Study On The Training Program Done To Agents at Max Newyork Life in BBSR

A SUMMER INTERNSHIP REPORT ON
TRAINING PROGRAM DONE BY

MAX NEW YORK LIFE AT VARIOUS LEVELS
T. Reshma
University Regd No. A30401908046
MBA-2008-2010
UNDER THE GUIDANCE OF
COMPANY GUIDE: FACULTY GUIDE:
Mr. Subashish sabat Mr. Dipti Ranjan Sarangi
Sales Manager Lecturer in HR
Max NewYork Life Insurance Amity Global Business

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Amity Global Business School
HIG-15, BDA, Jayadev Vihar, Bhubaneswar

Amity Global Business
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Orissa-751013
DECLARATION
I hereby declare that this project work entitled “A SUMMER INTERNSHIP REPORT
ON TRAINING PROGRAM DONE BY MAX NEW YORK LIFE AT VARIOUS LEVELS “ is
my work, carried out under the guidance of my faculty guide Mr. Dipti Ranjan Sarangi and my
company guide Mr. Subhasish Sabat. This report neither full nor in part has ever been
submitted for award of any other degree to either this university or any other university.
By,
T. Reshma
MBA 2nd year
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Amity Business School
CERTIFICATE BY FACULTY GUIDE
This is to certify that the project work entitled “A Summer Internship Report on
Training program done by max new york life at various levels” is a piece of work done by
T.Reshma, student of Amity Business School, under my guidance and supervision.
To the best of my knowledge and belief the project embodies the work of the candidate
herself and has been duly completed. Simultaneously, the project fulfills the requirements of the
rules and regulations related to the Summer Internship of the Institute. This report neither full nor
in part has ever been submitted for award of any other degree to either this university or any
other university.
Faculty Guide,
Mr. Dipti Ranjan Sarangi
Lecturer in HR
Amity Global Business School
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CERTIFICATE FROM COMPANY GUIDE
This is to certify that the Summer Internship Project titled “A SUMMER INTERNSHIP
REPORT ON TRAINING PROGRAM DONE BY MAX NEW YORK LIFE AT VARIOUS
LEVELS”, is a bonafide work of T. Reshma is original and has been done under my supervision
in partial fulfillment of the requirement for the award of M.B.A for the period of two months
from 1st June 2009 to 15th July 2009. This report neither full nor in part has ever before been
submitted for awarding of any degree to either this university or any other university. I am
pleased to say that her performance during the period was extremely satisfactory.
Company Guide,
Mr.Subashish sabat
Sales Manager
MNYL, Bhubaneswar
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ACKNOWLEDGEMENT
It gives me immense pleasure to express my deep sense of gratitude to Dr. C. Satapathy,

Director, Amity Business School, Bhubaneswar, for his valuable guidance and consistent
supervision through out the course.
I am also thankful to Mr. Subhasish Sabat, Sales Manager, my Company Guide of Max
New York Life Insurance Company , Bhubaneswar, for his valuable guidance for preparing the
Final Report and also for providing the necessary facilities.
I am extremely thankful to Mr. Dipti Ranjan Sarangi, Faculty Guide of Amity Business
School, for his timely guidance and support through out the work, in the course of carrying out
the project work.
Finally I am indebted to our other faculty members, my friends and my parents who gave
their full-fledged co-operation for successful completion of my project.
It was indeed a great learning experience for me.
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ABSTRACT
This Report is an attempt to provide a detailed analysis of the process of training program
done by Max New York Life Insurance and the benefits of the training.
However, survey done for this project suggests that maximum number of employees, in
the turbulent, fast changing world, effective training has never been more important. Products are
now increasingly knowledge intensive; for this, employers are responsible for providing
opportunities for continued learning. This project gives a detailed analysis of the training done
by agents at various levels, its benefits and also their personal growth which they will be having
after the training. This project gives a brief analysis about the benefits of the training and the
improvement of the agents because of the same.
In an Insurance Industry, training programs is the key to success. Its effectiveness decides
the fate of the Industry.
Finally, creating awareness of organization structure and its products to the employee is
very important to have individual as well as organization growth. So it can be possible only when
the employees go through the training program.
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TABLE OF CONTENTS
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Amity Global Business 8
SECTION A: INTRODUCTION 9
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A.1 INTRODUCTION 10
A.2 ABOUT INSURANCE SECTOR 11-17

A.3 ABOUT MAX NEW YORK LIFE 18-23
A.4 PRODUCTS OF MAX NEWYORK LIFE 24-25

A.5 ABOUT PROJECT 28
A.5.1 OBJECTIVE 28
A.5.2 RESEARCH METHODOLOGY 29-31
A.5.3 LIMITATIONS 32
SECTION B: LITERATURE REVIEW 33
B.1 DEFINITION AND NEED FOR TRAINING 34-35
B.2 TRAINING FOR SUCCESS 35-36
B.3 TRAINING PROGRAMMES DONE BY MNYL 36-38
SECTION C: ANALYSIS 39
C.1 ANALYSIS OF THE QUESTIONNAIRE 40-53

