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Page 1
A
Summer Training Report
Subject Code: 536322(36)
On
Study on need for life insurance
Submitted for partial fulfillment of requirement for the award of degree
Of
Master of Business Administration
Of
CHHATTISGARH SWAMI VIVEKANAND TECHNICAL
UNIVERSITY
BHILAI (C.G.)
Session 2010-12
Supervised By External Guide Supervised By Internal Guide
MR. TARIQUE KHAN PROF. SHASHANK MEHRA
(SENIOR SALES MANAGER) (FACULTY OF MANAGEMENT)
METLIFE INDIA INSURANCE CO. LTD. DIMAT (RAIPUR)
Submitted by
AARTI PANDEY
Roll No.
Enrollment No.
MBA III Semester
(Section- A/B)
2011
DEPARTMENT OF MANAGEMENT
DISHA INSTITUTE OF MANAGEMENT AND TECHNOLOGY
(Disha Education Society)
Satya Vihar, Vidhansabha-Chandrakhuri Marg, Mandir Hasaud,Raipur (C.G.)492007
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AppendixII
DECLARATION
I the undersigned solemnly declare that the report of the Summer Training work
entitled is based my own work carried out during the course of my study under the
supervision ofMR. SHASHANK MEHRA
I assert that the statements made and conclusions drawn are an outcome of the
project work. I further declare that to the best of my knowledge and belief that the
project report does not contain any part of any work which has been submitted for the
award of any other degree/diploma/certificate in this University or any other
University.
___________________
(Signature of the Candidate)
AARTI PANDEYRoll No.:
Enrollment No.:
MBA III SEM
Section- A
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AppendixIII
Certificate by Organization
Note: In this page you have to put the certificate received from the
organization.
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AppendixIV
CERTIFICATE BY INTERNAL GUIDE
This to certify that the report of the project submitted is the outcome of the project
work entitled carried out by Aarti Pandeybearing Roll No.: & Enrollment
No.: carried by under my guidance and supervision for the award of Degree in
Master of Business Administration of Chhattisgarh Swami VivekanandTechnical
University, Bhilai (C.G), India.
To the best of the my knowledge the report
i) Embodies the work of the candidate herself,
ii) Has duly been completed,
iii) Fulfils the requirement of the ordinance relating to the MBA degree of the University
and
iv) Is up to the desired standard for the purpose of which is submitted.
_______________________
(Signature of the Guide)
PROF. SHASHANK MEHRA
FACULTY OF MANAGEMENT
The project work as mentioned above is hereby being recommended and forwarded
for examination and evaluation.
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AppendixV
CERTIFICATE BY THE EXAMINERS
This is to certify that the project entitled AWARENESS & NEED OF HEALTH
INSURANCE PLAN Submitted by Rajneesh Kumar, Roll No.:5283610007 &
Enrollment No.:AG8019
Has been examined by the undersigned as a part of the examination for the award of
Master of Business Administration degree of Chhattisgarh Swami VivekanandTechnical University, Bhilai (C.G.).
_________________ ________________
__________________
Name & Signature of Name & Signature of
Internal Examiner External Examiner
Date: Date:
Forwarded by
Prof N H Deshpande
Director, FOM & III
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AppendixVI
ACKNOWLEDGEMENT
The successful completion of any work depends upon the devotion & sincere work. A
Project is a result of the hard work of the compiler & those who have helped in
collecting the information required. Words are scarce to express my deep gratitude to
those who helped me with their efforts in this endeavour.
At the onset I would like to thank PROF. Shashank Mehra (FOM) for
trusting me & giving me this chance to prove my efficiency. His guidance, zeal &
passion towards work guided me a lot & instilled energy in me during the research
report. I am grateful to him for taking out hours & hours from his daily hectic
schedule in order to create perfect learning environment by continuously giving useful
insight & necessary direction.
_____________
(Signature of the student)
Name:
Roll.No
MBA III SEM
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CONTENT
Chapter Title Page
No.
I Introduction 1Literature Review
II 2.1 Company profile x
2.1.1 Sub-Sub article
III 3.1 Methodlogy
3.1.1 Sub-sub article y
IV 4.1 Results & discussions Z
4.1.1 Sub-sub article
V 5.1 Conclusions & Scope p 5.1.1 Sub-sub article
Bibliography ix
Appendix
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Chapter
1
(Introduction)
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INSURANCE-:
Meaning
Insurance is a form ofrisk managementprimarily used tohedgeagainst theriskof acontingent,uncertainloss
INSURANCE SECTOR IN INDIA
The insurance sector in India has come a full circle from being an open competitive
market to nationalization and back to a liberalized market again. Tracing the
developments in the Indian insurance sector reveals the 360-degree turn witnessed
over a period of almost two centuries.
