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EXECUTIVE SUMMARY The general purpose of this research was .doc



The general purpose of this research was to find out the effective marketing media mix
for Max New York Life Insurance. The main research objectives of this study are as

    To find out the effective medium for advertising Insurance products
    To find out where and when advertising should be done
    To find out a suitable and cost effective advertising mix to reach to a larger group
        of audience

This research helped Max New York Life Insurance to recognize which mediums it
should concentrate for advertising. The research design included Descriptive and Causal
research. In this the interviews were conducted to get information regarding preference of
customer in using various mediums.

A survey was conducted of approximately 150 respondents. The sample was selected on
a random basis depending upon the geographical location covering entire Mumbai region.

The target population for the research consists of working class people who have the
premium paying capacity. The target population comprises of Working Women, Working
Men and Housewives (who influences the buying decision). The working men and
women can be contacted from their place of work i.e. in offices and the housewives at

The interviews were conducted and data was collected accordingly. Standard editing and
coding procedures were utilized to ensure maximum accuracy and un-ambiguity. This
includes careful interpretation and good judgment of the data. Hypothesis testing was
done. Simple tabulation was utilized to analyze data.

Thus according to the research findings we conclude that the awareness of Max New
York Life Insurance is prominent in Mumbai. Max New York Life as a brand is able to
establish in the market but lacks in consumer preference. Emphasis needs to be done in
channelizing their advertising budget to appropriate Medias so as to reach a larger target

A written report was prepared and a presentation of the findings was made. The
suggestions for improvement and new strategies were also recommended.


SR. NO.   TOPIC                        PAGE NO.
          Acknowledgement                 1
          Executive Summary               2
          Table of Contents               4

          Objective                       6
          Scope                           7
                    -Research Design       8
                    -Hypothesis            8
                    -Data Collection       9
                    -Sampling Design      10
          Limitation                      12
          Industry Profile                13
          Organization Profile            25
          Data Analysis                   36
          Current Strategy
                  -Max New York Life      52
                  -Competitors            55

          Recommendations                 57
          Conclusion                      64

          Bibliography                    68
          Questionnaire                   67



The main objective of this project is to identify the most effective marketing media mix
that would help the company to create brand awareness for itself and also gain first hand
experience of how an organization works and to get familiar with the working and
structure of the organization.
Deregulation in India has resulted in increased number of players in the market and
hence the competition. This competition has brought about a change in the existing
marketing strategies including advertising. The new types of advertising channels are
wider and are expected to be more effective and creative and reach larger number of
target audience. Thus there exists a vast potential for Max New York Life to support its
existing advertising channels with the new innovative channels.
The Research provides information that assists the organization to define opportunities
for market strategy. It works by assessing whether current advertising channel are
accurately targeted, and by identifying market opportunities or changes that are required
by customers.
The study would also help the company to identify awareness in the minds of people
about other competing life insurance companies, and the position Max New York Life
holds in the minds of people.
Primary objective:
    To find out the effective medium for advertising Insurance products
    To find out where and when advertising should be done
    To find out a suitable and cost effective advertising mix to reach to a larger group
       of audience
Secondary Objective:
The company’s basic objective is to increase the market share in the insurance sector and
this will happen only by increasing the Brand awareness through effective marketing.


  Development of industries depends on several factors such as financial,
    technology, quality of the services and social responsibility. Out of these,
    marketing aspects assume a significant role in determining the growth of
  The research has covered the different mediums of communication that the
    company is currently involved in to create effective brand awareness. The
    research also covers the different mediums of communications that other
    competing insurance companies are involved in, and how effective they have been
    to create brand awareness for themselves.
  This project will help to understand the current market scenario and marketing in
    stiff competition.


For the study a combination of field survey and literature review were conducted. The
primary information served as the critical framework for analysis while the secondary
information provided important inputs for understanding the context and rationality
behind the status of the sector. This combination has provided rich context-bound
information that lead to explaining the objective more concretely. It was also felt that the
observation would be difficult particularly with the limited time frame. As a result, both
qualitative and quantitative investigation techniques were used.
Research Design
The main rationale of this research is to find out the kind of advertising channels
customers prefers and which are not currently done by Max New York Life Insurance
and also find out its effect. Thus, the research design that will be used is Descriptive
Research as well Causal Research.

   1. Null Hypothesis Ho: Brand Awareness of Max New York Life is to the right
       target audience
       Alternate Hypothesis H1: Brand Awareness of Max New York Life is not to the
       right target audience
   2. Null Hypothesis Ho:The TV advertising strategy used by Max New York Life
       Insurance is to the right target audience
       Alternate Hypothesis H1: The TV advertising strategy used by Max New York
       Life Insurance is not to the right target audience
   3. Null Hypothesis Ho: Max New York Life should start advertising on radio
       Alternate Hypothesis H1: Max New York Life Insurance should not advertise on
   4. Null Hypothesis Ho: Print advertisement prompt people to enquire about
       Alternate Hypothesis H1: Print advertisement does not prompt people to enquire
       about Insurance


For collection of primary data, a sample of 150 was considered.

The method adopted for conducting the survey was Questionnaire method.
Different information was gathered from the entire sample via face to face interviews.
This was helpful for analysis of the given project. This all came under primary data.

The pilot study was conducted in order:
    To check for the relevance of the variables selected
    To check for face validity of the questionnaire
    To see the reliability of the questionnaire.
In addition, the project guide Mr.Vikram Jain has confirmed the content validity of the
questionnaire items. Thus, the instrument provides adequate coverage of the topics
included in the study. The suggestions from the guide and colleagues were useful in
generating and constructing the final questionnaire that appeared to have no significant
ambiguities and problems, which were then distributed to target respondents.

Attempt was made to collect relevant documentation related to the target areas. The same
is mentioned in the bibliography. This proved to be challenge on its own, as there was no
sufficient written information available.

Close ended as well as open ended questions will be part of the questionnaire which will
be used for survey.

Face-to- Face will be the contact method used.


Selection of sample
   1. Target Population:
Target Population includes those individuals who have:
    Premium paying capacity
    Decision taking ability
    Willingness to plan for future
This includes Male and Female working population either salaried or doing their own
business. Also housewives who take decisions for the family are included.

   2. Sampling Frame:
The sampling frame includes people having the following characteristics and residing in
               Age Group                      25 to 45
               Income                         Greater than 10000 pm
               Gender                         Male /Female

   3. Sampling Method
With a varied level of heterogeneity & homogeneity in our target population we select
Probability Distribution.

   4. Sampling Procedure
The method used is cluster sampling which is a type of probability sampling in which the
entire population is divided into groups or clusters and then a random sample of these
clusters is selected. Each cluster from the population has an equal probability of being
selected. We have divided the sampling frame on the basis of age, sex, occupation, etc.

     5. Sampling Size Estimation
With a Z value (Confidence Interval) of 99% and Standard Deviation (s) (With Mixture
of Heterogeneity & Homogeneity) of 60% and Error rate (e) of 5%. We find the Sample
size using

which comes to n = 136 and with 5% extra including the contingency for the total inputs
we estimate the sample size to be 150.

