd. was established and was the first company to transact all classes of general insurance business.

In 1957, General Insurance Council (GIC), a wing of the Insurance Associaton of India was established The General Insurance Council framed a code of conduct for ensuring fair conduct and sound business practices across Non-Life or General insurance sector.

In 1968, the Insurance Act was amended to regulate investments and set minimum solvency margins. The Tariff Advisory Committee was also established in the same year.

With the passing of the General Insurance Business (Nationalization) Act in 1972, general insurance business was nationalized. A total of 107 insurers were amalgamated and grouped into four companies namely National Insurance Company Ltd. at Kolkata, the New India Assurance Company Ltd. at Mumbai, the Oriental Insurance Company Ltd at New Delhi and the United India Insurance Company Ltd at Chennai.

Malhotra Committee

The Government set up a committee in 1993 under the chairmanship of R.N. Malhotra, former Governor of RBI (Reserve Bank of India), to propose recommendations for initiation and implementation of reforms in the Indian insurance sector. The objective of setting up this committee was to complement the pace of reforms initiated in the financial sector.

The aforesaid committee submitted its report in 1994 wherein it was recommended that the private sector be permitted to enter the Indian insurance sector. It also recommended the participation of foreign companies by allowing them to enter into an MOU (Memorandum of Understanding) by floating Indian companies, preferably a joint venture with Indian partners.

Birth of IRDA

Following the recommendations of the Malhotra Committee report, the Insurance Regulatory and Development Authority (IRDA) Act, in 1999 was passed by the Indian Parliament.

The IRDA opened up the Indian insurance market in August 2000 by inviting application for registration proposals. Foreign companies were allowed entry into Indian insurance sector with an upper ceiling on ownership of up to 26% participation. The IRDA has been granted the powers to frame regulations under Section 114A of the Insurance Act, 1938.

From 2000 onwards, IRDA has framed various regulations for carrying on insurance business to protection of Indian policyholders’ interests including the registration of Life & Non-Life (General) Insurance companies.

Insurance: A thriving sector

At present there are 28 general insurance companies including the ECGC and Agriculture Insurance Corporation of India and 24 life insurance companies operating in the country.

The insurance sector is a massive one and is thriving at a speedy rate of 15-20%. Together with banking services, insurance services add about 7% to the country’s GDP. A well-developed and evolved insurance sector is a boon for economic development as it provides long- term funds for infrastructure development at the same time strengthening the risk taking ability of the country.

The Government of India issued an Ordinance on 19 January 1956 nationalising the Life Insurance sector and Life Insurance Corporation came into existence in the same year. The Life Insurance Corporation (LIC) absorbed 154 Indian, 16 non-Indian insurers and also 75 provident societies 245 Indian and foreign insurers in all. In 1972 with the General Insurance Business (Nationalisation) Act was passed by the Indian Parliament, and consequently, General Insurance business was nationalized with effect from 1 January 1973. 107 insurers were amalgamated and grouped into four companies, namely National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd and the United India Insurance Company Ltd. The General Insurance Corporation of India was incorporated as a company in 1971 and it commenced business on 1 January 1973.

The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private sector. But now there are 23 private life insurance companies in India. Before that, the industry consisted of only two state insurers: Life Insurers (Life Insurance Corporation of India, LIC) and General Insurers (General Insurance Corporation of India, GIC). GIC had four subsidiary companies. With effect from December 2000, these subsidiaries have been de-linked from the parent company and were set up as independent insurance companies: Oriental Insurance Company Limited, New India Assurance Company Limited, National Insurance Company Limited and United India Insurance Company.

The nationalisation of life insurance is an important step in our march towards a socialist society. Its objective will be to serve the individual as well as the state. We require life insurance to spread rapidly all over the country and to bring a measure of security to our people.: Jawaharlal Nehru

The first step towards nationalisation of life insurance was taken on 19 January 1956 by the promulgation of the Life Insurance (Emergency Provisions) Ordinance, 1956. In terms of this Ordinance, the management of the ‘controlled businesses of insurers were vested in the central government. The period between 19 January 1956 and 31 August 1956 was utilised as a period of preparation to facilitate the subsequent integration of the various insurers into a single State-owned  Corporation.

