Adi 132pa
This document was ed by and they confirmed that they have the permission to share it. If you are author or own the copyright of this book, please report to us by using this report form. Report 3i3n4
Overview 26281t
& View Adi as PDF for free.
More details 6y5l6z
- Words: 9,210
- Pages: 74
A PROJECT REPORT ON
“Potential of Life Insurance Industry in Gurgaon”
By – Aditya Enroll No – 0582051809 BBA (B&I) 2008-11 BLS Institute of Tech. & Mgmt. MetLife India Insurance Co. Ltd
A PROJECT REPORT ON
“Potential of Life Insurance Industry in Gurgaon”
The study was conducted from 1st of June, 2010 to 31st of July, 2010 At
MetLife India Insurance Co. Ltd, Gurgaon.
Submitted by:
Submitted to
Aditya (BBA(B&I) 2008-11
Mrs. Vaishali Sharma
BLS Institute of Tech. & Mgmt.
CERTIFICATE FROM THE ORGANIZATION
This is to certify that the project entitled “Potential of Life Insurance Industry in Gurgaon” is a bonafide work of Aditya, a student of BLS Institute of Tech. & Mgmt. , and was successfully conducted at, MetLife India Insurance Co. Ltd, Gurgaon, from 1st June to 31st July, 09 for the fulfillment of the course Bachelor of Business istration (BBA)(B&I).
Mr. Tusar Sharma, Sales Manager, MetLife India Insurance Co. Ltd, Gurgaon.
STUDENT UNDERTAKING
This is to certify that I have completed the Summer Training Project titled “Potential of Life Insurance Industry in Gurgaon” under the guidance of “Mr.Tushar Sharma” in partial fulfillment of the requirement for the award of degree of Bachelor of Business istration at BLS Institute of Tech. & Mgmt. This is an original piece of work & I have not submitted it earlier elsewhere.
Name of the Student (Aditya )
CERTIFICATE
This is to certify that ……Aditya… is a bonafide student of BLS Institute of Tech. & Mgmt. and has successfully completed the Summer Training Project under my guidance.
External Examiner
Internal Examiner
“SUMMER TRAININING REPORT” “Potential of Life Insurance Industry in Gurgaon”
Undertaken at
“MetLife India Insurance Co. Ltd”
Submitted in the partial fulfillment for the award of the degree of BACHELOR OF BUSINESS ISTRATION
Under the Supervision
Submitted by
and Guidance of
………………….
………………….
…………………...
Faculty, BLSITM
BBA (B&I) V Sem
CONTENTS PARTISULARS
Page No.
Acknowledgement Executive Summary
7 8
Introduction • Introduction of the Industry Life Insurance General Insurance Major Policy changes Changing Face of Indian Insurance Industry Various types of Life Insurance Policies • Introduction of the Company Company Profile MetLife Inc. Values Management Insurance Plans/Products
(9-37) 9 10 11 13 14 15
Research Methodology • Objective • Scope of study • Sampling Methodology • Limitations
(38-42) 39 39 41 42
Survey • Graph Analysis & Data Interpretation
(43-61) 44
Findings & recommendations • Findings & Recommendations • Growth Potential • Conclusion
(62-65) 63 64 65
Bibliography
(66)
Annexure • Questionnaire
(67-70) 68
17 17 19 20 22
LIST OF GRAPHS Particulars [Fig 1] No of People Having Insurance
Page No. 45
[Fig 2] Types of Insurance Policy Respondents Have
46
[Fig 3] Preferance of Respondents of Insurance Co’s
47
[Fig 4] Benefits of Insurance Perceived by Respondents
48
[Fig 5] Features of Insurance Policy That Attracted Respondents
49
[Fig 6] Peoples Perception About Insurance
50
[Fig 7] Persons Having Insurance For
51
[Fig 8] Reasons Behind Taking Insurance Policies
52
[Fig 9] Satisfaction of Respondents With Respect to Policies
53
[Fig 10] Satisfaction of Respondents With Respect to Agents
54
[Fig 11] No of Respondents Paying Tax
55
[Fig 12] Respondents Perception About Best Form of Investment
56
[Fig 13] People’s Perception of Appropriate Age For Buying Insurance 57 [Fig 14] Peoples Opinion About Insurance Companies in India 58 [Fig 15] What People Look For in Insurance Companies 60 [Fig 16] People Interested In Going For Insurance Away From Their City
61
[Fig 17] People Planning For New Investment
62
ACKNOWLEDGEMENT
I am thankful to MetLife India Insurance Co. Ltd. for providing me an opportunity to undertake project in their esteemed organization. I would like to special thanks to my project manager Mr. Tusar Sharma, Sales Manager at MetLife India Insurance Co. Ltd, Gurgaon, who helped me throughout the project and also encouraged me to take this project in future course for my career.
Last but not the least I am also thankful to all the staff of MetLife India Insurance Co. Ltd to make my project successful.
Aditya
EXECUTIVE SUMMARY
In today’s corporate and competitive world, I find that insurance sector has the maximum growth and potential as compared to the other sectors. Insurance has the maximum growth rate of 70-80% while as FMCG sector has maximum 12-15% of growth rate. This growth potential attracts me to enter in this sector and MET LIFE INDIA INSURANCE CO. LTD. has given me the opportunity to work and get experience in highly competitive and enhancing sector.
•
The success story of good market share of different organizations depends upon the availability of the product and services near to the customer, which can be distributed through a distribution channel. In Insurance sector, distribution channel includes only agents or agency holders of the company. If a company like MET LIFE INDIA INSURANCE CO. LTD, MAX NEW YORK LIFE, BAJAJ ALLIANZ, TATA AIG, etc has adequate agents in the market they can capture big market as compared to the other companies.
•
Agents are the best way for a company of Insurance sector through which policies and benefits of the company can be explained to the customer.
INTRODUCTION Introduction of the Industry Introduction of the Company ♦ Company Profile ♦ Achievements ♦ Management ♦ Insurance Plans
THE HISTORY OF INDIAN INSURANCE INDUSTRY The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years.
Life Insurance In 1818 the British established the first insurance company in India in Calcutta, the Oriental Life Insurance Company. First attempts at regulation of the industry were made with the introduction of the Indian Life Assurance Companies Act in 1912. A number of amendments to this Act were made until the Insurance Act was drawn up in 1938. Noteworthy features in the Act were the power given to the Government to collect statistical information about the insured and the high level of protection the Act gave to the public through regulation and control. When the Act was changed in 1950, this meant far reaching changes in the industry. The extra requirements included a statutory requirement of a certain level of equity capital, a ceiling on share holdings in such companies to prevent dominant control (to protect the public from any adversarial policies from one single party), stricter control on investments and, generally, much tighter control. In 1956, the market contained 154 Indian and 16 foreign life insurance companies. Business was heavily concentrated in urban areas and targeted the higher echelons of society. “Unethical practices adopted by some of the players against the interests of the consumers” then led the Indian government to nationalize the industry. In September 1956, nationalization was completed, merging all these companies into the so-called Life Insurance Corporation (LIC). It was felt that “nationalization has lent the industry fairness, solidity, growth and reach.”
Some of the important milestones in the life insurance business in India are: 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: The market contained 154 Indian and 16 foreign life insurance companies. General Insurance The General insurance business in India started with the establishment of Triton Insurance Company Limited in 1850 at Calcutta. In 1907, the first company, The Mercantile Insurance Ltd. was set up to transact all classes of general insurance business. General Insurance Council, a wing of the Insurance Association of India in 1957, framed a code of conduct for ensuring fair conduct and sound business practices. In 1968 the Insurance Act was amended to regulate investments and to set minimum solvency margins. In the same year the Tariff Advisory Committee was also set up. In 1972, The General Insurance Business (Nationalization) Act was ed to nationalize the general insurance business in India with effect from 1st January 1973. For these 107 insurers was amalgamated and grouped into four company’s viz., the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd., and the United India Insurance Company Ltd. General Insurance Corporation of India was incorporated as a company Some of the important milestones in the general insurance business in India are: 1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business. 1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices. 1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. 1972: The General Insurance Business (Nationalization) Act, 1972 nationalize the general insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.
MAJOR POLICY CHANGES
Insurance sector has been opened up for competition from Indian private insurance companies with the enactment of Insurance Regulatory and Development Authority Act, 1999 (IRDA Act). As per the provisions of IRDA Act, 1999, Insurance Regulatory and Development Authority (IRDA) was established on 19th April 2000 to protect the interests of holder of insurance policy and to regulate, promote and ensure orderly growth of the insurance industry. IRDA Act 1999 paved the way for the entry of private players into the insurance market which was hitherto the exclusive privilege of public sector insurance companies/ corporations. Under the new dispensation Indian insurance companies in private sector were permitted to operate in India with the following conditions: Company is formed and ed under the Companies Act, 1956; The aggregate holdings of equity shares by a foreign company, either by itself or through its subsidiary companies or its nominees, do not exceed 26%, paid up equity capital of such Indian insurance company; The company's sole purpose is to carry on life insurance business or general insurance business or reinsurance business. The minimum paid up equity capital for life or general insurance business is Rs.100crores. The minimum paid up equity capital for carrying on reinsurance business has been prescribed as Rs.200crores. The Authority has notified 27 Regulations on various issues which include Registration of Insurers, Regulation on insurance agents, Solvency Margin, Re-insurance, Obligation of Insurers to Rural and Social sector, Investment and ing Procedure, Protection of policy holders' interest etc. Applications were invited by the Authority with effect from 15th August, 2000 for issue of the Certificate of Registration to both life and non-life insurers. The Authority has its Head Quarter at Hyderabad.
Changing face of Indian insurance industry:
Indian life-insurance market is the target market of all the companies who either want to extend or diversify their business. To tap the Indian market there has been tie-ups between the major Indian companies with other International insurance companies to start up their business. The government of India has set up rules that no foreign insurance company can set up their business individually here and they have to tie up with an Indian company and this foreign insurance company can have an investment of only 24% of the total start-up investment. Indian insurance industry can be featured by: • Low market penetration. • Ever growing middle class component in population. • Growth of customer’s interest with an increasing demand for better insurance products. • Application of information technology for business. • Rebate from government in the form of tax incentives to be insured. Today, the Indian life insurance industry has a dozen private players, each of which are making strides in raising awareness levels, introducing innovative products and increasing the penetration of life insurance in the vastly underinsured country. Several of private insurers have introduced attractive products to meet the needs of their target customers and in line with their business objectives. The success of their effort is that they have captured over 28% of income in five years. The biggest beneficiary of the competition among life insurers has been the customer. A wide range of products, customer focused service and professional advice has become the mainstay of the industry, and the Indian customer’s forms the pivot of each company’s strategy. Penetration of life insurance is beginning to cut across socio-economic classes and attract people who have never purchased insurance before. Life insurance is also now being regarded as a versatile financial planning tool. Apart from the traditional term and saving insurance policies, industry has seen the entry and growth of unit linked products. This provides market linked returns and is among the most flexible policies available today for investment. Now products are priced, flexible, and realistic and sustain so people in better position to understand the risk and benefits of the product and they are accepting these innovative products. So it is clear that the face of life insurance in India is changing, but with the changes come a host of challenges and it is only the credible players with a long term vision
and a robust business strategy that will survive. Whatever the developments, the future and the opportunities in this industry will surely be exciting. Various types of life insurance policies:• Endowment policies: This type of policy covers risk for a specified period, and at the end of the maturity sum assured is paid back to policyholder with the bonuses during the term of the policy. • Money back policies: This type of policy is for periodic payments of partial survival benefits during the term of the policy as long as the policy holder is alive. • Group insurance: This type of insurance offers life insurance protection under group policies to various groups such as employers-employees, professionals, co-operatives etc it also provides insurance coverage for people in certain approved occupations at the lowest possible cost. • Term life insurance policies: This type of insurance covers risk only during the selected term period. If the policy holder survives the term, risk cover comes to an end. These types of policies are for those people who are unable to pay larger required for endowment and whole life policies. No surrender, loan or paid up values are in such policies. • Whole life insurance policies: This type of policy runs as long as the policyholder is alive and is covered for the entire life of the policyholder. In this policy the insured amount and the bonus is payable only to nominee on the death of policy holder. • t life insurance policies: These policies are similar to endowment policies in maturity benefits and risk cover, but t life policies cover two lives simultaneously such as married couples. Sum assured is payable on the first death and again on the death of survival during the term of the policy. • Pension plan: a pension plan or annuity is an investment over a certain number of years but does not provide any life insurance cover. It offers a guaranteed income either for a life or certain period.
• Unit linked insurance plan: ULIP is a kind of insurance plan which provides life cover as well as return on paid over a certain period of time. The investment is denoted as units and represented by the value called as net asset value (NAV).
