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Study of Consumer Perception about Life Insurance

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					Study of Consumer Perception about Life Insurance
                           TABLE OF CONTENTS

CHAPTER 1 – INTRODUCTION                       1
     About the Industry                        2
     Major Players in Life Insurance           11
     Range of Products and Services            12
     SWOT Analysis                             19

CHAPTER 2 – RESEARCH METHODOLOGY               21
     Research Objective                        22
     Research Design                           23
     Types of Data used                        24
     Sample Design                             25

CHAPTER 3 – COMPANY PROFILE                    26

CHAPTER 4     CONCEPTUAL DISCUSSION            31

CHAPTER 5 – DATA ANALYSIS & INTERPRETATION     43

CHAPTER 6 – CONCLUSION / FINDINGS              62

CHAPTER 7 – RECOMMENDATIONS                    68

CHAPTER 8 – ANNEXURE                           70

CHAPTER 9 – BIBLIOGRAPHY / REFERENCES
     73


                                       2
INTRODUCTION

     3
                                      INTRODUCTION

ABOUT THE INDUSTRY


A well developed and evolved insurance sector is needed for economic development as it provides

long term funds for infrastructural development and at the same time strengthens the risk taking

ability.



Life insurance is also now being regarded as a versatile financial planning tool in India. India

being a country having a huge population of around one billion people with only 33.2% of the

population possessing life insurance. The country has a vast potential that has been left untapped till

now.



Therefore, what this has led to is the flooding of life insurance market with a number of private

players which in collaboration with recognized foreign companies promises to deliver the best of

services at the least price. All these companies are trying to grasp the maximum of market share in

life insurance sector. For that they are developing a channel i.e. recruiting world-class insurance

advisors/agents who sell their products or policies. But what a consumer needs or what he perceives

about life insurance still needs to be answered these are some questions I have tried to answer in the

project.


LIFE INSURANCE


There are two types of insurance


1) Life insurance


2) General insurance



                                                  4
One of the major types of insurance is life insurance. Life insurance companies sell life insurance,

annuities and pension products.


Life insurance provides a monetary benefit to the decedent's family or other designated

beneficiary, and may specifically provide for burial, funeral and other final expenses. Life

insurance policies often allow the option of having the proceeds paid to the beneficiary either in

a lump sum cash payment or an annuity.


In most countries, life insurers are subject to different regulatory regimes and different tax and

accounting rules.


Insurance companies are generally classified as either mutual or stock companies. This is more of a

traditional distinction as true mutual companies are becoming rare. Mutual companies are owned by

the policy holders, while stockholders (who may or may not own policies) own stock insurance

companies.


ADVANTAGE OF LIFE INSURANCE



(I) It is superior to a traditional saving vehicle

As well as providing a secure vehicle to build up savings etc, it provides peace of mind to the

policyholder. In the event of untimely death, of the main earner in the family, the policy will pay out

the guaranteed sum assured, which is likely to be significantly more than the total premiums paid.

With more traditional savings vehicles, such as fixed deposits, the only return would be the amount

invested plus any interest accrued.



(II) It encourages saving and forces thrift




                                                     5
Once an insurance contract has been entered into, the insured has an obligation to continue paying

premiums, until the end of the term of the policy; otherwise the policy will lapse. In other words, it

becomes compulsory for the insured to save regularly and spend wisely. In contrast savings held in a

deposit account can be accessed or stopped easily.



(III) It provides easy settlement and protection against creditors

Once a person is appointed for receiving the benefits (nomination) or a transfer of rights is made

(assignment), a claim under the life insurance contract can be settled easily. In addition, creditors have

no rights to any monies paid out by the insurer, where the policy is written under trust. Under the

Married Women’s Property Act (M.W.P Act), the money available from the policy forms a kind of

trust which cannot be attached by judgment creditors.



(IV) It helps to achieve the purpose of the Life Assured

If someone receives a large sum of money, it is possible that they may spend the money unwisely or in

a speculative way. To overcome this, the person taking the policy can instruct the insurer that the

claim amount is given in installments.



(V) It can be in cashed and facilitates quick borrowing:

Some contracts may allow the policy to be surrendered for a cash amount, if a policyholder is not in a

position to pay the premium. A loan, from certain policies, can be taken for a temporary period to tide

over the difficult. Some lending institutions will accept a life insurance policy as collateral for a

personal or commercial loan.



(VI) Tax Relief

The policyholder obtains Income Tax rebated by paying the insurance premium. The specified forms

of saving which enjoy a tax rebate, under section 88 of the Income Tax Act, include Life Insurance


                                                     6
Premiums and contributions to a recognized Provident Fund etc., section 10 (10D) & other sub-

sections of Section 80 of the Income Tax Act.



(VII) Acts as a Social Security Tool.




INSURANCE SECTOR IN INDIA


Introduction


The insurance sector is of considerable importance to every developing economy; it inculcates

the saving habits, which in turn generates long-term investments or funds for infrastructure

building. The nature of insurance business ensures constant inflow of funds - the payout is staggered

and contingency related - thereby making it readily available for investment on infrastructure building.


Insurance is one sector whose contribution to GDP is quite significant. Post independence, the Indian

Government nationalized the private life insurance companies with a view to raise funds for the

infrastructure developments, which lagged behind pathetically. The scatter of general insurance

companies was brought under one umbrella – the General Insurance Company in 1972.


Nationalization however brought with it the public sector bureaucracies, cumbersome procedures and

inefficiencies but still these nationalized companies managed to have millions of policyholders who

had no other options. Any attempt to even suggest private participation with a view to instill healthy

competition and efficient services was only met with stiff resistance. While the early 90s brought forth

liberalization on all major economic fronts, the insurance was left untouched. But before long, the

passage of IRDA bill in 1999 paved the way for the liberalization of the Indian insurance sector.




                                                   7
History


Insurance is a federal subject in India and has a history dating back to 1818. Life and general insurance

in India is still a nascent sector with huge potential for various global players with the life insurance

premiums accounting to 2.5% of the country's GDP while general insurance premiums to 0.65% of

India's GDP. The Insurance sector in India has gone through a number of phases and changes,

particularly in the recent years when the Govt. of India in 1999 opened up the insurance sector by

allowing private companies. Ever since, the Indian insurance sector is considered as a booming market

with every other global insurance company wanting to have a lion's share. Currently, the largest life

insurance company in India is still owned by the government.


