A PROJECT REPORT

ON

CONSUMER PREFERENCE OF VARIOUS PRODUCTS AT METLIFE

Submitted By:

Neha Mehta

BBA (2008- 11)

Amity University, Lucknow

Under the guidance of

Mr. Manas Agnihotri

Sales Manager, Lucknow

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IN DEPTH STUDY AND ANALYSIS OF CONSUMER PERCEPTION FOR
VARIOUS PRODUCTS AT METLIFE

Objective

To understand and analyze the customer opinion and level of satisfaction for the products of
METLIFE INSURANCE CO. LTD.
To analyze the various products of METLIFE INSRANCE CO. LTD. in detail.

Methodology Adopted

The methodology adopted for the present study was focus discussion and filling of
questionnaire. Since the project is based on action research it was necessary to build up
rapport to collect maximum information from the consumer. Hence the research spent
considerable time with the people who visited the multiplexes between 1 st June 2010 to 30th
June 2010. The main focus was to do with the assessing the satisfaction level of the
consumers and explore the possibility of more sound arrangement.

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 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 METLIFE INSURANCE 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 METLIFE, 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.

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1.1 HISTORY OF WORLD INSURANCE INDUSTRY

By the midpoint of the 17th century, insurance was increasingly a focus of the English
middle-class business community. Their mobile cash and credit resources challenged the
status quo. The emergence of coffeehouses became a dynamic process. They not only posed a
challenge to the landed nobility's financial power, but they created opportunities for
revolutionary business practices.
In the late 1680s, merchants and others who wrote insurance as
a sideline were gathering at Edward Lloyd's Coffee House. They actively worked to attract
seafarers and Lloyd's soon became a commercial center. In addition to auctioning various
items, Lloyd's was particularly hospitable to shipping interests.
When Edward Lloyd died in 1712, son-in-law William
Newton succeeded him. The Coffeehouse subsequently passed through many hands.
Although Marine underwriters gathered there in the early 1700s, it is not clear when it
became a true insurance marketplace. The best evidence suggests that Lloyd's developed
gradually as it provided increasingly comprehensive world shipping news.

1.2 THE GROWTH OF MARITIME BUSINESS

British maritime trade grew significantly from 1690 to 1720. This, in turn, greatly expanded
the need for insurance. In 1717, promoters sought government charters for two marine
insurance companies—the Royal Exchange Assurance Corporation and the London
Assurance.
Their strategic goal was to eliminate competing corporations,
groups, or partnerships from marine insurance. For several years, the companies' ambitions
were thwarted until they made a strategic adjustment. In time-honored fashion, they offered
King George I a bribe. The King's influence prevailed and charters were granted under the
existing 1720 Bubble Act.
The legislation had been passed in response to the "South Sea
Bubble." This man-made disaster involved the catastrophic failure of a stock company

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organized to monopolize Britain's South Sea trade. When its shares became disastrously over-
inflated, the company's collapse caused financial panic throughout the country. Royal
Exchange and London Assurance also hoped to take over most marine insurance handled by
individual underwriters.
In a classic case of unintended consequences, under the 1720
legislation, individuals actually received competitive protection from other insurance
organizations. Ironically, the chartered companies wrote mostly fire insurance and for years
left the marine insurance market to individuals.

1.3 INDIVIDUALS OF DUBIOUS CHARACTER

By the 1750s, Lloyd's had gained considerable visibility and prominence. Unfortunately, it
gradually became infiltrated by persons of dubious character, particularly inveterate
gamblers. Gambling was so rampant that when newspapers published names of prominent
people who were seriously ill, bets were placed at Lloyd's on the anticipated dates of their
death. Reacting against such practices, 79 merchant underwriters broke away in 1769, and 2
years later formed a "New Lloyd's Coffee House" that became know as the “Real Lloyd's”.
The first Lloyd's Committee was established in 1771 to create and
monitor a sometimes problematic self-regulating code of behavior. Now a society, Lloyd's
consisted of a group of independent men allied by mutual interests. It relocated to the Royal
Exchange Building in 1774 where it provided Lloyd's first true underwriting room and where
it remained for 50 years. John Julius Auger stein, later called "the Father of Lloyd's," became
chairman in 1795 and subsequently initiated many additional organizational changes and
efficiencies.

1.4 THE QUESTION OF "REINSURANCE"

London's fledgling insurance business faced catastrophic losses like those of today's insurers
—but with a crucial difference. There was no "reinsurance" to spread risks among

insurers. Various reinsurance methods have come and gone over the centuries; however, the
principle remains the same: to spread the risk among insurers.

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 Although not widely known today, reinsurance actually was illegal
in Britain between 1745 and 1864. At that time, the ruling powers believed that reinsurance
facilitated gambling by enticing those so inclined to wager. The ban's fallacy became obvious
as early as 1780, when French and Spanish fleets captured 55 of 63 vessels traveling in a
consolidated convoy of troopships and merchant vessels. The ships belonged to the East India
and West India companies. Their capture generated an unprecedented £1.5 million loss and
caused many Lloyd's underwriters to default on their obligations.

1.5 EARLY LLOYD’S PROFESSIONALISM

Lloyd’s became more cohesive and professional over time. In 1800, its underwriting room
was restricted to merchants, underwriters, insurance brokers, and bankers—all of whom
needed to be recommended by two or more members. A £15 subscription fee helped control
chaotic overcrowding and eliminates “undesirables.”Lloyd’s prospered with the British
economy. During the Napoleonic Wars, insurance rates generated large profits. Prices of
goods also moved upward, benefiting underwriters. In 1811 Lloyd’s was London’s only
marine insurance market. However, with the 1812 battle of Waterloo, Lloyd’s first golden
age began a steep decline.

1.6 HARD TIMES AT LLOYD'S

By 1818, commodity prices and wartime premiums fell as competition heated up from new,
powerful insurers. Another body blow came when Lloyd's ostensible monopoly on marine
insurance was eliminated by decree in 1824, opening up such underwriting to others.
Interestingly, nearly all newly formed insurers wrote fire and life insurance, not marine.
Although a few strong companies wrote some marine insurance and were competitive with
Lloyd's, they were not vibrant enough to constitute a serious threat.
For a time, Lloyd's went through a period of considerable
difficulty. It had 2,150 subscribers in 1814, but by 1843, membership had fallen to fewer than
1,000 and only 190 of these were professional underwriters. As the 1850s approached,
prospects were improving as the last vestiges of the Coffee House were disappearing.

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1.7 LLOYD'S REORGANIZES

During the middle third of the century, Lloyd's established four subscriber categories:
underwriting members, no underwriting brokers, Merchants' Room subscribers, and Captains'
Room subscribers. Only underwriting members could sign Lloyd's policies. No underwriting
brokers were annual subscribers. Merchants' Room subscribers included merchants, bankers,
and traders who were encouraged to make market investments. Captains' Room subscribers
were seafaring men who sometimes sold ships and goods at auction.
However, changes would soon develop. The Captains' Room
became a separate club opened to others for an annual fee but was not successful. Likewise,
the Merchants' Room lasted only 10 years because of pressure for space. This left just two
member categories—underwriters and no underwriters; the latter group ultimately declined to
only a few.
By the 1860s, Lloyd's still remained a small institution providing
facilities for marine insurance transactions. It would take another decade before the
foundation was laid for building a much stronger organization. The Lloyd's Act of 1871
created its first detailed constitution sanctioned by Parliament and established the Lloyd's
Society as a legal entity. This, in essence, certified the economic importance of insurance.
The act defined the Committee of Lloyd's authority and duties, delineated rules for
underwriting members, addressed punishment of members, and gave the Committee the right
to grant Underwriting Room admission to persons (called "associates") not engaged in the
insurance business.
As a new century approached, Lloyd's improvements in organization
and governance paved the way for the decisive leadership of Henry Hozier, Frederick
William Marten, and Cuthbert Heath. These individuals of exceptional vision and
perseverance would lay the groundwork for Lloyd's 20th century emergence as a creative
force in almost every line of insurance.