SECTION D: RESULTS & DISCUSSIONS 54
D.1 FINDINGS 55
D.2 RECOMMENDATIONS 56
D.3 KEY LEARNINGS 57
SECTION E: CONCLUSION 58
E.1 CONCLUSION 59
BIBLIOGRAPHY 60
APPENDIX 61
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INTRODUCTIO
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A.1 Introduction
Indian Insurance industry is emerging rapidly after year 2000. To survive in this highly
competitive scenario, managers are being pressured to improve quality, recruit quality, give the
best training and skilled people and eliminate inefficiency. The collective efforts of the
employer, managers and other relative people assume relevance in this context. And this is where
marketing management and human resources play important role.
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Training is very important in today’s scenario. But still it is ignored and considered as a
secondary aspect. In case of insurance industry recruitment and training only decide success or
failure of company.
I have made an attempt to study this aspect of Insurance industry in my project. In this project, I
have tried to learn, what is the impression of training in MNYL? I have tried to find out how
exactly training is very important for this firm as well as this industry, which are the different
strategies firm use to train quality people and so on. It is more qualitative rather than a
quantitative data.
To get knowledge of above questions and to fulfill the requirements for my project on “A Study
on training program done by max new york life at various levels’. I have worked in MNYL
and searched some internet sites.
A.2 Brief History of 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.
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Tracing the developments in the Indian insurance sector reveals the 360-degree turn witnessed
over a period of almost 190 years.
The business of life insurance in India in its existing form started in India in the year 1818 with
the establishment of the Oriental Life Insurance Company in Calcutta.
Some of the important milestones in the life insurance business in India are:
1912 - The Indian Life Assurance Companies Act enacted as the first statute to regulate the life
insurance business.
1928 - The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.
1938 - Earlier legislation consolidated and amended to by the Insurance Act with the objective of
protecting the interests of the insuring public.
1956 - 245 Indian and foreign insurers and provident societies taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with a
capital contribution of Rs. 5 crore from the Government of India.
The General 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:
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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.
Indian Insurance Industry:
Learn About Insurance may be described as a social device to reduce or eliminate risk of life
and property. Under the plan of insurance, a large number of people associate themselves by
sharing risk, attached to individual.
The risk, which can be insured against include fire, the peril of sea, death, incident, & burglary.
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Any risk contingent upon these may be insured against at a premium commensurate with the risk
involved.
Insurance is actually a contract between 2 parties whereby one party called insurer undertakes in
exchange for a fixed sum called premium to pay the other party happening of a certain event.
Insurance is a contract whereby, in return for the payment of premium by the insured, the
insurers pay the financial losses suffered by the insured as a result of the occurrence of
unforeseen events.
With the help of Insurance, large number of people exposed to a similar risk make contributions
to a common fund out of which the losses suffered by the unfortunate few, due to accidental
events, are made good.
Functions of Insurance
The functions of Insurance can be bifurcated into two parts:
• Primary Functions
• Secondary Functions
• Other Functions
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The primary functions of insurance include the following:
Provide Protection - The primary function of insurance is to provide protection against future
risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can
certainly provide for the losses of risk. Insurance is actually a protection against economic loss,
by sharing the risk with others.
Collective bearing of risk - Insurance is a device to share the financial loss of few among many
others. Insurance is a mean by which few losses are shared among larger number of people. All
the insured contribute the premiums towards a fund and out of which the persons exposed to a
particular risk is paid.
Assessment of risk - Insurance determines the probable volume of risk by evaluating various
factors that give rise to risk. Risk is the basis for determining the premium rate also
Provide Certainty - Insurance is a device, which helps to change from uncertainty to certainty.
Insurance is device whereby the uncertain risks may be made more certain.
The secondary functions of insurance include the following:
Prevention of Losses - Insurance cautions individuals and businessmen to adopt suitable device
to prevent unfortunate consequences of risk by observing safety instructions; installation of
automatic sparkler or alarm systems, etc. Prevention of losses cause lesser payment to the
assured by the insurer and this will encourage for more savings by way of premium. Reduced
rate of premiums stimulate for more business and better protection to the insured.
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Small capital to cover larger risks - Insurance relieves the businessmen from security
investments, by paying small amount of premium against larger risks and uncertainty.
Contributes towards the development of larger industries - Insurance provides development