Details of Sample Elements
                                    25 to 35 years            35 to 45 years
     Business man                   15                        15
     Salaried Person                35                        35
     Housewife                      5                         5
     Working Female                 20                        20
     Total                          75                        75

                                                         Business man
                       Working Female


                                                      Salaried Person


Throughout the study utmost care has been taken to avoid biases, errors so as to ensure
authenticity and accuracy. But there is possibility for some discrepancies to come in
between due to following limitations:

In the research sample size of 150 was selected on a random basis. However, it was
difficult to judge the feasibility of research with such a small sample size.

The survey will be limited to Mumbai only.

    The information given is based on market survey, meeting with the people, and
       phone calls, and the other medium like internet. The study is totally based on the
       perception of the people. Assumption is made that views and suggestion given by
       the respondent are his factual knowledge about information.
    Respondents may give their biased opinion, as they know the identity of
       Management Trainee.
    Difficult to get appointment from people because of their busy schedule.
    Accuracy of the project may be affected due to Missing responses.

Data Collection:
The significant limitation faced was in extracting appropriate historical data. Absence of
reliable benchmark data and statistics on the advertising expenditure and advertising
mediums used in particular has made it extremely difficult to conduct the market
assessment. As a result, personal judgment based on observation, extensive discussion as
well as past experience was given preference. Despite the constraints, care was taken to
make the entire project exercise as objective and unbiased as possible.



                   “Insurance – A little Price – For a Priceless Security”

Life is full of risks. Risks and uncertainties are part of life's great adventure -- accident,
illness, theft, natural disaster - they're all built into the working of the Universe, waiting
to happen. After all, life is fraught with tensions and apprehensions regarding the future
and what it holds for the individual. Being a social animal and risk averse, man always
tries to reduce risk. Despite all the planning and preparation one might make, no one can
accurately guarantee or predict how or when death might result and the circumstances
that might ensue in its aftermath.

An age-old method of sharing of risk through economic cooperation led to the
development of the concept of ‘insurance’. People generally regard insurance as a
scheme when and where you have to lose a lot to gain a little. Nevertheless, insurance is
still the most reliable tool an individual can use to plan for his future.

Insurance is a form of risk management primarily used to hedge against the risk of a
contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from
one entity to another, in exchange for a premium, and can be thought of as a guaranteed
small loss to prevent a large, possibly devastating loss.

Insurance is a social device to reduce or eliminate risk of loss to life and property.
Insurance is a collective bearing of risk. Insurance spreads the risks and losses of few
people among a large number of people, as people prefer small fixed liability instead of
big uncertain and changing liability. Insurance is a scheme of economic cooperation by
which members of the community share the unavoidable risks.

The risks, which can be insured against include fire, the perils of sea, death, accidents,
and burglary. The members of the community subscribe to a common pool or fund,
which is collected by the insurer to indemnify the losses arising out of risks. Insurance

cannot prevent the occurrence of risk but it provides for the losses of risk. It is a scheme,
which covers large risks, by paying small amount of capital.

Insurance is also a means of savings and investment. Insurance can be defined as a legal
contract between two parties whereby one party called insurer under-takes to pay a fixed
amount of money on the happening of a particular event, which may be certain or
uncertain. The other party called insured pays in exchange a fixed sum known as
premium. The insurer and the insured are also known as Assurer, or Underwriter, and
Assured, respectively. The document, which embodies the contract, is called the policy.

Life insurance is insurance on human beings. Though Human life cannot be valued, a
monetary sum could be determined which is based on loss of income in future years.

Life insurance is a policy that people buy from a life insurance company, which can be
the basis of protection and financial stability after one's death. Its function is to help
beneficiaries financially after the owner of the policy dies.
Life insurance or life assurance is a contract between the policy owner and the insurer,
where the insurer agrees to pay a sum of money upon the occurrence of the insured
individual's or individuals' death or other event, such as terminal illness or critical illness.
In return, the policy owner agrees to pay a stipulated amount called a premium at regular
intervals or in lump sums.

It can also be a form of savings in the long run if you purchase a plan, which offers the
option of contributing regularly.


There are a number of life insurance products which offer protection and also coupled
with savings.

Endowment Policy - An endowment policy covers risk for a specified period, at the end
of which the sum assured is paid back to the policyholder, along with the bonus
accumulated during the term of the policy.

Whole Life Policy - A whole life policy runs as long as the policyholder is alive. Risk is
covered for the entire life of the policyholder.

Term Life Policy – Term life insurance policy covers risk only during the selected term
period. The risk cover comes to an end if the policyholder survives the term.

Money-back Policy - Money back policy provides periodic payments of partial survival
benefits during the term of the policy, as long as the policyholder is alive. This is
different from endowment policy in the sense that in endowment policy survival benefits
are payable only at the end of the endowment period.

Joint Life Policy - Joint life insurance policies are similar to endowment policies but
these kind of policies are categorized separately as they cover two lives simultaneously,
thus offering a unique advantage in some cases like for a married couple or for partners in
a business firm.

Group Insurance Policy - Group insurance offers life insurance protection under group
policies to various groups such as employees, co-operatives, weaker sections of society,
etc. This provides insurance coverage for people in certain approved occupations at the
lowest possible premium cost.

Loan Cover Term Assurance Policy - Loan cover term assurance policy covers a home
loan. Such a policy covers the individual's home loan amount in case of an eventuality.
The cover on such a policy keeps reducing with the passage of time as individuals keep
paying their EMIs (equated monthly installments) regularly, which reduces the loan

Pension Plan or Annuities - A pension plan or an annuity is an investment that is made
either in a single lump sum payment or through installments paid over a certain number
of years, in return for a specific sum at periodic intervals, either for life or for a fixed
number of years.
Annuities differ from all the other forms of life insurance in that an annuity does not
provide any life insurance cover but offers a guaranteed income either for life or a certain

Unit Linked Insurance Plan - Unit linked insurance plan (ULIP) is a life insurance
solution that provides for the benefits of protection and flexibility in investment. The
investment is denoted as units and is represented by the value that it has attained called as
Net Asset Value (NAV). The policy value at any time varies according to the value of the
underlying assets at the time. ULIP is a life insurance solution that provides for the
benefits of protection and flexibility in investment.

There are a variety of life insurance products to suit to the needs of various categories of
people—children, youth, women, middle-aged persons, old people; and also rural people,
film actors and unorganized laborers.

Thus life insurance policies offer protection and security to families and provide
happiness to society.



    Insurance benefits help the policy holder or beneficiary in combating with the
      losses or hazards associated with him/her.
    Pre-tax insurance benefits:
      These benefits are an added advantage to the insurance holders because they help
      them in saving a large portion of their tax payment. When the tax-payment gets
      curtailed then consequently their disposable income increases leading to more
      enjoyment out of a secured life.
    Life insurance is unique in that it gives the customer the reassurance of asset
      protection, along with a strong element of asset appreciation. Insurance products
      also have a strong inbuilt wealth creation proposition.
    Life insurance is the only investment option that offers specific products tailor-
      made for different life stages. It ensures that the benefits offered to the customer
      reflect the needs of the customer at that particular life stage, and hence ensures
      that the financial goals of that life stage are met.
    Encourages saving and helps in Financial Planning for the Future.
    Life Insurance Policies can be used as security to obtain a Loan.

