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Introduction of the Insurance Industry

T he story of insurance is probably as old as the story of mankind. The

same instinct that prompts modern businessmen today to secure
themselves against loss and disaster existed in primitive men also. They
too sought to avert the evil consequences of fire and flood and loss of life and
were willing to make some sort of sacrifice in order to achieve security. Though
the concept of insurance is largely a development of the recent past, particularly
after the industrial era – past few centuries – yet its beginnings date back almost
6000 years.

WHAT IS INSURANCE?
The business of insurance is related to the protection of the economic values of
the assets. Every asset has a value. The assets are valuable to the owner because
he expect some benefits from it. Benefits may be in form of income or may be
in other form. Every asset is expected to last for a certain period of time during
which it will provide benefits. So, there is a life time for every assets, none of
them will last for ever. The owner is aware of this and he can so manage his
affairs that by the end of that period of life time, a substitute is made available.
Thus he can make sure that the benefit is not lost. An accident or some other
unfortunate event may destroy it or make it incapable of giving the benefit.
Insurance is a mechanism that helps to reduce the effects of such adverse
situations. It promises to pay to the owner or beneficiary of the asset, a
certain sum if the loss occurs.
 NEED FOR INSURANCE
Modern life insurance caters to multiple needs for insurance, which can be
broadly classified as under:

 Cash and income needs on an immediately following death.

 Family income needs.
 Income needs of a widow on the death of her husband.
 Cash and income needs of a husband on the death of his wife.
 Retirement income needs.
 Education needs.
 Business needs.
 Cover future uncertainity
 Tax deduction.
 Future investment.

WHAT I S HUMAN LIFE VALUE (HLV)

Human life value is:

1) Capitalized value of the net earnings.

2) Present value of the total income lost to the family in the event death.

These points will be more cleared with this example:

 Suppose an individual earns Rs. 10000/month.

 The personal expense is Rs.2000/month.
 Therefore the income provided to his family is Rs. 8000/month.
 The annual income provided to his family works out to Rs. 96000.
 Now if he were not to earn it for them, the family would have to
 Rs.1600000 in a bank so that they get Rs. 96000 yearly at 6% interest.
(96000*100/6).
 Therefore the HLV of the person is Rs. 1600000.

Ps. Note that we have not taken into account the future income growth of the
person. Hence this is not the exact human life value but only a representation to
give the customer a fair idea of how it works.
 THE HISTORY OF INDIAN LIFE INSURANCE INDUSTRY

I n 1818 the British established the first insurance company in India in

Calcutta, the Oriental Life Insurance Company. First attempts at regulation
of the industry were made with the introduction of the Indian Life
Assurance Companies Act in 1912. A number of amendments to this Act were
made until the Insurance Act was drawn up in 1938. Noteworthy features in the
Act were the power given to the Government to collect statistical information
about the insured and the high level of protection the Act gave to the public
through regulation and control. When the Act was changed in 1950, this meant
far reaching changes in the industry. The extra requirements included a statutory
requirement of a certain level of equity capital, a ceiling on share holdings in
such companies to prevent dominant control (to protect the public from any
adversarial policies from one single party), stricter control on investments and,
generally, much tighter control. In 1956, the market contained 154 Indian and
16 foreign life insurance companies. Business was heavily concentrated in
urban areas and targeted the higher echelons of society. “Unethical practices
adopted by some of the players against the interests of the consumers” then led
the Indian government to nationalize the industry. In September 1956,
nationalization was completed, merging all these companies into the so-called
Life Insurance Corporation (LIC). It was felt that “nationalization has lent the
industry fairness, solidity, growth and reach.”
Some of the important milestones in the life insurance business in India
are:
1912: The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government
to collect statistical information about both life and non-life insurance
businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with
the objective of protecting the interests of the insuring public.
1956: The market contained 154 Indian and 16 foreign life insurance
companies.
 General Insurance

T he General insurance business in India started with the establishment of

Triton Insurance Company Limited in 1850 at Calcutta. In 1907, the
first company, The Mercantile Insurance Ltd. was set up to transact all
classes of general insurance business. General Insurance Council, a wing of the
Insurance Association of India in 1957, framed a code of conduct for ensuring
fair conduct and sound business practices. In 1968 the Insurance Act was
amended to regulate investments and to set minimum solvency margins. In the
same year the Tariff Advisory Committee was also set up. In 1972, The
General Insurance Business (Nationalization) Act was passed to nationalize
the general insurance business in India with effect from 1st January 1973. For
these 107 insurers was amalgamated and grouped into four company’s viz., the
National Insurance Company Ltd., the New India Assurance Company Ltd.,
the Oriental Insurance Company Ltd., and the United India Insurance
Company Ltd. General Insurance Corporation of India was incorporated as a
company.

Some of the important milestones in the general insurance

business in India are:
1907: The Indian Mercantile Insurance Ltd. set up, the first company to
transact all classes of general insurance business.
1957: General Insurance Council, a wing of the Insurance Association of
India, frames a code of conduct for ensuring fair conduct and sound business
practices.
1968: The Insurance Act amended to regulate investments and set minimum
solvency margins and the Tariff Advisory Committee set up.
1972: The General Insurance Business (Nationalization) Act, 1972 nationalize
the general insurance business in India with effect from 1st January 1973. 107
insurers amalgamated and grouped into four companies viz. the National
Insurance Company Ltd., the New India Assurance Company Ltd., the
Oriental Insurance Company Ltd. and the United India Insurance
Company Ltd. GIC incorporated as a company.
ROLE OF INSURANCE REGULATORY AND DEVLOPMENT
AUTHORITY (IRDA) ACT, 1999:

I nsurance sector has been opened up for competition from Indian private
insurance companies with the enactment of Insurance Regulatory and
Development Authority Act, 1999 (IRDA Act). As per the provisions of
IRDA Act, 1999, Insurance Regulatory and Development Authority (IRDA)
was established on 19th April 2000 to protect the interests of holder of
insurance policy and to regulate, promote and ensure orderly growth of the
insurance industry. IRDA Act 1999 paved the way for the entry of private
players into the insurance market which was hitherto the exclusive privilege of
public sector insurance companies/ corporations. Under the new dispensation
Indian insurance companies in private sector were permitted to operate in India
with the following conditions:

 Company is formed and registered under the Companies Act, 1956.

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

itself or through its subsidiary companies or its nominees, do not exceed
26%, paid up equity capital of such Indian insurance company.

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

general insurance business or reinsurance business.

 The minimum paid up equity capital for life or general insurance business
is Rs.100crores.

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

has been prescribed as Rs.200crores.