opportunity to those larger industries having more risks in their setting up. Even the financial
institutions may be prepared to give credit to sick industrial units which have insured their assets
including plant and machinery.
The other functions of insurance include the following:
Means of savings and investment - Insurance serves as savings and investment, insurance is a
compulsory way of savings and it restricts the unnecessary expenses by the insured's For the
purpose of availing income-tax exemptions also, people invest in insurance.
Source of earning foreign exchange - Insurance is an international business. The country can earn
foreign exchange by way of issue of marine insurance policies and various other ways.
Risk Free trade - Insurance promotes exports insurance, which makes the foreign trade risk free
with the help of different types of policies under marine insurance cover.
The end of the year 2000 marks a significant change and growth of 'India Insurance' industry
scenario. Monopoly of Public Sector Insurance company marks an end and Private companies
makes inroad. Foreign companies, both Life and General flocked, collaborated and helped
astronomical growth of 'Insurance Industry in India'.
'India Insurance' growth was long overdue. Within 1st 12 months of liberation of 'Indian
Insurance Industry' 10 licenses for selling life insurance products and 6 licenses for selling non-
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life products were issued to private companies. The Public sector giant LIC started losing its
market share at the cost of stupendous growth of private players. Now 'India Insurance' industry
has more than a dozen private life insurance players and 9 private general insurance companies.
Aggressive and penetrative marketing strategy coupled with wide product bandwidth was an
instant success among the ignorant masses. Most of the private companies registered more than
100% growth till then and are still continuing with such monstrous growth figures. Although,
'Insurance in India' is not regarded as a basic need but it is getting popular among semi urban to
rural masses. Top rank private companies like ICICI Prudential Life Insurance, Tata AIG, Bajaj
Allianz etc are aggressively researching and innovating products for huge untapped rural 'India
Insurance' market. Collaboration with micro finance companies, post offices, rural banks and
village management authorities for selling insurance is doing wonders.
Life insurance products covers risk for the insurer against eventualities like death or
disability. Non-life insurance products covers risks against natural calamities, burglary, etc. They
are not as popular as life products in the ' Insurance India's' portfolio. Until very recently it had
only corporate buyers, but with natural disasters like, earth quakes, tsunamis, storms and floods
becoming more frequent and damaging there has been a sudden spurt in sales of general
insurance amongst individuals. Consumerism of life style goods and modern amenities has also
contributed to its growth. With more awareness and wide bandwidth of insurance product
portfolio the growth for 'India Insurance' story will only get more competitive and more
affordable to all sections of Indian society.
Present Scenario
The Government of India liberalised the insurance sector in March 2000 with the passage of the
Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for
private players and allowing foreign players to enter the market with some limits on direct
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foreign ownership. Under the current guidelines, there is a 26 percent equity cap for foreign
partners in an insurance company. There is a proposal to increase this limit to 49 percent.
The opening up of the sector is likely to lead to greater spread and deepening of insurance
in India and this may also include restructuring and revitalizing of the public sector companies.
In the private sector 12 life insurance and 8 general insurance companies have been registered. A
host of private Insurance companies operating in both life and non-life segments have started
selling their insurance policies since 2001.
Insurance companies:
IRDA has so far granted registration to 12 private life insurance companies and 9 general
insurance companies. If the existing public sector insurance companies are included, there are
currently 13 insurance companies in the life side and 13 companies operating in general
insurance business. General Insurance Corporation has been approved as the "Indian reinsurer"
for underwriting only reinsurance business.
A.3 Company profile of MAX NEWYORK LIFE :
Max New York Life Insurance
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“Max New York Life wants people to view insurance as a financial protection and wealth
creation instrument and not just a tax-saving tool.”
Max New York Life Insurance Company Ltd. is a joint venture between New York Life,
a Fortune 100 company and Max India Limited, one of India's leading multi-business
corporations. The company has positioned itself on the quality platform. In line with its vision to
be the most admired life insurance company in India, it has developed a strong corporate
governance model based on the core values of excellence, honesty, knowledge, caring, integrity
and teamwork. The strategy is to establish itself as a trusted life insurance specialist through a
quality approach to business.
New York Life is a Fortune 100 company that has over 160 years of experience in the life
insurance business. Max India Limited is a multi-business corporate dealing in Clinical Research,
IT and Telecom Services, and Specialty Plastic Products businesses.
Max New York Life Insurance started its operations in India in 2000. It is the first life insurance
company in India to be awarded the IS0 9001:2000 certification. Max New York offers
customized products tailored to suit individual's needs. With its various Products and Riders,
there are more than 400 product combinations to choose from. Today, Max New York Life
Insurance has a network of 57 offices spread over 37 cities all over India.
In line with its values of financial responsibility, Max New York Life has adopted
prudent financial practices to ensure safety of policyholder's funds. The Company's paid up
capital is Rs. 657 crore, which is more than the norm laid down by IRDA.
Max New York Life has identified individual agents as its primary channel of distribution.
The Company places a lot of emphasis on its selection process, which comprises four stages -
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screening, psychometric test, career seminar and final interview. The agent advisors are
trained in-house to ensure optimal control on quality of training.
Max New York Life invests significantly in its training program and each agent is trained
for 152 hours as opposed to the mandatory 100 hours stipulated by the IRDA before beginning to
sell in the marketplace. Training is a continuous process for agents at Max New York Life and
ensures development of skills and knowledge through a structured program spread over 500
hours in two years. This focus on continuous quality training has resulted in the company having
amongst the highest agent pass rate in IRDA examinations and the agents have the highest
productivity among private life insurers.
It has established a wide agency distribution network with 172 offices and representatives
across 120 cities in India. The company has established additional channel with 22
bancassurance relationships, corporate tie-ups and a strong Direct Sales Team. Through its wide
network of highly competent life insurance agent advisors, flexible product solutions and strong
customer focus, Max New York life is creating a partnership for life with its customers in India.
Max New York Life, one of India’s leading life insurance companies, expanded its
presence in the southern region by opening its first general office in the city of Mysore. Max
New York Life now has established a countrywide network of 172 offices and representatives
across 120 cities in India.
Max New York Life, which has till date sold over 1.53 million policies and recorded a
sum assured of over Rs. 46,000 crore, has positioned itself on the quality platform. The company
has developed a strong corporate governance model based on defined core values of caring,
knowledge, excellence and honesty. Its strategy is to establish itself as a trusted life insurance
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specialist on the bedrock of quality of advice. The company has over 25,300 agent advisors, who
are widely considered the best in the business.
Max New York Life aspires to be the "life insurance brand of first choice" amongst
Indian consumers. To achieve this the company will draw on New York Life's demonstrated
competence in developing and managing a superior personal sales network. For the last 46 years
consecutively, the largest number of agents qualifying for membership to the Million Dollar
Round Table (MDRT) have been from New York Life. The MDRT is the industry's most
prestigious organization comprising the world's most successful insurance agents. Max New
York Life, a merit oriented and equal opportunities employer, is looking for a few good men and
women who will spearhead the effort to realize this vision.
“Max New York Life wants people to view insurance as a financial protection and wealth
creation instrument and not just a tax-saving tool. Since the launch of our operations, our focus
has always been on providing risk protection and long-term wealth creation solutions to our
customers. With a diverse product portfolio to meet customer requirements, it is evident that we
are setting benchmarks in the marketplace and are well on course of realizing our vision to
become India’s most admired Life Insurance Company.”
“An ever expanding presence of Max New York Life offices across India reinforces our
commitment to serving the nation. We are extremely pleased with our progress in the region and
feel that opening an office in Mysore would help us educate people about the true potential and
benefits of life insurance. As life insurance specialists, Max New York Life will continue to help
consumers make the right choices to meet their financial goals, both for the short and long-term,
through sound quality advice offered by our agent advisors and a right mix of product offerings.”
he added.
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Max New York Life has been instrumental in changing the paradigm of life insurance in
India. It is the first life insurance company in India to introduce cause related marketing.
Children are at the very heart of Max New York Life's strategy. SOS Children's Villages
of India is internationally recognized for its work in giving underprivileged children a
wholesome life. The mission of SOS is "to help orphaned and abandoned children, by providing
them with a family, a permanent home, education and strong foundation for an independent life."
It's mission ties in with Max New York Life's philosophy of helping people secure the future of
their near and dear ones.
Vision:
Vision statement is "Most Admired Life Insurance Company in India".
Mission:
• Become one of the top quartile life insurance companies in India

