A study on customer awareness level to improve market share to find the potential customer for Met Life India”
Literature Review:
The project report on “A study on customer awareness level to improve
market share to find the potential customer for Met Life India”. In Hubli.
Body of the Report:
Primary data was collected by administration questionnaire of 100 customers. The
questionnaire was specially framed to meet the requirement of the survey and the
following details.
Direct contact was made with the respondents through random sample to collect
the needful information with reference to our objective as per to meet the survey
requirement.
Interview technique:
Direct personal interview was conducted throughout project using direct structured
and self administrative questionnaire.
Conclusion & Recommendation:
Analysis was based on the result of the research conducted and the
recommendations are based on the analysis.
Limitation:
The major limitation of the project was time frame.
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STATEMENT OF THE PROBLEM
“A study on customer awareness level to improve market share to find the
potential customer for Met Life India”.
The main core problem in the project is to know weather the people of Hubli city
is fully aware of “Met Life India Life Insurance Plans and policies”
Purpose of the study:
The study was undertaken to gather information from the respondents regarding
awareness Met Life India Life Insurance Plans and policies and the purpose of the study
is to know how many people are aware of “Met Life India Life Insurance Plans and
policies”
Scope of the study:
The study will help the company to know the awareness of “Met Life
India Life Insurance Plans and policies” in Hubli city.
The study will help the company to know the customer profile.
The company can find out where their competitors stand.
The reason for confining the scope of the research in Hubli were .
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1) One of the fast growing city in educational field in Karnataka and represents the
more scope to the insurance companies.
2) It is also commercial city in the Business field.
Objectives:
1. To study the awareness level of ““Met Life India Life Insurance Plans and
policies”.
2. To find factor influencing financial planning.
3. To find potential market for ““Met Life India Life Insurance Plans and
policies”
4. To find vital communication media.
RESEARCH METHODOLOGY
Data source: Primary data (field survey)
Area of Research: Hubli city.
Research instrument: Questionnaire.
Sample Plan: Personal Interview.
Sample Unit: Businessman, Job holders, etc.
Sampling method: Non probability method, Random sampling method.
Sample Size: 100 respondents.
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INSURANCE REGULATORY AND DEVELOPMENT
AUTHORITY ACT 1999 (IRDA)
This Act, passed in Dec 1999, provided for the establishment of the IRDA to
protect the interests of policyholders, to regulate, promote & ensure orderly growth of
insurance industry & for the matters connected therewith or incidental thereto. It also
sought to amend the insurance Act, 1938, the L I C Act, 1956 & the general insurance
Business (nationalization) Act, 1972.
The IRDA is the corporate body. It is advised insurance advisory committee
consisting of not more than 25 members to represent the interests of commerce,
industry, transport agriculture, consumer forums, surveyors, agents, intermediaries,
organizations engaged in safety & loss prevention, research bodies & employees’
associations in the insurance sector. It replaces the ‘controller of insurance’ to
administer the provisions of the insurance Act. That includes registrations, licensing,
& laying down regulations for the proper conduct of the business & the protection of
the interests of policyholders.
The regulations framed by the IRDA, in so far as they affect the working of
agents, are reproduced in full at the end of this course.
Introduction to insurance
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The business of insurance is related to the protection of economic value of assets.
Every asset has a value. The asset is valuable to the owner, because he accepts to get
benefits from it. The benefit may be income or something else. It’s a benefit because it
meets some of his needs. In the case of factory or a cow, the product generated b is sold
& income generated. In the case of a motor car it provides comfort & convenience in
transportation. There is no direct income
Every asset is expected to last a certain period of time during it which it will
perform. After that, the benefit may not be available. There is a life time for a machine in
a factory or a cow or a motor car. None of them will last for ever. The owner is aware of
this and he can so manage his affairs that by the end of that period or life-time, a
substitute is made available. Thus, he makes sure that the value or income is not lost.
How ever the asset may get lost earlier an accident or some other unfortunate event may
destroy it or make it non-functional. In that case, the owner and those deriving benefits
there from would be deprived of the benefit and the planned substitute would be not
having been ready. There is an adverse or unpleasant situation. Insurance is a mechanism
that helps to reduce the effect of such adverse situation.
Brief history of insurance
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The business of insurance started with marine business traders, who use to gather
in the Lloyd’s coffee house in the London agreed to share the losses to their goods while
being carried by ships. The losses use to occur because of he pirates on the high seas or
because of bad weather spoiling the goods or sinking the ships. The fist insurance policy
was introduced in 1583 in England. In India insurance began in 1870 with life insurance
being transacted by an English company, the European &the Albert .The first Indian
insurance company was Bombay mutual assurance society ltd formed in 1870. This was
followed by oriental life insurance company.In1874, the bharath in 1896 & the empire of
India in 1897.
Later, the Hindustan cooperative was formed in Calcutta, the united India in
madras, the Bombay life in Bombay, the national in Calcutta, The new India in Bombay,
the Jupiter in Bombay and the lakshmi in New Delhi. These were all Indian companies,
started as a result of the swadeshi movement in the early 1900s. By the year 1956, when
the life insurance business was nationalized and the life insurance corporation of India
(LIC) was formed on 1st Sep 1956, there were 170 companies and 75 provident funds
societies transacting life insurance business in India. After the amendments to the
relevant laws in 1999, the LIC did not have the exclusive privilege of doing life insurance
business in India. By 31.03.2002, 11 new insurers had been registered & had been to
transact life insurance business in India.
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INSURANCE IN INDIA
The insurance sector in India has come a full circle from being an open
competitive market to nationalization and back to a liberalized market again. Tracing the
developments in the Indian insurance sector reveals the 360-degree turn witnessed over a
period of almost two centuries.
A brief history of the Insurance sector
The business of life insurance in India in its existing form started in India in the
year 1818 with the establishment of the Oriental Life Insurance Company in Calcutta.
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: 245 Indian and foreign insurers and provident societies taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956,
with a capital contribution of Rs. 5 crore from the Government of India. The General
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insurance business in India, on the other hand, can trace its roots to the Triton Insurance
Company Ltd., the first general insurance company established in the year 1850 in
Calcutta by the British.
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 nationalized 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.
