The study is designed to evaluate the strategic marketing approach to product portfolio management in life insurance service sector & how these strategies boost sales & marketability of a product which ultimately lead to customer satisfaction. The insurance scenario faces multiple challenges in dynamic era such as increased costs of operation, regulatory pressures, and inflexible technology infrastructure. Keeping all the above problems around the study would attempt to study all the factors that contributed to the effective marketing strategies in product portfolio management. This paper presents different strategic marketing approach to product portfolio management that are taken up in life insurance services keeping in view external and internal environment of the firm. Strategic dimension of marketing should focus on the direction that an organization would take in relation to a specific market or set of markets in order to achieve a specified set of objectives. An insurance firm strategy is a plan for action that determines how an insurer can best achieve its goals and objectives in the light of the existing pressures exerted by competition, on the one hand, and its limited resources on the other hand.