Sip Project of Aarti

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A

Summer Training Report

Subject Code: 536322(36)

On

Study on need for life insurance

Submitted for partial fulfillment of requirement for the award of degree

Of

Master of Business Administration

Of

CHHATTISGARH SWAMI VIVEKANAND TECHNICAL

UNIVERSITY

BHILAI (C.G.)

Session 2010-12

Supervised By External Guide Supervised By Internal Guide

MR. TARIQUE KHAN PROF. SHASHANK MEHRA

(SENIOR SALES MANAGER) (FACULTY OF MANAGEMENT)

METLIFE INDIA INSURANCE CO. LTD. DIMAT (RAIPUR)

Submitted by

AARTI PANDEY

Roll No.

Enrollment No.

MBA III Semester

(Section- A/B)

2011

DEPARTMENT OF MANAGEMENT

DISHA INSTITUTE OF MANAGEMENT AND TECHNOLOGY

(Disha Education Society)

Satya Vihar, Vidhansabha-Chandrakhuri Marg, Mandir Hasaud,Raipur (C.G.)492007


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AppendixII

DECLARATION

I the undersigned solemnly declare that the report of the Summer Training work

entitled is based my own work carried out during the course of my study under the

supervision ofMR. SHASHANK MEHRA

I assert that the statements made and conclusions drawn are an outcome of the

project work. I further declare that to the best of my knowledge and belief that the

project report does not contain any part of any work which has been submitted for the

award of any other degree/diploma/certificate in this University or any other

University.

___________________

(Signature of the Candidate)

AARTI PANDEYRoll No.:

Enrollment No.:

MBA III SEM

Section- A


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AppendixIII

Certificate by Organization

Note: In this page you have to put the certificate received from the

organization.


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AppendixIV

CERTIFICATE BY INTERNAL GUIDE

This to certify that the report of the project submitted is the outcome of the project

work entitled carried out by Aarti Pandeybearing Roll No.: & Enrollment

No.: carried by under my guidance and supervision for the award of Degree in

Master of Business Administration of Chhattisgarh Swami VivekanandTechnical

University, Bhilai (C.G), India.

To the best of the my knowledge the report

i) Embodies the work of the candidate herself,

ii) Has duly been completed,

iii) Fulfils the requirement of the ordinance relating to the MBA degree of the University

and

iv) Is up to the desired standard for the purpose of which is submitted.

_______________________

(Signature of the Guide)

PROF. SHASHANK MEHRA

FACULTY OF MANAGEMENT

The project work as mentioned above is hereby being recommended and forwarded

for examination and evaluation.


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AppendixV

CERTIFICATE BY THE EXAMINERS

This is to certify that the project entitled AWARENESS & NEED OF HEALTH

INSURANCE PLAN Submitted by Rajneesh Kumar, Roll No.:5283610007 &

Enrollment No.:AG8019

Has been examined by the undersigned as a part of the examination for the award of

Master of Business Administration degree of Chhattisgarh Swami VivekanandTechnical University, Bhilai (C.G.).

_________________ ________________

__________________

Name & Signature of Name & Signature of

Internal Examiner External Examiner

Date: Date:

Forwarded by

Prof N H Deshpande

Director, FOM & III


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AppendixVI

ACKNOWLEDGEMENT

The successful completion of any work depends upon the devotion & sincere work. A

Project is a result of the hard work of the compiler & those who have helped in

collecting the information required. Words are scarce to express my deep gratitude to

those who helped me with their efforts in this endeavour.

At the onset I would like to thank PROF. Shashank Mehra (FOM) for

trusting me & giving me this chance to prove my efficiency. His guidance, zeal &

passion towards work guided me a lot & instilled energy in me during the research

report. I am grateful to him for taking out hours & hours from his daily hectic

schedule in order to create perfect learning environment by continuously giving useful

insight & necessary direction.

_____________

(Signature of the student)

Name:

Roll.No

MBA III SEM


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CONTENT

Chapter Title Page

No.

I Introduction 1Literature Review

II 2.1 Company profile x

2.1.1 Sub-Sub article

III 3.1 Methodlogy

3.1.1 Sub-sub article y

IV 4.1 Results & discussions Z

4.1.1 Sub-sub article

V 5.1 Conclusions & Scope p 5.1.1 Sub-sub article

Bibliography ix

Appendix


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Chapter

1

(Introduction)


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INSURANCE-:

Meaning

Insurance is a form ofrisk managementprimarily used tohedgeagainst theriskof acontingent,uncertainloss

INSURANCE SECTOR IN INDIA

The insurance sector in India has come a full circle from being an open competitive

market to nationalization and back to a liberalized market again. Tracing the

developments in the Indian insurance sector reveals the 360-degree turn witnessed

over a period of almost two centuries.

