Systematic Investment Plan by Metlife

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					A PROJECT REPORT ON



“Potential of Life Insurance Industry in Jaipur”




                       A PROJECT REPORT ON
   “Potential of Life Insurance Industry in Jaipur”




The study was conducted from 1st of June,09 to 31st of July,09

                             At




          MetLife India Insurance Co. Ltd, Jaipur.
                               CONTENTS

PARTISULARS                                          Page No.


Acknowledgement                                      7
Executive Summary                                    8

Introduction                                         (9-37)
    Introduction of the Industry                    9
       Life Insurance                               10
       General Insurance                            11
       Major Policy changes                         13
       Changing Face of Indian Insurance Industry   14
       Various types of Life Insurance Policies     15
    Introduction of the Company
       Company Profile                              17
       MetLife Inc.                                 17
       Values                                       19
       Management                                   20
       Insurance Plans/Products                     22

Research Methodology                                 (38-42)
   Objective                                        39
   Scope of study                                   39
   Sampling Methodology                             41
   Limitations                                      42

Survey                                               (43-61)
   Graph Analysis & Data Interpretation             44

Findings & recommendations                           (62-65)
    Findings & Recommendations                      63
    Growth Potential                                64
    Conclusion                                      65
Bibliography                                                      (66)
Annexure                                                          (67-70)
   Questionnaire                                                 68




                             LIST OF GRAPHS

Particulars                                                              Page
                                                                         No.
[Fig 1] No of People Having Insurance                                    45

[Fig 2] Types of Insurance Policy Respondents Have                       46

[Fig 3] Preferance of Respondents of Insurance Co’s                      47

[Fig 4] Benefits of Insurance Perceived by Respondents                   48

[Fig 5] Features of Insurance Policy That Attracted Respondents          49

[Fig 6] Peoples Perception About Insurance                               50

[Fig 7] Persons Having Insurance For                                     51

[Fig 8] Reasons Behind Taking Insurance Policies                         52

[Fig 9] Satisfaction of Respondents With Respect to Policies             53

[Fig 10] Satisfaction of Respondents With Respect to Agents              54

[Fig 11] No of Respondents Paying Tax                                    55

[Fig 12] Respondents Perception About Best Form of Investment            56

[Fig 13] People’s Perception of Appropriate Age For Buying Insurance 57

[Fig 14] Peoples Opinion About Insurance Companies in India
                                                                         58
[Fig 15] What People Look For in Insurance Companies
                                                                         60
[Fig 16] People Interested In Going For Insurance Away From Their
City                                                                      61

[Fig 17] People Planning For New Investment                               62




                          ACKNOWLEDGEMENT



I am thankful to MetLife India Insurance Co. Ltd. for providing me an
opportunity to undertake project in their esteemed organization. I would like to
special thanks to my project manager Mr. Tusar Sharma, Sales Manager at
MetLife India Insurance Co. Ltd, Jaipur, who helped me throughout the project
and also encouraged me to take this project in future course for my career.



I am also thankful to Miss. Anshul Yadav (faculty members) for providing me
guidance in preparing my project report.



Last but not the least I am also thankful to all the staff members of MetLife
India Insurance Co. Ltd to make my project successful.




                                                      SUDHIR KUMAR JAIN
                          EXECUTIVE SUMMARY



In today’s corporate and competitive world, I find that insurance sector has the
maximum growth and potential as compared to the other sectors. Insurance has
the maximum growth rate of 70-80% while as FMCG sector has maximum 12-
15% of growth rate. This growth potential attracts me to enter in this sector and
MET LIFE INDIA INSURANCE CO. LTD. has given me the opportunity to
work and get experience in highly competitive and enhancing sector.


      The success story of good market share of different organizations
       depends upon the availability of the product and services near to the
       customer, which can be distributed through a distribution channel. In
       Insurance sector, distribution channel includes only agents or agency
       holders of the company. If a company like MET LIFE INDIA
       INSURANCE CO. LTD, MAX NEW YORK LIFE, BAJAJ ALLIANZ,
       TATA AIG, etc has adequate agents in the market they can capture big
       market as compared to the other companies.


      Agents are the best way for a company of Insurance sector through which
       policies and benefits of the company can be explained to the customer.
INTRODUCTION


 Introduction of the Industry
 Introduction of the Company
     Company Profile
     Achievements
     Management
     Insurance Plans
          THE HISTORY OF INDIAN INSURANCE INDUSTRY


The story of insurance is probably as old as the story of mankind. The same
instinct that prompts modern businessmen today to secure themselves against
loss and disaster existed in primitive men also. They too sought to avert the evil
consequences of fire and flood and loss of life and were willing to make some
sort of sacrifice in order to achieve security. Though the concept of insurance is
largely a development of the recent past, particularly after the industrial era –
past few centuries – yet its beginnings date back almost 6000 years.


Life Insurance
In 1818 the British established the first insurance company in India in Calcutta,
the Oriental Life Insurance Company. First attempts at regulation of the
industry were made with the introduction of the Indian Life Assurance
Companies Act in 1912. A number of amendments to this Act were made until
the Insurance Act was drawn up in 1938. Noteworthy features in the Act were
the power given to the Government to collect statistical information about the
insured and the high level of protection the Act gave to the public through
regulation and control. When the Act was changed in 1950, this meant far
reaching changes in the industry. The extra requirements included a statutory
requirement of a certain level of equity capital, a ceiling on share holdings in
such companies to prevent dominant control (to protect the public from any
adversarial policies from one single party), stricter control on investments and,
generally, much tighter control. In 1956, the market contained 154 Indian and
16 foreign life insurance companies. Business was heavily concentrated in
urban areas and targeted the higher echelons of society. “Unethical practices
adopted by some of the players against the interests of the consumers” then led
the Indian government to nationalize the industry. In September 1956,
nationalization was completed, merging all these companies into the so-called
Life Insurance Corporation (LIC). It was felt that “nationalization has lent the
industry fairness, solidity, growth and reach.”
Some of the important milestones in the life insurance business in India
are:
1912: The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to
collect statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with
the objective of protecting the interests of the insuring public.
1956: The market contained 154 Indian and 16 foreign life insurance
companies.
General Insurance
The General insurance business in India started with the establishment of Triton
Insurance Company Limited in 1850 at Calcutta. In 1907, the first company,
The Mercantile Insurance Ltd. was set up to transact all classes of general
insurance business. General Insurance Council, a wing of the Insurance
Association of India in 1957, framed a code of conduct for ensuring fair conduct
and sound business practices. In 1968 the Insurance Act was amended to
regulate investments and to set minimum solvency margins. In the same year
the Tariff Advisory Committee was also set up. In 1972, The General
Insurance Business (Nationalization) Act was passed to nationalize the general
insurance business in India with effect from 1st January 1973. For these 107
insurers was amalgamated and grouped into four company’s viz., the National
Insurance Company Ltd., the New India Assurance Company Ltd., the
Oriental Insurance Company Ltd., and the United India Insurance Company
Ltd. General Insurance Corporation of India was incorporated as a company