• Be a national player
• Be the brand of first choice
• Be the employer of choice
• Become principal of choice for agents
Max New York Life Values and Beliefs
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Excellence
"In every aspect of work. Ranging from the in-house training institute to the detailed Personal
Insurance Plan. Max New York Life is focused on achieving the highest standards of quality in
every aspect of their business".
Honesty
"Is the heart of the Life Insurance business. Max New York believes that above all, Life
Insurance is based on trust. Transparency, Dependability and Integrity will form the cornerstones
of the Max New York Life experience."
Knowledge
"Is what makes experts. Max New York Life is focused on the Life Insurance business. Perfectly
combining global expertise with local knowledge, Max New York Life is the Indian Life
Insurance specialist."
Caring
"For the customer. Max New York Life is redefining the Life Insurance paradigm to focus on the
needs of the customers. The Max New York service process is responsive, personalized, humane
and empathetic."
Culture:
Our "in house culture recipe" has some of the finest ingredients going into its making. Some of
the more prominent aspects of our culture are stated below:
• Customer comes first

• Do it right the first time
• Bias for result oriented action
• Financial strength and discipline
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• Clarity of purpose
• International quality standards
• Inclusive Meritocracy
• Learning opportunities
• Fun at work
• Commitment to published value system
A.4 Products of Max New York Life
Max New York Life Insurance offers an inangible product that is an insurance cover. Max New
York Life offers a suite of flexible products. It now has 43 life insurance products and 8 riders
that can be customized to over 800 combinations enabling customers to choose the policy that
best fits their need. The products that are offered by Max New York Life are broadly divided
into:
Various types of life insurance policies:-
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 Endowment policies: This type of policy covers risk for a specified period, and at the
end of the maturity sum assured is paid back to policyholder with the bonuses during the
term of the policy.
 Money back policies: This type of policy is for periodic payments of partial survival
benefits during the term of the policy as long as the policy holder is alive.
 Group insurance: This type of insurance offers life insurance protection under group
policies to various groups such as employers-employees, professionals, co-operatives etc
it also provides insurance coverage for people in certain approved occupations at the
lowest possible premium cost.
 Term life insurance policies: This type of insurance covers risk only during the selected
term period. If the policy holder survives the term, risk cover comes to an end. These
types of policies are for those people who are unable to pay larger premium required for
endowment and whole life policies. No surrender, loan or paid up values are in such
policies.
 Whole life insurance policies: This type of policy runs as long as the policyholder is
alive and is covered for the entire life of the policyholder. In this policy the insured
amount and the bonus is payable only to nominee on the death of policy holder.
 Joint life insurance policies: These policies are similar to endowment policies in
maturity benefits and risk cover, but joint life policies cover two lives simultaneously
such as married couples. Sum assured is payable on the first death and again on the death
of survival during the term of the policy.
 Pension plan: a pension plan or annuity is an investment over a certain number of years
but does not provide any life insurance cover. It offers a guaranteed income either for a
life or certain period.
 Unit linked insurance plan: ULIP is a kind of insurance plan which provides life cover
as well as return on premium paid over a certain period of time. The investment is
denoted as units and represented by the value called as net asset value (NAV).
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The products offered by Max New York are :
 Life Partner Plus Plan  20 year Endowment (Par) Plan
 Life Gain Plus 20 Participating Plan  Life Gain Plus 25 Participating Plan
 Life Gain Endowment Plan  Endowment to Age 60 (Par) Plan
 Children Plan  Whole Life Participating Plan
 SMART Invest Pension Plan  Five Yr Renewable and Convertible

Plan (Non - Par)
 Level Term Plan  LifeLine MediCash Plus Plan
 LifeLine Wellness Plan  LifeLine MediCash Plan
 LifeLine-Safety Net Plan  Life Pay Money Back
 Life Maker Gold Plan  Smart Assure
 Smart Assure  Life Invest Plan
 Life Maker Premium Investment  SMART EXPRESS

Plan
The latest product that MNLY has come up with is known as the SMART EXPRESS where the
minimum premium is 50,000 but the benefit of this policy if taken on a yearly mode is since it
being a ULIP product and the markets trend not looking too great the value of the fund freezes
when the stock price increases hence it to an extent offers a fixed return it can say that one who
invest in this plan is assured of a positive return. This product was introduced since it had to
discontinue its very famous product Life Invest again this was due to the guidelines of IRDA
when it says if the plan crosses a certain limit of sum assured offered it has to close the product.
ACHEIVEMENTS
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Max New York Life is the first life insurance company in India to be awarded the IS0 9001:2000
certifications.
Max New York Life was among the top 25 companies to work with in India, according to 2003
Business World magazine, "Great Workplaces in India", Max New York Life was ranked at the
20th position. This survey is the local version of the "Great Places to Work" survey carried out
every year in 22 countries.
Been among top five most respected private life insurance companies in India according to a
2004 and 2006 Business World survey.
Have truly built an enviable sales force. With 345 agents becoming members of the MDRT in
2006, Max New York Life has moved up to 21st rank in MDRT global list.
Benefits
A career at Max New York Life has innumerable advantages. With low start up investment you
can become a part of a world-class organization and make a positive difference to people’s lives.
Our agents sell more policies and make more money than agents of any other life insurance
company. The financial rewards are in the form of
• Commissions on new sales