A brief history of the Insurance sector
The business of life insurance in India in its existing form started in India in the year
1818 with the establishment of the Oriental Life Insurance Company in Calcutta.
Some of the important milestones in the life insurance business in India are:
1912: The Indian Life Assurance Companies Act enacted as the first statute to
regulate the life insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to
collect statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the
objective of protecting the interests of the insuring public.
1956: 245 Indian and foreign insurers and provident societies taken over by the
central government and nationalized. LIC formed by an Act of Parliament, viz. LIC
Act, 1956, with a capital contribution of Rs. 5 crore from the Government of India.
General Insurance
The General insurance business in India, on the other hand, can trace its roots to the
Triton Insurance Company Ltd., the first general insurance company established in
the year 1850 in Calcutta by the British.
Some of the important milestones in the general insurance business in India are:
http://en.wikipedia.org/wiki/Risk_managementhttp://en.wikipedia.org/wiki/Risk_managementhttp://en.wikipedia.org/wiki/Risk_managementhttp://en.wikipedia.org/wiki/Hedge_(finance)http://en.wikipedia.org/wiki/Hedge_(finance)http://en.wikipedia.org/wiki/Hedge_(finance)http://en.wikipedia.org/wiki/Riskhttp://en.wikipedia.org/wiki/Riskhttp://en.wikipedia.org/wiki/Riskhttp://en.wikipedia.org/wiki/Uncertaintyhttp://en.wikipedia.org/wiki/Uncertaintyhttp://en.wikipedia.org/wiki/Uncertaintyhttp://en.wikipedia.org/wiki/Uncertaintyhttp://en.wikipedia.org/wiki/Riskhttp://en.wikipedia.org/wiki/Hedge_(finance)http://en.wikipedia.org/wiki/Risk_management -
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1907: The Indian Mercantile Insurance Ltd. set up, the first company to transact all
classes of general insurance business.
1957: General Insurance Council, a wing of the Insurance Association of India,
frames a code of conduct for ensuring fair conduct and sound business practices.
1968: The Insurance Act amended to regulate investments and set minimum solvency
margins and the Tariff Advisory Committee set up.
1972: The General Insurance Business (Nationalization) Act,
1972 nationalized the general insurance business in India with effect from 1st January
1973. 107 insurers amalgamated and grouped into four companies viz. the National
Insurance Company Ltd., the New India Assurance Company Ltd., the Oriental
Insurance Company Ltd. and the United India Insurance Company Ltd. GIC
incorporated as a company.
Types of insurance:
BASICALLY THEIR TWO TYPES OF INSURANCE
1. Life Insurance
2. General Insurance
Insurance - Life
Your family counts on you every day for financial support: food, shelter,
transportation, education, and much more. Insurance provides you with that unique
sense of security that no other form of investment provides. It gives you a sense of
financial support especially during that time of crisis irrespective of the fluctuations in
the stock market. Insurance provides for your career goals right from your childhood
years.
Life insurance is all about making sure your family has adequate financial resources
to make those plans and dreams come true. It provides financial protection to help
your family or business to manage after your death.
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Few of the Life insurance policies are:
Whole life policies - Cover the insured for life. The insured does not receive money
while he is alive; the nominee receives the sum assured plus bonus upon death of the
insured..
Endowment policies - Cover the insured for a specific period. The insured receives
money on survival of the term and is not covered thereafter.
Money back policies - The nominee receives money immediately on death of the
insured. On survival the insured receives money at regular intervals during the term.
These policies cost more than endowment with profit policies.
Annuities / Children's policies - The nominee receives a guaranteed amount of
money at a pre-determined time and not immediately on death of the insured. On
survival the insured receives money at the same pre-determined time. These policies
are best suited for planning children's future education and marriage costs.
Pension schemes - are policies that provide benefits to the insured only upon
retirement. If the insured dies during the term of the policy, his nominee would
receive the benefits either as a lump sum or as a pension every month.
Since a single policy cannot meet all the insurance objectives, one should have a
portfolio of policies covering all the needs.
Insurance - General
Every asset has a value and the business of general insurance is related to the
protection of economic value of assets. Assets would have been created through the
efforts of owner, which can be in the form of building, vehicles, machinery and other
tangible properties. Since tangible property has a physical shape and consistency, it is
subject to many risks ranging from fire, allied perils to theft and robbery.
Concepts of insurance have been extended beyond the coverage of tangible asset.
Now the risk of losses due to sudden changes in currency exchange rates, political
disturbance, negligence and liability for the damages can also be covered.
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But if a person judiciously invests in insurance for his property prior to any
unexpected contingency then he will be suitably compensated for his loss as soon as
the extent of damage is ascertained.