The Authority has notified 27 Regulations on various issues which include

Registration of Insurers, Regulation on insurance agents, Solvency Margin, Re-
insurance, Obligation of Insurers to Rural and Social sector, Investment and
Accounting Procedure, Protection of policy holders' interest etc. Applications
were invited by the Authority with effect from 15th August, 2000 for issue of
the Certificate of Registration to both life and non-life insurers. The Authority
has its Head Quarter at Hyderabad.

Changing face of Indian insurance industry:

I ndian life-insurance market is the target market of all the companies who
either want to extend or diversify their business. To tap the Indian market
there has been tie-ups between the major Indian companies with other
International insurance companies to start up their business. The government of
India has set up rules that no foreign insurance company can set up their
business individually here and they have to tie up with an Indian company and
this foreign insurance company can have an investment of only 24% of the total
start-up investment.

Unfortunately the concept of insurance is not popular in our country .As per the
latest estimates, the total premium income generated by life and general
insurance in India is estimated at around a meagre 1.95% of GDP. However
India's share of world insurance market has shown an increase of 10% from
0.31% in 2004-2005 to 0.34% in 2005-2006 India's market share in the life
insurance business showed a real growth of 11 % thereby
outperforming the global average of 7.7% Non-life business grew by 3.1%
against global average of 0.20%. In India insurance spending per capita was
among the lowest in the world at $7.6 compared to $7 in the previous year.
Amongst the emerging economies, India is one of the least insured countries but
the potential for further growth is phenomenal, as a significant portion of its
population is in services and the life expectancy has also increased over the
years.

Indian insurance industry can be featured by:

 Low market penetration.

 Ever growing middle class component in population.

 Growth of customer’s interest with an increasing demand for better

insurance products.

 Application of information technology for business.

 Rebate from government in the form of tax incentives to be insured.

 How big is the insurance market?

Insurance is an Rs.400 billion business in India, and together with banking

services adds about 7% to India's Gap. Gross premium collection is about 2% of
Gap and has been growing by 15-20% per annum. India also has the highest
number of life insurance policies in force in the world, and total investible funds
with the LIC are almost 8% of GDP. Yet more than three-fourths of India's
insurable population has no life insurance or pension cover. Health insurance of
any kind is negligible and other forms of non-life
insurance are much below international standards.

So it is clear that the face of life insurance in India is changing, but with the
changes come a host of challenges and it is only the credible players with a long
term vision and a robust business strategy that will survive. Whatever the
developments, the future and the opportunities in this industry will surely be
exciting.
 PRINCIPLES OF LIFE INSURANCE :

To understand the principles of then life insurance we first understand properly

the meaning of a contract. According to Indian contract Act 1872, “A contract
is an agreement between two or more parties to do or to abstain from doing an
act and which is intended to create a legal binding relationship.”

Essential of a Valid Contract How Life Insurance a Legal Contract

 Two or More Parties.  Intention is Legal.

 Proposer Offers-Insurer
 Lawful Consideration Accept.

 Offer and Acceptance  Premium is Consideration.

 Insured must be major with

 Free Consent sound mind-capacity to
contract.

 Lawful Objective
 Insured and Insurer are in
agreement –of same mind and
free consent.

Since all the essential of valid contract are present in life insurance contract. So,
life insurance is a legal contract.
 Principle Of Life Insurance:
Life insurance depends upon three principles. Principles of life insurance are as
follow:

Principles of Life Insurance

UTMOST GOOD FAITH INSURABLE INTEREST

Principle of INDEMNITY

UTMOST GOOD FAITH:

Utmost Good Faith is a positive duty to voluntary disclose, accurately and fully,
all facts materials to risk being proposed, weather requested or not.

Now, a question may be arise in the mind of the individual that what is
“Material Fact”.

What is Material fact”?

Any fact or a circumstance which influences the mind of the prudent
underwriter in fixing the premium or in determining whether to take the risk.

Material fact can be of two types. There are some material fact that have to be
disclose before signing this contract. they are:

 Facts of higher risk.

 External factors that make the risk higher.
 Any refusal/special terms imposed on previous proposals.
  Existence of other policies.
 Facts relating to health.

However there are some types of material facts that have no stake in insurance
contract. Such Materials facts that need not to be disclosed are-

 Facts of common knowledge.

 Facts of law.
 Facts which lessen risk.
 Facts that can be discovered with reasonable diligence.

INSURABLE INTEREST
Insurable interest means any financial interest exist between two parties. To
ensure that subject matter insurable interest is a monetary interest.

Relationship with Subject Matter

All Risk are Insurable.

To Insure That Subject Insured Must Suffered a loss .
Matter

He should not benefit from loss

. Insurable interest is The

Monetary Interest.

Recognized in Law.
Relationship Recognized by law:
 Any person in himself.
 Husband and wife in each other.
 Creditors on Debtors.
 Surety on Principal.
 Partners in business.
 Employer on Employee.
 Parents in Lives of their Minor children.

Principle Of INDEMNITY
Principles of Indemnity does not apply in Life Insurance but it does apply in
General Insurance.

Various types of life insurance policies:-

 Endowment policies: This type of policy covers risk for a specified
period, and at the end of the maturity sum assured is paid back to
policyholder with the bonuses during the term of the policy.
 Money back policies: This type of policy is for periodic payments of
partial survival benefits during the term of the policy as long as the policy
holder is alive.
 Group insurance: This type of insurance offers life insurance protection
under group policies to various groups such as employers-employees,
professionals, co-operatives etc it also provides insurance coverage for
people in certain approved occupations at the lowest possible premium
cost.
 Term life insurance policies: This type of insurance covers risk only
during the selected term period. If the policy holder survives the term,
risk cover comes to an end. These types of policies are for those people
who are unable to pay larger premium required for endowment and whole
life policies. No surrender, loan or paid up values are in such policies.
 Whole life insurance policies: This type of policy runs as long as the
policyholder is alive and is covered for the entire life of the
policyholder. In this policy the insured amount and the bonus is payable
only to nominee on the death of policy holder.
 Joint life insurance policies: These policies are similar to endowment
policies in maturity benefits and risk cover, but joint life policies cover
two lives simultaneously such as married couples. Sum assured is
payable on the first death and again on the death of survival during the
term of the policy.
 Pension plan: a pension plan or annuity is an investment over a certain
number of years but does not provide any life insurance cover. It offers a
guaranteed income either for a life or certain period
 Unit linked insurance plan: ULIP is a kind of insurance plan which
provides life cover as well as return on premium paid over a certain
period of time. The investment is denoted as units and represented by
the value called as net asset value (NAV).
RESEARCH METHODOLOGY
TITLE:

To Study “Potential of Life Insurance Industry In Kolkata ”.