• Ongoing renewal commissions
• Performance linked bonus
• Referral commissions
• Training reimbursement
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A.5 About the Project
A.5.1 OBJECTIVES
The main objective of doing this project is to study Financial Consultants’ attitude regarding
the training program and the benefits of the training program.
 The main objective of this study is to know the agents’ opinion regarding the training
program and to identify training needs for the agents.
 To find out the benefits of the training program to the agent and to the organization.
 To find out the contribution of the training towards individual growth of agents.
 To suggest ways to improve the quality of training for the agents.
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A.5.2 Research Methodology:
The Research Methodology adopted for the present study has been systematic and was
done in accordance to the objectives set which has been detailed as below.
Research Definition
Research is a process in which the researcher wishers to find out the end result for a given
problem and thus the solution helps in future course of action.
According to Redman & Mory research is defined as a “Systemized effort to gain new
knowledge”.
So, This project here finds out the training procedure and it’s effectiveness and the
benefits of the training process for the employees who undergo training here.
Research Design:
According to “Claire Seltiz”, a research design is the arrangement of condition and

analysis of data in manner that aims to combine relevance to the research purpose with economy
in procedure.
Nature of Research:
Research is basically of two types.
1. Descriptive research
2. Explorative research
1. Descriptive Research: These studies are concerned with describing the characteristic of a
particular individual or a group.
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Determining sources of Data:
There are two main sources of data
1. Primary data
2. Secondary data
Primary Data: It consists of original information collected for specific research.
Primary data for this research study was collected through a direct survey to obtain this primary
data a well structured questionnaire was prepared by the researcher.
Secondary Data: It consists of information that already exists somewhere and has been collected
for some specific purpose in the study.
The secondary data for this study is collected from various Management books and Internet .
Questionnaire: A set of questions containing a few Technical questions and more number of
Opinionated questions are prepared for the employees of both Centralized and Decentralized
sections of HR Department.
Sample Size: Total sample size is 30
Questionnaire Development:
Questionnaire is the most common instrument in collecting primary data. In order

to gather primary data from viewers.
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The present questionnaire consists of following type of questions.
• Open ended questions
• Closed ended questions
• Dichotomous questions
• Multiple choice questions
• Ranking question.
Open ended questions: It has no fixed alternatives to which the answer must conform. Thus,
respondent answer in his/her own words at any length they choose.
Closed ended questions: Closed ended questions have no other options other than the selecting
the one that close matches the respondent’s opinion or attitude.
Dichotomous questions: A dichotomous questions refers to one, which offers the respondents a
choice between only two alternatives.
Multiple Questions: A multiple choice question refers to one, which provides several sets of
alternatives for the respondents’ choice.
Ranking questions: These questions are given when there are many points to be considered and
to be ranked in priority.
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A.5.3 LIMITATIONS
 The survey was conducted with in the company.
 And in survey I have to interact with the employees. But the employees will be busy
their works.
 Getting the good response from the employee will be difficult because of their busy
schedule.
 Time to interact with employees inside the branch is not sufficient.
 Time Period of my OJT is one of the limitations.
 Small sample size may not be sufficient to generalize regarding all the employees.
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Literature
Review
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B.1 Definition of Training:
The systematic development of the knowledge, skills and attitudes required by an

individual to perform adequately a given task or job. Training refers to efforts that help enhance
employee skills for carrying out the present job. According to Edwin B Flippo, training is the act
of increasing knowledge and skills of an employee for doing a particular job.
Needs for Training:
• To improve the current job performance of employees

• To familiarize employees with the policies and procedures of the organization.
• To enhance the creativity, adaptability and versatility of the employees and to facilitate
learning at the work place
• To prepare employees for future job.
• To change the skills, knowledge and attitudes of the employees on a permanent basis.
• To help employees manage their careers.
• To maintain knowledgeable work force.
• To gain competitive advantage through a knowledgeable work force.
• To promote organizational growth through individual growth.
Areas of training:
• Company policies and procedures

• Human relations training
• Skill based training
• Problem solving training
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Onsite Workshops for Leadership Team
Employees need more than bosses... They need mentors: Professionals skilled at
assessing employee development needs and committed to guiding employees toward professional
success.
Team Leadership Workshop provides managers with proven techniques for effective
personnel management. By helping leaders understand and address their employees'
requirements, this interactive seminar offers significant benefit to managers at all levels. New
supervisors gain a solid grounding in the concept of ''leadership,'' while more experienced
managers refresh their commitment to teaching and coaching their team members.
This training program provides healthy perspectives for managers at all levels, making it
an ideal morale-boosting leadership development experience for mixed groups of front-line
supervisors and senior staff members.
B.2 Training programs for Success
Leadership Training for Success
All managers need methods. Leaders need to know the most effective techniques for
guiding teams, mentoring individuals, and validating the results. Without solid methods,
managers will revert use a one-size-fits-all approach to leadership that reflects the leader's
personality, rather than the employees' needs.
Committed, mentoring leadership is essential to employee morale, productivity, and

retention.
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A Results-Oriented Training Program
Team Leadership Workshop provides proven methods and procedures for successful
people management. Participants receive a step-by-step plan for guiding each employee toward
success.
This workshop includes elements of Frank Whyte's nationally respected Team Building
Workshops expanding upon that foundation to help leaders:
• Recognize each employee's personality preferences and supervisory needs,