Few of the General Insurance policies are:
Property Insurance: The home is most valued possession. The policy is designed to
cover the various risks under a single policy. It provides protection for property and
interest of the insured and family.
Health Insurance: It provides cover, which takes care of medical expenses
following hospitalization from sudden illness or accident.
Personal Accident Insurance: This insurance policy provides compensation for loss
of life or injury (partial or permanent) caused by an accident. This includes
reimbursement of cost of treatment and the use of hospital facilities for the treatment.
Travel Insurance: The policy covers the insured against various eventualities while
traveling abroad. It covers the insured against personal accident, medical expenses
and repatriation, loss of checked baggage, passport etc.
Liability Insurance: This policy indemnifies the Directors or Officers or other
professionals against loss arising from claims made against them by reason of any
wrongful Act in their Official capacity.
Motor Insurance: Motor Vehicles Act states that every motor vehicle plying on the
road has to be insured, with at least Liability only policy. There are two types of
policy one covering the act of liability, while other covers insurers all liability anddamage caused to one's vehicles.
Since a single policy cannot meet all the insurance objectives, one should have a
portfolio of policies covering all the needs.
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LIST OF INSURANCE COMPANIES IN INDIA:
Following is the list of all LIFE & GENERAL INSURANCE COMPANIES
granted permission by IRDA.
LIFE INSURERS Websites
Public Sector
Life Insurance Corporation of India www.licindia.com
Private Sector
Allianz Bajaj Life Insurance
Company Limitedwww.allianzbajaj.co.in
Birla Sun-Life Insurance Company
Limitedwww.birlasunlife.com
HDFC Standard Life Insurance Co.
Limitedwww.hdfcinsurance.com
ICICI Prudential Life Insurance Co.
Limited www.iciciprulife.com
ING Vysya Life Insurance Company
Limitedwww.ingvysayalife.com
Max New York Life Insurance Co.
Limitedwww.maxnewyorklife.com
MetLife Insurance Company Limited www.metlife.com
Om Kotak Mahindra Life Insurance
Co. Ltd.www.omkotakmahnidra.com
SBI Life Insurance Company
Limitedwww.sbilife.co.in
TATA AIG Life Insurance Company
Limitedwww.tata-aig.com
AMP Sanmar Assurance Company www.ampsanmar.com
http://www.licindia.com/http://www.licindia.com/http://www.birlasunlife.com/http://www.birlasunlife.com/http://www.hdfcinsurance.com/http://www.hdfcinsurance.com/http://www.iciciprulife.com/http://www.iciciprulife.com/http://www.ingvysayalife.com/http://www.ingvysayalife.com/http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.metlife.com/http://www.metlife.com/http://www.omkotakmahnidra.com/http://www.omkotakmahnidra.com/http://www.sbilife.co.in/http://www.sbilife.co.in/http://www.tata-aig.com/http://www.tata-aig.com/http://www.tata-aig.com/http://www.sbilife.co.in/http://www.omkotakmahnidra.com/http://www.metlife.com/http://www.maxnewyorklife.com/http://www.ingvysayalife.com/http://www.iciciprulife.com/http://www.hdfcinsurance.com/http://www.birlasunlife.com/http://www.licindia.com/ -
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Limited
Dabur CGU Life Insurance Co. Pvt.
Limitedwww.avivaindia.com
Reliance Life Insurance Company
Limited.www.reliancelife.com
Aviva Life Insurance Co. India Pvt.
Ltd.www.avivaindia.com
Sahara India Life Insurance Co, Ltd. www.saharalife.com
Shriram Life Insurance Co, Ltd. www.shriramlife.com
Bharti AXA Life Insurance
Company Ltdwww.bharti-axalife.com
Future Generali Life Insurance
Company Ltd.www.futuregenerli.in
IDBI Fortis Life Insurance Company
Ltd.www.idbifortis.com
Canara HSBC Oriental Bank of
Commerce Life Insurance Co. Ltd www.canarahsbclife.com
AEGON Religare Life Insurance
Company Limitedwww.aegonreligare.com
Star Union Dai-ichi Life Insurance
Comp. Ltd.
www.sudlife.in
DLF Pramerica Life Insurance Co.