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Insurance sector reforms
In 1993, Malhotra Committee headed by former Finance Secretary and RBI
Governor R.N. Malhotra, was formed to evaluate the Indian insurance industry and
recommend its future direction.
The Malhotra committee was set up with the objective of complementing the reforms
initiated in the financial sector.
The reforms were aimed at “creating a more efficient and competitive financial system
suitable for the requirements of the economy keeping in mind the structural changes
currently underway and recognizing that insurance is an important part of the overall
financial system where it was necessary to address the need for similar reforms…”
In 1994, the committee submitted the report and some of the key recommendations
included:
i) Structure
Government stake in the insurance Companies to be brought down to 50%
Government should take over the holdings of GIC and its subsidiaries so that
these subsidiaries can act as independent corporations
All the insurance companies should be given greater freedom to operate
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ii) Competition
Private Companies with a minimum paid up capital of Rs.1bn should be allowed to
enter the industry
No Company should deal in both Life and General Insurance through a single entity
Foreign companies may be allowed to enter the industry in collaboration with the
domestic companies
Postal Life Insurance should be allowed to operate in the rural market
Only one State Level Life Insurance Company should be allowed to operate in each
state
iii) Regulatory Body
The Insurance Act should be changed
An Insurance Regulatory body should be set up
Controller of Insurance (Currently a part from the Finance Ministry) should be made
independent
iv) Investments
Mandatory Investments of LIC Life Fund in government securities to be reduced
from 75% to 50%
GIC and its subsidiaries are not to hold more than 5% in any company (There current
holdings to be brought down to this level over a period of time)
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v) Customer Service
LIC should pay interest on delays in payments beyond 30 days
Insurance companies must be encouraged to set up unit linked pension plans
Computerization of operations and updating of technology to be carried out in the
insurance industry
The committee emphasized that in order to improve the customer services and increase
the coverage of the insurance industry should be opened up to competition. But at the
same time, the committee felt the need to exercise caution as any failure on the part of
new players could ruin the public confidence in the industry.
Hence, it was decided to allow competition in a limited way by stipulating the minimum
capital requirement of Rs.100 crores. The committee felt the need to provide greater
autonomy to insurance companies in order to improve their performance and enable them
to act as independent companies with economic motives. For this purpose, it had
proposed setting up an independent regulatory body.
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IMPORTANCE OF INSURANCE
Why I need Insurance
Life Insurance is a contract by which you can protect yourself against specific
losses by paying a premium over a period of time. Since each one of us, during our lives
are faced with numerous risks – failing health, financial losses, accidents and even
fatalities, our instinct drives us to cover ourselves against those risks. Though an
insurance cover can’t protect you against the emotional losses arising out of these risks, it
softens the economic crisis that usually accompanies these losses.
Life Insurance gains much more value if you are a nuclear family. Unlike in the
traditional joint family system, in a nuclear family, support from the extended family
cannot be counted upon. So it is vital that you have an insurance cover as the protective
shield against unfortunate losses.
And it’s not only your life you could insure against those risks. With the
Insurance Industry going through positive changes in the last few decades, now, you have
a variety of risk coverage options. For instance, products in the market range from whole
life insurance to covering risks associated with home loans.
What’s more, now you could choose life insurance as an investment option, the
returns of which you can enjoy at the most critical phases of your life – for instance, at
the time of your child’s admission into one of those dream institutes.
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And the insurance industry is constantly evolving. So, you now have a wider
option of insurers – presenting you with products that not only cover those risks, but also
act as wealth accumulation or investment avenues, which, you should definitely avail of.
Whether you are new to insurance, or an informed customer, you could always
get valuable information from us. We have attempted to cover this site with some
comprehensive information on life insurance. However, do not hesitate to leave a note for
our Financial Advisors. Not only they could provide you with the additional information
you might be looking for, they can also help you assess your life insurance needs and
invest wisely.
Purpose & need of insurance
Assets are insured, because they are likely to be destroyed, through accidental
occurrences. Such possible occurrences are called perils. Fire, floods, breakdowns,
lightning, earthquakes, etc are perils. If such perils can cause damage to the asset, we say
that the asset is exposed to that risk. Perils are the events. The risk to a owner of building,
because of the peril of an earthquake, may be a few lacs or a few crores of rupees,
depending on the cost of the building & the contents in it.
The risk only means that there is a possibility of loss or damage. The damage may
or may not happen. Insurance is done against the contingency that it may happen. There
has to be an uncertainty about the risk. Insurance is relevant only if there are
uncertainties. If there is no uncertainty about the occurrence of an event, it cannot be
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insured against. In the case of human being death is certain, but the time of death is
uncertain. In the case of a person who is terminally ill, the time of death is uncertain,
thought not exactly known. He cannot be insured.
Insurance does not protect the asset. It does not prevent its loss due to the peril.
The peril cannot be avoided through Insurance. The peril can sometimes be avoided,
through better safety & damage control management. Insurance only tries to reduce the
impact of the risk on the owner of the asset & those who depend on that asset. It only
compensates the losses-and that too, not fully.
Only economic consequences can be insured. If the loss is not financial, Insurance
may not be possible. Examples of non-economic losses are love & affection of parents,
leadership of managers, and sentimental attachment to family heirlooms, innovative &
creative abilities
How insurance works
The mechanism of insurance is very simple. People who are exposed to the same
risks come together & agree that, if any of them suffers loss, the others will share the loss
& make good to the person who lost. All people who send goods by ship are exposed to
same risk, which are related to water damage, ship sinking, piracy, etc.Those owning
Factories are not exposed to these risks but they are exposed to different kinds of risk like
fire, hailstorms, earthquake, lightning, burglary, etc, like this different kinds of risk can
be identified & separate groups can be made, including exposed to those risk. By this
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method, the heavy loss that any of them may suffer is divided into a small bearable loss
by all.
There are certain principles, which make it possible for insurance to remain a fair
arrangement. The first is that it is difficult for any one individual to bear the
consequences of the risk he is exposed to. It will become bearable when the community
shares the burden. The second is that the peril should be in an accident manner. Nobody
should be in a position to make the risk happen. In other words, none in the group should
set fire to his assets & ask others to share the costs of damage. This would be taking
unfair advantage of an arrangement put in to place to protect people from the risk they are
exposed to. The occurrence has to be random, accidental, & not the deliberate creation of
the insured person.