• Align their leadership style with those of their bosses, colleagues, and subordinates,
• Develop competent and committed employees by mentoring and guiding their employees
toward success,
• Schedule their management responsibilities to ensure that nothing is left to chance, and
• Use practiced, real-world scenarios to resolve challenges and remove barriers.
B.3 Training programs done by MNYL
Training is must for every individual when he enters into the organization. Even though
the candidate has experience he also should get training. Why because the organization culture,
values and beliefs are different from one organization to other. That’s why the training program
plays a key role in every organization.
Training program following by Max New York Life Insurance is different at various levels.
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Mainly in training program the company concentrates on sales managers, agents, operations
executives and telecallers.
Training program for sales managers:
• The training program duration is 15 – 20 days

• They get training on product knowledge.
• Motivating and encouraging Advisors
Training program for Advisors:
• The training program duration is 15 – 20 days

• They get training on product knowledge
• How to convince the people.
• Objection Handling
Training program for operations executives:
• They will get training on customer database files

• Taking care of the customer files
• Well trained in product information and documentation
• Renewals will be informed periodically.
Required skills for employees in Max New York Life Insurance:
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• Interpersonal skills
• Excellent communication skills
• Understanding nature
• Aggressiveness
• Convincing skills
• Ability to motivate others
• Interest to learn
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ANALYSIS
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C.1 Analysis of the Questionnaire
Analysis of office staff who are having sufficient Knowledge on life Insurance .
6
New Advisors
Advisors 18
Telecallers 4
Marketing Executives 2
Diagram of the table:
20
15
10
0
newadvisors advisors telecallers marketingexecutives
Analysis of the table:
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The above chart shows that advisors only have more knowledge than telecallers, marketing
executives and new advisors. Advisors will complete the deals. But after that everything will
be taken care by operations executives and telecallers. Without sufficient knowledge these
both people can’t work well. When the telecaller is calling to customer for renewal premium
that person should have a knowledge how the premium should calculate, and they should
know any extra charges for late payment, and how much grace period will be… these things
should be known even by telecallers and operations executives too.
Q.1. How do you feel about the Training Programme?
Very good 15
Good 8
Fine 4
Bad 2
Time waste process 1
16
14
12
10
8
6
4
2
0
verygood good fine bad time waste
process
Here 50% of the employees feel good about the program and another 50% says
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that it is not upto that extent which was expected. That means training process
should still more be improved.
Q.2. How far is the training effective?
Very helpful 7
Helpful 8
Fine 2
Can b done from other sources 3
Time waste process 0
8
7
6
5
4
3
2
1
0
very helpful helpful fine othersources time waste
This shows that the training process is very effective and it is very much needed.
Training of agents in Insurance Industry almost decides its success and failure.
Therefore, training to Advisors is very important.
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Q.3. Did you understand about all the products during the process?
All the products 10
Some products 10
Few products 5
No clear idea 5
Nothing 0
10
0
all the products some products fewproducts no clear idea nothing
As we have already known that the training process is effective, here hence forth
it is clear that the products they deal is quite well communicated to the agents. But
still if more focus is given to the agents who are poor in understanding then it
would a complete deal.
Q.4. After the training, do you think you improved your interpersonal skills?
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Yes 25
No 5
25
20
15
10
0
yes no
As we know, training is good for Agents, it is also necessary to improve their

interpersonal skills for their individual growth and till to very good extent it is successful.
So, because of this training they even improve their skills for their individual growth
which is important for their career.
Q.5. During the process, is there any training program, which can improve your
communication skills?
Yes 10
No 20
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20
15
10
0
yes no
To Communicate the products well to our customer, we should have very good
communication skills, but here there is no good sessions to practice and improve their
communication skills. Now I recommend to have more sessions to improve this quality of
theirs’.
Q.6. Are you satisfied with the training process in terms of teaching, and environment?
Very much satisfied 8
Satisfied 10
Needs improvement 10
Not at all 2
Cant say 0
10
8
6
4
2
0
verymuchsatisfied satisfied needs not at all cant say
improvement
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Teaching environment is good but it still need more improvement because more agents
are not completely satisfied with the environment and they complained about its
punctuality.
Q.7. Is the approach of your trainer with you is good and friendly?
Good 15
Fine 8
Bad 5
Rude 3
15
10
0
good fine bad rude
Q.8. Do you think, you have made any improvement in your performance after the
training?
Lot of improvement 8
Don’t know 10
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No improvement 10
Instead deteriotated 2
20
15
10
0
lot ofimprovement don’t know no mprovement deteriotated
This is a mixture of comments. These people here were not able assist themselves. But
anyway the majority gave positive results.
Q.9. Who needs much knowledge regarding the company and its products?
Agents 5
Tele callers 4
Operational executives 1
Recruitment consultants 0
All the above 20
20
15
10
0
agents telecallers operational recr consultants all
executives
This table shows that all the people related to Insurance companies should be having
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sufficient knowledge about the company and its products. When a customer approaches
he may not have idea about his designation, so everyone should be aware of the same.
Q.10. For which areas, the agent needs training?
Company policies and procedures 1
Skill based training 0
Problem solving skills/objections 2