A brief history of the Insurance sector

The business of life insurance in India in its existing form started in India in the year

1818 with the establishment of the Oriental Life Insurance Company in Calcutta.

Some of the important milestones in the life insurance business in India are:

1912: The Indian Life Assurance Companies Act enacted as the first statute to

regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the government to

collect statistical information about both life and non-life insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act with the

objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies taken over by the

central government and nationalized. LIC formed by an Act of Parliament, viz. LIC

Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.

General Insurance

The General insurance business in India, on the other hand, can trace its roots to the

Triton Insurance Company Ltd., the first general insurance company established in

the year 1850 in Calcutta by the British.

Some of the important milestones in the general insurance business in India are:
http://en.wikipedia.org/wiki/Risk_managementhttp://en.wikipedia.org/wiki/Risk_managementhttp://en.wikipedia.org/wiki/Risk_managementhttp://en.wikipedia.org/wiki/Hedge_(finance)http://en.wikipedia.org/wiki/Hedge_(finance)http://en.wikipedia.org/wiki/Hedge_(finance)http://en.wikipedia.org/wiki/Riskhttp://en.wikipedia.org/wiki/Riskhttp://en.wikipedia.org/wiki/Riskhttp://en.wikipedia.org/wiki/Uncertaintyhttp://en.wikipedia.org/wiki/Uncertaintyhttp://en.wikipedia.org/wiki/Uncertaintyhttp://en.wikipedia.org/wiki/Uncertaintyhttp://en.wikipedia.org/wiki/Riskhttp://en.wikipedia.org/wiki/Hedge_(finance)http://en.wikipedia.org/wiki/Risk_management


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1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all

classes of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of India,

frames a code of conduct for ensuring fair conduct and sound business practices.

1968: The Insurance Act amended to regulate investments and set minimum solvency

margins and the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalization) Act,

1972 nationalized the general insurance business in India with effect from 1st January

1973. 107 insurers amalgamated and grouped into four companies viz. the National

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

Insurance Company Ltd. and the United India Insurance Company Ltd. GIC

incorporated as a company.

Types of insurance:

BASICALLY THEIR TWO TYPES OF INSURANCE

1. Life Insurance

2. General Insurance

Insurance - Life

Your family counts on you every day for financial support: food, shelter,

transportation, education, and much more. Insurance provides you with that unique

sense of security that no other form of investment provides. It gives you a sense of

financial support especially during that time of crisis irrespective of the fluctuations in

the stock market. Insurance provides for your career goals right from your childhood

years.

Life insurance is all about making sure your family has adequate financial resources

to make those plans and dreams come true. It provides financial protection to help

your family or business to manage after your death.


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Few of the Life insurance policies are:

Whole life policies - Cover the insured for life. The insured does not receive money

while he is alive; the nominee receives the sum assured plus bonus upon death of the

insured..

Endowment policies - Cover the insured for a specific period. The insured receives

money on survival of the term and is not covered thereafter.

Money back policies - The nominee receives money immediately on death of the

insured. On survival the insured receives money at regular intervals during the term.

These policies cost more than endowment with profit policies.

Annuities / Children's policies - The nominee receives a guaranteed amount of

money at a pre-determined time and not immediately on death of the insured. On

survival the insured receives money at the same pre-determined time. These policies

are best suited for planning children's future education and marriage costs.

Pension schemes - are policies that provide benefits to the insured only upon

retirement. If the insured dies during the term of the policy, his nominee would

receive the benefits either as a lump sum or as a pension every month.

Since a single policy cannot meet all the insurance objectives, one should have a

portfolio of policies covering all the needs.

Insurance - General

Every asset has a value and the business of general insurance is related to the

protection of economic value of assets. Assets would have been created through the

efforts of owner, which can be in the form of building, vehicles, machinery and other

tangible properties. Since tangible property has a physical shape and consistency, it is

subject to many risks ranging from fire, allied perils to theft and robbery.

Concepts of insurance have been extended beyond the coverage of tangible asset.

Now the risk of losses due to sudden changes in currency exchange rates, political

disturbance, negligence and liability for the damages can also be covered.


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But if a person judiciously invests in insurance for his property prior to any

unexpected contingency then he will be suitably compensated for his loss as soon as

the extent of damage is ascertained.

