“Potential of Life Insurance Industry in Jaipur

8/6/2019 Potential of Life Insurance Industry in Jaipur

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A PROJECT REPORT ON

Potential of Life Insurance Industry in Jaipur

By Sudhir Kumar Jain

MBA, 2008-10ISBM, Gyan Vihar Universe, Jaipur

MetLife India Insurance Co. Ltd


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A PROJECT REPORT ON

Potential of Life Insurance Industry in Jaipur

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

At

MetLife India Insurance Co. Ltd, Jaipur.

Submitted by:

Sudhir Kumar Jain

(MBA 2008-10)

International School of Business Management

Gyan Vihar Universe,

Jaipur

Company Guide:

Mr. Tusar sharma

Sales Manager,

MetLife India Insurance Co.

Ltd, Jaipur

Faculty Guide:

Miss Anshul Yadav

ISBM, Gyan Vihar

Jaipur
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CERTIFICATE FROM THE ORGANIZATION

This is to certify that the project entitled Potential of Life Insurance Industry

in Jaipur is a bonafide work of Sudhir Kumar Jain, a student of International

school of Business Management (ISBM), and was successfully conducted at,

MetLife India Insurance Co. Ltd, Jaipur, from 1st June to 31st July, 09 for the

fulfillment of the course Master of Business Management (MBA) of ISBM,

Gyan Vihar Universe, Jaipur.

Mr. Tusar Sharma,

Sales Manager,

MetLife India Insurance Co. Ltd,

Jaipur.


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CERTIFICATE BY THE GUIDE

This is to certify that the project work entitled Potential of Life Insurance

Industry in Jaipur is a piece of work done by Sudhir Kumar Jain, student

of International School Of Business Management, under my guidance and

supervision for the fulfillment of the course MBA, International School Of

Business Management, Gyan Vihar Universe, Jaipur

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 summer

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.

Anshul Yadav


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LIST OF GRAPHS

Particulars Page

No.

[Fig 1] No of People Having Insurance

[Fig 2] Types of Insurance Policy Respondents Have

45

46

[Fig 3]Preferance of Respondents of Insurance Cos

[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] Peoples 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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49

50

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52

53

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55

56

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58

60

61

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ACKNOWLEDGEMENT

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

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

special thanks to my project manager Mr. Tusar Sharma, Sales Manager at

MetLife India Insurance Co. Ltd, Jaipur, who helped me throughout the project

and also encouraged me to take this project in future course for my career.

I am also thankful to Miss. Anshul Yadav (faculty members) for providing me

guidance in preparing my project report.

Last but not the least I am also thankful to all the staff members of MetLife

India Insurance Co. Ltdto make my project successful.

SUDHIR KUMAR JAIN


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EXECUTIVE SUMMARY

In todays corporate and competitive world, I find that insurance sector has the

maximum growth and potential as compared to the other sectors. Insurance has

the maximum growth rate of 70-80% while as FMCG sector has maximum 12-

15% of growth rate. This growth potential attracts me to enter in this sector and

MET LIFE INDIA INSURANCE CO. LTD. has given me the opportunity to

work and get experience in highly competitive and enhancing sector.

The success story of good market share of different organizations depends

upon the availability of the product and services near to the customer,

which can be distributed through a distribution channel. In Insurance

sector, distribution channel includes only agents or agency holders of the

company. If a company like MET LIFE INDIA INSURANCE CO. LTD,

MAX NEW YORK LIFE, BAJAJ ALLIANZ, TATA AIG, etc has

adequate agents in the market they can capture big market as compared to

the other companies.

Agents are the best way for a company of Insurance sector through which

policies and benefits of the company can be explained to the customer.


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INTRODUCTION

Introduction of the Industry

Introduction of the Company

Company Profile

Achievements

Management

Insurance Plans


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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 againstloss and disaster existed in primitive men also. They too sought to avert the evil

consequences of fire and flood and loss of life and were willing to make some

sort of sacrifice in order to achieve security. Though the concept of insurance is

largely a development of the recent past, particularly after the industrial era

past few centuries yet its beginnings date back almost 6000 years.

Life Insurance

In 1818 the British established the first insurance company in India in Calcutta,

the Oriental Life Insurance Company. First attempts at regulation of the industry

were made with the introduction of the Indian Life Assurance Companies Act in

1912. A number of amendments to this Act were made until the Insurance Act

was drawn up in 1938. Noteworthy features in the Act were the power given to

the Government to collect statistical information about the insured and the high

level of protection the Act gave to the public through regulation and control.