Before nationalisation, the insurance industry was organised into 243 autonomous units, each with its own separate administrative structure of office and field staff, its own separate set of agents and of medical examiners. Their offices concentrated in the large cities and their field of operation was confined to the major urban areas. Out of 145 Indian insurance companies, as many as 103 had their head offices in the four cities of Bombay, Calcutta, Delhi and Madras.

When the Corporation was constituted on 1 September 1956, it integrated into one organisation, the controlled business of 243 different units, Indian and foreign, which were engaged in the transaction of life insurance business in India.

The total assets of the above 243 units as on 31 August 1956 were about Rs 4,110 million and the total number of policies in force was over five million assuring a total sum of more than Rs 12,500 million. The total number of salaried employees was nearly 27,000. These figures give a broad idea of the magnitude of the problem involved in setting up an integrated structure.

When parliament set up LIC as a monopolistic public undertaking, it was argued and believed that elimination of competition and the malpractice that competition has given rise to, would lead to:

a) Better and more economical management of the Business of life insurance.

b) Reduction in administrative expenses.

c) Improvement in the quality of service.

d) Increase in volume of business.

e) Maximisation of social advantages that insurance can provide through higher returns on investments of life fund, consistent with safety and liquidity of the invested funds.

The Corporation had an Executive Committee consisting of the Chairman, two Managing Directors and two other Members of the Corporation. There was also an Investment Committee consisting of the Chairman, a Functional Director, and five other persons, to advise the corporation in matters referred to it relating to the investment of its funds.

By the end of 1955, life insurance touched only a fringe of the urban population. The immense benefits of modern concepts of life insurance remained largely unknown to the large sections of the people and thus the country did not derive full benefit from the system. The shortcomings noticed in the insurance business were due to the unscrupulous business practices of some insurance business magnates. Also, a large number of foreign insurers charged a much higher premium compared to the Indian insurers, thus catering to only the higher income groups. It is believed that insurance is a type of business that ought never to fail if it is properly run. But it was found that during the decade 1945-1955, as many as 25 life insurance companies went into liquidation and another 25 had so frittered away their resources that their business had to be transferred to other companies at a loss to the policyholders’ savings. Hence, effective mobilisation of people’s savings was given as one of the major reasons for nationalisation as a nation’s savings are the prime mover of its economic development.

Definitions:

• “Act” means the Insurance Act, 1938 (4 of 1938), as amended from time to time.
• “Agreement” for the purpose of these regulations means an agreement entered into between a web aggregator and an Insurer;
• “Authority” means the Insurance Regulatory and Development Authority established under the provisions of Section 3 of the Insurance Regulatory and Development Authority Act, 1999 (41 of 1999);
• “Distance Marketing” for the purpose of these regulations refers to the process of solicitation or sale of insurance products or services where the consumer is physically not present at the point of solicitation or sale or the conclusion of the sale, and the process is accomplished through telephone or Short Messaging Service (SMS) or e-mail or Internet or web services;
• “Lead” for the purpose of these regulations means information pertaining to a person who has accessed the website of a web aggregator and has submitted contact information of any kind, for obtaining information on prices or features/benefits of insurance products;
• “Lead Generation” for the purpose of these Regulations, is the process of collecting the details of the prospects to ascertain their intention to purchase insurance, before proceeding with solicitation of insurance products;
• “Lead Management System” (LMS) for the purpose of these Regulations refers to the Software implemented by the Web Aggregator for recording, filtering, validating, grading, distribution, follow up and closure of leads from the enquiries received on the website of the Web Aggregator;
• “Outsourcing”: for the purpose of these Regulations means activities which can be carried out by the Web Aggregators to the extent as specified by the Authority.
• “Person” means
• A company formed under the Companies Act, 1956 (1 of 1956); or
• A limited liability partnership formed under the Limited Liability Partnership Act, 2008 (6 of 2009) with no partner being a non-resident entity/person resident outside India as defined in clause (w) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999) FEMA, and not being a foreign limited liability partnership registered there under; or
• Any other person recognized by the Authority to act as a Web Aggregator;