The manner in which the loss is to be shared can be determined before hand. It may
be proportional to the risk the each person is exposed to. This would be indicative of the
benefit he would receive if the peril befell him. The share could be collected from the
members after the loss has occurred or the likely shares may be collected in advance, at
the time of admission to the group. Insurance companies collect in advance & create a
fund from which the losses are paid.
The collection to be made from each person in advance is determined on
assumptions. While it may not be possible to tell beforehand, which person will suffer, it
may possible to tell, on the basis of past experience, how many persons, on an average,
may suffer losses.
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THE BUSINESS OF INSURANCE
Insurance companies are called insurers. The business of insurance is to
A. Bring together persons with common insurance interest.
B. Collect the share (premium) from all of them.
C. Pay out compensations (claims) to those who suffer.
The premium is determined on the same lines as indicated in the above examples
above, but with some further refinements.
In India, insurance business is classified primarily as life & non-life or general.
Life insurance includes all risks related to the lives of human beings & general insurance
covers the rest.
Myths of Insurance
There are some myths that are associated with Insurance. To choose insurance as
a good investment, you need to be informed about these myths.
Insurance is for saving tax
The primary function of life insurance is to cover you against sudden losses
arising out of sudden death or liability. Unlike other investment options like the Public
Provident Fund that offers 20% tax rebate under Section 88 of the Income Tax Act,
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1961or other small savings schemes like post office deposits and national savings
certificates, Insurance isn’t a tax saving investment vehicle.
Insurance, primarily offers you complete security arising out of risk coverage
against the uncertainties of life. And secondarily serves you as a good investment option
and tax saving tool. Hence, as an instrument, life insurance offers you the ideal blend of
risk cover, returns and tax benefits.
Insurance does not give good returns
It’s true that there are other investment options that could give you more returns
than life insurance. If returns are evaluated in isolation, a fixed deposit option offering
you 6% interest definitely looks good in a depressed market. However, life insurance
offers you other benefits, in addition to returns.
For example, say, you invest Rs.5000/- in fixed deposit. You would ideally get
back the money at the end of the year with marginal interest. Whereas, if you decide to
pay a premium of Rs.5000/- per annum on a life insurance policy, you could buy an
insurance cover of Rs.50, 000/- to Rs.2 lakhs depending on your age and type of policy.
And if, the unfortunate happens during the tenure, your near and dear ones get to receive
the amount for which you are insured. If not, you get back the entire sum at the end of the
tenure.
Insurance products are not flexible
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Insurance products have become more flexible with the introduction of riders that
allow you to customize your plan. Riders allow you to tailor your insurance policy to suit
your unique needs. They are attached to your base policy when it is purchased and are
available at nominal rates. For example, there is the Critical Illness Rider, which provides
for payment of an amount based on the diagnosis of a critical illness condition of the life
assured. The illnesses covered include critical conditions such as heart attack, stroke,
cancer, kidney failure and major organ transplant.
Flexibility is also provided through different premium payment options. By utilizing
these payment options, you need not get tied down to paying the premiums through out
the term of the policy. With Limited payment option, you can complete your premium
payments in short intervals, while enjoying the benefits of the policy for a longer term.
My money gets tied down in Insurance
The withdrawal facility available with select insurance policies makes it possible
for you to withdraw your accumulated money any time when you need it. There are also
loan options available on most policies that enable you to utilize your returns much
earlier than the completion of the term of the policy.
In essence, life insurance offers you risk coverage, tax benefits and returns on investment.
MetLife
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With over 138 years of experience, the MetLife companies serve millions of
customers in the Americas and Asia with one goal in mind – to build financial freedom
for everyone. The MetLife companies are a leader in-group benefits that serve 88 of the
top one hundred FORTUNE 500®* companies, and provide benefits to 37 million
employees and family members through its plans sponsors in the U.S. The MetLife
companies are also ranked #1 in-group life and #1 in commercial dental in the U.S. The
MetLife companies are the number one life insurer in the U.S. with approximately US
$3.3trillion of life insurance in force. In India, MetLife was
incorporated in 2001, and aims to differentiate itself through customized need based
selling, simple and innovative products, and technology-backed service experience, to
tread its path to build financial freedom for everyone.
Mission / Vision / Values
Our Vision and Mission
Build financial freedom for all through leadership in providing financial advice
and building long-term relationships through innovative protection, accumulation and
retirement products, robust underwriting processes and creating world-class customer
service experience for our customers.
We want to provide customers in India with world-class solutions for financial
security, and in the process add significant value to our shareholders, associates and
society.
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Our Core Values
We lead through Innovation to offer world class and competitive products to our
customers
We build Long Term Relationships with our customers by creating a world class
service experience through operational excellence and the innovative use of
technology
We create a Customer Centered and Result Focused Vision that inspires each one
of our Associates and has their buy-in
We are committed to creating a High Performance Organization by creating an
environment that allows each one of our Associates to perform at their peak. As a
result we will also be recognized as an Employer of Choice
We are committed to Partnering with our internal and external Customers for
mutual success
We work with Integrity, Fairness and Financial Prudence in all our dealings
keeping the interests of our Shareholders, Customers and Associates paramount
DIFFERENT DEPARTMENTS
Revenue Generated dept
Customer related dept
1) Procuring new Business
2) Scrutiny of the new proposal and deciding on the proposal.
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3) Issuing policy
4) Make sure that the policy should not lapse.
5) Servicing policy holder
6) Advertising
7) Investing Mutual fund dept
8) Account dept
9) HR development dept
10) Government laws dept, returns and statements
Corporate Partners
As the vital channel for MetLife’s products, we have chosen some exemplary
banks and financial institutions. These will serve as the interface between our customers
and we to aid us understand the unique needs and aspirations of every Indian. And update
our products with features that form the cornerstones of financial freedom.