Ltdwww.dlfpramerica.com
GENERAL INSURERS
Public Sector
National Insurance Company www.nationalinsuranceindia.com
http://www.avivaindia.com/http://www.avivaindia.com/http://www.reliancelife.com/http://www.reliancelife.com/http://www.avivaindia.com/http://www.avivaindia.com/http://www.saharalife.com/http://www.saharalife.com/http://www.shriramlife.com/http://www.shriramlife.com/http://www.bharti-axalife.com/http://www.bharti-axalife.com/http://www.futuregenerli.in/http://www.futuregenerli.in/http://www.idbifortis.com/http://www.idbifortis.com/http://www.canarahsbclife.com/http://www.canarahsbclife.com/http://www.aegonreligare.com/http://www.aegonreligare.com/http://www.sudlife.in/http://www.sudlife.in/http://www.dlfpramerica.com/http://www.dlfpramerica.com/http://www.dlfpramerica.com/http://www.sudlife.in/http://www.aegonreligare.com/http://www.canarahsbclife.com/http://www.idbifortis.com/http://www.futuregenerli.in/http://www.bharti-axalife.com/http://www.shriramlife.com/http://www.saharalife.com/http://www.avivaindia.com/http://www.reliancelife.com/http://www.avivaindia.com/ -
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Limited
New India Assurance Company
Limitedwww.niacl.com
Oriental Insurance Company Limited www.orientalinsurance.nic.in
United India Insurance Company
Limitedwww.uiic.co.in
Private Sector
Bajaj Allianz General Insurance Co.
Limitedwww.bajajallianz.co.in
ICICI Lombard General Insurance
Co. Ltd.www.icicilombard.com
IFFCO-Tokio General Insurance Co.
Ltd.www.itgi.co.in
Reliance General Insurance Co.
Limitedwww.ril.com
Royal Sundaram Alliance Insurance
Co. Ltd.www.royalsun.com
TATA AIG General Insurance Co.
Limitedwww.tata-aig.com
Cholamandalam General Insurance
Co. Ltd.www.cholainsurance.com
Export Credit Guarantee Corporation www.ecgcindia.com
HDFC Chubb General Insurance Co.
Ltd.
REINSURER
General Insurance Corporation of
Indiawww.gicindia.com
http://www.niacl.com/http://www.niacl.com/http://www.orientalinsurance.nic.in/http://www.orientalinsurance.nic.in/http://www.uiic.co.in/http://www.uiic.co.in/http://www.bajajallianz.co.in/http://www.bajajallianz.co.in/http://www.icicilombard.com/http://www.icicilombard.com/http://www.itgi.co.in/http://www.itgi.co.in/http://www.ril.com/http://www.ril.com/http://www.royalsun.com/http://www.royalsun.com/http://www.tata-aig.com/http://www.tata-aig.com/http://www.cholainsurance.com/http://www.cholainsurance.com/http://www.ecgcindia.com/http://www.ecgcindia.com/http://www.gicindia.com/http://www.gicindia.com/http://www.gicindia.com/http://www.ecgcindia.com/http://www.cholainsurance.com/http://www.tata-aig.com/http://www.royalsun.com/http://www.ril.com/http://www.itgi.co.in/http://www.icicilombard.com/http://www.bajajallianz.co.in/http://www.uiic.co.in/http://www.orientalinsurance.nic.in/http://www.niacl.com/ -
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Need for life insurance
Today, there is no shortage of investment options for a person to choose from modern
day investments include gold , property fixed income instruments, mutual fund and of
course, life insurance. Given the option of choices, it be difficult to make the right
choice when investing your hard earned money. Life insurance is a unique-
Investments that helps you to meet your dual needs-saving for lifes important goals
and protecting your assets.
Let us take an example to understand the need for insurance:
Mr. Atul is 45 and selfemployed. His wife Nandini, who is a housewife, looks after
their two children aged 3 and 7 years. They stay in rented accommodation, where the
rent is Rs.15000/- per month. Mr. Atul taken up a loan of Rs.2lakh. His monthly
earnings on average are Rs. 40,000/- . Mr. Atul passes away in an unfortunate road
accident. What are some of the financial implications of his death on his family?
There may be several financial implications on his family. Some of these are:
The monthly income, previously provided by Mr. Atul would stop.
His wife and children may have to seek financial assistance from other relatives.
His wife may not have enough money to pay back the loan of Rs.2 lakhs.
His widow may have to take up work to earn money.
The education of his children may suffer.
This simple example illustrates the impact premature death can have on a family,
where the main earner has no life cover.
Had Mr. Atul taken a life cover, his family would not have faced such hardships in the
event of his unfortunate death. A simple life insurance policy could have provided
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Mr. Atuls family with a lump sum that could have been invested to provide an
income equal to all or part of this income.
In simple words, insurance protects against untimely losses. Insurance has been found
useful in the lives of person both in the short term and long term. Short term needs
like sudden medical costs and long term needs like marriage expenses etc. can be
met with using life insurance.
Benefits of Life Insurance
Depending upon its usage, life insurance provides the customer with following
benefits. They are as follows:
Income to your family:
Life Insurance proceeds ensure a source of financial security for your family to meet
its household and the living expenses.
Pay off debts-
On the unfortunate death of the insured the proceeds from the life insurance of policy
can be used to meet outstanding debts such as mortage , car -loans or charge account
balances.