COMPANY PROFILE
MetLife India Insurance Company Limited (MetLife) is an of MetLife, Inc. and was incorporated as a t venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors. MetLife is one
of the fastest growing life insurance companies in the country. It serves its customers by offering a range of innovative products to individuals and group customers at more than 600 locations through its bank partners and company-owned offices. MetLife has more than 50,000 Financial Advisors, who help customers achieve peace of mind across the length and breadth of the country.
MetLife, Inc., through its s, reaches more than 70 million customers in the Americas, Asia Pacific and Europe. d companies, outside of India, include the number one life insurer in the United States (based on life insurance enforce), with over 140 years of experience and relationships with more than 90 of the top one hundred FORTUNE 500® companies. The MetLife companies offer life insurance, annuities, automobile and home insurance, retail banking and other financial services to individuals, as well as group insurance, reinsurance and retirement and savings products and services to corporations and other institutions.
MetLife Inc.:Celebrating 140 years, MetLife, Inc. is a leading provider of insurance and financial services with operations throughout the United States and the Latin America, Europe, and Asia Pacific regions. Through its domestic and international subsidiaries and s, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance and retirement & savings products and services to corporations and other institutions.
FACT SHEET Founded
2001
Started Operation
FY 2001-02
Headquarters
Bangalore, India
World Wide Web Address
www.metlife.co.in
Managing Director
Rajesh Relan
Employees
7688
Financial Advisors
56,072
Bancassurance Tie-Ups
5 (J&K Bank/Axis Bank/Dhanalakshmi Bank/Karnataka Bank/Barclays)
Number Of Products
Over 20 products
Presence Through MetLife Offices
192 offices in 131 cities
Presence Through Bank Partners
1910 offices in 686 cities
"Coming into your own",performing as a Leader to be really effective and successful by acting and making decisions independently to get results.
It's all about People, MetLife's key resource. MetLife will succeed because we are winning from within.
Functioning productively in teams towards a common purpose; realising the collective power of diverse workgroups.
Operating with an intense dedication to managing monetary resources for strong business results.
\
Partners:-
Child Plan:Met Bhavishya
MetLife offers 'Met Bhavishya' - a guaranteed money back plan that pays out funds to help to meet the education and career milestones of children. With this plan, the Life Insured is that of the parent. The plan also has inbuilt guaranteed additions to add value to the policy over its term. There are two options to choose from and fixed term benefits, periodic additions & terminal additions are payable based on the option that select. The policy is suitable for parents with children between the ages 0-12 and parents in the age group of 20-50 years old. Met Junior Endowment MetLife offers 'Met Junior'- a flexible endowment plan that combines savings and security. Children's well-being is our highest priority. So MetLife offer a plan which offers both timely and efficient return on investment. All with a guarantee. Met Junior - Non Par On attaining maturity, the Person Insured will receive the Sum Assured. Met Junior - Par On attaining maturity, the Person Insured will receive the Sum Assured, the Reversionary Bonus and the Terminal Bonus, if any.
Met Little Star
When child is born, a star is born in family. And, parents would like to provide their star with all the building blocks that could develop his or her potential to the fullest. This could mean special instruction sessions for talented children, unique training gear for exceptional athletes or qualified training for born singers to provide that extra-edge. To ensure this, parents would need an investment and protection package that is exclusively designed to help you plan for financial security, no matter what uncertainties life brings. 'Met Little Star', a Unit-Linked, regular , child insurance plan helps parents do just that. It secures finances for child's educational needs and ensures that plans go as planned, no matter what the circumstances. \Met Junior Money Back
MetLife offers 'Met Junior Money Back' - a money back plan that combines savings and security. Child's well-being is our highest priority. So MetLife offer a money back plan which provides guaranteed periodic survival benefits at the end of 5, 10 & 15 years, along with guaranteed growth of savings.
A plan which offers both timely and efficient return on investment with payouts at different milestones. Survival Benefit At the end of 5 years 20% of Sum Assured At the end of 10 years 20% of Sum Assured At the end of 15 years 20% of Sum Assured Upon survival to maturity
40% of Sum Assured plus total Guaranteed Additions
Met Magic MetLife offers 'Met Magic', a Unit-Linked (non-medical, regular ) life insurance plan (Non Par). Parents always want their little angel to have the best, in every sphere of life. You don't want your child to have to compromise. No matter what the circumstances. Met Magic, a unique life insurance plan, helps you secure the future of your loved one!
Retirement:-
Met Growth
MetLife offers 'Met Growth' - a Unit-Linked solution to help in golden years. It is specially designed to provide financial security for future requirements. This plan allows to start planning immediately by ensuring the safety of first year s. It also helps create retirement fund faster by giving you 100% allocation from the second year onwards, coupled with attractive loyalty additions into fund. Guaranteed. Entry Age (in completed years)
Min – 0 years (3 months to be completed) Max – 60 years
Maturity Age
Min – 18 years Max – 75 years
Coverage Term
15 / 20 / 25 / 30 years
Payment Term
Regular
Minimum Annualized
Rs. 12,000
Basic Sum Assured
Min - 5 times the Annualized ***Other Sum Assured multiples - 10 times & 20 times the Annualized .
Paying Modes
Monthly, Quarterly, Half-yearly, Yearly
Benefit • Death Benefit
In the unfortunate event of death, the higher of the Sum Assured or the Fund Value would be payable. If death of the Person Insured occurs before age 7, the Fund Value plus the regular received by us in the first policy year is payable. • Maturity Benefit On maturity, you will receive the Fund Value including the Guaranteed Loyalty Addition or you can opt for the settlement options. • Loyalty Additions You get the guarantee of enhancing your wealth creation through guaranteed loyalty additions (up to 120% of the first year annual ) at the end of the 10th & 15th year plus Guaranteed Additions as a % of the Fund Value. At the end of the 10th year: 50% of the first year annualized At the end of the 15th year:
Met Advantage Plus
MetLife offers 'Met Advantage Plus' - a Unit-Linked Pension Plan that allows to effectively and efficiently accumulate retirement needs. As the name suggests, it comes with many advantages.One can choose from eight annuity options, two life cover options and get tax benefits under Section 80 C and 10 (10 A). One can buy the plan without any hassles and invest more as you approach retirement by using the top-up functionality. All in all, it’s a plan which works harder when one stop working. For one, it ensures that you lead a comfortable lifestyle post retirement.
Entry Age (in completed years) Min – 20 years
Max – 55 years
Minimum Term
10 years
Minimum Vesting Age
45 years
Maximum Vesting Age
65 years
Minimum s
Single Pay: Rs. 1,00,000 Regular : Rs. 10,000
Paying Term
Single Pay & Regular Pay
Benefits • Death Benefit
•
In case of death during the accumulation period, the death benefit payable is: Under Option A: A guaranteed amount of 110% of the Fund Value is payable to the nominee. Under Option B: 100% of the Fund Value is payable to the nominee. Vesting Benefit On the vesting date, i.e. at the end of the accumulation term,you can take one-third of your retirement kitty as a tax-free lump sum and utilize the balance to buy annuities. Or you can use the entire retirement kitty to buy annuities.
Met Pension-Par
'Met Pension (Par)' serves as a friendly helping hand so one can stay financially independent even after retirement. It helps to build up a fund for golden years. With this plan,one can ensure his\her enjoy retirement as a happy new chapter. Entry Age (in completed
Min – 18 years
years)
Max – 60 years
Minimum Term
10 years
Minimum Vesting Age
45 years
Maximum Vesting Age
70 years
Minimum Sum Assured
Rs. 50,000
Maximum Sum Assured
No Limit
Minimum Annual
Rs. 4000 p.a. for Regular Pay
Payment Term
Single Pay, Limited Pay (3 or 5 Pay) & Regular Pay
Benefits Death Benefit In case of death while one is saving for retirement, the death benefit payable is: 1. Return of s. 2. Accrued reversionary bonus, if any. 3. Any insurance on the life of the Insured that may be provided by riders to this policy. Vesting Benefit On the vesting date, you can take one third of your retirement kitty as a tax-free lump sum and utilize the balance to buy annuities or you can use the entire retirement kitty to buy annuities. The retirement fund on the date of vesting is equal to the Sum Assured plus Guaranteed Additions plus the compounded reversionary bonuses plus the terminal bonus, if any. Guaranteed Additions
Savings:-
Met Sukh
MetLife offers 'Met Sukh'- a guaranteed money-back policy which provides guaranteed periodic survival benefits at the end of 5, 10, 15 & 20 years and guaranteed additions of 10% of the Sum Assured for the entire term. It not only covers your life, but also guarantees you cash payments at various milestones along with guaranteed growth of your savings. Entry Age
Min - 15 years Max - 55 years
Coverage Term
20 years
Payment Term
Regular
Minimum Sum Assured
Rs. 75,000
Maximum Sum Assured
No Limit
Benefits • Death Benefit
In the unfortunate event of death of the Person Insured, the Sum Assured along with the Guaranteed Additions are payable. The policyholder is entitled to Guaranteed Additions of Rs. 100 per Rs. 1,000 of the Sum Assured for each completed year. • Maturity Benefit On maturity, the life insured will receive the Survival Benefits plus the Guaranteed Addition. • Survival Benefits
At the end of 5 years 20% of the Sum Assured At the end of 10 years 20% of the Sum Assured At the end of 15 years 20% of the Sum Assured Upon survival to maturity
40% of the Sum Assured plus Total Guaranteed Additions
Met Suvidha 'Met Suvidha' is a flexible Endowment Plan that combines savings and security. In addition to providing you protection till the maturity of the plan, it helps you save for your specific long term financial objectives. This long term savings-cum-protection plan comes to a customer at affordable s. Met Suvidha is available in both participating as well as non-participating versions. Minimum Entry Age
Par: 15 years - 60 years Non-Par: 15 years - 70 years
Term
Par: - 15 years - 30 years Non-Par: 5 years - 30 years
Paying
Single Pay, Limited Pay (5 or 10) & Regular Pay
Minimum Annual Amount
Rs. 2,500
Minimum Sum Assured
Rs. 75,000
Maximum Sum Assured
No Limit
Met Saral MetLife presents 'Met Saral' - a non- participating endowment plan. As the name suggests, it’s a simple savings plan which gets customer into the savings habit without any medical tests. All need to do is fill in a simple application form and are ensured a guaranteed maturity amount of Rs 100,000, even in the case of death during the term. Take the first step towards a better financial future for customer and his family. Ensure and insure the first Lakh.
Met 100 'Met 100' - a whole life policy where customer pay s for 15, 20 or 25 years. It helps create a legacy for the children, leaving money for a dependant spouse and, more importantly, provides insurance cover at affordable rates. Met 100 is available in participating as well as non- participating versions. Non-Par
Par
Minimum Entry Age 15 yrs
0 yrs
Maximum Entry Age 70 yrs for ppt of 15 yrs 65 yrs for ppt of 20 yrs 60 yrs for ppt of 25 yrs
70 yrs for ppt of 15 yrs 65 yrs for ppt of 20 yrs 60 yrs for ppt of 25 yrs 70 yrs for life – ppt
Paying
15, 20, 25 yrs
15, 20, 25 yrs
Minimum Sum
Rs. 50,000
Rs. 50,000
Assured Maximum Sum Assured
No limit (subject to UW)
No limit (subject to UW)
Minimum Annual
Rs. 1,000 for issue age of < 15 yrs Rs. 2,500 for issue age of > = 15 yrs
Met 100 Gold: Rs. 2,500 Met 100 Platinum: Rs. 7,500
Met 100 - Non-Par In the event of death, the Sum Assured is payable.
Death Benefit Met 100 - Par In the event of death, the Sum Assured plus the Reversionary Bonus and Terminal Bonuses, if any, are payable.
Protection:-
Met Suraksha
Maturity Benefit Met 100 - Par On maturity of the policy, the Sum Assured plus the Reversionary Bonus and Terminal Bonuses, if any, are payable. Met 100 - Non-Par On maturity of the policy, the Sum Assured is payable
MetLife offers 'Met Suraksha - Term Assurance (TA)', a non participating term assurance plan which provides life cover at a nominal cost. To put it simply, it is a life insurance plan that gives complete protection to enjoy life to the fullest. Customer can further customize plan with two riders – Accidental Death Benefit and Critical Illness. Met Suraksha TROP MetLife offers 'Met Suraksha - Term with Return of (TROP)', a non participating term assurance plan which provides life cover at a nominal cost. To put it simply, it is a life insurance plan that gives complete protection to enjoy life to the fullest. You can further customize your plan with two riders – Accidental Death Benefit and Critical Illness.
Met Mortgage Protector This plan which provides life cover for home loans taken for any period above 5 years. It is a decreasing term insurance with single and limited options. The plan covers an amount equal to the outstanding amount as per the policy schedule. It ensures the assets that have created stays with family.