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1.8 HISTORY OF INDIAN INSURANCE INDUSTRY

The history of insurance in India dates back to the year 1818, when the Oriental Life
Insurance Company was formed in Kolkata. The Life Insurance Act of 1912 marked the
beginning of a new era in the insurance sector of India.
The Indian Insurance Companies Act was passed in the year 1928.
This act empowered the government of India to gather necessary information about the life
insurance and non-life insurance organizations operating in Indian financial markets.
The Triton Insurance Company Ltd. formed in 1850 and was the
first of its kind in the general insurance sector in India. The Indian Mercantile Insurance
Limited was established in 1907, and was the company in India to handle all classes of
insurance.
The insurance sector in India has come a full circle from being an
open competitive market to nationalization and back to a liberalized market again.
Tracing the developments in the Indian insurance sector reveals the
360-degree turn witnessed over a period of almost 190 years.
The business of life insurance in India in its existing form started in
India in the year 1818 with the establishment of the Oriental Life Insurance Company in
Calcutta.

Some of the important milestones in the life insurance business in India are:

1912- The Indian Life Assurance Companies Act enacted as the first statute to regulate the
life insurance business.

1928- The Indian Insurance Companies Act enacted to enable the government to collect
statistical information about both life and non-life insurance businesses.

1938- Earlier legislation consolidated and amended to by the Insurance Act with the objective
of protecting the interests of the insuring public.

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1956- 245 Indian and foreign insurers and provident societies taken over by the central
government and nationalized. LIC formed by an Act of Parliament, viz. LIC Act, 1956, with
a capital contribution of Rs. 5 crore from the Government of India.

The General insurance business in India, on the other hand, can trace its roots to the Triton
Insurance Company Ltd., the first general insurance company established in the year 1850 in
Calcutta by the British.

Some of the important milestones in the general insurance business in India are:

1907- The Indian Mercantile Insurance Ltd. set up, the first company to transact all classes of
general insurance business.

1957- General Insurance Council, a wing of the Insurance Association of India, frames a code
of conduct for ensuring fair conduct and sound business practices.

1968- The Insurance Act amended to regulate investments and set minimum solvency
margins and the Tariff Advisory Committee set up.

1972- The General Insurance Business (Nationalization) Act, 1972 nationalized the general
insurance business in India with effect from 1st January 1973.

107 insurers amalgamated and grouped into four companies’ viz. the National Insurance
Company Ltd., the New India Assurance Company Ltd., the Oriental Insurance Company
Ltd. and the United India Insurance Company Ltd. GIC incorporated as a company.

1.9 THE MALHOTRA COMMITTEE, 1993

Reform in the Indian insurance sector was initiated with the formation of the Malhotra
Committee in 1993. It was named after R.N. Malhotra, the then Finance Secretary and RBI
Governor, who headed the committee.
The aim of the Malhotra Committee was to assess the functionality of
the Indian insurance sector. This committee was also in charge of recommending the future
path of insurance in India.

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 The Malhotra Committee attempted to improve various aspects of the
financial sector, making them more appropriate and effective for the Indian market.
The recommendations of the committee put stress on offering
operational autonomy to the insurance service providers and also suggested forming an
independent regulatory body.
“Malhotra Committee” was constituted by the government in 1993 to
examine the various aspects of the industry. The key element of the reform process was
Participation of overseas insurance companies with 26% capital. Creating a more efficient
and competitive financial system suitable for the requirements of the economy was the main
idea behind this reform.

In 1994, the committee submitted the report and some of the key recommendations
included:

i) Structure:
Government stake in the insurance Companies to be brought down to 50%. Government
should take over the holdings of GIC and its subsidiaries so that these subsidiaries can act as
independent corporations. All the insurance companies should be given greater freedom to
operate.

ii) Competition:
Private Companies with a minimum paid up capital of Rs.1bn should be allowed to enter the
sector. No Company should deal in both Life and General Insurance through a single entity.
Foreign companies may be allowed to enter the industry in collaboration with the domestic
companies. market. Only one State Level Life Insurance Company should be allowed to
operate in each state. Postal Life Insurance should be allowed to operate in the rural

iii) Regulatory Body:

The Insurance Act should be changed. An Insurance Regulatory body should be set up.
Controller of Insurance- a part of the Finance Ministry- should be made independent.

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iv) Investments:
Mandatory Investments of LIC Life Fund in government securities to be reduced from 75%
to 50%. GIC and its subsidiaries are not to hold more than 5% in any company (there current
holdings to be brought down to this level over a period of time)

v) Customer Service:
LIC should pay interest on delays in payments beyond 30 days. Insurance companies must be
encouraged to set up unit linked pension plans. Computerization of operations and updating
of technology to be carried out in the insurance industry.
The committee emphasized that in order to improve the customer
services and increase the coverage of insurance policies, industry should be opened up to
competition. But at the same time, the committee felt the need to exercise caution as any
failure on the part of new players could ruin the public confidence in the industry. Hence, it
was decided to allow competition in a limited way by stipulating the minimum capital
requirement of Rs.100 crores.
The committee felt the need to provide greater autonomy to
insurance companies in order to improve their performance and enable them to act as
independent companies with economic motives. For this purpose, it had proposed setting up
an independent regulatory body- The Insurance Regulatory and Development Authority.

1.10 INSURANCE ACT, 1938 TO IRDA ACT, 1999

Reforms in the Insurance sector were initiated with the passage of the IRDA Bill in
Parliament in December 1999. The IRDA, since its incorporation as a statutory body in April
2000 has fastidiously stuck to its schedule of framing regulations and registering the private
sector insurance companies.
The other decisions taken simultaneously to provide the supporting
systems to the insurance sector and in particular the life insurance companies was the launch
of the IRDA’s online service for issue and renewal of licenses to agents.
The approval of institutions for imparting training to agents has also
ensured that the insurance companies would have a trained workforce of insurance agents in
place to sell their products, which are expected to be introduced by early next year. Since

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being set up as an independent statutory body the IRDA has put in a framework of globally
compatible regulations.

1.11 DUTIES, POWERS AND FUNCTIONS OF IRDA

Section 14 of IRDA Act, 1999 lays down the duties, powers and functions of IRDA:

1. Subject to the provisions of this Act and any other law for the time being in force, the
Authority shall have the duty to regulate, promote and ensure orderly growth of the insurance
business and re-insurance business.

2. Without prejudice to the generality of the provisions contained in sub-section (1), the
powers and functions of the Authority shall include, -
(a) issue to the applicant a certificate of registration, renew, modify, withdraw, suspend or
cancel such registration;
(b) protection of the interests of the policy holders in matters concerning assigning of policy,
nomination by policy holders, insurable interest, settlement of insurance claim, surrender
value of policy and other terms and conditions of contracts of insurance;
(c) specifying requisite qualifications, code of conduct and practical training for intermediary
or insurance intermediaries and agents;
(d) specifying the code of conduct for surveyors and loss assessors;
(e) promoting efficiency in the conduct of insurance business;
(f) promoting and regulating professional organizations connected with the insurance and re-
insurance business;
(g) levying fees and other charges for carrying out the purposes of this Act;
(h) calling for information from, undertaking inspection of, conducting enquiries and
investigations including audit of the insurers, intermediaries, insurance intermediaries and
other organizations connected with the insurance business;
(i) control and regulation of the rates, advantages, terms and conditions that may be offered
by insurers in respect of general insurance business not so controlled and regulated by the
Tariff Advisory Committee under section 64U of the Insurance Act, 1938 (4 of 1938);
(j) specifying the form and manner in which books of account shall be maintained and
statement of accounts shall be rendered by insurers and other insurance intermediaries;
(k) regulating investment of funds by insurance companies;