Provide Educational Funding for your Children-the cash value of the whole life policy
can be used to accumulate funds for their child education
Equalize inheritance:
When an asset such as family business passes on to family members who are active in
it ,life insurance proceeds can be used to provide equal asset to other family members.
Life insurance gives protection and safety to policyholders, raises the rate of capital
formation and contributes for development
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Life Insurance Vs. Other Savings
Contract Of Insurance:
A contract of insurance is a contract of utmost good faith technically known as
uberrima fides. The doctrine of disclosing all material facts is embodied in this
important principle, which applies to all forms of insurance.
At the time of taking a policy, policyholder should ensure that all questions in the
proposal form are correctly answered. Any misrepresentation, non-disclosure or fraud
in any document leading to the acceptance of the risk would render the insurance
contract null and void.
Protection:
Savings through life insurance guarantee full protection against risk of death of the
saver. Also, in case of demise, life insurance assures payment of the entire amount
assured (with bonuses wherever applicable) whereas in other savings schemes, only
the amount saved (with interest) is payable.
Aid To Thrift:
Life insurance encourages thrift. It allow long-term savings since payments can be
made effortlessly because of the 'easy installment' facility built into the scheme. .
For example: The Salary Saving Scheme popularly known as SSS, provides a
convenient method of paying premium each month by deduction from one's salary.
In this case the employer directly pays the deducted premium to LIC. The Salary
Saving Scheme is ideal for any institution or establishment subject to specified terms
and conditions.
Liquidity:
In case of insurance, it is easy to acquire loans on the sole security of any policy that
has acquired loan value. Besides, a life insurance policy is also generally accepted as
security, even for a commercial loan.
Tax Relief:
Life Insurance is the best way to enjoy tax deductions on income tax and wealth tax.
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This is available for amounts paid by way of premium for life insurance subject to
income tax rates in force.
Role of insurance
Insurance plays a very constructive role in the present world, Which is full of risks
and uncertainties of varied nature. The importance of insurance and its role is made
clear on the basis of following advantages of insurance.
1) Protection of interest :
Insurance protects and safeguards the interest of individual and businessmen in their
business operations. It gives them safety and creates confidence in their minds. Thos
indirectly brings expansion of business activities.
2) Diversification of risk:
It results in Diversification of risk among specialized professional agencies called
insurance companies.
3) Promotions of Savings and Investment:
It promotes the rate of savings and investment and leads to capital formation in an
economy.
4) Security and confidence:
Insurance creates a sense of security and confidence among all sections of the society.
5) Better security for advances:
It provides better security for loans and advances offered by banks. Risk in granting
loans is limited if the property is properly insured by the borrower.
6) Safety in storage and transportation:
It brings safety in storage and transportation and leads to expansion of
commercial
Activity.
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7) Acting as underwriter and executor:
a concerns. They help and support their clients in different ways and in different
areas.
8) Investment advice:
It gives proper investment advice to businessmen and creates proper investment
climate in the country.
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Chapter2
(Company Profile)
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MET-LIFE BEGINS::
The origins of Metropolitan Life Insurance Company (MetLife) go back to 1863,
when a group of New York City businessmen raised $100,000 to found the National
Union Life and Limb Insurance Company.
The new company insured Civil War sailors and soldiers against disabilities due to
wartime wounds, accidents, and sickness. In 1868, after several reorganizations and
five difficult years, the company decided to focus on the life insurance business. A
new company was chartered to sell "ordinary" insurance to the middle class. The
founders chose the name because they had been most successful in New York City, or
the "Metropolitan" District.
This new venture also faced difficulties. A severe business depression that began in
the early 1870s rapidly put half of the 70 life insurance companies operating in New
York State out of business. Only very large, long-established ordinary life insurance
companies remained strong. Policy lapses over successive years forced the company
to contract until it reached its lowest point in the late 1870s.
In 1879, MetLife President Joseph F. Knapp turned his attention to England, where
"industrial" or "workingmen's" insurance programs were widely successful. American
companies had not bothered to pursue industrial insurance up to that time because of
the expense involved in building and sustaining an agency force to sell policies door
to door and to make the weekly collection of five- or ten-cent premiums.
By importing English agents to train an American agency force, MetLife quickly
transferred successful British methods for use in the United States. By 1880, the
company was signing up 700 new industrial policies a day. Rapidly increasing
volume quickly drove down distribution costs, and the new program proved
immediately successful.
The MetLife agent became an important person in the lives of these striving families.
Manuals instructed agents to call at a home at the same time each week to ensure
familiarity and contact. In the process of collecting premiums, insurance agents
listened to the problems, concerns, and hopes of their clients. So successful was this
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approach that by 1909, MetLife became the nation's largest life insurer in terms of
insurance in force, a leadership position we continue to hold today in North America.