j. “Principal Officer” means

• A director / partner, who is responsible for the activities of the Web Aggregator in the case of a body corporate; or
• The chief executive officer appointed exclusively to carry out the functions of a Web Aggregator;
• “Solicitation” for the purpose of these Regulations is defined as the approach of a Prospect by an insurer or an intermediary with a view to convince the Prospect to purchase an insurance policy;
• “Tele caller” for the purpose of these Regulations is a person engaged by a Telemarketer for carrying out the Telemarketing and Distance Marketing related work;
• “Telemarketer” for the purpose of these Regulations, is an entity registered with Telecom Regulatory Authority of India under Chapter III of The Telecom Commercial Communications Customer Preference Regulations, 2010 (as amended from time to time);
• “Web Aggregator” for the purpose of these regulations is a person licensed by the Authority under these Regulations;
• “Website” is a set of related web pages served from a single web domain. A website is hosted on at least one web server, accessible via a network such as the Internet or a private local area network through an Internet address known as a Uniform resource locator. The word ―website‖ includes a web portal and/or a mobile site for the purpose of these regulations;
• “Designated Website” for the purpose of these regulations is a website(s) with domain name(s) registered, owned by and used exclusively for the functions of the Web Aggregator;
• Words and expressions used and not defined in these Regulations but defined in the Insurance Act, 1938 (4 of 1938), the Insurance Regulatory and Development Authority Act, 1999 or in any of the Regulations made there under shall have the meanings respectively assigned to them in those Acts or Regulations.

Eligibility criteria for License of the Web Aggregator:

1. For the grant of License / Renewal of license of the web aggregator, the applicant shall ensure the fulfilment of the conditions including but not limited to the following:
2. The applicant is a person as defined under regulation 1 (i).
3. The Memorandum of Association of the company or such other documents of applicants shall have the business of web aggregation of Insurance Products only as its main object.
4. The applicant is not engaged in any other business other than the main object (Web Aggregation of Insurance Products) of the applicant;
5. The applicant shall not be licensed / registered as an insurance agent, corporate agent, micro-insurance agent, TPA, surveyor, Loss assessor or any other Insurance Intermediary under the relevant Regulations framed by the Authority.
6. The applicant shall not have a referral arrangement with an Insurer.

The applicant shall not be a related party of an insurer, insurance broker, corporate agent, micro-insurance agent, TPA, Surveyor or a loss assessor or other insurance intermediary at any time.

1. The Principal Officer shall possess the required qualification as specified by the regulator
2. The Principal Officer of the Web Aggregator should have undergone 50 hours of training initially and 25 hours of renewal training at the end of every three years thereafter.
3. The Principal Officer / Directors / Promoter(s) / Shareholders / Partners / Key Management Personnel should fulfil the conditions in the FIT and PROPER criteria notified by the authority from time to time.
4. The web aggregator should not have violated the obligations and the code of conduct as specified by the regulator.
5. The Authority is of the opinion that the grant of license will be in the interest of policyholders.

Application seeking Grant of License.

1. An applicant, seeking grant of License as Web Aggregator shall make an application to the Authority in the specified application Form.
2. The application shall be accompanied by a non-refundable fee of rupees ten thousand paid by way of a bank draft drawn in favour of ‗Insurance Regulatory and Development Authority‘ payable at Hyderabad.
3. Applicants seeking permission for Outsourcing and Telemarketing functions/facility shall mention the same specifically in the application Form.
4. The applicant seeking grant of license as Web Aggregator shall fulfil all the eligibility conditions as specified under the relevant sections of these regulations and fulfil the conditions mentioned in these Regulations.
5. The application for grant of license as Web Aggregator shall be dealt by the authority as per the applicable provisions and under these Regulations.
6. On the applicant fulfilling all the eligibility criteria and requirements mentioned in these Regulations; the authority shall grant License to the applicant to function as a Web aggregator
7. A license once issued shall be valid for a period of three years from the date of its issue, unless the same is suspended or cancelled pursuant to these Regulations.
8. An application, which is not complete in all respects, shall be liable to be rejected.
9. Application seeking Renewal of License:
10. Web Aggregators interested in continuing in the business shall apply with the Authority for renewal of the License at least THIRTY DAYS before expiry of the previous License. The application for renewal of license should be accompanied by a fee of rupees ten thousand Applicants seeking permission for Outsourcing and Telemarketing functions / facility shall mention the same specifically in the application Form.
11. No Web Aggregator shall be allowed to carry out the functions of the Web Aggregator, after expiry of the license.