Insurance in India has its history dating back till 1818, when Oriental Life Insurance Company was

started by Europeans in Kolkata to cater to the needs of European community. Pre-independent era in

India saw discrimination among the life of foreigners and Indians with higher premiums being charged

for the latter. It was only in the year 1870, Bombay Mutual Life Assurance Society, the first Indian

insurance company covered Indian lives at normal rates.


At the dawn of the twentieth century, insurance companies started mushrooming up. In the year 1912,

the Life Insurance Companies Act, and the Provident Fund Act were passed to regulate the insurance

business. The Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and

periodical valuations of companies should be certified by an actuary. However, the disparage still

existed as discrimination between Indian and foreign companies.


The insurance sector went through a full circle of phases from being unregulated to completely

regulated and then currently being partly deregulated.




                                                   8
Opening doors for private players and FDI


The insurance premium in India accounted for a mere 2% of GDP as against the world average of

7.8% and G-7 average of 9.2% during 90s. The insurance premium as a percentage of savings in India

is 5.95% as compared to 52.5% in UK. The nationalized insurance companies could barely

unearth the vast potential of the Indian population since the policies lacked flexibility and the

Indian life insurance products are not linked to the contemporary investment avenues.


LIC had a total premium income of $5 billion during 1995-96 and General Insurance recorded a net

premium of $1.3 billion. LIC’s income has grown substantially on an average of 10% as against the

industry’s 6.7% in the rest of Asia. LIC has catered its services to more than 5 million people living

below poverty line with a subsidized premium rate. Claim settlement ratio of LIC stood at 95% and

GIC at 74% which is much higher than the global average of 40%.


But the other side of the coin gives a dismal picture. Large-scale operations and bureaucracies

entangled in the public sector companies were the main areas of concern of the nationalized insurers.

The state owned insurance companies did not show any initiative to venture into the rural areas to sell

crop insurance or any other personal insurance.


Another area, which requires an in-depth study, is the pension segment. Indian demand for pension

products will be huge keeping in mind the lack of a comprehensive social security system leading

to an upward trend in the savings sentiments. But LIC despite its optimal performing abilities

brought in pension premium only to the tune of $22 million. Hence innovative measures to convert the

pension products into lucrative saving instruments became the need of the day by which the investors

would be allowed to deploy funds before the annuities commence and to invest them in different

schemes that would yield a relatively higher income.




                                                  9
Another potential area insufficiently served was the health insurance and other personal insurance

products such as householders, shopkeepers, personal accident, travel insurance and professional

indemnity covers, which constitute only 12 per cent of Indian general insurance premium. General

Insurance Company’s Mediclaim scheme served only 2.5% of the total population. The Indian health

insurance products were not comprehensive in nature – there was no cover against disability.


FACTORS CHANGED DUE TO PRIVATIZATION:



1) Market Expansion:



There has been an overall expansion in the market. This has been possible due to improved awareness

levels thanks to the large number of advertising campaigns launched by all the players. The scope of

expansion is still unlimited as virtually all the players are concentrating on large cities and towns-

except by LIC to an extent there was no significant attempt to tap the rural markets but the private

companies are also targeting the untapped rural market.




2) New Product Offerings:



There has been a large number of new and innovative products offered by the new players, mainly

from the stable of their international partners. Customers have tremendous choice from a large variety

of products from pure term (risk) insurance to unit-linked investment products. Customers are offered

unbundled products with a variety of benefits as riders from which they can choose. More customers

are buying products and services based on the true needs and not just traditional money-back policies,

which is not considered very appropriate for long-term protection and savings. However, there are still

some key new products yet to be introduced.




                                                  10
3) Customer Service:



Not unexpectedly, this was one area that witnessed the most significant change with the entry of new

players. There is an attempt to bring in international best practice in service and operational efficiency

through use of latest technologies. Advice and need based selling is emerging through much better

trained sales force and advisors. There is improvement in response and turnaround times in specific

areas such as delivery of first policy receipt, policy document, premium notice, final maturity

payment, settlement of claims etc. However, there is a long way to go and various customer surveys

indicate that the standards are still below customer expectation levels.



4) CHANNELS OF DISTRIBUTION:



Till two years back, the only mode of distribution of life insurance products was through agents. While

agents continue to be the predominant distribution channel, today a number of innovative alternative

channels are being offered to consumers. Some of them are bank assurance, brokers, Internet and

direct marketing. Though it is too early to predict, the wide spread of bank branch network in India

could lead to bank assurance emerging as a significant distribution mechanism.




                                                   11
IRDA


The Insurance Regulatory and Development Authority (IRDA) is a national agency of the

Government of India, based in Hyderabad. It was formed by an act of Indian Parliament known as

IRDA Act 1999, which was amended in 2002 to incorporate some emerging requirements.


Mission of IRDA


As stated in the act is "to protect the interest of the policyholders, to regulate, promote and

ensure orderly growth of the insurance industry and for matters connected there with or

incidental there to."




                                             12
MAJOR PLAYERS IN LIFE INSURANCE IN BOTH PUBLIC AND PRIVATE

SECTOR


Life Insurer in Public Sector


   1. Life Insurance Corporation of India


Life Insurers in Private Sector


   1. Bajaj Allianz Life

   2. ICICI Prudential Life Insurance

   3. HDFC Standard Life

   4. Birla Sunlife

   5. SBI Life Insurance

   6. Kotak Mahindra Old Mutual Life Insurance

   7. Aviva Life Insurance

   8. Reliance Life Insurance Company Limited

   9. Tata AIG Life

   10. Metlife India Life Insurance

   11. ING Vysya Life Insurance

   12. Max Newyork Life Insurance

   13. Sahara Life Insurance - Now they are not into business

   14. Shriram Life Insurance




                                                13
RANGE OF PRODUCT & SERVICES


Children’s Endowment Policy

It is the only one of its kind life insurance policy to be introduced in India. The Policy has two

variants: Endowment to 18 and Endowment to 24. It can be bought for a child till he/she is of age 13

or 15 depending upon which variant one chooses. In a world of spiraling costs, whether it is higher

education or marriage, this takes care of a child’s future. The Policy ensures that a child gets a fixed

amount when he/she turns 18 or 24 respectively. This Policy is ideal for parents with small children,

and is the best way to gift a child security and prosperity.

Benefits:

   Guaranteed Sum on maturity at 18/24: A child will be eligible for the Face Amount at the age

    of 18/24 plus any Bonuses that may accrue.

   Automatic Vesting at age 18: The Policy will automatically vest in the child when the child turns

    18 years of age.

