TRAINING REPORT

ON

“POTENTIAL OF LIFE INSURANCE INDUSTRY IN GURGAON”

Undertaken At

MetLife India Insurance Co. Ltd, Gurgaon.

Submitted to

MAHERSHI DAYANAND UNIVERSITY,ROHTAK

In partial fulfilment of the requirements for the award of the degree of

MASTER OF BUSINESS ADMINISTRATION

(INDUSTRY INTEGRATED)

(2nd Semester)

Submitted by

Name : LOKESH KUMAR CHANDELIA

Regn. No. 1073901950

SKYLARK SCHOOL OF BUSINESS & TECHNOLOGY

PALAM VIHAR SECTOR 23,GURGAON(HARYANA)

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CERTIFICATE FROM THE ORGANIZATION

This is to certify that the project entitled “Potential of Life Insurance Industry in Gurgaon” is a bonafide work of Lokesh kumar chandelia, a student of skylark school of business & technology(SSBT),Gurgaon and was successfully conducted at, MetLife India Insurance Co. Ltd, Gurgaon, from 25st march to 25st may,2011 for the fulfillment of the course Master of Business Management (MBA) of Mahershi dayanand university,Rohtak.

Mr. Gaurav Nayyer,

Sales Manager

MetLife India Insurance Co. Ltd,

Gurgaon.

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CERTIFICATE BY THE GUIDE

This is to certify that the project work entitled “Potential of Life Insurance Industry in Gurgaon” is a piece of work done by Lokesh kumar chandelia, student of Skylark School of Business & Technology, under my guidance and supervision for the fulfillment of the course MBA, Skylark School of Business & Technology,Gurgaon

To the best of my knowledge and belief the project embodies the work of the candidate himself and has been duly completed. Simultaneously, the project fulfills the requirements of the rules and regulations related to the internship of the institute and I am assured that the project is up- to the standard both in respect to the contents and language for being referred to the examiner.

I wish him all success in life

Name :

Designation :

Qualifications :

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STUDENTS DECLERATION

I hearby declare that the Training Report conducted at

METLIFE INDIA INSURANCE COMPANY LTD.,GURGAON

Under the guidance of

(faculty)

Submitted in partial fulfillment of the requirements for the degree of

MASTER OF BUSINESS ADMINISTRATION

(Industry Integrated)

TO

MAHERSHI DAYANAND UNIVERSITY,ROHTAK

Is my original work and the same has not been submitted for the award of any other degree/diploma/fellowship or other similar titles or prizes.

LOKESH KUMAR CHANDELIA

Place : Regn. No.:1073901950

Date :

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ACKNOWLEDGEMENT

I am thankful to MetLife India Insurance Co. Ltd. for providing me an

opportunity to undertake training in their esteemed organization. I would like to

special thanks to my project manager Mr. Gaurav Nayyer, Sales Manager at

MetLife India Insurance Co. Ltd, Gurgaon, 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 director Mr. of Skylark School of business &

technology,gurgaon,Miss. (faculty members), NIAM’s training officer in

charge Mr. for providing me guidance in preparing my project report.

Last but not the least I am also thankful to all my friends,colleagues & the staff

members of MetLife India Insurance Co. Ltd to make my project successful.

LOKESH KUMAR CHANDELIA

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CONTENTS

PARTICULARS

INTRODUCTION Introduction of the Industry

Life Insurance General Insurance Major Policy changes Changing Face of Indian Insurance Industry Various types of Life Insurance Policies

PROFILE OF THE ORGANISATION Company Profile MetLife Inc. Values Insurance Plans/Products

DISCUSSION ON TRAINING Work profile Tools and techniques. Key learnings

STUDY OF SELECTED RESEARCH PROBLEM Objective Scope of study Sampling Methodology Limitations

ANALYSIS Graph Analysis & Data Interpretation Summary of Findings

SUMMARY AND CONCLUSIONS Summary of learning Experience. Conclusion

APPENDICES Questionnaires

BIBLIOGRAPHY

LIST OF GRAPHS6

Particulars Page No.

