A PROJECT REPORT ON

“Potential of Life Insurance Industry in Gurgaon”

By – Aditya
Enroll No – 0582051809
BBA (B&I) 2008-11
BLS Institute of Tech. & Mgmt.

MetLife India Insurance Co. Ltd

 A PROJECT REPORT ON

“Potential of Life Insurance Industry in Gurgaon”

The study was conducted from 1st of June, 2010 to 31st of July, 2010

At

MetLife India Insurance Co. Ltd, Gurgaon.

Submitted by: Submitted to

Aditya (BBA(B&I) 2008-11 Mrs. Vaishali Sharma

BLS Institute of Tech. & Mgmt.

 CERTIFICATE FROM THE ORGANIZATION

This is to certify that the project entitled “Potential of Life Insurance Industry in Gurgaon”
is a bonafide work of Aditya, a student of BLS Institute of Tech. & Mgmt. , and was
successfully conducted at, MetLife India Insurance Co. Ltd, Gurgaon, from 1st June to 31st
July, 09 for the fulfillment of the course Bachelor of Business Administration (BBA)(B&I).

Mr. Tusar Sharma,

Sales Manager,
MetLife India Insurance Co. Ltd,
Gurgaon.
 STUDENT UNDERTAKING

This is to certify that I have completed the Summer Training Project titled

“Potential of Life Insurance Industry in Gurgaon”

under the guidance of “Mr.Tushar Sharma” in partial fulfillment of the requirement for

the award of degree of Bachelor of Business Administration at BLS Institute of Tech. &

Mgmt. This is an original piece of work & I have not submitted it earlier elsewhere.

Name of the Student

(Aditya )
 CERTIFICATE

This is to certify that ……Aditya… is a bonafide student of BLS Institute of Tech. & Mgmt.

and has successfully completed the Summer Training Project under my guidance.

External Examiner Internal Examiner

 “SUMMER TRAININING REPORT”

“Potential of Life Insurance Industry in Gurgaon”

Undertaken at

“MetLife India Insurance Co. Ltd”

Submitted in the partial fulfillment for the award of the degree of

BACHELOR OF BUSINESS ADMINISTRATION

Under the Supervision Submitted by

and Guidance of ………………….

…………………. …………………...

Faculty, BLSITM BBA (B&I) V Sem

 CONTENTS

PARTISULARS Page No.

Acknowledgement 7
Executive Summary 8

Introduction (9-37)
• Introduction of the Industry 9
 Life Insurance 10
 General Insurance 11
 Major Policy changes 13
 Changing Face of Indian Insurance Industry 14
15
 Various types of Life Insurance Policies
• Introduction of the Company
17
 Company Profile 17
 MetLife Inc. 19
 Values 20
 Management 22
 Insurance Plans/Products

Research Methodology (38-42)

• Objective 39
• Scope of study 39
• Sampling Methodology 41
• Limitations 42

Survey (43-61)
• Graph Analysis & Data Interpretation 44

Findings & recommendations (62-65)

• Findings & Recommendations 63
• Growth Potential 64
• Conclusion 65

Bibliography (66)
Annexure (67-70)
• Questionnaire 68
 LIST OF GRAPHS

Particulars Page
No.
[Fig 1] No of People Having Insurance 45

[Fig 2] Types of Insurance Policy Respondents Have 46

[Fig 3] Preferance of Respondents of Insurance Co’s 47

[Fig 4] Benefits of Insurance Perceived by Respondents 48

[Fig 5] Features of Insurance Policy That Attracted Respondents 49

[Fig 6] Peoples Perception About Insurance 50

[Fig 7] Persons Having Insurance For 51

[Fig 8] Reasons Behind Taking Insurance Policies 52

[Fig 9] Satisfaction of Respondents With Respect to Policies 53

[Fig 10] Satisfaction of Respondents With Respect to Agents 54

[Fig 11] No of Respondents Paying Tax 55

[Fig 12] Respondents Perception About Best Form of Investment 56

[Fig 13] People’s Perception of Appropriate Age For Buying Insurance 57

[Fig 14] Peoples Opinion About Insurance Companies in India

58
[Fig 15] What People Look For in Insurance Companies
60
[Fig 16] People Interested In Going For Insurance Away From Their
City 61

[Fig 17] People Planning For New Investment 62

 ACKNOWLEDGEMENT

I am thankful to MetLife India Insurance Co. Ltd. for providing me an opportunity to undertake
project in their esteemed organization. I would like to special thanks to my project manager
Mr. Tusar Sharma, Sales Manager at MetLife India Insurance Co. Ltd, Gurgaon, who
helped me throughout the project and also encouraged me to take this project in future course
for my career.

Last but not the least I am also thankful to all the staff members of MetLife India Insurance
Co. Ltd to make my project successful.

Aditya
 EXECUTIVE SUMMARY

In today’s corporate and competitive world, I find that insurance sector has the maximum
growth and potential as compared to the other sectors. Insurance has the maximum growth rate
of 70-80% while as FMCG sector has maximum 12-15% of growth rate. This growth potential
attracts me to enter in this sector and MET LIFE INDIA INSURANCE CO. LTD. has given
me the opportunity to work and get experience in highly competitive and enhancing sector.