   Option to buy further insurance on maturity: Within 6 months of this Policy maturing, the

    child can buy a permanent life insurance policy, without medical examinations, for an amount not

    exceeding the Face Amount of this Policy.



 Children’s Endowment Policy                      To Age 18                To Age 24

 Minimum Issue Age                                91 days                  91 days

 Maximum Issue Age                                13 years                 15 years

 Expiry Age                                       18 years                 24 years

 Minimum Face Account                             Regular Premium:         Regular Premium:

                                                  Rs 100,000/-             Rs 100,000/-

                                                  Single Premium:          Single Premium:




                                                    14
                                                   Rs 75,000/-              Rs 75,000/-

    Maximum Face Amount                            Rs 1 crore               Rs 1 crore



Additional Benefits:

Bonus Options:

This Policy entitles you to get Bonuses, with a choice of 3 options on how you would want it paid to

you:

             Annual Bonus payment

             Bonus accumulated and paid on maturity

             Bonus used to offset Premiums

No Bonuses are paid in the first two years of the Policy, and that Bonuses are not guaranteed and will

be as declared by the Company from time to time.

     Facility of a Loan: Once the Policy has acquired a Cash Surrender Value, the policy holder will

      be eligible for a loan in accordance with the Company’s terms then.

     Cash Surrender Value Accumulation:

-     The Children’s Endowment to Age 18/24 Policy will acquire a Cash Surrender Value at the end of

      three years.

-     This will continue to increase every year thereafter.

-     Finally, if there are amounts payable to the Company at the time, they will be deducted from the

      Cash Surrender Value.



Whole Life Insurance

A Whole Life Policy provides benefits for as long as you live, and even beyond. In addition to which

it also builds a Cash surrender Value. The Cash Surrender Value that accumulates in the Policy can be

accessed to meet any unforeseen need even while the Policy is in existence.




                                                     15
Max New York Life offers you the option of choosing either a Whole Life Participating or a Whole

Life Non-Participating Policy.



   Whole Life Participating Policy: In a Whole Life Participating Policy, the Basic Amount insured

    is guaranteed. In addition, this makes you eligible for Bonuses two years after your Policy comes

    into effect. However, Bonuses are not guaranteed and will be as declared by the Company from

    time to time.



   Whole Life Non-Participating Policy: This, while not eligible for Bonuses, offers you a

    guaranteed Death Benefit.



Benefits:

   They get protection for life with a guaranteed Death Benefit.

   Their Policy acquires a Cash Surrender Value after 3 years’ Premiums have been paid.

   Loan facility to fund unforeseen expenses, after their Policy has acquired a Cash Surrender Value.

   Finally, a guaranteed, fixed Premium throughout life allows you to plan you finance better.




    Whole Life Policy                 Participating                 Non-Participating

    Minimum Issue Age                 91 days                       91 days

    Maximum Issue Age                 70 years                      70 years

    Expiry Age                        100 years                     100 years

    Minimum Face Amount               Rs. 1 lac                     Rs. 1.5 lacs

    Maximum Face Amount               Rs. 1 crore                   Rs. 1 crore




                                                    16
Additional Benefits:

Bonus Options:

           Annual Bonus payment

           Bonus accumulated and paid on maturity

           Bonus used to offset Premiums

           Bonus used to buy one-year term insurance

           Bonus used to buy paid-up additions



   Option to Participate in Progressive Bonuses: This option allows you to purchase additional

    benefits in the form of Bonuses that will be paid on maturity of the Base Policy or in the

    unfortunate event of the death of the Life Insured. Additionally, with this option you can continue

    to invest more funds without having to provide any further evidence of insurability.

   Facility of a Loan: Once the Policy has acquired a Cash Surrender Value, you will be eligible for

    a loan in accordance with the Company’s term, at that point in time.

   Cash Surrender Value Accumulation:

-   The Whole Life Insurance Policy will acquire a Cash Surrender Value at the end of three years.

-   This will continue to increase every year thereafter.

-   However, the benefits of the Cash Surrender Value will be valid only if the Policy is in existence.

-   Finally, if there are amounts payables to the Company at the time, they will be deducted from the

    Cash Surrender Value.




                                                   17
20 Year Endowment Insurance Policy

20 Year Endowment Participating Insurance Policy is ideal for saving money for a specific purpose.

You get a guaranteed sum, along with the accumulated Bonuses at the end of 20 years. It also offers a

Death Benefit, which is guaranteed for the term of Policy. Moreover, the Cash Surrender Value that

accumulates in the Policy can be accessed to meet unforeseen expenses even while the Policy is in

existence.


Benefits:

   Meeting vital financial needs of the future, such as your children’s education or marriage.

   The sum that they receive on maturity serves as an additional source of income.

   It has a guaranteed Death Benefit during the term of the Policy.

   They Policy acquire a Cash Surrender Value after 3 years’ Premiums have been paid.

   They have the facility to take a loan after their Policy has acquired a Cash Surrender Value, to

    fund unforeseen expenses.

   A guaranteed, fixed Premium.

   They will get Bonus, payable once the Policy has been in effect for at least two years, with an

    option of how you want it paid.



                                          20     Year      Endowment         Participating

                                          Insurance Policy

Minimum Issue Age                         20 years

Maximum Issue Age                         50 years

Expiry Age                                70 years

Minimum Face Amount                       Rs. 1 lac

Maximum Face Amount                       Rs. 1 crore




                                                  18
Additional Benefits:

        1) Annual Bonus payment

        2) Bonus accumulated and paid on maturity

        3) Bonus used to offset Premiums

        4) Bonus used to buy one-year term insurance

        5) Bonus used to buy paid-up additions

Endowment to Age 60 Policy


The life after retirement, when one’s source of income reduces but one’s expenses doesn’t. You have

to pay from medical costs to children’s marriage expenses. So it makes great sense to plan well in

advance for a secure life after retirement. To make sure your expenses will be covered with dignity, to

make sure you will be there to provide for your children when they need you most. And to help you

achieve that life of dignity and freedom, you can invest you hard earned served money in “Endowment

to Age 60 Policy”.


Benefits:

   Financial Security: You get a guaranteed sum, along with the accrued Bonus at the age of 60. It

    is ideal for saving money for covering your expenses after your retirement, such as your child’s

    marriage, your medical expenses or financing a house for your family.

   Guaranteed Death Benefit: In case of the unfortunate event of your death during the tenure of

    the policy, the sum insured will be paid to the beneficiary.