TITLE JUSTIFICATION:

The above title is self explanatory. The study deals mainly with studying the
buying pattern in the insurance industry with a special focus on MetLife India
Insurance Co. Ltd. The various segments of the markets divided in terms of
Insurance Needs, Age groups, Satisfaction levels etc will also studied.

OBJECTIVE

Main objective of the research is to have an analysis of life insurance industry in

Kolkata. To accomplish this objective it has been divided into five.

 To determine reasons behind opting for an insurance.

 To know the most preferred policy.

 To determine customers perception towards private insurance

companies and their expectation form private insurance companies.

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

 To study the types of benefits provided by insurance services.

TECHNIQUE OF RESEARCH ADOPTED

T o find out the Potential of Life Insurance Industry in Kolkata five stages

of research adopted. They are discussed bellow:

1) Establishing Goals :
The first step in any survey is deciding what you want to learn. The goals
of the project determine whom you will survey and what you will ask
them. If your goals are unclear, the results will probably be unclear.

In my project report ”Potential of Life Insurance Industry in Kolkata”, my main

goal of the project is to find out the potentiality of different privet sector life
insurance company in terms of their product & services, services of the
financial advisor of the company & the activity of the company about
different segments of the markets divided in terms of Insurance Needs, Age
groups, Satisfaction levels etc will also studied.

The study deals mainly with studying the buying pattern in the insurance
industry with a special focus on MetLife India Insurance Co. Ltd.

2)Selecting The Sample :

There are two main components in determining whom you will interview. The
first is deciding what kind of people to interview. Researchers often call this
group the target population.

Second is to decide is how many people you need to interview.

Statisticians know that a small, representative sample will reflect the
group from which it is drawn. The larger the sample, the more precisely it
reflects the target group.

In this project:
Sampling Unit:

The respondents who were asked to fill out questionnaires are the sampling

units.These comprise of employees of MNCs, Govt. Employees, Self Employed

etc.

Sample size:

The sample size was restricted to only 100, which comprised of mainly peoples
from different regions of Kolkata due to time constraints.

Sampling Area:

The area of the research was Kolkata, India.

3)Choose Interviewing Methods :

Once you have decided on your sample you must decide on your method of data
collection. Each method has advantages and disadvantages. The Source of data
collection both primary and secondary data of the company.

The various method of interview may be a)Personal Interview.

b) Telephone Surveys. c) Mail surveys. d)E-mail surveys. e) Scanning

Questionnaires ,f)Internet surveys.

In this Project:

In this project Personal Interviews & Scanning Questioners’ are used.

Scanning questionnaires is a method of data collection that can be used with

paper questionnaires that have been administered in face-to-face interviews;
mail surveys or surveys completed by an Interviewer over the telephone. The
Survey System can produce paper questionnaires that can be scanned using
Remark Office OMR (available from CRS). Other software can scan
questionnaires and produce ASCII Files that can be read into The Survey
System.

4)Questionnaire Design :
 The first rule is to design the questionnaire to apply the KISS technique. KISS-
keep it short and simple.

A good introduction or welcome message will encourage people to complete

your questionnaire.

Allow a “Don't Know” or “Not Applicable” response to all questions, except to

those in which you are certain that all respondents will have a clear answer.

Researchers use three basic types of questions: multiple choice, numeric open
end and text open end .

In this Project:

In this project have make questionnaire keep in mind the above mention
principles of making questionnaire & done a survey in my respective sample
size.

5) Pre-test the Questionnaire :

The last step in questionnaire design is to test a questionnaire with a small
number of interviews before conducting your main interviews. Ideally, you
should test the survey on the same kinds of people you will include in the main
study.

The Survey System will invariably provide you with mathematically correct
answers to your questions, but choosing sensible questions and administering
surveys with sensitivity and common sense will improve the quality of your
results dramatically.

LIMITATIONS OF THE RESEARCH

1. The research is confined to a certain parts of Kolkata and does not necessarily
shows a pattern applicable to all of Country.
2. Some respondents were reluctant to divulge personal information which can
affect the validity of all responses.

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

change very quickly. The environmental changes are vital to be considered in
order to assimilate the findings.
COMPANY PROFILE
 MetLife Worldwide

W ith over 140 years of experience, the MetLife companies are a

leading innovator and a recognized leader in protection planning and
retirement and savings solutions around the world. We have
established a strong presence in the Americas, Europe and Asia Pacific through
organic growth, acquisitions, joint ventures and other partnerships. We are
strengthening our global brand MetLife by extending core products and
competencies to markets around the world – an important driver of growth for
the enterprise.

Around the world, the MetLife companies offer life, accident and health
insurance, retirement and savings and reinsurance products through agents,
third-party distributors such as banks and brokers, and direct marketing
channels. We work with families, corporations and governments to provide
them with solutions that offer financial guarantees in their lives. Our name is
recognized and trusted by more than 70 million customers worldwide and over
90 of top 100 FORTUNE 500 companies in the United States. We have the
experience, global resources and vision to provide financial certainties for an
uncertain world.

MetLife Inc.

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

financial services with operations throughout the United States and the Latin
America, Europe, and Asia Pacific regions.  Through its domestic and
international subsidiaries and affiliates, MetLife, Inc. reaches more than 70
million customers around the world and MetLife is the largest life insurer in the
United States (based on life insurance in-force).

The MetLife companies offer life insurance, annuities, auto and home
insurance, retail banking and other financial services to individuals, as well as
group insurance and retirement & savings products and services to corporations
and other institutions.  For more information, please visit www.metlife.com.

METLIFE: THE COMPANY

Ranked 39 on the
FORTUNE 500 list 140 Years of Experience in
serving 70 million Customers.

Ranked 6th in FORTUNE

No. 1 Life Insurer in U.S.
MAGAZINE.

Named by Forbes
magazine as” The Best
US$ 3.6 Trillion of Life
Managed Insurance
Insurance.
Company in
America(2008)”

THE METLIFE CORPORATE VISION

“To Build Financial Freedom for Everyone.”

MetLife’s corporate vision-to build financial freedom for everyone guides the
company’s response to people’s growing need for first-rate financial product
and services through various life stages and economic cycles. MetLife’s trusted
brand, capital strength, and existing relationships with millions of individual
customers around the globe uniquely positioned MetLife among its competitors.