Met Life (India)
FACT SHEET
Founded 2001
Started Operation FY 2001-02
Headquarters Bangalore, India
World Wide Web Address www.metlife.co.in
Managing Director Rajesh Relan
Employees 7688
Financial Advisors 56,072
Banc assurance Tie-Ups (J&K Bank/Karnataka Bank)
Number Of Products Over 20 products
Presence Through MetLife Offices 192 offices in 131 cities
Presence Through Bank Partners 1910 offices in 686 cities
http://www.metlife.co.in/http://www.metlife.co.in/ -
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Product of MetLife India life insurance company Ltd.
CHILD PLAN Met Bhavishya , Met Junior Money Back, Met Junior
Endowment, Met Magic Plus.
RETIREMENT Met Growth Super , Met Pension - Par, Met Pension Plus
SAVING Met Sukh, Met Suvidha, Met Saral, Met 100.
PROTECTION Met Suraksha, , Met Suraksha TROP, Met Suraksha Plus , Met
Mortgage Protector Plus.
RURAL Met Vishwas , Met Suvidha (Rural)
HEALTH Met Health Care,
INVESTMENT Met Easy Plus , Met Wealth Plus, Met Gold Plus, Met Fortune
Met Smart Life.
MONTHLY
INCOME
Met Monthly Income Plan, Met Monthly Income Plan 7 Pay.
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RESEARCH METHODOLOGY
Research methodology is a way to systematically solve the problem. It may be
understood has a science of studying how research is done scientifically. In it we
study the various steps that all generally adopted by a researcher in studying his
research problem along with the logic behind them.
The scope of research methodology is wider than that of research method.
Meaning of Research
Research is defined as a scientific & systematic search for pertinent information on a
specific topic. Research is an art of scientific investigation. Research is a systemized
effort to gain new knowledge. It is a careful inquiry especially through search for new
facts in any branch of knowledge. The search for knowledge through objective and
systematic method of finding solution to a problem is research.
RESEARCH DESIGN
A research is the arrangement of the conditions for the collections and analysis of the
data in a manner that aims to combine relevance to the research purpose with
economy in procedure. In fact, the research is design is the conceptual structure
within which research is conducted; it constitutes the blue print of the collection,
measurement and analysis of the data. As search the design includes an outline of
what the researcher will do from writing the hypothesis and its operational implication
to the final analysis of data.
Research Design can be categorized as
TYPES OF RESEARCH DISEGN
EXPLORATIRY SEREARCH DESIGN
EXPERMENTAL RESEARCH DESIGN
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DISCRIPTIVE & DLAGNOSTIC RESEARCH DESIGN
The present study is exploratory in nature, as it seeks to discover ideas and insight to
brig out new relationship. Research design is flexible enough to provide opportunity
for considering different aspects of problem under study. It helps in bringing into
focus some inherent weakness in enterprise regarding which in depth study can be
conducted by management.
Objective
To aware the people about the importance of life insurance.
To determine reasons behind opting for an insurance.
To determine the feedback on services provided by an insurance agent.
To study the types of benefits provided by insurance services.
To know the need of the people for opting for life insurance
To know the popularity Metlife insurance company among the people.
To find out the grievances of the customers with regard to services provided by
insurance companies.
DATA COLLECTION
Data collection means collections of information, facts or figures for the problem.
Primary data collection- Primary data is the first hand information obtained by
investigator. Primary source is one itself collects the data.
Primary data can be collected by observation, by interviews, by face to face
questioning, by using questionnaire, when the needed data do not exist or are dated,
inaccurate, incomplete, or unreliable. I have use Questionarrire method for my
research in which I had asked questions from 100 people of Raipur .
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Secondary data collectionSecondary data is collected by others already and the
researcher is using that information for his own research purpose. Secondary data can
be collected from published reports, websites, and publications of national and
international organization.
Sampling plan: Random sampling
Sample size - 100
Sampling Instruments- Questionnaire, face to face interview
Chapter - 4
Analysis & Interpretation
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QUES1.
EMPLOYMENT SELF EMPLOYED SERVICE
25 75
Out of the 100 respondent surveyed 75%respondent who belongs to service class are
more conscious about insurance due to the tax benefit they get under sec80c and
10(10)d the rest of the some of population belong to business class are not that much
conscious about insurance
QUES2.
25%
75%
WHAT IS YOUR CURRENT EMPLOYMENT
SELF EMPLOYED
SERVICE
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INSURANCE
PLAN
YES NO
92% 8%
Of the sample size of 100 surveyed respondents 92% of the respondents are havingInsurance policy.
8% of the respondents are either not having any Insurance policy at present or their
policy is already matured.