• The success story of good market share of different organizations depends upon the
availability of the product and services near to the customer, which can be distributed
through a distribution channel. In Insurance sector, distribution channel includes only
agents or agency holders of the company. If a company like MET LIFE INDIA
INSURANCE CO. LTD, MAX NEW YORK LIFE, BAJAJ ALLIANZ, TATA AIG, etc
has adequate agents in the market they can capture big market as compared to the other
companies.

• Agents are the best way for a company of Insurance sector through which policies and
benefits of the company can be explained to the customer.
INTRODUCTION

 Introduction of the Industry

 Introduction of the Company
♦ Company Profile
♦ Achievements
♦ Management
♦ Insurance Plans
 THE HISTORY OF INDIAN INSURANCE INDUSTRY

The story of insurance is probably as old as the story of mankind. The same instinct that
prompts modern businessmen today to secure themselves 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.

Life Insurance
In 1818 the British established the first insurance company in India in Calcutta, the Oriental
Life Insurance Company. First attempts at regulation of the industry were made with the
introduction of the Indian Life Assurance Companies Act in 1912. A number of amendments to
this Act were made until the Insurance Act was drawn up in 1938. Noteworthy features in the
Act were the power given to the Government to collect statistical information about the insured
and the high level of protection the Act gave to the public through regulation and control.
When the Act was changed in 1950, this meant far reaching changes in the industry. The extra
requirements included a statutory requirement of a certain level of equity capital, a ceiling on
share holdings in such companies to prevent dominant control (to protect the public from any
adversarial policies from one single party), stricter control on investments and, generally, much
tighter control. In 1956, the market contained 154 Indian and 16 foreign life insurance
companies. Business was heavily concentrated in urban areas and targeted the higher echelons
of society. “Unethical practices adopted by some of the players against the interests of the
consumers” then led the Indian government to nationalize the industry. In September 1956,
nationalization was completed, merging all these companies into the so-called Life Insurance
Corporation (LIC). It was felt that “nationalization has lent the industry fairness, solidity,
growth and reach.”

Some of the important milestones in the life insurance business in India are:
1912: The Indian Life Assurance Companies Act enacted as the first statute to regulate the life
insurance business.
1928: The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.
1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective
of protecting the interests of the insuring public.
1956: The market contained 154 Indian and 16 foreign life insurance companies.
General Insurance
The General insurance business in India started with the establishment 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.
MAJOR POLICY CHANGES

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

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

The aggregate holdings of equity shares by a foreign company, either by itself or through its
subsidiary companies or its nominees, do not exceed 26%, paid up equity capital of such Indian
insurance company;
The company's sole purpose is to carry on life insurance business or general insurance business
or reinsurance business.
The minimum paid up equity capital for life or general insurance business is Rs.100crores.
The minimum paid up equity capital for carrying on reinsurance business has been prescribed
as Rs.200crores.
The Authority has notified 27 Regulations on various issues which include Registration of
Insurers, Regulation on insurance agents, Solvency Margin, Re-insurance, Obligation of
Insurers to Rural and Social sector, Investment and Accounting Procedure, Protection of policy
holders' interest etc. Applications were invited by the Authority with effect from 15th August,
2000 for issue of the Certificate of Registration to both life and non-life insurers. The Authority
has its Head Quarter at Hyderabad.

Changing face of Indian insurance industry:

Indian 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.

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.

Today, the Indian life insurance industry has a dozen private players, each of
which are making strides in raising awareness levels, introducing innovative products and
increasing the penetration of life insurance in the vastly underinsured country. Several of
private insurers have introduced attractive products to meet the needs of their target customers
and in line with their business objectives. The success of their effort is that they have captured
over 28% of premium income in five years.
The biggest beneficiary of the competition among life insurers has been the
customer. A wide range of products, customer focused service and professional advice has
become the mainstay of the industry, and the Indian customer’s forms the pivot of each
company’s strategy. Penetration of life insurance is beginning to cut across socio-economic
classes and attract people who have never purchased insurance before.

Life insurance is also now being regarded as a versatile financial planning tool.
Apart from the traditional term and saving insurance policies, industry has seen the entry and
growth of unit linked products. This provides market linked returns and is among the most
flexible policies available today for investment. Now products are priced, flexible, and realistic
and sustain so people in better position to understand the risk and benefits of the product and
they are accepting these innovative products.

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

Various types of life insurance policies:-

• Endowment policies: This type of policy covers risk for a specified period, and at the
end of the maturity sum assured is paid back to policyholder with the bonuses during the
term of the policy.
• Money back policies: This type of policy is for periodic payments of partial survival
benefits during the term of the policy as long as the policy holder is alive.
• Group insurance: This type of insurance offers life insurance protection under group
policies to various groups such as employers-employees, professionals, co-operatives etc
it also provides insurance coverage for people in certain approved occupations at the
lowest possible premium cost.
• Term life insurance policies: This type of insurance covers risk only during the
selected term period. If the policy holder survives the term, risk cover comes to an end.
These types of policies are for those people who are unable to pay larger premium
required for endowment and whole life policies. No surrender, loan or paid up values are
in such policies.

• Whole life insurance policies: This type of policy runs as long as the policyholder is
alive and is covered for the entire life of the policyholder. In this policy the insured
amount and the bonus is payable only to nominee on the death of policy holder.

• 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).