When the Act was changed in 1950, this meant far reaching changes in the

industry. The extra requirements included a statutory requirement of a certain

level of equity capital, a ceiling on share holdings in such companies to prevent

dominant control (to protect the public from any adversarial policies from one

single party), stricter control on investments and, generally, much tighter

control. In 1956, the market contained 154 Indian and 16 foreign life insurance

companies. Business was heavily concentrated in urban areas and targeted the

higher echelons of society. Unethical practices adopted by some of the players

against the interests of the consumers then led the Indian government to

nationalize the industry. In September 1956, nationalization was completed,

merging all these companies into the so-called Life Insurance Corporation

(LIC). It was felt that nationalization has lent the industry fairness, solidity,

growth and reach.


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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 ofTriton

Insurance Company Limited in 1850 at Calcutta. In 1907, the first company,

The Mercantile Insurance Ltd. was set up to transact all classes of general

insurance business. General Insurance Council, a wing of the Insurance

Association of India in 1957, framed a code of conduct for ensuring fair conduct

and sound business practices. In 1968 the Insurance Act was amended to

regulate investments and to set minimum solvency margins. In the same year

the Tariff Advisory Committee was also set up. In 1972, The General

Insurance Business (Nationalization) Actwas passed to nationalize the generalinsurance business in India with effect from 1st January 1973. For these 107

insurers was amalgamated and grouped into four companys viz., theNational

Insurance Company Ltd., the New India Assurance Company Ltd., theOriental 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.


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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.


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MAJOR POLICY CHANGES

Insurance sector has been opened up for competition from Indian private

insurance companies with the enactment of Insurance Regulatory and

Development Authority Act, 1999 (IRDA Act). As per the provisions of IRDA

Act, 1999, Insurance Regulatory and Development Authority (IRDA) was

established on 19th April 2000 to protect the interests of holder of insurance

policy and to regulate, promote and ensure orderly growth of the insurance

industry. IRDA Act 1999 paved the way for the entry of private players into the

insurance market which was hitherto the exclusive privilege of public sector

insurance companies/ corporations. Under the new dispensation Indian

insurance companies in private sector were permitted to operate in India with

the following conditions:

Company is formed and registered under the Companies Act, 1956;

The aggregate holdings of equity shares by a foreign company, either by itself

or through its subsidiary companies or its nominees, do not exceed 26%, paid up

equity capital of such Indian insurance company;

The company's sole purpose is to carry on life insurance business or general

insurance business or reinsurance business.

The minimum paid up equity capital for life or general insurance business is

Rs.100crores.

The minimum paid up equity capital for carrying on reinsurance business has

been prescribed as Rs.200crores.

The Authority has notified 27 Regulations on various issues which include

Registration of Insurers, Regulation on insurance agents, Solvency Margin, Re-

insurance, Obligation of Insurers to Rural and Social sector, Investment and

Accounting Procedure, Protection of policy holders' interest etc. Applications

were invited by the Authority with effect from 15th August, 2000 for issue of

the Certificate of Registration to both life and non-life insurers. The Authority

has its Head Quarter at Hyderabad.


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Life insurance is also now being regarded as a versatile financial

planning tool. Apart from the traditional term and saving insurance policies,

industry has seen the entry and growth of unit linked products. This provides

market linked returns and is among the most flexible policies available today for

investment. Now products are priced, flexible, and realistic and sustain so

people in better position to understand the risk and benefits of the product and

they are accepting these innovative products.

So it is clear that the face of life insurance in India is changing,

but with the changes come a host of challenges and it is only the credible

players with a long term vision and a robust business strategy that will survive.

Whatever the developments, the future and the opportunities in this industry will

surely be exciting.

Various types of life insurance policies:-

Endowment policies: This type of policy covers risk for a specified

period, and at the end of the maturity sum assured is paid back to

policyholder with the bonuses during the term of the policy.

Money back policies: This type of policy is for periodic payments of

partial survival benefits during the term of the policy as long as the policy

holder is alive.

Group insurance: This type of insurance offers life insurance protection

under group policies to various groups such as employers-employees,

professionals, co-operatives etc it also provides insurance coverage for

people in certain approved occupations at the lowest possible premium

cost.