Few of the General Insurance policies are:

Property Insurance: The home is most valued possession. The policy is designed to

cover the various risks under a single policy. It provides protection for property and

interest of the insured and family.

Health Insurance: It provides cover, which takes care of medical expenses

following hospitalization from sudden illness or accident.

Personal Accident Insurance: This insurance policy provides compensation for loss

of life or injury (partial or permanent) caused by an accident. This includes

reimbursement of cost of treatment and the use of hospital facilities for the treatment.

Travel Insurance: The policy covers the insured against various eventualities while

traveling abroad. It covers the insured against personal accident, medical expenses

and repatriation, loss of checked baggage, passport etc.

Liability Insurance: This policy indemnifies the Directors or Officers or other

professionals against loss arising from claims made against them by reason of any

wrongful Act in their Official capacity.

Motor Insurance: Motor Vehicles Act states that every motor vehicle plying on the

road has to be insured, with at least Liability only policy. There are two types of

policy one covering the act of liability, while other covers insurers all liability anddamage caused to one's vehicles.

Since a single policy cannot meet all the insurance objectives, one should have a

portfolio of policies covering all the needs.


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LIST OF INSURANCE COMPANIES IN INDIA:

Following is the list of all LIFE & GENERAL INSURANCE COMPANIES

granted permission by IRDA.

LIFE INSURERS Websites

Public Sector

Life Insurance Corporation of India www.licindia.com

Private Sector

Allianz Bajaj Life Insurance

Company Limitedwww.allianzbajaj.co.in

Birla Sun-Life Insurance Company

Limitedwww.birlasunlife.com

HDFC Standard Life Insurance Co.

Limitedwww.hdfcinsurance.com

ICICI Prudential Life Insurance Co.

Limited www.iciciprulife.com

ING Vysya Life Insurance Company

Limitedwww.ingvysayalife.com

Max New York Life Insurance Co.

Limitedwww.maxnewyorklife.com

MetLife Insurance Company Limited www.metlife.com

Om Kotak Mahindra Life Insurance

Co. Ltd.www.omkotakmahnidra.com

SBI Life Insurance Company

Limitedwww.sbilife.co.in

TATA AIG Life Insurance Company

Limitedwww.tata-aig.com

AMP Sanmar Assurance Company www.ampsanmar.com
http://www.licindia.com/http://www.licindia.com/http://www.birlasunlife.com/http://www.birlasunlife.com/http://www.hdfcinsurance.com/http://www.hdfcinsurance.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.ingvysayalife.com/http://www.ingvysayalife.com/http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.metlife.com/http://www.metlife.com/http://www.omkotakmahnidra.com/http://www.omkotakmahnidra.com/http://www.sbilife.co.in/http://www.sbilife.co.in/http://www.tata-aig.com/http://www.tata-aig.com/http://www.tata-aig.com/http://www.sbilife.co.in/http://www.omkotakmahnidra.com/http://www.metlife.com/http://www.maxnewyorklife.com/http://www.ingvysayalife.com/http://www.iciciprulife.com/http://www.hdfcinsurance.com/http://www.birlasunlife.com/http://www.licindia.com/


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Limited

Dabur CGU Life Insurance Co. Pvt.

Limitedwww.avivaindia.com

Reliance Life Insurance Company

Limited.www.reliancelife.com

Aviva Life Insurance Co. India Pvt.

Ltd.www.avivaindia.com

Sahara India Life Insurance Co, Ltd. www.saharalife.com

Shriram Life Insurance Co, Ltd. www.shriramlife.com

Bharti AXA Life Insurance

Company Ltdwww.bharti-axalife.com

Future Generali Life Insurance

Company Ltd.www.futuregenerli.in

IDBI Fortis Life Insurance Company

Ltd.www.idbifortis.com

Canara HSBC Oriental Bank of

Commerce Life Insurance Co. Ltd www.canarahsbclife.com

AEGON Religare Life Insurance

Company Limitedwww.aegonreligare.com

Star Union Dai-ichi Life Insurance

Comp. Ltd.

www.sudlife.in

DLF Pramerica Life Insurance Co.