COMPANY PROFILE

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

MetLife, Inc., through its affiliates, reaches more than 70 million customers in the Americas,
Asia Pacific and Europe. Affiliated companies, outside of India, include the number one life
insurer in the United States (based on life insurance enforce), with over 140 years of
experience and relationships with more than 90 of the top one hundred FORTUNE 500®
companies. The MetLife companies offer life insurance, annuities, automobile and home
insurance, retail banking and other financial services to individuals, as well as group insurance,
reinsurance and retirement and savings products and services to corporations and other
institutions.

MetLife Inc.:-

Celebrating 140 years, MetLife, Inc. is a leading provider of insurance and financial services
with operations throughout the United States and the Latin America, Europe, and Asia Pacific
regions. Through its domestic and international subsidiaries and affiliates, MetLife, Inc.
reaches more than 70 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.

FACT SHEET

Founded 2001
Started Operation FY 2001-02
Headquarters Bangalore, India
World Wide Web Address www.metlife.co.in
Managing Director Rajesh Relan
Employees 7688
Financial Advisors 56,072
Bancassurance Tie-Ups 5 (J&K Bank/Axis
Bank/Dhanalakshmi Bank/Karnataka
Bank/Barclays)
Number Of Products Over 20 products
Presence Through MetLife Offices 192 offices in 131 cities
Presence Through Bank Partners 1910 offices in 686 cities

"Coming into your

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

Functioning
productively in Operating with an Partners:-
teams towards a intense dedication
common purpose; to managing
realising the monetary resources
collective power of for strong business
diverse work- results.
groups.
Child Plan:-
Met Bhavishya
MetLife offers 'Met Bhavishya' - a guaranteed money back plan that pays out funds to help to
meet the education and career milestones of children. With this plan, the Life Insured is that of
the parent. The plan also has inbuilt guaranteed additions to add value to the policy over its
term.

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

Met Junior Endowment

MetLife offers 'Met Junior'- a flexible endowment plan that combines savings and security.
Children's well-being is our highest priority. So MetLife offer a plan which offers both timely
and efficient return on investment. All with a guarantee.
Met Junior - Non Par
On attaining maturity, the Person Insured will receive the Sum Assured.
Met Junior - Par
On attaining maturity, the Person Insured will receive the Sum Assured, the Reversionary Bonus and
the Terminal Bonus, if any.

Met Little Star

When child is born, a star is born in family. And, parents would like to provide their star with
all the building blocks that could develop his or her potential to the fullest. This could mean
special instruction sessions for talented children, unique training gear for exceptional athletes
or qualified training for born singers to provide that extra-edge.

To ensure this, parents would need an investment and protection package that is exclusively
designed to help you plan for financial security, no matter what uncertainties life brings.

'Met Little Star', a Unit-Linked, regular premium, child insurance plan helps parents do just
that. It secures finances for child's educational needs and ensures that plans go as planned, no
matter what the circumstances.

\Met Junior Money Back

MetLife offers 'Met Junior Money Back' - a money back plan that combines savings and
security. Child's well-being is our highest priority. So MetLife offer a money back plan which
provides guaranteed periodic survival benefits at the end of 5, 10 & 15 years, along with
guaranteed growth of savings.
A plan which offers both timely and efficient return on investment with payouts at different
milestones.

Survival Benefit

At the end of 5 years 20% of Sum Assured

At the end of 10 years 20% of Sum Assured

At the end of 15 years 20% of Sum Assured

Upon survival to 40% of Sum Assured plus total

maturity Guaranteed Additions

Met Magic

MetLife offers 'Met Magic', a Unit-Linked (non-medical, regular premium) life insurance plan
(Non Par).
Parents always want their little angel to have the best, in every sphere of life. You don't want
your child to have to compromise. No matter what the circumstances.
Met Magic, a unique life insurance plan, helps you secure the future of your loved one!

Retirement:-

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

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

Max – 60 years

Maturity Age Min – 18 years

Max – 75 years

Coverage Term 15 / 20 / 25 / 30 years

Premium Payment Term Regular

Minimum Annualized Premium Rs. 12,000

Basic Sum Assured Min - 5 times the Annualized Premium ***Other Sum
Assured multiples - 10 times & 20 times the Annualized
Premium.

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

Benefit

• Death Benefit
In the unfortunate event of death, the higher of the Sum Assured or the Fund Value
would be payable.
If death of the Person Insured occurs before age 7, the Fund Value plus the regular
premium received by us in the first policy year is payable.
• Maturity Benefit
On maturity, you will receive the Fund Value including the Guaranteed Loyalty
Addition or you can opt for the settlement options.
• Loyalty Additions
You get the guarantee of enhancing your wealth creation through guaranteed
loyalty additions (up to 120% of the first year annual premium) at the end of the
10th & 15th year plus Guaranteed Additions as a % of the Fund Value.

At the end of the 10th year: 50% of the first year annualized premium

At the end of the 15th year:

Met Advantage Plus

MetLife offers 'Met Advantage Plus' - a Unit-Linked Pension Plan that allows to effectively
and efficiently accumulate retirement needs. As the name suggests, it comes with many
advantages.One can choose from eight annuity options, two life cover options and get tax
benefits under Section 80 C and 10 (10 A). One can buy the plan without any hassles and
invest more as you approach retirement by using the top-up functionality. All in all, it’s a plan
which works harder when one stop working. For one, it ensures that you lead a comfortable
lifestyle post retirement.