Some of the important milestones in the general insurance business in India
are:
1907: The Indian Mercantile Insurance Ltd. set up, the first company to
transact all classes of general insurance business.
1957: General Insurance Council, a wing of the Insurance Association of
India, frames a code of conduct for ensuring fair conduct and sound business
practices.
1968: The Insurance Act amended to regulate investments and set minimum
solvency margins and the Tariff Advisory Committee set up.
1972: The General Insurance Business (Nationalization) Act, 1972 nationalize
the general insurance business in India with effect from 1st January 1973. 107
insurers amalgamated and grouped into four companies viz. the National
Insurance Company Ltd., the New India Assurance Company Ltd., the
Oriental Insurance Company Ltd. and the United India Insurance
Company Ltd. GIC incorporated as a company.
MAJOR POLICY CHANGES




Insurance sector has been opened up for competition from Indian private
insurance companies with the enactment of Insurance Regulatory and
Development Authority Act, 1999 (IRDA Act). As per the provisions of IRDA
Act, 1999, Insurance Regulatory and Development Authority (IRDA) was
established on 19th April 2000 to protect the interests of holder of insurance
policy and to regulate, promote and ensure orderly growth of the insurance
industry. IRDA Act 1999 paved the way for the entry of private players into the
insurance market which was hitherto the exclusive privilege of public sector
insurance companies/ corporations. Under the new dispensation Indian
insurance companies in private sector were permitted to operate in India with
the following conditions:

Company is formed and registered under the Companies Act, 1956;
The aggregate holdings of equity shares by a foreign company, either by itself
or through its subsidiary companies or its nominees, do not exceed 26%, paid
up      equity     capital    of     such      Indian     insurance     company;
The company's sole purpose is to carry on life insurance business or general
insurance business or reinsurance      business.
The minimum paid up equity capital for life or general insurance business is
Rs.100crores.
The minimum paid up equity capital for carrying on reinsurance business has
been prescribed as         Rs.200crores.
The Authority has notified 27 Regulations on various issues which include
Registration of Insurers, Regulation on insurance agents, Solvency Margin, Re-
insurance, Obligation of Insurers to Rural and Social sector, Investment and
Accounting Procedure, Protection of policy holders' interest etc. Applications
were invited by the Authority with effect from 15th August, 2000 for issue of
the Certificate of Registration to both life and non-life insurers. The Authority
has its Head Quarter at Hyderabad.
Changing face of Indian insurance industry:
Indian life-insurance market is the target market of all the companies who either
want to extend or diversify their business. To tap the Indian market there has
been tie-ups between the major Indian companies with other International
insurance companies to start up their business. The government of India has set
up rules that no foreign insurance company can set up their business
individually here and they have to tie up with an Indian company and this
foreign insurance company can have an investment of only 24% of the total
start-up investment.

Indian insurance industry can be featured by:

    Low market penetration.

    Ever growing middle class component in population.

    Growth of customer’s interest with an increasing demand for better
     insurance products.

    Application of information technology for business.

    Rebate from government in the form of tax incentives to be insured.

               Today, the Indian life insurance industry has a dozen private
players, each of which are making strides in raising awareness levels,
introducing innovative products and increasing the penetration of life insurance
in the vastly underinsured country. Several of private insurers have introduced
attractive products to meet the needs of their target customers and in line with
their business objectives. The success of their effort is that they have captured
over 28% of premium income in five years.
               The biggest beneficiary of the competition among life insurers
has been the customer. A wide range of products, customer focused service and
professional advice has become the mainstay of the industry, and the Indian
customer’s forms the pivot of each company’s strategy. Penetration of life
insurance is beginning to cut across socio-economic classes and attract people
who have never purchased insurance before.
              Life insurance is also now being regarded as a versatile financial
planning tool. Apart from the traditional term and saving insurance policies,
industry has seen the entry and growth of unit linked products. This provides
market linked returns and is among the most flexible policies available today for
investment. Now products are priced, flexible, and realistic and sustain so
people in better position to understand the risk and benefits of the product and
they are accepting these innovative products.

               So it is clear that the face of life insurance in India is changing,
but with the changes come a host of challenges and it is only the credible
players with a long term vision and a robust business strategy that will survive.
Whatever the developments, the future and the opportunities in this industry
will surely be exciting.

Various types of life insurance policies:-

    Endowment policies: This type of policy covers risk for a specified
     period, and at the end of the maturity sum assured is paid back to
     policyholder with the bonuses during the term of the policy.
    Money back policies: This type of policy is for periodic payments of
     partial survival benefits during the term of the policy as long as the policy
     holder is alive.
    Group insurance: This type of insurance offers life insurance protection
     under group policies to various groups such as employers-employees,
     professionals, co-operatives etc it also provides insurance coverage for
     people in certain approved occupations at the lowest possible premium
     cost.
    Term life insurance policies: This type of insurance covers risk only
     during the selected term period. If the policy holder survives the term,
     risk cover comes to an end. These types of policies are for those people
     who are unable to pay larger premium required for endowment and whole
     life policies. No surrender, loan or paid up values are in such policies.


    Whole life insurance policies: This type of policy runs as long as the
     policyholder is alive and is covered for the entire life of the policyholder.
     In this policy the insured amount and the bonus is payable only to
     nominee on the death of policy holder.
 Joint life insurance policies: These policies are similar to endowment
  policies in maturity benefits and risk cover, but joint life policies cover
  two lives simultaneously such as married couples. Sum assured is payable
  on the first death and again on the death of survival during the term of the
  policy.


 Pension plan: a pension plan or annuity is an investment over a certain
  number of years but does not provide any life insurance cover. It offers a
  guaranteed income either for a life or certain period.


 Unit linked insurance plan: ULIP is a kind of insurance plan which
  provides life cover as well as return on premium paid over a certain
  period of time. The investment is denoted as units and represented by the
  value called as net asset value (NAV).
                            COMPANY PROFILE




MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife,
Inc. and was incorporated as a joint venture between MetLife International
Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private
Limited and other private investors. MetLife is one of the fastest growing life
insurance companies in the country. It serves its customers by offering a range
of innovative products to individuals and group customers at more than 600
locations through its bank partners and company-owned offices. MetLife has
more than 50,000 Financial Advisors, who help customers achieve peace of
mind across the length and breadth of the country.



MetLife, Inc., through its affiliates, reaches more than 70 million customers in
the Americas, Asia Pacific and Europe. Affiliated companies, outside of India,
include the number one life insurer in the United States (based on life insurance
enforce), with over 140 years of experience and relationships with more than 90
of the top one hundred FORTUNE 500® companies. The MetLife companies
offer life insurance, annuities, automobile and home insurance, retail banking
and other financial services to individuals, as well as group insurance,
reinsurance and retirement and savings products and services to corporations
and other institutions.



MetLife Inc.:-

Celebrating 140 years, MetLife, Inc. is a leading provider of insurance and
financial services with operations throughout the United States and the Latin
America, Europe, and Asia Pacific regions. Through its domestic and
international subsidiaries and affiliates, MetLife, Inc. reaches more than 70
million customers around the world and MetLife is the largest life insurer in the
United States (based on life insurance in-force).