The application for renewal of license as Web Aggregator shall be dealt with by the authority as per the applicable provisions and under these Regulations.

1. A Web Aggregator, before seeking a renewal of license, shall ensure that their Principal Officer has received at least twenty-five hours of theoretical and practical training from an institution recognized by the Authority from time to time.
2. The Authority, on being satisfied that the applicant fulfils all the conditions specified for renewal of a license, shall renew the license for a period of three years and send intimation to that effect to the applicant.
3. Wherever it is found that the Web Aggregator is not doing any amount of business during the entire/part of the previous licensed period, the Authority may refuse to renew the license.
4. Employees of the Web Aggregator:
5. The employees of the Web Aggregator involved in insurance solicitation and verification should have completed the fifty hours of theoretical and practical training on insurance from an institution recognized by the Authority from time to time and passed an examination, at the end of the period of training mentioned above, conducted by the National Insurance Academy, Pune or any other examining body recognized by the Authority.
6. Tele-callers deployed by Web Aggregators to solicit business should be employees on the rolls of the Web aggregator and should have undergone training as prescribed by Authority.
7. Web Aggregators shall be responsible for all acts of commission and omission of the employees deployed on their behalf.

Capital requirements

1956. The capital of the web aggregator shall be issued and subscribed in the form of Equity Shares where the web aggregator is a company registered under Companies Act, 1956.
1957. The web aggregator shall have a net worth not less than Rupees ten lakh at all times.
1958. The Web Aggregator shall submit to the Authority a net worth certificate duly certified by a Chartered Accountant every year after finalisation of books of accounts.

Duties and Functions of web Aggregators.

1. a) The Web Aggregator shall
2. Display Information pertaining to the Insurers who have signed agreement with the Web Aggregators.
3. Carryout the activities for the purpose of Lead Generation for insurers.
4.  Ensure that the information systems, (both hardware and software) including the aggregation website(s) / portals, Lead Management System and the Data Centers hosting the website(s) / Portal(s) / Lead Management System are in compliance with the generally accepted information security standards and procedures in force in India from time to time.
5. Ensure that the leads and other data is transmitted to the insurers and others using secured layer data encryption technologies like 128 bit encryption.
6. Use only RBI licensed payment gateways for collection and transfer of premium to insurers when the web aggregator is authorized by the insurer to collect the premium on behalf of the insurer.
7. Ensure to get the information systems (both hardware and software) including the aggregation website(s) / portals, Lead Management System and the Data Centers hosting the website(s) / Portal(s) / Lead Management System Audited by CERT-In empanelled Information Security Auditing organisations once in a financial year and submit a copy of the Audit Certificate/Report to IRDA and the insurers with whom the web aggregator has entered into an agreement, within 15 days from the date of receipt of the same.

b) The Web Aggregators shall not:

1. Display any information pertaining to products or services of other financial institutions / FMCG or any product or service on the website
2. Display advertising of any sort, either pertaining to any product or service including insurance product or service, other financial products or service / or any other product or service in the Web Aggregators Website.
3. Operate multiple websites or tie up with other approved/unapproved/unlicensed entities/websites for lead generation / comparison of product etc. subject to few exceptions.
4. Operate the websites of other Financial / Commercial / marketing or sales or service entities or use other Social Media sites etc. for comparison of products etc.
5. Operate in any other manner for the purpose of transmitting leads to any entity engaged in insurance business except these following regulations.