Rural :None of us can be sure what tomorrow will bring. Shield your families against the unknown. MetLife’s rural plans protect your loved ones against financial liabilities and help you save for tomorrow. All at affordable s
Met Vishwas 'Met Vishwas', - a single , micro insurance, non- participating term assurance plan which provides life cover at a nominal cost. On survival, customers get 110% or 125% of the .
Minimum Entry Age
18 years
Maximum Entry Age
60 years
Maximum Maturity Age
70 years
Minimum Sum Assured
Rs. 5,000
Maximum Sum Assured
Rs. 50,000
Policy Term
5 or 10 years
Paying
Single Pay
Met Suvidha-Rural Met Suvidha (Rural) is a participating flexible Endowment Plan that combines savings and security. In addition to providing protection up to maturity, it helps to save for specific long term financial objectives. This long term savings-cum-protection plan comes at affordable s. Benefits: Met Suvidha - Par In the event of death during the term of the policy, the beneficiary will receive the base Sum Assured, the accrued reversionary bonus and terminal bonus if any.
Maturity Benefit Met Suvidha - Par On maturity of the policy, you will receive the base Sum Assured, the accrued reversionary bonus and terminal bonus if any.
• It is an Endowment plan that offers both savings and life insurance. • Flexible paying options to suit various income cycles. • A plan which participates in the bonuses declared by the company. • Customization possible with Accident Death Benefit, Critical Illness, Term, Waiver of Riders for comprehensive protection.
Investment:-
MetLife’s Unit-Linked Insurance Plans ensure systematic enhancement of wealth. Be it higher returns or the right blend of protection and wealth optimization, they help to ensure the right choice and peace of mind. (IN THESE POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICY HOLDER ) Met Easy A simplified unit-linked plan which offers an opportunity to systematically build wealth and protection for you and your family.
10 years
15 years
20 years
Minimum Age 8 at Entry
3
0 (3 months to be completed)
Maximum Age 55 at Entry
50
50
Minimum
20,000
15,000
12,000
Maximum
6,00,000
4,00,000
3,00,000
Sum Assured
5 times the 7.5 times the annualized regular annualized regular
10 times the annualized regular
Yearly, Half-yearly, Yearly, Half-yearly, Yearly, Half-yearly, payment modes Quarterly, Monthly Quarterly, Monthly Quarterly, Monthly
(The maximum Sum Assured available in this product is based on age, at the time of buying the policy.) Benefits-
Death Benefit In the event of death: In the 1st Policy Year: Higher of 50% of the Sum Assured or the Fund Value is payable. After the 1st Policy Year: Higher of 100% of the Sum Assured or Fund
Value. If death of the Person Insured occurs before age 7, the Fund Value plus the Regular received by us in the first policy year is payable. Maturity Benefit On maturity, you will receive the Fund
Value including the Loyalty Addition or you can opt for the settlement options. Loyalty Additions With Met Easy, you get the benefit of potentially enhancing your wealth creation with loyalty additions that are
added to your policy on maturity.
Met Smart Gold MetLife offers 'Met Smart Gold'- a Unit-Linked wealth creation cum protection plan for the well-heeled. It's specially conceived so that one can get a plan to match his specific financial requirements. If you are keen on investing lump sum amounts over a shorter horizon, this is the ideal plan for you.
Met Smart Plus-Regular Pay 'Met Smart Plus' – a Unit-Linked Whole life plan that matures at age 100. If you want to protect your family from life’s uncertainties; at the same time, you wish insurance would yield higher returns on your investments. You want your insurance policy to help realize all your dreams. It’s a right plan to go with.
Entry Age (in completed years)
Min – 0 years (3 months to be completed)
Maturity Age
100 years
Payment Term
Regular
Minimum Annualized
Rs. 12,000
Minimum Basic Sum Assured
Rs. 60,000
Payment Modes
Monthly, Quarterly, Half-yearly, Yearly
Max – 70 years
Met Smart Plus- Single Pay Same as Met Smart Plus Regular but is payable in a single term or at the time of policy taken. Met Smart Premier- Regular Pay MetLife offers 'Met Smart Premier' – a Unit-Linked Whole life plan that matures at age 100. You want to protect your family from life’s uncertainties; at the same time, you wish insurance would yield higher returns on your investments. You want your insurance policy to help realize all your dreams. Met Smart Premier- Single Pay Payable lump sum at the time of policy taken.
Health:Met Health Care UIN no: 117N048V01 Health problems strike unexpectedly. In addition to causing ill health, it can also scar financial health. One need to protect himself against such a situation through a health insurance plan. In order to ensure you are well protected to face any health condition that could befall you, MetLife presents - Met Health Care, a simple health insurance policy with unique and smart advantages for you and your family#. (# Family means spouse and two children. Every additional family member shall be underwritten as per the underwriting conditions laid by the Company from time to time.) Met Health Care is a long term health insurance plan from MetLife. This plan covers 1. Hospitalization expenses by providing a Daily Cash benefit as chosen by
you. 2. 10 major Critical Illnesses by providing a lump sum benefit. 3. Total & Permanent Disability due to accident by providing a lump sum benefit. All the above benefits can be availed without the hassle of undergoing any medical examination. Just fill up the simple application form and start enjoying the unmatched benefits of Met Health Care.
Minimum/Maximum age of entry
18 years-55 years (At first entry, for the Principal insured) 3 months-55 years (For Secondary Insured lives)
Cover ceasing age
65 years
Maturity/Death Benefit
No Maturity/Death Benefit payable
Benefits Offered
(a) Daily Hospitalisation Cash Benefit (b) Daily ICU Cash Benefit (c) Recuperation Benefit (d) Critical Illness Benefit (e) Accidental Total & Permanent Disability Benefit
paying frequency Yearly. Half-Yearly mode is avaiable only if each of the persons insured choose a daily cash benefit of Rs. 3000 or more.
Illustration Benefit
Option 1
Daily Hospitalisation Cash Benefit
Option 2
Option 3
Option 4
Option 5
Rs. 1000 per day Rs. 2000 per day Rs. 3000 per day
Rs. 4000 per day
Rs. 5000 per day
Daily ICU Cash Benefit Rs. 2000 per day Rs. 4000 per day Rs. 6000 per day
Rs. 6000 per day
Rs. 6000 per day
Recuperation Benefit
Rs. 3000
Rs. 6000
Rs. 9000
Rs. 10000
Rs. 10000
Critical Illness Benefit
Rs. 1 Lakh
Rs. 2 Lakh
Rs. 3 Lakh
Rs. 3 Lakh
Rs. 3 Lakh
Accidental Total & Permanent Disability Benefit
Rs. 1 Lakh
Rs. 2 Lakh
Rs. 3 Lakh
Rs. 3 Lakh
Rs. 3 Lakh
Benefits Death/Maturity Benefit There is no Death/Maturity Benefit under Met Health Care. Tax Benefits The paid (excluding the service tax) under this plan is eligible for Tax Benefits under Section 80 D of the Income Tax Act, 1961 as per the provisions and conditions given therein and are subject to any changes made in the tax laws in future. Reasons to Buy 1. Coverage for the entire family. 2. No Claim Discounts. 3. Guaranteed Cover* till age 65. 4. Payouts in addition to other Insurance Plans. 5. Multiple Claims.
RESEARCH METHODOLOGY Objective Scope of study Sampling methodology Limitations
RESEARCH METHODOLOGY TITLE: To Study “Potential of Life Insurance Industry in Gurgaon”. TITLE JUSTIFICATION: The above title is self explanatory. The study deals mainly with studying the buying pattern in the insurance industry with a special focus on MetLife India Insurance Co. Ltd. The various segments of the markets divided in of Insurance Needs, Age groups, Satisfaction levels etc will also studied. OBJECTIVE Main objective of the research is to have an analysis of life insurance industry in Gurgaon. To accomplish this objective it has been divided into five. • To determine reasons behind opting for an insurance. • To know the most preferred policy. • To determine customers perception towards private insurance companies and their expectation form private insurance companies. • To determine the on services provided by an insurance agent. • To study the types of benefits provided by insurance services.
SCOPE OF THE STUDY A big boom has been witnessed in Insurance Industry in recent times. A large number of new players have entered the market and are trying to gain market share in this rapidly improving market. The study deals with reliance in focus and the various segments that it caters to. The study then goes on to evaluate and analyze the findings so as to present a clear picture of trends in the Insurance sector.
SIGNIFICANCE TO THE INDUSTRY: This is a limited study which takes into consideration the responses of 100 people. This data can be explorated to take in the trends across the industry. The significance for the industry lies in studying these trends that emerge from the study. It is a rapidly changing and evolving sector. People are only beginning to wake up to its vast possibilities. A study like this can attempt to guide the future of the industry based on current trends. SIGNIFICANE FOR THE RESEARCHER: To facilitate and provide useful information for the study of the company and the insurance industry and also provide recommendations for MetLife India Insurance Co. Ltd
RESEARCH DESIGN • NON-PROBABILITY • EXPLORATORY
&
DISCRIPTIVE
EXPERIMENTAL
RESEARCH The research is primarily both exploratory as well as descriptive in nature. The sources of information are both primary & secondary. A well-structured questionnaire was prepared and personal interviews were conducted to collect the customer’s perception and buying behavior, through this questionnaire. SAMPLING METHODOLOGY Sampling Technique: Initially, a rough draft was prepared keeping in mind the objective of the research. A pilot study was done in order to know the accuracy of the Questionnaire. The final Questionnaire was arrived only after certain important changes were done. Thus my sampling came out to be judemental and convinent Sampling Unit: The respondents who were asked to fill out questionnaires are the sampling units. These comprise of employees of MNCs, Govt. Employees, Self Employed etc.
Sample size: The sample size was restricted to only 100, which comprised of mainly peoples from different regions of Gurgaon due to time constraints. Sampling Area: The area of the research was Gurgaon, India.
LIMITATIONS OF THE RESEARCH 1. The research is confined to a certain parts of Gurgaon and does not necessarily shows a pattern applicable to all of Country. 2. Some respondents were reluctant to divulge personal information which can affect the validity of all responses. 3. In a rapidly changing industry, analysis on one day or in one segment can change very quickly. The environmental changes are vital to be considered in order to assimilate the findings.
SURVEY Graph Analysis Data Interpretation
DATA ANALYSIS & INTERPRETATION NUMBER OF PEOPLE HAVING INSURANCE RESPONSE
NO. OF RESPONDENTS
SHARE (%)
Yes
70
70%
No
30
30%
Total
100
100%
INTERPRETATION •
Of the sample size of 100 surveyed respondents 70% of the
respondents are having Insurance policy. •
30% of the respondents are either not having any Insurance policy
at present or their policy is already matured. •
And at present 100% of the respondents are with the view that
Insurance is a tool to protect your family.
TYPES OF INSURANCE POLICY RESPONDENTS HAVE POLICY TYPE
NO. OF RESPONDENTS
SHARE (%)
LIFE POLICY
75
75
NON LIFE POLICY
25
25
BOTH
45
45
INTERPRETATION
75% of the respondents have only Life Insurance Policy.
While 45% of the respondents have both.
25% of the respondents have only Non- life Policy.
[Some of the respondents opted for two or more than two items]
PREFERENCE OF RESPONDENTS OF INSURANCE COMPANIES COMPANY’S NAME L.I.C.
NO.OF RESPONDENT
SHARE (%)
74
74
3
3
2
2
Bajaj Allianze
3
3
ICICI Prudential
9
9
SBI Life
7
7
Max New York Life
2
2
100
100
Reliance Life Insurance Metlife India Ins. Co.Ltd
TOTAL
INTERPRETATION
74% of the people ed prefer LIC policy to any other and therefore it is ranked no.1 by that percent of respondents.
BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS BENEFITS
NO.OF RESPONDENTS
SHARE (%)
Cover Future Uncertainty
55
55
Tax Deductions
20
20
Future Investment
25
25
TOTAL
100
100
[Fig4] Future Investment 25%
Tax Deductions 20%
Cover Future Uncertainty 55%
INTERPRETATION 55% of the respondents believe that covering future uncertainty is the biggest benefit of an insurance policy.
Whereas, 20% and 25% of them believe that the other benefits are Tax deduction and future investments respectively. FEATURES OF INSURANCE POLICY THAT ATTRACTED RESPONDENTS FEATURE Money Back Guarantee Larger Risk Coverage
NO.OF RESPONDENTS 15 37
Easy Access to Agents Low Company’s Reputation TOTAL
7 30 11 100
SHARE (%) 15 37 7 30 11 100
[Fig 5] REPUTATIO N OF COMPANY 11%
MONEY BACK GUAARENT EE 15%
LOW 30%
INTERPRETATION
EASY ACCESS TO AGENTS 7%
LARGER RISK COVERAgE 37%
Majority of the respondent (37%) found larger risk coverage as the most attracted feature of the all.