Today, a time when consumer are feeling a greater financial burden than ever
before, MetLife is helping millions of customer create their own personal safety
net .At no time in the company’s history has MetLife been as well positioned to
capitalize on its history, its reputation for security and stability, and its
innovative product and services as it is today.

THE GEOGRAPHIC SPRADE OF METLIFE

The Americas EMEIA Asia Pacific

Argentina. Belgium. Australia.
Brazil. Ireland. China.
Mexico. Poland. Japan.
Chile, UK. South Korea.
U.S. India. Taiwan.
Uruguay. Hong Kong

Leading International Market Position.

MetLife (India)
M etLife India Insurance Company Limited (MetLife) is an affiliate of
MetLife, Inc. and was incorporated as a joint venture between
MetLife International Holdings, Inc., The Jammu and Kashmir
Bank, M. Pallonji and Co. Private Limited and other private investors. MetLife
is one of the fastest growing life insurance companies in the country. It serves
its customers by offering a range of innovative products to individuals and
group customers at more than 600 locations through its bank partners and
company-owned offices. MetLife has more than 50,000 Financial Advisors,
who help customers achieve peace of mind across the length and breadth of the
country.

The MetLife companies offer life insurance, annuities, auto and home
insurance, retail banking and other financial services to individuals, as well as
`group insurance and retirement & savings products and services to corporations
and other institutions.
FACT SHEET

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 5 (J&K Bank /Dhanalakshmi Bank/Karnataka

Bank/Barclays)

Number Of Products Over 20 products

Presence Through MetLife Offices 192 offices in 131 cities

Presence Through Bank Partners 1910 offices in 686 cities

MetLife (India) Value & Vision:

  

"Coming into your

own", performing as a
Leader to be really
effective and successful
by acting and making
decisions independently
to get results.
It's all about People,
MetLife's key resource.
MetLife will succeed
because we are winning
from within.

Functioning
Operating with an
productively in teams
intense dedication to
towards a common
managing monetary
purpose; realizing the
resources for strong
collective power of
business results.
diverse work-groups.

Continuously creating
Conducting all business
and introducing new
endeavors with truth,
and original ideas and
sincerity and fairness.
ways of doing things.

Management Team of MetLife(India)

Rajesh Relan
Managing Director
MSVS Phanesh Murthy
Appointed Actuary

Shilpa Vaid
Deputy Director- Human Resources

Gaurav Sharma
Director - Customer Service and Operations

Girish Malhotra
Director- Agency

KR Anil Kumar
Director - Financial Planning
& Controller

KS Raghavan
Chief Administrative Officer

Preetinder Chadha
Deputy Director - Corporate Sales & Training

P. S. Sankaran
Director – Business Support

Sameer Bansal
Director- BA & BP

Vijay Raghavan
Director - Marketing & Strategy

Partners of MetLife (India)

 Corporate Social Responsibility

MetLife has always been committed to making a positive difference in the lives
of the individuals and communities. Today, that commitment drives volunteer
work and philanthropy across the globe. Working with non-profit organizations,
MetLife supports programs that provide young people with the skills they need
to succeed in life and create opportunities for people of all ages.

MetLife’s core values are personal responsibility, people count, partnership,

integrity and honesty, innovation and financial strength. These values also shape
the responsibility to the communities where the organization conducts its
business.

PRODUCT OF METLIFE (INDIA)

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.

CHILD PLAN
We all dream about fulfilling our child’s every need. With expenses rising by
the day, however, we’re also worried about how to ensure it.

MetLife’s child insurance plans help future-proof your child’s tomorrow. They
assure you that there will be no  surprise roadblocks down the road. So that you
can make your child’s dreams
a reality.
 
 
“Free the child’s potential,
and you will transform him
into the world.”
Maria Montessori (Italian
physician and educator, 1870-
1952)
 Met Bhavishya
MetLife offers 'Met Bhavishya' - a guaranteed money back plan that pays out
funds to help you meet the education and career milestones of your children.
With this plan, the Life Insured is that of the parent. The plan also has inbuilt
guaranteed additions to add value to the policy over its term.

There are two options to choose from and fixed term benefits, periodic additions
& terminal additions are payable based on the option that you select. The policy
is suitable for parents with children between the ages 0-12 and parents in the
age group of 20-50 years old.

Coverage Term

Option A Option B

Minimum Entry Age of the Child   0 years 0 years

Maximum Entry Age of the Child 8 years 12 years

Minimum Entry Age of the parent 20 years 20 years

Maximum Entry Age of the Parent 50 years 50 years

Policy Term 21 years - Age at Entry 25 years - Age at Entry

Minimum Sum Assured Rs 1,00,000 Rs 1,00,000

Maximum Sum Assured No Limit No Limit

Plan At a Glance

Met Junior Endowment

MetLife offers 'Met Junior' - a flexible endowment plan that combines savings
and security. Your children's well-being is your highest priority. So we offer a
plan which offers both timely and efficient "Return on Investment". All with a
guarantee.

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

versions.

Product At a Glance
Coverage Term

Par Non Par

Minimum Entry Age of the Child   0 years 0 years

Maximum Entry Age of the Child 14 years 14 years

Coverage Terms 15 - 30 years 15 - 30 years

 Premium Payment Terms 15, 20, 25 or 30 years 15, 20, 25 or 30 years

Minimum Sum Assured Rs 50,000 Rs 50,000

Maximum Sum Assured No Limit No Limit

Riders:
Not Available.

Met Junior- Money Back

MetLife offers 'Met Junior Money Back' - a money back plan that combines
savings and security. Your child's well-being is your highest priority. So we
offer you a money back plan which provides guaranteed periodic survival
benefits at the end of 5, 10 & 15 years, along with guaranteed growth of your
savings.

A plan which offers both timely and efficient "return on investment" with
payouts at different milestones.

Product At a Glance:
Coverage Term
Par Non Par
Minimum Entry Age of the Child  0 years 0 years
Maximum Entry Age of the Child 14 years 14 years
Coverage Terms 20 years 20 years
Premium Payment Terms 20 years 20 years
Minimum Premium Rs. 5,000 Rs. 5,000
Minimum Sum Assured Rs 50,000 Rs 50,000
Maximum Sum Assured No Limit No Limit (subject to
underwriting)
 Retirement

“At The End of The Day,

It’s Not About The Years In Your Life, But the Life In Your Years”

Retirement means new beginnings, new joys and the possibility to realize the
unfulfilled dreams of your youth. However, it’s also a time of anxiety, a time
when financial independence is of upmost importance.

MetLife’s comprehensive retirement plans ensure a financially secure

retirement and guarantee your peace of mind.  So that you can make your
dreams a reality, anytime, anywhere.