Prelude:
The Jammu & Kashmir Bank is today one of the fastest growing banks in India
with a network of more than 500 branches/offices spread across the country offering
world class banking products/services to its customers. Today, the Bank has a status of
value driven organization and is always working towards building trust with
Shareholders, Employees, Customers, Borrowers, Regulators and other diverse
Stakeholders, for which it has adopted a strategy directed to developing a sound
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foundation of relationship and trust aimed at achieving excellence, which of course,
comes from the womb of good Corporate Governance. Good Governance is a source of
competitive advantage and a critical input for achieving excellence in all pursuits. J&K
Bank considers good Corporate Governance as the sine qua non of a good banking
system and has adopted a policy based on all the four pillars of good governance –
transparency, disclosures, accountability and value, enabling it to practice trusteeship,
transparency, fairness and control, leading to stakeholders delight, enhanced shareholder
value and ethical corporate citizenship. It also ensures that bank is managed by an
independent and highly qualified Board following best globally accepted practices,
transparent disclosures and empowerment of shareholders, besides ensuring to meet
shareholders aspirations and societal expectations following the principles of
management's executive freedom to drive the bank forward without undue restraints but
within the framework of effective accountability. The excellence achieved by the bank in
its operations stemming from the roots of voluntary good Governance has not gone
unrecognized and Bank has recently bagged three very prestigious awards for following
fair business practices and commitment to social obligations.
Financials
The Bank recorded an outstanding achievement in the last fiscal (2004-05) in key
areas of its operations. During the year 2004-05, the Bank achieved an all time high
business turnover of Rs.33162.11 crore from Rs.27946.32 crore of the previous year
registering an increase of 18.66%.
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The Capital & Reserves of the Bank increased by Rs.71.66 crore to Rs.1665.40
crore during the year from Rs.1593.74 crore of the previous year. The Capital Adequacy
Ratio stood at 15.15%, which is comfortably much above the minimum stipulated by
Reserve Bank of India.
The Bank posted a net profit of Rs.115.07 crore in the last fiscal as against the
previous year figure of Rs.406.33 crore .The dip in the profits is in line with overall
industry trend which witnessed diminishing yields in the securities portfolio held by
banks and consequential booking of losses. The Bank could not remain insulated to the
said affects of inflation and hardening of interest rates, which besides impacting the
yields also, depreciated the investment portfolio. In order to insulate the securities
portfolio from future market risk and to reduce the duration of its investments, Bank
transferred securities of Rs.2602.03 crore from AFS to HTM category and also disposed
off long duration securities, thereby booking depreciation /loss on investment portfolio
aggregating Rs.222.47 crore.
Bank's aggregate deposits recorded an appreciable accretion of 16% to
Rs.21644.97 crore at the end of financial year 2004-05 from the previous year figure of
Rs.18661.38 crore. The rate of growth is commendable when compared to 14.1% at
national level.
The credit portfolio of the Bank also recorded an appreciable growth during the
year. The total advances of the Bank increased to Rs.11517.14 crore against Rs.9284.94
crore of the corresponding periods of the previous year registering a growth of 24%. The
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outstanding to priority sector increased by Rs.544 crore to Rs.2510 crore at the end of
March 2005 from Rs.1966 crore of the previous year. The investment portfolio recorded
a growth of 8% to Rs.9089.23 crore from Rs.8451.10 crore of the previous years.
The net NPAs stood at 1.41%, against 1.48% of the previous year, which is one of
the lowest in the industry.
During the year, the Foreign Exchange business recorded an impressive growth of
29%, moving to Rs.5964.67 crore against Rs.4637 crore of the previous year. The
contribution of this segment to the Bank's gross income has been to the tune of Rs.38.22
crore against Rs.34.80 crore of the previous year. The export turnover of the Bank
increased from Rs.1928.86 crore to Rs.2211.51 crore registering an increase of 15%.
Keeping in view overall performance of the Bank, the Bank, after the approval of
shareholders, paid 80% dividend (free of tax) for the year ended 31 st March 2005.
The productivity levels continued to show sustained growth with per branch and
per employee business increasing to Rs.6632.4 lakhs and Rs.482.50 lakhs respectively
Dhanalakshmi Bank
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Dhanalakshmi Bank charts a 79-year course commencing from its incorporation
in the year 1927 by a group of enterprising entrepreneurs of Thrissur, the cultural capital
of Kerala. The Bank has foreseen transition and made the right moves towards sustained
development. Dhanalakshmi Bank has today attained national stature with 181 branches
and 26 Extension Counters spread over the States of Kerala, Tamil Nadu, Karnataka,
Andhra Pradesh, Maharashtra, Gujarat, Delhi and West Bengal. The high growth
trajectory is powered by strong fundamentals. As at the end of March 2006, the Capital
Adequacy Ratio of the Bank was above the mandatory requirement of 9%. The highlights
of our performance during the year 2005-06 are as follows:
Operating profits increased by 53%
Non-interest income increased by 83.8%
Cost of deposits declined to 5.19% and yield on advances improved to 9.44%
Micro credit recorded a growth of 92.2%
Net NPA brought down to 2.44%
Bank posted a net profit of Rs. 9.51 crores.
85% of Bank’s business brought under centralized banking solution (CBS)
The Bank has always been a trendsetter, constantly making pioneering moves.
The Bank has in its books top corporate clients and blue chips, both established and
emerging. With a view to widening its geographical spread, the Bank plans to add a
number of branches to its network during the current year. The delivery channels are
being supplemented by putting up onsite as well offsite ATMs at 100 locations.
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The marketing mantra at Dhanalakshmi Bank is to position the Bank as a
technologically advanced and customer-oriented Bank. With this end in view, the Bank
has introduced Centralized Banking Solutions (CBS) on the Flexcube Platform for
extending Anywhere/Anytime banking to its ever-expanding clientele through multiple
delivery channels. The Bank has set-up a state-of-the-art DATA CENTRE in Bangalore,
the IT capital of the country to create physical environment necessary to keep the servers
operational 24 hours a day and 7 days a week. Almost 85% of our business is now on
CBS platform.
The Bank emphasizes on customizing services and personalizing relations. In its
pursuit to become a customer-friendly bank offering vast, varied and versatile service
with a personal touch, the Bank has introduced an International Debit Card under tie-up
with Visa International. The Bank has already become a Principal Member of Visa
International. Steps are afoot to introduce a co-branded Credit Card in association with a
leading public sector bank. In another customer-friendly move, the Bank has joined
CASHNET, the first independent nation-wide shared ATM network in India. This facility
has been introduced with a plethora of value-added services designed to enhance the
bank’s commerce solutions for customers with Electronic Refill of pre-paid mobile
airtime, mobile banking with account access and event messaging plus Electronic Bill
Presentment and Payment for post paid bills. The Bank has also joined the National
Financial Switch (ATM network) of the IDRBT, promoted by Reserve Bank of India. By
joining Cash net and NFS, our customers have been provided access to more than 14,000
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ATMs in the country. Tie-up with other shared ATM networks like Cash Tree is in the
offing.