The MetLife companies offer life insurance, annuities, auto and home
insurance, retail banking and other financial services to individuals, as well as
group insurance and retirement & savings products and services to corporations
and other institutions.



                                         FACT SHEET

Founded                                  2001
Started Operation                        FY 2001-02
Headquarters                             Bangalore, India
World Wide Web Address                   www.metlife.co.in
Managing Director                        Rajesh Relan
Employees                                7688
Financial Advisors                       56,072
Bancassurance Tie-Ups                    5 (J&K Bank/Axis
                                         Bank/Dhanalakshmi
                                         Bank/Karnataka Bank/Barclays)
Number Of Products                       Over 20 products
Presence Through MetLife Offices         192 offices in 131 cities
Presence Through Bank Partners           1910 offices in 686 cities
   "Coming into your
 own",performing as a       It's all about People,
   Leader to be really     MetLife's key resource.
effective and successful    MetLife will succeed
 by acting and making          because we are
        decisions           winning from within.
 independently to get
         results.




      Functioning
                              Operating with an
 productively in teams
                            intense dedication to
  towards a common
                             managing monetary
 purpose; realising the
                             resources for strong
  collective power of
                               business results.
 diverse work-groups.




Conducting all business
endeavors with truth,      Continuously creating
sincerity and fairness.    and introducing new
                           and original ideas and
                           ways of doing things.
Management:-


    Rajesh Relan
    Managing Director

    MSVS Phanesh Murthy
    Appointed Actuary

    Shilpa Vaid
    Deputy Director- Human Resources

    Gaurav Sharma
    Director - Customer Service and Operations

    Girish Malhotra
    Director- Agency

    KR Anil Kumar
    Director - Financial Planning
    & Controller

    KS Raghavan
    Chief Administrative Officer

    Preetinder Chadha
    Deputy Director - Corporate Sales & Training

    P. S. Sankaran
    Director – Business Support

    Sameer Bansal
    Director- BA & BP

    Vijay Raghavan
    Director - Marketing & Strategy
Partners:-




Corporate Social Responsibility:-
MetLife has always been committed to making a positive difference in the
lives of the individuals and communities. Today, that commitment drives
volunteer work and philanthropy across the globe. Working with non-profit
organizations, MetLife supports programs that provide young people with the
skills they need to succeed in life and create opportunities for people of all
ages.

MetLife’s core values are personal responsibility, people count, partnership,
integrity and honesty, innovation and financial strength. These values also
shape the responsibility to the communities where the organization conducts its
business.
Child Plan:-
Met Bhavishya

MetLife offers 'Met Bhavishya' - a guaranteed money back plan that pays out
funds to help to meet the education and career milestones of children. With this
plan, the Life Insured is that of the parent. The plan also has inbuilt guaranteed
additions     to    add     value     to     the   policy     over     its   term.

There are two options to choose from and fixed term benefits, periodic additions
& terminal additions are payable based on the option that select. The policy is
suitable for parents with children between the ages 0-12 and parents in the age
group of 20-50 years old.

Met Junior Endowment

MetLife offers 'Met Junior'- a flexible endowment plan that combines savings
and security. Children's well-being is our highest priority. So MetLife offer a
plan which offers both timely and efficient return on investment. All with a
guarantee.
Met Junior - Non Par
On attaining maturity, the Person Insured will receive the Sum Assured.
Met Junior - Par
On attaining maturity, the Person Insured will receive the Sum Assured, the
Reversionary Bonus and the Terminal Bonus, if any.

Met Little Star

When child is born, a star is born in family. And, parents would like to provide
their star with all the building blocks that could develop his or her potential to
the fullest. This could mean special instruction sessions for talented children,
unique training gear for exceptional athletes or qualified training for born
singers              to            provide            that            extra-edge.

To ensure this, parents would need an investment and protection package that is
exclusively designed to help you plan for financial security, no matter what
uncertainties life brings.

'Met Little Star', a Unit-Linked, regular premium, child insurance plan helps
parents do just that. It secures finances for child's educational needs and ensures
that plans go as planned, no matter what the circumstances.

\Met Junior Money Back

MetLife offers 'Met Junior Money Back' - a money back plan that combines
savings and security. Child's well-being is our highest priority. So MetLife offer
a money back plan which provides guaranteed periodic survival benefits at the
end of 5, 10 & 15 years, along with guaranteed growth of savings.

A plan which offers both timely and efficient return on investment with payouts
at different milestones.

Survival Benefit

        At the end of 5 years 20% of Sum Assured

        At the end of 10        20% of Sum Assured
        years

        At the end of 15        20% of Sum Assured
        years

        Upon survival to        40% of Sum Assured plus total
        maturity                Guaranteed Additions



Met Magic

MetLife offers 'Met Magic', a Unit-Linked (non-medical, regular premium) life
insurance plan (Non Par).
Parents always want their little angel to have the best, in every sphere of life.
You don't want your child to have to compromise. No matter what the
circumstances.
Met Magic, a unique life insurance plan, helps you secure the future of your
loved one!
(IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY
THE POLICY HOLDER )



Retirement:-




Met Growth

MetLife offers 'Met Growth' - a Unit-Linked solution to help in golden years. It
is specially designed to provide financial security for future requirements. This
plan allows to start planning immediately by ensuring the safety of first year
premiums. It also helps create retirement fund faster by giving you 100%
allocation from the second year onwards, coupled with attractive loyalty
additions into fund. Guaranteed.

Entry Age (in completed years)       Min – 0 years (3 months to be completed)
                                     Max – 60 years

Maturity Age                         Min – 18 years
                                     Max – 75 years

Coverage Term                        15 / 20 / 25 / 30 years

Premium Payment Term                 Regular

Minimum Annualized Premium           Rs. 12,000

Basic Sum Assured                    Min - 5 times the Annualized Premium ***Other Sum
                                     Assured multiples - 10 times & 20 times the Annualized
                                     Premium.

Premium Paying Modes                 Monthly, Quarterly, Half-yearly, Yearly
Benefit

    Death Benefit
     In the unfortunate event of death, the higher of the Sum Assured or the
     Fund Value would be payable.
     If death of the Person Insured occurs before age 7, the Fund Value plus
     the regular premium received by us in the first policy year is payable.
    Maturity Benefit
     On maturity, you will receive the Fund Value including the Guaranteed
     Loyalty Addition or you can opt for the settlement options.
    Loyalty Additions
     You get the guarantee of enhancing your wealth creation through
     guaranteed loyalty additions (up to 120% of the first year annual
     premium) at the end of the 10th & 15th year plus Guaranteed Additions
     as a % of the Fund Value.

At the end of the 10th year: 50% of the first year annualized premium

At the end of the 15th year:



Met Advantage Plus

MetLife offers 'Met Advantage Plus' - a Unit-Linked Pension Plan that allows to
effectively and efficiently accumulate retirement needs. As the name suggests, it
comes with many advantages.One can choose from eight annuity options, two
life cover options and get tax benefits under Section 80 C and 10 (10 A). One
can buy the plan without any hassles and invest more as you approach
retirement by using the top-up functionality. All in all, it’s a plan which works
harder when one stop working. For one, it ensures that you lead a comfortable
lifestyle post retirement.