Entry Age (in completed years) Min – 20 years

Max – 55 years
Minimum Term 10 years

Minimum Vesting Age 45 years

Maximum Vesting Age 65 years

Minimum Premiums Single Pay: Rs. 1,00,000

Regular Premium: Rs. 10,000
Premium Paying Term Single Pay & Regular Pay

Benefits

• Death Benefit
In case of death during the accumulation period, the death benefit payable is:
Under Option A: A guaranteed amount of 110% of the Fund Value is payable to the nominee.
Under Option B: 100% of the Fund Value is payable to the nominee.
• Vesting Benefit
On the vesting date, i.e. at the end of the accumulation term,you can take one-third of your
retirement kitty as a tax-free lump sum and utilize the balance to buy annuities. Or you can use
the entire retirement kitty to buy annuities.

Met Pension-Par

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

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

Entry Age (in completed Min – 18 years

 years) Max – 60 years

Minimum Term 10 years

Minimum Vesting Age 45 years

Maximum Vesting Age 70 years

Minimum Sum Assured Rs. 50,000

Maximum Sum Assured No Limit

Minimum Annual Rs. 4000 p.a. for Regular Pay

Premium

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

Benefits

Death Benefit
In case of death while one is saving for retirement, the death benefit payable is:
1. Return of premiums.
2. Accrued reversionary bonus, if any.
3. Any insurance on the life of the Insured that may be provided by riders to this policy.

Vesting Benefit
On the vesting date, you can take one third of your retirement kitty as a tax-free lump
sum and utilize the balance to buy annuities or you can use the entire retirement kitty to
buy annuities. The retirement fund on the date of vesting is equal to the Sum Assured
plus Guaranteed Additions plus the compounded reversionary bonuses plus the terminal
bonus, if any.

Guaranteed Additions

Savings:-
Met Sukh

MetLife offers 'Met Sukh'- a guaranteed money-back policy which provides guaranteed
periodic survival benefits at the end of 5, 10, 15 & 20 years and guaranteed additions of 10% of
the Sum Assured for the entire term. It not only covers your life, but also guarantees you cash
payments at various milestones along with guaranteed growth of your savings.

Entry Age Min - 15 years

Max - 55 years

Coverage Term 20 years

Premium Payment Term Regular

Minimum Sum Assured Rs. 75,000

Maximum Sum Assured No Limit

Benefits

• Death Benefit
In the unfortunate event of death of the Person Insured, the Sum Assured along
with the Guaranteed Additions are payable.
The policyholder is entitled to Guaranteed Additions of Rs. 100 per Rs. 1,000 of the
Sum Assured for each completed year.
• Maturity Benefit
On maturity, the life insured will receive the Survival Benefits plus the Guaranteed
Addition.
• Survival Benefits
 At the end of 5 years 20% of the Sum Assured

At the end of 10 years 20% of the Sum Assured

At the end of 15 years 20% of the Sum Assured

Upon survival to 40% of the Sum Assured

maturity plus Total Guaranteed
Additions

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 a customer at
affordable premiums.

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

Minimum Entry Age Par: 15 years - 60 years

Non-Par: 15 years - 70 years

Term Par: - 15 years - 30 years

Non-Par: 5 years - 30 years

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

Regular Pay

Minimum Annual Premium Amount Rs. 2,500

Minimum Sum Assured Rs. 75,000

Maximum Sum Assured No Limit

Met Saral

MetLife presents 'Met Saral' - a non- participating endowment plan. As the name suggests, it’s
a simple savings plan which gets customer into the savings habit without any medical tests. All
need to do is fill in a simple application form and are ensured a guaranteed maturity amount of
Rs 100,000, even in the case of death during the term. Take the first step towards a better
financial future for customer and his family. Ensure and insure the first Lakh.

Met 100

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

It helps create a legacy for the children, leaving money for a dependant spouse and, more
importantly, provides insurance cover at affordable rates.

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

Non-Par Par

Minimum Entry Age 15 yrs 0 yrs

Maximum Entry Age 70 yrs for ppt of 15 yrs
65 yrs for ppt of 20 yrs
60 yrs for ppt of 25 yrs
70 yrs for ppt of 15
yrs
65 yrs for ppt of 20
yrs
60 yrs for ppt of 25
yrs
70 yrs for life – ppt

Premium Paying 15, 20, 25 yrs 15, 20, 25 yrs

Terms

Minimum Sum Rs. 50,000 Rs. 50,000

Assured

Maximum Sum No limit (subject to UW) No limit (subject to

Assured UW)

Minimum Annual Rs. 1,000 for issue age of < 15 Met 100 Gold: Rs.
Premium yrs 2,500
Rs. 2,500 for issue age of > = 15 Met 100 Platinum:
yrs Rs. 7,500

Met 100 - Non-Par

In the event of death, the Sum
Assured is payable.

Maturity Benefit
Met 100 - Par
On maturity of the policy, the Sum
Death Benefit Assured plus the Reversionary
Met 100 - Par Bonus and Terminal Bonuses, if
In the event of death, the Sum any, are payable.
Assured plus the Reversionary
Bonus and Terminal Bonuses, if Met 100 - Non-Par
any, are payable. On maturity of the policy, the Sum
Assured is payable

Protection:-

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

Met Suraksha TROP

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

Met Mortgage Protector

This plan which provides life cover for home loans taken for any period
above 5 years. It is a decreasing term insurance with single and limited
premium options. The plan covers an amount equal to the outstanding amount
as per the policy schedule.