Dhanalakshmi Bank has introduced tele banking and Internet banking. All the
branches of the Bank will be covered in a phased manner. The Bank has also put in place
a vibrant Cash Management System (CMS) that provides speedier cheque collection
through 59 branches.
Real Time Gross Settlement (RTGS) System went live at Dhanalakshmi Bank
recently. The RTGS System will facilitate large value inter-bank payments and settlement
in real time on-line mode on a transaction-by-transaction basis.
The Bank has ventured into both life and non-life insurance. It is selling life
insurance products of M/s. MetLife India, a renowned global player in this segment and
non-life insurance products of M/s. IFFCO-TOKIO as their corporate agent. The Bank is
also a depository participant of NSDL (National Security Depository Limited) offering
Demat services through selected branches.
With a view to making available value-added services to the NRIs the Bank has
set up NRI Boutiques (Relationship Centres) at 8 locations in the State of Kerala. The
Bank has also plans to open specialized NRI branches with accent on quality of service
and thrust on specialization at potential locations. There has been a significant surge in
the number of drawing arrangements with Exchange Houses in the Middle East.
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The Bank’s Industrial Finance Branch at Kochi and Corporate Office, Trichur
have been accredited with certification under ISO 9001-2000.
On the socio-economic front, the Bank is maintaining the Numero Uno position
under Micro Credit among all Kerala-based Private Sector Banks. This, in fact, is the
fulfillment of our avowed objective to act catalytic to the economic prosperity of the
country. The Bank has recognized micro finance intervention as an effective tool for
poverty alleviation and has streamlined the linkage between the Bank and Self Help
Groups through 100 branches.
In essence, the Bank is paying focused attention on its core competence like ever
expanding client-base, constantly upgraded customer service, professional management,
skilled manpower, wide network of branches and excellent customer support.
The Bank is managed by a professional and forward looking Board of Directors
drawn from various walks of life with Mr. A.D. Navaneethan as the Chairman, Mr. P.S
Prasad as the MD & CEO and Mr. V S R Murthy as Executive Director.
Karnataka Bank
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The Karnataka Bank Ltd., a premier private sector bank of the country, was
incorporated on February 18th, 1924 at Mangalore, a coastal town in South Kanara, a
district of Karnataka state, which has attained renown as the Cradle of Indian Banking.
Today it is one of the leading private sector banks in the country, known for its
steady and disciplined growth and cordial customer service. The Bank has a strong
national presence through a widespread network of 358 branches. The bank has 230
branches wholly/partially computerized, as of now.
Plans are underway to put in place additional products to enhance customer
satisfaction and to increase income stream with the help of upgraded technology. The
bank has already put in place an elaborate risk monitoring and asset liability management
system.
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UTI Bank was the first of the new private banks to have begun operations in
1994, after the Government of India allowed new private banks to be established. The
Bank was promoted jointly by the Administrator of the specified undertaking of the Unit
Trust of India (UTI - I), Life Insurance Corporation of India (LIC) and General Insurance
Corporation Ltd. and other four PSU companies, i.e. National Insurance Company Ltd.,
The New India Assurance Company, The Oriental Insurance Corporation and United
Insurance Company Ltd.
The Bank today is capitalized to the extent of Rs. 281.19 Crores with the public holding
(other than promoters) at 72.53 %.
The Bank's Registered Office is at Ahmedabad and its Central Office is located at
Mumbai. Presently the Bank has a very wide network of more than 488 branch offices
and Extension Counters. The Bank has a network of over 2100 ATMs providing 24hrs a
day banking convenience to its customers. This is one of the largest ATM networks in the
country.
The Bank has strengths in both retail and corporate banking and is committed to adopting
the best industry practices internationally in order to achieve excellence.
Promoters
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UTI Bank Ltd. has been promoted by the largest and the best Financial Institution of the
country, UTI. The Bank was set up with a capital of Rs. 115 crore, with UTI contributing
Rs. 100 crore, LIC - Rs. 7.5 crore and GIC and its four subsidiaries contributing Rs. 1.5
crore each.
SUUTI - Shareholding 27.47%
SUUTI is the largest mutual fund in India.SUUTI presently occupies a special position in
Indian capital market. With a servicing and distribution network of more than 53 branch
offices, 320 Chief Representatives and about 90,000 agents, UTI provides the complete
range of services to its investors.
Board of Directors
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The Bank has 11 members on the Board. Dr. P. J. Nayak is the Chairman and
Managing Director of the Bank.
The members of the Board are :
Chairman & Managing Director
Shri Surendra Singh Director
Shri N. C. Singhal Director
Shri A. T. Pannir Selvam Director
Shri J. R. Varma Director
Dr. R. H. Patil Director
Smt. Rama Bijapurkar Director
Shri R. B. L. Vaish Director
Shri S. B. Mathur Director
Shri M. V. Subbiah Director
Shri Ramesh Ramanathan Director
Our Mission
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Customer Service and Product Innovation tuned to diverse needs of individual
and corporate clientele.
Continuous technology up gradation while maintaining human values.
Progressive globalization and achieving international standards.
Efficiency and effectiveness built on ethical practices.
Core Values
Customer Satisfaction through
o Providing quality service effectively and efficiently
o Smile, it enhances your face value" is a service quality stressed on
o Periodic Customer Service Audits
Maximization of Stakeholder value
Success through Teamwork, Integrity and People
Channel Partners
We have Relationship with the following partners
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KARVY
In 1982, a group of Hyderabad-based practising Chartered Accountants started
Karvy Consultants Limited with a capital of Rs.1, 50,000 offering auditing and taxation
services initially. Later, it forayed into the Registrar and Share Transfer activities and
subsequently into financial services. All along, Karvy's strong work ethic and
professional background leveraged with Information Technology enabled it to deliver
quality to the individual.