Term life insurance policies: This type of insurance covers risk only

during the selected term period. If the policy holder survives the term,

risk cover comes to an end. These types of policies are for those people

who are unable to pay larger premium required for endowment and whole

life policies. No surrender, loan or paid up values are in such policies.

Whole life insurance policies: This type of policy runs as long as the

policyholder is alive and is covered for the entire life of the policyholder.

In this policy the insured amount and the bonus is payable only to

nominee on the death of policy holder.


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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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COMPANY PROFILE

MetLife India Insurance Company Limited (MetLife) is an affiliate of MetLife,

Inc. and was incorporated as a joint venture between MetLife International

Holdings, Inc., The Jammu and Kashmir Bank, M. Pallonji and Co. Private

Limited and other private investors. MetLife is one of the fastest growing life

insurance companies in the country. It serves its customers by offering a range

of innovative products to individuals and group customers at more than 600

locations through its bank partners and company-owned offices. MetLife has

more than 50,000 Financial Advisors, who help customers achieve peace of

mind across the length and breadth of the country.

MetLife, Inc., through its affiliates, reaches more than 70 million customers in

the Americas, Asia Pacific and Europe. Affiliated companies, outside of India,

include the number one life insurer in the United States (based on life insurance

enforce), with over 140 years of experience and relationships with more than 90

of the top one hundred FORTUNE 500 companies. The MetLife companies

offer life insurance, annuities, automobile and home insurance, retail banking

and other financial services to individuals, as well as group insurance,

reinsurance and retirement and savings products and services to corporations

and other institutions.

MetLife Inc.:-

Celebrating 140 years, MetLife, Inc. is a leading provider of insurance and

financial services with operations throughout the United States and the Latin

America, Europe, and Asia Pacific regions. Through its domestic and

international subsidiaries and affiliates, MetLife, Inc. reaches more than 70
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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 asgroup insurance and retirement & savings products and services to corporations

and other institutions.

FACT SHEET

Founded 2001

Started Operation FY 2001-02

Headquarters Bangalore, India

World Wide Web Address www.metlife.co.in

Managing Director Rajesh Relan

Employees 7688

Financial Advisors 56,072

Bancassurance Tie-Ups 5 (J&K Bank/Axis

Bank/Dhanalakshmi

Bank/Karnataka Bank/Barclays)

Number Of Products Over 20 products

Presence Through MetLife Offices 192 offices in 131 cities

Presence Through Bank Partners 1910 offices in 686 cities


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"Coming into yourown",performing

as a Leader to bereally effective

and successful byacting and making

decisionsindependently to

get results.

It's all aboutPeople, MetLife's

key resource.MetLife will

succeedbecause we are

winning fromwithin.

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 withtruth, sincerity and

fairness.

Continuously

creating and

introducing newand original ideas

and ways of doing

things.

Management:-


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Rajesh Relan

Managing Director

MSVS Phanesh Murthy

Appointed Actuary

Shilpa Vaid

Deputy Director- Human Resources

Gaurav Sharma

Director - Customer Service and Operations

Girish Malhotra

Director- Agency

KR Anil Kumar

Director - Financial Planning

& Controller

KS Raghavan

Chief Administrative Officer

Preetinder Chadha

Deputy Director - Corporate Sales & Training

P. S. Sankaran

Director Business Support

Sameer Bansal

Director- BA & BP

Vijay Raghavan

Director - Marketing & Strategy

Partners:-
http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23http://www.metlife.co.in/MetLifeAboutus_MgtTeam.aspx#%23


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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.

MetLifes core values are personal responsibility, people count, partnership,

integrity and honesty, innovation and financial strength. These values also

shape the responsibility to the communities where the organization conducts its

business.

Child Plan:-

Met Bhavishya
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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 Par

On attaining maturity, the Person Insured will receive the Sum Assured.

Met Junior - Par

On attaining maturity, the Person Insured will receive the Sum Assured, the

Reversionary Bonus and the Terminal Bonus, if any.

Met Little Star

When child is born, a star is born in family. And, parents would like to provide

their star with all the building blocks that could develop his or her potential to

the fullest. This could mean special instruction sessions for talented children,

unique training gear for exceptional athletes or qualified training for born

singers to provide that extra-edge.

To ensure this, parents would need an investment and protection package that is

exclusively designed to help you plan for financial security, no matter what

uncertainties life brings.

'Met Little Star', a Unit-Linked, regular premium, child insurance plan helps

parents do just that. It secures finances for child's educational needs and ensures

that plans go as planned, no matter what the circumstances.