Ltdwww.dlfpramerica.com

GENERAL INSURERS

Public Sector

National Insurance Company www.nationalinsuranceindia.com
http://www.avivaindia.com/http://www.avivaindia.com/http://www.reliancelife.com/http://www.reliancelife.com/http://www.avivaindia.com/http://www.avivaindia.com/http://www.saharalife.com/http://www.saharalife.com/http://www.shriramlife.com/http://www.shriramlife.com/http://www.bharti-axalife.com/http://www.bharti-axalife.com/http://www.futuregenerli.in/http://www.futuregenerli.in/http://www.idbifortis.com/http://www.idbifortis.com/http://www.canarahsbclife.com/http://www.canarahsbclife.com/http://www.aegonreligare.com/http://www.aegonreligare.com/http://www.sudlife.in/http://www.sudlife.in/http://www.dlfpramerica.com/http://www.dlfpramerica.com/http://www.dlfpramerica.com/http://www.sudlife.in/http://www.aegonreligare.com/http://www.canarahsbclife.com/http://www.idbifortis.com/http://www.futuregenerli.in/http://www.bharti-axalife.com/http://www.shriramlife.com/http://www.saharalife.com/http://www.avivaindia.com/http://www.reliancelife.com/http://www.avivaindia.com/


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Limited

New India Assurance Company

Limitedwww.niacl.com

Oriental Insurance Company Limited www.orientalinsurance.nic.in

United India Insurance Company

Limitedwww.uiic.co.in

Private Sector

Bajaj Allianz General Insurance Co.

Limitedwww.bajajallianz.co.in

ICICI Lombard General Insurance

Co. Ltd.www.icicilombard.com

IFFCO-Tokio General Insurance Co.

Ltd.www.itgi.co.in

Reliance General Insurance Co.

Limitedwww.ril.com

Royal Sundaram Alliance Insurance

Co. Ltd.www.royalsun.com

TATA AIG General Insurance Co.

Limitedwww.tata-aig.com

Cholamandalam General Insurance

Co. Ltd.www.cholainsurance.com

Export Credit Guarantee Corporation www.ecgcindia.com

HDFC Chubb General Insurance Co.

Ltd.

REINSURER

General Insurance Corporation of

Indiawww.gicindia.com
http://www.niacl.com/http://www.niacl.com/http://www.orientalinsurance.nic.in/http://www.orientalinsurance.nic.in/http://www.uiic.co.in/http://www.uiic.co.in/http://www.bajajallianz.co.in/http://www.bajajallianz.co.in/http://www.icicilombard.com/http://www.icicilombard.com/http://www.itgi.co.in/http://www.itgi.co.in/http://www.ril.com/http://www.ril.com/http://www.royalsun.com/http://www.royalsun.com/http://www.tata-aig.com/http://www.tata-aig.com/http://www.cholainsurance.com/http://www.cholainsurance.com/http://www.ecgcindia.com/http://www.ecgcindia.com/http://www.gicindia.com/http://www.gicindia.com/http://www.gicindia.com/http://www.ecgcindia.com/http://www.cholainsurance.com/http://www.tata-aig.com/http://www.royalsun.com/http://www.ril.com/http://www.itgi.co.in/http://www.icicilombard.com/http://www.bajajallianz.co.in/http://www.uiic.co.in/http://www.orientalinsurance.nic.in/http://www.niacl.com/


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Need for life insurance

Today, there is no shortage of investment options for a person to choose from modern

day investments include gold , property fixed income instruments, mutual fund and of

course, life insurance. Given the option of choices, it be difficult to make the right

choice when investing your hard earned money. Life insurance is a unique-

Investments that helps you to meet your dual needs-saving for lifes important goals

and protecting your assets.

Let us take an example to understand the need for insurance:

Mr. Atul is 45 and selfemployed. His wife Nandini, who is a housewife, looks after

their two children aged 3 and 7 years. They stay in rented accommodation, where the

rent is Rs.15000/- per month. Mr. Atul taken up a loan of Rs.2lakh. His monthly

earnings on average are Rs. 40,000/- . Mr. Atul passes away in an unfortunate road

accident. What are some of the financial implications of his death on his family?

There may be several financial implications on his family. Some of these are:

The monthly income, previously provided by Mr. Atul would stop.

His wife and children may have to seek financial assistance from other relatives.

His wife may not have enough money to pay back the loan of Rs.2 lakhs.

His widow may have to take up work to earn money.

The education of his children may suffer.

This simple example illustrates the impact premature death can have on a family,

where the main earner has no life cover.

Had Mr. Atul taken a life cover, his family would not have faced such hardships in the

event of his unfortunate death. A simple life insurance policy could have provided


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Mr. Atuls family with a lump sum that could have been invested to provide an

income equal to all or part of this income.

In simple words, insurance protects against untimely losses. Insurance has been found

useful in the lives of person both in the short term and long term. Short term needs

like sudden medical costs and long term needs like marriage expenses etc. can be

met with using life insurance.