Met Growth Super

IN THIS POLICY, THE INVESTMENT RISK IN THE INVESTMENT

PORTFOLIO IS BORNE BY THE POLICYHOLDER.

MetLife offers 'Met Growth Super' - a Unit-Linked solution to help you plan for
your golden years. It is specially designed to provide financial security for your
future requirements. This plan allows you to start planning immediately by
ensuring the safety of your first year premiums. It also helps create your
retirement fund faster by giving you 100% allocation from the second year
onwards, coupled with attractive loyalty additions into your fund. Guaranteed.

Product At A Glance:
Entry Age (in completed years) Min – 0 years (3 months to be completed)
Max – 60 years
Maturity Age Min – 0 years (3 months to be completed)
Max – 60 years
Coverage Term 20 / 25 / 30 years
Premium Payment Term Regular
Minimum Annualized Premium Rs. 18,000
Basic Sum Assured Min – 5 times / 10 times # /20 times # the
Annualized Premium
Premium Paying Modes Monthly, Quarterly, Half-yearly, Yearly, PSP

Riders
Accidental Death Benefit Rider
Critical Illness Rider

Met Pension – Par

Met Pension (Par) serves as a friendly helping hand so you can stay financially
independent even after retirement. It helps you build up a fund for your golden
years.

With this plan, you can ensure you enjoy retirement as a happy new chapter.

Product At a Glance:

Entry Age (in completed years) Min-18years

Max – 60 years
Minimum Term 10 years
Minimum Vesting Age 45 years
Maximum Vesting Age 70 years
Minimum Sum Assured Rs. 50,000
Maximum Sum Assured No Limit
Minimum Annual Premium Rs. 4000 p.a. for Regular Pay
Premium Payment Term Single Pay, Limited Pay (3 or 5 Pay) & Regular
Pay

SAVING

“Dream Big Dreams

They Have A Funny Way of Coming True.”

What is life without a dream? Be it that grand wedding for your children, a
house or a car. MetLife savings plans help you realize your dreams and protect
you and your loved ones from life’s uncertainties. Keep your savings growing
and ensure complete peace of mind.

Met Sukh

MetLife offers Met Sukh - a guaranteed Money-Back Policy which provides

guaranteed periodic survival benefits at the end of 5, 10, 15 & 20 years and
guaranteed additions of 10% of the Sum Assured for the entire term. It not only
covers your life, but also guarantees you cash payments at various milestones
along with guaranteed growth of your savings.

Product At a Glance

Entry Age Min- 15years

Max - 55 years
Coverage Term 20 years
Premium Payment Term Regular
Minimum Sum Assured Rs. 75,000
Maximum Sum Assured No Limit
 Met Suvidha
Met Suvidha is a Flexible Endowment Plan that combines savings and security.
In addition to providing you protection till the maturity of the plan, it helps you
save for your specific long term financial objectives. This long term savings-
cum-protection plan comes to you at affordable premiums.

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

versions .

Produuct At a Glance
Minimum Entry Age Par:  15 years - 60 years
Non-Par: 15 years - 70 years
Term Par: - 15 years - 30 years
Non-Par: 5 years - 30 years
Premium Paying Terms Single Pay, Limited Pay (5 or 10) & Regular Pay
Minimum Annual Premium Amount Rs. 2,500
Minimum Sum Assured Rs. 75,000
Maximum Sum Assured No Limit

PROTECTION

“Ensure Your Family , Stay Secure………….Always.”

Home loans, EMIs and other such liabilities are a regular feature in all of our
lives. Yet none of us want the burden of these payments to fall on our loved
ones. MetLife’s protection plans act as that all-important shelter, guaranteeing
you complete peace of mind.
 Met Surakhsa
MetLife offers Met Suraksha - Term Assurance (TA), a non participating term
assurance plan which provides you life cover at a nominal cost. To put it
simply, it is a life insurance plan that gives you complete protection to enjoy life
to the fullest. You can further customize your plan with two riders – Accidental
Death Benefit and Critical Illness.
Met Suraksha TROP

MetLife offers Met Suraksha - Term with Return of Premium (TROP), a non
participating term assurance plan which provides you life cover at a nominal
cost. To put it simply, it is a life insurance plan that gives you complete
protection to enjoy life to the fullest. You can further customize your plan with
two riders – Accidental Death Benefit and Critical Illness.

What’s more, it also gives you the option of getting back all the premiums paid
at maturity.

Met Suraksha Plus

MetLife offers ‘Met Suraksha Plus’- Term Assurance (TA) a non participating
term assurance plan which provides you life cover. It is designed for people
who want to take care of their financial commitments, should anything
unfortunate happen, at a nominal cost. To put it simply, it is a life insurance
plan that gives you the complete protection so that you can enjoy life to the
fullest.

You can further customize your plan with two riders – Accidental Death Benefit
and Critical Illness.

Met Mortgage Protector Plus

MetLife presents 'Met Mortgage Protector Plus' – a plan which provides you life
cover for home loans taken for any period above 5 years. It is a decreasing term
insurance with single and limited premium options. The plan covers you for an
amount equal to the outstanding amount as per the policy schedule.

It ensures the asset that you have created stays with your family.
 RURAL
“Life Is Unpredictable

But Your Family Security Need Not To Be…”

None of us can be sure what tomorrow will bring. Shield your families against
the unknown. MetLife’s rural plans protect your loved ones against financial
liabilities and help you save for tomorrow. All at affordable premiums.

Met Vishwas

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

participating term assurance plan which provides you life cover at a nominal
cost. On survival, you get 110% or 125% of the premium.

Met Suvidha (Rural)

Met Suvidha (Rural) is a participating flexible Endowment Plan that combines
savings and security. In addition to providing you protection up to maturity, it
helps you save for your specific long term financial objectives. This long term
savings-cum-protection plan comes to you at affordable premiums.

INVESTMENT
“Get The Best of Both Worlds.

Protect Your Family And Help Your Money Do a Little More, All At
Once.”

Met Easy Plus

IN THIS POLICY, THE INVESTMENT RISK IN THE INVESTMENT

PORTFOLIO IS BORNE BY THE POLICYHOLDER.

MetLife offers ‘Met Easy Plus’-  a simplified unit-linked plan which offers you
an opportunity to systematically build wealth and protection for you and your
family.

With Met Easy Plus, you'll be sure to agree with us when we say, “financial
planning was never so simple”.

Met Fortune
IN THIS POLICY, THE INVESTMENT RISK IN THE INVESTMENT
PORTFOLIO IS BORNE BY THE POLICYHOLDER.