\Met Junior Money Back
http://www.metlife.co.in/MetLifeIndPlans_Child_MetJuniorEndowment.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Child_MetLittleStar.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Child_MetJuniorMoneyBack.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Child_MetJuniorEndowment.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Child_MetLittleStar.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Child_MetJuniorMoneyBack.aspx


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MetLife offers 'Met Junior Money Back' - a money back plan that combines

savings and security. Child's well-being is our highest priority. So MetLife offer

a money back plan which provides guaranteed periodic survival benefits at the

end of 5, 10 & 15 years, along with guaranteed growth of savings.

A plan which offers both timely and efficient return on investment with payouts

at different milestones.

Survival Benefit

At the end of 5 years 20% of Sum Assured



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 BYTHE POLICY HOLDER )

Retirement:-
http://www.metlife.co.in/MetLifeIndPlans_Childplan_MetMagic.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Retirement_landing.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Childplan_MetMagic.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Retirement_landing.aspx


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Met Growth

MetLife offers 'Met Growth' - a Unit-Linked solution to help in golden years. It

is specially designed to provide financial security for future requirements. This

plan allows to start planning immediately by ensuring the safety of first year

premiums. It also helps create retirement fund faster by giving you 100%

allocation from the second year onwards, coupled with attractive loyaltyadditions into fund. Guaranteed.

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

Max 60 years

Maturity Age Min 18 years

Max 75 years

Coverage Term 15 / 20 / 25 / 30 years

Premium Payment Term Regular

Minimum Annualized Premium Rs. 12,000

Basic Sum Assured Min - 5 times the Annualized Premium ***Other Sum

Assured multiples - 10 times & 20 times the Annualized

Premium.

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

Benefit

Death Benefit

In the unfortunate event of death, the higher of the Sum Assured or

the Fund Value would be payable.

If death of the Person Insured occurs before age 7, the Fund Value

plus the regular premium received by us in the first policy year is

payable.
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Maturity Benefit

On 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:

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, its a plan which worksharder 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 Term 10 years

Minimum Vesting Age 45 years

Maximum Vesting Age 65 years

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

Premium Paying Term Single Pay & Regular Pay

Benefits
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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 tothe 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 tobuy annuities. Or you can use the entire retirement kitty to buy annuities.

Met Pension-Par

'Met Pension (Par)' serves as a friendly helping hand so one can stay financially

independent even after retirement. It helps to build up a fund for golden years.

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

Entry Age (in completed

years)

Min 18 years

Max 60 years

Minimum Term 10 years

Minimum Vesting Age 45 years

Maximum Vesting Age 70 years

Minimum Sum Assured Rs. 50,000

Maximum Sum Assured No Limit

Minimum Annual

Premium

Rs. 4000 p.a. for Regular Pay

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

Pay

Benefits

Death Benefit

In case of death while one is saving for retirement, the death benefit

payable is:

1. Return of premiums.

2. Accrued reversionary bonus, if any.

3. Any insurance on the life of the Insured that may be provided by riders
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to this policy.

Vesting Benefit

On the vesting date, you can take one third of your retirement kitty as atax-free lump sum and utilize the balance to buy annuities or you can use

the entire retirement kitty to buy annuities. The retirement fund on the

date of vesting is equal to the Sum Assured plus Guaranteed Additions plus

the compounded reversionary bonuses plus the terminal bonus, if any.

Guaranteed Additions

Savings:-

Met Sukh

MetLife offers 'Met Sukh'- a guaranteed money-back policy which provides

guaranteed periodic survival benefits at the end of 5, 10, 15 & 20 years and

guaranteed additions of 10% of the Sum Assured for the entire term. It not only

covers your life, but also guarantees you cash payments at various milestones

along with guaranteed growth of your savings.

Entry Age Min - 15 years

Max - 55 years

Coverage Term 20 years
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Benefits

Death Benefit

In the unfortunate event of death of the Person Insured, the Sum

Assured along with the Guaranteed Additions are payable.

The policyholder is entitled to Guaranteed Additions of Rs. 100 per

Rs. 1,000 of the Sum Assured for each completed year.

Maturity Benefit

On maturity, the life insured will receive the Survival Benefits plus

the Guaranteed Addition.