Entry Age (in completed years) Min – 20 years
                                      Max – 55 years
Minimum Term                          10 years

Minimum Vesting Age                   45 years
Maximum Vesting Age                        65 years

Minimum Premiums                           Single Pay: Rs. 1,00,000
                                           Regular Premium: Rs. 10,000
Premium Paying Term                        Single Pay & Regular Pay


Benefits

      Death Benefit
       In case of death during the accumulation period, the death benefit payable is:
       Under Option A: A guaranteed amount of 110% of the Fund Value is payable to the
       nominee.
       Under Option B: 100% of the Fund Value is payable to the nominee.
      Vesting Benefit
       On the vesting date, i.e. at the end of the accumulation term,you can take one-third
       of your retirement kitty as a tax-free lump sum and utilize the balance to buy
       annuities. Or you can use the entire retirement kitty to buy annuities.

Met Pension-Par

'Met Pension (Par)' serves as a friendly helping hand so one can stay financially
independent even after retirement. It helps to build up a fund for golden years.

With this plan,one can ensure his\her enjoy retirement as a happy new chapter.

 Entry Age (in completed          Min – 18 years
 years)                           Max – 60 years

 Minimum Term                     10 years

 Minimum Vesting Age              45 years

 Maximum Vesting Age              70 years

 Minimum Sum Assured              Rs. 50,000

 Maximum Sum Assured              No Limit

 Minimum Annual                   Rs. 4000 p.a. for Regular Pay
 Premium

 Premium Payment Term             Single Pay, Limited Pay (3 or 5 Pay) & Regular
                                  Pay
Benefits

Death Benefit
In case of death while one is saving for retirement, the death benefit payable is:
1. Return of premiums.
2. Accrued reversionary bonus, if any.
3. Any insurance on the life of the Insured that may be provided by riders to this
policy.


Vesting Benefit
On the vesting date, you can take one third of your retirement kitty as a tax-free
lump sum and utilize the balance to buy annuities or you can use the entire
retirement kitty to buy annuities. The retirement fund on the date of vesting is
equal to the Sum Assured plus Guaranteed Additions plus the compounded
reversionary bonuses plus the terminal bonus, if any.


Guaranteed Additions



Savings:-




Met Sukh

MetLife offers 'Met Sukh'- a guaranteed money-back policy which provides
guaranteed periodic survival benefits at the end of 5, 10, 15 & 20 years and
guaranteed additions of 10% of the Sum Assured for the entire term. It not only
covers your life, but also guarantees you cash payments at various milestones
along with guaranteed growth of your savings.
  Entry Age                          Min - 15 years
                                     Max - 55 years

  Coverage Term                      20 years

  Premium Payment Term               Regular

  Minimum Sum Assured                Rs. 75,000

  Maximum Sum Assured                No Limit


Benefits

   Death Benefit
    In the unfortunate event of death of the Person Insured, the Sum Assured
    along with the Guaranteed Additions are payable.
    The policyholder is entitled to Guaranteed Additions of Rs. 100 per Rs.
    1,000 of the Sum Assured for each completed year.
   Maturity Benefit
    On maturity, the life insured will receive the Survival Benefits plus the
    Guaranteed Addition.
   Survival Benefits

              At the end of 5 years 20% of the Sum Assured

             At the end of 10         20% of the Sum Assured
           years

             At the end of 15         20% of the Sum Assured
           years

            Upon survival to          40% of the Sum Assured
           maturity                   plus Total Guaranteed
                                      Additions
Met Suvidha

'Met Suvidha' is a flexible Endowment Plan that combines savings and security.
In addition to providing you protection till the maturity of the plan, it helps you
save for your specific long term financial objectives. This long term savings-
cum-protection plan comes to a customer at affordable premiums.

Met Suvidha is available in both participating as well as non-participating
versions.

 Minimum Entry Age                          Par: 15 years - 60 years
                                            Non-Par: 15 years - 70 years

 Term                                       Par: - 15 years - 30 years
                                            Non-Par: 5 years - 30 years

 Premium Paying Terms                       Single Pay, Limited Pay (5 or 10) &
                                            Regular Pay

 Minimum Annual Premium Amount              Rs. 2,500

 Minimum Sum Assured                        Rs. 75,000

 Maximum Sum Assured                        No Limit



Met Saral

MetLife presents 'Met Saral' - a non- participating endowment plan. As the
name suggests, it’s a simple savings plan which gets customer into the savings
habit without any medical tests. All need to do is fill in a simple application
form and are ensured a guaranteed maturity amount of Rs 100,000, even in the
case of death during the term. Take the first step towards a better financial
future for customer and his family. Ensure and insure the first Lakh.
Met 100

'Met 100' - a whole life policy where customer pay premiums for 15, 20 or 25
years.

It helps create a legacy for the children, leaving money for a dependant spouse
and, more importantly, provides insurance cover at affordable rates.

Met 100 is available in participating as well as non- participating versions.

                         Non-Par                             Par

  Minimum Entry Age 15 yrs                                   0 yrs

  Maximum Entry          70 yrs for ppt of 15 yrs            70 yrs for ppt of
  Age                    65 yrs for ppt of 20 yrs            15 yrs
                         60 yrs for ppt of 25 yrs            65 yrs for ppt of
                                                             20 yrs
                                                             60 yrs for ppt of
                                                             25 yrs
                                                             70 yrs for life –
                                                             ppt

  Premium Paying         15, 20, 25 yrs                      15, 20, 25 yrs
  Terms

  Minimum Sum            Rs. 50,000                          Rs. 50,000
  Assured

  Maximum Sum            No limit (subject to UW)            No limit (subject
  Assured                                                    to UW)

  Minimum Annual         Rs. 1,000 for issue age of < 15     Met 100 Gold: Rs.
  Premium                yrs                                 2,500
                         Rs. 2,500 for issue age of > = 15   Met 100 Platinum:
                         yrs                                 Rs. 7,500
Death Benefit                                Maturity Benefit
Met 100 - Par                                Met 100 - Par
In the event of death, the Sum               On maturity of the policy, the Sum
Assured plus the Reversionary                Assured plus the Reversionary
Bonus and Terminal Bonuses, if               Bonus and Terminal Bonuses, if
any, are payable.                            any, are payable.
Met 100 - Non-Par                            Met 100 - Non-Par
In the event of death, the Sum               On maturity of the policy, the Sum
Assured is payable.
                                             Assured is payable


Protection:-




Met Suraksha

MetLife offers 'Met Suraksha - Term Assurance (TA)', a non participating term
assurance plan which provides life cover at a nominal cost. To put it simply, it
is a life insurance plan that gives complete protection to enjoy life to the fullest.
Customer can further customize plan with two riders – Accidental Death
Benefit and Critical Illness.

