A PROJECT REPORT ON

“Potential of Life Insurance Industry in Jaipur”

By – Sudhir Kumar Jain

MBA, 2008-10
ISBM, Gyan Vihar Universe, Jaipur

MetLife India Insurance Co. Ltd

 A PROJECT REPORT ON

“Potential of Life Insurance Industry in Jaipur”

The study was conducted from 1st of June,09 to 31st of July,09

At

MetLife India Insurance Co. Ltd, Jaipur.

Company Guide: Faculty Guide:

Mr. Tusar sharma Submitted by: Miss Anshul Yadav
Sales Manager, Sudhir Kumar Jain ISBM, Gyan Vihar
MetLife India Insurance Co. Jaipur
Ltd, Jaipur (MBA 2008-10)

International School of Business Management

Gyan Vihar Universe,

Jaipur
 CERTIFICATE FROM THE ORGANIZATION

This is to certify that the project entitled “Potential of Life Insurance Industry
in Jaipur” is a bonafide work of Sudhir Kumar Jain, a student of International
school of Business Management (ISBM), and was successfully conducted at,
MetLife India Insurance Co. Ltd, Jaipur, from 1st June to 31st July, 09 for the
fulfillment of the course Master of Business Management (MBA) of ISBM,
Gyan Vihar Universe, Jaipur.

Mr. Tusar Sharma,

Sales Manager,
MetLife India Insurance Co. Ltd,
Jaipur.
 CERTIFICATE BY THE GUIDE

This is to certify that the project work entitled “Potential of Life Insurance
Industry in Jaipur” is a piece of work done by Sudhir Kumar Jain, student
of International School Of Business Management, under my guidance and
supervision for the fulfillment of the course MBA, International School Of
Business Management, Gyan Vihar Universe, Jaipur

To the best of my knowledge and belief the project embodies the work of the
candidate himself and has been duly completed. Simultaneously, the project
fulfills the requirements of the rules and regulations related to the summer
internship of the institute and I am assured that the project is up- to the standard
both in respect to the contents and language for being referred to the examiner.

Anshul Yadav
 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, Jaipur, who helped me throughout the project
and also encouraged me to take this project in future course for my career.

I am also thankful to Miss. Anshul Yadav (faculty members) for providing me

guidance in preparing my project report.

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.

SUDHIR KUMAR JAIN

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

Functioning Operating with an

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

Conducting all Continuously

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

Management:-
 • Rajesh Relan
Managing Director
• MSVS Phanesh Murthy
Appointed Actuary
• Shilpa Vaid
Deputy Director- Human Resources
• Gaurav Sharma
Director - Customer Service and Operations
• Girish Malhotra
Director- Agency
• KR Anil Kumar
Director - Financial Planning
& Controller
• KS Raghavan
Chief Administrative Officer
• Preetinder Chadha
Deputy Director - Corporate Sales & Training
• P. S. Sankaran
Director – Business Support
• Sameer Bansal
Director- BA & BP
• Vijay Raghavan
Director - Marketing & Strategy

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

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

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

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!

(IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY

THE POLICY HOLDER )

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 70 yrs for ppt of 15
65 yrs for ppt of 20 yrs yrs
60 yrs for ppt of 25 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

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

Met 100 - Non-Par

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 100% of the policy year is

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

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 Jaipur”.

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 Jaipur. 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 Jaipur due to time

constraints.

Sampling Area:

The area of the research was Jaipur, India.

LIMITATIONS OF THE RESEARCH

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