Survival Benefits

Met Suvidha

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



Upon survival to

maturity

40% of the Sum Assured

plus Total Guaranteed

Additions
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'Met Suvidha' is a flexible Endowment Plan that combines savings and security.

In addition to providing you protection till the maturity of the plan, it helps you

save for your specific long term financial objectives. This long term savings-

cum-protection plan comes to a customer at affordable premiums.

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

versions.

Minimum Entry Age Par: 15 years - 60 years

Non-Par: 15 years - 70 years

Term Par: - 15 years - 30 years

Non-Par: 5 years - 30 years

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

Regular Pay

Minimum Annual Premium Amount Rs. 2,500



Met Saral

MetLife presents 'Met Saral' - a non- participating endowment plan. As the

name suggests, its 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
http://www.metlife.co.in/MetLifeIndPlans_Savings_MetSaral.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Savings_Met100.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Savings_MetSaral.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Savings_Met100.aspx


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

years.

It helps create a legacy for the children, leaving money for a dependant spouse

and, more importantly, provides insurance cover at affordable rates.

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

Non-Par Par

Minimum Entry Age 15 yrs 0 yrs

Maximum Entry Age 70 yrs for ppt of 15 yrs

65 yrs for ppt of 20 yrs60 yrs for ppt of 25 yrs

70 yrs for ppt of 15

yrs65 yrs for ppt of 20

yrs

60 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

Death Benefit

Met 100 - Par

In the event of death, the

Sum Assured plus the


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Reversionary Bonus and

Terminal Bonuses, if any,

are payable.

Met 100 - Non-ParIn the event of death, the

Sum Assured is payable.

Maturity Benefit

Met 100 - Par

On maturity of the policy,

the Sum Assured plus the

Reversionary Bonus andTerminal Bonuses, if any,

are payable.

Met 100 - Non-Par


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
http://www.metlife.co.in/MetLifeIndPlans_Protection_landing.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Protection_MetSuraksha.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Protection_MetSurakshaTROP.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Protection_landing.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Protection_MetSuraksha.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Protection_MetSurakshaTROP.aspx


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to the fullest. You can further customize your plan with two

riders Accidental Death Benefit and Critical Illness.

Met Mortgage Protector

This plan which provides life cover for home loans taken for

any period above 5 years. It is a decreasing term insurance

with single and limited premium options. The plan covers an

amount equal to the outstanding amount as per the policy

schedule.

It ensures the assets that have created stays with family.

Rural :-

None of us can be sure what tomorrow will bring. Shield your

families against the unknown. MetLifes rural plans protect

your loved ones against financial liabilities and help you save

for tomorrow. All at affordable premiums

Met Vishwas

'Met Vishwas', - a single premium, micro insurance, non-

participating term assurance plan which provides life cover at

a nominal cost. On survival, customers get 110% or 125% of

the premium.

Minimum Entry Age 18 years

Maximum Entry Age 60 years

Maximum Maturity Age 70 years


Maximum Sum Assured Rs. 50,000
http://www.metlife.co.in/MetLifeIndPlans_Protection_MortgageProtector.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Rural_landing.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Rural_MetVishwas.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Protection_MortgageProtector.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Rural_landing.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Rural_MetVishwas.aspx


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Policy Term 5 or 10 years

Premium Paying Terms Single Pay

Met Suvidha-Rural

Met Suvidha (Rural) is a participating flexible Endowment

Plan that combines savings and security. In addition to

providing protection up to maturity, it helps to save for

specific long term financial objectives. This long term

savings-cum-protection plan comes at affordable premiums.

Benefits:

Met Suvidha - Par

In the event of death

during the term of the

policy, the beneficiary will

receive the base Sum

Assured, the accruedreversionary bonus and

terminal bonus if any.

Maturity Benefit

Met Suvidha - Par


you will receive the base

Sum Assured, the accrued

reversionary bonus andterminal 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.
http://www.metlife.co.in/MetLifeIndPlans_Rural_MetSuvidha.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Rural_MetSuvidha.aspx


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Investment:-

MetLifes Unit-Linked Insurance Plans ensure systematicenhancement of wealth. Be it higher returns or the right blend

of protection and wealth optimization, they help to ensure the

right choice and peace of mind.

(IN THESE POLICY, THE INVESTMENT RISK IN

INVESTMENT PORTFOLIO IS BORNE BY THE POLICY

HOLDER )

Met Easy

A simplified unit-linked plan which offers an opportunity to

systematically build wealth and protection for you and your

family.
http://www.metlife.co.in/MetLifeIndPlans_Inv_landing.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_MetEasy.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_landing.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_MetEasy.aspx


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(The maximum Sum Assured available in this product is based on age, at

the time of buying the policy.)