It ensures the assets that have created stays with family.

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

Met Vishwas

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

assurance plan which provides life cover at a nominal cost. On survival,
customers get 110% or 125% of the premium.
 Minimum Entry Age 18 years

Maximum Entry Age 60 years

Maximum Maturity Age 70 years

Minimum Sum Assured Rs. 5,000

Maximum Sum Assured Rs. 50,000

Policy Term 5 or 10 years

Premium Paying Terms Single Pay

Met Suvidha-Rural

Met Suvidha (Rural) is a participating flexible Endowment Plan that

combines savings and security. In addition to providing protection up to
maturity, it helps to save for specific long term financial objectives. This long
term savings-cum-protection plan comes at affordable premiums.

Benefits:

Met Suvidha - Par Maturity Benefit

In the event of death during the
term of the policy, the
beneficiary will receive the base
Sum Assured, the accrued
reversionary bonus and terminal
bonus if any.
Met Suvidha - Par
On maturity of the policy, you
will receive the base Sum
Assured, the accrued
reversionary bonus and terminal
bonus if any.

• It is an Endowment plan that offers both savings and life insurance.

• Flexible premium paying options to suit various income cycles.
• A plan which participates in the bonuses declared by the company.
• Customization possible with Accident Death Benefit, Critical Illness,
Term, Waiver of Premium Riders for comprehensive protection.
Investment:-

MetLife’s Unit-Linked Insurance Plans ensure systematic enhancement of

wealth. Be it higher returns or the right blend of protection and wealth
optimization, they help to ensure the right choice and peace of mind.

(IN THESE POLICY, THE INVESTMENT RISK IN INVESTMENT

PORTFOLIO IS BORNE BY THE POLICY HOLDER )

Met Easy

A simplified unit-linked plan which offers an opportunity to systematically

build wealth and protection for you and your family.
 10 years 15 years 20 years

Minimum Age 8 3 0 (3 months to be

at Entry completed)

Maximum Age 55 50 50
at Entry

Minimum 20,000 15,000 12,000

Premium

Maximum 6,00,000 4,00,000 3,00,000

Premium

Sum Assured 5 times the 7.5 times the 10 times the

annualized regular annualized regular annualized regular
premium premium premium

Premium Yearly, Half-yearly, Yearly, Half-yearly, Yearly, Half-yearly,

payment modes Quarterly, Monthly Quarterly, Monthly Quarterly, Monthly

(The maximum Sum Assured available in this product is based on age, at the time of
buying the policy.)

Benefits-

Death Benefit Value. If death of Value including the

In the event of the Person Insured Loyalty Addition or
death: occurs before age 7, you can opt for the
In the 1st Policy the Fund Value plus settlement options.
Year: Higher of the Regular
50% of the Sum Premium received Loyalty Additions
Assured or the by us in the first With Met Easy, you
Fund Value is policy year is get the benefit of
payable. payable. potentially enhancing
After the 1st Policy your wealth creation
Year: Higher of Maturity Benefit with loyalty
100% of the Sum On maturity, you will additions that are
Assured or Fund receive the Fund
added to your policy
on maturity.

Met Smart Gold

MetLife offers 'Met Smart Gold'- a Unit-Linked wealth creation cum

protection plan for the well-heeled. It's specially conceived so that one can
get a plan to match his specific financial requirements.

If you are keen on investing lump sum amounts over a shorter horizon, this is
the ideal plan for you.

Met Smart Plus-Regular Pay

'Met Smart Plus' – a Unit-Linked Whole life plan that matures at age 100. If
you want to protect your family from life’s uncertainties; at the same time,
you wish insurance would yield higher returns on your investments. You
want your insurance policy to help realize all your dreams. It’s a right plan to
go with.

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

years)
Max – 70 years

Maturity Age 100 years

Premium Payment Term Regular

Minimum Annualized Rs. 12,000

Premium

Minimum Basic Sum Rs. 60,000

Assured

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

Met Smart Plus- Single Pay

Same as Met Smart Plus Regular but premium is payable in a single term or
at the time of policy taken.

Met Smart Premier- Regular Pay

MetLife offers 'Met Smart Premier' – a Unit-Linked Whole life plan that
matures at age 100. You want to protect your family from life’s
uncertainties; at the same time, you wish insurance would yield higher returns
on your investments. You want your insurance policy to help realize all your
dreams.

Met Smart Premier- Single Pay

Payable lump sum at the time of policy taken.

Health:-

Met Health Care

UIN no: 117N048V01

Health problems strike unexpectedly. In addition to causing ill health, it can

also scar financial health. One need to protect himself against such a situation
through a health insurance plan. In order to ensure you are well protected to
face any health condition that could befall you, MetLife presents - Met
Health Care, a simple health insurance policy with unique and smart
advantages for you and your family#.