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(l) regulating maintenance of margin of solvency;
(m) adjudication of disputes between insurers and intermediaries or insurance intermediaries;
(n) supervising the functioning of the Tariff Advisory Committee;
(o) specifying the percentage of premium income of the insurer to finance schemes for
promoting and regulating professional organizations referred to in clause (f);
(p) specifying the percentage of life insurance business and general insurance business to be
undertaken by the insurer in the rural or social sector;
(q) exercising such other powers as may be prescribed.
The Law Commission has favored a review and revision of the
Insurance Act, 1938 in such a manner that "it should not only promote insurance but also
protect the interests of policyholders and strengthen the Insurance Regulatory Development
Authority (IRDA) to ensure financial stability in this sector.
IRDA has to play a vital role for the regulation and development of
insurance business. The report recalled that following a raft of discussion held with the
IRDA, the Law Commission prepared an exhaustive Consultation paper in June 2003,
identifying thirteen tentative grounds of revision of the Insurance Act, 1938 and the IRDA
Act, 1999 ranging from merger of relevant
provisions of IRDA Act with the Insurance Act 1938 to harmonizing of the Act with rules
and regulations.
On repudiation of life insurance policy under extant Sec 45
Insurance Act 1938, the Commission has recommended taking into account the suggestion of
the Life Insurance Corporation that after the expiry of five years, no policy of life insurance
can be repudiated on any ground whatsoever. However, an insurer can repudiate a policy
before the expiry of five years on the ground that the insured has made a misstatement of or
suppressed a material fact.
While Section 38 of the IA provides for assignment and transfer of
life insurance policies, there are certain anomalies in the working of sub-sections.
Hence the Commission has recommended that a clear distinction be
made between absolute assignment and conditional assignment. As Section 39 of the IA
provides that the policyholder might nominate one or more persons to whom the money
secured by the policy should be paid in the event of the death of the policyholder, the
Commission has favored amending this section to make a distinction between a "beneficial"
nominee and a "collector" nominee.

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1.12 INDIAN INSURANCE INDUSTRY

Learn About Insurance may be described as a social device to reduce or eliminate risk of life
and property. Under the plan of insurance, a large number of people associate themselves by
sharing risk, attached to individual.
The risk, which can be insured against include fire, the peril of sea,
death, incident, & burglary. Any risk contingent upon these may be insured against at a
premium commensurate with the risk involved.
Insurance is actually a contract between 2 parties whereby one party
called insurer undertakes in exchange for a fixed sum called premium to pay the other party
happening of a certain event.
Insurance is a contract whereby, in return for the payment of premium
by the insured, the insurers pay the financial losses suffered by the insured as a result of the
occurrence of unforeseen events.
With the help of Insurance, large number of people exposed to a
similar risk make contributions to a common fund out of which the losses suffered by the
unfortunate few, due to accidental events, are made good.

1.13 FUNCTIONS OF INSURANCE

The functions of Insurance can be bifurcated into two parts:

• Primary Functions
• Secondary Functions
• Other Functions

The primary functions of insurance include the following:

• Provide Protection - The primary function of insurance is to provide protection

against future risk, accidents and uncertainty. Insurance cannot check the happening
of the risk, but can certainly provide for the losses of risk. Insurance is actually a
protection against economic loss, by sharing the risk with others.

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 • Collective Bearing Of Risk - Insurance is a device to share the financial loss of
few among many others. Insurance is a mean by which few losses are shared among
larger number of people. All the insured contribute the premiums towards a fund and
out of which the persons exposed to a particular risk is paid.

• Assessment Of Risk - Insurance determines the probable volume of risk by

evaluating various factors that give rise to risk. Risk is the basis for determining the
premium rate also.

• Provide Certainty - Insurance is a device, which helps to change from uncertainty

to certainty. Insurance is device whereby the uncertain risks may be made more
certain.

The secondary functions of insurance include the following:

• Prevention Of Losses - Insurance cautions individuals and businessmen to adopt

suitable device to prevent unfortunate consequences of risk by observing safety
instructions; installation of automatic sparkler or alarm systems, etc. Prevention of
losses cause lesser payment to the assured by the insurer and this will encourage for
more savings by way of premium. Reduced rate of premiums stimulate for more
business and better protection to the insured.

• Small Capital To Cover Larger Risks - Insurance relieves the businessmen from
security investments, by paying small amount of premium against larger risks and
uncertainty.

• Contributes Towards The Development Of Larger Industries – Insurance

provides development opportunity to those larger industries having more risks in
their setting up. Even the financial institutions may be prepared to give credit to sick
industrial units which have insured their assets including plant and machinery.

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The other functions of insurance include the following:

• Means Of Savings And Investment - Insurance serves as savings and investment,

insurance is a compulsory way of savings and it restricts the unnecessary expenses by
the insured's For the purpose of availing income tax exemptions also, people invest in
insurance.

• Source Of Earning Foreign Exchange - Insurance is an international business. The

country can earn foreign exchange by way of issue of marine insurance policies and
various other ways.

• Risk Free Trade - Insurance promotes exports insurance, which makes the foreign
trade risk free with the help of different types of policies under marine insurance cover.

1.14 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.

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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.

1.15 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
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;

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 • 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.100
crores.
• The minimum paid up equity capital for carrying on reinsurance business has been
prescribed as Rs.200 crores.
• 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.

1.16 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.

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 • 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.

1.17 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.

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• Group Insurance: This type of insurance offers life insurance protection under
group policies to various groups such as employers-employees, professionals,
cooperatives etc it also provides insurance coverage for people in certain approved
occupations at the lowest possible premium cost.

• Term Life Insurance Policies: This type of insurance covers risk only during the
selected term period. If the policy holder survives the term, risk cover comes to an
end. These types of policies are for those people who are unable to pay larger
premium required for endowment and whole life policies. No surrender, loan or paid
up values are in such policies.

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

• Joint Life Insurance Policies: These policies are similar to endowment policies in
maturity benefits and risk cover, but joint life policies cover two lives simultaneously
such as married couples. Sum assured is payable on the first death and again on the
death of survival during the term of the policy.

• Pension Plan: a pension plan or annuity is an investment over a certain number of

years but does not provide any life insurance cover. It offers a guaranteed income
either for a life or certain period.

• Unit Linked Insurance Plan: ULIP is a kind of insurance plan which provides life
cover as well as return on premium paid over a certain period of time. The investment
is denoted as units and represented by the value called as Net Asset Value (NAV).

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1.18 INSURANCE COMPANIES

IRDA has so far granted registration to 12 private life insurance companies and 9 general
insurance companies. If the existing public sector insurance companies are included, there are
currently 13 insurance companies in the life side and 13 companies operating in general
insurance business. General Insurance Corporation has been approved as the "Indian
reinsurer" for underwriting only reinsurance business. Particulars of the life insurance
companies and general insurance companies including their web address is given below:

PUBLIC SECTOR

Life Insurance Corporation of India

www.licindia.com

PRIVATE SECTOR

Allianz Bajaj Life Insurance Company Limited

www.allianzbajaj.co.in

Birla Sun-Life Insurance Company Limited

www.birlasunlife.com

HDFC Standard Life Insurance Co. Limited

www.hdfcinsurance.com

ICICI Prudential Life Insurance Co. Limited

www.iciciprulife.com

MetLife Insurance Company Limited

www.metlife.com

ING Vysya Life Insurance Company Limited

www.ingvysayalife.com

Max New York Life Insurance Co. Limited

www.maxnewyorklife.com

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Om Kotak Mahindra Life Insurance Co. Ltd.
www.omkotakmahnidra.com

SBI Life Insurance Company Limited

www.sbilife.co.in

TATA AIG Life Insurance Company Limited

www.tata-aig.com

AMP Sanmar Assurance Company Limited

www.ampsanmar.com

Dabur CGU Life Insurance Co. Pvt. Limited

www.avivaindia.com

1.19 TYPES OF INSURANCE

Any risk that can be quantified probably has a type of insurance to protect it. This different
type of insurance are:

• Auto Mobiles Insurance: Also known as auto insurance and in the UK as motor
insurance is probably the most common form of insurance and may cover both legal
liability claims against the driver and loss of or damage to the vehicle.