   Liquidity: You have the facility to take a loan (after your Policy has acquired a Cash surrender

    Value) to fund unexpected requirements.

   Better Financial Planning: A guaranteed, fixed premium allows you to plan your finances better.

    You will be eligible for Bonus once the Policy has been in effect for at least two years, with an

    option of how you want it paid. For example, you can even get cash every year rather than wait for




                                                   19
    the maturity of the policy. However, Bonuses are not guaranteed and will be as declared by the

    Company from time to time.



Endowment to Age 60 Policy

Minimum Issue Age                            91 days

Maximum Issue Age                            50 years

Expiry Age                                   60 years

Minimum Face Amount                          Rs. 100,000/-

Maximum Face Amount                          Rs. 5 crore



Additional Benefits:

Bonus Options:

This Policy entitles you to get Bonuses, with a choice of 5 options on how you would want it paid to

you:

1) Annual Bonus payment

2) Bonus accumulated and paid on maturity

3) Bonus used to offset Premiums

4) Bonus used to buy one-year Team Insurance

5) Bonus used to buy paid-up additions

Do remember though that no Bonuses are paid in the first two years of the Policy, and that Bonuses

are not guaranteed and will be as declared by the Company from time to time.



   Facility of a Loan: Once the Policy has acquired a Cash Surrender Value, you will be eligible for

    a loan in accordance with the Company’s terms then.

   Cash Surrender Value Accumulation:




                                                 20
-   The Endowment to Age 60 Policy will acquire a Cash Surrender Value at the end of three years.

-   This will continue to increase every year thereafter.

-   Finally, if there is amounts payable to the Company at that time, they will be deducted from the

    Cash Surrender Value.




SWOT ANALYSIS OF MAX NEW YORK LIFE

STRENGTHS

       Knowledge based

       being quality oriented rather than quantity oriented

       Provide in- house training to advisors.

       Cost effective organization

       Persuasiveness of customer service representative to address the problems.

       Effective customer Personal consulting for customized policy.

       Perceived financial loyalty programmes.

       Customized policies that cover the specific terminal disease.



WEAKNESSES

       Less Brand Awareness

       Time consuming ( in picking advisors)

       Process Oriented( process are too lengthy)

       Fewer suggestions in terms of precautionary measures for avoiding perils.

       Are pulled by the engine of powerful brands like TATA AIG and Bajaj Allianz.




                                                   21
OPPORTUNITIES

        It can enter in the General insurance sector.

        Opportunity in the rural sector as there is a under-penetrated insurance market in rural

         sector.

        Relative market potential in not only the rural markets but also the semi-urban markets.

        Better customer services like utmost promptness in issuance of the policy, giving cheque

         pick up facilities and not making customers not waiting for months.

        Making more loyal customers and attracting other customers with better service



THREATS

        LIC because today also people show much faith towards LIC as it is a public company

        Competitors in the private sector.

        With players like SBI Life and ICICI Prudential spending lot in advertisements, it may

         take away the market.

        Sometimes more focus on innovative products may affect the main fruitful products.

        Stiff competitions due to new companies are entering day by day.




                                                22
 RESEARCH

METHODOLOGY




     23
RESEARCH OBJECTIVES

To know the procedure of selection and recruitment of insurance advisors/ agents at Max New York

Life.



RESEARCH METHODOLOGY



     Studying on Agency channel, one of the channels of distribution used by Max New York Life.



     Studying current ways used by Max New York Life to expand its agency channel and to find

        new ways for the same



     To study various financial products on MNYL



The main focus of the project was collection of names through different sources like- from relatives,

friends, neighbors and references company data base etc got from them. .



As far as practical aspect is concern, we also collected name through personal interaction with

different people like from:-



     Shopkeepers

     Clubs

     Kitty parties

     Malls




                                                  24
Telephonic conversion and personal interviews with different people were two of my best weapons

which help in collecting the quality data for developing a channel.



      To understand how to develop a channel of people who will work for selling the products of

         the company.



      To understand the procedure of selection and recruitment of insurance advisors/agents.



      To find the suitable person for the recruitment as an insurance advisor.



      Judgment of satisfaction level and perception of consumers about Life        Insurance,

         Companies and the motivation behind buying Life Insurance, by the use of Questionnaires

         designed for the same.



      Understanding the Financial Products Basket of Max New York Life.


RESEARCH DESIGN


To conduct the market research first of all it is necessary to create a research design. A research design

is basically a blue print of how a research is to be conducted, it may include;


1.       Choosing the approach


2.       Determining the types of data needed.


3.       Locating the source of data.


4.       Choosing a method of data.




                                                   25
Basically there are 3 types of approaches used during any research :-


1.      Exploratory.


2.      Descriptive.


3.      Experimental.


During this research Descriptive and Exploratory approach is taken into consideration because of the

availability of relevant information to describe the relationships between the marketing problems and

the available information.


Types of Data Used


Both primary and secondary data is used in the research –


PRIMARY DATA


The primary sources of data refer to the first hand information Primary data is collected during the

survey with the help of Questionnaire. (Given in the later part of the project)


SECONDARY DATA


Secondary data is one which already exists and is collected from the published sources.


The sources from which secondary data was collected are :


       Newspapers and Magazines like Economic Times, Insurance Times, Insurance Post.


       Internet


       Library


       Conferences




                                                   26
SAMPLE DESIGN


Sample Element / Sample Unit


    Government Servants


    Professionals


    Housewives


    Businessmen


    Self Employed


    Retired People


Extent


New Delhi :

         East of Kailash


         Green Park


         Panchsheel


         South Extension


         Pitam Pura


         Model Tow


         Rohin




                               27
COMPANY PROFILE




       28
                                      COMPANY PROFILE


About Max India


Max India Limited is a multi-business corporate, driven by the spirit of enterprise, focused on

knowledge, people and service-oriented businesses of healthcare and life insurance. Founded in 1985,

Max India Limited is a Public Limited company listed in the NSE and BSE of India with over 37,000

shareholders.


Today, Max India Limited is a multi-business corporate, driven by the spirit of Enterprise, focused on

Knowledge, People and Service oriented businesses of:


        Healthcare (Max Healthcare)

        Life Insurance (Max New York Life Insurance)

        Clinical Research (Neeman Medical International)


Max also maintains interests in:


        Specialty Plastic Products for the packaging industry (Max Speciality Products)

        Healthcare Staffing (Max Health Staff)


Prominent shareholders are Mr Analjit Singh and a leading private equity firm, Warburg Pincus which

accounts for 28.7% of the total shareholding. The balance shareholding is held by the public and

Institutional Investors.