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

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

1. Hospitalization expenses by providing a Daily Cash benefit as chosen by

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

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

Minimum/Maximum age 18 years-55 years (At first entry, for the

of entry Principal insured)
3 months-55 years (For Secondary Insured lives)

Cover ceasing age 65 years

Maturity/Death Benefit No Maturity/Death Benefit payable

Benefits Offered (a) Daily Hospitalisation Cash Benefit

(b) Daily ICU Cash Benefit
(c) Recuperation Benefit
(d) Critical Illness Benefit
(e) Accidental Total & Permanent Disability
Benefit

Premium paying frequency Yearly. Half-Yearly mode is avaiable only if

each of the persons insured choose a daily cash
benefit of Rs. 3000 or more.

Illustration

Benefit Option 1 Option 2 Option 3 Option 4 Option 5

Daily Hospitalisation Rs. 1000 per day Rs. 2000 per day Rs. 3000 per Rs. 4000 per Rs. 5000 per
Cash Benefit day day day

Daily ICU Cash Benefit Rs. 2000 per day Rs. 4000 per day Rs. 6000 per Rs. 6000 per Rs. 6000 per
day day day

Recuperation Benefit Rs. 3000 Rs. 6000 Rs. 9000 Rs. 10000 Rs. 10000

Critical Illness Benefit Rs. 1 Lakh Rs. 2 Lakh Rs. 3 Lakh Rs. 3 Lakh Rs. 3 Lakh
Accidental Total & Rs. 1 Lakh Rs. 2 Lakh Rs. 3 Lakh Rs. 3 Lakh Rs. 3 Lakh
Permanent Disability
Benefit

Benefits

Death/Maturity Benefit

There is no Death/Maturity Benefit under Met Health Care.

Tax Benefits

The premium paid (excluding the service tax) under this plan is
eligible for Tax Benefits under Section 80 D of the Income Tax Act,
1961 as per the provisions and conditions given therein and are
subject to any changes made in the tax laws in future.

Reasons to Buy
1. Coverage for the entire family.

2. No Claim Discounts.

3. Guaranteed Cover* till age 65.

4. Payouts in addition to other Insurance Plans.

5. Multiple Claims.
RESEARCH METHODOLOGY
Objective
Scope of study
Sampling methodology
Limitations
 RESEARCH METHODOLOGY

TITLE:

To Study “Potential of Life Insurance Industry in Gurgaon”.

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 Gurgaon. 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.

SCOPE OF THE STUDY
A big boom has been witnessed in Insurance Industry in recent times. A large
number of new players have entered the market and are trying to gain market
share in this rapidly improving market. The study deals with reliance in focus
and the various segments that it caters to. The study then goes on to evaluate
and analyze the findings so as to present a clear picture of trends in the
Insurance sector.

SIGNIFICANCE TO THE INDUSTRY:

This is a limited study which takes into consideration the responses of 100

people. This data can be explorated to take in the trends across the industry.

The significance for the industry lies in studying these trends that emerge

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

beginning to wake up to its vast possibilities. A study like this can attempt to

guide the future of the industry based on current trends.

SIGNIFICANE FOR THE RESEARCHER:

To facilitate and provide useful information for the study of the company and
the insurance industry and also provide recommendations for MetLife India
Insurance Co. Ltd
RESEARCH DESIGN

• NON-PROBABILITY

• EXPLORATORY & DISCRIPTIVE EXPERIMENTAL

RESEARCH

The research is primarily both exploratory as well as descriptive in nature.

The sources of information are both primary & secondary.

A well-structured questionnaire was prepared and personal interviews were

conducted to collect the customer’s perception and buying behavior, through

this questionnaire.

SAMPLING METHODOLOGY

Sampling Technique:

Initially, a rough draft was prepared keeping in mind the objective of the

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

Questionnaire. The final Questionnaire was arrived only after certain

important changes were done. Thus my sampling came out to be judemental

and convinent

Sampling Unit:

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 Gurgaon due to time constraints.

Sampling Area:

The area of the research was Gurgaon, India.

LIMITATIONS OF THE RESEARCH

1. The research is confined to a certain parts of Gurgaon 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.

 SURVEY
Graph Analysis
Data Interpretation
 DATA ANALYSIS & INTERPRETATION

NUMBER OF PEOPLE HAVING INSURANCE

RESPONSE NO. OF SHARE (%)

RESPONDENTS

Yes 70 70%

No 30 30%

Total 100 100%

INTERPRETATION

• Of the sample size of 100 surveyed respondents 70% of the

respondents are having Insurance policy.

• 30% of the respondents are either not having any Insurance policy
at present or their policy is already matured.

• And at present 100% of the respondents are with 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 75 75

NON LIFE 25 25
POLICY

BOTH 45 45

INTERPRETATION

 75% of the respondents have only Life Insurance Policy.

 While 45% of the respondents have both.

 25% of the respondents have only Non- life Policy.

[Some of the respondents opted for two or more than two items]
 PREFERENCE OF RESPONDENTS OF INSURANCE
COMPANIES
NO.OF
COMPANY’S NAME SHARE (%)
RESPONDENT
L.I.C. 74 74
Reliance Life
3 3
Insurance
Metlife India Ins.
2 2
Co.Ltd
Bajaj Allianze 3 3
ICICI Prudential 9 9
SBI Life 7 7
Max New York Life 2 2
TOTAL 100 100

INTERPRETATION
  74% of the people contacted prefer LIC policy to any other and

therefore it is ranked no.1 by that percent of respondents.

BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS

NO.OF
BENEFITS SHARE (%)
RESPONDENTS
Cover Future Uncertainty 55 55
Tax Deductions 20 20
Future Investment 25 25
TOTAL 100 100

[Fig4]
Future
Investment
25%

Cover Future
Tax Uncertainty
Deductions 55%
20%

INTERPRETATION

 55% of the respondents believe that covering future uncertainty is the

biggest benefit of an insurance policy.

  Whereas, 20% and 25% of them believe that the other benefits are Tax

deduction and future investments respectively.

FEATURES OF INSURANCE POLICY THAT ATTRACTED

RESPONDENTS

FEATURE NO.OF SHARE (%)

RESPONDENTS
Money Back Guarantee 15 15
Larger Risk Coverage 37 37
Easy Access to Agents 7 7
Low Premium 30 30
Company’s Reputation 11 11
TOTAL 100 100

[Fig 5]
MONEY
REPUTATIO BACK
N OF GUAARENT
COMPANY EE
11% 15%

LOW
PREMIUM
30%

LARGER
EASY RISK
ACCESS TO COVERAgE
AGENTS 37%
7%
INTERPRETATION

 Majority of the respondent (37%) found larger risk coverage as the

most attracted feature of the all.

  Minimum respondents (7%) opted for easy access to agents.

PEOPLE PERCEPTION ABOUT INSURANCE

RESPONSE NO. OF SHARE

RESPONDENTS (%)

A saving tool 81 81%

A tax saving device 74 74%

A tool to protect your family 100 100%

INTERPRETATION

• 81% of the respondents have perception of Insurance being a

saving tool.

• And 74% of the respondents have perception of Insurance being a

tax saving device.

 • But 100% of the respondents are with the view that Insurance is a

tool to protect your family.

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

PERSONS HAVING INSURANCE FOR

Response No of respondents

self 40

spouse 28

children 21

parents 18

all 11

INTERPRETATION

Among that 42% people who having insurance, they have insurance 40% for
self, 28%for spouse ,21% for children and 18% for their parents and 11% for
all family member.
 REASONS BEHIND TAKING INSURANCE

RESPONSE NO. OF SHARE (%)

RESPONDENTS

Tax saving 80 80%

Saving / Investment 80 80%

Family protection 100 100%

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 NO. OF SHARE (%)

RESPONDENTS

Satisfied 60 60%

Not satisfied 40 40%

Not Responded 0 0.0%

Total 100 100%

INTERPRETATION

• 60% of the respondents are more or less satisfied with their

existing policy.

• 40% of the respondents are not satisfied with their existing policy.

• In this case all of those who have taken a policy have responded.
 SATISFACTION OF +VE RESPONDENTS WITH RESPECT TO
SERVICE AGENT

RESPONSE NO. OF SHARE (%)

RESPONDENTS

Satisfied 45 45%

Not satisfied 55 55%

Not Responded 0 0.0%

Total 100 100%

Not Responded [Fig10]

0%

Satisfied
45%
Not satisfied
55%

INTERPRETATION

• 45% of the respondents are satisfied with their existing service

agent.

• 55% of the respondents are not satisfied with their existing

insurance agent.

• All of those who have taken a policy have responded.

 NUMBER OF RESPONDENTS PAYING TAX

RESPONSE NO. OF SHARE (%)

RESPONDENTS

Paying tax 91 91%

Not paying tax 9 9%

Total 100 100%

INTERPRETATION

• Of the sample size of 100 respondents, 91 respondents are paying

tax.
 RESPONDENTS PERCEPTION ABOUT BEST FORM OF
INVESTMENT FOR SECURING THEIR FUTURE

NO. OF SHARE (%)

RESPONDENTS
Fixed Assets 75 33%

Bank deposits 11 5%
Jewellery 25 11%
Securities i.e. bonds, MFs 40. 17%
Shares 10 4%
Insurance 70 30%

Fixed
[Fig12]
80 Assets, 75
Insurance, 70
70
60
Bonds/Mutual
50
Funds, 40
40
30 Jewellery, 25
Bank
20 deposits, 11 Shares, 10
10
0
Fixed Assets Bank deposits Jewellery Bonds/Mutual Shares Insurance
Funds
INTERPRETATION

• 75% of the respondents are with the view that Fixed Assets is the
best form of investment for securing their future.

• 70% of the respondents are with the perception that Insurance is

the best form of investment for securing their future, which is 2nd highest
and this shows that insurance is an important key for securing your
future.
[Some of the respondents opted for two or more than two items]

PEOPLE’S PERCEPTION ON APPROPRIATE AGE FOR

BUYING INSURANCE

RESPONSE NO. OF SHARE (%)

RESPONDENTS
After 25 years 29 29%
After 35 years 10 10%
After 45 years 0 0%
Anytime 61 61%

INTERPRETATION

• 29% of the respondents are with the view that insurance should be
bought after the age of 25 years.

• 10% of the respondents are with the view that insurance should be
buyed after the age of 35 years.
• Whereas, 61% of the respondents are with the view that buying of
insurance do not have anything to do with age i.e. there is no age
limitations. It can be purchased any time according to the need.
 PEOPLE OPINION ABOUT INDIAN INSURANCE COMPANIES

RESPONSE NO. OF SHARE (%)

RESPONDENTS
Rigid plans 67 67%
Non user friendly 29 29%
Unsatisfactory services 26 26%
Non Aggressive 35 35%
Satisfactory 24 24%
Good 10 10%
Very good 0 0%

INTERPRETATION

• 67% of the respondents have the opinion that Indian Insurance

Companies have Rigid plans.