[Fig 1] No of People Having Insurance

[Fig 2] Types of Insurance Policy Respondents Have

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

[Fig 4] Benefits of Insurance Perceived by Respondents

[Fig 5] Features of Insurance Policy That Attracted Respondents

[Fig 6] Peoples Perception About Insurance

[Fig 7] Persons Having Insurance For

[Fig 8] Reasons Behind Taking Insurance Policies

[Fig 9] Satisfaction of Respondents With Respect to Policies

[Fig 10] Satisfaction of Respondents With Respect to Agents

[Fig 11] No of Respondents Paying Tax

[Fig 12] Respondents Perception About Best Form of Investment

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

[Fig 14] Peoples Opinion About Insurance Companies in India

[Fig 15] What People Look For in Insurance Companies

[Fig 16] People Interested In Going For Insurance Away From Their City

[Fig 17] People Planning For New Investment

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INTRODUCTION

Introduction of the IndustryIntroduction 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

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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

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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,

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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:

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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.

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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).

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PROFILE OF THE ORGANISATION

COMPANY PROFILE

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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

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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

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"Coming into your own",performing as a

Leader to be really effective and successful by

acting and making decisions independently to

get results.

 

It's all about People, MetLife's key resource. MetLife will succeed

because we are winning from within.

Functioning productively in teams towards a common

purpose; realising the collective power of diverse

work-groups.

 

Operating with an intense dedication to managing monetary resources for strong business results.

Conducting all business endeavors with truth, sincerity and fairness.

 

Continuously creating and introducing new and original ideas and ways of doing things.

PARTNERS

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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.

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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.

PRODUCTS

Child Plan:-

Met Bhavishya

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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 ParOn attaining maturity, the Person Insured will receive the Sum Assured. Met Junior - ParOn 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

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At the end of 5 years 20% of Sum Assured

At the end of 10 years 20% of Sum Assured

At the end of 15 years 20% of Sum Assured

Upon survival to maturity 40% of Sum Assured plus total 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

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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 BenefitIn 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 BenefitOn maturity, you will receive the Fund Value including the Guaranteed Loyalty Addition or you can opt for the settlement options.

Loyalty AdditionsYou 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:

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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 yearsMax – 55 years

Minimum Term10 years

Minimum Vesting Age 45 years

Maximum Vesting Age 65 years

Minimum PremiumsSingle Pay: Rs. 1,00,000Regular Premium: Rs. 10,000

Premium Paying Term Single Pay & Regular Pay

Benefits

Death BenefitIn 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 BenefitOn 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.

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

Minimum Term10 years

Minimum Vesting Age 45 years

Maximum Vesting Age 70 years

Minimum Sum Assured Rs. 50,000

Maximum Sum Assured No Limit

Minimum Annual PremiumRs. 4000 p.a. for Regular Pay

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

Benefits

Death BenefitIn 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

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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 yearsMax - 55 years

Coverage Term 20 years

Premium Payment Term Regular

Minimum Sum Assured Rs. 75,000

Maximum Sum Assured No Limit

Benefits

Death BenefitIn 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 BenefitOn maturity, the life insured will receive the Survival Benefits plus the Guaranteed Addition.

Survival Benefits

Met Suvidha

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

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

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

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

'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 yearsNon-Par: 15 years - 70 years

Term Par: - 15 years - 30 yearsNon-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

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Minimum Entry Age 15 yrs 0 yrs

Maximum Entry Age 70 yrs for ppt of 15 yrs65 yrs for ppt of 20 yrs60 yrs for ppt of 25 yrs

70 yrs for ppt of 15 yrs65 yrs for ppt of 20 yrs60 yrs for ppt of 25 yrs 70 yrs for life – ppt

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

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

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

Minimum Annual Premium

Rs. 1,000 for issue age of < 15 yrsRs. 2,500 for issue age of > = 15 yrs

Met 100 Gold: Rs. 2,500Met 100 Platinum: Rs. 7,500

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Death BenefitMet 100 - ParIn the event of death, the Sum Assured plus the Reversionary Bonus and Terminal Bonuses, if any, are payable.