handling.
Communications skills. 2
All 20
20
15
10
0
companypolicies sillsbased problmsolving communitnskills all
The survey tells us that, an agent should take training for all the areas. It is not sufficient
to have proper knowledge only about the products when you don’t know how to present
them. He should be talented enough to answer or solve all the odd questions a customer
asks. So, agent should get training for all the areas mentioned.
Q.11. Are all the benefits, incentives and promotions in MNYL are communicated
properly to you? Are you satisfied?
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Yes 25
No 5
25
20
15
10
0
yes no
Q.12. To which level did the training motivate you to give your best performance?
Very strong 17
Fine 9
Didn’t get motivated 2
Time wasted 0
20
15
10
0
verystrong fine ddnt get motivated time wasted
As we know that the training process has been very effective, the trainer has a very good
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motivating skill which motivates other people very well. This survey tells that after the training
they got goose bumps and they felt very strongly motivated and they will be doing their work
very efficiently.
Q.13. Group activities are conducted to find out creative ideas and suggestive
from the participants?
Strongly agree 20
Agree 5
Neutral 0
Disagree 3
Strongly disagree 2
20
15
10
0
stronglyagree agree neutral disagree stronglydisagree
As there is a saying, “Unity is stronger”. It tells that, when a group activity is done it
unconsciously creates very good ideas and suggestions which can be very beneficial for the other
team members as well as for the organization.
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Q.14. Is the environment of MNYL friendly?
Yes 25
No 5
25
20
15
10
0
yes no
Q.15. The training is very stressful?
Interesting 15
Fine 10
Boring 4
Cant Comment 1
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15
10
0
interesting fine boring no comm ents
The agents feel very interesting about the training program which shows good
vibes to us. But a very few people find it a bit boring which is negligible.
Q.16. Do you want to make any changes in the training?
Yes 20
No 10
20
15
10
0
yes no
Maximum people are satisfied with the training and they don’t want any changes.
But still there are a few people who want some changes in the program.
Q.17. If yes what?
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33% of the people wanted changes in the training program. The changes which
they wanted are listed below:-
• Change in timings.
• Instead of coming every day, they wanted a few holidays in between.
• Some people wanted to have online training programs.
• Some wanted brief description instead of detailed which is taking 10 days.
Q.18. Do you think the participants were involved properly during the training
process?
Yes, all the participants or agents were involved very well in the training
programs. Everyone was excited to know the products to play tasks, and they were
attentive also.
Q.19. Were you are exposed to
Brainstorming sessions 2
Group Discussion 8
Lecture Sessions 20
Business Game 0
All the above 0
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20
15
10
0
brainstorming groupdiscussion lecture businessgame all the above
The survey tells that agents were mostly exposed to Lecture Sessions, which
means the trainer was giving more information about the projects instead of asking or
making ice-breaking sessions. But anyway 30% of the people also say that they were
exposed to Group Discussions as well.
Q.20. During the training, how well you were communicated the objectives of
the training programme?
The survey tells that the objectives were communicated very well for which they
were tempted and joined MNYL. And now they were happy to be a member of MNYL
family.
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RESULTS
And
Discussions
D.1 Findings
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 Training program is good but it should still more be improved.

 During training program, poor agents who are weak in their communication skills and
English are not able to understand.
 Because of training, employees became more loyal to the organization, as they came to
know the vision and mission of the Industry.
 Training made the employees and agents more useful to the firm.
 Training improved their interpersonal skills which is very helpful for their career growth
and individual growth.
 But there are no sessions which can improve their communication skills.
 Training classes are not commencing on time.
 The trainer is good and friendly.
 All the members in the Industry should have knowledge about the products.
 Training can contribute to higher production and fewer mistakes, greater job satisfaction
and lower employee turnover. Also, it can enable employees to cope up with
organizational, social and technological change.
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D.2 Recommendations
 Create awareness: The Company has to take care of awareness creation about the
products and services among the Advisors/Agents
 There should be more sessions which can improve their communication skills.
 The classes should commence on time.
 The company has to give periodic training.
 Extra training should be given to poor students.
 Product promotion strategies should be improved.
 Company should consider the present competition and should act according to the
customer needs.
 It Should be like long term training like Fundamental Carrier class , Basic Carrier class
which helps the advisors in different stages.
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D.3 Key Learnings
 Before this internship project my knowledge about the insurance industry was quite
bleak. This internship in MNYL has immensely helped me in categorizing the different
financial products.
 Another of my crucial learning has been in the area of communication with the outside
world. Finding a possible prospect and then giving them information about the
opportunities available was a really tough challenge.
 Majority of the population in Bhubaneswar and Berhampur have a negative perception

about the insurance industry. Giving them appropriate information about the opportunity
to earn in this field was a challenging task.
 Along with the information on the job, the staff of MNYL also gave many inputs that
would definitely help in the management field.
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CONCLUSIO
N
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E.1 CONCLUSION
It has been a great experience working with Max New York Life. I have gained a lot of
knowledge and improved immensely on my skills. I got the opportunity to meet and
communicate with many people and undertake responsibility. I feel that MNYL is a great
organization with plenty scope for growth. One of the main reasons in the success of this project
was the constant appreciation and motivation from the concerned guides of company as well as
college. The internship was both informative and also interactive.
In this Knowledge-based economy, training helps people to learn how to do the things
differently or to the different things. Products are now increasingly knowledge-intensive; for this
employers are responsible for providing opportunities for continued learning. To cope with the
challenges and competitiveness in the world, every organization needs the services of trained
persons for performing the activities in the systemic way. So, training program plays a key role
in individual as well as organizational performance.
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D.2 BIBLIOGRAPHY
• www.maxnewyorklife.com
• www.google.com
• www.encylopedia.com
• IC 33 book of max newyork life

