MEERUT INSTITUTE OF TECHNOLOGYMEERUT

Submitted By:MANJOORMBA III Sem

SEMINAR REPORTON

“STUDY OF MAX LIFE INSURANCE PRODUCT AND PRESENT MARKET

SENERIO”

COMPANY PROFILE

Max New York Life Insurance India is a joint venture between Dabur group one of companies in India in the FMCG sector. India is leading producer of traditional healthcare products. From its humble beginnings as a fire insurance office in London in 1696, Max New York has grown to the fifth-largest insurer worldwide. Today, the company manages £240 billion ($430 billion) in assets and serves 30 million customers. Max New York committed to helping, our customers get 'Kal par Control' and make the most out of their lives. It is their constant endeavors to ensure that their customers have easy access to Max New York products and services at all times.

Max New York is a world leader in financial services. With more than 300 years’ of history, Max New York is now the world’s fifth largest insurer and the largest in the UK. Our main activities are long-term savings, fund management and general insurance. It has premium income and investment sales from continuing operations of about £30 billion and over £240 billion of assets under management.

OBJECTIVE OF THE PROJECT

Every project report is carried out with some specific objective in the mind. Objective is basically the purpose behind conducting a project and unless the objectives certain or specifically defined it is not understood what data has to be collected. Objectives of the project are nothing but what is to be learned out of this project report.

SPECIFIC OBJECTIVES OF THIS PROJECT REPORT1). To have exposure to recruitment process.2). Understand various HR tools used in handling

Recruitment3). Whether the recruitment process and selection process

are satisfactory.

RESEARCH METHODOLOGY

“The research design is the conceptual structure with in which research is conducted it consist the blue print of the collection measurement and analysis of data.”

In that project the research design was adopted for the “Descriptive research study” the exploratory research studies are also termed as formulative research studies. The main purpose of such studies is that of formulating a problem for more precise investigation or of developing the working hypothesis from an operational point of view

The main purpose of the study was to tell the consumer perception in ‘A . The major emphasis was on the discovery of the ideas and opinions of the consumers at different levels in the existing environment.

Two methods that are used for the study are: The survey of concerning literature. The experience study.

DATA COLLECTIONTYPES OF DATAPRIMARY DATA COLLECTIONInterview method: Personal interviews of the

customers are taken at different levels to get their opinions and suggestions. And the interview was structured in nature.

Questionnaire method: Structured questionnaire on the basis of information collected from different sources. The questionnaire contains both open and ended questions.

SECONDARY DATA COLLECTIONSecondary data were collected from the following

sources: Books related to topic Organization documents Magazines Websites

DATA ANALYSISWhat made you to switch to another

Policyof Life Insurance? New Policy Condition of Premium Maturity Date

Interpretation: 70% of the People prefer Condition of Premium.

What factor among the following you consider before purchasing MAX LIFE INSURANCE?

Tax Rebate Security Investment Purpose Any other

Interpretation: 60% of the People prefer Security

FINDING

Some persons became angry and furious when I try to ask different things to them.

It was summer season at visit time. Areas were unknown for me and I was depending on

another person for rout knowledge. It was a big problem. No stipend was given to me for my training. Visit at area to

area was expansive in the way for me. They are totally based on Accountant and loyar’s. They think with the saving account he had problem in

sales tax and income tax.

CONCLUSION

& in U.K, it is the only one largest corporation existing. Turnover of MAX NEW YORK of year 2006 is 1500 crores & which is incomparable to other insurance corporation under private sector.

MAX NEW YORK LIFE INSURANCE is a sector insurance group MAX NEW YORK LIFE INSURANCE insurance made is debut in India well over 100 years ago. Turnover of Bajaj Allianz of year 2006 is 12000 Crores. Since it is a MAX NEW YORK LIFE INSURANCE sector company everything remains in the hand of government.

SUGGESTIONS

However it is true that “MAX LIFE INSURANCE” is providing better quality services but researcher has faced many complaints and find that customer’s are not satisfied with “MAX LIFE INSURANCE” services because of lack of awareness. Customers are also seems frustrated.The plans of MAX LIFE INSURANCE of India are much better than that of Bajaj Allianz.The most popular plan of MAX LIFE INSURANCE of India is Capital Unit GainIn my opinion the following steps of Suggestions, Company should adopt to increase his sale: -

The first and the foremost step that company should be self-dependent because the company has collaboration with foreign company.

The company should try to adopt new MAX LIFE INSURANCE so has to take a lead over the other insurance companies.

The company should improve their infrastructure. Marketing is also very much needed for the company.

LIMITATIONS

People did not cooperated while filling the questioner.Few of the people did not filled the full questionnaire.Maximum people complaint regarding the length of the

questionnaire, they thought it is lengthy.People Ire not honest in filling the questionnaire that’s

why the data is not exact.Time consuming.Too much expensive.Lack of awareness among the respondent.Most calls are obtained at the sufferance of the

respondent .The interviewer is unknown to the respondent .

QUESTIONNAIRE

Q.1. If you will have a chance to purchase the policy of any other brand, what will you prefer.

MAX NEW YORK LIFE INSURANCE Reliance OtherQ.2. When did you purchase policy First time. 5 yrs back 10 yrs back 15 yrs back More than 15 yrsQ.3. Amount of policy taken 5,000 10,000 15,000Q.3. Complaints regarding policy whether Satisfied Dissatisfied.Q.4. Which ago group do people prefer to gat insurance. 4-20 20-30 30-40 40-50Q.5. Which class of family prefer insurance Higher Middle Low

BIBLIOGRAPHY

BOOKS-1-- Ahmad, Abad, Management and Organisation

Development,Rachna Prakashan, Nen Delhi, 19972--C.B Mamoria.S.V.Gankar Personnel Management3--I.I.P.M,op.cit,pp.219-221. 4-Indian Institute of Personnel Management in India ,

Calcutta,1972,P.418.-HAND BOOK 1-Fomulo, J.J. (Et.) Handbook of Industial and

Organisational Psychology ,Rand McNally ,Chicago.19762-U.S. Department of Lobour , Handbook of Job

AnalysisWasington,1973