We at MetLife understand that your hard earned money should work equally
harder for you. Hence we bring to you Met Fortune, which is short term
investment cum protection single premium plan which comes with a unique
Return Guarantee Fund -II, which guarantees the minimum NAV with an upside
potential.

HEALTH

Met Health Care:

Health problems strike unexpectedly. In addition to causing ill health, it can also
scar your financial health. You need to protect yourself against such a situation
through a health insurance plan. In order to ensure you are well protected to
face any health condition that could befall you, MetLife presents - Met Health
Care, a simple health insurance policy with unique and smart advantages for
you and your family#.

# Family means spouse and two children. Every additional family member shall
be underwritten as per the underwriting conditions laid by the Company from
time to time.

What is Met Health Care?

Met Health Care is a long term health insurance plan from MetLife. This plan
covers you

1. Against Hospitalisation expenses by providing you a Daily Cash benefit as

chosen by you.
2. Against 10 major Critical Illnesses by providing you a lump sum benefit.
3. Against Total & Permanent Disability due to accident by providing you a
lump sum benefit.

Further, all the above benefits can be availed without the hassle of undergoing
any medical examination. Just fill up the simple application form and start
enjoying the unmatched benefits of Met Health Care.

MONTHLY INCOME

Met Monthly Income Plan:

MetLife offers 'Met Monthly Income Plan' a participating plan which

guarantees you a monthly regular income for you and your family when you are
there and even if you are not there for 15 years or till end of the policy term.
Moreover you choose the monthly income that you want and we guarantee you
that amount.

A plan which provides for your retirement needs and helps you achieve
financial freedom - 'Guaranteed'.

Met Monthly Income Plan 7 Pay:

MetLife offers 'Met Monthly Income Plan-7 Pay' where you are required to pay
premium only for 7 years and get back the Guaranteed Monthly Income that
you choose at inception for 8 years. At the end of the term you will also get the
accrued bonuses as a lumpsum#.

A Monthly Income Plan that guarantees income to add to your income every
month. Because these days growing needs demand more than one income.
 DATA ANALYSIS & INTERPRETATION

NUMBER OF PEOPLE HAVING INSURANCE

TABLE NO. 4.1

RESPONSE NO. OF SHARE (%)

RESPONDENT
S

Yes 75 75%

No 25 25%

Total 100 100%

 No. Of Respondents

YES
NO

Fig NO. 1

NUMBER OF PEOPLE HAVING INSURANCE

INTERPRETATION

 Of the sample size of 100 surveyed respondents 75% of the

respondents are having Insurance policy.

 25% of the respondents are either not having any Insurance policy at
present or their policy is already matured.

 And at present 100% of the respondents are with the view that
Insurance is a tool to protect your family.

TYPES OF INSURANCE POLICY RESPONDENTS HAVE

POLICY TYPE NO. OF SHARE (%)

RESPONDENTS

LIFE POLICY 80 80%

NON LIFE 20 20%

POLICY

BOTH 40 40%

TABLE NO. 4.2

 Chart Title

Larger Risk Coverage

Money Back Guarantee

FEATURE

0 5 10 15 20 25 30 35 40

TYPES OF INSURANCE POLICY RESPONDENTS HAVE Fig NO. 2

INTERPRETATION

 80% of the respondents have only Life Insurance Policy.

 While 40% of the respondents have both.

 20% of the respondents have only Non- life Policy.

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

BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS TABLE NO.

4.3

Benefit STRONGLY Agree Dis-agree Strongly

AGREE Dis-agree

Cover Future Uncertainty 30 30 30 10

Tax Deductions 45 35 10 1O

Future Investment 20 20 40 20

Total 95 85 80 40
 40
35
30
25
20
15 Money Back
Guarantee
10
5 Larger Risk Coverage
0 Easy Access to
Agents
ee re
e ee ee
A gr Ag a gr A gr
s- s-
n gly Di Di
ro lg y
St n
ro
St

Fig NO. 3
BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS

INTERPRETATION

 Out of 100 surveyed respondent 30% are strongly agreed that life
insurance cover future uncertainty, other 30% are just agreed that life
insurance cover future uncertainty & out of rest 40% respondent 30% are
dis-agreed with the fact & other 10% are strongly dis-agreed.
 In the surveyed sample size 45% are strongly agreed that life insurance
provide tax benefit.35% are only agreed with the fact.10% respondent dis
agreed with the fact & other 10% are strongly dis-agreed that life
insurance provide tax benefit.
 In the surveyed sample size 20% of respondent strongly think that life
insurance act as a future investment.20% are just agree.40% of
respondent are dis-agreed with the fact & other 20% of respondent totally
dis agreed with the fact.

FEATURES OF INSURANCE POLICY THAT ATTRACTED

RESPONDENTS TABLE NO. 4.4

FEATURE Strongly agree Agree Dis-agree Strongly Dis-agree

Money Back Guarantee 20 40 30 10

Larger Risk Coverage 40 40 10 10

Easy Access to Agents 40 30 30 0

Low Premium 40 40 10 10
Company’s Reputation 50 30 20 0

Total 190 180 100 30

45
30
15
Strongly Agree
0
Agree
e

m
ge

ts

n
Dis-agree
te

tio
en

iu
ra
an

ta
Ag
ve Strongly Dis-Agree
ar

re

pu
Co

to
Gu

Re
w
sk

ss
ck

Lo

’s
ce
Ri
Ba

ny
Ac
er

pa
ey

rg

sy

m
on

La

Ea

Co
M

Fig NO. 4

FEATURES OF INSURANCE POLICY THAT ATTRACT PEOPLE

INTERPRETATION:
 Out of 100 sample surveyed 20% of the respondent strongly agreed with
the fact that life insurance policy featured with money back guaranteed,
40% only agreed, 20% dis-agree & rest 10% totally dis-agree.
 In surveyed sample size 40% are strongly agreed that life insurance
policy is act as a larger risk coverage,40% also agreed with the fact,10%
are just dis-agreed with the fact & other 10% totally dis-agreed with the
fact.
 In the surveyed sample size it is found that 40% are totally agreed that
easy accessibility of agent influence the life insurance policy,30% are just
agree with the fact. & other 30% are dis-agree.
 Out of surveyed sample size 40% are totally agreed that low premium
will influence the sell of insurance policy,40% are just agreed,10%
respondent are dis-agree & other 10% are totally dis-agreed.
 Company reputation is also featured with life insurance policy.50% of
surveyed respondent strongly agreed .30% are just agreed & other 20%
are dis-agreed. No one are strongly dis-agree with the fact.