Minimum respondents (7%) opted for easy access to agents. PEOPLE PERCEPTION ABOUT INSURANCE RESPONSE
NO. OF RESPONDENTS
SHARE (%)
A saving tool
81
81%
A tax saving device
74
74%
A tool to protect your family
100
100%
INTERPRETATION •
81% of the respondents have perception of Insurance being a
saving tool. •
And 74% of the respondents have perception of Insurance being a
tax saving device.
•
But 100% of the respondents are with the view that Insurance is a
tool to protect your family. [Some of the respondents opted for two or more than two items] PERSONS HAVING INSURANCE FOR Response
No of respondents
self
40
spouse
28
children
21
parents
18
all
11
INTERPRETATION Among that 42% people who having insurance, they have insurance 40% for self, 28%for spouse ,21% for children and 18% for their parents and 11% for all family member.
REASONS BEHIND TAKING INSURANCE RESPONSE
NO. OF RESPONDENTS
SHARE (%)
Tax saving
80
80%
Saving / Investment
80
80%
Family protection
100
100%
INTERPRETATION •
80% of the Respondents opted for Insurance for tax saving benefits
and saving/investment both. •
But all of them, i.e. 100% of the respondents have opted for
insurance for their family protection.
[Some of the respondents opted for two or more than two items]
SATISFACTION OF RESPONDENTS WITH RESPECT TO POLICY RESPONSE
NO. OF RESPONDENTS
SHARE (%)
Satisfied
60
60%
Not satisfied
40
40%
Not Responded
0
0.0%
100
100%
Total
INTERPRETATION •
60% of the respondents are more or less satisfied with their
existing policy. •
40% of the respondents are not satisfied with their existing policy.
•
In this case all of those who have taken a policy have responded.
SATISFACTION OF +VE RESPONDENTS WITH RESPECT TO SERVICE AGENT RESPONSE
NO. OF RESPONDENTS
SHARE (%)
Satisfied
45
45%
Not satisfied
55
55%
Not Responded
0
0.0%
100
100%
Total Not Responded 0%
Not satisfied 55%
[Fig10]
Satisfied 45%
INTERPRETATION •
45% of the respondents are satisfied with their existing service
agent. •
55% of the respondents are not satisfied with their existing
insurance agent. •
All of those who have taken a policy have responded.
NUMBER OF RESPONDENTS PAYING TAX RESPONSE
NO. OF RESPONDENTS
SHARE (%)
Paying tax
91
91%
Not paying tax
9
9%
100
100%
Total
INTERPRETATION • tax.
Of the sample size of 100 respondents, 91 respondents are paying
RESPONDENTS PERCEPTION ABOUT BEST FORM OF INVESTMENT FOR SECURING THEIR FUTURE NO. OF RESPONDENTS
SHARE (%)
Fixed Assets
75
33%
Bank deposits
11
5%
Jewellery
25
11%
Securities i.e. bonds, MFs
40.
17%
Shares
10
4%
Insurance
70
30%
80
[Fig12]
Fixed Assets, 75
Insurance, 70
70 60
Bonds/Mutual Funds, 40
50 40
Jewellery, 25 Bank deposits, 11
30 20 10
Shares, 10
0 Fixed Assets Bank deposits
Jewellery
Bonds/Mutual Funds
Shares
Insurance
INTERPRETATION •
75% of the respondents are with the view that Fixed Assets is the
best form of investment for securing their future. •
70% of the respondents are with the perception that Insurance is
the best form of investment for securing their future, which is 2nd highest and this shows that insurance is an important key for securing your future.
[Some of the respondents opted for two or more than two items] PEOPLE’S PERCEPTION ON APPROPRIATE AGE FOR BUYING INSURANCE RESPONSE
NO. OF RESPONDENTS
SHARE (%)
After 25 years
29
29%
After 35 years
10
10%
After 45 years
0
0%
Anytime
61
61%
INTERPRETATION •
29% of the respondents are with the view that insurance should be
bought after the age of 25 years. •
10% of the respondents are with the view that insurance should be
buyed after the age of 35 years.
•
Whereas, 61% of the respondents are with the view that buying of
insurance do not have anything to do with age i.e. there is no age limitations. It can be purchased any time according to the need.
PEOPLE OPINION ABOUT INDIAN INSURANCE COMPANIES RESPONSE
NO. OF RESPONDENTS
SHARE (%)
Rigid plans
67
67%
Non friendly
29
29%
Unsatisfactory services
26
26%
Non Aggressive
35
35%
Satisfactory
24
24%
Good
10
10%
Very good
0
0%
INTERPRETATION •
67% of the respondents have the opinion that Indian Insurance
Companies have Rigid plans. •
29.5% feel that Indian Insurance companies are Non- friendly.
•
26.5% feel that services of Indian Insurance companies are
Unsatisfactory. •
35.75% of the respondents are with the view that Indian Insurance
companies are Non-aggressive.
•
24% of the respondents feel that products and services of Indian
Insurance companies is Satisfactory. •
Whereas only 10.25% feel that it is Good enough.
•
And according to the data, no single person has felt that it is very
good.
[Some of the respondents opted for two or more than two items]
WHAT PEOPLE LOOK FOR IN AN INSURANCE COMPANY RESPONSE
NO. OF RESPONDENTS
SHARE (%)
A trusted name
82
82%
Friendly service & responsiveness
71
71%
Good plans
81
81%
Accessibility
49
49%
INTERPRETATION •
82% customers look for a Trusted name in a company for
insurance. •
81.5% customers look for a good plan in a company for insurance.
•
Friendly service & responsiveness and Accessibility are also
important factors looked by customers in a company.
[Some of the respondents opted for two or more than two items] PEOPLE INTERESTED IN GOING FOR INSURANCE IF A SERVICE PROVIDER AWAY FROM THE CITY OFFERS BETTER SERVICE & PRODUCTS RESPONSE
NO. OF RESPONDENTS
SHARE (%)
Yes
43
43%
No
44
44%
Uncertain
13
13%
Total
100
100%
INTERPRETATION •
The interested customers i.e. 43% are ready to go for insurance
even away from a city if services and products are worthwhile, which again is a good prospect (potential) for Max New york Life Insurance to take them on their favor.
PEOPLE PLANNING FOR NEW INVESTMENTS RESPONSE
NO. OF RESPONDENTS
SHARE (%)
87%
87%
Not planning
13
13%
Total
100
100%
Planning
[Fig17] Not Planning 13%
Planning 87%
INTERPRETATION •
Only 13% of the customers ed are not planning for new
investments presently. •
Whereas, 87% of the customers are still planning for new
investments this can be a great potential for MetLife India Insurance Co. Ltd to take them on their favor.
FINDINGS & RECOMMENDATIONS
FINDINGS & RECOMMENDATIONS 1. As the people think that insurance is a tool to protect their family & a tax saving device. They are aware of the fact & realizing its, importance. There is a large potential for insurance in India. 2. The entrance of private players will increase the competition and it would be a tough task to secure a good position in market. 3. Since Met Life India Insurance is leading with several companies’ policies it should be easy for them to penetrate into the market and secure a good position if they pay greater attention to the service part provided to their customer and thereby forming a long and trusted relationship. 4. As seen from the survey that at present 70% of the customer are having insurance policy out of which 87.5% of the customer are planning for new investments. So it can be a good potential for the company and they should make an attempt to trap these customers. 5. As 43% of the customers are even ready to go for insurance if a service provider away from their city is providing it. But in turn they should provide good products and services. The company should try to convince these customers and get them in its favor.
GROWTH POTENTIAL At present life insurance penetration in India is quite low – 3.5% of GDP.
PHASE OF TRANSITION • Life Insurance industry is under the phase of infancy after 50 years of monopoly. • Competition from within and other sectors of financial market. • Needs environmental till it reaches a comfort zone
CONCLUSION The exhaustive research in the field of Life Insurance threw up some interesting trends which can be seen in the above analysis. A general impression that I gathered during Data collection was the immense awareness and knowledge among people about various companies and their insurance products. People are beginning to look beyond LIC for their insurance needs and are willing to trust private players with their hard earned money. People in general have been impressed by the marketing and advertising campaigns of insurance companies. A high penetration of print, radio and Television Ad campaigns over the years is beginning to have it’s impact now. Another heartening trend was in of people viewing insurance as a tax saving and investment instrument as much as a protective one. A very high number of respondents have opted for insurance for such purposes and it shows how insurance companies have been successful to attract public money in recent times. The general satisfaction levels among public with regards to policy and agents still requires improvement. But therein lies the opportunity for a relative player like MetLife India Insurance Co. Ltd. LIC has never been known for prompt service or customer oriented methods and MetLife India Insurance Co. can build on these factors.
BIBLIOGRAPHY
WEBSITES REFERRED www.metlife.co.in www.irdaindia.org www.thehindubusinessline.com
ANNEXURE
QUESTIONNAIRE NAME:_________________________ ADDRESS:______________________ ______________________________OCCUPATION:__________________ _ 1. ARE YOU EMPLOYED? YES NO 2. DO YOU HAVE ANY INSURANCE POLICY? YES NO 3. WHICH INSURANCE POLICY DO YOU HAVE? LIFE
NON-LIFE
BOTH
4. WHICH CO’S INSURANCE POLICY YOU PREFER THE MOST? (RANKTHEM) a) b) c) d) e) f) g) h)
LIC ICICIPRUDENTIAL SBI LIFE INSURANCE MET LIFE INDIA INSURANCE MAX NEW YORK LIFE INSURANCE BAJAJ ALLIANZE RELIANCE LIFE INSURANCE ANY OTHER ________( Specify)
5. WHAT DO YOU THINK ARE THE BENEFITS OF INSURANCE PLAN? (RANK THEM) a) COVER FUTURE UNCERTAINITY b) TAX DEDUCTIONS c) FUTURE INVESTMENT
d) ANY OTHER _________(Specify) 6. WHAT’S YOUR PERCEPTION ABOUT INSURANCE? (RANK THEM) a) A SAVING TOOL b) A TAX SAVING DEVICE c) A TOOL TO PROTECT FUTURE 7. ARE YOU SATISFIED WITH THE POLICY? a) SATISFIED b) NOT SATISFIED c) NOT RESPONDING 8. ARE YOU SATISFIED WITH THE SERVICE AGENT? a) SATISFIED b) NOT SATISFIED c) NOT RESPONDING 9. DO YOU PAY TAXES? YES
NO
10.WHICH IS THE BEST FORM OF INVESTMENTS? (RANK THEM) a) FIXED ASSETS
b) BANK DEPOSITS
c) JEWELLERY MFs
d) SECURITIES, i.e. Bonds,
e) SHARES
f) INSURANCE
11.. WHAT DO YOU INTENT TO GAIN FROM INVESTMENTS? a) SAVING & RETURNS
b) SECURITY
c) TAX BENIFITS 12.WHAT’S THE RIGHT AGE TO BUY INSURANCE? a) AFTER 25 Yrs
b) AFTER 35 Yrs
c) AFTER 45 Yrs
d) ANYTIME
13.HOW WOULD YOU RATE INDIAN INSURANCE COs? a) RIGID PLANS FRIENDLY
b)NON-
c) UNSATISFATORY SREVICES
d) NON-AGGRESSIVE
e) SATISFACTORY
f) GOOD
g) VERY GOOD 14.WHAT WOULD YOU LOOK FOR IN AN INSURANCE COs? (RANK THEM) a) A TRUSTED NAME b) FRIENDLY SERVICE & RESPONSIVENESS c) GOOD PLANS d) ACCESSIBILITY 15.WOULD YOU GO FOR INSURANCE IF A SERVICE PROVIDER AWAY FROM THE CITY OFFERS BETTER SERVICE & PRODUCTS? a) YES
b) NO
c) UNCERTAIN
16.ARE YOU PLANNING FOR NEW INVESTMENTS?
PLANNING
NOT PLANING THANK YOU.
“Potential of Life Insurance Industry in Gurgaon”
By – Aditya Enroll No – 0582051809 BBA (B&I) 2008-11 BLS Institute of Tech. & Mgmt. MetLife India Insurance Co. Ltd
A PROJECT REPORT ON
“Potential of Life Insurance Industry in Gurgaon”
The study was conducted from 1st of June, 2010 to 31st of July, 2010 At
MetLife India Insurance Co. Ltd, Gurgaon.
Submitted by:
Submitted to
Aditya (BBA(B&I) 2008-11
Mrs. Vaishali Sharma
BLS Institute of Tech. & Mgmt.