Met Suraksha TROP

MetLife offers 'Met Suraksha - Term with Return of Premium (TROP)', a non
participating term assurance plan which provides life cover at a nominal cost.
To put it simply, it is a life insurance plan that gives complete protection to
enjoy life to the fullest. You can further customize your plan with two riders –
Accidental Death Benefit and Critical Illness.
Met Mortgage Protector

This plan which provides life cover for home loans taken for any period above 5
years. It is a decreasing term insurance with single and limited premium
options. The plan covers an amount equal to the outstanding amount as per the
policy schedule.

It ensures the assets that have created stays with family.



Rural :-
None of us can be sure what tomorrow will bring. Shield your families against
the unknown. MetLife’s rural plans protect your loved ones against financial
liabilities and help you save for tomorrow. All at affordable premiums



Met Vishwas

'Met Vishwas', - a single premium, micro insurance, non- participating term
assurance plan which provides life cover at a nominal cost. On survival,
customers get 110% or 125% of the premium.



      Minimum Entry Age             18 years

      Maximum Entry Age             60 years

      Maximum Maturity Age          70 years

      Minimum Sum Assured           Rs. 5,000

      Maximum Sum Assured           Rs. 50,000

      Policy Term                   5 or 10 years

      Premium Paying Terms          Single Pay
Met Suvidha-Rural

Met Suvidha (Rural) is a participating flexible Endowment Plan that combines
savings and security. In addition to providing protection up to maturity, it helps
to save for specific long term financial objectives. This long term savings-cum-
protection plan comes at affordable premiums.

Benefits:

Met Suvidha - Par                           Maturity Benefit
In the event of death during the term       Met Suvidha - Par
of the policy, the beneficiary will         On maturity of the policy, you will
receive the base Sum Assured, the           receive the base Sum Assured, the
accrued reversionary bonus and              accrued reversionary bonus and
terminal bonus if any.                      terminal bonus if any.

    It is an Endowment plan that offers both savings and life insurance.
    Flexible premium paying options to suit various income cycles.
    A plan which participates in the bonuses declared by the company.
    Customization possible with Accident Death Benefit, Critical Illness,
     Term, Waiver of Premium Riders for comprehensive protection.




Investment:-
MetLife’s Unit-Linked Insurance Plans ensure systematic enhancement of
wealth. Be it higher returns or the right blend of protection and wealth
optimization, they help to ensure the right choice and peace of mind.

(IN THESE POLICY, THE INVESTMENT RISK IN INVESTMENT
PORTFOLIO IS BORNE BY THE POLICY HOLDER )


Met Easy

A simplified unit-linked plan which offers an opportunity to systematically
build wealth and protection for you and your family.

                    10 years               15 years                20 years

Minimum Age 8                              3                       0 (3 months to be
at Entry                                                           completed)

Maximum Age 55                             50                      50
at Entry

Minimum             20,000                 15,000                  12,000
Premium

Maximum             6,00,000               4,00,000                3,00,000
Premium

Sum Assured         5 times the        7.5 times the               10 times the
                    annualized regular annualized regular          annualized regular
                    premium            premium                     premium

Premium             Yearly, Half-          Yearly, Half-yearly, Yearly, Half-
payment             yearly, Quarterly,     Quarterly, Monthly yearly, Quarterly,
modes               Monthly                                     Monthly




(The maximum Sum Assured available in this product is based on age, at the time of buying
the policy.)
Benefits-

Death         Benefit        occurs before age 7,         you can opt for the
In the event of death:       the Fund Value plus          settlement options.
In the 1st Policy            the Regular Premium
Year: Higher of 50%          received by us in the        Loyalty     Additions
of the Sum Assured or        first policy year is         With Met Easy, you
the Fund Value is            payable.                     get the benefit of
payable.                                                  potentially enhancing
After the 1st Policy         Maturity      Benefit        your wealth creation
Year: Higher of 100%         On maturity, you will        with loyalty additions
of the Sum Assured or        receive the Fund             that are added to your
Fund Value. If death         Value including the          policy on maturity.
of the Person Insured        Loyalty Addition or


Met Smart Gold

MetLife offers 'Met Smart Gold'- a Unit-Linked wealth creation cum protection
plan for the well-heeled. It's specially conceived so that one can get a plan to
match his specific financial requirements.

If you are keen on investing lump sum amounts over a shorter horizon, this is
the ideal plan for you.




Met Smart Plus-Regular Pay

'Met Smart Plus' – a Unit-Linked Whole life plan that matures at age 100. If you
want to protect your family from life’s uncertainties; at the same time, you wish
insurance would yield higher returns on your investments. You want your
insurance policy to help realize all your dreams. It’s a right plan to go with.



  Entry Age (in completed       Min – 0 years (3 months to be completed)
  years)
                                Max – 70 years

  Maturity Age                  100 years
  Premium Payment Term           Regular

  Minimum Annualized             Rs. 12,000
  Premium

  Minimum Basic Sum              Rs. 60,000
  Assured

  Premium Payment Modes          Monthly, Quarterly, Half-yearly, Yearly



Met Smart Plus- Single Pay

Same as Met Smart Plus Regular but premium is payable in a single term or at
the time of policy taken.

Met Smart Premier- Regular Pay

MetLife offers 'Met Smart Premier' – a Unit-Linked Whole life plan that
matures at age 100. You want to protect your family from life’s uncertainties;
at the same time, you wish insurance would yield higher returns on your
investments. You want your insurance policy to help realize all your dreams.


Met Smart Premier- Single Pay

Payable lump sum at the time of policy taken.




Health:-

Met Health Care

UIN no: 117N048V01

Health problems strike unexpectedly. In addition to causing ill health, it can also
scar financial health. One need to protect himself against such a situation
through a health insurance plan. In order to ensure you are well protected to face
any health condition that could befall you, MetLife presents - Met Health Care,
a simple health insurance policy with unique and smart advantages for you and
your family#.

(# Family means spouse and two children. Every additional family member
shall be underwritten as per the underwriting conditions laid by the Company
from time to time.)


Met Health Care is a long term health insurance plan from MetLife. This plan
covers

1. Hospitalization expenses by providing a Daily Cash benefit as chosen by
you.
2. 10 major Critical Illnesses by providing a lump sum benefit.
3. Total & Permanent Disability due to accident by providing a lump sum
benefit.

All the above benefits can be availed without the hassle of undergoing any
medical examination. Just fill up the simple application form and start enjoying
the unmatched benefits of Met Health Care.