Nomenclature of Web Aggregators

i) All Web Aggregators shall have the word `Insurance Web Aggregator‘ or Insurance Web Aggregators` in the name of the Insurance Broking Company to reflect its line of activity and to enable the public to differentiate IRDA licensed insurance Web Aggregator from other non-licensed insurance related entities. The application of the new applicant companies making an application to seek the license to act as web aggregator shall not be considered in the absence of the compliance of the nomenclature requirement.

ii) Every licensed insurance Web Aggregator shall display in all its correspondences with all stakeholders its name registered with the Authority, address of the Registered and Corporate Office, IRDA license number and validity period of the license.

iii) Insurance web aggregators are not permitted to use any other name in their correspondence/literature/letter heads without the prior approval of the Authority.

• Agreement of Insurer with a Web Aggregator:
• An Insurer desirous of obtaining leads from web aggregator shall enter into an “agreement” with the web aggregator approved by the Authority which shall necessarily include details relating to, though not limited to, the following:

i) Time-frame and mode of transmission of leads to be shared

ii) Onus of complying with regulatory and other legal requirements on both the parties to the agreement.

iii) Identifying the different data elements to be shared (viz., name of prospect / client (visitor of the web site), contact details etc)

iv) The timeframe for providing the premium and feature tables of the agreed products to the Web Aggregator after concluding the agreement and keeping them up to date.

• The agreement between an insurer and web aggregator shall be valid for a period of three years from its date, subject to the validity of license of web aggregator.
• The web aggregator shall file the agreement with the Authority within fifteen days from the date of entering the agreement.

Step 1: Select Your Campaign Objective

Now, on Facebook you can choose from a handful of campaign objectives that match your advertising goals. For example, if you are looking to drive traffic to a physical location you would use “Local Awareness”. If you’re driving traffic to a website, you want to use “Conversions”.

Here’s the complete list of Facebook campaign objectives available:

• Brand awareness
• Local awareness
• Reach
• Traffic
• Engagement
• App installs
• Video views
• Lead generation
• Conversions
• Product catalog sales
• Store traffic
• Messages

Step 2: Give Your Ad Campaign a Name

After we have decided our campaign type, let’s give our campaign a name. This may seem like a fairly simple step, but it is actually very important to adopt useful naming conventions for your campaigns when you start with Facebook advertising so you can easily organize your campaigns as you scale and run more of them. It also sets you up for hyper-efficient reporting later on when it comes time to analyze your results.

For example, you should always include the date range the campaign will be running in your campaign name. Depending on whether you are advertising for your own business or for clients, you can add more elements in your campaign name:

• Client name/ website
• Target Audience/ Location
• Custom Audiences
• Creative Type ( Video? Carousel?)
• Facebook Page, etc

Step 3: Set Up the Audience Targeting

Facebook offers a lot of powerful ways to target audiences, and we’ll talk more at length about creating these different audience types in Chapter 6.  The next step is where you will create your adsets, or audiences.

If we think back to the last chapter, you should recall your main ads manager screen has a campaigns tab, adsets tab and an ads tab.

The ads and adsets are contained within your campaign, with the ads containing a specific combination of creative and an adset containing a specific audience and budget.We’ll discuss this in greater detail in Chapter 7 when we review budgets, but for now let’s focus on building our audience.

In this phase of your campaign setup, you have two options:

• Create a new Facebook target audience
• Use a Saved Audience

Step 4: Set Up Your Ad Placement

By default, Facebook will have “automatic placements” selected which can include Facebook, Instagram and Audience Network, but generally will use the placements optimized to give you best results. You can also choose to edit your placements if you have some data on what placement works best for you.

The full list of placements are:

Facebook

• Feed
• Instant Articles
• In-stream videos
• Right column
• Marketplace
• Stories

Instagram

• Feed
• Stories

Audience Network

• Native, banner and interstitial
• In-stream videos
• Rewarded videos

Messenger

• Inbox
• Sponsored messages

How to select your Facebook ad placements?

If you’re setting up your first campaign, we recommend that you use the Automatic Placements.