CERTIFICATE FROM THE ORGANIZATION
This is to certify that the project entitled “Potential of Life Insurance Industry in Gurgaon” is a bonafide work of Aditya, a student of BLS Institute of Tech. & Mgmt. , and was successfully conducted at, MetLife India Insurance Co. Ltd, Gurgaon, from 1st June to 31st July, 09 for the fulfillment of the course Bachelor of Business istration (BBA)(B&I).
Mr. Tusar Sharma, Sales Manager, MetLife India Insurance Co. Ltd, Gurgaon.
STUDENT UNDERTAKING
This is to certify that I have completed the Summer Training Project titled “Potential of Life Insurance Industry in Gurgaon” under the guidance of “Mr.Tushar Sharma” in partial fulfillment of the requirement for the award of degree of Bachelor of Business istration at BLS Institute of Tech. & Mgmt. This is an original piece of work & I have not submitted it earlier elsewhere.
Name of the Student (Aditya )
CERTIFICATE
This is to certify that ……Aditya… is a bonafide student of BLS Institute of Tech. & Mgmt. and has successfully completed the Summer Training Project under my guidance.
External Examiner
Internal Examiner
“SUMMER TRAININING REPORT” “Potential of Life Insurance Industry in Gurgaon”
Undertaken at
“MetLife India Insurance Co. Ltd”
Submitted in the partial fulfillment for the award of the degree of BACHELOR OF BUSINESS ISTRATION
Under the Supervision
Submitted by
and Guidance of
………………….
………………….
…………………...
Faculty, BLSITM
BBA (B&I) V Sem
CONTENTS PARTISULARS
Page No.
Acknowledgement Executive Summary
7 8
Introduction • Introduction of the Industry Life Insurance General Insurance Major Policy changes Changing Face of Indian Insurance Industry Various types of Life Insurance Policies • Introduction of the Company Company Profile MetLife Inc. Values Management Insurance Plans/Products
(9-37) 9 10 11 13 14 15
Research Methodology • Objective • Scope of study • Sampling Methodology • Limitations
(38-42) 39 39 41 42
Survey • Graph Analysis & Data Interpretation
(43-61) 44
Findings & recommendations • Findings & Recommendations • Growth Potential • Conclusion
(62-65) 63 64 65
Bibliography
(66)
Annexure • Questionnaire
(67-70) 68
17 17 19 20 22
LIST OF GRAPHS Particulars [Fig 1] No of People Having Insurance
Page No. 45
[Fig 2] Types of Insurance Policy Respondents Have
46
[Fig 3] Preferance of Respondents of Insurance Co’s
47
[Fig 4] Benefits of Insurance Perceived by Respondents
48
[Fig 5] Features of Insurance Policy That Attracted Respondents
49
[Fig 6] Peoples Perception About Insurance
50
[Fig 7] Persons Having Insurance For
51
[Fig 8] Reasons Behind Taking Insurance Policies
52
[Fig 9] Satisfaction of Respondents With Respect to Policies
53
[Fig 10] Satisfaction of Respondents With Respect to Agents
54
[Fig 11] No of Respondents Paying Tax
55
[Fig 12] Respondents Perception About Best Form of Investment
56
[Fig 13] People’s Perception of Appropriate Age For Buying Insurance 57 [Fig 14] Peoples Opinion About Insurance Companies in India 58 [Fig 15] What People Look For in Insurance Companies 60 [Fig 16] People Interested In Going For Insurance Away From Their City
61
[Fig 17] People Planning For New Investment
62
ACKNOWLEDGEMENT
I am thankful to MetLife India Insurance Co. Ltd. for providing me an opportunity to undertake project in their esteemed organization. I would like to special thanks to my project manager Mr. Tusar Sharma, Sales Manager at MetLife India Insurance Co. Ltd, Gurgaon, who helped me throughout the project and also encouraged me to take this project in future course for my career.
Last but not the least I am also thankful to all the staff of MetLife India Insurance Co. Ltd to make my project successful.
Aditya
EXECUTIVE SUMMARY
In today’s corporate and competitive world, I find that insurance sector has the maximum growth and potential as compared to the other sectors. Insurance has the maximum growth rate of 70-80% while as FMCG sector has maximum 12-15% of growth rate. This growth potential attracts me to enter in this sector and MET LIFE INDIA INSURANCE CO. LTD. has given me the opportunity to work and get experience in highly competitive and enhancing sector.
•
The success story of good market share of different organizations depends upon the availability of the product and services near to the customer, which can be distributed through a distribution channel. In Insurance sector, distribution channel includes only agents or agency holders of the company. If a company like MET LIFE INDIA INSURANCE CO. LTD, MAX NEW YORK LIFE, BAJAJ ALLIANZ, TATA AIG, etc has adequate agents in the market they can capture big market as compared to the other companies.
•
Agents are the best way for a company of Insurance sector through which policies and benefits of the company can be explained to the customer.
INTRODUCTION Introduction of the Industry Introduction of the Company ♦ Company Profile ♦ Achievements ♦ Management ♦ Insurance Plans
THE HISTORY OF INDIAN INSURANCE INDUSTRY The story of insurance is probably as old as the story of mankind. The same instinct that prompts modern businessmen today to secure themselves against loss and disaster existed in primitive men also. They too sought to avert the evil consequences of fire and flood and loss of life and were willing to make some sort of sacrifice in order to achieve security. Though the concept of insurance is largely a development of the recent past, particularly after the industrial era – past few centuries – yet its beginnings date back almost 6000 years.
Life Insurance In 1818 the British established the first insurance company in India in Calcutta, the Oriental Life Insurance Company. First attempts at regulation of the industry were made with the introduction of the Indian Life Assurance Companies Act in 1912. A number of amendments to this Act were made until the Insurance Act was drawn up in 1938. Noteworthy features in the Act were the power given to the Government to collect statistical information about the insured and the high level of protection the Act gave to the public through regulation and control. When the Act was changed in 1950, this meant far reaching changes in the industry. The extra requirements included a statutory requirement of a certain level of equity capital, a ceiling on share holdings in such companies to prevent dominant control (to protect the public from any adversarial policies from one single party), stricter control on investments and, generally, much tighter control. In 1956, the market contained 154 Indian and 16 foreign life insurance companies. Business was heavily concentrated in urban areas and targeted the higher echelons of society. “Unethical practices adopted by some of the players against the interests of the consumers” then led the Indian government to nationalize the industry. In September 1956, nationalization was completed, merging all these companies into the so-called Life Insurance Corporation (LIC). It was felt that “nationalization has lent the industry fairness, solidity, growth and reach.”
Some of the important milestones in the life insurance business in India are: 1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. 1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. 1956: The market contained 154 Indian and 16 foreign life insurance companies. General Insurance The General insurance business in India started with the establishment of Triton Insurance Company Limited in 1850 at Calcutta. In 1907, the first company, The Mercantile Insurance Ltd. was set up to transact all classes of general insurance business. General Insurance Council, a wing of the Insurance Association of India in 1957, framed a code of conduct for ensuring fair conduct and sound business practices. In 1968 the Insurance Act was amended to regulate investments and to set minimum solvency margins. In the same year the Tariff Advisory Committee was also set up. In 1972, The General Insurance Business (Nationalization) Act was ed to nationalize the general insurance business in India with effect from 1st January 1973. For these 107 insurers was amalgamated and grouped into four company’s viz., the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd., and the United India Insurance Company Ltd. General Insurance Corporation of India was incorporated as a company Some of the important milestones in the general insurance business in India are: 1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of general insurance business. 1957: General Insurance Council, a wing of the Insurance Association of India, frames a code of conduct for ensuring fair conduct and sound business practices. 1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. 1972: The General Insurance Business (Nationalization) Act, 1972 nationalize the general insurance business in India with effect from 1st January 1973. 107 insurers amalgamated and grouped into four companies viz. the National Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.
MAJOR POLICY CHANGES
Insurance sector has been opened up for competition from Indian private insurance companies with the enactment of Insurance Regulatory and Development Authority Act, 1999 (IRDA Act). As per the provisions of IRDA Act, 1999, Insurance Regulatory and Development Authority (IRDA) was established on 19th April 2000 to protect the interests of holder of insurance policy and to regulate, promote and ensure orderly growth of the insurance industry. IRDA Act 1999 paved the way for the entry of private players into the insurance market which was hitherto the exclusive privilege of public sector insurance companies/ corporations. Under the new dispensation Indian insurance companies in private sector were permitted to operate in India with the following conditions: Company is formed and ed under the Companies Act, 1956; The aggregate holdings of equity shares by a foreign company, either by itself or through its subsidiary companies or its nominees, do not exceed 26%, paid up equity capital of such Indian insurance company; The company's sole purpose is to carry on life insurance business or general insurance business or reinsurance business. The minimum paid up equity capital for life or general insurance business is Rs.100crores. The minimum paid up equity capital for carrying on reinsurance business has been prescribed as Rs.200crores. The Authority has notified 27 Regulations on various issues which include Registration of Insurers, Regulation on insurance agents, Solvency Margin, Re-insurance, Obligation of Insurers to Rural and Social sector, Investment and ing Procedure, Protection of policy holders' interest etc. Applications were invited by the Authority with effect from 15th August, 2000 for issue of the Certificate of Registration to both life and non-life insurers. The Authority has its Head Quarter at Hyderabad.
Changing face of Indian insurance industry:
Indian life-insurance market is the target market of all the companies who either want to extend or diversify their business. To tap the Indian market there has been tie-ups between the major Indian companies with other International insurance companies to start up their business. The government of India has set up rules that no foreign insurance company can set up their business individually here and they have to tie up with an Indian company and this foreign insurance company can have an investment of only 24% of the total start-up investment. Indian insurance industry can be featured by: • Low market penetration. • Ever growing middle class component in population. • Growth of customer’s interest with an increasing demand for better insurance products. • Application of information technology for business. • Rebate from government in the form of tax incentives to be insured. Today, the Indian life insurance industry has a dozen private players, each of which are making strides in raising awareness levels, introducing innovative products and increasing the penetration of life insurance in the vastly underinsured country. Several of private insurers have introduced attractive products to meet the needs of their target customers and in line with their business objectives. The success of their effort is that they have captured over 28% of income in five years. The biggest beneficiary of the competition among life insurers has been the customer. A wide range of products, customer focused service and professional advice has become the mainstay of the industry, and the Indian customer’s forms the pivot of each company’s strategy. Penetration of life insurance is beginning to cut across socio-economic classes and attract people who have never purchased insurance before. Life insurance is also now being regarded as a versatile financial planning tool. Apart from the traditional term and saving insurance policies, industry has seen the entry and growth of unit linked products. This provides market linked returns and is among the most flexible policies available today for investment. Now products are priced, flexible, and realistic and sustain so people in better position to understand the risk and benefits of the product and they are accepting these innovative products. So it is clear that the face of life insurance in India is changing, but with the changes come a host of challenges and it is only the credible players with a long term vision
and a robust business strategy that will survive. Whatever the developments, the future and the opportunities in this industry will surely be exciting. Various types of life insurance policies:• Endowment policies: This type of policy covers risk for a specified period, and at the end of the maturity sum assured is paid back to policyholder with the bonuses during the term of the policy. • Money back policies: This type of policy is for periodic payments of partial survival benefits during the term of the policy as long as the policy holder is alive. • Group insurance: This type of insurance offers life insurance protection under group policies to various groups such as employers-employees, professionals, co-operatives etc it also provides insurance coverage for people in certain approved occupations at the lowest possible cost. • Term life insurance policies: This type of insurance covers risk only during the selected term period. If the policy holder survives the term, risk cover comes to an end. These types of policies are for those people who are unable to pay larger required for endowment and whole life policies. No surrender, loan or paid up values are in such policies. • Whole life insurance policies: This type of policy runs as long as the policyholder is alive and is covered for the entire life of the policyholder. In this policy the insured amount and the bonus is payable only to nominee on the death of policy holder. • t life insurance policies: These policies are similar to endowment policies in maturity benefits and risk cover, but t life policies cover two lives simultaneously such as married couples. Sum assured is payable on the first death and again on the death of survival during the term of the policy. • Pension plan: a pension plan or annuity is an investment over a certain number of years but does not provide any life insurance cover. It offers a guaranteed income either for a life or certain period.
• Unit linked insurance plan: ULIP is a kind of insurance plan which provides life cover as well as return on paid over a certain period of time. The investment is denoted as units and represented by the value called as net asset value (NAV).
COMPANY PROFILE
MetLife India Insurance Company Limited (MetLife) is an of MetLife, Inc. and was incorporated as a t venture between MetLife International Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private Limited and other private investors. MetLife is one
of the fastest growing life insurance companies in the country. It serves its customers by offering a range of innovative products to individuals and group customers at more than 600 locations through its bank partners and company-owned offices. MetLife has more than 50,000 Financial Advisors, who help customers achieve peace of mind across the length and breadth of the country.