REASONS BEHIND TAKING INSURANCE

RESPONSE NO. OF RESPONDENTS SHARE (%)

Tax saving 80 80%

 Saving / Investment 80 80%

Family protection 100 100%

TABLE NO. 4.5
Family
120 protecti
Tax Saving/I on; 100
100 saving; nvestme
80 nt; 80
80
60
40
20
0
Tax ... Saving/Inve... Family prot...

Fig NO. 5
REASONS BEHIND TAKING INSURANCE

INTERPRETATION

 80% of the Respondents opted for Insurance for tax saving benefits and

saving/investment both.

 But all of them, i.e. 100% of the respondents have opted for insurance for

their family protection.

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

SATISFACTION OF RESPONDENTS WITH RESPECT TO POLICY

Response Excellent Good Fair poor

Satisfied 10 20 25 10
Not- 35
satisfied

Not- 0
respondent
TABLE NO. 4.6
 Satisfied
10; 15% 10; 15% Excellent
Good
Fair
20; 31% poor
25; 38%

Fig NO. 6

SATISFACTION OF RESPONDENTS WITH RESPECT TO POLICY

INTERPRETATION

 Out of my sampled survey of satisfied insurance holder 15% is

excellently satisfied with their product, other 31% says that their product
is good, 39% are ok with their policy & other 15% think their product is
poor.
 In my sampled survey 35% are not satisfied with their existing product.
SATISFACTION OF +VE RESPONDENTS WITH
RESPECT TO SERVICE AGENT
Response Excellent Good Fair poor
TABLE NO. 4.7
Satisfied 10 35 30 20
Not-satisfied 5
Not- 0
respondent
 Satisfied
10; 11%
20; 21%
Excellent
Good
Fair
35; 37% poor

30; 32%

Fig NO.7

SATISFACTION OF +VE RESPONDENTS WITH RESPECT TO SERVICE

AGENT
INTERPRETATION

 Out 100 sampled survey 10% of respondent are excellently satisfied with
their agent’s service,37% says agent’s service is good enough,32% think
that agent service is ok, & other 21% think that agent service is poor.
 5% of the respondent are not at all satisfied with their existing policy
agent.

RESPONDENTS PERCEPTION ABOUT BEST FORM OF INVESTMENT

FOR SECURING THEIR FUTURE: TABLE NO. 4. 8

Response Strongly Agree Agree Dis-agree Strongly dis-

agree

Rigid plans 50 30 20 10

Non user friendly 30 30 20 05

Unsatisfactory 25 30 10 05

services

Non Aggressive 20 35 15 10

Satisfactory 15 20 25 20

V.Good 0 0 0 0

Fig NO, 8
 50
40
30
20
10 Strongly Agree
0 Agree
s ly s ry
an nd ice ive to od Dis-agree
pl e v ss c Go
fr i er gr
e fa . Strongly dis-agree
gid er ys Ag tis
V
Ri r Sa
us cto n
n sf a No
No ati
s
Un

RESPONDENT PERCEPTION ABOUT BEST FORM OF INVESTMENT

INTERPRETATION

 Out of my sampled survey 50 respondent strongly agree & 30 respondent

agree that Indian insurance companies has rigid plan & 30 people dis-
agree with the fact.
 30 respondent strongly agree and other 30 respondent just agree that
Indian insurance plan is not user friendly & 20 respondent are dis agree,
other 5 respondent are strongly dis-agree with the fact.
 55 respondent think that Indian insurance company failed give the
satisfactory service to the customer, 10 respondent are dis agree with the
fact and other 5 respondent are totally dis agree with the fact.
 Out of my sampled survey 20 respondent strongly agreed that Indian
insurance policy is not aggressive,35 respondent only agreed with that,15
people say that they are not agreed & 10 people think they totally dis
agree with the fact.
 In survey 15 respondent think that they are totally satisfied with their
policy,20 people are only agreed with the fact & 45 people does not think
that they are satisfied with the fact.
 No one think that Indian insurance policy are very good.

WHAT PEOPLE LOOK FOR IN AN INSURANCE COMPANY

RESPONSE NO. OF RESPONDENTS SHARE (%)
A trusted name 82 82% TABLE NO. 4.9
Friendly service & 71 71%
responsiveness
Good plans 81 81%
Accessibility 49 49%
 NO. OF RESPONDENTS
A trusted name
17% Friendly service &
29% responsiveness
Good plans
29% Accessibility
25%

Fig NO. 9

WHAT PEOPLE LOOK FOR IN AN INSURANCE COMPANY

INTERPRETATION

 82% customers look for a Trusted name in a company for insurance.

 81.5% customers look for a good plan in a company for insurance.

 Friendly service & responsiveness and Accessibility are also important

factors looked by customers in a company.

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

PEOPLE PLANNING FOR NEW INVESTMENTS

TABLE NO. 4.10

RESPONSE NO. OF RESPONDENTS SHARE (%)

Planning 95 95%

Not planning 05 05%

Total 100 100%

 100
90
80
70
60 Planning
50
40 Not planning
30
20
10
0
NO. OF RESPONDENTS SHARE (%) Fig No.10

PEOPLE PLANNING FOR NEW INVESTMENTS

INTERPRETATION

 Only 5% of the customers contacted are not planning for new investments

presently.

 Whereas, 95% of the customers are still planning for new investments this

can be a great potential for MetLife India Insurance Co. Ltd to take them on

their favour.

PEOPLE’S PERCEPTION ON APPROPRIATE AGE FOR BUYING

INSURANCE

RESPONSE NO. OF RESPONDENTS SHARE (%) TABLE NO.4.11

24years-30years 50 50%
31years-40years 25 25%
41years-50years 20 20%
Anytime 5 5%
 NO. OF RESPONDENTS
50
40
30
20 NO. OF RESPONDENTS
10
0

e
s

rs

rs
ar

m
ea

ea
ye

yti
0y

0y
0

An
s-3

s-4

s-5
ar

ar

ar
ye

ye

ye
Fig NO.11
31
24

41

PEOPLE’S PERCEPTION ON APPROPRIATE AGE FOR BUYING

INTERPRETATION:

 Out of 100 surveyed sample 50% of the respondent think that policy
should be issued at the early age that is within 30 years of age,25% of the
respondent think that policy can be issue at 31 years-40 years of age &
only 20 % think that policy should issue within 40-50 years of age & only
5% people think that policy can be issued at any time of the life time.
PREFERENCE OF RESPONDENTS OF PRIVET INSURANCE
COMPANIES TABLE NO.4.12