However, if you’re trying to get people convert on your website and it’s difficult to navigate on mobile, de-select the Mobile Newsfeed, Instagram and Audience Network placements.

Here are the ad placements recommended by Facebook for every campaign objective:

• Brand awareness: Facebook and Instagram
• Engagement: Facebook and Instagram
• Video views: Facebook, Instagram and Audience Network
• App installs: Facebook, Instagram and Audience Network
• Traffic (for website clicks and app engagement): Facebook and Audience Network
• Product catalog sales: Facebook and Audience Network
• Conversions: Facebook and Audience Network

 Step 5: Set Up Your Campaign Budget and Bidding

Your Facebook ad budget and bidding options are such important topics, that we’ve devoted the entire Chapter 7 to it.

Step 6: Set Up Your Facebook Ads

The actual ads are what users on Facebook will see, and you want them to look good. This is the final step of your campaign creation process, you can select your preferred Facebook ad type and insert your ad images and copy.

There are two options here: you can either select an existing Facebook Page post or create new ads:

YouTube marketing is often overlooked by social media marketers. Some think YouTube counts as a social media network. Others see it as more of an online video platform.

Either way, there are countless marketing opportunities on YouTube especially if your audience is on the platform and your competitors aren’t. YouTube counts two billion logged in monthly users worldwide, and ranks as the most widely used online platform among U.S. adults.

So, in that sense, whether or not YouTube meets social network criteria is irrelevant. It’s more popular than all of them. But with more than 500 hours of video uploaded every minute, effective YouTube marketing is easier said than done.

Fortunately, we’ve put together this 10-step YouTube marketing strategy to get you started. Learn how to optimize your channel, grow subscriptions, and expand your reach with YouTube ads and influencer partnerships.

5 YouTube marketing tools for business

YouTube Audio Library

Just about every successful YouTube video is backtracked with music and sound effects. But that doesn’t mean all songs and sounds are free to use. Avoid infringing on copyright by sourcing directly from YouTube’s free audio library.

Hootsuite

YouTube’s platform includes built-in scheduling and analytics tools. But if you manage multiple social media channels or work with a team, Hootsuite takes a lot of work out of the workflow.

With a central dashboard, it’s easy to keep track of content calendars and assign tasks to different team members. Schedule videos for YouTube and your other social networks simultaneously, and see how your YouTube marketing fits into your broader social media strategy.

Want to save even more time? You can also moderate comments on your YouTube videos from the Hootsuite dashboard.

Canva

Create channel and video art with pre-sized templates from Canva. This tool offers access to an expansive stock photo library, and features that allow for full customization and branding. The best part is you don’t have to sweat the specs. Canva takes care of that for you. Bonus: the app can be integrated into the Hootsuite dashboard.

Channelview

Channelview and its companion tool Channelview Insights monitor up to 10 different YouTube channels. This is ideal for YouTube marketers who manage multiple clients, or for brands that have multiple channels for different verticals. Channelview lets you streamline your workflow and measure your YouTube marketing efforts across the board. Get the full picture on how your YouTube channels work in tandem so you can refine playlists and boost subscribers.

Mentionlytics

Hook Mentionlytics up to your Hootsuite dashboard and start tracking every mention of your brand on YouTube. With this tool, you can keep tabs of videos created about your brand, comments that mention you, and more. Show your appreciation for positive comments, and show up for negative feedback, too. Customers appreciate it when companies take their feedback seriously.

10 Step YouTube marketing strategy

Step 1. Create a YouTube channel for business

Start by opening a Brand Account on Google.

You can create a YouTube channel with your regular Google account, but if you do, only you can access it. Plus, the account will be under your name and depending on your settings, may connect viewers to your personal email address.

With a Brand Account, multiple authorized users can log in simultaneously. Even if you don’t need this right now, it’s a good option to keep available as your business grows. With a Brand Account, you can also open and manage multiple YouTube channels.

Step 2. Learn about your audience

If you’re just starting out on YouTube, set aside some time to learn about YouTube demographics.