Benefits-

Death Benefit

In 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

Benefit

On maturity,

you will receive

the Fund Value

including the

Loyalty

Addition or you

can opt for the

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


Quarterly, Monthly


Quarterly, Monthly


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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 lifes

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. Its 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


Minimum Annualized

Premium

Rs. 12,000
http://www.metlife.co.in/MetLifeIndPlans_Inv_SmartGold.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_SmartPlus_RegularPay.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_SmartGold.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_SmartPlus_RegularPay.aspx


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Minimum Basic Sum

Assured

Rs. 60,000

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

Met Smart Plus- Single Pay

Same as Met Smart Plus Regular but premium is payable in a

single term or at the time of policy taken.

Met Smart Premier- Regular Pay

MetLife offers 'Met Smart Premier' a Unit-Linked Wholelife plan that matures at age 100. You want to protect your

family from lifes 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#.
http://www.metlife.co.in/MetLifeIndPlans_Inv_SmartPlus_SinglePay.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_SmartPremier_RegularPay.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_SmartPremier_SinglePay.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Health_MetHealthCare.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Health_MetHealthCare.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_SmartPlus_SinglePay.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_SmartPremier_RegularPay.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Inv_SmartPremier_SinglePay.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Health_MetHealthCare.aspxhttp://www.metlife.co.in/MetLifeIndPlans_Health_MetHealthCare.aspx


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(# 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 ofundergoing 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


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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 perday

Rs. 6000 perday

Rs. 6000 perday

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

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.


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RESEARCH METHODOLOGY

Objective

Scope of study

Sampling methodology

Limitations


41/81


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RESEARCH METHODOLOGY

TITLE:

To Study Potential of Life Insurance Industry in Jaipur.

TITLE JUSTIFICATION:

The above title is self explanatory. The study deals mainly

with studying the buying pattern in the insurance industry with

a special focus on MetLife India Insurance Co. Ltd. The

various segments of the markets divided in terms of Insurance

Needs, Age groups, Satisfaction levels etc will also studied.

OBJECTIVE

Main objective of the research is to have an analysis of lifeinsurance industry in Jaipur. To accomplish this objective it

has been divided into five.

To determine reasons behind opting for an insurance.

To know the most preferred policy.

To determine customers perception towards private

insurance companies and their expectation form

private insurance companies.

To determine the feedback on services provided by an

insurance agent.

To study the types of benefits provided by insurance

services.


43/81

SCOPE OF THE STUDY

A big boom has been witnessed in Insurance Industry in recent

times. A large number of new players have entered the market

and are trying to gain market share in this rapidly improving

market. The study deals with reliance in focus and the various

segments that it caters to. The study then goes on to evaluate

and analyze the findings so as to present a clear picture of

trends in the Insurance sector.

SIGNIFICANCE TO THE INDUSTRY:

This is a limited study which takes into consideration the

responses of 100 people. This data can be explorated to take in

the trends across the industry. The significance for the

industry lies in studying these trends that emerge from the

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

only beginning to wake up to its vast possibilities. A study like

this can attempt to guide the future of the industry based on

current trends.

SIGNIFICANE FOR THE RESEARCHER:

To facilitate and provide useful information for the study of

the company and the insurance industry and also provide

recommendations forMetLife India Insurance Co. Ltd


44/81

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 customers

perception and buying behavior, through this questionnaire.

SAMPLING METHODOLOGY

Sampling Technique:

Initially, a rough draft was prepared keeping in mind the

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

know the accuracy of the Questionnaire. The final

Questionnaire was arrived only after certain important changes

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

convinent

Sampling Unit:


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The respondents who were asked to fill out questionnaires are

the sampling units. These comprise of employees of MNCs,

Govt. Employees, Self Employed etc.

Sample size:

The sample size was restricted to only 100, which comprised

of mainly peoples from different regions of Jaipur due to time

constraints.

Sampling Area:

The area of the research was Jaipur, India.

LIMITATIONS OF THE RESEARCH

1. The research is confined to a certain parts of Jaipur and

does not necessarily shows a pattern applicable to all of

Country.

2. Some respondents were reluctant to divulge personal

information which can affect the validity of all responses.