                                                 29
About New York Life

New York Life Insurance Company, a Fortune 100 company, is the largest mutual life insurance

company in the United States and one of the largest life insurers in the world. Founded in 1845 and

headquartered in New York City, New York Life and its affiliates offer life insurance, annuities and

long-term care insurance. New York Life Investment Management, LLC, a New York Life affiliated,

provides institutional asset management, retirement plan and trust services. Other New York Life

affiliates provide an array of securities products and services, as well as institutional and retail mutual

funds.

New York Life International offers insurance products through its subsidiaries and affiliates in

Argentina, Hong Kong, India, Mexico, the Philippines, South Korea, Taiwan, Thailand and China.

The company also has a representative office in Hanoi, Vietnam.



Corporate Profile of Max New York Life Insurance

Max New York Life is a joint venture between New York Life (ranked 68 th in the fortune 500 list,

2005) and Max India limited. Max New York Life is a 74:26 partnership company between New York

Life and Max India Ltd.



Through its wide network of highly competent life insurance Agent Advisors and flexible products

and solutions, Max New York Life is committed to creating a partnership for life with its

customers in India. In line with its values of financial responsibility, Max New York Life has

adopted prudent financial practices to ensure safety of policyholder’s funds. It invests only in debt

instruments and meets both Indian and international disclosure norms. The Company’s paid up capital

is Rs. 300 crore, which makes it among the highest capitalized its primary channel of distribution.

The Company places a lot of emphasis on its selection process, which comprises four stages –

screening, psychometric test, career seminar and final interview. The agents are trained in-house



                                                    30
to significantly in its training programme and each agent is trained for 152 hours as opposed to the

mandatory 100 hrs stipulated by the IRDA before beginning to sell in the marketplace. Training is a

continuous process for agents at Max New York Life and ensures development of skills and

knowledge through a structured programme spread over 500 hours in two years. This focus on

continuous quality training has resulted in the company having amongst the highest agent pass rate in

IRDA examinations and over 45 of its agents qualifying to be nominated to the MDRT, which is

among the highest suite of flexible products. It now has 13 life insurance products and 9 options &

riders that can be customized to over 400 product combinations enabling customers to choose the

policy that best fits their need.



Leadership Team


Analjit Singh

(Chairman, Max India Limited)



Gary G. Benanav

(Chairman and Chief Executive Officer, New York Life International Inc.)



Anuroop ‘Tony’ Singh

(Chief Executive Officer and Managing Director of Max New York Life)




                                                 31
Vision

Become the most admired Life Insurance Company in India.


Mission

        Become one of the top 3 new Life Insurance Companies

        Become a National Player – Dominant in North India

        Be the Brand of FIRST choice among all stakeholders

        Become the employer of Choice

        Be the principal of Choice for Agents




                                                 32
CONCEPTUAL

DISCUSSION




    33
                                     CONCEPTUAL DISCUSSION



CHANNEL DEVELOPMENT

.

Who is a professional agent?



1) An agent is the representative of an insurance company who sells different products to its

customers. Another term used for insurance agents is – advisors



2) He/she should not offer rebate. If any prospect demands/expects rebate,

Section 41 should be invoked. This also should be included in the code

of conduct for agents. Everybody knows cracking down on this practice is easier said than done. It is

a complicated and evil socio-economic problem. It is like abolishing the dowry system by just passing

a law.

To achieve success in this area, insurance transactions should be made transparent.



3) Life insurance company’s advisors are known to be the backbone of the whole system.

Advisors/agents do not work on monthly payroll basis; they receive a certain commission on the

policies they sell to the clients.



    For developing a channel, company need person who will

     Identify future clients

     Make appointments

     Conduct financial review meetings with prospects/clients

     Close sale




                                                  34
     Get referrals

     Provide service to clients



Other intermediaries like brokers and insurance consultants are also part of this distribution channel.



Eligibility norms provided by IRDA for becoming an insurance advisor



     Person should be at least 18 years of age;

     Person have completed 10+2;

     Person should attain 100 hours training.

Other than this the person should possess



     Good communication skills

     Relationship skills

     Confidence

     Self motivation

     Persuasion

     Urge to be financially independent




                                                   35
STRATEGIES INVOLVED IN SEARCHING POTENTIAL ADVISORS



Your search for prospective advisors must be continuous and systematic – just like prospective for

sales, you must search among several sources on a regular basis sources are broadly classified as

primary source and secondary source.



Personal observation



This method is uniquely personal. It permits you to apply your own standards and exercise your own

judgment.

Always be on the alert for prospective advisor in your daily selling activities in instinctively apprise as

prospective advisors those you see, meet or sell. Stay in circulation and meet a lot of people on a

regular basis. Develop these individuals as friends and clients, and then determine whether or not to

recruit them.



Present advisor Recommendation



No one knows more about the kind of person you seek and the kind of opportunities you have for the

prospective advisor than the present members of your sales organization. Moreover, they have a

selfish interest in wanting their associates to be type of person who will reflect favorably on their

organization. Many successful advisors have an ability to attract promising prospective advisors who

can and do succeed.




                                                    36
Client referrals



Clients are readily accessible source of prospective advisor and referrals.

It is safe to assume that client who has relied upon your agency to handle their insurance is pleased

with both you and your work. Since you have created a favorable impression, the can picture

themselves or others as having the same success.



Therefore, it is mostly a matter of helping them to help you by making enquires and asking questions

designed to remind them of names of prospective advisors.



Newspaper advertisement



Newspaper     advertising created considerable activity. It is one of the fastest ways to get name and

talk people seeking a change in employment. Consider as a “wholesale method” of widening your

range of contacts with prospective advisors. Keep in mind that generally develops “pop-up prospects”

that must be screened carefully.



Direct Mail



Mass mailing is a system if used can be a very successful tool. One system is to send letters with reply

cards on a regular basis especially to “centers of influence.” Use list from club, church and alumni

directories. The standards letter should briefly describe the rewards of a successful insurance sales

career.




                                                   37
CHANNEL DEVELOPMENT AT MNYL:



MNYL uses strategies like:

      Personal observation.

      Present advisor recommendation.

      Client referrals



MNYL doesn’t follow the method of giving direct mails or giving advertisements in newspapers.