Society and Economy

    Life insurance policies have helped trade and other economic activities to flourish
      in a great manner.
    India’s life insurance premium, as a percentage of GDP is 1.8%
    It has generated lots of job opportunities. Employees in insurance sector as on
      31st March 2005, was around 5 lakh.
    Life insurance promotes a sense of responsibility, strengthens family ties, and
      thus elevates the general character of the nation.
    Through their enormous investments life-insurance companies have exerted a
      powerful influence in the upbuilding of the industrial life of the nation.

   The opening up of the sector is likely to lead to greater spread and deepening of
     insurance in India and this may also include restructuring and revitalizing of the
     public sector companies. In the private sector 12 life insurance and 8 general
     insurance companies have been registered. A host of private Insurance companies
     operating in both life and non-life segments have started selling their insurance
     policies since 2001. Physical ailments are also frequently discovered for the first
     time as a result of the physical examinations which the companies require all
     applicants to undergo. The knowledge thus obtained leads to the application of
     remedies, and results in the conservation of the value of many lives for the benefit
     of the community.
   Life Insurance helps in retirement planning which helps in the reduction of the
     investment made by government for ageing population.


   The main benefit for the company is that they earn profit by re-investing the
     money obtained
   It helps the company to diversify their risk as Insurance works on the principle of

Historical Perspective
The history of life insurance in India dates back to 1818 when it was conceived as a
means to provide for English Widows. Interestingly in those days a higher premium was
charged for Indian lives than the non-Indian lives as Indian lives were considered more
riskier for coverage.
The Bombay Mutual Life Insurance Society started its business in 1870. It was the first
company to charge same premium for both Indian and non-Indian lives. The Oriental
Assurance Company was established in 1880. The General insurance business in India,
on the other hand, can trace its roots to the Triton (Tital) Insurance Company Limited, the
first general insurance company established in the year 1850 in Calcutta by the British.
Till the end of nineteenth century insurance business was almost entirely in the hands of
overseas companies.
Insurance regulation formally began in India with the passing of the Life Insurance
Companies Act of 1912 and the provident fund Act of 1912. Several frauds during 20's
and 30's sullied insurance business in India. By 1938 there were 176 insurance
companies. The first comprehensive legislation was introduced with the Insurance Act of
1938 that provided strict State Control over insurance business. The insurance business
grew at a faster pace after independence. Indian companies strengthened their hold on
this business but despite the growth that was witnessed, insurance remained an urban
The Government of India in 1956, brought together over 240 private life insurers and
provident societies under one nationalized monopoly corporation and Life Insurance
Corporation (LIC) was born. Nationalization was justified on the grounds that it would
create much needed funds for rapid industrialization. This was in conformity with the
Government's chosen path of State lead planning and development.
The (non-life) insurance business continued to thrive with the private sector till 1972.
Their operations were restricted to organized trade and industry in large cities. The
general insurance industry was nationalized in 1972. With this, nearly 107 insurers were
amalgamated and grouped into four companies- National Insurance Company, New India
Assurance Company, Oriental Insurance Company and United India Insurance Company.
These were subsidiaries of the General Insurance Company (GIC).

Important milestones in the life insurance business in India:

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: 245 Indian and foreign insurers and provident societies were taken over by the
central government and nationalized. LIC formed by an Act of Parliament- LIC Act
1956- with a capital contribution of Rs. 5 crore from the Government of India.

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 in India nationalized through The General
Insurance Business (Nationalization) Act, 1972 with effect from 1st January 1973. 107
insurers amalgamated and grouped into four companies- the National Insurance Company
Limited, the New India Assurance Company Limited, the Oriental Insurance Company
Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.

Present Scenario

The Government of India liberalized the insurance sector in March 2000 with the passage
of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry
restrictions for private players and allowing foreign players to enter the market with some
limits on direct foreign ownership. Under the current guidelines, there is a 26 percent
equity cap for foreign partners in an insurance company. There is a proposal to increase
this limit to 49 percent.
The opening up of the sector is likely to lead to greater spread and deepening of insurance
in India and this may also include restructuring and revitalizing of the public sector
Today there are 14 general insurance companies including the ECGC and Agriculture
Insurance Corporation of India and 21 life insurance companies operating in the country.
A host of private Insurance companies operating in both life and non-life segments have
started selling their insurance policies since 2001.
The insurance sector is a colossal one and is growing at a speedy rate of 15-20%.
Together with banking services, insurance services add about 7% to the country’s GDP.
A well-developed and evolved insurance sector is a boon for economic development as it
provides long- term funds for infrastructure development at the same time strengthening
the risk taking ability of the country.

The Road Ahead

Market penetration tends to rise as incomes increase, particularly in life insurance. India,
with its huge middle-class households and growing economy has exhibited huge potential
for this sector. Current estimates say that, for every one per cent increase in the GDP,
insurance premiums increase by at least 4 per cent.

The domestic insurance industry in India is estimated to be around US$ 60.5 billion by
2010, of which US$ 35 billion will come from rural and semi-urban areas. While the life
insurance market is expected to grow to US$ 35 billion, non-life insurance market will
touch an estimated US$ 25 billion.


         Name of the Company

   1     Bajaj Allianz Life Insurance Company Limited

   2     Birla Sun Life Insurance Co. Ltd

   3     HDFC Standard Life Insurance Co. Ltd

   4     ICICI Prudential Life Insurance Co. Ltd.

   5     ING Vysya Life Insurance Company Ltd.

   6     Life Insurance Corporation of India

   7     Max New York Life Insurance Co. Ltd

   8     Met Life India Insurance Company Ltd.

   9     Kotak Mahindra Old Mutual Life Insurance Limited

   10    SBI Life Insurance Co. Ltd

   11    Tata AIG Life Insurance Company Limited

   12    Reliance Life Insurance Company Limited.

   13    Aviva Life Insurance Co. India Pvt. Ltd.

   14    Sahara India Life Insurance Co, Ltd.

   15    Shriram Life Insurance Co, Ltd.

   16    Bharti AXA Life Insurance Company Ltd.

   17    Future Generali Life Insurance Company Ltd.

   18    IDBI Fortis Life Insurance Company Ltd.

   19    Canara HSBC Oriental Bank of Commerce Life Insurance Co. Ltd

   20    AEGON Religare Life Insurance Company Limited.

   21    DLF Pramerica Life Insurance Co. Ltd.

   22    Star Union Dai-ichi Life Insurance Comp. Ltd.


      Max New York Life is a joint venture between Max India and New York Life.

      Max India Ltd.                                           New York Life Insurance
       74% stake                                                    26% stake

Max India Ltd.
1. Started operations in 1985 primarily Health Care, Life Insurance and Telecom.
2. Rated among the top 200 Companies in India.
3. Primarily focus into Health Care and Life Insurance where the investment is more than
INR1000.00 Crore.
4. In health care business, company tied up with Harvard Medical International, a Fortune
500 company. Both are coming up with a super specialty hospital known as Max
Healthcare with more than 1400 beds.
5. Max India is a listed company in BSE and NSE.