• Property Insurance: Provides protection against risks to property such as fire theft
or weather damage. This includes specialized forms of insurance such as fire
insurance, flood insurance, earthquake insurance and home insurance.

• Causality Insurance: Insures against accident not necessarily tied to any specified
piece of property.

• Liability Insurance: Covers legal claims against the insured.

• Financial Loss Insurance: Protects individual and companies against various

financial risks.

22
• Title Insurance: Provides a guarantee on research done on public records affecting
title to real property, usually in conjunction with a search done at the time of a real
estate transaction, such as a sale or a mortgage.

• Life Insurance: Provides a benefit to a decedent’s family or other designated

beneficiary to replace loss of the insured’s income and provide for burial and the final
expenses.

• Health Insurance: Covers medical bills incurred because of sickness or accident.

• Annuities: Provide a stream of payments and are generally classified and insurance
because they are issued by insurance company and regulated as insurance. Annuities
and pensions that pay a benefit for the life sometimes regarded as insurance against
the possibility that a retiree will out line his or her financial resource. In that sense
they are the opposite of life insurance.

• Credit Insurance: Pays some or all of the loan back when certain thing happen to
the borrower like unemployment disabilities or death.

• Political Risk Insurance: Can be taken out by business with operations in countries
in which there is a risk that revolution or other political conditions will result in a loss.

• Working Compensation Insurance: Replaces all of the part of the worker’s

wages and companying medical expenses lost due to job related injury.

23
2.1 COMPANY PROFILE

Metlife Insurence

“Metlife wants people to view

insurance as a financial protection and wealth creation instrument and not just a
tax-saving tool.”

Metlife Insurance Company Ltd. is a Fortune 100 company

and,one of India's leading multi-business corporations. The company has positioned itself on
the quality platform. In line with its vision to be the most admired life insurance company in
India, it has developed a strong corporate governance model based on the core values of
excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to establish
itself as a trusted life insurance specialist through a quality approach to business.
Metlife is a Fortune 100 company that has over 140 years of
experience in the life insurance company. Metlife Insurance started its operations in India in
2000. It is the best life insurance company in India to be awarded the IS0 9001:2000
certification. Metlife offers customized products tailored to suit individual's needs. With its
various Products and Riders, there are more than 400 product combinations to choose from.
Today, Metlife Insurance has a network of 105 offices spread over 60 cities all over India.

In line with its values of financial responsibility, Metlife has

adopted prudent financial practices to ensure safety of policyholder's funds. The Company's
paid up capital is Rs. 657 crore, which is more than the norm laid down by IRDA.
Metlife has identified individual agents as its primary channel of
distribution. The Company places a lot of emphasis on its selection process, which comprises

24
four stages - screening, psychometric test, career seminar and final interview. The agent
advisors are trained in house to ensure optimal control on quality of training.
Metlife invests significantly in its training program and each agent
is trained for 152 hours as opposed to the mandatory 100 hours stipulated by the IRDA before
beginning to sell in the marketplace. Training is a continuous process for agents at Metlife
and ensures development of skills and knowledge through a structured program spread over
500 hours in two years. This focus on continuous quality training has resulted in the company
having amongst the highest agent pass rate in IRDA examinations and the agents have the
highest productivity among private life insurers.
It has established a wide agency distribution network with 172
offices and representatives across 120 cities in India. The company has established additional
channel with 22 bancassurance relationships, corporate tie-ups and a strong Direct Sales
Team. Through its wide network of highly competent life insurance agent advisors, flexible
product solutions and strong customer focus, Metlife is creating a partnership for life with its
customers in India.
Metlife , which has till date sold over 1.53 million policies and
recorded a sum assured of over Rs. 46,000 crore, has positioned itself on the quality
platform. The company has developed a strong corporate governance model based on defined
core values of caring, knowledge, excellence and honesty. Its strategy is to establish itself as
a trusted life insurance specialist on the bedrock of quality of advice. The company has over
25,300 agent advisors, who are widely considered the best in the business.
Metlife aspires to be the "peace of mind guaranteed" amongst Indian
consumers.

Life's demonstrated competence in developing and managing a superior personal sales

network. For the last 46 years consecutively, the largest number of agents qualifying for
membership to the Million Dollar Round Table (MDRT) have been from Metlife The MDRT
is the industry's most prestigious organization comprising the world's most successful
insurance agents Metlife., a merit oriented and equal opportunities employer, is looking for a
few good men and women who will spearhead the effort to realize this vision.
“Metlife wants people to view insurance as a financial protection and
wealth creation instrument and not just a tax-saving tool. Since the launch of our operations,
our focus has always been on providing risk protection and long-term wealth creation
solutions to our customers. With a diverse product portfolio to meet customer requirements, it

25
is evident that we are setting benchmarks in the marketplace and are well on course of
realizing our vision to become India’s most admired Life Insurance Company.”
“An ever expanding presence of Metlife offices across India
reinforces our commitment to serving the nation. We are extremely pleased with our progress
in the region. As life insurance specialists, Metlife will continue to help consumers make the
right choices to meet their financial goals, both for the short and long-term, through sound
quality advice offered by our agent advisors and a right mix of product offerings.” he added.
Metlife has been instrumental in changing the paradigm of life
insurance in India. It is the first life insurance company in India to introduce cause related
marketing. 337 agent advisors have qualified for the Million Dollar Round Table (MDRT)
membership in 2007. MDRT is an exclusive congregation of the world’s top selling insurance
agents and is internationally recognized as the standard of excellence in the life insurance
business.
Having set a best in class agency distribution model in place, the company is
spearheading a major thrust into additional distribution channels to further grow its business.
The company is using a five-pronged strategy to pursue alternative channels of distribution.
These include the franchisee model, rural business, direct sales force involving group
insurance and telemarketing opportunities, bancassurance and corporate alliances.
Metlife offers a suite of flexible products. It now has 43 life insurance
products and 8 riders that can be customized to over 800 combinations enabling customers to
choose the policy that best fits their need.

VISION

• To become one of the most admired life insurance company of India.

MISSION

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

• Be a national player.
• Be the brand of first choice.
• Be the employer of choice.
• Become principal of choice for agents.

26
VALUES

KNOWLEDGE:
"Is what makes experts. Metlife is focused on the Life Insurance business. Perfectly
combining global expertise with local knowledge, Metlife is the Indian Life Insurance
specialist." Knowledge leads to expertise; and our expertise is in helping people protect
themselves. Perfectly combining global expertise with local knowledge, we are India's life
insurance specialist. Metlife believes that for knowledge to be of value it must be focused,
current, tested and shared.

CARING:
"For the customer. Metlife is redefining the Life Insurance paradigm to focus on the needs of
the customers. The Metlife service process is responsive, personalized, humane and
empathetic." Metlife is redefining the life insurance paradigm by focusing on customers first.
The service process is responsive, personalized, humane and empathetic. Every individual
who represents the company is for us our brand champion.

HONESTY:
"Is the heart of the Life Insurance business Metlife believes that above all, Life Insurance is
based on trust. Transparency, Dependability and Integrity will form the cornerstones of the
Max New York Life experience." Honesty is the heart of the life insurance business. It is all
about trust. Transparency, integrity and dependability form the cornerstones of the Metlife
experience. The company ensures that everyone who represents the brand carries a promise :
We Care — In Word As Well As Deed.

CULTURE:
Our "in house culture recipe" has some of the finest ingredients going into its making. Some
of the more prominent aspects of our culture are stated below:

27
• Customer comes first
• Do it right the first time
• Bias for result oriented action
• Financial strength and discipline
• Clarity of purpose
• International quality standards
• Inclusive Meritocracy
• Learning opportunities
• Fun at work

28
EXCELLENCE:
Excellence at Metlife implies the ability to perform at a consistently high level. Focused on
the value of continuous improvement in people, processes and the organization, the company
strives for the highest standards of quality in every aspect of its business. "In every aspect of
work. Ranging from the in-house training institute to the detailed Personal Insurance Plan.
Metlife is focused on achieving the highest standards of quality in every aspect of their
business".