Benefits of Life Insurance

Depending upon its usage, life insurance provides the customer with following

benefits. They are as follows:

Income to your family:

Life Insurance proceeds ensure a source of financial security for your family to meet

its household and the living expenses.

Pay off debts-

On the unfortunate death of the insured the proceeds from the life insurance of policy

can be used to meet outstanding debts such as mortage , car -loans or charge account

balances.

Provide Educational Funding for your Children-the cash value of the whole life policy

can be used to accumulate funds for their child education

Equalize inheritance:

When an asset such as family business passes on to family members who are active in

it ,life insurance proceeds can be used to provide equal asset to other family members.

Life insurance gives protection and safety to policyholders, raises the rate of capital

formation and contributes for development


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Life Insurance Vs. Other Savings

Contract Of Insurance:

A contract of insurance is a contract of utmost good faith technically known as

uberrima fides. The doctrine of disclosing all material facts is embodied in this

important principle, which applies to all forms of insurance.

At the time of taking a policy, policyholder should ensure that all questions in the

proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud

in any document leading to the acceptance of the risk would render the insurance

contract null and void.

Protection:

Savings through life insurance guarantee full protection against risk of death of the

saver. Also, in case of demise, life insurance assures payment of the entire amount

assured (with bonuses wherever applicable) whereas in other savings schemes, only

the amount saved (with interest) is payable.

Aid To Thrift:

Life insurance encourages thrift. It allow long-term savings since payments can be

made effortlessly because of the 'easy installment' facility built into the scheme. .

For example: The Salary Saving Scheme popularly known as SSS, provides a

convenient method of paying premium each month by deduction from one's salary.

In this case the employer directly pays the deducted premium to LIC. The Salary

Saving Scheme is ideal for any institution or establishment subject to specified terms

and conditions.

Liquidity:

In case of insurance, it is easy to acquire loans on the sole security of any policy that

has acquired loan value. Besides, a life insurance policy is also generally accepted as

security, even for a commercial loan.

Tax Relief:

Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax.


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This is available for amounts paid by way of premium for life insurance subject to

income tax rates in force.

Role of insurance

Insurance plays a very constructive role in the present world, Which is full of risks

and uncertainties of varied nature. The importance of insurance and its role is made

clear on the basis of following advantages of insurance.

1) Protection of interest :

Insurance protects and safeguards the interest of individual and businessmen in their

business operations. It gives them safety and creates confidence in their minds. Thos

indirectly brings expansion of business activities.

2) Diversification of risk:

It results in Diversification of risk among specialized professional agencies called

insurance companies.

3) Promotions of Savings and Investment:

It promotes the rate of savings and investment and leads to capital formation in an

economy.

4) Security and confidence:

Insurance creates a sense of security and confidence among all sections of the society.

5) Better security for advances:

It provides better security for loans and advances offered by banks. Risk in granting

loans is limited if the property is properly insured by the borrower.

6) Safety in storage and transportation:

It brings safety in storage and transportation and leads to expansion of

commercial

Activity.


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7) Acting as underwriter and executor:

a concerns. They help and support their clients in different ways and in different

areas.

8) Investment advice:

It gives proper investment advice to businessmen and creates proper investment

climate in the country.


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Chapter2

(Company Profile)


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MET-LIFE BEGINS::

The origins of Metropolitan Life Insurance Company (MetLife) go back to 1863,

when a group of New York City businessmen raised $100,000 to found the National

Union Life and Limb Insurance Company.

The new company insured Civil War sailors and soldiers against disabilities due to

wartime wounds, accidents, and sickness. In 1868, after several reorganizations and

five difficult years, the company decided to focus on the life insurance business. A

new company was chartered to sell "ordinary" insurance to the middle class. The

founders chose the name because they had been most successful in New York City, or

the "Metropolitan" District.

This new venture also faced difficulties. A severe business depression that began in

the early 1870s rapidly put half of the 70 life insurance companies operating in New

York State out of business. Only very large, long-established ordinary life insurance

companies remained strong. Policy lapses over successive years forced the company

to contract until it reached its lowest point in the late 1870s.

In 1879, MetLife President Joseph F. Knapp turned his attention to England, where

"industrial" or "workingmen's" insurance programs were widely successful. American

companies had not bothered to pursue industrial insurance up to that time because of

the expense involved in building and sustaining an agency force to sell policies door

to door and to make the weekly collection of five- or ten-cent premiums.