Recruiting success formula



MNYL believes in a formula that is:




             1OO CONTACTS



                                      32 SCREENINGS


                                                      8 SELECTED




                                                38
Channels of distribution of MNYL are:




                                        MNYL




   Agency                    Bank                   Alternative               Cooperative
                           assurance                 Channels                  Channel




Bank Assurance - This refers to establishing relationships with various banks so as to

enable sale of policies through banks. There are many options in this area with reference

to the bank’s role in selling policies. One option can be that the banks only provide a

database of their customers. Other option can be of banks getting into an aggressive mode

and directly selling policies. MNYL’s bank assurance move is channeled through two

routes. In one, it will offer customized solutions through small banks while its strategy for

the big banks will be through an equity relationship. The company’s bank assurance

model is only 3 months old and currently, MNYL has a bank assurance relationship with

Yes Bank and Thane Janata Cooperative Bank.




                                                   39
Alternative channels:

       Direct Sales Team Channel - In this, the direct sales people are not recruited as

        advisors but as employees of the company and they work on a fixed and variable

        income pattern.



       This channel includes telemarketing and an upcoming alliance with Amway called

        Amsure in which Amway will be utilizing its distribution channel to sell MNYL’s

        policies.



Agency – Corporate agents of Max New York Life include:

        Metro Finance Corporation, Futuristic Consultancies Ltd, Jaydev R.           Patel

        Insurance Agency Private Limited, Akshay Consultants, Golden Trust Multi

        Services etc.


       Another route is the franchisee route opted by MNYL, especially in the East.

        MNYL, presently has 9 franchisees.



Max New York Life initially identified Individual agents as its primary channel of

distribution. But now the company is focusing on widening its distribution mix by

pursuing the franchisee model, bank assurance, rural business, direct sales force involving

group insurance and telemarketing opportunities and also corporate alliances. This year

MNYL has achieved around 77 per cent of its business from the agency distribution

system, while the alternative distribution network contributed the balance of around 23 per

cent.




                                                  40
My study involves study of Agency channel as a channel of distribution. It is a direct channel

which makes it the most effective channel. In this while recruiting you get a chance to recruit people

from all walks of life. For e.g.:

       Upper Class - IAS officers

        Politicians

        Celebrities

       Upper middle class – Army Retired people

        Civil

       Service class who are looking forward to generate more income.




                                                 41
                          OFFICIAL PROCESS FOR RECRUITMENT




                                    105 Hours of training




                                    Class Room Training



                                       Product Training




                                          IRDA Exam



                                       Issue of License




To pass the IRDA exam a minimum of 50% marks is required. On passing the examination a license is

issued. This is a fully commission based job where an Advisor in Max New York Life can earn 40%

of the premium as his commission.




Max New York Life has a strong channel of distribution for which it identified Individual agents. Max

New York Life believe in developing a quality model i.e. they recruit only quality people as their

insurance advisors, who work not as an employee of the company but as a part of the company.




                                                  42
The criteria for selecting quality people is that:-

       Person should be 25 years of age, and

       Minimum qualification is 10+2, but as we work on quality model so we prefer people who

        have at least a graduate degree.



And the categories on which we focus are:-

     Housewives

     Retired people

     Self employed

     Person who had taken VRS



This process includes four stages:-

     Screening

     Psychometric test

     Career seminar

     Final interview




                                                      43
1) Screening:-

   For calling people on screening, some data is collected regarding names, their age, occupation

   etc. After collecting names, quality data is grab out from the collected data and accordingly

   people are called for screenings.

   In screening some general questions were asks about their occupation, their family

   background, their interest in this field, etc. After that, the person who came for

   screening is given a booklet called P-200, in which they are required to fill the details

   of the person whom they know personally and references which they got from their

   relatives.

2) Psychometric Test:-

   In this stage the person who come for screening is required to fill P-200 with details of the

   persons whom he/she know personally or with the names of the persons which he/she got

   from his/her personal contacts. After that if the data collected by him is good, he will be

   eligible for final interview.

3) Career Seminar:-

   Some times the person who is interested in becoming insurance advisor, will be called to

   attend the seminar so that he/she is able to understand the whole profile of the job and can

   solve all his/her queries. After that all the present members of the seminar are given P-200 for

   collecting which is considered as next step in their selection.

4) Final Interview:-

   The last stage of recruitment and selection of an insurance advisor is final interview

   with Branch Manager. The person is called for final interview if he/she is successful in

   fulfilling the booklet called P-200 which will be his/her target customers. And if he

   successful in clearing that interview, he/she will be given 100 hours in-house training

   on which company spends from their own side.


                                              44
DATA ANALYSIS

     AND

INTERPRETATION




      45
                   DATA ANALYSIS & INTERPRETATIONS
1. How would you rate Life Insurance as a means of investment via other forms of
     Investments?


                            Frequeny   Percent
          Valid   Poor             1        2.0
                  Fair             8       16.0
                  Good            25       50.0
                  Excelle
                                 16       32.0
                  nt
                  Total          50      100.0




                                                                                   poor
                                                                                   fair
                                                                                   good
                                                                                   excellent




                                          46
              50




              40




              30
Frequency


              20




              10




               0
                               Poor                     Fair              Good                Excellent


                                                    .




        Analysis of above Diagram- Approximately 50% of the people surveyed believe that Insurance is a
        good source of Investment.32% believes that it is an excellent source of Investment and Remaining
        22% believe that it ranges from fair to poor, where only 2% believed that it is a poor source of
        investment. Hence it can be concluded that majority believe that investment in Life Insurance is a
        good option.




                                                               47
       2. Return on Investment as factor for selecting Life Insurance policy.


                                             Frequency    Percent
        Valid       not important                    3              6
                    moderately
                                                     4              8
                    important
                    important                      23           46
                    very important                 20           40
                    Total                          50         100.0




             50




             40




Frequency
             30




             20




             10




                0
                             Not Important       Moderately important   Important        Very Important




       Analysis of the above Diagram-From the above diagram, we can conclude that 46% respondents
       believe that Return on Investment is important, while 40% of the respondents believe that is very
       important. So 86% of the respondents recognized the importance of Life insurance as an investment.
       Whereas only 14% believe it ranges from moderately important to not important.




                                                               48
3. Goodwill as factor for selecting Life Insurance policy.


                                Frequency     Percent
 Valid   not important                  1          2.0
         moderately
                                          8        16.0
         important
         important                       25       50.0
         very important                  16       32.0
         Total                           50     100




                                                                                     not important
                                                                                     moderately important
                                                                                     important
                                                                                     very important




Analysis of the above Diagram-The majority of the respondents i.e. 50%,believed that goodwill of a
company is Important while selecting an Insurance Policy.32% believed it is very important, only 2%
of the respondents believed that it is not important and the remaining 32% considered it to be
moderately important.