New York Life Insurance
1. Started operations in 1845. Specialist in the Life Insurance business, it is one of the
oldest, largest and finest insurance companies in the world.
2. A Fortune 100 Company. Ranked 74th in the world, above companies like Pepsi, Coca
Cola, McDonalds, Fed X, American Express, Xerox, etc.
3. Business spread across 11 countries in 3 continents.
4. Over US $ 225 billion in assets under management & over US $ 12 billion in surplus
and reserves (2006)
5. Ranks #2 on Fortune’s Global List of ‘Most admired Life Insurance Companies’

6. Has insured millions of lives in America included those of 10 US Presidents i.e. every
4th President of USA is insured by NYL.
7. Company which has overcome nearly every possible crisis such as World War II,
Great Depression, 9/11 attacks.
8. 27% of NRI insured in America by NYL.

                                  Max New York Life Insurance
1. Started operations in the year 2001.
2. Till 31st January 2008, 233 offices in 155 cities.
3. Sold more than 2.1 million policies.
4. Sum assured is more than 45,000 Crore Rupees
5. First company to be awarded license by IRDA after liberalization of the insurance
6. First company to present approved illustrations to prospects
7. First company to present a detailed policy pack to customers
8. First company to introduce “15 days free look period”
9. First Indian life insurer to be awarded ISO 9001:2000 certifications for quality service
and sales processes
10. Among the top two private Indian life insurers in terms of paid up equity capital (Rs.
437 crores)
11. First private insurer to become US GAAP profitable.
12. Among the top two Indian life insurers in terms of qualifiers to MDRT membership
in 2003 and 2004.
13. Among the top two private Indian life insurers in terms of sum assured for individual
policies (Rs. 16,500 crores across 5,00,000 policies)

Become the most admired Life Insurance Company in India

Amongst top 5 Insurance companies by profitable new business sales
        Brand of choice
        Employee of choice
        Principal of choice for Distributors and Suppliers



Chairman Mr. Analjit Singh

Vice Chairman Mr.Anuroop (Tony) Singh,

CEO & Managing Director Mr. Rajesh Sud

Executive Director & Chief Operating Officer Mr. Rajit Mehta

Director Mr. John Harrison,

Director Mr. Richard Mucci,

Director Dr. Omkar Goswami,

Director Mr. Rajesh Khanna,

Mr. Analjit Singh is the Founder and Executive Chairman of the Max India Group. He
has been the driving force behind the Max Group's sustained growth and success since
Mid 80's. In 2000 The Company reinvented and restructured itself. Today Max India is in
the business of 'Life':

     Protecting Life through Max New York Life
     Caring for Life through Max Healthcare
     Improving Life through Neeman Medical International - Clinical Research

He is a member of the Prime Minister's 10 member Joint Indo US CEOs Forum; Indo
Italian CEO Forum; Director on the Board of IDBI, Vodafone Essar, Hero Honda Motors
Limited; Member Governing Board of Bharti Foundation; Chairman - International, CII;
Member - Overseas Indian Facilitation Centre (OIFC), Ministry of Overseas Indian
Affairs, GOI; Member, CII - Singapore CEO Group; Member Executive, National
Council and Healthcare committee of CII. In addition, Chairman, Board of Governors of
the Doon School and an Executive Board member of the Board of Governors of the
Indian School of Business.Mr. Analjit Singh is also the Consul General (honorary)


Managing Director and CEO Rajesh Sud,

Chief Operating Officer Rajit Mehta,

Senior Director - New Markets SBU Anil Mehta

Senior Director& Chief Financial Officer Sunil Kakar

Senior Director- Legal & Compliance Ajay Seth

Senior Director & Chief Marketing Officer Debashis Sarkar

Appointed Actuary John Poole

Organizational structure

                              MD (SALES)



                           PARTNER IN CHARGE


                      ASST PARTNER/ ASST BRAND

                               ASST SALE




    Protection Plans

Life is full of surprises. You must be prepared at all times. As the primary earning
member, one need to ensure that their family is never lacking in anything even if they are
taken away from them forever. In double income families, both spouses should get
adequate life covers especially if there are dependent children involved. There are two
plans that guarantee maximum protection at a low cost:

-Five Yr Renewable and

-Convertible™ Level Term Policy

    Children Plans

As parents one would never let money come in the way of their children and the
fulfillment of their true potential. Children plans will help build the corpus that allows
children to dream big and soar high. The various plans in this category such as:

-Children's Endowment to 18 (Par)

-Children's Endowment to 24 (Par)

-SMART Steps™

-SMART Steps™ Plus

-SMART Steps™ Single Premium

    Investment Plans

Building a nest egg is about aggregating surplus amounts regularly to allow them to grow
into a sizeable sum. Investments should be aligned to specific, long-term goals. The
Investment Plans offer the dual benefit of protection and market-linked returns with the
flexibility to choose the premium and determine the market exposure. The plans include:

-Life Maker™ Premium

-Life Maker™ Gold

-Life Maker™ Platinum

-Max New York Life SMART Xpress

-SMART Assure

    Retirement Plans

The Retirement Plans helps in keeping an individual comfortable and content, and let you
live the life you deserve.

-Easy Life™ Retirement (Par)

-SMART Invest™ Pension

    Health Plans

The cost of healthcare has climbed faster than inflation. Medical costs can be a big drain
on finances. A medical crisis can strike anyone, anytime and may even force an
individual to dip into savings to meet these sudden and steep costs. Such an eventuality
could delay or destroy a cherished financial goal. No wonder, health is wealth. The health
of every member of the family is precious and you need to safeguard it as a priority. The
Health Plans makes sure that an individual’s family stays fit and fine.

-LifeLine MediCash™

-LifeLine Wellness™ Plus

-LifeLine MediCash™ Plus

-LifeLine Safety Net™

-LifeLine Wellness™

     Savings Plans

The dual benefit saving plan recognizes the need for all round financial protection, and
include a life cover that will protect till the last day.

-Whole Life Participating Life Gain™ Plus 25 (Par)

-20 year Endowment (Par) Life Pay™ Money Back

-Endowment to Age 60 (Par) Life Gain™ Endowment

-Life Gain™ Plus 20 (Par) Life Partner Plus™

     Emerging Market Plans

Being conscious about their social responsibility to serve the financially vulnerable
sections of society, Max New York Life have created specialized Emerging Market Plans
to meet the particular needs of customers in rural areas. The ticket size has been kept low,
the premiums are affordable and the procedures are simple. Customers in rural areas can
now find a plan to meet their unique requirements.

-Easy Term Policy

     Strategic Products Plans

Most people desire a carefree life. They want to be happy and comfortable at all times.
But needs keep evolving and you must always be one step ahead. The Strategic Products
Plans will meet special needs and are available through additional distribution channels.
-Bancassurance Partnership Distribution

-Capital Builder Max Mangal™

- Capital Builder

- Max Vriksha™

- Max New York Life Unit Builder


People are the most valuable asset of any organization. Organizations have to innovate
newer forms of compensation to retain talented employees. Pay and perks are all very
fine but an organization needs to show employees that it cares. Ensuring the financial
well being of employees and their families will earn an organization their enduring trust
and loyalty. Our Group Plans offer a three-in-one advantage, as they are a powerful tool
for motivation, reward and retention, in these times of high attrition.