By importing English agents to train an American agency force, MetLife quickly

transferred successful British methods for use in the United States. By 1880, the

company was signing up 700 new industrial policies a day. Rapidly increasing

volume quickly drove down distribution costs, and the new program proved

immediately successful.

The MetLife agent became an important person in the lives of these striving families.

Manuals instructed agents to call at a home at the same time each week to ensure

familiarity and contact. In the process of collecting premiums, insurance agents

listened to the problems, concerns, and hopes of their clients. So successful was this


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approach that by 1909, MetLife became the nation's largest life insurer in terms of

insurance in force, a leadership position we continue to hold today in North America.

Met Life (India)

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

Banc assurance Tie-Ups (J&K Bank/Karnataka Bank)

Number Of Products Over 20 products

Presence Through MetLife Offices 192 offices in 131 cities

Presence Through Bank Partners 1910 offices in 686 cities
http://www.metlife.co.in/http://www.metlife.co.in/


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Product of MetLife India life insurance company Ltd.

CHILD PLAN Met Bhavishya , Met Junior Money Back, Met Junior

Endowment, Met Magic Plus.

RETIREMENT Met Growth Super , Met Pension - Par, Met Pension Plus

SAVING Met Sukh, Met Suvidha, Met Saral, Met 100.

PROTECTION Met Suraksha, , Met Suraksha TROP, Met Suraksha Plus , Met

Mortgage Protector Plus.

RURAL Met Vishwas , Met Suvidha (Rural)

HEALTH Met Health Care,

INVESTMENT Met Easy Plus , Met Wealth Plus, Met Gold Plus, Met Fortune

Met Smart Life.

MONTHLY

INCOME

Met Monthly Income Plan, Met Monthly Income Plan 7 Pay.


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RESEARCH METHODOLOGY

Research methodology is a way to systematically solve the problem. It may be

understood has a science of studying how research is done scientifically. In it we

study the various steps that all generally adopted by a researcher in studying his

research problem along with the logic behind them.

The scope of research methodology is wider than that of research method.

Meaning of Research

Research is defined as a scientific & systematic search for pertinent information on a

specific topic. Research is an art of scientific investigation. Research is a systemized

effort to gain new knowledge. It is a careful inquiry especially through search for new

facts in any branch of knowledge. The search for knowledge through objective and

systematic method of finding solution to a problem is research.

RESEARCH DESIGN

A research is the arrangement of the conditions for the collections and analysis of the

data in a manner that aims to combine relevance to the research purpose with

economy in procedure. In fact, the research is design is the conceptual structure

within which research is conducted; it constitutes the blue print of the collection,

measurement and analysis of the data. As search the design includes an outline of

what the researcher will do from writing the hypothesis and its operational implication

to the final analysis of data.

Research Design can be categorized as

TYPES OF RESEARCH DISEGN

EXPLORATIRY SEREARCH DESIGN

EXPERMENTAL RESEARCH DESIGN


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DISCRIPTIVE & DLAGNOSTIC RESEARCH DESIGN

The present study is exploratory in nature, as it seeks to discover ideas and insight to

brig out new relationship. Research design is flexible enough to provide opportunity

for considering different aspects of problem under study. It helps in bringing into

focus some inherent weakness in enterprise regarding which in depth study can be

conducted by management.

Objective

To aware the people about the importance of life insurance.

To determine reasons behind opting for an insurance.

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

To study the types of benefits provided by insurance services.

To know the need of the people for opting for life insurance

To know the popularity Metlife insurance company among the people.

To find out the grievances of the customers with regard to services provided by

insurance companies.

DATA COLLECTION

Data collection means collections of information, facts or figures for the problem.

Primary data collection- Primary data is the first hand information obtained by

investigator. Primary source is one itself collects the data.

Primary data can be collected by observation, by interviews, by face to face

questioning, by using questionnaire, when the needed data do not exist or are dated,

inaccurate, incomplete, or unreliable. I have use Questionarrire method for my

research in which I had asked questions from 100 people of Raipur .


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Page 27

Secondary data collectionSecondary data is collected by others already and the

researcher is using that information for his own research purpose. Secondary data can

be collected from published reports, websites, and publications of national and

international organization.

Sampling plan: Random sampling

Sample size - 100

Sampling Instruments- Questionnaire, face to face interview

Chapter - 4

Analysis & Interpretation


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Page 28

QUES1.

EMPLOYMENT SELF EMPLOYED SERVICE

25 75

Out of the 100 respondent surveyed 75%respondent who belongs to service class are

more conscious about insurance due to the tax benefit they get under sec80c and

10(10)d the rest of the some of population belong to business class are not that much

conscious about insurance

QUES2.