                                                  49
    4. Security as factor for selecting Life Insurance policy.


                                     Frequency       Percent
     Valid       not important               1            2.0
                 moderately
                                                 2        4.0
                 important
                 important                      24      48.0
                 very important                 23      46.0
                 Total                          50     100.0




          50




          40



Frequency
          30




          20




          10




             0
                  0.00        1.00       2.00          3.00       4.00         5.00




    Analysis of the Above Diagram- The majority of the respondents i.e. 48%,believed that goodwill of a
    company is Important while selecting an Insurance Policy.46% believed it is very important, only 2%
    of the respondents believed that it is not important and the remaining 4% considered it to be
    moderately important.




                                                        50
     5. Tax rebate as factor for selecting insurance policy


                                            Frequency    Percent
      Valid       not important                     2         4.0
                  moderately
                                                    4           8.0
                  important
                  important                       20          40.0
                  very important                  24          48.0
                  Total                           50         100.0




            50




            40




Frequency
            30




            20




            10




              0
                            Not important       Moderately Important   Important         Very Important



     Analysis of the above Diagram-From the above histogram it can be concluded that for 48% of the
     respondents Tax Benefit involved with buying a Life Insurance Policy is Very Imporatnt,40% of the
     respondents consider it to be Important whereas only 4% believe it is not at all important while the
     reaming 8% believe it is Moderately Important.




                                                              51
     6. What motivates you to purchase insurance plans


                                  Frequency      Percent
      Valid       assurance               8          16.0
                  Savings                 5          10.0
                  high return             8          16.0
                  tax benefit            21          42.0
                  old age
                                         8               16.0
                  benefit
                  Total                 50              100.0




            50




            40




Frequency
            30




            20




            10




              0
                           Assurance          Savings            High Return   Tax Benefit   Old Age Benefit




     Analysis of the above Diagram-Tax benefit was cited as the most important reason by 42 % of the
     respondents. The other factors stand very close to each other, Assurance as a reason stands at 16%,
     High Return at 16%, Old Age Benefit at 16% and Savings at 10%




                                                                52
     7. Amount of Premium paid every year


                                        Frequency    Percent
     Valid        rs.5000-rs.25000             12          24.0
                  rs.25001-rs.45000            15          30.0
                  rs.45001-rs.75000            11          22.0
                  rs.75000 and above           12          24.0
                  Total                        50         100.0




             40




             30



Frequency

             20




             10




              0
                          Rs.5000-Rs.25000    Rs.25000-Rs.45000   Rs.45000-Rs.75000   Rs.75000 and above



     Analysis of the above Diagram-As far as paying of Annual premium is concerned 30% of the
     respondents pay a premium ranging from Rs 25000 to Rs 45000.24% paid premium ranging more than
     Rs.75000.24% of the respondents pay an annual premium ranging from Rs 5000- Rs 25000, and
     nearly 22% of the respondents pay an annual premium of Rs 45000- Rs 75000.




                                                        53
   8. Does Advertisement play important role while buying Life Insurance.


                                         Frequency    Percent
    Valid       not important                    2         4.0
                moderately
                                               12           24.0
                important
                important                      23          46.0
                very important                 13          26.0
                Total                          50         100.0




        50




        40



Frequency
        30




        20




        10




            0
                         Not Important       Moderately Important   Important   Very Important




   Analysis of the above Diagram-For 46% of the respondents surveyed Advertisement
   plays an Important Role while buying Life Insurance. Whereas 26% believe that it is very
   important and 24% respondent believe it is Moderately Important. The Remaining 4%
   believes that advertisement is Not Important at all and does not influence their buying
   decision.



                                                           54
     9. Which Pvt Life Insurance co. advertisement is more informative?


                                       Frequency   Percent
      Valid        Max New York
                                              23       46.0
                   Life
                   HDFC                       14       28.0
                   ICICI                       7       14.0
                   ing Vysya                   4        8.0
                   AVIVA                       2        4.0
                   Total                      50      100.0




              50




              40




Frequency     30




              20




              10




              0
                               ICICI           HDFC          Max New York Life   Ing Vysya   Aviva




     Analysis of the Above Diagram-46% of the respondents did find the Advertisement of Max New
     York Life more Informative, the primary reason to this could be the strong TV Advertisement Rounds
     being followed by the company in the recent times.HDFC was the next favorite at 28% .stand for
     ICICI at 14% ING Vyasa at 8% and Aviva Life Insurance at 4%




                                                             55
     10. Whom do u keep in mind while taking a Life Insurance policy?


                                    Frequency   Percent
      Valid        Yourself                15       30.0
                   Spouse                   5       10.0
                   Children                 5       10.0
                   Whole Family            25       50.0
                   Total                   50      100.0




              60




              50




              40
Frequency

              30




              20




              10




              0
                                  Spouse            Children        Yourself     Whole Family




     Analysis of the above Diagram-When the respondents were asked whom they kept in
     mind while buying a Life Insurance Policy a majority i.e. 50% of them replied that they kept
     in mind the Whole Family.30% said they buy Life Insurance considering Self.10% replied
     that they consider their Spouse while buying Life Insurane and 10% said that they consider
     their Children.



                                                               56
  11. Occupation of the respondent.


                              Frequency   Percent
   Valid       Business              17       34.0
               Service               22       44.0
               Self
                                     5        10.0
               Employed
               Others                 6      12.0
               Total                 50     100.0




        50




        40



Frequency
        30




        20




        10




           0
                          Business           Service          Self Employed          Others




  Analysis of the above Diagram-44% of the respondents surveyed were having occupation as
  Service.34% were involved in their own Business,10% of the people surveyed were self employed and
  the remaining 12% belonged to the category of Others which might include the Retired ,Old or
  Unemployed People.




                                                       57
CONCLUSION

   AND

 FINDINGS




    58
                             CONCLUSION / FINDINGS

MY ROLE AND LEARNING AT MNYL

My job at MNYL was to sell a career to people. It means I had to recruit insurance advisors for the

company. The kind of people I was looking forward were:



       people above the age of 25 years

       minimum qualification- plus 2, but we prefer people who have a graduate degree in any field.



And the categories on which focused were:



       Housewives: as they are the home-makers and when they advice you how to manage your

        funds then they are highly influential.

       Retired people: these are the people who have seen life therefore their advice are also liked

        by people.