This includes quantitative data, like where the majority of users live (nearly 15% of site traffic comes from the U.S.), predominant age range (81% of 15–25 year-olds ), and viewing preferences (70% of watchtime is on mobile). If your audience skews younger, it might be worth noting that Gen Z viewers are most likely to search for short-form content.

Step 3. Research your competition

Next up: Competitive analysis. Like any platform, YouTube is a competitive space. By conducting an audit of competitors, you can see how your channel measures up and identify opportunities.

Identify competitors

Start by identifying three to five competitors. If you’re not sure, try Google Ads’ free Keyword Planner to see which companies rank for keywords associated with your brand. Or see what channels appear in searches on YouTube for the same keywords. (After hitting Search, filter results by Channel.)

Record key metrics such as subscriber counts and viewership stats so you can use them as benchmarks for your channel. Look at titles and descriptions to see what keywords they use. Read the comments on these videos to see what people are saying. Chances are their audience will overlap with yours.

Conduct a SWOT

Conduct a SWOT analysis to identify the Strengths, Weaknesses, Opportunities, and Threats presented by each competitor. This is a good framework for spotting what’s working and not working, and where you can carve out a niche with your YouTube channel.

Pro tip: Make sure your competitors aren’t serving ads on your videos! If they are, it’s possible to block them in Google’s ad manager. More on that here.

Step 4. Learn from your favourite channels

Scroll through your subscriptions and your YouTube history. As you do, take note of the techniques and formats that hold your attention. What keeps you coming back to these channels? How do the most popular channels drive views, subscriptions, and engagement?

Step 5. Optimize your videos to get views

YouTube is a video search engine. Like Google which happens to own YouTube videos results are ranked by titles, keywords, descriptions, and other factors. Then there’s the YouTube recommendation algorithm, which determines 70% of what people watch.

Optimize your videos so that they stand the best chance to show up in search results and get more views. We’ve created a detailed guide on how to get views on YouTube. But here are a few SEO pointers to start with:

Write a strong title

The title is one of the primary signals YouTube’s algorithm and viewers look at to evaluate your video.

Include relevant keywords. Check what words people use to find your channel in Traffic Sources in YouTube Analytics. Take a look at Google Trends and Google Ads’ Keyword Planner, too. See if any of these popular search terms can be added to your title.

But avoid clickbait. False advertising typically leads to lower retention, which in turn leads to lower ranking. If the keywords you find don’t match your topic, dig a little deeper in your keyword research. Focus on the topic and content.

Write a keyword-rich description

Prioritize the first few lines of your description to provide a brief summary of your video topic. As early as possible, plug in the keywords you’ve zeroed in on. Try not to sound too spammy. Write in coherent, natural-sounding sentences.

YouTube shows roughly 300 characters (about three lines) above the Show More button users need to click on to see your full description. This is where you should add more context for your video. For example, if you feature several products, provide links to them.

Add cards, end screens, bumper ads, and watermarks

Cards, end screens, bumper ads, and watermarks are clickable CTAs you can add to your YouTube videos. These elements help your videos drive actions and keep people on your channel.

Here’s a rundown of your different options:

Cards: Small, transparent CTAs that expand when clicked. Up to five can be used per video to direct viewers to your website, fundraiser, playlist, and more.

End screens: Up to four clickable frames that appear in the last 5-20 seconds. Use them to promote related content, your website, subscriptions, etc.

Bumper ads: Unskippable six-second video ads appearing at the start or end of a video.

Watermarks: Custom subscribe buttons visible only to non-subscribers. To add them to your videos, follow YouTube’s instructions.

Step 6. Upload and schedule your videos

Now that you’ve created and optimized your videos, it’s time to schedule them for publication.

For most 18-34 year olds, YouTube has replaced traditional network television. But it hasn’t necessarily replaced expectations. People still expect videos especially webisodes and series to be available on a reliable schedule.

Check your channel analytics to see if there’s a day or hour that tends to have a high amount of viewership and engagement. Once you’ve pinpointed the best time to post, aim to publish regularly within this window.

Step 7. Optimize your channel to attract followers

Make it easier for people to find and follow you on YouTube by optimizing your channel. Here are a few ways to prime your account for search, views, and follows.