25%

75%

WHAT IS YOUR CURRENT EMPLOYMENT

SELF EMPLOYED

SERVICE


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INSURANCE

PLAN

YES NO

92% 8%

Of the sample size of 100 surveyed respondents 92% of the respondents are havingInsurance policy.

8% of the respondents are either not having any Insurance policy at present or their

policy is already matured.

And at present 92% of the respondents are with the view that Insurance is a tool to

protect your family.

Ques. 3

92%

8%

DO YOU HAVE ANY INSURANCE PLAN

YES

NO


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68%respondent know about met life company they have heard different sources

either from the advisor ,friends and relatives and some had seen the advertisement in

TV during the worldcup2011

32% respondent are not aware of the company so the company should promote

themselves more

Ques. 4

YES

68%

NO

32%

DO YOU HAVE HEARD ABOUT MET LIFE INSURANCE

COMPANY


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Page 31

SOU

RCES

FI

XE

D

As

set

B

A

N

K

FD

INSUR

ANCE

SHAR

E/MF

JEWEL

LERY

RATI

NGS 28

%

38

%

10% 8% 16%

Out of the 100 respondent survey, 38% of people prefer to invest in bank / FD,

Only 10% of the respondent would prefer to invest in life insurance.

28% of the respondent would prefer to save in fixed asset.8%of the respondent prefer to invest in share market also

16%of The respondent like to invest in jewellery

28%

38%

10%

8%

16%

RATINGS

FIXED ASSET

BANK/FD

INSURANCE

SHARE/MF

JEWELLERY


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52% 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.

38% of people opted for insurance as a investment option.

NEED FOR INSUARNCE

52%

38%

10%

0

Rating

TAX BENEFIT

UNCERTANITY IN FUTURE

INVESTMENT OPTION


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Page 33

Most of the respondent (92%)stronglyagree,8%agree with the statement that

insurance help in child education,

9%of the respondent stronglyagree and 70% agree with the insurance plan they their

child marriage20%donot to investment for the above purpose . 98% people strongly agree with statement that insurance help in Tax benefit under sec

80c &10(10)d

People consider insurance as a systematic investment plan as it provides many

benefits to them 78%of the people believe that by insurance they can plan their

retirement

96% do insurance for the security reason they believe that insurance acts as a tool

against uncertainities in future

92

9

98

35

14

78

96

8

70

2

20

64

12

4

0

20

0

14 14

10

0 1 0

31

8

0

0

20

40

60

80

100

120

STRONGLY AGREE

AGREE

NOT SURE

DISAGREE

STRONGLY DISAGREE


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Apprehensions about insurance


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Page 35

Mon

ey is

locke

d for

sometime

perio

d

Strong

ly

agree

agr

ee

N

ot

su

re

Disagr

ee

Strong

ly

disagr

ee

25 60 0 15 0

60% of the people strongly agree with the statement that if they will invest in

insurance their money will be locked.

15% people disagree,25%strongly disagree with the statement they think that opt for

insurance for the security and tax benefit they dont consider as a investment option.

25%

60%

0%15%

0

MONEY IS LOCKED FOR SOME TIME PERIOD

STRONGLY AGREE

AGREE

NOT SURE

DISAGREE

STRONGLY DISAGREE


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NO

PROPER

INFORMA

TION

Stro

ngly

agre

e

ag

re

e

N

o

t

s

ur

e

Disa

gree

Stro

ngly

disag

ree

40 3

2

2

8

15 0

40% of the people are strongly agree with the statement that company not provide the

proper information.

32%people are agree with the statement that insurance company not provide the

proper information they dont disclose all the terms and the condition of the plans.

15% people disagree, they think that before buying any policy they can get all the

necessary information from the companies site and helpline no.

40%

32%

28%

15%

0

NO PROPER INFORMATION

STRONGLY AGREE

AGREE

NOT SURE

DISAGREE

STRONGLY DISAGREE


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NOTPROVID

ING

GOOD

RETURN

Stron

glyagree

ag

ree

N

ots

ur

e

Disag

ree

Stron

glydisag

ree

25 65 1

0

2 0

65% people agree with the statement insurance do not provide good return in

compassion to the other sources.

25% people strongly disagree the reason being they think that insurance should not be

consider as a sources of investment for earning benefit.

10% people dont have any onion about this statement .