And at present 92% of the respondents are with the view that Insurance is a tool to
protect your family.
Ques. 3
92%
8%
DO YOU HAVE ANY INSURANCE PLAN
YES
NO
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68%respondent know about met life company they have heard different sources
either from the advisor ,friends and relatives and some had seen the advertisement in
TV during the worldcup2011
32% respondent are not aware of the company so the company should promote
themselves more
Ques. 4
YES
68%
NO
32%
DO YOU HAVE HEARD ABOUT MET LIFE INSURANCE
COMPANY
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SOU
RCES
FI
XE
D
As
set
B
A
N
K
FD
INSUR
ANCE
SHAR
E/MF
JEWEL
LERY
RATI
NGS 28
%
38
%
10% 8% 16%
Out of the 100 respondent survey, 38% of people prefer to invest in bank / FD,
Only 10% of the respondent would prefer to invest in life insurance.
28% of the respondent would prefer to save in fixed asset.8%of the respondent prefer to invest in share market also
16%of The respondent like to invest in jewellery
28%
38%
10%
8%
16%
RATINGS
FIXED ASSET
BANK/FD
INSURANCE
SHARE/MF
JEWELLERY
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52% of the Respondents opted for Insurance for tax saving benefits and
saving/investment both.
But all of them, i.e. 100% of the respondents have opted for insurance for their family
protection.
38% of people opted for insurance as a investment option.
NEED FOR INSUARNCE
52%
38%
10%
0
Rating
TAX BENEFIT
UNCERTANITY IN FUTURE
INVESTMENT OPTION
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Most of the respondent (92%)stronglyagree,8%agree with the statement that
insurance help in child education,
9%of the respondent stronglyagree and 70% agree with the insurance plan they their
child marriage20%donot to investment for the above purpose . 98% people strongly agree with statement that insurance help in Tax benefit under sec
80c &10(10)d
People consider insurance as a systematic investment plan as it provides many
benefits to them 78%of the people believe that by insurance they can plan their
retirement
96% do insurance for the security reason they believe that insurance acts as a tool
against uncertainities in future
92
9
98
35
14
78
96
8
70
2
20
64
12
4
0
20
0
14 14
10
0 1 0
31
8
0
0
20
40
60
80
100
120
STRONGLY AGREE
AGREE
NOT SURE
DISAGREE
STRONGLY DISAGREE
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Apprehensions about insurance
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Mon
ey is
locke
d for
sometime
perio
d
Strong
ly
agree
agr
ee
N
ot
su
re
Disagr
ee
Strong
ly
disagr
ee
25 60 0 15 0
60% of the people strongly agree with the statement that if they will invest in
insurance their money will be locked.
15% people disagree,25%strongly disagree with the statement they think that opt for
insurance for the security and tax benefit they dont consider as a investment option.
25%
60%
0%15%
0
MONEY IS LOCKED FOR SOME TIME PERIOD
STRONGLY AGREE
AGREE
NOT SURE
DISAGREE
STRONGLY DISAGREE
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NO
PROPER
INFORMA
TION
Stro
ngly
agre
e
ag
re
e
N
o
t
s
ur
e
Disa
gree
Stro
ngly
disag
ree
40 3
2
2
8
15 0
40% of the people are strongly agree with the statement that company not provide the
proper information.
32%people are agree with the statement that insurance company not provide the
proper information they dont disclose all the terms and the condition of the plans.
15% people disagree, they think that before buying any policy they can get all the
necessary information from the companies site and helpline no.
40%
32%
28%
15%
0
NO PROPER INFORMATION
STRONGLY AGREE
AGREE
NOT SURE
DISAGREE
STRONGLY DISAGREE
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NOTPROVID
ING
GOOD
RETURN
Stron
glyagree
ag
ree
N
ots
ur
e
Disag
ree
Stron
glydisag
ree
25 65 1
0
2 0
65% people agree with the statement insurance do not provide good return in
compassion to the other sources.
25% people strongly disagree the reason being they think that insurance should not be
consider as a sources of investment for earning benefit.
10% people dont have any onion about this statement .
25%
65%
10%
2% 0
NOT PROVIDING GOOD RETURN
STRONGLY AGREE
AGREE
NOT SURE
DISAGREE
STRONGLY DISAGREE
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ADVISOR
NOT
PROPERL
Y
EDUCAT
E ABOUT
INVESTM
ENT
NEEDS
Stron
gly
agree
ag
re
e
N
o
t
s
u
r
e
Disa
gree
Stron
gly
disag
ree
48 4
0
4 8 0
48
40
4
8
0
ADVISORS ARE NOT PROPERLY EDUCATING
ABOUT INVESTMENT NEED
STRONGLY AGREE
AGREE
NOT SURE
DISAGREE
STRONGLY DISAGREE
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Most of the respondent (48%) strongly agree , 40%agree with the statement that most
of the advisers are them self confuse regarding their product so they are unable to
explain the people the importance of insurance.