Met 100 - Non-Par In the event of death, the Sum Assured is payable.

Maturity BenefitMet 100 - Par On maturity of the policy, the Sum Assured plus the Reversionary Bonus and Terminal Bonuses, if any, are payable.

Met 100 - Non-Par On maturity of the policy, the Sum 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

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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

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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 - ParIn the event of death during the term of the policy, the beneficiary will receive the base Sum Assured, the accrued reversionary bonus and terminal bonus if any.

Maturity BenefitMet Suvidha - ParOn maturity of the policy, you will receive the base Sum Assured, the accrued reversionary bonus and 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.

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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

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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 at Entry

8 3 0 (3 months to be completed)

Maximum Age at Entry

55 50 50

Minimum Premium

20,000 15,000 12,000

Maximum Premium

6,00,000 4,00,000 3,00,000

Sum Assured 5 times the annualized regular premium

7.5 times the annualized regular premium

10 times the annualized regular premium

Premium payment modes

Yearly, Half-yearly, Quarterly, Monthly

Yearly, Half-yearly, Quarterly, Monthly

Yearly, Half-yearly, Quarterly, Monthly

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

Benefits-

Death BenefitIn the event of death:In the 1st Policy Year: Higher of 50% of the Sum Assured or the Fund Value is payable.After the 1st Policy

Year: Higher of 100% of the Sum Assured or Fund Value. 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 BenefitOn maturity, you will receive the Fund Value including the Loyalty Addition

32

or you can opt for the settlement options.

Loyalty AdditionsWith Met Easy, you get the benefit of potentially enhancing your

wealth creation with loyalty additions that are added to your policy on maturity.

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 years) Min – 0 years (3 months to be completed)

Max – 70 years

Maturity Age 100 years

Premium Payment Term Regular

Minimum Annualized Premium Rs. 12,000

Minimum Basic Sum Assured Rs. 60,000

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

Met Smart Plus- Single Pay

33

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

34

any medical examination. Just fill up the simple application form and start enjoying the unmatched benefits of Met Health Care.

Minimum/Maximum age of entry

18 years-55 years (At first entry, for the 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 DisabilityBenefit

Premium paying frequency Yearly. Half-Yearly mode is avaiable only if 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 Cash Benefit

Rs. 1000 per day

Rs. 2000 per day

Rs. 3000 per day

Rs. 4000 per day

Rs. 5000 per day

Daily ICU Cash Benefit

Rs. 2000 per day

Rs. 4000 per day

Rs. 6000 per day

Rs. 6000 per day

Rs. 6000 per 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 & Permanent Disability Benefit

Rs. 1 Lakh Rs. 2 Lakh Rs. 3 Lakh Rs. 3 Lakh Rs. 3 Lakh

Benefits

35

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.

DISCUSSION ON TRAINING

36

Work profile

Tools and techniques

Key learnings

STUDY OF THE SELECTED

37

RESEARCH PROBLEM

Objective Scope of study Sampling methodology Limitations

RESEARCH METHODOLOGY

TITLE:

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

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

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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 Gurgaon. 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

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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

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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 Gurgaon due to time constraints.

Sampling Area:

The area of the research was Gurgaon, India.

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LIMITATIONS OF THE

RESEARCH

1. The research is confined to a certain parts of Gurgaon 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.

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ANALYSIS

Analysis of dataSummary of findings

43

DATA ANALYSIS &

INTERPRETATION

NUMBER OF PEOPLE HAVING INSURANCE

RESPONSE NO. OF RESPONDENTS

SHARE (%)

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.