GEOJIT SECURITIES
Mr.C.J George founded Geojit Securities in 1987 as a Proprietorship for doing
Broking business in Cochin Stock Exchange. In 1994, the business was taken over by
Geojit Securities Ltd, a Joint Venture between Mr.C.J George and the Kerala State
Industrial Development Corporation Ltd. In the following year, the company came up
with an IPO and the shares were listed in various Stock Exchanges in India in 1995.
WAY2WEALTH
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Way2Wealth is a premier Investment Consultancy Firm that has been launched with the
aim of making investing simpler, more understandable and profitable for the investors.
Way2Wealth brings a wide range of product offerings from Fixed Income Securities, Life
Insurance and Mutual Funds to Equity and Derivatives (on the National Stock Exchange)
for the convenience and benefit of it customers. Way2Wealth has over 40 easily
accessible Investment Outlets spread across 20 major towns and cities in the country.
MINI MUTHOOTHU
Established in 1921, Mini Muthoothu with an illustrious history of banking behind them
today operates from 75 branches in Kerala and 5 in Bangalore. All business concerns of
Mini Muthoothu function under the strict guidelines set by the Department of Company
Law Affairs and Reserve Bank of India. They also have a certificate of compliance with
the requirements regarding prudential norms from the Reserve Bank of India. Mini
Muthoothu, under the able leadership of its Chairman, Mr. Roy M Mathew, offers both
the resources and capabilities like any national player coupled with individualized
attention to its customers
Management Team
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Rajesh Relan – Managing Director
Chander Chellani - Officer, Agency Sales
Miro Farrugia – Chief Financial Officer
B Ashwin - Chief Administrative Officer
K P Sarma – Appointed Actuary
Phanesh M S V S - Chief Actuary
KR Anil Kumar -Chief Planning, Legal and
Compliance Officer and Financial
Controller
Sudip Mukhopadhyay – Director, Employee Benefits
Smitashree Menon – Director, Human Resources
Sanyog Jain –Director, Training and
Development Center of Excellence
Kailash Kulkarni – Director, Agency Support
Vikrant Pande –Director, Third Party Distribution
Gaurav Suri – Director, Marketing
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Radhakrishna S –Director, Information Technology
Neerav Kaushik – Director, Individual Service
Delivery
Shiva Belavadi –Director, Institutional Service
Delivery and Claims
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Insurance Plans
MetLife provides tailor made solutions to suit Individual needs, such that when
you're looking to protect those closest to you, in terms of planning your child’s education,
seeking retirement solutions or are simply looking ahead for a worry free financial future,
we provide you with best products and services. Life Insurance is the cornerstone of your
family's financial security. It protects your financial resources against the uncertainties of
life so you can protect your family's future
Our Solutions
What is financial freedom? It’s all about living the kind of life you really want to
live without worrying about the future. True financial freedom arises from identifying
your financial capabilities, setting realistic goals based on your aspirations and achieving
them through a comprehensive plan. Most importantly, while you set out to draw up a
financial plan, you need to understand that it isn’t a one-time plan. What’s good for you
today might not be next year. So, the planning that goes into attaining your financial
freedom should be dynamic.
Product Details
No one can give you all the answers when it comes to dealing with life's ups and
downs. But we can certainly equip you to deal with life better. Please find below the
various products offered by MetLife to suit your specific need:
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Accumulation
Whole Life Policy
Met 100- Limited Pay Whole life Non - Participating
Met 100- Limited Pay Whole life Participating
Endowment Policy
MET Suvidha
Money Back Policy
Met Sukh Money Back Non Participating
Met Bhavishya
Multi Purpose
Met Ultimate
Met Smart Plus
Met Smart Premier
Protection
Met Suraksha - TROP
Met Suraksha - TA
Met-Mortgage Protector SP/Limited pay(MRTA)
Retirement
MET Pension - Participating Deferred Annuity
MET Advantage Plus
Add Ons
Accidental Death Benefit (ADB)
Term Rider
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Waiver Of Premium
Critical Illness
Contact Us
Send in your enquiries and requests to: [email protected]
you can also contact our regional Group Business teams at the following:
Bangalore
Regional Manager (South)
Institutional Business
MetLife India Insurance Co. Pvt. Ltd.
Jewels De Paragon
I Floor; M G Road
Bangalore - 560 001.
Email: [email protected]
Phone: +91 80 56921700 Extn:
Fax: +91 80 56921701
Mumbai
Regional Manager (West)
Institutional Business
MetLife India Insurance Co. Pvt. Ltd.
Peninsula Corporate Park
Tower II; #802; 8th Floor
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Ganpatrao Kadam Marg
Lower Parel
Mumbai - 400 013
Email: [email protected]
Phone: +91 22 24903133 Extn: 3062
Fax: +91 22 24903137
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Customer Service
MetLife has something for everyone, and now you can have all the information
you ever wanted, whether in terms of locating a MetLife office, changing your address,
or simply wanting to know if there is a policy to protect the home loan you have just
taken… everything is possible without moving an inch … just click your way through
now.
Affiliates Directory
In this section, you can find the list of addresses of our affiliates across the
country. The following services are currently available:
Medical Provider Network
Paying your Renewal Premiums
Frequently Asked Questions
Have a quick question regarding one of our products or services? Need some helpful
advice?
Just identify the product or area you're interested in, and you should find the answers
you're looking for here.
Buying a Policy
Procedures
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Alteration in Policy
Lost Policy
Payment Options
Cancellation of Policy
Reinstatement of Policy
Lapsed Policy
Claim Process
Sponsorship
Sponsorships, Corporate Social Responsibility and MetLife
It is indeed clear that Corporate Social Responsibility is no longer a concept
fostered by idealists on the fringe, but one that has entered the mainstream. Corporate
Social Responsibility is the overall relationship of any corporation with all its
stakeholders.
At MetLife, we believe that every corporate must have a heightened sense of corporate
social responsibility. MetLife is dedicated towards the betterment of the society we serve
and hence the establishment of MetLife Foundation in the US which was started in 1976.
Like its parent company, MetLife in India also strongly reinforces the importance of
corporate social responsibility. Although we deem it unnecessary to create hype and
publicity regarding our philanthropy, it gives us great pleasure to be associated with
various charities from time to time
As a company we are strongly committed to our social responsibilities and pledge to
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always support causes espousing our global proposition ‘have you met life today?’ For
with every mention of the phrase, we believe we should reflect on what it means to each
of us and what we can do to make a difference.