25%

65%

10%

2% 0

NOT PROVIDING GOOD RETURN

STRONGLY AGREE

AGREE

NOT SURE

DISAGREE

STRONGLY DISAGREE


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ADVISOR

NOT

PROPERL

Y

EDUCAT

E ABOUT

INVESTM

ENT

NEEDS

Stron

gly

agree

ag

re

e

N

o

t

s

u

r

e

Disa

gree

Stron

gly

disag

ree

48 4

0

4 8 0

48

40

4

8

0

ADVISORS ARE NOT PROPERLY EDUCATING

ABOUT INVESTMENT NEED

STRONGLY AGREE

AGREE

NOT SURE

DISAGREE

STRONGLY DISAGREE


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Most of the respondent (48%) strongly agree , 40%agree with the statement that most

of the advisers are them self confuse regarding their product so they are unable to

explain the people the importance of insurance.

4% of the respondent do not have any clear opinion about the statement

8%of the respondent disagree they think that some of the advisers are very clear

about their products and have a good knowledge and they educate very nicely about

the investment needs


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Page 40

ADVIS

ORS

CHEAT

Stron

gly

agree

agr

ee

N

ot

su

re

Disag

ree

Stron

gly

disag

ree

52 32 4 10 2

Most of the respondent (52%) strongly agree ,32%agree with the statement of the

adviser of the company cheat by not providing all the information of the plans.

10% people who are different companies disagree with the statement and 2% people

strongly agree they think that if they them self conspicuous about their benefits

advisers cannot cheat them.

52%

32%

4%

10%

2%

ADVISORS CHEAT

STRONGLY AGREE

AGREE

NOT SURE

DISAGREE

STRONGLY DISAGREE


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EACH

INFORMA

TION IS IN

ENGLISH

LANGAU

AGE

Stro

ngly

agre

e

ag

re

e

N

o

t

s

u

r

e

Disa

gree

Stro

ngly

disag

ree

62 2

0

0 18 0

Majority of the respondent (62%)strongly agree ,20%agree with the statement that

because most of the information is in English they are not able to understand all the

terms and condition of the clearly of the policy bond because of the lack of

knowledge of the language

18% disagree they think that other language will be more difficult to understand.

62%

20%

0%

18%

0

EACH INFORMATION IS IN ENGLISH

LANGUAGE

STRONGLY AGREE

AGREE

NOT SURE

DISAGREE

STRONGLY DISAGREE


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COMPA

NIES DO

NOT

COOPER

ATE

Stron

gly

agree

ag

re

e

N

ot

s

u

re

Disag

ree

Stron

gly

disag

ree

24 14 3

2

5 0

24% respondent strongly agree and 14% of agree with this statement that the

insurance companies donot cooperate at the time of some dispute

5%respondent disagree they are statisfied with the customer service of the company

24%

14%

32%

5%

0

COMPANIES ARE NOT CO-OPERATIVE

STRONGLY AGREE

AGREE

NOT SURE

DISAGREE

STRONGLY DISAGREE


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32% respondent are not having any clear opinion because they have not faced any

situation like that.

.

Chapter5

(Finding, conclusion and recommendation)


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Findings

1. Service class people are more concerned about insurance in comparison to self

employed.

2. 92% respondents are insured.

3. MetLife is popular among the people.

4. Most of the people rate bank/FD as no 1 for investmenting their money.

5. People opt for life insurance for the tax benefit and for the security reason98% people

strongly agree with statement that insurance help in Tax benefit and others 96% do

insurance for the security reason.

6. Some of People believe that by investing in insurance their money will be locked for

some time.

7. 32%people are agree with the statement that insurance company not provide the

proper information they dont disclose all the terms and the condition of the plans.


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8. 65% people think that if they will invest their hard earned money in some other

investment source they will get much better return.

9. Most of the people believe that advisers not properly educating about the investment

need.

10.52% of the people think that adviser cheat with wrong information.

11.Most of the People are not familiar with the English language.

12.Some of the people feel that the company dont provide proper information.

Recommendation1. Company should train their adviser in such a way so that they can properly educate

the people regarding insurance need.

2. 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 so the make an attempt to trap these customers.

3. As seen from the above survey that the 92% of the respondent having life insurance

policy & out of my sample size 8% of the respondent are planning for new

investment. So, there is a huge gap between share of investment planner and share of

life insurance holder. So it can be a good potential for the company and they should

make an attempt to trap these customers.

4. Company should provide better customer service.

5. Policy bond should be printed in Hindi also.


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Conclusion-

The exhaustive research in the field of life insurance threw up some interesting facts

which can be seen in the above analysis the general impression I gathered during the

data collection was

Most 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.

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

requires improvement

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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