2.2 ACHEIVEMENTS

Some of the Industry Firsts

• First company to provide Freelook period of 15 days to the customer. This was later
made mandatory by the regulator
• First company to start toll free line for agent services
• First and the only life insurance company in India to implement Lean methodology of
service excellence in service industry
• First life insurance company in India to provide various services to the agents and
customers over phone
• First Indian life insurance company to start service center at the regional level
• First life insurance company in India to be awarded ISO 9001:2000 certification

Awards

• Outlook Money survey ranked Metlife No.1 in Slow, Medium and Quick fund
categories
• BT Mercer – Ranked No7 in the “Best companies to Work For”
• Awarded the Gallup Great Work Place Award 2009
• CII – Exim Bank Commendation Certificate for Business Excellence – 2008
• Recognized as a Superbrand

29
• Recipient of 2008 CIO 100 Award for technology implementation
• Golden Peacock Award for Innovation – 2008
• Among the top 25 companies to work for in India, according to Business world 2003
‘Great Workplaces of India’
• Among the top five most respected insurance companies in India as per Business
world 2004 & 2006 survey
• Won Indo-American Corporate Excellence Award for Best Indo-US company in
Financial Services Category in 2006
• Received ‘Best Six Sigma Project’ award at Sakal Six Sigma Excellence Awards –
2006
• Among top 3 in Asia Life Insurance Company of the Year Award 2007 instituted by
Asia Insurance Review
• Received the Amity Corporate Excellence Award – 2007
• Received the ‘Outlook Money Award’ for being “among the best new insurers in the
country”.
• First life insurance company to be awarded CII-Exim Bank Commendation Certificate
for Strong Commitment to Excel - 2008.

30
2.10 DIFFERENT CHANNELS OF DISTRIBUTION

i) Agency Channel:
In Metlife Insurance, business is done mainly through Agent Advisor. In India it has more
than 55000 agents.
Two Programs is run under Agency Channel:
a) AAP (Agency Association Program)
b) CEIP

ii) Bancassurance:
Bancassurance is an innovative distribution channel involving banks to sell insurance
products of Insurance Companies. Metlife Insurance has tied up with Axis Bank.

iii) Direct Sales Team (DST):

Metlif Insurance makes a data base of potential customers; contact them on the telephone to
market different policy of the company.

iv) Alternate Channels:

Business is done through associate partners, internet etc.

2.11 SPAN OF ORGANIZATION

Metlife Insurance has a strong growth focus. The company plans to significantly expand its
distribution footprint by opening more than 100 new offices every year for next 3-4 years.
The number of agent advisors is expected to touch 2, 00,000 from current 36,500. The growth

31
in agency distribution will be complemented by strong growth in partnership distribution.
The company currently has an equity base of Rs.1, 032 crore. To support this growth plan,
the shareholders are committed to increase the capital base to Rs. 2,650 crores over the next
3-4 years. There are 13000 employees all over India and 55000 Agent advisors.

G-Sec (Rating: Sovereign) 69 %

Infrastructure (Rating:AAA /AA+) 18 %

Corporate 5%

Cash & Short Term 8%

CEO (Chief Executive Officer)

32
 ↑
Channel Head
↑
2 Vice President
↑
M.P (Managing Partner)
↑
SGO (Senior General Officer)
↑
Partner
↑
6 A.P (Associate Partner)
↑
9 ASM/SM (Assistant Sales Manager/Sales Manager)

33
 3.1 ENVIRONMENTAL THREATS & OPPORTUNITIES PROFILE
MODEL ANALYSIS

Market environmental analysis (ETOP model - environmental threats and opportunities

model) is carried out to understand and give quantitative measure to opportunities and threats
that are impelling on the operational space of the company.

KEY RELATIVE IMPACT SCORE

ENVIRONMENTAL IMPORTANCE (1- (-5 <> +5)
FACTORS 10)

MARKET 7 +3 +21
DEMAND
PLANS 9 +4 +36
AVAILABLE
REGULATIONS 5 -1 -5
TOTAL +52

Opportunity: The key Environmental factors have proved to be positive as the market
demand for the products of Metlife Insurance Co. Ltd. as per high potential in the market &
the availability of very good insurance plans a result of tremendous research work about
customer need; both’s relative importance with its impact on both internal & external
scenario of market with their positive confluences.

Threats: But the regulatory policies, survival in the market with high research &
development makes negative stability movement as per the context of coming competition in
the market. Hence this makes operational profitability environmental threats as per the
regulatory conditions like customer perception about foreign insurance companies. The
comparison of insurance companies with that of chit fund companies like Kuber etc prove to
be a threat to all insurance companies.

Conclusion: While the gross positive value of environmental analysis defines the positive
environmental aspects. Full of opportunities & stability of business in external circumstances.

34
 3.2 SWOT ANALYSIS

Since it provides findings as to the past and current situation of Metlife Insurance Co. Ltd.
Moreover, it will present recommendations based upon the perceived findings. This case
study can be classified according to the famous (SWOT) Strength, Weaknesses,
Opportunities, and Threats format.

Strengths:

• Strong and well educated marketing team.

• Number of products of Metlife are better than that of other companies.

• Metlife uses new technology in their work.

• Working environment in the office is very good.

• Metlife is more careful about its customer needs and requirements.

• Metlife uses more aggressive and focused marketing strategies.

• Large network.

• Leading company in insurance sector.

• Promotion strategies.

• Products for both urban n rural areas.

• Products for both high income grade and low income grade.
• Track Record so far : Our gross premium income, for the year ending March 31, 2008
stood at Rs. 4,859 crores and new business premium income stood at Rs. 2,685 crores.
The company has covered over 9,59,000 lives year ending March 31, 2008.

35
Weakness:

• Branches of Max New York Life Insurance Co. Ltd. are less in numbers.
• Less awareness about all products of life insurance in market.
• Sectoral growth is constrained by low unemployment levels and competition for
staff.
• Some gaps in range for certain sectors.
• Management cover insufficient.

Opportunities:

• These days people are interested to avail the products and services of the insurance
company.
• Insurance is one of the fastest growing sectors.
• Still there are 70% of the population left that has still not invested in any insurance
company.
• Many products are more competitive in comparison to other company.
• A big market is still untouched.
• Recruiting candidates helps to increase the business.
• Scope for opening of new branches in state/country.
• More branches will help in expanding business.

Threat:

• Market uncertainty (Recession).

• Consumers do not invest easily.
• Consumer perception about Max New York Life Insurance Co. Ltd. is “Purely Private
Company”.
• Aggressive marketing strategies opted by the other companies.

36
• Government policies.

37
 COMMENTS

Metlife is the first company to be awarded license by IRDA after liberalization of the
insurance industry. The Company's paid up capital is Rs. 657 crore, which is more than the
norm laid down by IRDA.
I think that the company has positioned itself on the quality platform
and it has developed a strong corporate governance model based on the core values of
excellence, honesty, knowledge, caring, integrity and teamwork. The main strategy is to
establish itself as a trusted life insurance specialist through a quality approach to business.
Their financial practices are prudent enough to ensure safety of policyholder's funds. Its
primary channel of distribution is individual agents. As being the best in class agency
distribution model in place, the company is spearheading a major thrust into additional
distribution channels to further grow its business. The five-pronged strategy to pursue
alternative channels of distribution includes the franchisee model, rural business, direct sales
force involving group insurance and telemarketing opportunities and corporate alliances. It
also offers a suite of flexible products.
So the company has a strong distribution channel and solid
strategies. It also has a wide range of products, which will certainly help the company to
grow in the near future.