MetLife, Inc., through its s, reaches more than 70 million customers in the Americas, Asia Pacific and Europe. d companies, outside of India, include the number one life insurer in the United States (based on life insurance enforce), with over 140 years of experience and relationships with more than 90 of the top one hundred FORTUNE 500® companies. The MetLife companies offer life insurance, annuities, automobile and home insurance, retail banking and other financial services to individuals, as well as group insurance, reinsurance and retirement and savings products and services to corporations and other institutions.
MetLife Inc.:Celebrating 140 years, MetLife, Inc. is a leading provider of insurance and financial services with operations throughout the United States and the Latin America, Europe, and Asia Pacific regions. Through its domestic and international subsidiaries and s, MetLife, Inc. reaches more than 70 million customers around the world and MetLife is the largest life insurer in the United States (based on life insurance in-force). The MetLife companies offer life insurance, annuities, auto and home insurance, retail banking and other financial services to individuals, as well as group insurance and retirement & savings products and services to corporations and other institutions.
FACT SHEET Founded
2001
Started Operation
FY 2001-02
Headquarters
Bangalore, India
World Wide Web Address
www.metlife.co.in
Managing Director
Rajesh Relan
Employees
7688
Financial Advisors
56,072
Bancassurance Tie-Ups
5 (J&K Bank/Axis Bank/Dhanalakshmi Bank/Karnataka Bank/Barclays)
Number Of Products
Over 20 products
Presence Through MetLife Offices
192 offices in 131 cities
Presence Through Bank Partners
1910 offices in 686 cities
"Coming into your own",performing as a Leader to be really effective and successful by acting and making decisions independently to get results.
It's all about People, MetLife's key resource. MetLife will succeed because we are winning from within.
Functioning productively in teams towards a common purpose; realising the collective power of diverse workgroups.
Operating with an intense dedication to managing monetary resources for strong business results.
\
Partners:-
Child Plan:Met Bhavishya
MetLife offers 'Met Bhavishya' - a guaranteed money back plan that pays out funds to help to meet the education and career milestones of children. With this plan, the Life Insured is that of the parent. The plan also has inbuilt guaranteed additions to add value to the policy over its term. There are two options to choose from and fixed term benefits, periodic additions & terminal additions are payable based on the option that select. The policy is suitable for parents with children between the ages 0-12 and parents in the age group of 20-50 years old. Met Junior Endowment MetLife offers 'Met Junior'- a flexible endowment plan that combines savings and security. Children's well-being is our highest priority. So MetLife offer a plan which offers both timely and efficient return on investment. All with a guarantee. Met Junior - Non Par On attaining maturity, the Person Insured will receive the Sum Assured. Met Junior - Par On attaining maturity, the Person Insured will receive the Sum Assured, the Reversionary Bonus and the Terminal Bonus, if any.
Met Little Star
When child is born, a star is born in family. And, parents would like to provide their star with all the building blocks that could develop his or her potential to the fullest. This could mean special instruction sessions for talented children, unique training gear for exceptional athletes or qualified training for born singers to provide that extra-edge. To ensure this, parents would need an investment and protection package that is exclusively designed to help you plan for financial security, no matter what uncertainties life brings. 'Met Little Star', a Unit-Linked, regular , child insurance plan helps parents do just that. It secures finances for child's educational needs and ensures that plans go as planned, no matter what the circumstances. \Met Junior Money Back
MetLife offers 'Met Junior Money Back' - a money back plan that combines savings and security. Child's well-being is our highest priority. So MetLife offer a money back plan which provides guaranteed periodic survival benefits at the end of 5, 10 & 15 years, along with guaranteed growth of savings.
A plan which offers both timely and efficient return on investment with payouts at different milestones. Survival Benefit At the end of 5 years 20% of Sum Assured At the end of 10 years 20% of Sum Assured At the end of 15 years 20% of Sum Assured Upon survival to maturity
40% of Sum Assured plus total Guaranteed Additions
Met Magic MetLife offers 'Met Magic', a Unit-Linked (non-medical, regular ) life insurance plan (Non Par). Parents always want their little angel to have the best, in every sphere of life. You don't want your child to have to compromise. No matter what the circumstances. Met Magic, a unique life insurance plan, helps you secure the future of your loved one!
Retirement:-
Met Growth
MetLife offers 'Met Growth' - a Unit-Linked solution to help in golden years. It is specially designed to provide financial security for future requirements. This plan allows to start planning immediately by ensuring the safety of first year s. It also helps create retirement fund faster by giving you 100% allocation from the second year onwards, coupled with attractive loyalty additions into fund. Guaranteed. Entry Age (in completed years)
Min – 0 years (3 months to be completed) Max – 60 years
Maturity Age
Min – 18 years Max – 75 years
Coverage Term
15 / 20 / 25 / 30 years
Payment Term
Regular
Minimum Annualized
Rs. 12,000
Basic Sum Assured
Min - 5 times the Annualized ***Other Sum Assured multiples - 10 times & 20 times the Annualized .
Paying Modes
Monthly, Quarterly, Half-yearly, Yearly
Benefit • Death Benefit
In the unfortunate event of death, the higher of the Sum Assured or the Fund Value would be payable. If death of the Person Insured occurs before age 7, the Fund Value plus the regular received by us in the first policy year is payable. • Maturity Benefit On maturity, you will receive the Fund Value including the Guaranteed Loyalty Addition or you can opt for the settlement options. • Loyalty Additions You get the guarantee of enhancing your wealth creation through guaranteed loyalty additions (up to 120% of the first year annual ) at the end of the 10th & 15th year plus Guaranteed Additions as a % of the Fund Value. At the end of the 10th year: 50% of the first year annualized At the end of the 15th year:
Met Advantage Plus
MetLife offers 'Met Advantage Plus' - a Unit-Linked Pension Plan that allows to effectively and efficiently accumulate retirement needs. As the name suggests, it comes with many advantages.One can choose from eight annuity options, two life cover options and get tax benefits under Section 80 C and 10 (10 A). One can buy the plan without any hassles and invest more as you approach retirement by using the top-up functionality. All in all, it’s a plan which works harder when one stop working. For one, it ensures that you lead a comfortable lifestyle post retirement.
Entry Age (in completed years) Min – 20 years
Max – 55 years
Minimum Term
10 years
Minimum Vesting Age
45 years
Maximum Vesting Age
65 years
Minimum s
Single Pay: Rs. 1,00,000 Regular : Rs. 10,000
Paying Term
Single Pay & Regular Pay
Benefits • Death Benefit
•
In case of death during the accumulation period, the death benefit payable is: Under Option A: A guaranteed amount of 110% of the Fund Value is payable to the nominee. Under Option B: 100% of the Fund Value is payable to the nominee. Vesting Benefit On the vesting date, i.e. at the end of the accumulation term,you can take one-third of your retirement kitty as a tax-free lump sum and utilize the balance to buy annuities. Or you can use the entire retirement kitty to buy annuities.
Met Pension-Par
'Met Pension (Par)' serves as a friendly helping hand so one can stay financially independent even after retirement. It helps to build up a fund for golden years. With this plan,one can ensure his\her enjoy retirement as a happy new chapter. Entry Age (in completed
Min – 18 years
years)
Max – 60 years
Minimum Term
10 years
Minimum Vesting Age
45 years
Maximum Vesting Age
70 years
Minimum Sum Assured
Rs. 50,000
Maximum Sum Assured
No Limit
Minimum Annual
Rs. 4000 p.a. for Regular Pay
Payment Term
Single Pay, Limited Pay (3 or 5 Pay) & Regular Pay
Benefits Death Benefit In case of death while one is saving for retirement, the death benefit payable is: 1. Return of s. 2. Accrued reversionary bonus, if any. 3. Any insurance on the life of the Insured that may be provided by riders to this policy. Vesting Benefit On the vesting date, you can take one third of your retirement kitty as a tax-free lump sum and utilize the balance to buy annuities or you can use the entire retirement kitty to buy annuities. The retirement fund on the date of vesting is equal to the Sum Assured plus Guaranteed Additions plus the compounded reversionary bonuses plus the terminal bonus, if any. Guaranteed Additions
Savings:-
Met Sukh
MetLife offers 'Met Sukh'- a guaranteed money-back policy which provides guaranteed periodic survival benefits at the end of 5, 10, 15 & 20 years and guaranteed additions of 10% of the Sum Assured for the entire term. It not only covers your life, but also guarantees you cash payments at various milestones along with guaranteed growth of your savings. Entry Age
Min - 15 years Max - 55 years
Coverage Term
20 years
Payment Term
Regular
Minimum Sum Assured
Rs. 75,000
Maximum Sum Assured
No Limit
Benefits • Death Benefit
In the unfortunate event of death of the Person Insured, the Sum Assured along with the Guaranteed Additions are payable. The policyholder is entitled to Guaranteed Additions of Rs. 100 per Rs. 1,000 of the Sum Assured for each completed year. • Maturity Benefit On maturity, the life insured will receive the Survival Benefits plus the Guaranteed Addition. • Survival Benefits
At the end of 5 years 20% of the Sum Assured At the end of 10 years 20% of the Sum Assured At the end of 15 years 20% of the Sum Assured Upon survival to maturity
40% of the Sum Assured plus Total Guaranteed Additions
Met Suvidha 'Met Suvidha' is a flexible Endowment Plan that combines savings and security. In addition to providing you protection till the maturity of the plan, it helps you save for your specific long term financial objectives. This long term savings-cum-protection plan comes to a customer at affordable s. Met Suvidha is available in both participating as well as non-participating versions. Minimum Entry Age
Par: 15 years - 60 years Non-Par: 15 years - 70 years
Term
Par: - 15 years - 30 years Non-Par: 5 years - 30 years
Paying
Single Pay, Limited Pay (5 or 10) & Regular Pay
Minimum Annual Amount
Rs. 2,500
Minimum Sum Assured
Rs. 75,000
Maximum Sum Assured
No Limit
Met Saral MetLife presents 'Met Saral' - a non- participating endowment plan. As the name suggests, it’s a simple savings plan which gets customer into the savings habit without any medical tests. All need to do is fill in a simple application form and are ensured a guaranteed maturity amount of Rs 100,000, even in the case of death during the term. Take the first step towards a better financial future for customer and his family. Ensure and insure the first Lakh.
Met 100 'Met 100' - a whole life policy where customer pay s for 15, 20 or 25 years. It helps create a legacy for the children, leaving money for a dependant spouse and, more importantly, provides insurance cover at affordable rates. Met 100 is available in participating as well as non- participating versions. Non-Par
Par
Minimum Entry Age 15 yrs
0 yrs
Maximum Entry Age 70 yrs for ppt of 15 yrs 65 yrs for ppt of 20 yrs 60 yrs for ppt of 25 yrs
70 yrs for ppt of 15 yrs 65 yrs for ppt of 20 yrs 60 yrs for ppt of 25 yrs 70 yrs for life – ppt
Paying
15, 20, 25 yrs
15, 20, 25 yrs
Minimum Sum
Rs. 50,000
Rs. 50,000
Assured Maximum Sum Assured
No limit (subject to UW)
No limit (subject to UW)
Minimum Annual
Rs. 1,000 for issue age of < 15 yrs Rs. 2,500 for issue age of > = 15 yrs
Met 100 Gold: Rs. 2,500 Met 100 Platinum: Rs. 7,500
Met 100 - Non-Par In the event of death, the Sum Assured is payable.
Death Benefit Met 100 - Par In the event of death, the Sum Assured plus the Reversionary Bonus and Terminal Bonuses, if any, are payable.
Protection:-
Met Suraksha
Maturity Benefit Met 100 - Par On maturity of the policy, the Sum Assured plus the Reversionary Bonus and Terminal Bonuses, if any, are payable. Met 100 - Non-Par On maturity of the policy, the Sum Assured is payable
MetLife offers 'Met Suraksha - Term Assurance (TA)', a non participating term assurance plan which provides life cover at a nominal cost. To put it simply, it is a life insurance plan that gives complete protection to enjoy life to the fullest. Customer can further customize plan with two riders – Accidental Death Benefit and Critical Illness. Met Suraksha TROP MetLife offers 'Met Suraksha - Term with Return of (TROP)', a non participating term assurance plan which provides life cover at a nominal cost. To put it simply, it is a life insurance plan that gives complete protection to enjoy life to the fullest. You can further customize your plan with two riders – Accidental Death Benefit and Critical Illness.
Met Mortgage Protector This plan which provides life cover for home loans taken for any period above 5 years. It is a decreasing term insurance with single and limited options. The plan covers an amount equal to the outstanding amount as per the policy schedule. It ensures the assets that have created stays with family.