 Minimum/Maximum age           18 years-55 years (At first entry, for the
 of entry                      Principal insured)
                               3 months-55 years (For Secondary Insured
                               lives)

 Cover ceasing age             65 years

 Maturity/Death Benefit        No Maturity/Death Benefit payable

 Benefits Offered              (a) Daily Hospitalisation Cash Benefit
                               (b) Daily ICU Cash Benefit
                               (c) Recuperation Benefit
                               (d) Critical Illness Benefit
                               (e) Accidental Total & Permanent Disability
                               Benefit

 Premium paying                Yearly. Half-Yearly mode is avaiable only if
 frequency                     each of the persons insured choose a daily cash
                               benefit of Rs. 3000 or more.
Illustration

Benefit                    Option 1       Option 2       Option 3       Option 4       Option 5

Daily Hospitalisation      Rs. 1000 per   Rs. 2000 per   Rs. 3000 per   Rs. 4000 per   Rs. 5000 per
Cash Benefit               day            day            day            day            day

Daily ICU Cash             Rs. 2000 per   Rs. 4000 per   Rs. 6000 per   Rs. 6000 per   Rs. 6000 per
Benefit                    day            day            day            day            day

Recuperation Benefit       Rs. 3000       Rs. 6000       Rs. 9000       Rs. 10000      Rs. 10000

Critical Illness Benefit   Rs. 1 Lakh     Rs. 2 Lakh     Rs. 3 Lakh     Rs. 3 Lakh     Rs. 3 Lakh

Accidental Total &         Rs. 1 Lakh     Rs. 2 Lakh     Rs. 3 Lakh     Rs. 3 Lakh     Rs. 3 Lakh
Permanent Disability
Benefit




Benefits

    Death/Maturity Benefit

    There is no Death/Maturity Benefit under Met Health Care.
    Tax Benefits

    The premium paid (excluding the service tax) under this plan is eligible
    for Tax Benefits under Section 80 D of the Income Tax Act, 1961 as per
    the provisions and conditions given therein and are subject to any changes
    made in the tax laws in future.

    Reasons to Buy
    1. Coverage for the entire family.

    2. No Claim Discounts.

    3. Guaranteed Cover* till age 65.

    4. Payouts in addition to other Insurance Plans.

    5. Multiple Claims.
RESEARCH METHODOLOGY
   Objective
   Scope of study
   Sampling methodology
   Limitations
                       RESEARCH METHODOLOGY

TITLE:

To Study “Potential of Life Insurance Industry in Jaipur”.

TITLE JUSTIFICATION:

The above title is self explanatory. The study deals mainly with studying the
buying pattern in the insurance industry with a special focus on MetLife India
Insurance Co. Ltd. The various segments of the markets divided in terms of
Insurance Needs, Age groups, Satisfaction levels etc will also studied.


OBJECTIVE

Main objective of the research is to have an analysis of life insurance industry in
Jaipur. To accomplish this objective it has been divided into five.

     To determine reasons behind opting for an insurance.

     To know the most preferred policy.

     To determine customers perception towards private insurance companies
        and their expectation form private insurance companies.

     To determine the feedback on services provided by an insurance agent.

     To study the types of benefits provided by insurance services.


SCOPE OF THE STUDY
A big boom has been witnessed in Insurance Industry in recent times. A large
number of new players have entered the market and are trying to gain market
share in this rapidly improving market. The study deals with reliance in focus
and the various segments that it caters to. The study then goes on to evaluate
and analyze the findings so as to present a clear picture of trends in the
Insurance sector.



SIGNIFICANCE TO THE INDUSTRY:

This is a limited study which takes into consideration the responses of 100

people. This data can be explorated to take in the trends across the industry. The

significance for the industry lies in studying these trends that emerge from the

study. It is a rapidly changing and evolving sector. People are only beginning to

wake up to its vast possibilities. A study like this can attempt to guide the future

of the industry based on current trends.

SIGNIFICANE FOR THE RESEARCHER:

To facilitate and provide useful information for the study of the company and
the insurance industry and also provide recommendations for MetLife India
Insurance Co. Ltd



RESEARCH DESIGN

   NON-PROBABILITY

   EXPLORATORY & DISCRIPTIVE EXPERIMENTAL RESEARCH

The research is primarily both exploratory as well as descriptive in nature. The

sources of information are both primary & secondary.
A well-structured questionnaire was prepared and personal interviews were

conducted to collect the customer’s perception and buying behavior, through

this questionnaire.

SAMPLING METHODOLOGY

Sampling Technique:

Initially, a rough draft was prepared keeping in mind the objective of the

research. A pilot study was done in order to know the accuracy of the

Questionnaire. The final Questionnaire was arrived only after certain important

changes were done. Thus my sampling came out to be judemental and

convinent

Sampling Unit:

The respondents who were asked to fill out questionnaires are the sampling

units. These comprise of employees of MNCs, Govt. Employees, Self

Employed etc.

Sample size:

The sample size was restricted to only 100, which comprised of mainly peoples

from different regions of Jaipur due to time constraints.

Sampling Area:

The area of the research was Jaipur, India.
LIMITATIONS OF THE RESEARCH

  1. The research is confined to a certain parts of Jaipur and does not

  necessarily shows a pattern applicable to all of Country.

  2. Some respondents were reluctant to divulge personal information which

  can affect the validity of all responses.

  3. In a rapidly changing industry, analysis on one day or in one segment can

  change very quickly. The environmental changes are vital to be considered

  in order to assimilate the findings.
  SURVEY
 Graph Analysis
Data Interpretation
                  DATA ANALYSIS & INTERPRETATION

                 NUMBER OF PEOPLE HAVING INSURANCE

            RESPONSE                    NO. OF             SHARE (%)
                                     RESPONDENTS

    Yes                                    70                  70%

    No                                     30                  30%

    Total                                  100                 100%




INTERPRETATION

    Of the sample size of 100 surveyed respondents 70% of the respondents are
     having Insurance policy.

    30% of the respondents are either not having any Insurance policy at present
     or their policy is already matured.

    And at present 100% of the respondents are with the view that Insurance is a
     tool to protect your family.
       TYPES OF INSURANCE POLICY RESPONDENTS HAVE

         POLICY TYPE          NO. OF                   SHARE (%)
                              RESPONDENTS

         LIFE POLICY                   75                   75

         NON LIFE                      25                   25
         POLICY

         BOTH                          45                   45




INTERPRETATION

 75% of the respondents have only Life Insurance Policy.

 While 45% of the respondents have both.

 25% of the respondents have only Non- life Policy.




[Some of the respondents opted for two or more than two items]
  PREFERENCE OF RESPONDENTS OF INSURANCE COMPANIES
                               NO.OF
  COMPANY’S NAME                                        SHARE (%)
                               RESPONDENT
  L.I.C.                                74                    74
  Reliance Life Insurance                3                     3
  Metlife India Ins. Co.Ltd              2                     2
  Bajaj Allianze                         3                     3
  ICICI Prudential                       9                     9
  SBI Life                               7                     7
  Max New York Life                      2                     2
           TOTAL                       100                    100




INTERPRETATION

  74% of the people contacted prefer LIC policy to any other and therefore

    it is ranked no.1 by that percent of respondents.
   BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS

                                  NO.OF
         BENEFITS                                    SHARE (%)
                               RESPONDENTS
  Cover Future Uncertainty             55               55
  Tax Deductions                       20               20
  Future Investment                    25               25
  TOTAL                                100              100




INTERPRETATION

  55% of the respondents believe that covering future uncertainty is the

    biggest benefit of an insurance policy.