4% of the respondent do not have any clear opinion about the statement
8%of the respondent disagree they think that some of the advisers are very clear
about their products and have a good knowledge and they educate very nicely about
the investment needs
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ADVIS
ORS
CHEAT
Stron
gly
agree
agr
ee
N
ot
su
re
Disag
ree
Stron
gly
disag
ree
52 32 4 10 2
Most of the respondent (52%) strongly agree ,32%agree with the statement of the
adviser of the company cheat by not providing all the information of the plans.
10% people who are different companies disagree with the statement and 2% people
strongly agree they think that if they them self conspicuous about their benefits
advisers cannot cheat them.
52%
32%
4%
10%
2%
ADVISORS CHEAT
STRONGLY AGREE
AGREE
NOT SURE
DISAGREE
STRONGLY DISAGREE
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EACH
INFORMA
TION IS IN
ENGLISH
LANGAU
AGE
Stro
ngly
agre
e
ag
re
e
N
o
t
s
u
r
e
Disa
gree
Stro
ngly
disag
ree
62 2
0
0 18 0
Majority of the respondent (62%)strongly agree ,20%agree with the statement that
because most of the information is in English they are not able to understand all the
terms and condition of the clearly of the policy bond because of the lack of
knowledge of the language
18% disagree they think that other language will be more difficult to understand.
62%
20%
0%
18%
0
EACH INFORMATION IS IN ENGLISH
LANGUAGE
STRONGLY AGREE
AGREE
NOT SURE
DISAGREE
STRONGLY DISAGREE
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COMPA
NIES DO
NOT
COOPER
ATE
Stron
gly
agree
ag
re
e
N
ot
s
u
re
Disag
ree
Stron
gly
disag
ree
24 14 3
2
5 0
24% respondent strongly agree and 14% of agree with this statement that the
insurance companies donot cooperate at the time of some dispute
5%respondent disagree they are statisfied with the customer service of the company
24%
14%
32%
5%
0
COMPANIES ARE NOT CO-OPERATIVE
STRONGLY AGREE
AGREE
NOT SURE
DISAGREE
STRONGLY DISAGREE
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32% respondent are not having any clear opinion because they have not faced any
situation like that.
.
Chapter5
(Finding, conclusion and recommendation)
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Findings
1. Service class people are more concerned about insurance in comparison to self
employed.
2. 92% respondents are insured.
3. MetLife is popular among the people.
4. Most of the people rate bank/FD as no 1 for investmenting their money.
5. People opt for life insurance for the tax benefit and for the security reason98% people
strongly agree with statement that insurance help in Tax benefit and others 96% do
insurance for the security reason.
6. Some of People believe that by investing in insurance their money will be locked for
some time.
7. 32%people are agree with the statement that insurance company not provide the
proper information they dont disclose all the terms and the condition of the plans.
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8. 65% people think that if they will invest their hard earned money in some other
investment source they will get much better return.
9. Most of the people believe that advisers not properly educating about the investment
need.
10.52% of the people think that adviser cheat with wrong information.
11.Most of the People are not familiar with the English language.
12.Some of the people feel that the company dont provide proper information.
Recommendation1. Company should train their adviser in such a way so that they can properly educate
the people regarding insurance need.
2. As the people think that insurance is a tool to protect their family & a tax saving
device. They are aware of the fact & realizing its, importance. There is a large
potential for insurance in India so the make an attempt to trap these customers.
3. As seen from the above survey that the 92% of the respondent having life insurance
policy & out of my sample size 8% of the respondent are planning for new
investment. So, there is a huge gap between share of investment planner and share of
life insurance holder. So it can be a good potential for the company and they should
make an attempt to trap these customers.
4. Company should provide better customer service.
5. Policy bond should be printed in Hindi also.
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Conclusion-
The exhaustive research in the field of life insurance threw up some interesting facts
which can be seen in the above analysis the general impression I gathered during the
data collection was
Most the people think that insurance is a tool to protect their family & a tax saving
device. They are aware of the fact & realizing its, importance. There is a large
potential for insurance in India.
The general satisfaction levels among public with regards to policy and agents still
requires improvement
People in general have been impressed by the marketing and advertising campaigns of
insurance companies. A high penetration of print, radio and Television Ad campaigns
over the years is beginning to have its impact now
Another heartening trend was in terms of people viewing insurance as a tax saving
and investment instrument as much as a protective one.
A very high number of respondents have opted for insurance for such purposes and
it shows how insurance companies have been successful to attract public money in
recent times