Rural :None of us can be sure what tomorrow will bring. Shield your families against the unknown. MetLife’s rural plans protect your loved ones against financial liabilities and help you save for tomorrow. All at affordable s
Met Vishwas 'Met Vishwas', - a single , micro insurance, non- participating term assurance plan which provides life cover at a nominal cost. On survival, customers get 110% or 125% of the .
Minimum Entry Age
18 years
Maximum Entry Age
60 years
Maximum Maturity Age
70 years
Minimum Sum Assured
Rs. 5,000
Maximum Sum Assured
Rs. 50,000
Policy Term
5 or 10 years
Paying
Single Pay
Met Suvidha-Rural Met Suvidha (Rural) is a participating flexible Endowment Plan that combines savings and security. In addition to providing protection up to maturity, it helps to save for specific long term financial objectives. This long term savings-cum-protection plan comes at affordable s. Benefits: Met Suvidha - Par In the event of death during the term of the policy, the beneficiary will receive the base Sum Assured, the accrued reversionary bonus and terminal bonus if any.
Maturity Benefit Met Suvidha - Par On maturity of the policy, you will receive the base Sum Assured, the accrued reversionary bonus and terminal bonus if any.
• It is an Endowment plan that offers both savings and life insurance. • Flexible paying options to suit various income cycles. • A plan which participates in the bonuses declared by the company. • Customization possible with Accident Death Benefit, Critical Illness, Term, Waiver of Riders for comprehensive protection.
Investment:-
MetLife’s Unit-Linked Insurance Plans ensure systematic enhancement of wealth. Be it higher returns or the right blend of protection and wealth optimization, they help to ensure the right choice and peace of mind. (IN THESE POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICY HOLDER ) Met Easy A simplified unit-linked plan which offers an opportunity to systematically build wealth and protection for you and your family.
10 years
15 years
20 years
Minimum Age 8 at Entry
3
0 (3 months to be completed)
Maximum Age 55 at Entry
50
50
Minimum
20,000
15,000
12,000
Maximum
6,00,000
4,00,000
3,00,000
Sum Assured
5 times the 7.5 times the annualized regular annualized regular
10 times the annualized regular
Yearly, Half-yearly, Yearly, Half-yearly, Yearly, Half-yearly, payment modes Quarterly, Monthly Quarterly, Monthly Quarterly, Monthly
(The maximum Sum Assured available in this product is based on age, at the time of buying the policy.) Benefits-
Death Benefit In the event of death: In the 1st Policy Year: Higher of 50% of the Sum Assured or the Fund Value is payable. After the 1st Policy Year: Higher of 100% of the Sum Assured or Fund
Value. If death of the Person Insured occurs before age 7, the Fund Value plus the Regular received by us in the first policy year is payable. Maturity Benefit On maturity, you will receive the Fund
Value including the Loyalty Addition or you can opt for the settlement options. Loyalty Additions With Met Easy, you get the benefit of potentially enhancing your wealth creation with loyalty additions that are
added to your policy on maturity.
Met Smart Gold MetLife offers 'Met Smart Gold'- a Unit-Linked wealth creation cum protection plan for the well-heeled. It's specially conceived so that one can get a plan to match his specific financial requirements. If you are keen on investing lump sum amounts over a shorter horizon, this is the ideal plan for you.
Met Smart Plus-Regular Pay 'Met Smart Plus' – a Unit-Linked Whole life plan that matures at age 100. If you want to protect your family from life’s uncertainties; at the same time, you wish insurance would yield higher returns on your investments. You want your insurance policy to help realize all your dreams. It’s a right plan to go with.
Entry Age (in completed years)
Min – 0 years (3 months to be completed)
Maturity Age
100 years
Payment Term
Regular
Minimum Annualized
Rs. 12,000
Minimum Basic Sum Assured
Rs. 60,000
Payment Modes
Monthly, Quarterly, Half-yearly, Yearly
Max – 70 years
Met Smart Plus- Single Pay Same as Met Smart Plus Regular but is payable in a single term or at the time of policy taken. Met Smart Premier- Regular Pay MetLife offers 'Met Smart Premier' – a Unit-Linked Whole life plan that matures at age 100. You want to protect your family from life’s uncertainties; at the same time, you wish insurance would yield higher returns on your investments. You want your insurance policy to help realize all your dreams. Met Smart Premier- Single Pay Payable lump sum at the time of policy taken.
Health:Met Health Care UIN no: 117N048V01 Health problems strike unexpectedly. In addition to causing ill health, it can also scar financial health. One need to protect himself against such a situation through a health insurance plan. In order to ensure you are well protected to face any health condition that could befall you, MetLife presents - Met Health Care, a simple health insurance policy with unique and smart advantages for you and your family#. (# Family means spouse and two children. Every additional family member shall be underwritten as per the underwriting conditions laid by the Company from time to time.) Met Health Care is a long term health insurance plan from MetLife. This plan covers 1. Hospitalization expenses by providing a Daily Cash benefit as chosen by
you. 2. 10 major Critical Illnesses by providing a lump sum benefit. 3. Total & Permanent Disability due to accident by providing a lump sum benefit. All the above benefits can be availed without the hassle of undergoing any medical examination. Just fill up the simple application form and start enjoying the unmatched benefits of Met Health Care.
Minimum/Maximum age of entry
18 years-55 years (At first entry, for the Principal insured) 3 months-55 years (For Secondary Insured lives)
Cover ceasing age
65 years
Maturity/Death Benefit
No Maturity/Death Benefit payable
Benefits Offered
(a) Daily Hospitalisation Cash Benefit (b) Daily ICU Cash Benefit (c) Recuperation Benefit (d) Critical Illness Benefit (e) Accidental Total & Permanent Disability Benefit
paying frequency Yearly. Half-Yearly mode is avaiable only if each of the persons insured choose a daily cash benefit of Rs. 3000 or more.
Illustration Benefit
Option 1
Daily Hospitalisation Cash Benefit
Option 2
Option 3
Option 4
Option 5
Rs. 1000 per day Rs. 2000 per day Rs. 3000 per day
Rs. 4000 per day
Rs. 5000 per day
Daily ICU Cash Benefit Rs. 2000 per day Rs. 4000 per day Rs. 6000 per day
Rs. 6000 per day
Rs. 6000 per day
Recuperation Benefit
Rs. 3000
Rs. 6000
Rs. 9000
Rs. 10000
Rs. 10000
Critical Illness Benefit
Rs. 1 Lakh
Rs. 2 Lakh
Rs. 3 Lakh
Rs. 3 Lakh
Rs. 3 Lakh
Accidental Total & Permanent Disability Benefit
Rs. 1 Lakh
Rs. 2 Lakh
Rs. 3 Lakh
Rs. 3 Lakh
Rs. 3 Lakh
Benefits Death/Maturity Benefit There is no Death/Maturity Benefit under Met Health Care. Tax Benefits The paid (excluding the service tax) under this plan is eligible for Tax Benefits under Section 80 D of the Income Tax Act, 1961 as per the provisions and conditions given therein and are subject to any changes made in the tax laws in future. Reasons to Buy 1. Coverage for the entire family. 2. No Claim Discounts. 3. Guaranteed Cover* till age 65. 4. Payouts in addition to other Insurance Plans. 5. Multiple Claims.
RESEARCH METHODOLOGY Objective Scope of study Sampling methodology Limitations
RESEARCH METHODOLOGY TITLE: To Study “Potential of Life Insurance Industry in Gurgaon”. TITLE JUSTIFICATION: The above title is self explanatory. The study deals mainly with studying the buying pattern in the insurance industry with a special focus on MetLife India Insurance Co. Ltd. The various segments of the markets divided in of Insurance Needs, Age groups, Satisfaction levels etc will also studied. OBJECTIVE Main objective of the research is to have an analysis of life insurance industry in Gurgaon. To accomplish this objective it has been divided into five. • To determine reasons behind opting for an insurance. • To know the most preferred policy. • To determine customers perception towards private insurance companies and their expectation form private insurance companies. • To determine the on services provided by an insurance agent. • To study the types of benefits provided by insurance services.
SCOPE OF THE STUDY A big boom has been witnessed in Insurance Industry in recent times. A large number of new players have entered the market and are trying to gain market share in this rapidly improving market. The study deals with reliance in focus and the various segments that it caters to. The study then goes on to evaluate and analyze the findings so as to present a clear picture of trends in the Insurance sector.
SIGNIFICANCE TO THE INDUSTRY: This is a limited study which takes into consideration the responses of 100 people. This data can be explorated to take in the trends across the industry. The significance for the industry lies in studying these trends that emerge from the study. It is a rapidly changing and evolving sector. People are only beginning to wake up to its vast possibilities. A study like this can attempt to guide the future of the industry based on current trends. SIGNIFICANE FOR THE RESEARCHER: To facilitate and provide useful information for the study of the company and the insurance industry and also provide recommendations for MetLife India Insurance Co. Ltd
RESEARCH DESIGN • NON-PROBABILITY • EXPLORATORY
&
DISCRIPTIVE
EXPERIMENTAL
RESEARCH The research is primarily both exploratory as well as descriptive in nature. The sources of information are both primary & secondary. A well-structured questionnaire was prepared and personal interviews were conducted to collect the customer’s perception and buying behavior, through this questionnaire. SAMPLING METHODOLOGY Sampling Technique: Initially, a rough draft was prepared keeping in mind the objective of the research. A pilot study was done in order to know the accuracy of the Questionnaire. The final Questionnaire was arrived only after certain important changes were done. Thus my sampling came out to be judemental and convinent Sampling Unit: The respondents who were asked to fill out questionnaires are the sampling units. These comprise of employees of MNCs, Govt. Employees, Self Employed etc.
Sample size: The sample size was restricted to only 100, which comprised of mainly peoples from different regions of Gurgaon due to time constraints. Sampling Area: The area of the research was Gurgaon, India.
LIMITATIONS OF THE RESEARCH 1. The research is confined to a certain parts of Gurgaon and does not necessarily shows a pattern applicable to all of Country. 2. Some respondents were reluctant to divulge personal information which can affect the validity of all responses. 3. In a rapidly changing industry, analysis on one day or in one segment can change very quickly. The environmental changes are vital to be considered in order to assimilate the findings.
SURVEY Graph Analysis Data Interpretation
DATA ANALYSIS & INTERPRETATION NUMBER OF PEOPLE HAVING INSURANCE RESPONSE
NO. OF RESPONDENTS
SHARE (%)
Yes
70
70%
No
30
30%
Total
100
100%
INTERPRETATION •
Of the sample size of 100 surveyed respondents 70% of the
respondents are having Insurance policy. •
30% of the respondents are either not having any Insurance policy
at present or their policy is already matured. •
And at present 100% of the respondents are with the view that
Insurance is a tool to protect your family.
TYPES OF INSURANCE POLICY RESPONDENTS HAVE POLICY TYPE
NO. OF RESPONDENTS
SHARE (%)
LIFE POLICY
75
75
NON LIFE POLICY
25
25
BOTH
45
45
INTERPRETATION
75% of the respondents have only Life Insurance Policy.
While 45% of the respondents have both.
25% of the respondents have only Non- life Policy.
[Some of the respondents opted for two or more than two items]
PREFERENCE OF RESPONDENTS OF INSURANCE COMPANIES COMPANY’S NAME L.I.C.
NO.OF RESPONDENT
SHARE (%)
74
74
3
3
2
2
Bajaj Allianze
3
3
ICICI Prudential
9
9
SBI Life
7
7
Max New York Life
2
2
100
100
Reliance Life Insurance Metlife India Ins. Co.Ltd
TOTAL
INTERPRETATION
74% of the people ed prefer LIC policy to any other and therefore it is ranked no.1 by that percent of respondents.
BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS BENEFITS
NO.OF RESPONDENTS
SHARE (%)
Cover Future Uncertainty
55
55
Tax Deductions
20
20
Future Investment
25
25
TOTAL
100
100
[Fig4] Future Investment 25%
Tax Deductions 20%
Cover Future Uncertainty 55%
INTERPRETATION 55% of the respondents believe that covering future uncertainty is the biggest benefit of an insurance policy.
Whereas, 20% and 25% of them believe that the other benefits are Tax deduction and future investments respectively. FEATURES OF INSURANCE POLICY THAT ATTRACTED RESPONDENTS FEATURE Money Back Guarantee Larger Risk Coverage
NO.OF RESPONDENTS 15 37
Easy Access to Agents Low Company’s Reputation TOTAL
7 30 11 100
SHARE (%) 15 37 7 30 11 100
[Fig 5] REPUTATIO N OF COMPANY 11%
MONEY BACK GUAARENT EE 15%
LOW 30%
INTERPRETATION
EASY ACCESS TO AGENTS 7%
LARGER RISK COVERAgE 37%
Majority of the respondent (37%) found larger risk coverage as the most attracted feature of the all.