NO.OF
COMPANY’S NAME SHARE (%)
RESPONDENT
Birla Sun Life 10 10
Reliance Life Insurance 13 13
MetLife India Ins. Co. Ltd 15 15
Bajaj Allianz 15 15
ICICI Prudential 18 18
SBI Life 20 20
Max New York Life 9 9
TOTAL 100 100
 NO.OF RESPONDENT
9% 10% Birla SunLife
Reliance Life Insurance
13% Metlife India Ins. Co.Ltd
20% Bajaj Allianze
ICICI Prudential
SBI Life
15%
Max New York Life
18%
15%
Fig NO.12

INTERPRETATION:

 From the above survey it is shown that MetLife India has only 15% of the
share from respondent reply. Highest share captured by SBI Life that is
20%.But it can be say that if MetLife provide good service and quality
product MetLife has a potentiality to be most successful privet insurance
company in India.
 FINDINGS & RECOMMENDATIONS

F rom the eight weeks of training and almost one month of market survey I
found the followings:

1. As the people think that insurance is a tool to protect their family & a tax
saving device. They are aware of the fact & realizing its, importance.
There is a large potential for insurance in India.
2. The entrance of private players will increase the competition and it would
be a tough task to secure a good position in market.
3. Since Met Life India Insurance is leading with several companies’
policies it should be easy for them to penetrate into the market and secure
 a good position if they pay greater attention to the service part provided
to their customer and thereby forming a long and trusted relationship.
4. As seen from the above survey that the 80% of the respondent having life
insurance policy & out of my sample size 95% 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.
5. From my sampled survey it can be say that the most target & potential
customer of this industry is between 24-30 years of aged customer .So,
MetLife should target this potential customer more frequently.

6. From my survey it is seen that the main competitor of MetLife India

insurance company Ltd. Is ICICI Prudential and SBI Life insurance
company.

7. Company should maintain the customer records.

8. Very few people are satisfied with the life insurance policy served by
Indian privet insurance company .So there is high level of potential in
Indian insurance sector foe MetLife India to capture this unsatisfied
customer.
9. From my survey it is also seen that customer of Indian life insurance are
not that much satisfied with the agent service.

GROWTH POTENTIAL
 At present life insurance penetration in India is quite low – 3.5% of GDP.

PHASE OF TRANSITION

• Life Insurance industry is under the phase of infancy after 50 years of

monopoly.

• Competition from within and other sectors of financial market.

• Needs environmental support till it reaches a comfort zone

CONCLUSION

T
he exhaustive research in the field of Life Insurance threw up some

interesting trends which can be seen in the above analysis. A

general impression that I gathered during Data collection was the

immense awareness and knowledge among people about various companies and

their insurance products. People are beginning to look beyond LIC for their

insurance needs and are willing to trust private players with their hard earned

money.
People in general have been impressed by the marketing and advertising

campaigns of insurance companies. A high penetration of print, radio and

Television Ad campaigns over the years is beginning to have it’s impact now.

Another heartening trend was in terms of people viewing insurance as a tax

saving and investment instrument as much as a protective one. A very high

number of respondents have opted for insurance for such purposes and it shows

how insurance companies have been successful to attract public money in recent

times.

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

still requires improvement. But therein lies the opportunity for a relative player

like MetLife India Insurance Co. Ltd. LIC has never been known for prompt

service or customer oriented methods and MetLife India Insurance Co. can

build on these factors.

BIBLIOGRAPHY

 WEBSITES REFERRED
 www.metlife.co.in
 www.irdaindia.org
 www.thehindubusinessline.com
 ANNEXTURE

QUESTIONNAIRE

NAME:_________________________

ADDRESS:______________________
______________________________OCCUPATION:___________________
1. ARE YOU EMPLOYED?
YES NO

2. DO YOU HAVE ANY INSURANCE POLICY?

YES NO

3. WHICH INSURANCE POLICY DO YOU HAVE?

LIFE NON-LIFE BOTH

4. WHICH CO’S INSURANCE POLICY YOU PREFER THE MOST?

a) Birla Sunlife
b) ICICIPRUDENTIAL
c) SBI LIFE INSURANCE
d) MET LIFE INDIA INSURANCE
e) MAX NEW YORK LIFE INSURANCE
f) BAJAJ ALLIANZE
g) RELIANCE LIFE INSURANCE
h) ANY OTHER ________( Specify)

5. WHAT DO YOU THINK ARE THE BENEFITS OF INSURANCE PLAN?

Strongly Agree Agree Dis-agree Strongly dis-agree

a) COVER FUTURE UNCERTAINITY

b) TAX DEDUCTIONS

c) FUTURE INVESTMENT

6. WHAT’S YOUR PERCEPTION ABOUT INSURANCE?

Strongly Agree Agree Dis-agree Strongly dis-agree

a) A SAVING TOOL

b) A TAX SAVING DEVICE

c) A TOOL TO PROTECT FUTURE

7. ARE YOU SATISFIED WITH THE POLICY?

Excellent Good Fair Poor
a) SATISFIED

b) NOT SATISFIED
 c) NOT RESPONDING

8. ARE YOU SATISFIED WITH THE SERVICE AGENT?

Excellent Good Fair Poor
a) SATISFIED

b) NOT SATISFIED

c) NOT RESPONDING

9. DO YOU PAY TAXES?

YES NO

10. WHICH IS THE BEST FORM OF INVESTMENTS?

Strongly Agree Agree Dis-agree Strongly dis-agree

a) FIXED ASSETS

b) BANK DEPOSITS

c) JEWELLERY

d) SECURITIES, i.e. Bonds, MFs

e) SHARES

f) INSURANCE

11. WHAT’S THE RIGHT AGE TO BUY INSURANCE?

a) 24-30 year b)31-40 year

c) 41-50 year d) ANYTIME

12. HOW WOULD YOU RATE INDIAN INSURANCE COs?

a) RIGID PLANS b)NON-USER FRIENDLY

c) UNSATISFATORY SREVICES d) NON-AGGRESSIVE

 e) SATISFACTORY f) GOOD

g) VERY GOOD

13. WHAT WOULD YOU LOOK FOR IN AN INSURANCE COs?

a) A TRUSTED NAME
b) FRIENDLY SERVICE & RESPONSIVENESS
c) GOOD PLANS
d) ACCESSIBILITY

14. WOULD YOU GO FOR INSURANCE IF A SERVICE PROVIDER AWAY FROM THE CITY OFFERS
BETTER SERVICE & PRODUCTS?

a) YES b) NO c) UNCERTAIN

15. ARE YOU PLANNING FOR NEW INVESTMENTS?

PLANNING NOT PLANING

THANK YOU.