       Voluntary retired people

       Self employed people



Activities performed by me:

Name Gathering:

Our 1st activity was name gathering. On the first day we were taught a pen framing exercise for this.

This exercise helps you in getting 50 names from one person. We were told about the categories from

which we can gather names. Figure given below depicts the same:




                                                  59
                                     DATABASE
    RELATIVES                                                              FRIENDS




                                        NAMES




    NEIGHBOURS                                                         CUSTOMES




                                     Fig. 10



   Firstly we were asked to target our family. Every name was entered in the centre box of the

    above figure and person’s friends, relatives, neighbour’s names were asked. Similar exercise

    was done with friends and relatives. On the first day when sir asked me to give 5 names of

    people whom I know and who fulfill the criteria (as stated above), I found it very difficult but

    by the end of the day I was able to collect around 40 names.



   I went to kitty parties to tap housewives.



   I met some of my father’s friends who are retired. I tried to convince them and invited them

    to attend the career seminar.



   I did cold calling also. I got the telephone directory and called them, told them about the

    career opportunity and tried to invite them for the career seminar.



                                                 60
After collecting names, we had to find out names of people from that list who were either housewives,

retired people and self employed i.e. quality people and after that inviting them.



INVITING:

Our second activity was to invite people to the career seminar. For this I had a conversation

(telephonic) with the people whose references I got from people and invited them for the career

seminar. For the conversation to be effective a script was given to us stating that what all we have to

speak, how to convince them to meet us and how to get further references from them.



After the career seminar we used to give a project-200 booklet to them which they were supposed to

fill. In this they were asked to fill at least 100 names of the people whom they know as advisors are

asked to tap their natural market first and touch the reference market later on.



INITIAL SCREENING:

I had to keep a follow up with the people who attended career seminar. I used to call them for initial

screening, with their filled P-200’s. In the initial screening my job was to see the profile they have

filled in their P-200. Then I had to ask certain simple questions like who according to him/her is a

successful sales person. If I find the person suitable then I had to send him/her to my senior for further

screenings.




                                                    61
FINDING
(A) HOUSEWIVES:

The reason behind our approaching Housewives for a possible tie-up was their large presence and

interaction with a large number of customers. And MNYL believes that housewives are the home

makers, they manage their finances at home very well and when they give financial advices to others

then it has a better impact.

RESPONSE:

The efforts to establish a tie-up in this segment had a mixed response. Most of them found it

interesting and good way of earning money. But few of them were reluctant as they believed that it

would be hectic.




PROBLEMS FACED:

Though there was much interest shown by the housewives, but it was vacation time and most of them

had their vacation plans and because of this they were not ready to join in the month of June. Some of

them said that they would prefer staying at home and some had a problem of having small kids.



(B). RETIRED PEOPLE:

The main criterion that led us to select this particular segment was that these people have better

understanding of finance and they know how to deal with people. In this our main target was Army

retired people as the past records show that they do real good in this field. These people find it easy to

win the trust of the customer.




                                                   62
RESPONSE:

The initial response that we got from this particular sector was good. The people in this segment

seemed interested enough about knowing of the business proposal. The success ratio in this segment

was good.

PROBLEMS FACED:

People were not ready to attend training because of hot climate.

(C) SELF EMPLOYED:

The main selection criterion of this sector was that these people have many good contacts. They have a

better understanding of customer’s behavior and their needs. These people try to tap mostly the big

corporate clients and they know how to make long-term relationship with their customers. And also

the fact that the people of this segment are good at dealing customers.

RESPONSE:

The overall response of the entire sector did not seem to be positive enough.

PROBLEMS FACED:

MNYL provides full time training and these people didn’t have time to spend on full time training.




                                                   63
RECOMMENDATIONS




       64
                                 RECOMMENDATIONS

1. Max New York Life should focus on developing an AGENT SALES SUPPORT

   SYSTEM, as initially whatever policies an agent sells is mainly through his personal

   contacts and after certain time period his personal contacts saturates and he is totally

   dependent on referrals.




2. Here MNYL can step in by providing a common interphase for interaction between agents

   and prospective policy buyers.




3. There is a huge opportunity in the rural sector, so Max New York Life should expand its

   activities in rural sector.



4. Max New York Life should use the method of newspaper advertisement as this will help

   them in tapping the market that has remained untouched till now.



5. Apart from expanding agency channel, Max New York Life should expand its other

   channels also. It should start providing on-line training.



6. Max New York Life’s process of picking advisors is very time consuming. They should

   try to curtail the time spent on it.




                                               65
ANNEXURE




   66
                                        ANNEXURE

Questionnaire

Name:
Age:


1. How would you rate Life Insurance as a means of investment via other forms of Investments?

o   Poor
o   Fair
o   Good
o   Excellent

2. Return on Investment as factor for selecting Life Insurance policy.

o   Not important
o   Moderately important
o   Important
o   Very important

3. Goodwill as factor for selecting Life Insurance policy.

o   Not important
o   Moderately important
o   Important
o   Very important

4. Security as factor for selecting Life Insurance policy.

o   Not important
o   Moderately important
o   Important
o   Very important

5. Tax rebate as factor for selecting insurance policy

o   Not important
o   Moderately important
o   Important
o   Very important

6. What motivates you to purchase insurance plans

o   Assurance
o   Savings
o   High return
o   Tax benefit
o   Old age benefit


                                                 67
7. Amount of Premium paid every year

o   rs.5000-rs.25000
o   rs.25001-rs.45000
o   rs.45001-rs.75000
o   rs.75000 and above

8. Does Advertisement play important role while buying Life Insurance.

o   Not important
o   Moderately important
o   Important
o   Very important

9. Which Pvt. Life Insurance co. advertisement is more informative?

o   ICICI
o   HDFC
o   Max New York Life
o   Ing Vysya
o   AVIVA

10. Whom do u keep in mind while taking a Life Insurance policy?

o   Yourself
o   Spouse
o   Children
o   Whole Family

11. Occupation of the respondent.

o   Business
o   Service
o   Self Employed
o   Others




                                              68
BIBLIOGRAPHY




     69
                              BIBLIOGRAPHY



Books:-
1. GUPTA C.B. (10th edition) 2005. Marketing Management.

2. KOTLER PHILIP, (5th edition) 2004. Marketing Management


Magazines:-

      The week
      Business today
      Insurance times


Websites:-
   1. www.maxnewyorklife.com

   2. www.altavista.com

   3. www.yahoo.com

   4. www.maxindia.com




                                         70

				
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