• Lynton, R.P. and Pareek, U. “Training for development”, 2nd Ed., New Delhi: Vistaar
publication, 2002.
• Bhatnagar, O.P. “Evaluation methodology for training”, New Delhi: Oxford and IBH
publishing co.pvt.ltd.
• Rae, L. “The art of training and development, effective planning”. Vol. 1, New Delhi.
• Tannenbaum, S. “A strategic view of organizational training and learning”.
• A hand book of human resource management practice, 8th ed., 2001.
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APPENDIX
QUESTIONNAIRE FOR FINANCIAL
CONSULTANTS
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Name:
Age:
Designation:
Work Experience:
Income Level
Q.1. How do you feel about the Training Programme?
A. Very Good
B. Good
C. Fine
D. Bad
E. Time waste process
Q.2. How far is the training effective?
A. Very helpful
B. Helpful
C. Fine
D. Can be done from other sources
E. Time waste process
Q.3. Did you understand about all the products during the process?
A. All the products
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B. Some products
C. Few products
D. No clear idea
E. Nothing
Q.4. After the training, do you think you improved your interpersonal skills?
A. Yes
B. No
Q.5. Do you think or feel, the training program is helpful for your individual growth in
your career?
A. Yes
B. No
Q.6. During the process, is there any training program, which can improve your
communication skills?
A. Yes
B. No
Q.7. If Yes, What is the programme?
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Q.8. Are you satisfied with the training process in terms of teaching, and environment?
A. Very much satisfied
B. Satisfied
C. Needs improvement
D. Not at all
E. Cant say
Q.9. Do you feel the training program is very lengthy and boring?
A. Yes
B. No
Q.10. How many days do you think this training process should take place.
A. 4-5 days
B. 5-6
C. 6-7
D. 7-8
E. 8-9
Q.11. Is the approach of your trainer with you is good and friendly?
A. Good.
B. Fine.
C. Bad.
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D. Rude.
Q.12. Does your boss or trainer give you a patient ear and clear all the doubts?
A. Yes.
B. No.
Q.13. Do you think, you have made any improvement in your performance after the
training?
A. Lot of improvement.
B. Don’t know.
C. No improvement.
D. Instead deteriorated.
Q.14. Who needs much knowledge regarding the company and its products?
A. Agents.
B. Tele callers.
C. Operational executives.
D. Recruitment consultants.
E. All.
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Q.15. For which areas, the agent needs training?
A. Company policies and procedures.
B. Skill based training.
C. Problem solving skills/objections handling.
D. Communications skills.
E. All the above.
Q.16. Is the environment of MNYL friendly?
A. Yes.
B. No.
Q.17. Are all the benefits, incentives and promotions in MNYL are communicated
properly to you? Are you satisfied?
A. Yes.
B. No.
Q.18. To which level did the training motivate you to give your best
performance?
A. Very strong.
B. Fine.
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C. Didn’t get motivated.
D. Time waste.
Q.19. The training is very stressful?
A. Interesting.
B. Fine.
C. Boring.
D. Can’t comment.
Q.20. Do you want to make any changes in the training?
A. Yes.
B. No.
Q.21. If yes what?
Q.22. 3 modules you liked the most?
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Q.23. Do you think the participants are involved properly during the training
process?
Q.24. Group activities are conducted to find out creative ideas and suggestive
from the participants?
A. Strongly agree.
B. Agree.
C. Neutral.
D. Disagree.
E. Strongly disagree.
Q.25. Are you are exposed to
A. Brainstorming sessions.
B. Group discussion.
C. Lecture sessions.
D. Business game.
E. All the above.
Q.26. During the training, how you were communicated the objectives of the
training programme?
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A SUMMER INTERNSHIP REPORT ON

TRAINING PROGRAM DONE BY

University Regd No. A30401908046

UNDER THE GUIDANCE OF

COMPANY GUIDE: FACULTY GUIDE:

Mr. Subashish sabat Mr. Dipti Ranjan Sarangi

Sales Manager Lecturer in HR

Max NewYork Life Insurance Amity Global Business

Amity Global Business School

HIG-15, BDA, Jayadev Vihar, Bhubaneswar

MBA 2nd year

Amity Business School

CERTIFICATE BY FACULTY GUIDE

Mr. Dipti Ranjan Sarangi

Amity Global Business School

CERTIFICATE FROM COMPANY GUIDE

It gives me immense pleasure to express my deep sense of gratitude to Dr. C. Satapathy,

It was indeed a great learning experience for me.

A.2 ABOUT INSURANCE SECTOR 11-17

A.4 PRODUCTS OF MAX NEWYORK LIFE 24-25

A.5.2 RESEARCH METHODOLOGY 29-31

B.3 TRAINING PROGRAMMES DONE BY MNYL 36-38

C.1 ANALYSIS OF THE QUESTIONNAIRE 40-53

A.2 Brief History of Insurance Sector in India

Indian Insurance Industry:

The functions of Insurance can be bifurcated into two parts:

The primary functions of insurance include the following:

The secondary functions of insurance include the following:

Contributes towards the development of larger industries - Insurance provides development

The other functions of insurance include the following:

A.3 Company profile of MAX NEWYORK LIFE :

Max New York Life Insurance

Vision statement is "Most Admired Life Insurance Company in India".

• Become one of the top quartile life insurance companies in India

Max New York Life Values and Beliefs

• Customer comes first

A.4 Products of Max New York Life

Various types of life insurance policies:-

The products offered by Max New York are :

 Life Partner Plus Plan  20 year Endowment (Par) Plan

 Life Gain Endowment Plan  Endowment to Age 60 (Par) Plan

 Children Plan  Whole Life Participating Plan

 SMART Invest Pension Plan  Five Yr Renewable and Convertible

 Level Term Plan  LifeLine MediCash Plus Plan

 LifeLine Wellness Plan  LifeLine MediCash Plan

 LifeLine-Safety Net Plan  Life Pay Money Back

 Life Maker Gold Plan  Smart Assure

 Smart Assure  Life Invest Plan

 Life Maker Premium Investment  SMART EXPRESS

• Commissions on new sales

A.5 About the Project

A.5.2 Research Methodology:

According to “Claire Seltiz”, a research design is the arrangement of condition and

Research is basically of two types.

Determining sources of Data:

There are two main sources of data

Primary Data: It consists of original information collected for specific research.

Sample Size: Total sample size is 30

Questionnaire is the most common instrument in collecting primary data. In order

The present questionnaire consists of following type of questions.

• Open ended questions

• Closed ended questions