-Group Credit Life Unit Linked Group Superannuation Plan

-Group Gratuity cum Term Assurance Group Term Life

-Unit Linked Group Gratuity Plan Employee Deposit Linked Insurance

-Max Super Life


The main data analysis tools used are:

1. Editing:
The process includes the review of the data to ensure maximum accuracy and
unambiguity.      Careful   editing   early   in   collection   process      will   often   catch
misunderstanding of instructions, errors in recording and other problems at a stage when
it is still possible to eliminate them from the later stages of the study.

2. Coding:
The process includes careful interpretation and good judgement of the data to ensure that
the meaning of the response and the meaning of the category are consistently and
uniformly matched.
The main data analysis tools used will be:
     Hypothesis Testing
     Software: SPSS/ Excel

The data will be tabulated using excel spread sheet and SPSS. Analysis will also be done
using the same.

The questionnaire contains the questions that will help to analyze the level of
advertisement recall. Each question is formulated keeping in mind its usefulness and
relevance to the project.

The questions asked to the respondents and their responses are given below:

   1. Do you have an Insurance Policy?

                                People Having Insurance



                 Break up of People Having Insurance Policy

                          Salaried Female 4%
        Business Female                           Salaried Male
               4%                                      47%

                            Business Male

The above pie chart indicates that from a sample of 150, about 80% (i.e.120 samples)
have an Insurance policy. From the people holding Insurance policy the maximum are
Males salaried (47%) and then Male businessman (27%).In all 84% Males have
Insurance policy which indicates that the awareness about Insurance is more in Males as
compared to Females.

   2. If yes, how did you come to know about it?

                   Media for Insurance Awareness
                         Others                     News paper
                           9%                          17%


 Insurance agent

The above pie chart indicates that from the 120 respondents holding Insurance Policy
maximum have known about it from the Insurance Agent i.e.48% which ensures that
Insurance Agents are the most effective marketing tool for Insurance. About 21% and
17% of the respondents have come to know about Insurance from Television and
Newspaper respectively. This indicates that TV and print medium for promoting
Insurance is increasing due to various promotional efforts taken by companies. The
contribution of Internet and Hoarding for generating awareness about Insurance is a mere
3% and 2% respectively. This shows that these medias are not explored to their full
potential so Insurance companies should do special promotions for these mediums.

   3. Have you heard about Max New York Life Insurance
                       Awareness of Max New York Life


The above chart indicates that the Brand Awareness of Max New York Life is about 88%
which means that many people are aware of Max New York life as an Insurance

   4. If yes, how did you come to know about it?

               Media generating awareness about Max New York Life
                       Insurance agent
                             8%          Others         News paper
                                           5%              15%


The above graph shows that Television has contributed maximum (64%) in creating
awareness about Max New York life whereas Insurance agents contributes maximum in
generating awareness about Insurance (question 2).The next is Newspaper with 15%
followed by Insurance agent contributing 8%.

   5. If you had to take Insurance which company would you prefer?

                           Preference of Insurance
                   Bajaj Allianz    7%

      Max New York Life


             ICICI Prudential

The above chart shows that maximum people give preference to LIC i.e.55% while
taking Insurance. While only 14% consider Max New York Life before buying Insurance
which indicates that though Brand Awareness of Max New York life is high people are
reluctant to consider private Insurance companies for taking Insurance policy. This is
because they were attracted by the ‘security factor’ attached with the state-owned insurer.

   6. Which Channels do you watch frequently?

                              TV Channel Preference
                             movi es

      mus i c                                                            34%

        dai l y s eri al s
                                                     s ports

The above chart shows that maximum people prefer watching news channels about 34%
followed by sports channels 24%.

   7. Do you change the channel when advertising is played

                             Switch Channel during Advertisement



About 69% of the respondents switch channel when advertisement is played which
indicates not many people see advertisements.

   8. Do you prefer advertisement within the program being played ie.either displayed
      below or at the sides

                 Advertisement within the Program


The above chart indicates that about 54% of respondent do not prefer advertisement
being played within the program while 46% prefer. This indicates that advertisement
played within the program would be able to create more brand awareness rather than after
the program as switching of channel during the advertisement is high.

   9. Have you seen any advertisement of Max New York Life Insurance

                  Remember Max New York Advertisement



The above pie chart indicates that about 89% remember Max New York Life

   10. At what time do you normally watch Television


            Night 9-12pm                                              110

            Evening 6-9pm                    31
                                                                                No of viewers
       Afternoon 12-3pm         2

        Morning 7-10am              7

                            0           20    40     60    80   100    120

The above graph shows that maximum target audience prefer watching Television during
night which means that it is the best time to advertise so as to reach to maximum target

   11. Which magazine you read frequently?

                            others M
                              19%                                      India Today


                  Femina/Filmfare                                 Business Today
                       11%                                             28%

The chart shows that maximum of the target audience prefer reading Business Today
magazine i.e. 28% followed by India Today which indicates that advertising in these
magazines would help in reaching the target audience effectively.

   12. Which Newspaper you read frequently?

                               0thers NP           Hindustan Times
                                  9%                    11%

                                                                     Economic Times

              Times of india

The above chart indicates that the readability of Times of India is very high amongst the
target audience. Thus advertising through this medium would increase the Brand
visibility amongst the target audience.

   13. Do you read advertisements in magazines/Newspapers?

                               Advertisement in Print
                                Not at all

                    sometime                                      22%

From the chart it is clear that though not many people read the advertisement in
Magazines/Newspapers but there is a high possibility about 50% individuals having a
look at the print advertisements.

   14. Where do you prefer advertisements on magazines/newspapers

                          Advertisement Preference
                    Not preferred                       Cover Page
                        21%                                17%

                   Last Page                                  Between Articles
                     25%                                           37%

The above pie chart indicates that maximum respondents prefer advertisements printed in
between the articles and on the last page rather than on the cover page.

   15. Would you enquire about an Insurance policy after seeing its advertisement on
       any newspaper/magazine/hoarding

                               Insurance Enquiry

               May be

The above graph shows that only 14% would definitely inquire about the Insurance
policy after reading its advertisement but also there is a high possibility (58%) that an
individual might enquire which will at least help in creating Brand awareness.

   16. Do you block your computer of pop-ups?

                         Advertisement Pop-ups



The chart clearly indicates that most of the net surfers block the pop-ups while surfing
which means that pop-up advertisement are not much effective in creating awareness
about a particular brand.

   17. Which site you surf the most


        Investment Portals(Money


                                                                                         No of Surfers

        Mailing Site(Gmail/Rediff)                                           119

                                     0     20   40     60       80   100   120     140

   The above bar chart shows that maximum people (about 45% ) use the mailing site
   like Gmail or Rediffmail followed by Informative sites like Google or Amazon used
   by 22% of people. This indicates that advertisements displayed on these sites would
   be able to attract maximum audience.

   18. Do you click on advertisement flashing on the site

                           Flasing Advertisement


From the above pie chart it is clear that not many of the net surfers click on the flashing
advertisement on the net thus doing flash advertisement would not help much to educate
the audience about the brand.

   19. Do you look at the advertisement on the mailing site

                    Advertisement on Mailing Sites
              some times


The above pie chart indicates that though not many people read the advertisements that
are combined with the mail but there are many users who sometimes read the
advertisements which will help in some way to educate the users about the Brand.

   20. Do you listen to radio




The above pie chart shows that more than 50% of people do listen to radio while
traveling, driving or during their idle time, thus developing advertising strategies
exclusively for radio would help in reaching to a larger audience.