• 29.5% feel that Indian Insurance companies are Non-user friendly.

 • 26.5% feel that services of Indian Insurance companies are

Unsatisfactory.

• 35.75% of the respondents are with the view that Indian Insurance

companies are Non-aggressive.

• 24% of the respondents feel that products and services of Indian

Insurance companies is Satisfactory.

• Whereas only 10.25% feel that it is Good enough.

• And according to the data, no single person has felt that it is very

good.

[Some of the respondents opted for two or more than two items]
 WHAT PEOPLE LOOK FOR IN AN INSURANCE COMPANY

RESPONSE NO. OF SHARE

RESPONDENTS (%)
A trusted name 82 82%
Friendly service & 71 71%
responsiveness
Good plans 81 81%
Accessibility 49 49%

INTERPRETATION

• 82% customers look for a Trusted name in a company for

insurance.

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

• 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 INTERESTED IN GOING FOR INSURANCE IF A

SERVICE PROVIDER AWAY FROM THE CITY OFFERS BETTER
SERVICE & PRODUCTS

RESPONSE NO. OF SHARE (%)

RESPONDENTS
Yes 43 43%
No 44 44%
Uncertain 13 13%
Total 100 100%

INTERPRETATION

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

even away from a city if services and products are worthwhile, which

again is a good prospect (potential) for Max New york Life Insurance to

take them on their favor.

 PEOPLE PLANNING FOR NEW INVESTMENTS

RESPONSE NO. OF SHARE (%)

RESPONDENTS

Planning 87% 87%

Not planning 13 13%

Total 100 100%

[Fig17]
Not Planning
13%

Planning
87%

INTERPRETATION

• Only 13% of the customers contacted are not planning for new

investments presently.

• Whereas, 87% of the customers are still planning for new

investments this can be a great potential for MetLife India Insurance Co.

Ltd to take them on their favor.

 FINDINGS &
RECOMMENDATIONS
 FINDINGS & RECOMMENDATIONS

1. As the people think that insurance is a tool to protect their family & a tax

saving device. They are aware of the fact & realizing its, importance. There is

a large potential for insurance in India.

2. The entrance of private players will increase the competition and it would

be a tough task to secure a good position in market.

3. Since Met Life India Insurance is leading with several companies’ policies

it should be easy for them to penetrate into the market and secure a good

position if they pay greater attention to the service part provided to their

customer and thereby forming a long and trusted relationship.

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

insurance policy out of which 87.5% of the customer are planning for new

investments. So it can be a good potential for the company and they should

make an attempt to trap these customers.

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

provider away from their city is providing it. But in turn they should provide

good products and services. The company should try to convince these

customers and get them in its favor.

GROWTH POTENTIAL

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

The exhaustive research in the field of Life Insurance threw up some

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

impression that I gathered during Data collection was the immense awareness

and knowledge among people about various companies and their insurance

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

and are willing to trust private players with their hard earned money.

People in general have been impressed by the marketing and advertising

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

Television Ad campaigns over the years is beginning to have 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
ANNEXURE
 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? (RANKTHEM)

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

5. WHAT DO YOU THINK ARE THE BENEFITS OF INSURANCE

PLAN? (RANK THEM)

a) COVER FUTURE UNCERTAINITY

b) TAX DEDUCTIONS

c) FUTURE INVESTMENT
 d) ANY OTHER _________(Specify)
6. WHAT’S YOUR PERCEPTION ABOUT INSURANCE?
(RANK THEM)

a) A SAVING TOOL

b) A TAX SAVING DEVICE

c) A TOOL TO PROTECT FUTURE

7. ARE YOU SATISFIED WITH THE POLICY?

a) SATISFIED

b) NOT SATISFIED

c) NOT RESPONDING

8. ARE YOU SATISFIED WITH THE SERVICE AGENT?

a) SATISFIED

b) NOT SATISFIED

c) NOT RESPONDING

9. DO YOU PAY TAXES?

YES NO

10.WHICH IS THE BEST FORM OF INVESTMENTS?

(RANK THEM)

a) FIXED ASSETS b) BANK DEPOSITS

c) JEWELLERY d) SECURITIES, i.e. Bonds,

MFs

e) SHARES f) INSURANCE
11.. WHAT DO YOU INTENT TO GAIN FROM INVESTMENTS?

a) SAVING & RETURNS b) SECURITY

c) TAX BENIFITS

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

a) AFTER 25 Yrs b) AFTER 35 Yrs

c) AFTER 45 Yrs d) ANYTIME

13.HOW WOULD YOU RATE INDIAN INSURANCE COs?

a) RIGID PLANS b)NON-USER

FRIENDLY

c) UNSATISFATORY SREVICES d) NON-AGGRESSIVE

e) SATISFACTORY f) GOOD

g) VERY GOOD

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

(RANK THEM)

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

15.WOULD YOU GO FOR INSURANCE IF A SERVICE

PROVIDER AWAY FROM THE CITY OFFERS BETTER
SERVICE & PRODUCTS?

a) YES b) NO c) UNCERTAIN

16.ARE YOU PLANNING FOR NEW INVESTMENTS?

PLANNING NOT PLANING

THANK YOU.