  Whereas, 20% and 25% of them believe that the other benefits are Tax

    deduction and future investments respectively.
     FEATURES OF INSURANCE POLICY THAT ATTRACTED
                               RESPONDENTS

   FEATURE                       NO.OF              SHARE (%)
                                 RESPONDENTS
   Money Back Guarantee                15                  15
   Larger Risk Coverage                37                  37
   Easy Access to Agents                   7                7
   Low Premium                            30               30
   Company’s Reputation                   11               11
   TOTAL                                  100              100

                                   [Fig 5]
                                                 MONEY
                    REPUTATIO                     BACK
                       N OF                     GUAARENT
                     COMPANY                        EE
                       11%                         15%


            LOW
          PREMIUM
            30%



                                                            LARGER
                      EASY                                   RISK
                    ACCESS TO                              COVERAgE
                     AGENTS                                   37%
                       7%


INTERPRETATION

    Majority of the respondent (37%) found larger risk coverage as the

     most attracted feature of the all.

    Minimum respondents (7%) opted for easy access to agents.
         PEOPLE PERCEPTION ABOUT INSURANCE


             RESPONSE                    NO. OF              SHARE
                                      RESPONDENTS             (%)

    A saving tool                             81                 81%

    A tax saving device                       74                 74%

    A tool to protect your family            100              100%




INTERPRETATION

   81% of the respondents have perception of Insurance being a saving tool.

   And 74% of the respondents have perception of Insurance being a tax

    saving device.

   But 100% of the respondents are with the view that Insurance is a tool to

    protect your family.

[Some of the respondents opted for two or more than two items]
                  PERSONS HAVING INSURANCE FOR

               Response                          No of respondents

                   self                                  40

                 spouse                                  28

                 children                                21

                 parents                                 18

                   all                                   11




INTERPRETATION

Among that 42% people who having insurance, they have insurance 40% for
self, 28%for spouse ,21% for children and 18% for their parents and 11% for all
family member.
                   REASONS BEHIND TAKING INSURANCE

           RESPONSE                 NO. OF               SHARE (%)
                                 RESPONDENTS

    Tax saving                           80                  80%

    Saving / Investment                  80                  80%

    Family protection                   100                  100%




INTERPRETATION

    80% of the Respondents opted for Insurance for tax saving benefits and

     saving/investment both.

    But all of them, i.e. 100% of the respondents have opted for insurance for

     their family protection.



[Some of the respondents opted for two or more than two items]
    SATISFACTION OF RESPONDENTS WITH RESPECT TO POLICY

              RESPONSE                     NO. OF             SHARE (%)
                                        RESPONDENTS

     Satisfied                                  60                 60%

     Not satisfied                              40                 40%

     Not Responded                              0                 0.0%

     Total                                     100                100%




INTERPRETATION

   60% of the respondents are more or less satisfied with their existing policy.

   40% of the respondents are not satisfied with their existing policy.

   In this case all of those who have taken a policy have responded.
      SATISFACTION OF +VE RESPONDENTS WITH RESPECT TO
                                    SERVICE AGENT

    RESPONSE                               NO. OF                  SHARE (%)
                                        RESPONDENTS

    Satisfied                                    45                  45%

    Not satisfied                                55                  55%

    Not Responded                                0                   0.0%

    Total                                        100                 100%


                Not Responded         [Fig 10]
                      0%



                                                       Satisfied
                                                         45%
                    Not satisfied
                        55%




INTERPRETATION

   45% of the respondents are satisfied with their existing service agent.

   55% of the respondents are not satisfied with their existing insurance agent.

   All of those who have taken a policy have responded.
                NUMBER OF RESPONDENTS PAYING TAX

       RESPONSE                        NO. OF             SHARE (%)
                                    RESPONDENTS

       Paying tax                           91                 91%

       Not paying tax                        9                 9%

       Total                                100               100%




INTERPRETATION

   Of the sample size of 100 respondents, 91 respondents are paying tax.
          RESPONDENTS PERCEPTION ABOUT BEST FORM OF
              INVESTMENT FOR SECURING THEIR FUTURE

                                                 NO. OF                         SHARE (%)
                                              RESPONDENTS
    Fixed Assets                                          75                        33%

    Bank deposits                                         11                        5%
    Jewellery                                             25                        11%
    Securities i.e. bonds, MFs                            40.                       17%
    Shares                                                10                        4%
    Insurance                                             70                        30%


           Fixed
                                            [Fig 12]
    80   Assets, 75
                                                                                  Insurance, 70
    70
    60
                                                    Bonds/Mutual
    50
                                                      Funds, 40
    40
    30                                Jewellery, 25
                         Bank
    20                deposits, 11                                   Shares, 10
    10
     0
         Fixed Assets Bank deposits     Jewellery     Bonds/Mutual     Shares       Insurance
                                                         Funds



INTERPRETATION

   75% of the respondents are with the view that Fixed Assets is the best form
    of investment for securing their future.

   70% of the respondents are with the perception that Insurance is the best
    form of investment for securing their future, which is 2nd highest and this
    shows that insurance is an important key for securing your future.

[Some of the respondents opted for two or more than two items]
    PEOPLE’S PERCEPTION ON APPROPRIATE AGE FOR BUYING
                                   INSURANCE

            RESPONSE                 NO. OF                SHARE (%)
                                  RESPONDENTS
       After 25 years                     29                    29%
       After 35 years                     10                    10%
       After 45 years                      0                     0%
       Anytime                            61                    61%




INTERPRETATION

   29% of the respondents are with the view that insurance should be bought
    after the age of 25 years.

   10% of the respondents are with the view that insurance should be buyed
    after the age of 35 years.

   Whereas, 61% of the respondents are with the view that buying of insurance
    do not have anything to do with age i.e. there is no age limitations. It can be
    purchased any time according to the need.
     PEOPLE OPINION ABOUT INDIAN INSURANCE COMPANIES

            RESPONSE                   NO. OF              SHARE (%)
                                    RESPONDENTS
    Rigid plans                            67                  67%
    Non user friendly                      29                  29%
    Unsatisfactory services                26                  26%
    Non Aggressive                         35                  35%
    Satisfactory                           24                  24%
    Good                                   10                  10%
    Very good                               0                   0%




INTERPRETATION

   67% of the respondents have the opinion that Indian Insurance Companies

    have Rigid plans.

   29.5% feel that Indian Insurance companies are Non-user friendly.
   26.5% feel that services of Indian Insurance companies are Unsatisfactory.

   35.75% of the respondents are with the view that Indian Insurance

    companies are Non-aggressive.




   24% of the respondents feel that products and services of Indian Insurance

    companies is Satisfactory.

   Whereas only 10.25% feel that it is Good enough.

   And according to the data, no single person has felt that it is very good.




[Some of the respondents opted for two or more than two items]
       WHAT PEOPLE LOOK FOR IN AN INSURANCE COMPANY

                RESPONSE               NO. OF            SHARE
                                    RESPONDENTS           (%)
           A trusted name                  82              82%
           Friendly service &              71              71%
           responsiveness
           Good plans                      81              81%
           Accessibility                   49              49%




INTERPRETATION

   82% customers look for a Trusted name in a company for insurance.

   81.5% customers look for a good plan in a company for insurance.