   21. Which radio channel do you prefer listening

                              Radio Station Preference

     Radio One - 94.7                       20

        Meow - 104.8                  15

            AIR - 107.1                    19
                                                                                No of Listeners
      Radio City - 91                                     32

  Radio Mirchi - 98.3                                               49

            Red - 93.5                          22

                          0    10          20        30        40   50     60

The bar graph indicates that maximum people listen to Radio Mirchi followed by Radio
City, thus advertising on these Radio stations would cater to a larger number of target

22. At what time you listen radio

                       Radio Listening Timings
        Night 8-12
           32%                                                  Morning 9-12

                Evening 5-8                     Afternoon 12-
                   20%                                 3

From the above chart it is evident that maximum people listen to Radio in morning
i.e. during traveling to their work place and during night. Thus advertising in Radio
during these timings would be more effective.

23. Do you keep switching radio channels during advertisement

     Channel switching during Advertisement


    24. What type of advertisement you prefer listening on Radio

                              Type of Advertisement

                      Radio jingles

About 62% of Radio listeners prefer to listen advertisement in the form of Jingles rather
than normal advertisements, thus advertisements in the form of Jingles would be more

    25. Have you heard of Insurance ads on radio

                 Insurance Advertisement on Radio


The pie chart indicates 52% of listeners have heard of Insurance advertisement on Radio
and remember it. This indicates that brand retention from Radio advertisement is very

26. Who sponsored Mumbai Marathon?
    Who’s the main sponsorer of IPL?

                             Brand Association with Event
                                     atleast one
                       Remember          8%
                                                     both event

The above pie chart shows that 75% of the respondents remember the sponsor’s of
Mumbai Marathon as well as IPL, while 17% remember none. This indicates that Brand
retention of a company associated with an event is high. This is because events target
large number of audience which forms a best medium for a company to reach to the
masses at one shot.


  1. Max New York has been currently involved in advertising its product on
     Television and press. Initially advertisement has not been able to create a very
     huge impact on the minds of people. This was evident from LIC, HDFC Life
     insurance and ICICI Prudential being awarded as the top 3 advertisers in the
     insurance sector with Max New York not being featured on the list.
  2. In the year 2008, the company repositioned itself with a new Max New York Life
     Insurance Brand with vibrant and dynamic challenger brand positioning. It
     changed its tag-line from “Your Partner for Life” to “Karo Zyada Ka
     Iraada”which represents those who aspire to compete for more, demand more,
     dream more and live more to create a better today and brighter tomorrow.
     Accordingly it changed its advertising involving feeling of “fear factor”eg.Sanju
     advertisement to more “cheerful images” in the advertisement. But still it has not
     been able to gain position amongst the top advertisers in Insurance sector.

  3. Apart from advertising on entertainment channels like Zee T.V, Sony etc Max has
     also advertised massively on Sony TV during IPL 2009.The current strategy of
     advertising during the IPL matches on the sports channel has created huge brand
     awareness for the company. It also targeted News and business channels like Star
     News and Zee Business which have contributed in the promotion of the Brand.
  4. Indian Railway and Max New York Life Insurance in an act of Public Private
     Partnership (PPP) have joined hands to provide passengers a new travel
     experience. Max New York Life would provide passengers on three routes of the
     premier Rajdhani Express trains with upgraded services. Train advertising of this

   kind is a great platform for not only increasing the brand visibility throughout the
   length and breadth of the country but also interact with these potential customers
   of MAX New York Life during their journey. Max New York Life is the first
   Indian life insurance company to tap this innovative method of outdoor

5. Max New York life has been sponsoring various events. Currently it has

6. Max New York Life has partnered with P9 Experience to take its association with
   the T20 World Cup in England to audiences with an on-air campaign 'Karo
   England Ka Iraada' for the World Cup.
7. Along with other marketing medias Max New York Life have also entered into
   specialty advertising by providing “No parking stick bills”, fence posters being

   put up on the highways. MNYL does its promotion even by having handles
   bearing their names in the local trains of Mumbai.
8. In addition to TV advertising Max New York have also been conducting blood
   donation camps,contests,sponsoring various educational as well social events to
   create a positive image in the mind of people.
9. Max New York Life has tied up with “Yes Bank” to help promote its brand and
   educate customers.
10. Max New York Life like ICICI Prudential is in talks for advertiser funded
   programs. The idea is to engage consumers at a broader level. If the shows are
   launched it will be the first time financial services companies are piggybacking on
   commercial TV shows. The main goal is to try and reach out to those, especially
   in rural areas, who are still not insured.
11. Max New York Life Insurance is planning to allocate a budget of 400cr for
   advertising till 2011 and wants to invest it into new advertising channels.
12. Max New York Life Insurance Company is looking at reaching out to the
   uninsured through kirana shops and is currently implementing a pilot project in
   Uttar Pradesh.


   1. The overall TV advertising was shared by Life Insurance and Other Insurance in
        the ratio of 80:20 during 2008.Television advertising of Life Insurance grew by
        258 per cent in 2008 as compared to 2004. Life Insurance Corporation (LIC),
        Union Bank of India (UBI) and HDFC Standard Life Insurance Company
        emerged the top three advertisers of the financial sector on television during
        financial year 2008-09, said a survey by Adex India, a division of TAM Media
   2. LIC is planning to a lot 100 crores for advertisement of its product and it also
        plans to advertise on radio.

   1. Historically print was traditional choice for medium of advertisement .They were
        first to recognize the power of television advertisement. ICICI PRUDENTIAL
        was run on TV with emotional type of films that strike chord with audience.
        Campaigns of ‘jeetay raho’ became very famous because of their rational
        approach rather than emotive approach. Channels they were focusing were star,
        zee and Sony TV.
   2. Facing growing competition even as many consumers are yet to feel the need for
        their products, insurance companies are looking at television reality shows to get
        their message across. ICICI Prudential Life Insurance Co. Ltd is funding a reality
        show, loosely based on the bonding between fathers and sons, called Papa Aur
        Mein (My father and I).

   1.   HDFC was the official sponsorer of Rajasthan Royals team during IPL.It unveiled
        a music video “Sar Utha Ke Jiyo” for the same.
   2. HDFC Standard Life has looked not just at cricket but also tennis and soccer over
        the last three years. For last year’s Euro it did a predict the man of the match
        contest in conjunction with ESPN Star Sports and merchandise was given away.

  3. HDFC Standard Life is an associate sponsor of Ten Sports’ coverage of the Uefa
     Champions League. It has also taken on-air sponsorship of tennis Grand Slams in
     the past like Wimbledon.

  Currently Kotak Mahindra is doing specialty advertising on cabs. Advertising on cabs
  is relatively less expensive form of advertising, it costs 15,000-20,000 for advertising
  on cabs and it also helps to reach to a longer stretch.

  Bajaj Allianz has come up with an online game, “Time Out”, developed by where you are taught to save early for your retirement plan. The
  idea was to reach to the youth who have exorbitant amount of money through their
  ever-rising salaries. The whole idea was to start saving at a young age.

  The only Insurance companies that currently advertise on radio are Birla sun life and
  ING vysya these 2 companies also advertise in press and T.V.Birla sun life ads range
  from 30 – 40 sec and were aired on star cricket.