38
Investment Options

You have the choice of any of the 8 expertly managed funds to direct your investments in any
one or more of the following funds of the company.
Asset Types
Fund Government Corporate Bonds Money Market-
Equity
Securities (Investment Grade) Cash Instruments
Secure 50-100% 0-50% 0-40% Nil
Conservative 50-80% 0-50% 0-40% 0-15%
Balanced 20-50% 20-40% 0-40% 10-40%
Growth 0-30% 0-30% 0-40% 20-70%
Growth Super 0-20% 0-20% 0-30% 70-100%
High Growth 0-30% 0-30% 0-30% 70-100%
Dynamic 0-100% 0-100% 0-40% 0-100%
Opportunities
*Money Market Nil Nil 100% Nil
**Secure Plus 60-100% 0-40% 0-40% Nil

*The declared Net Asset Value (NAV) of the Money Market Fund at any given business day
is Guaranteed to be not less than the declared Net Asset Value of the previous business day.
This will ensure that the investments done in this fund are secure and are protected from any
capital erosion. This fund is ideal for customers having low risk appetite.

**Secure Plus Fund is applicable only with Systematic Transfer Plan

You also have Systematic Transfer Plan as an option, wherein your Annual Premium is
moved to Secure Plus fund and in 12 equal monthly installments it moves to Growth Super
fund.

Flexibilities

Switching:
• Existing investment can be moved in totality or in a certain proportion to one or more
funds from the current one
• 12 free switches/policy year

Premium Redirection:

39
 • Modify the flow of future investments, different from the existing pattern.
• 3 free redirections/policy year

Partial Withdrawals
Can be made anytime post completion of 3 years

3 Pay/5 Pay: -
Minimum: Rs 10,000
Maximum: Lower of 75% of Fund Value OR (Fund Value- 1.5 Initial ATP)

Single Premium: -
Minimum: Rs 10,000
Maximum: Fund Value – 20% of ATP

40
4.2 CHILD PLAN

Your parenting is perfect but is your planning adequate? Are you thinking beyond the
immediate to the future, about higher education and professional courses, in India and
abroad? Many children are keen to pursue unconventional careers. Are you in tune with their
aspirations and passions? As parents you would never let money come in the way of your
children and the fulfillment of their true potential. Our plans will help build the corpus that
allows your children to dream big and soar high.

4.4 Pension Plans

Let your golden years be the most precious of your life, full of freedom and choice. A time to
pursue your hobbies, travel and enjoy the good life. You will never miss your salary cheque
or be constrained by rising inflation. Even as you work hard to make a better today, it is up to
you to create a superior tomorrow. If you want to sustain your current lifestyle even after you
stop working, make that money work for you. Our Retirement Plans will keep you
comfortable and content, and let you live the life you deserve.

4.5.1 Metlife’s met suraksha Plan

In your long and interesting journey of life, it's always better to be prepared to face any
unforeseen incidents that may take place in one's life. People normally insure their home,
child's education, car, and even their retirement. However, many a times they forget to insure
their health. It's a proven fact that illnesses strike without warning, which again can affect
one's finances. Thus, it's important to have a good health cover that would take into account
the diverse set of needs at times of an individual's ill health. Sound health insurance planning
ensures that you receive direct medical expenses and indirect expenses, as soon as the
situation arises.

41
 Metlife health insurance schemes can act as a catalyst in
safeguarding your peace of mind and eliminating all worries about your future treatment
expenses. Presenting Lifeline – met suraksha health Insurance plans from MNYL that
provide you support by giving you hospital cash benefit, whenever you are hospitalized.
Through this plan you will get a fixed benefit towards hospitalization, ICU and recuperation
(post hospitalization). And the surgical expenses of a fixed Lump-sum amount will be paid
under LifeLine –met suraksha for more than 400 listed surgeries that you may undergo.

Eligibility Criteria

Criteria Eligibility

Minimum / Maximum Age At Entry 18 years to 55 years (Age At Last Birthday)

Policy Term 10 years
Maximum Age at Maturity 65 years
Premium Guarantee 5 years
Premium Table (Sample*) Units 3
Age (yrs) Male Female
20 5886 5328
30 6429 6078
40 8424 8169
50 13194 11922
Premium Payment Frequency Half Yearly and Yearly
Reinstatement after Lapse Allowed only till 180 days from Lapse Date
Minimum: Rs. 2,500 (Yearly Mode)
Premium Limits
and Rs. 1,300 (Half Yearly Mode)
90 days from policy commencement apart
Waiting Period
from hospitalization due to accidents

Benefits Number Of Units Bought

1 2 3 4 5
Daily Hospital Cash 1000 2000 3000 4000 5000
Daily ICU Cash 2000 4000 6000 8000 10000
Recuperating Cash (Lump-
3000 6000 9000 12000 15000
Sum)
Annual Limit (Days) 50 days of Hospitalization
Policy Term Limit (Days) 250 days of Hospitalization
Surgical Cash
50,000 100000 150000 200000 250,000
Lumpsum Upto Rs)

42
Minor (10%) 5,000 10,000 15,000 20,000 25,000
Intermediate (15%) 7,500 15,000 22,500 30,000 37,500
Major (35 %) 17,500 35,000 52,500 70,000 87,500
Supra major (100%) 50,000 100,000 150,000 200,000 250,000
Upto Upto Upto Upto Upto
Others
10,000 10,000 10,000 10,000 10,000

Domestic Medical Concierge: Emergency services with International SOS

Under this value added benefit, we offer the following through SOS International:

• Telephonic Medical first-aid advice while traveling.

• Nearest Medical Service Provider References and contact details.

• Name and contact details for specialist doctors.

• Emergency Medical Arrangement.

• Transportation where member requires hospitalization.

• Emergency Medical Repatriation.

• Return to place of residence in case of medical emergency.

Key Benefits

• Cashless hospitalization available in over 4000+ network hospitals across the

country . Fixed daily hospitalization benefit available irrespective of amount of actual
billing.

• Benefits are Payable in addition to any other health insurance cover that you may
have with us or any other insurer.

• The premiums are guaranteed for five years from the effective date. After five years,
the Company may revise the premium rates based upon the actual review of the
claims experience subject to prior approval of IRDA.

• Guaranteed Long-Term coverage for 10 years subject to payment of premium made

by you.

• Premium discount incase policy is claim-free for first 5 years.

43
• Tax benefit on the premium paid upto Rs.15, 000 under section 80 D of the Income
Tax Act.

44
4.5.2 Metlife’s met easy Plan

All of us aim for a long and illness-free life. However, as human beings we are prone to
various illnesses and may contract various diseases. Though there are innumerable medical
facilities and technologies available today to cure almost every illness, the cost attached to it
quite high. These are the times you may need the assistance of a health insurance plan to
manage these unforeseen situations and expenses. Illnesses strike without prior warning and
that's the reason why you should possess a good health cover, which would insure you
against various illnesses and guarantee financial security should you require any treatment.
The health covers would provide you peace of mind and allow you to focus your time energy
on other important things in life.
Metlife’s met easy health plan provides a wonderful benefit system in terms of long tenure of
coverage, coverage for 38 critical illnesses and tax benefit.