Minimum respondents (7%) opted for easy access to agents. PEOPLE PERCEPTION ABOUT INSURANCE RESPONSE
NO. OF RESPONDENTS
SHARE (%)
A saving tool
81
81%
A tax saving device
74
74%
A tool to protect your family
100
100%
INTERPRETATION •
81% of the respondents have perception of Insurance being a
saving tool. •
And 74% of the respondents have perception of Insurance being a
tax saving device.
•
But 100% of the respondents are with the view that Insurance is a
tool to protect your family. [Some of the respondents opted for two or more than two items] PERSONS HAVING INSURANCE FOR Response
No of respondents
self
40
spouse
28
children
21
parents
18
all
11
INTERPRETATION Among that 42% people who having insurance, they have insurance 40% for self, 28%for spouse ,21% for children and 18% for their parents and 11% for all family member.
REASONS BEHIND TAKING INSURANCE RESPONSE
NO. OF RESPONDENTS
SHARE (%)
Tax saving
80
80%
Saving / Investment
80
80%
Family protection
100
100%
INTERPRETATION •
80% of the Respondents opted for Insurance for tax saving benefits
and saving/investment both. •
But all of them, i.e. 100% of the respondents have opted for
insurance for their family protection.
[Some of the respondents opted for two or more than two items]
SATISFACTION OF RESPONDENTS WITH RESPECT TO POLICY RESPONSE
NO. OF RESPONDENTS
SHARE (%)
Satisfied
60
60%
Not satisfied
40
40%
Not Responded
0
0.0%
100
100%
Total
INTERPRETATION •
60% of the respondents are more or less satisfied with their
existing policy. •
40% of the respondents are not satisfied with their existing policy.
•
In this case all of those who have taken a policy have responded.
SATISFACTION OF +VE RESPONDENTS WITH RESPECT TO SERVICE AGENT RESPONSE
NO. OF RESPONDENTS
SHARE (%)
Satisfied
45
45%
Not satisfied
55
55%
Not Responded
0
0.0%
100
100%
Total Not Responded 0%
Not satisfied 55%
[Fig10]
Satisfied 45%
INTERPRETATION •
45% of the respondents are satisfied with their existing service
agent. •
55% of the respondents are not satisfied with their existing
insurance agent. •
All of those who have taken a policy have responded.
NUMBER OF RESPONDENTS PAYING TAX RESPONSE
NO. OF RESPONDENTS
SHARE (%)
Paying tax
91
91%
Not paying tax
9
9%
100
100%
Total
INTERPRETATION • tax.
Of the sample size of 100 respondents, 91 respondents are paying
RESPONDENTS PERCEPTION ABOUT BEST FORM OF INVESTMENT FOR SECURING THEIR FUTURE NO. OF RESPONDENTS
SHARE (%)
Fixed Assets
75
33%
Bank deposits
11
5%
Jewellery
25
11%
Securities i.e. bonds, MFs
40.
17%
Shares
10
4%
Insurance
70
30%
80
[Fig12]
Fixed Assets, 75
Insurance, 70
70 60
Bonds/Mutual Funds, 40
50 40
Jewellery, 25 Bank deposits, 11
30 20 10
Shares, 10
0 Fixed Assets Bank deposits
Jewellery
Bonds/Mutual Funds
Shares
Insurance
INTERPRETATION •
75% of the respondents are with the view that Fixed Assets is the
best form of investment for securing their future. •
70% of the respondents are with the perception that Insurance is
the best form of investment for securing their future, which is 2nd highest and this shows that insurance is an important key for securing your future.
[Some of the respondents opted for two or more than two items] PEOPLE’S PERCEPTION ON APPROPRIATE AGE FOR BUYING INSURANCE RESPONSE
NO. OF RESPONDENTS
SHARE (%)
After 25 years
29
29%
After 35 years
10
10%
After 45 years
0
0%
Anytime
61
61%
INTERPRETATION •
29% of the respondents are with the view that insurance should be
bought after the age of 25 years. •
10% of the respondents are with the view that insurance should be
buyed after the age of 35 years.
•
Whereas, 61% of the respondents are with the view that buying of
insurance do not have anything to do with age i.e. there is no age limitations. It can be purchased any time according to the need.
PEOPLE OPINION ABOUT INDIAN INSURANCE COMPANIES RESPONSE
NO. OF RESPONDENTS
SHARE (%)
Rigid plans
67
67%
Non friendly
29
29%
Unsatisfactory services
26
26%
Non Aggressive
35
35%
Satisfactory
24
24%
Good
10
10%
Very good
0
0%
INTERPRETATION •
67% of the respondents have the opinion that Indian Insurance
Companies have Rigid plans. •
29.5% feel that Indian Insurance companies are Non- friendly.
•
26.5% feel that services of Indian Insurance companies are
Unsatisfactory. •
35.75% of the respondents are with the view that Indian Insurance
companies are Non-aggressive.
•
24% of the respondents feel that products and services of Indian
Insurance companies is Satisfactory. •
Whereas only 10.25% feel that it is Good enough.
•
And according to the data, no single person has felt that it is very
good.
[Some of the respondents opted for two or more than two items]
WHAT PEOPLE LOOK FOR IN AN INSURANCE COMPANY RESPONSE
NO. OF RESPONDENTS
SHARE (%)
A trusted name
82
82%
Friendly service & responsiveness
71
71%
Good plans
81
81%
Accessibility
49
49%
INTERPRETATION •
82% customers look for a Trusted name in a company for
insurance. •
81.5% customers look for a good plan in a company for insurance.
•
Friendly service & responsiveness and Accessibility are also
important factors looked by customers in a company.
[Some of the respondents opted for two or more than two items] PEOPLE INTERESTED IN GOING FOR INSURANCE IF A SERVICE PROVIDER AWAY FROM THE CITY OFFERS BETTER SERVICE & PRODUCTS RESPONSE
NO. OF RESPONDENTS
SHARE (%)
Yes
43
43%
No
44
44%
Uncertain
13
13%
Total
100
100%
INTERPRETATION •
The interested customers i.e. 43% are ready to go for insurance
even away from a city if services and products are worthwhile, which again is a good prospect (potential) for Max New york Life Insurance to take them on their favor.
PEOPLE PLANNING FOR NEW INVESTMENTS RESPONSE
NO. OF RESPONDENTS
SHARE (%)
87%
87%
Not planning
13
13%
Total
100
100%
Planning
[Fig17] Not Planning 13%
Planning 87%
INTERPRETATION •
Only 13% of the customers ed are not planning for new
investments presently. •
Whereas, 87% of the customers are still planning for new
investments this can be a great potential for MetLife India Insurance Co. Ltd to take them on their favor.
FINDINGS & RECOMMENDATIONS
FINDINGS & RECOMMENDATIONS 1. As the people think that insurance is a tool to protect their family & a tax saving device. They are aware of the fact & realizing its, importance. There is a large potential for insurance in India. 2. The entrance of private players will increase the competition and it would be a tough task to secure a good position in market. 3. Since Met Life India Insurance is leading with several companies’ policies it should be easy for them to penetrate into the market and secure a good position if they pay greater attention to the service part provided to their customer and thereby forming a long and trusted relationship. 4. As seen from the survey that at present 70% of the customer are having insurance policy out of which 87.5% of the customer are planning for new investments. So it can be a good potential for the company and they should make an attempt to trap these customers. 5. As 43% of the customers are even ready to go for insurance if a service provider away from their city is providing it. But in turn they should provide good products and services. The company should try to convince these customers and get them in its favor.
GROWTH POTENTIAL At present life insurance penetration in India is quite low – 3.5% of GDP.
PHASE OF TRANSITION • Life Insurance industry is under the phase of infancy after 50 years of monopoly. • Competition from within and other sectors of financial market. • Needs environmental till it reaches a comfort zone
CONCLUSION The exhaustive research in the field of Life Insurance threw up some interesting trends which can be seen in the above analysis. A general impression that I gathered during Data collection was the immense awareness and knowledge among people about various companies and their insurance products. People are beginning to look beyond LIC for their insurance needs and are willing to trust private players with their hard earned money. People in general have been impressed by the marketing and advertising campaigns of insurance companies. A high penetration of print, radio and Television Ad campaigns over the years is beginning to have it’s impact now. Another heartening trend was in of people viewing insurance as a tax saving and investment instrument as much as a protective one. A very high number of respondents have opted for insurance for such purposes and it shows how insurance companies have been successful to attract public money in recent times. The general satisfaction levels among public with regards to policy and agents still requires improvement. But therein lies the opportunity for a relative player like MetLife India Insurance Co. Ltd. LIC has never been known for prompt service or customer oriented methods and MetLife India Insurance Co. can build on these factors.
BIBLIOGRAPHY
WEBSITES REFERRED www.metlife.co.in www.irdaindia.org www.thehindubusinessline.com
ANNEXURE
QUESTIONNAIRE NAME:_________________________ ADDRESS:______________________ ______________________________OCCUPATION:__________________ _ 1. ARE YOU EMPLOYED? YES NO 2. DO YOU HAVE ANY INSURANCE POLICY? YES NO 3. WHICH INSURANCE POLICY DO YOU HAVE? LIFE
NON-LIFE
BOTH
4. WHICH CO’S INSURANCE POLICY YOU PREFER THE MOST? (RANKTHEM) a) b) c) d) e) f) g) h)
LIC ICICIPRUDENTIAL SBI LIFE INSURANCE MET LIFE INDIA INSURANCE MAX NEW YORK LIFE INSURANCE BAJAJ ALLIANZE RELIANCE LIFE INSURANCE ANY OTHER ________( Specify)
5. WHAT DO YOU THINK ARE THE BENEFITS OF INSURANCE PLAN? (RANK THEM) a) COVER FUTURE UNCERTAINITY b) TAX DEDUCTIONS c) FUTURE INVESTMENT
d) ANY OTHER _________(Specify) 6. WHAT’S YOUR PERCEPTION ABOUT INSURANCE? (RANK THEM) a) A SAVING TOOL b) A TAX SAVING DEVICE c) A TOOL TO PROTECT FUTURE 7. ARE YOU SATISFIED WITH THE POLICY? a) SATISFIED b) NOT SATISFIED c) NOT RESPONDING 8. ARE YOU SATISFIED WITH THE SERVICE AGENT? a) SATISFIED b) NOT SATISFIED c) NOT RESPONDING 9. DO YOU PAY TAXES? YES
NO
10.WHICH IS THE BEST FORM OF INVESTMENTS? (RANK THEM) a) FIXED ASSETS
b) BANK DEPOSITS
c) JEWELLERY MFs
d) SECURITIES, i.e. Bonds,
e) SHARES
f) INSURANCE
11.. WHAT DO YOU INTENT TO GAIN FROM INVESTMENTS? a) SAVING & RETURNS
b) SECURITY
c) TAX BENIFITS 12.WHAT’S THE RIGHT AGE TO BUY INSURANCE? a) AFTER 25 Yrs
b) AFTER 35 Yrs
c) AFTER 45 Yrs
d) ANYTIME
13.HOW WOULD YOU RATE INDIAN INSURANCE COs? a) RIGID PLANS FRIENDLY
b)NON-
c) UNSATISFATORY SREVICES
d) NON-AGGRESSIVE
e) SATISFACTORY
f) GOOD
g) VERY GOOD 14.WHAT WOULD YOU LOOK FOR IN AN INSURANCE COs? (RANK THEM) a) A TRUSTED NAME b) FRIENDLY SERVICE & RESPONSIVENESS c) GOOD PLANS d) ACCESSIBILITY 15.WOULD YOU GO FOR INSURANCE IF A SERVICE PROVIDER AWAY FROM THE CITY OFFERS BETTER SERVICE & PRODUCTS? a) YES
b) NO
c) UNCERTAIN
16.ARE YOU PLANNING FOR NEW INVESTMENTS?
PLANNING
NOT PLANING THANK YOU.
Related Documents 3h463d
Adi 132pa
December 2019 61
Adi 132pa
November 2019 55
Adi Shakti 1s3f4p
November 2021 0
Adi 2158 6v2c60
August 2022 0
Adi Shankara 5t2f4n
April 2023 0
Adi 595 3511t
September 2022 0More Documents from "Ashish Singh" 4m7037
Chapter 04 The Market Driven Sales Organization 6q6s2j
April 2021 0
Mdu,b.tech (ece) 5th And 6th Sem New Syllabus 15u4g
December 2019 48
Adi 132pa
December 2019 61
Chapter 10 Training The Sales Teams 694k46
April 2021 0
Presentation On Hotel Management System 4s3d2o
March 2021 0