   1. Television

The brand awareness for MAX NEW YORK currently stands at 88%, this was found out
from the survey that was conducted out of a sample of 150 people 132 were aware of
MAX NEW YORK life insurance. Maximum awareness for the company was created
with active advertisements being aired on television. In the market it can easily be
realized that the Television audience had a huge impact of these ads.

Entertainment channels like Zee T.V, Sony, star-plus, NDTV, COLOURS etc where
family soaps are having the highest TRPs contribute mainly for in FMCG sector. These
channels also show a bit of Insurance Ads too. In the emerging economy of INDIA
News, business channels & sports have risen surprisingly well and contributing in the
promotion of insurance sector.

From the survey we found out that the most preferred channels by working professionals
were news and sports channels and theses were the channels where Max New York aired
most of its advertisements. Out of 150 people surveyed 75% gave news channel as their
first preference and sports with 52% came as the second most preferred channel.

The channel selection of sports and news made by Max New York has shown a positive
growth on its graph and its on par with are research. It is very important that the
advertisement on air is being watched by the correct audience who has a decision taking
& premium paying capacity. But when it comes to Max New York life insurance the
company spends a huge amount on advertisement through -out the day.

To channelize the huge amount spent by the company on TV advertisements and create a
more effective impact on the target audience, the survey conducted revealed that
maximum number of working professionals watch TV between 8p.m – 11 p.m. Hence to
be more effective in its advertisement strategies the company should show its
advertisements precisely on time slots of 8 – 11 p.m. Currently Max New York does

advertising through out the day so instead of this it should focus its advertising at the
prime time slots (8-11 pm) so as to attract maximum viewership from the target audience.

   2. Radio

Max New York has been currently involved with advertising on two mediums which are
TV and Press. Some time back radio had lost its importance but recently with inclusion of
radio in mobile phones and the advent of more and more radio channels this medium of
advertisement has gained a lot of importance. Recently there has been a lot of growth in
the radio industry and the company could take advantage of this by advertising its
policies on the radio. Companies such as Bajaj Allianz and ING Vyasya have already
taken advantage of this and placed advertisements on radio. LIC too plans to advertise its
product on radio.

The advantage of advertising on radio is that the cost of advertisement slots on radio cost
only 1/10 the price of advertisements slots placed on TV. Another advantage of
advertising on radio would be its capability of covering mass audience and at the same
time radio is also the only widely used medium of entertainment in the rural areas and
since Max New York has launched special policies meant for rural people, advertising on
the radio will definitely help the company in creating more and more brand awareness for
its products not only in the urban areas but in the rural areas as well.

 Recently due to the recession radio channels have slashed down their rates by upto 15%
-20%. The company could take due advantage of the low rates and advertise its product
on this very effective medium of communication.

In the survey that was conducted it was found out that 78% of the people listen to radio
and out of these people the most preferred radio channel was Radio Mirchi 98.3 F.M. and
the 2nd most preferred channel was Radio one 91 F.M. Also according to results declared
by RAM (Radio Audience Measurement) Radio Mirchi 98.3 F.M took the top slot
amongst the other radio stations.

The study also revealed that maximum number of people listens to radio while traveling
and that is between 9am to 12 pm in the morning & evening 8pm-10pm. Thus to make its
advertising strategy more effective the company should place its advertisements on the
recommended channels at the recommended time.

Also the company should consider advertising its policies in the form of radio jingles as
62% of the people surveyed preferred listening to radio jingles than normal
advertisements. Also radio jingles were found to be more effective in engaging attention
and creating impact in the minds of people than normal advertisements as they are more
pleasant to listen to.

Hence the company can create good brand awareness for its products by advertising on
radio as it will help to cover mass audience and at a much cheaper rate compared to

    3. Specialty advertising

Specialty advertising is a form of sales promotion designed to increase public recognition
of a company's name. Max New York can have its name put on a variety of items, such
as caps, glassware, gym bags, jackets, key chains, mugs, note pads, diaries, calendars,
umbrellas and pens. This form of advertisement can be used for various purposes like
thanking a customer or to simply motivate employees.

Specialty advertisement can help Max New York in building better relations not only
with its customers but its employees as well. This form of advertisement will also help
the company in achieving its goal for increasing public recognition and sales. The value
of specialty advertising varies depending on how long the items used in the effort last.
The company could easily use more than 30000 specialty items.

The main advantages of this form of advertising are longevity, flexibility, and selectivity.

Longevity would depend on the kind of item used by the company, like a wall clock
could be used for a long time. It involves flexibility as the company could use items

depending on what the customer prefers. The company could be selective in the sense
that company could distribute its items either to the mass audience or to a selective group
of existing customers.

Insurance being a very sensitive product it is very important to connect with the audience
with an emotional touch. Gifting its existing customers on the point of purchasing would
connect the customers with the company.

Max New York could distribute a keychain or a cap to mass audience to create awareness
for the company and on the other hand could distribute wall clocks, gym bags, mugs,
diary and calendars to the existing customer as he is familiar with the company so he can
speak about the company to prospect customers, and this would create favorable brand
awareness for the company through word of mouth.

   4. Outdoor Advertising

Outdoor advertisement could include placing the company’s name & brand logo on cabs,
trains, buses, billboards, sign boards and messages painted on the side of buildings are
common forms of outdoor advertising.

Currently Max New York has placed its company brand name with its logo on No-
Parking sign boards and on garden fences. The current strategy used is creating brand
awareness amongst people who drive cars.

Max New York can start placing its company name and logo on cabs as there are many
people who prefer travelling by cabs. The rates charged by these cabs for advertisement
are only between 15000 -30000 per month. This creates brand awareness not only for the
person travelling by cab but also for people who notice these cabs on the roads as these
cabs travel around the city throughout the day.

This form of advertisement is new in the market for the companies and for the people and
so would capture quick attention from people.

Max New York can also consider placing their brand name with logo on umbrellas and
placing them at food counters placed in commercial areas. It should target commercial
areas as the company brand logo would be mainly exposed to working professionals who
are the right target audience.

Since repetition is the key to successful promotion, outdoor advertising is most effective
when located along heavily traveled city streets.

   5. Print

Max New York is currently advertising in newspapers and magazines. From our survey
we found out that 14% of the people would definitely inquire about the insurance policy
and 58% would inquire depending upon the policy that is being advertised.

The company should continue print advertisement as this has helped the company in
creating brand awareness. However to be more effective in print advertisements and
creating brand awareness the company can start by advertising in the right

To get a more effective response from people, through our survey we found out that the
most preferred magazine amongst people was Business Today and India today being
ranked as the second most preferred magazine. Almost 28% of the people voted for
Business Today and 26% for India Today.

The most preferred newspaper was Times of India. Almost 55% of the people surveyed
voted for Times of India as the most preferred newspaper. The company should consider
advertising its product in these newspapers and magazines to get a better response.

For better visibility of advertisement in newspapers and magazines these advertisements
should be placed between the articles. Around 36% of the people surveyed said that they
prefer reading advertisements placed between articles. 25% of the people said they prefer
advertisements on the last page.