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

one segment can change very quickly. The environmental

changes are vital to be considered in order to assimilate the

findings.


46/81

SURVEY

Graph Analysis

Data Interpretation


47/81

DATA ANALYSIS & INTERPRETATION

NUMBER OF PEOPLE HAVING INSURANCE

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Yes 70 70%

No 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 theview that Insurance is a tool to protect your family.


48/81

TYPES OF INSURANCE POLICY RESPONDENTS

HAVE

POLICY TYPE NO. OFRESPONDENTS

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.


49/81

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

items]

PREFERENCE OF RESPONDENTS OF INSURANCE

COMPANIES

COMPANYS NAMENO.OF

RESPONDENTSHARE (%)

L.I.C. 74 74

Reliance Life

Insurance3 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


50/81


51/81

INTERPRETATION

55% of the respondents believe that covering future

uncertainty is the biggest benefit of an insurance policy.

Whereas, 20% and 25% of them believe that the other

benefits are Tax deduction and future investments

respectively.

FEATURES OF INSURANCE POLICY THAT

ATTRACTED RESPONDENTS

FEATURE NO.OF

RESPONDENTS

SHARE (%)

Money Back Guarantee 15 15

Larger Risk Coverage 37 37

Easy Access to Agents 7 7

Low Premium 30 30

Companys Reputation 11 11

TOTAL 100 100


52/81

MONEYBACK

GUAARENTEE

15%

LAR

COV3

EASYACCESS TO

LOWPREMIUM

30%

REPUTATION OF

COMPANY11%

[Fig 5]

INTERPRETATION

Majority of the respondent (37%) found larger risk

coverage as the most attracted feature of the all.

Minimum respondents (7%) opted for easy access to

agents.

PEOPLE PERCEPTION ABOUT INSURANCE

RESPONSE NO. OF

RESPONDENTS

SHARE

(%)

A saving tool 81 81%

A tax saving device 74 74%

A tool to protect your family 100 100%


53/81

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.


items]

PERSONS HAVING INSURANCE FOR

Response No of respondents

self 40

spouse 28


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children 21

parents 18

all 11

INTERPRETATION

Among that 42% people who having insurance, they have

insurance 40% for self, 28%for spouse ,21% for children and

18% for their parents and 11% for all family member.

REASONS BEHIND TAKING INSURANCE

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Tax saving 80 80%

Saving / Investment 80 80%

Family protection 100 100%


55/81

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.


items]


56/81

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.


57/81

In this case all of those who have taken a policy

have responded.


58/81

SATISFACTION OF +VE 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%

Satisfied

45%

Not satisfied55%

Not Responded

0%[Fig 10]

INTERPRETATION

45% of the respondents are satisfied with their

existing service agent.

55% of the respondents are not satisfied with their

existing insurance agent.


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All of those who have taken a policy have

responded.


60/81

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.


61/81

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%

Fixed

Assets, 75

Bankdeposits, 11

Jewellery, 25

Bonds/MutualFunds, 40

Shares, 10

Insuran

0

10

20

30

40

50

60

70

80

[Fig 12]

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


62/81

future, which is 2nd highest and this shows that insurance

is an important key for securing your future.


items]

PEOPLES 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.


63/81

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 viewthat 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.


64/81

PEOPLE OPINION ABOUT INDIAN INSURANCE

COMPANIES

RESPONSE NO. OFRESPONDENTS

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.


65/81

29.5% feel that Indian Insurance companies are

Non-user friendly.

26.5% feel that services of Indian Insurance

companies are Unsatisfactory.

35.75% of the respondents are with the view that

Indian Insurance companies are Non-aggressive.

24% of the respondents feel that products and

services of Indian Insurance companies is Satisfactory.

Whereas only 10.25% feel that it is Good enough.

And according to the data, no single person has felt

that it is very good.


items]


66/81

WHAT PEOPLE LOOK FOR IN AN INSURANCE

COMPANY

RESPONSE NO. OFRESPONDENTS

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.


67/81

Friendly service & responsiveness and Accessibility

are also important factors looked by customers in a

company.


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


68/81

The interested customers i.e. 43% are ready to go

for insurance even away from a city if services and

products are worthwhile, which again is a good prospect

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

on their favor.