Eligibility Criteria

Criteria Eligibility

Age At entry 18 years to 60 years

Option for policy term 10, 15 or 20 years
Maximum age at maturity 75 years
5 Years i.e subject to the revision with IRDA
Premium Guarantee approval. Premium is renewed every 5 years
through the term of your plan
Minimum: Rs. 2,500 (Yearly Mode)
Premium Limits
and Rs. 1,300 (Half Yearly Mode)
Waiting Period 180 days from policy commencement
Allowed only till 6 months based on declaration
Reinstatement after Lapse
of good health
Waiting Period after Reinstatement 90 days from policy revival date

Scale of Benefits

Coverage Choice Life Line - Wellness Plus™ Plan

45
 Number of Units 1 2 3 4 5 6 7 8 9 10
Sum Assured (in lacs) 2 4 6 8 10 12 14 16 18 20

List of Covered Critical Illness Conditions under met gold plus Plan
The list of covered conditions are divided into 3 groups
Group 1 Group 2 Group 3
Claim - 25% of SA. Claim - 50% of SA. Claim - 100% of Sum
Policy Continues with the Policy Continues with the Balance Assured
Balance Sum Assured Sum Assured Policy discontinued
Alzheimer’s Disease Angioplasty and other Invasive Apallic Syndrome
Blindness Treatment for Coronary Artery Aplastic Anaemia
Deafness Disease Brain Surgery
Loss of Speech Benign Brain Tumor Cancer
Medullary Cystic Disease Cardiomyopathy Coma
Motor Neuron Disease End Stage Lung Disease Coronary Artery By-
Muscular Dystrophy Heart Attack pass Surgery
Heart Valve Surgery Kidney Failure
Major Burns End- Stage Liver
Multiple Sclerosis Disease
Multiple Trunk Avulsions of the Loss of Independent
Brachial Plexus Existence
Necrotizing Fascitiis Loss of Limbs
Paralysis or Paraplegia Major Head trauma
Parkinson’s Disease Major Organ
Primary Pulmonary Hypertension Transplant
Poliomyelitis Stroke
Systemic Lupus Erythematosus Surgery of Aorta
Terminal Illness
Total Permanent
Disability(to Age 65)

Benefits under met easy Plan

You can avail benefits on the happening of any of the above events and fulfilling the
following 3 conditions
• Confirmed by a registered medical practitioner, including a relevant specialist
acceptable to the company (the cost of which shall be borne by the policyholder).

• Provided the life insured has survived for at least 28 (Twenty eight) days after the
happening of the insured event..

• The life insured filing with the company all the required claim documents within 60
days of the date of the happening of the insured event.

46
 • A claim with respect to any particular critical illness, if paid, shall not be payable
again.

Key Benefits

47
4.5.3 Metlife’s met gold plus Plan

Just as life, it is important to insure one's health to live a peaceful life. Ironically, it is a well-
known fact that lot of individuals are either uninsured or not insured at all. In spite of the
rapid advancement of medical science, the expenses attached to various treatments are quite
high. Everybody definitely needs health insurance coverage because illnesses if contracted
can seriously impact finances and devour precious savings due to the absence of a good
health cover. Therefore, it's important to get your health insured at the earliest and enjoy a
hassle-free life. There is a vast variety of affordable health insurance plans in the market.
However, it's up to you to choose the best possible health cover, which would suit your
budget.
Recognizing the need for a complete all round financial protection
for you and your family, Metlife Insurance Company offers you a term cum health insurance
met gold plus, the new age insurance covering death, disability, disease and accident under
one single plan.

Eligibility Criteria

Criteria Eligibility

18 years to 60 years
Minimum/ Maximum Age At entry
Policy Term 10, 15, 20, 25 or 30 years
Maximum Cover Ceasing Age 75 years
Minimum Sum Assured Rs. 200,000
Maximum Sum Assured Rs. 40,00,000

5 Years Premium is renewed every 5 years

Premium Guarantee
through the term of your plan

48
Benefits

Death Benefit
In case of unfortunate event of the death of the life insured, the company shall pay the sum
assured as specified in the schedule of the policy subject to deduction of Critical illness
benefit if paid any.

Critical illness benefit

• On the diagnosis of any of the critical illnesses (Cancer, Coma, Kidney Failure,
Multiple Sclerosis, Heart Attack, Paralysis / Paraplegia and Stroke) or

• On the actual undergoing of the surgery of Major organ transplant, Coronary artery ,
bypass surgery , Heart valve surgery, the company shall advance 50 % of the sum
assured as specified in the schedule of the policy document, subject to the survival of
the life insured for at least 28 (Twenty Eight ) days after the happening of the such
insured event
As this is an accelerated benefit, availing this will reduce the death benefit to be paid on death
of Life Insured by 50%.

Total and Permanent Disability Benefit

During the Policy term if the life insured meets with an accident which results in total and
permanent disability within 180 days of the accident, the company shall pay an additional
benefit of 50 % of the sum assured. This is an additional benefit over and above of other
benefits.
If the life insured is engaged in any of the occupation which require to spend significant time
being exposed to the risk factors associated with the type of occupation/ industry, the cover in
respect of total and permanent disability shall immediately cease to apply irrespective of the
fact whether

• The life insured informed the company of the change in his occupation or industry or

• A total and permanent disability was not caused as a result of such exposure to risk
factors associated with the type of occupation/ industry where the life insured was
working.

49
Accidental Death Benefit
If the life insured dies due to an accident, the Company shall pay an additional benefit equal
to 100% of the sum assured as specified in the schedule.

Key Benefits

• Comprehensive Insurance plan giving financial protection from :

1. Death
2. Critical Illness
3. Total and Permanent Disability
4. Accidental Death Benefit
5 Years Premium Guarantee

• High Coverage Tenure (Up to 30 Years)

• Tax Benefit under section 80C.

4.5.4 Metlife’s health plus plan-

The core of any happy family is a healthy family. However, demanding lifestyles, high stress
levels and deteriorating environmental conditions are increasing the probability of diseases
and consequently, treatment for the same. The need of the hour is for a plan that not only
takes care of your health, but also takes care of your family. Taking care of this need Metlife
presents health plus- the Most Comprehensive Health Insurance Plan.

Eligibility Criteria

Criteria Eligibility
Minimum / Maximum Age for Adults 18 years / 65 years
Minimum / Maximum Age for Children 0 days / 18 years
Policy Term 10 years
Maximum Age at Maturity 75 years
Premium Guarantee 5 years rate guarantee
Premium Payment Mode Annual, Semi-annual, Quarterly and Monthly
Family benefit is extended to • Self

50
 • Spouse
• Children (existing and future additions)
Parents Benefit is extended to Policyholder's parents only

Key Benefits

• Guaranteed renew ability till age 75.

• Long term Health coverage for 10 years.

• Up to Rs 35,000 as tax benefit under section 80D of the Income Tax Act,

 Rs 15,000 for self, spouse and children

 Rs 20,000 for parents

• Cashless hospitalization in over 4000+ network hospitals across the country.

• Fixed hospitalization benefits irrespective of actual billing.

• Photocopies of bills will suffice for claims.

51
5.1 RESEARCH METHODOLOGY

Project Topic

DEPTH STUDY AND ANALYSIS OF CONSUMER PERCEPTION FOR

VARIOUS PRODUCTS AT METLIFE

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 Insurance. The various segments of
the markets divided in terms of Insurance Needs, Age groups, Satisfaction levels etc will also
studied.

Objective

• To understand and analyze the customer opinion and level of satisfaction for the
products of Metlife Insurance Co. Ltd.
• To analyze the various products of Metlife Insurance Co. Ltd. in detail.

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.

52
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 explored 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.

Significance 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.

5.2 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

53
personal interviews were conducted to collect the customer’s perception and buying behavior,
through this questionnaire.

5.3 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 judgmental and convenient.

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 Lucknow due to time constraints.

Sampling Area:
The area of the research was Lucknow, Uttar Pradesh, India.

5.4 LIMITATIONS OF THE RESEARCH

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

54
 DATA ANALYSIS & INTERPRETATION

(i) NUMBER OF PEOPLE HAVING INSURANCE

Table 1
RESPONSE NO. OF SHARE (%)
RESPONDENTS
YES 70 70%
NO 30 30%
TOTAL 100 100%

Graph 1

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.