   6. Cooperative Advertising:

 Max New York can set up its stalls in the corporate premises where its financial
advisors could explain different company policies to the customers and provide them
with different corporate plans as well. This would help the company to convert their
prospect individuals into customers. Max New York could also sponsor small events for
other companies.

   7. Internet advertisement:

Internet advertisement is a very cost effective medium. It is very important for the
company to understand the use of this medium for an effective result. Internet advertising
has several advantages, including detail of information, personalization, selectivity, and
speed. The drawback of this medium is that if it is not directed towards the right audience
it could create a negative image in the minds of the people. The company needs to select
its target audience carefully and if done correctly this medium could provide very
detailed information of the different company insurance products to the target audience at
a very low rate.

The company should avoid displaying advertisements on the internet in the form of pop-
ups as the survey conducted showed that almost 47% of the people block their computers
from pop- ups.

Max New York can consider encrypting its advertisements within the mails itself. This
would prove the company as an effective medium because the usage of mailing sites is
the highest with 45% in comparison to other web sites so with the exchange of more &
more mail the company could reach out to maximum number of people.

   8. Sponsorship

Sponsorship of events creates a positive image and goodwill for the company. And this
has proved to be true for Max New York.

Max New York came into the limelight after it started associating itself with various
sports events such as IPL. Max New York should continue Sponsoring events or get itself
associated with big event in future.

According to the survey maximum people connect a brand with some or other event
which eventually helps in brand building. Thus in future Max New York Life Insurance
should sponsor events.

   9. Social Responsibility:

Besides sponsoring events it should also emphasize more on social activities such as
organizing blood donation camps, contests, sponsoring various educational as well social
events to create a positive image in the mind of people.

   10. Dabbawalla Organization:

Other initiatives included tie-up with the Dabbawalla Organization in Mumbai for a
direct marketing exercise, to talk to the customer through a non-cluttered route, and
thereby have a higher impact.


Media Advertising is very much important for any business. A huge amount is paid by
companies against advertisement every year. As life insurers adjust to the new market
reality, they are recalibrating their marketing strategies to cope with the economic
downturn. The current slowdown is being seen as an opportunity to make more gains and
strengthen brand visibility. Importance is given to sharper segmentation, focused
activities, tighter control on spends and ensuring maximum bang for each marketing
dollar being spent.

Companies have been heavily spending on various Advertising Mediums like Television,
Print, Internet etc., so as to increase its Brand visibility. But with the companies now
having controlled budget and having extensive competition they have to consciously
undertake activities that educate and engage consumers about the benefits of investing
with a long-term horizon and hence how life insurance has a stronger role to play in times
like these, even more so than when the going is good anyway. To achieve this advertising
should be targeted to the right audience and through the appropriate medium.

From the study it is evident that Television is the most effective as well as expensive
medium to reach out to the larger group of audience. But there are various other mediums
like Radio, specialty advertising and Internet which are cost effective and helps to reach
to the target audience. Thus advertising budget should be judiciously divided for the new
emerging mediums like Radio and Internet. This would help not only in diversifying its
advertising mediums but will also help in achieving high Brand Awareness with less

The most important form of Marketing in Insurance is through agents and word of mouth.
Insurance Agents are the face of the Insurance Company so care should be taken that the
Agents are groomed in a way so that they give positive image of the company to the
outside world. Also high importance should be given to after sales services provided to
the client as they are the ones who becomes real brand ambassador and market the brand
by word of mouth.

As more and more insurers are utilizing various advertising channels as they continue to
balance the needs of different groups of consumers against the cost of advertising their
products and services. Thus when it comes to insurance advertising channel channels
one-medium is not sufficient at all.

If all these Advertising and Marketing techniques are duly implemented it would not only
help to increase the sales but also help to create a positive image about the Brand which
will eventually help in increasing the business even when advertising is done at a
minimal level.


 6. The Marketing Whitebook 2009-2010
 7.   Marketing Management – 13th Edition, Kotler, Keller, Koshy & Jha


NAME: __________________________________________
AGE: ___________________________________________
GENDER: ________________________________________
OCCUPATION: ____________________________________

  1. Do you have an Insurance Policy?
        a. Yes
        b. No

  2. If yes, how did you come to know about it?
         a. Insurance Agent
         b. Newspaper/Magazine
         c. Television
         d. Hoarding
         e. Internet
         f. Others____________________

  3. Have you heard about Max New York Life Insurance
        a. Yes
        b. No

  4. If yes, how did you come to know about it?
         a. Insurance Agent
         b. Newspaper/Magazine
         c. Television
         d. Hoarding
         e. Internet
         f. Others____________________

  5. If you had to take Insurance which company would you prefer?
         a. LIC
         b. ICICI Prudential
         c. Max New York Life Insurance
         d. Bajaj Allianz
         e. Others_____________________

6. Which Channels do you watch frequently?
     a. News
     b. Sports
     c. Daily Serials
     d. Music
     e. Movies

7. Do you change the channel when advertising is played
      a. Yes
      b. No

8. Do you prefer advertisement within the program being played ie.either displayed
   below or at the sides
       a. Yes
       b. No

9. Have you seen any advertisement of Max New York Life Insurance
      a. Yes
      b. No

10. At what time do you normally watch Television
       a. Morning 7-10am
       b. Afternoon 12-3pm
       c. Evening 6-9pm
       d. Night 9-12pm

11. Which magazine you read frequently?
      a. Times
      b. India Today
      c. Business Today
      d. Femina/Filmfare
      e. Others_________________

12. Which Newspaper you read frequently?
      a. Times of India
      b. Economic Times
      c. Business Standard
      d. Hindustan Times
      e. Others___________________

13. Do you read advertisements in magazines/Newspapers?
       a. Always
       b. Sometimes
       c. Rarely
       d. Not at all

14. Where do you prefer advertisements on magazines/newspapers?
      a. Cover Page
      b. Between Articles
      c. Last Page
      d. Not preferred

15. Would you enquire about an Insurance policy after seeing its advertisement on
    any newspaper/magazine/hoarding
       a. Yes
       b. No
       c. May be

16. Do you block your computer of pop-ups?
       a. Yes
       b. No
       c. Sometimes

17. Which site you surf the most
      a. Mailing site (gmail/rediff)
      b. Social networking site (orkut/facebook)
      c. Informative site (google/amazon)
      d. Investment portals (Money Control/Investopedia)

18. Do you click on advertisement flashing on the site
       a. Yes
       b. No
       c. Sometimes

19. Do you look at the advertisement on the mailing site
       a. Yes
       b. No
       c. Sometimes

20. Do you listen to radio
       a. Yes
       b. No

21. Which radio channel do you prefer listening
      a. Radio Mirchi FM 98.3
      b. Radio City FM 91
      c. Radio ONE 94.3
      d. Red FM 93.5
      e. Meow FM 104.8
      f. AIR FM 107.1

22. At what time you listen radio
       a. Morning 9-12
       b. Afternoon 12-3
       c. Evening 5-8
       d. Night 8-12

23. Do you keep switching radio channels during advertisement
       a. Yes
       b. No

24. Do type of advertisement you prefer listening on Radio
       a. Normal advertisement
       b. Radio jingles

25. Have you heard of Insurance ads on radio
       a. Yes
       b. No

26. Who sponsored Mumbai Marathon?

27. Who’s the main sponsorer of IPL?


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