PEOPLE PLANNING FOR NEW INVESTMENTS

RESPONSE NO. OF

RESPONDENTS

SHARE (%)

Planning 87% 87%

Not planning 13 13%

Total 100 100%

Planning

87%

Not Planning

13%

[Fig 17]

INTERPRETATION


69/81

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 forMetLife

India Insurance Co. Ltdto take them on their favor.


70/81

FINDINGS &RECOMMENDATIONS


71/81

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.


72/81

2. The entrance of private players will increase the

competition and it would be a tough task to secure a good

position in market.

3. Since Met Life India Insurance is leading with several

companies policies it should be easy for them to penetrate

into the market and secure a good position if they pay greater

attention to the service part provided to their customer and

thereby forming a long and trusted relationship.

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

are having insurance policy out of which 87.5% of the

customer are planning for new investments. So it can be a

good potential for the company and they should make an

attempt to trap these customers.

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

if a service provider away from their city is providing it. But

in turn they should provide good products and services. The

company should try to convince these customers and get them

in its favor.

GROWTH POTENTIAL


73/81

At present life insurance penetration in India is quite low

3.5% of GDP.

PHASE OF TRANSITION

Life Insurance industry is under the phase of infancy after 50

years of monopoly.

Competition from within and other sectors of financial

market.

Needs environmental support till it reaches a comfort zone


74/81

CONCLUSION

The exhaustive research in the field of Life Insurance threw

up some interesting trends which can be seen in the above

analysis. A general impression that I gathered during Data

collection was the immense awareness and knowledge among

people about various companies and their insurance products.

People are beginning to look beyond LIC for their insurance

needs and are willing to trust private players with their hard

earned money.

People in general have been impressed by the marketing and

advertising campaigns of insurance companies. A high

penetration of print, radio and Television Ad campaigns over

the years is beginning to have its 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.


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The general satisfaction levels among public with regards to

policy and agents still requires improvement. But therein lies

the opportunity for a relative player like MetLife India

Insurance Co. Ltd. LIC has never been known for prompt

service or customer oriented methods and MetLife India

Insurance Co. can build on these factors.

BIBLIOGRAPHY

WEBSITES REFERRED

www.metlife.co.in

www.irdaindia.org

www.thehindubusinessline.com
http://www.metlife.co.in/http://opt/scribd/conversion/tmp/scratch2660/www.irdaindia.orghttp://www.thehindubusinessline.com/http://www.metlife.co.in/http://opt/scribd/conversion/tmp/scratch2660/www.irdaindia.orghttp://www.thehindubusinessline.com/


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ANNEXURE


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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 COS INSURANCE POLICY YOUPREFER THE MOST? (RANKTHEM)

a) LIC

b) ICICIPRUDENTIAL

c) SBI LIFE INSURANCE

d) MET LIFE INDIA INSURANCE

e) MAX NEW YORK LIFE INSURANCE

f) BAJAJ ALLIANZE

g) RELIANCE LIFE INSURANCE

h) ANY OTHER ________( Specify)

5. WHAT DO YOU THINK ARE THE BENEFITS OF

INSURANCE PLAN? (RANK THEM)

a) COVER FUTURE UNCERTAINITY

b) TAX DEDUCTIONS


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c) FUTURE INVESTMENT

d) ANY OTHER _________(Specify)

6. WHATS YOUR PERCEPTION ABOUTINSURANCE?

(RANK THEM)

a) A SAVING TOOL

b) A TAX SAVING DEVICE

c) A TOOL TO PROTECT FUTURE

7. AREYOU 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) BANKDEPOSITS


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c) JEWELLERY d) SECURITIES,

i.e. Bonds, MFs

e) SHARES f) INSURANCE

11.. WHAT DO YOU INTENT TO GAIN FROM

INVESTMENTS?

a) SAVING & RETURNS b) SECURITY

c) TAX BENIFITS

12.WHATS 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.WHATWOULD YOU LOOK FOR IN AN

INSURANCE COs? (RANK THEM)

a) A TRUSTED NAME

b) FRIENDLY SERVICE & RESPONSIVENESS

c) GOOD PLANSd) ACCESSIBILITY


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15.WOULD YOU GO FOR INSURANCE IF A

SERVICE PROVIDER AWAY FROM THE CITY

OFFERS BETTER SERVICE & PRODUCTS?

a) YES b) NO c)

UNCERTAIN

16.ARE YOU PLANNING FOR NEW

INVESTMENTS?

PLANNING NOT PLANING

THANK YOU.

“Potential of Life Insurance Industry in Jaipur

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