   Friendly service & responsiveness and Accessibility are also important

    factors looked by customers in a company.

[Some of the respondents opted for two or more than two items]
    PEOPLE INTERESTED IN GOING FOR INSURANCE IF A SERVICE
PROVIDER AWAY FROM THE CITY OFFERS BETTER SERVICE &
                                 PRODUCTS

               RESPONSE                 NO. OF            SHARE (%)
                                     RESPONDENTS
       Yes                                   43                43%
       No                                    44                44%
       Uncertain                             13                13%
       Total                                100               100%




INTERPRETATION

    The interested customers i.e. 43% are ready to go for insurance even away

     from a city if services and products are worthwhile, which again is a good

     prospect (potential) for Max New york Life Insurance to take them on their

     favor.
               PEOPLE PLANNING FOR NEW INVESTMENTS

               RESPONSE               NO. OF              SHARE (%)
                                   RESPONDENTS

       Planning                           87%                  87%

       Not planning                        13                  13%

       Total                              100                 100%




                                   [Fig 17]
                        Not Planning
                            13%




                                           Planning
                                             87%




INTERPRETATION

   Only 13% of the customers contacted are not planning for new investments

    presently.

   Whereas, 87% of the customers are still planning for new investments this

    can be a great potential for MetLife India Insurance Co. Ltd to take them on

    their favor.
   FINDINGS &
RECOMMENDATIONS
                    FINDINGS & RECOMMENDATIONS

1. As the people think that insurance is a tool to protect their family & a tax

saving device. They are aware of the fact & realizing its, importance. There is a

large potential for insurance in India.

2. The entrance of private players will increase the competition and it would be

a tough task to secure a good position in market.

3. Since Met Life India Insurance is leading with several companies’ policies it

should be easy for them to penetrate into the market and secure a good position

if they pay greater attention to the service part provided to their customer and

thereby forming a long and trusted relationship.

4. As seen from the survey that at present 70% of the customer are having

insurance policy out of which 87.5% of the customer are planning for new

investments. So it can be a good potential for the company and they should

make an attempt to trap these customers.

5. As 43% of the customers are even ready to go for insurance if a service

provider away from their city is providing it. But in turn they should provide

good products and services. The company should try to convince these

customers and get them in its favor.
GROWTH POTENTIAL


At present life insurance penetration in India is quite low – 3.5% of GDP.



PHASE OF TRANSITION


• Life Insurance industry is under the phase of infancy after 50 years of
monopoly.

• Competition from within and other sectors of financial market.

• Needs environmental support till it reaches a comfort zone
                                CONCLUSION

The exhaustive research in the field of Life Insurance threw up some interesting

trends which can be seen in the above analysis. A general impression that I

gathered during Data collection was the immense awareness and knowledge

among people about various companies and their insurance products. People are

beginning to look beyond LIC for their insurance needs and are willing to trust

private players with their hard earned money.

People in general have been impressed by the marketing and advertising

campaigns of insurance companies. A high penetration of print, radio and

Television Ad campaigns over the years is beginning to have it’s impact now.

Another heartening trend was in terms of people viewing insurance as a tax

saving and investment instrument as much as a protective one. A very high

number of respondents have opted for insurance for such purposes and it shows

how insurance companies have been successful to attract public money in recent

times.

The general satisfaction levels among public with regards to policy and agents

still requires improvement. But therein lies the opportunity for a relative player

like MetLife India Insurance Co. Ltd. LIC has never been known for prompt

service or customer oriented methods and MetLife India Insurance Co. can

build on these factors.
                         BIBLIOGRAPHY


 WEBSITES REFERRED
   www.metlife.co.in
   www.irdaindia.org
   www.thehindubusinessline.com
ANNEXURE
                        QUESTIONNAIRE


NAME:_________________________


ADDRESS:______________________

______________________________OCCUPATION:___________________

 1. ARE YOU EMPLOYED?
    YES      NO

 2. DO YOU HAVE ANY INSURANCE POLICY?
    YES      NO

 3. WHICH INSURANCE POLICY DO YOU HAVE?

    LIFE              NON-LIFE              BOTH

 4. WHICH CO’S INSURANCE POLICY YOU PREFER THE MOST?
    (RANKTHEM)

    a)     LIC
    b)     ICICIPRUDENTIAL
    c)     SBI LIFE INSURANCE
    d)     MET LIFE INDIA INSURANCE
    e)     MAX NEW YORK LIFE INSURANCE
    f)     BAJAJ ALLIANZE
    g)     RELIANCE LIFE INSURANCE
    h)     ANY OTHER        ________( Specify)

 5. WHAT DO YOU THINK ARE THE BENEFITS OF INSURANCE
    PLAN? (RANK THEM)

         a) COVER FUTURE UNCERTAINITY

         b) TAX DEDUCTIONS

         c) FUTURE INVESTMENT

         d) ANY OTHER _________ (Specify)
6. WHAT’S YOUR PERCEPTION ABOUT INSURANCE?
   (RANK THEM)

  a) A SAVING TOOL

  b) A TAX SAVING DEVICE

  c) A TOOL TO PROTECT FUTURE

7. ARE YOU SATISFIED WITH THE POLICY?

  a) SATISFIED

  b) NOT SATISFIED

  c) NOT RESPONDING

8. ARE YOU SATISFIED WITH THE SERVICE AGENT?

  a) SATISFIED

   b) NOT SATISFIED

  c) NOT RESPONDING

9. DO YOU PAY TAXES?

  YES                 NO



10.WHICH IS THE BEST FORM OF INVESTMENTS?
    (RANK THEM)

a) FIXED ASSETS                 b) BANK DEPOSITS

c) JEWELLERY                    d) SECURITIES, i.e. Bonds, MFs

e) SHARES                       f) INSURANCE
11. . WHAT DO YOU INTENT TO GAIN FROM INVESTMENTS?

a) SAVING & RETURNS            b) SECURITY

c) TAX BENIFITS

12.WHAT’S THE RIGHT AGE TO BUY INSURANCE?

a) AFTER 25 Yrs            b) AFTER 35 Yrs

c) AFTER 45 Yrs            d) ANYTIME

13.HOW WOULD YOU RATE INDIAN INSURANCE COs?

 a) RIGID PLANS                          b)NON-USER FRIENDLY

 c) UNSATISFATORY SREVICES               d) NON-AGGRESSIVE

 e) SATISFACTORY                         f) GOOD

 g) VERY GOOD

14.WHAT WOULD YOU LOOK FOR IN AN INSURANCE COs?
 (RANK THEM)

 a) A TRUSTED NAME
 b) FRIENDLY SERVICE & RESPONSIVENESS
 c) GOOD PLANS
 d) ACCESSIBILITY

 15.WOULD YOU GO FOR INSURANCE IF A SERVICE PROVIDER
 AWAY FROM THE CITY OFFERS BETTER SERVICE &
 PRODUCTS?

 a) YES            b) NO                     c) UNCERTAIN


16. ARE YOU PLANNING FOR NEW INVESTMENTS?

    PLANNING                        NOT PLANING


                                                   THANK YOU.

				
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