Complete your YouTube profile

If you haven’t yet, add finishing touches to your YouTube profile. Fill out or add some polish to the following areas:

Channel description: In the “about” tab of your profile, provide a keyword-rich overview of what people can expect when they subscribe to your channel. Include links to your website and social accounts here, too.

Channel icon: Upload a high-res version of your logo.

Channel art: Use this banner space to welcome viewers to your channel. This area is a good place to promote your channel schedule, or an upcoming exhibit, product launch, or service. Master channel art and nab free templates with this guide.

You can also add a list of Featured channels to your profile. Feature your other owned YouTube channels, or give subscribers easy access to other YouTube resources they might be interested in. By doing this, you align your brand with complimentary companies and add value to your page.

Add social media links to your banner

Your YouTube banner is a prime position to add a few key links. Use this area to link to your website, other social channels, or even an auto-subscribe prompt. Put what matters most to your company upfront.

Create a channel trailer

Just like a movie trailer, your YouTube channel trailer is an opportunity to preview your channel. Channel trailers auto-play when an unsubscribed visitor lands on your page. So, it’s best to assume they’re new to your page, and possibly your brand.

Step 8. Try YouTube advertising

YouTube advertising can be an effective way to expand your reach beyond your channel. Looking to grow your channel? Target an audience you think might be interested in your content.

Want to promote your brand, an event, or a new product? YouTube ads are good for that, too. People are three times more likely to pay attention to online video ads versus TV ads.

YouTube ads are available in these four categories:

Skippable in-stream ads

Non-skippable in-stream ads (including bumper ads)

Video discovery ads (formerly known as in-display ads)

Non-video ads (i.e., overlays and banners)

For more info on YouTube’s ad formats and how to use them, check out our detailed guide to YouTube advertising.

Step 9. Try working with an influencer

One of the best ways to showcase your brand and reach a wider audience on YouTube is by working with an influencer.

According to Google, 60% of YouTube subscribers are more likely to follow shopping advice from their favourite creator over their favourite TV movie personality. Why? It’s often a lot easier to relate to creators. With the right partnership, creators can transfer that reliability and trust to your brand.

When it comes to these partnerships, let the influencer do the talking. The more control you try to exert over the partnership, the more you’ll impact the influencer’s brand. This makes the whole effort less genuine and their followers will see it from a mile away.

Step 10. Analyze and adapt

With your YouTube channel up and running, it’s time to start measuring your success. And failures. Getting YouTube marketing right involves testing and experimenting. Not everything will work, and that’s okay as long as you learn from it.

Use YouTube Analytics to monitor the growth of your channel and track the performance of your videos. When you publish a new video, keep an eye on:

• Significant changes in subscriber count
• New or changing audience demographics
• Video playback locations and traffic sources
• Device reports (mobile, desktop, smart TVs, etc.)

Monetization

• Advertising revenue: Get ad revenue from display, overlay, and video ads.
• Channel memberships: Your members make recurring monthly payments in exchange for special perks that you offer.
• Merch shelf: Your fans can browse and buy official branded merchandise that’s showcased on your watch pages.
• Super Chat & Super Stickers: Your fans pay to get their messages highlighted in chat streams.
• YouTube Premium Revenue: Get part of a YouTube Premium subscriber’s subscription fee when they watch your content.

Qualify for YouTube Monetization

First, to qualify for monetization, your channel has to have at least 4,000 hours of public watch time within the last year and at least 1,000 subscribers. This policy went into effect at the beginning of 2018 and is another way for YouTube to prioritize watch time.

3 Easy Steps to Enable Monetization on YouTube

You’ve reached the required number of subscribers and watch hours, and you’ve checked your channel for red flags now what? It’s time to learn how to enable monetization on YouTube.

• Click on YouTube Studio in the dropdown after you click on your icon in the top right corner of the screen.
• Once you’re in YouTube Studio, find the Channel menu on the left-hand side of your screen, and click on Monetization.
• Finally, in the Monetization window, click Start.