“Financial liberation leading to life of significance”
It’s enjoying life instead of worrying about the financial aspects that have become
a part of it. It’s the realization that the future is protected. It’s the way to live each day …
the way you have wanted to. It refers to and provokes the desire to look afresh at the way
we look at life, lifetime investments, life insurance and thereby MetLife.
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1. Are you aware about Met Life India?
Frequency Percent Valid Percent
Cumulative Percent
Valid Yes 45 45.0 45.0 45.0 No 55 55.0 55.0 100.0 Total 100 100.0 100.0
NoYes
Pe
rce
nt
60
50
40
30
20
10
0
55
45
Interpretation
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As from the above graph it is clear that in 100 respondents only 45% are aware &
reaming 55% of unaware..
2. If yes how do you come to know?
Frequency Percent Valid Percent
Cumulative Percent
Valid Friends 11 11.0 24.4 24.4 TV 5 5.0 11.1 35.6 NEWS
Paper4 4.0 8.9 44.4
Pamphlet 25 25.0 55.6 100.0 Total 45 45.0 100.0 Missing System 55 55.0 Total 100 100.0
PamphletNEWS PaperTVFriends
Pe
rce
nt
60
50
40
30
20
10
0
56
911
24
Interpretation
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The above graph shows that the number of respondents are come to know about
this Met Life India.
24% of respondents are come to know from their friends.
11% of respondents are come to know from Television.
9% of respondents are come to know from local NEWS Papers.
56% of respondents are come to know from Pamphlets.
3. Do you want to know more about Met Life India?
Frequency Percent Valid Percent
Cumulative Percent
Valid Yes 85 85.0 85.0 85.0 No 15 15.0 15.0 100.0 Total 100 100.0 100.0
NoYes
Pe
rce
nt
100
80
60
40
20
0
15
85
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Interpretation
The above graph shows that the number of respondents wants to know
more about Met Life India
85% of respondents are wants to know more about Met Life India
15% of respondents don’t want to know.
4. Do you want to invest your money in the following plans?
Frequency Percent Valid Percent
Cumulative Percent
Valid Endowment
11 11.0 12.1 12.1
Whole life policy
20 20.0 22.0 34.1
Retirement56 56.0 61.5 95.6 5 4 4.0 4.4 100.0 Total 91 91.0 100.0 Missing System 9 9.0 Total 100 100.0
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5RetirementWhole life policyEndow ment
Pe
rce
nt
70
60
50
40
30
20
10
0 4
62
22
12
Interpretation
The above graph shows that the numbers of respondents are interested to invest
their money in Met Life India
12% of respondents are interested to invest their money in Endowment
22% in whole life policy
62% in Retirement
5. Have you invested money in life insurance?
Frequency Percent Valid Percent
Cumulative Percent
Valid Yes 65 65.0 65.7 65.7 No 31 31.0 31.3 97.0 3 3 3.0 3.0 100.0 Total 99 99.0 100.0 Missing System 1 1.0 Total 100 100.0
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3NoYes
Pe
rce
nt
70
60
50
40
30
20
10
0 3
31
66
Interpretation
The above graph shows that the numbers of respondents are invested their money
in the Life Insurance
66% of respondents are invested their money
6. In which company you have invested your money?
Frequency Percent Valid Percent
Cumulative Percent
Valid LIC 30 30.0 42.3 42.3 Bajaj
Allianz27 27.0 38.0 80.3
Met Life India
4 4.0 5.6 85.9
ICICI 10 10.0 14.1 100.0
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Total 71 71.0 100.0 Missing System 29 29.0 Total 100 100.0
ICICIMet Life IndiaBajaj AllianzLIC
Pe
rce
nt
50
40
30
20
10
0
14
6
38
42
Interpretation
The above graph shows that the numbers of respondents are invested their money
in the following companies.
42% of respondents are invested their money in the “LIC”.
38% of respondents are invested their money in the “Bajaj Alianz”.
6% of respondents are invested their money in the “Met Life”.
14% of respondents are invested their money in the “ICICI”.
7. Which plan you have taken?
Frequency Percent Valid Percent
Cumulative Percent
Valid Endowment
15 15.0 20.8 20.8
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Whole life policy
24 24.0 33.3 54.2
Retirement31 31.0 43.1 97.2 5 2 2.0 2.8 100.0 Total 72 72.0 100.0 Missing System 28 28.0 Total 100 100.0
5RetirementWhole life policyEndow ment
Pe
rce
nt
50
40
30
20
10
0 3
43
33
21
Interpretation
Above graph shows that the numbers of respondents have invested their money in
the following plans & policies.
21% of respondents have invested their money in the “Endowment Plans”.
33% of respondents have invested their money in the “Whole life policy”.
43% of respondents have invested their money in the “Retirement”.
8. What is the premium you are paying per annum?
Frequency Percent Valid Cumulativ
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Percent e PercentValid 10000 31 31.0 59.6 59.6 10000-
2500018 18.0 34.6 94.2
50000-100000
3 3.0 5.8 100.0
Total 52 52.0 100.0 Missing System 48 48.0 Total 100 100.0
50000-10000010000-2500010000
Pe
rce
nt
70
60
50
40
30
20
10
06
35
60
Interpretation
The above graph shows that the numbers of respondents are paying the following premium per annum.
The 60% of respondent paying 10000 premiums. 35% between 10000 to 25000 And remaining between 50000 to 100000
9. What will influence your Financial Planning?
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Frequency Percent Valid Percent
Cumulative Percent
Valid Discussion with Family Member
27 27.0 51.9 51.9
Tax Consultant/ C. A
12 12.0 23.1 75.0
Insurance consultant /Agents
12 12.0 23.1 98.1
Web site of insurance or Finance company
1 1.0 1.9 100.0
Total 52 52.0 100.0 Missing System 48 48.0 Total 100 100.0
Web site of insuranc
Insurance consultant
Tax Consultant/ C. A
Discussion w ith Fami
Pe
rce
nt
60
50
40
30
20
10
0
2323
52
Interpretation
The above graph shows that influence to the people for making financial planning. 52% from discussion with family members. 23% from Tax consultant etc
10. What factor consists while making the policy?
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Frequency Percent Valid Percent
Cumulative Percent
Valid Returns 38 38.0 74.5 74.5 Safety 10 10.0 19.6 94.1 Liquidity 3 3.0 5.9 100.0 Total 51 51.0 100.0 Missing System 49 49.0 Total 100 100.0
LiquiditySafetyReturns
Pe
rce
nt
80
60
40
20
06
20
75
Interpretation
The above graph shows that the factor consists while making the policy. 75% of factors consist of Returns. 20% of factors consist of safety
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11. In future are you interested investing money in Met Life India?