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 (ii) TYPES OF INSURANCE POLICY RESPONDENTS HAVE

Table 2
POLICY TYPE NO. OF SHARE (%)
RESPONDENTS
LIFE POLICY 75 75%
NON LIFE POLICY 25 25%
BOTH 45 45%

Graph 2

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]

56
 (iii) PREFERENCE OF RESPONDENTS OF INSURANCE COMPANIES

Table 3
COMPANY’S NAME NO.OF SHARE (%)
RESPONDENT
L.I.C. 78 78%
RELIANCE LIFE INSURANCE 3 3%
ICICI PRUDENTIAL 10 10%
SBI LIFE 7 7%
MAX NEW YORK LIFE 2 2%
TOTAL 100 100%

Graph 3

INTERPRETATION

• 78% of the people contacted prefer LIC policy to any other and therefore it is ranked no.1 by that
percent of respondents.

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 (iv) BENEFITS OF INSURANCE PERCEIVED BY RESPONDENTS

Table 4
BENEFITS NO.OF SHARE (%)
RESPONDENTS
COVER FUTURE 55 55%
UNCERTAINTY
TAX DEDUCTIONS 20 20%
FUTURE INVESTMENT 25 25%
TOTAL 100 100%

Graph 4

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 an
future investments respectively.

58
 (v) FEATURES OF INSURANCE POLICY THAT ATTRACTED
RESPONDENTS

Table 5
NO.OF
FEATURE RESPONDENTS SHARE (%)

MONEY BACK 15 15
GUARANTEE
LARGER RISK 37 37
COVERAGE
EASY ACCESS TO 7 7
AGENTS
LOW PREMIUM 30 30
COMPANY’S 11 11
REPUTATION
TOTAL 100 100

Graph 5

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.

59
 (vi) PEOPLE PERCEPTION ABOUT INSURANCE

Table 6
RESPONSE NO. OF RESPONDENTS SHARE%
A SAVING TOOL 81 81%
A TAX SAVING DEVICE 74 74%
A TAX SAVING DEVICE 100 100%

Graph 6

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]

60
 (vii) PEOPLE HAVE INSURANCE FOR

Graph 7
RESPONSE NO. OF RESPONDENTS
SELF 40
SPOUSE 28
CHILDREN 21
PARENTS 18
ALL 11

Graph 7

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.

61
 (viii) REASONS BEHIND TAKING INSURANCE

Table 8
RESPONSE NO. OF SHARE (%)
RESPONDENTS
TAX SAVING 80 80%
SAVING / INVESTMENT 50 50%
FAMILY PROTECTION 100 100%

Graph 8

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]

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 (ix) SATISFACTION OF RESPONDENTS WITH RESPECT TO POLICY

Table 9
RESPONSE NO. OF SHARE (%)
RESPONDENTS

SATISFIED 60 60%
NOT SATISFIED 40 40%
NOT RESPONDED 00 00%
TOTAL 100 100%

Graph 9

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.

63
(x) SATISFACTION OF +VE RESPONDENTS WITH RESPECT TO SERVICE
AGENT

Table 10
RESPONSE NO. OF SHARE (%)
RESPONDENTS
SATISFIED 45 45%
NOT SATISFIED 55 55%
NOT RESPONDED 00 00%
TOTAL 100 100%

Graph 10

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.

64
 (xi) NUMBER OF RESPONDENTS PAYING TAX

Table 11
RESPONSE NO. OF SHARE (%)
RESPONDENTS
PAY TAX 100 100%
DO NOT PAY TAX 00 00%
TOTAL 100 100%

Graph 11

INTERPRETATION

• Of the sample size of 100 respondents, all the respondents are paying tax.

65
(xii) RESPONDENTS PERCEPTION ABOUT BEST FORM OF INVESTMENT
FOR SECURING THEIR FUTURE

Table 12
INVESTMENT NO. OF SHARE (%)
RESPONDENTS
FIXED ASSETS 75 33%
BANK DEPOSITS 11 5%
JEWELLERY 25 11%
SECURITIES I.E. BONDS, 40 17%
MFS
SHARES 10 4%
INSURANCE 70 30%

Graph 12

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]

66
 (xiii) PEOPLE’S PERCEPTION ON APPROPRIATE AGE FOR BUYING
INSURANCE

Table 13
RESPONSE NO. OF RESPONDENTS SHARE (%)

After 25 years 29 29%

After 35 years 10 10%
After 45 years 0 00%
Anytime 61 61%
Graph 13

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 any thing to do with age i.e. there is no age limitations. It can be purchased any
time according to the need.

67
 (xiv) PEOPLES OPINION ABOUT INDIAN INSURANCE COMPANIES
Table 14
RESPONSE NO. OF SHARE (%)
RESPONDENTS
RIGID PLANS 67 67%
NON USER FRIENDLY 29 29%
UNSATISFACTORY 26 26%
SERVICES
NON AGGRESSIVE 35 35%
SATISFACTORY 24 24%
GOOD 10 10%
VERY GOOD 00 00%
Graph 14

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
Nonaggressive.
• 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]
68
 (xv) WHAT PEOPLE LOOK FOR IN AN INSURANCE COMPANY

Table 15
RESPONSE NO. OF SHARE (%
RESPONDENTS

A TRUSTED NAME 82 82%

FRIENDLY SERVICE & 71 71%
RESPONSIVENESS
GOOD PLANS 81 81%
ACCESSIBILITY 49 49%

Graph 15

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]

69
 (xvi) PEOPLE INTERESTED IN GOING FOR INSURANCE IF A SERVICE
PROVIDER AWAY FROM THE CITY OFFERS BETTER SERVICE &
PRODUCTS

Table 16
RESPONSE NO. OF SHARE (%)
RESPONDENTS

YES 43 43%
NO 44 44%
UNCERTAIN 13 13%
TOTAL 100 100%

Graph 16

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
Metlife Insurance to take them on their favor.

70
 (xvii) PEOPLE PLANNING FOR NEW INVESTMENTS

Table 17
RESPONSE NO. OF RESPONDENTS SHARE (%)

PLANNING 87 87%
NOT PLANNING 13 13%
TOTAL 100 100%

Graph 17

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 Insurance to take them on their favor.

71
 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 Metlife 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.

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 GROWTH POTENTIAL

At present life insurance penetration in India is quite low – 3% 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

73
 CONCLUSION

Our 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 we 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. LIC has never been known for prompt service or customer oriented
methods and Metlife can build on these factors.

74
 BIBLIOGRAPHY

• WEBSITES REFERRED

 www.metlife.com
 www.irdaindia.org
 www.thehindubusinessline.com

75
 DECLARATION

I hereby declare that the dissertation “Consumer Preference Report”

submitted for BBA at Amity University, Lucknow is my original work

and the dissertation has not formed the basis for the award of any

degree, associate ship, fellowship or any other similar titles.

Neha Mehta

Date:

76
 CERTIFICATE OF ORIGINALITY

This is to certify that the “Consumer Preference Report” has been

prepared by Neha Mehta, student of BBA (05) Amity University,

Lucknow.

This report is her own unaided work and to be the best of our

knowledge, this piece of work is original and no part of this report

has been submitted by any other Institute/ University earlier.

77
 ACKNOWLEDGEMENT

I would like to thank Mr. Manas Agnihotri (SM), MetLife who gave me the
opportunity to do the training in his company, and get myself enriched with
theoretical and practical the firm support extended to me by him. His lively
appreciation blended with constructive criticism, constant queries and
suggestions for the foundation on which it is based knowledge in the field of
marketing and sales.

Successful completion of the project and culmination of my efforts reminds me

for indebtedness towards my project guide Mr. Manas Agnihotri for his
invaluable guidance and encouragement throughout the work. I got full support
from him whenever I needed and at each and every stage throughout the
training. His experience and patience saw me through many unforeseen hurdles,
which would not have been possible without his support.

Last but not the least, I also take this opportunity to thank all those who have
directly or indirectly contributed through their valuable suggestion, and
presence during completion of this project.

Place - Lucknow Neha Mehta

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 Table Of Contents

• Executive Summary
• Research objective
• Company profile
• Research Methodology
• Data Analysis
• Findings Limitations
• Suggestions and Recommendations
• Conclusion
• Bibliography

79