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TYPES OF INSURANCE POLICY RESPONDENTS HAVE

POLICY TYPE NO. OF RESPONDENTS

SHARE (%)

LIFE POLICY 75 75

NON LIFE POLICY 25 25

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]

45

PREFERENCE OF RESPONDENTS OF INSURANCE COMPANIES

COMPANY’S NAME NO.OF RESPONDENT SHARE (%)

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.

46

BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS

BENEFITS NO.OF RESPONDENTS SHARE (%)

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.

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Cover Future Uncertainty

55%Tax

Deductions20%

Future Investment

25%

[Fig 4]

FEATURES OF INSURANCE POLICY THAT

ATTRACTED RESPONDENTS

FEATURE NO.OF RESPONDENTS

SHARE (%)

Money Back Guarantee 15 15Larger Risk Coverage 37 37

Easy Access to Agents 7 7Low Premium 30 30Company’s Reputation 11 11TOTAL 100 100

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.

48

PEOPLE PERCEPTION ABOUT INSURANCE

RESPONSE NO. OF RESPONDENTS

SHARE (%)

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]

49

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.

50

REASONS BEHIND TAKING INSURANCE

RESPONSE NO. OF RESPONDENTS

SHARE (%)

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.

51

[Some of the respondents opted for two or more than two items]

52

SATISFACTION OF RESPONDENTS WITH RESPECT TO POLICY

RESPONSE NO. OF RESPONDENTS

SHARE (%)

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.

53

SATISFACTION OF POSITIVE RESPONDENTS WITH

RESPECT TO SERVICE AGENT

RESPONSE NO. OF RESPONDENTS

SHARE (%)

Satisfied 45 45%

Not satisfied 55 55%

Not Responded 0 0.0%

Total 100 100%

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.

54

NUMBER OF RESPONDENTS PAYING TAX

RESPONSE NO. OF RESPONDENTS

SHARE (%)

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.

55

RESPONDENTS PERCEPTION ABOUT BEST FORM OF

INVESTMENT FOR SECURING THEIR FUTURE

NO. OF RESPONDENTS

SHARE (%)

Fixed Assets 75 33%

Bank deposits 11 5%

Jewellery 25 11%

Securities i.e. bonds, MFs 40. 17%

Shares 10 4%

Insurance 70 30%

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]

56

PEOPLE’S PERCEPTION ON APPROPRIATE AGE FOR

BUYING INSURANCE

RESPONSE NO. OF RESPONDENTS

SHARE (%)

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.

57

PEOPLE OPINION ABOUT INDIAN INSURANCE

COMPANIES

RESPONSE NO. OF RESPONDENTS

SHARE (%)

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.

58

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]

59

WHAT PEOPLE LOOK FOR IN AN INSURANCE

COMPANY

RESPONSE NO. OF RESPONDENTS

SHARE (%)

A trusted name 82 82%

Friendly service & responsiveness

71 71%

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.

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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 RESPONDENTS

SHARE (%)

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

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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 RESPONDENTS

SHARE (%)

Planning 87% 87%

Not planning 13 13%

Total 100 100%

INTERPRETATION

62

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.

63

SUMMARY AND

CONCLUSIONS

64

SUMMARY OF LEARNING EXPERIENCE

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

65

company can be explained to the customer.

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.

66

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 – 4% 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

67

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

68

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.

69

APPENDICES ANNEXTURE

70

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) ICICIPRUDENTIALc) SBI LIFE INSURANCE d) MET LIFE INDIA INSURANCE e) MAX NEW YORK LIFE INSURANCE f) BAJAJ ALLIANZEg) RELIANCE LIFE INSURANCEh) 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

71

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

72

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

73

OFFERS BETTER SERVICE & PRODUCTS?

a) YES b) NO c) UNCERTAIN

16.ARE YOU PLANNING FOR NEW INVESTMENTS? PLANNING NOT PLANING

THANK YOU.

BIBLIOGRAP

HY

WEBSITES REFERRED www.metlife.co.in www.irdaindia.org www.thehindubusinessline.com

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