Frequency Percent Valid Percent
Cumulative Percent
Valid Yes 51 51.0 54.3 54.3 No 43 43.0 45.7 100.0 Total 94 94.0 100.0 Missing System 6 6.0 Total 100 100.0
NoYes
Pe
rce
nt
60
50
40
30
20
10
0
46
54
Interpretation
The above graph shows that the numbers of respondents are interested to invest
their money in Met Life India
54% of respondents are interested to invest their money in Met Life India
46% of respondents are not interested to invest their money in Met Life
India
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12. If no why?
Frequency Percent Valid Percent
Cumulative Percent
Valid No Interest31 31.0 54.4 54.4 Lack of
Advertisement
2 2.0 3.5 57.9
Busy schedule
24 24.0 42.1 100.0
Total 57 57.0 100.0 Missing System 43 43.0 Total 100 100.0
Busy scheduleLack of AdvertisemenNo Interest
Pe
rce
nt
60
50
40
30
20
10
0
42
4
54
Interpretation
The above graph shows that the numbers of respondents are not interested to
invest their money in Met Life India.
The 54% they do not have interest.
4% from lack of advertisement.
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42% of the respondent from busy schedule
13. Are you living in your own house?
Frequency Percent Valid Percent
Cumulative Percent
Valid Yes 72 72.0 72.0 72.0 No 23 23.0 23.0 95.0 3 5 5.0 5.0 100.0 Total 100 100.0 100.0
3NoYes
Pe
rce
nt
80
60
40
20
0 5
23
72
Interpretation
The above graph shows that the numbers of respondents are living in their own
house.
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72% of respondents have their own house.
Remaining respondents do not have their own house.
14. Are you using the following?
Frequency Percent Valid Percent
Cumulative Percent
Valid Car 51 51.0 54.3 54.3 Co lour TV 3 3.0 3.2 57.4 Bike 40 40.0 42.6 100.0 Total 94 94.0 100.0 Missing System 6 6.0 Total 100 100.0
BikeCo lour TVCar
Pe
rce
nt
60
50
40
30
20
10
0
43
3
54
Interpretation
Above graph shows that the number of respondents is using the following luxuries
goods.
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54 % respondents are using Car.
43% respondents are using Bikes.
15. What is your Occupation?
Frequency Percent Valid Percent
Cumulative Percent
Valid Job Holder 54 54.0 54.0 54.0 Businessm
an25 25.0 25.0 79.0
Professional
21 21.0 21.0 100.0
Total 100 100.0 100.0
ProfessionalBusinessmanJob Holder
Pe
rce
nt
60
50
40
30
20
10
0
21
25
54
Interpretation
The above graph shows that the respondents occupation.
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A study on customer awareness level to improve market share to find the potential customer for Met Life India”
54% of respondents are job holders.
25% of respondents are Business mans.
21% of respondents are Professionals.
16. What is your monthly income?
Frequency Percent Valid Percent
Cumulative Percent
Valid Below 5000
15 15.0 15.0 15.0
5000-10,000
34 34.0 34.0 49.0
10,000-15,000
43 43.0 43.0 92.0
4 8 8.0 8.0 100.0 Total 100 100.0 100.0
410,000-15,0005000-10,000Below 5000
Pe
rce
nt
50
40
30
20
10
0
8
43
34
15
Interpretation
The above graph shows that the monthly income of the respondents. In the survey
it was found that the.
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A study on customer awareness level to improve market share to find the potential customer for Met Life India”
15% of respondents are come under below Rs.5000 per month.
34% of respondents are coming under Rs.5000 to 10,000 per month.
43% of respondents are coming under 10,000 to 15,000 per month.
Only 8% of respondents are coming under Rs.15, 000 & above.
Findings
It was found that 55% of respondents in Hubli city are unaware about the Met
Life India. This indicates the advertisements which are using for creating
awareness in Hubli is not effective so it is suggests the company to use more
effective ad camps to create awareness.
In this survey it was found that 43% of respondents have their own bikes and 54%
of respondents have cars. This indicates that these financially sound and they can
easily understand the importance of policies and they can invest their money in
that.
In this survey it was found that 43% of the respondents monthly income is in
between Rs.10000 to Rs.15000 and 34% of the respondents monthly income is in
between Rs.5000 to Rs.10000. such kind of respondents are wants save money or
invest money which will help for their children’s in future.
In Hubli city 86% of respondents wants to know more about policies of Met Life
India so it is suggest that the company should give ads in local NEWS Paper and
also give advertisement in local cable TV.Hubli city is aware or knows about this
scheme.
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A study on customer awareness level to improve market share to find the potential customer for Met Life India”
In this survey it was found that 62% of respondents are wanted to invest their
money in Retirement plan. These respondents are potential customer for the
organization.
Recommendations
1. More number of respondents has their monthly income Rs.10000 to 15000. And
such kind of population wants to make policies in Met Life India Life Insurance.
More number of the respondents are come to know about this scheme from
Pamphlets. So it suggests that they should use other sources of advertisement
like Big Eye Catching Hoardings etc.
2. Here it can recommended that the company should provide bonus for the potential
financial consultant and Company almost all plans and policies have duration period
of minimum 10 years for this long duration people are not interested to invest their
money so the company should reduce their duration period.
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A study on customer awareness level to improve market share to find the potential customer for Met Life India”
Conclusion
From the survey analysis it was found that in Hubli City more than half of
respondents are unaware about Met Life India Life Insurance Plans and Policies.
In this survey it was also found that more number of respondents have perception
in that they are interested to invest their money in Met Life India Life Insurance In short
many respondents are still not decided to in which company they have to invest their
money. So they have opportunity in Hubli city and the company has an opportunity so it
suggests that they catch the such customers to tap the market.
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