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1 INTRODUCTION
The term insurance may be defined as “The act, business, or system of insuring, the state or a means of being insured, coverage by a contract binding a party to indemnify another against specified loss in returns for premium paid”. Generally speaking insurance is nothing but the spreading of the risk of loss of the few over the many. The loss faced by a few persons is spread to all people who have the possibility of facing similar risk.

DIVISIONS OF INSURANCE BUSINESS:
Insurance business is divided into four classes: 1. Life Insurance 2. Fire Insurance 3. Marine Insurance 4. Miscellaneous Insurance Life Insurers transact life insurance business, General Insurers transact the rest.

MERITS OF LIFE INSURANCE:
Life insurance involves both the elements of protection and investment. The following are the advantages of life insurance: • • • • • Superior savings plan Encourages and forces thrift Protection against creditors Suitable for raising loan Tax benefits and investment element reduces financial burden

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Reduces financial burden

NEEDS OF INSURANCE:
Youth makes us feel immortal and invincible. It is all about dreams not about death and disease. But this is the best time to think of insurance so that the dreams are not shattered by death. Life Insurance provides risk cover which no other investment option offers. Following are the advantages of Life Insurance:
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It provides full protection against risk of death. Encourages and forces compulsory savings as the saved money cannot be withdrawn and premium has to be paid regularly. Provides loan to tie over a temporary difficult phase and is also acceptable as security for a commercial loan. Provides tax benefits to policyholders. Hedges risk against uncertainty.

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Risk cover Life is full of uncertainties- accident, illness, theft, natural disaster might happen anytime. Human beings do not have much control over life’s risks and uncertainties however they can at least be prepared for them and their aftermath. Life insurance can be a big support to a family in troubled times, to meet their financial needs, to fulfill their dreams of -another child, a bigger home, a new business, college education, travel, retirement… Life insurance is all about making sure your family has adequate financial resources to make their future plans and dreams come true. Insurance provides you with that unique sense of security that no other form of investment provides. By buying life insurance, you buy peace of mind and are prepared to face any financial demand that would hit the family in case of an untimely demise. Insurance also provides a safeguard in the case of accidents or a drop in income after retirement. An insurance policy can lend timely support to the family in case of an

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accident or disability. It also comes as a great help when you retire, in case no untoward incident happens during the term of the policy. Investment Insurance can be an attractive option for investment too. A lot of Insurance products yield more compared to regular investment options, with the added advantages of providing incentives. No other investment schemes can offer financial protection from risks. The premium you pay for an insurance policy is an investment against risk. Before comparing it with other schemes, one must remember that a part of the total amount invested in life insurance goes towards providing for the risk cover, while the rest is used for savings. Also life insurance provides you get maturity benefits on survival at the end of the term. i.e. if you take a life insurance policy for 20 years and survive the term, the amount invested as premium in the policy will come back to you with added returns. In case of death or disability within the tenure of the policy, the family/insured will receive the sum assured. Now, let us compare insurance as an investment options. If you invest Rs. 10,000 in other investment options like PPF or Bonds, your money might give better returns but you cannot access your funds. One can withdraw 50 per cent of the initial deposit only after 4 years. The same amount can give you an insurance cover of up to approximately Rs 5-10 lakh (depending upon the plan, age health, etc) and this amount would be immediately available to the nominee of the policyholder on death. Thus insurance provides sound returns in addition to risk cover.

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Tax Planning Insurance can be used for tax planning too. Under Section 88 of Income Tax Act, an individual is entitled to a rebate of up to 20 per cent on the annual premium payable on his/her life , life of spouse and life of his/her children .This benefit is available to an individual or a Hindu Undivided Family. If the gross income per annum is less than Rs. 1.5 lakhs per annum maximum benefit available is 20% of the eligible amount i.e Rs. 14,000. If the gross income per annum is between Rs. 1.5 lakhs per annum and Rs. 5 lakhs per annum maximum benefit available is 15% of the eligible amount i.e Rs. 10,500. More Options & Products The entry of new players after opening up of sectors has helped in more ways than one. • Aggressive advertising has improved awareness levels. • Many new and innovative products have been launched. Customers have tremendous choice from a large variety of products from pure risk insurance to unit-linked investment products. • Customers are offered unbundled products with a variety of benefits as riders from which they can choose. More customers are buying products and services based on their true needs and not just traditional money-back policies. • Advice and need based selling is emerging through much better trained sales force and advisors. • There is improvement in response and turnaround times in specific areas such as delivery of first policy receipt, policy document, premium notice, final maturity payment, settlement of claims etc.

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The premium amount is depends on age.At present there are 14 life insurance companies in India. policy. To make the right decision. The policy term varies from a minimum of 5 years to a maximum 55 years. Limited Kotak Mahindra Old Mutual Life Insurance Company Limited SBI Life Insurance Company Limited Tata AIG Life Insurance Company Limited AMP Sanmar Life Insurance Company Limited Aviva Life Insurance Company Pvt.the number of years the policy is valid. Limited Reliance Life Insurance Company Limited How do I compare life insurance policies? There is such wide range of policies that it is natural that a person would feel lost in the jargon. compare the following features of different policies: Premium . The longer the term the lower the premium. 5 .the amount of money you have to pay regularly to continue your insurance coverage. Term . • • • • • • • • • • • • • • Bajaj Allianz Life Insurance Company Limited Birla Sun Life Insurance Company Limited HDFC Standard Life Insurance Company Limited ICICI Prudential Life Insurance Company Limited ING Vysya Life Insurance Company Limited Life Insurance Corporation of India Max New York Life Insurance Company Limited MetLife India Insurance Company Pvt. premium payment options and policy term.

waiver of premium rider etc.So. Thus. by the insurance company each year depending on the profit made by the company. 6 . for a small increase a larger benefit can be obtained.the number of years you have to pay premium on your policy. Cover .the amount received on death of the policyholder.Term of premium payment . For e. It is paid only as a lump sum either on maturity or to the family upon death.is also known as death benefit. for a given sum assured and term compare policies on the basis of these parameters and choose a policy depending on your insurance objectives. Some policies have the options wherein one can select the premium payment term.is declared as a proportion of the sum assured. It is the sum assured plus the bonus. you want to have a policy for 10 lakhs. It may be the same as the policy term or less. This would mean a large premium however if you buy a policy of 5 lakhs with a term rider which pays additional 5 lakhs in case you die in the next 20 years would cost much less. Therefore.the amount of money realized at the end of the term of the policy calculated in percentage terms every year. It can be compared to the rate of interest that you receive from other investment.g. Maturity . Returns . if you are concerned more about leaving a bigger amount for your family for the same premium select a policy with more sum assured Bonus .It is the amount of money you receive from the insurance company if you survive the policy term. Riders-Insurance companies offer some options in addition to the regular policy features for a small increase in premium like personal accident benefit. – risk cover or returns or both. A lot of policies offer a larger amount of sum assured than other benefits . It is the amount of money your nominee receives from the insurance company upon your death. Sum Assured .

a survey titled “NEED BASED SELLING OF INSURANCE PRODUTS” has been carried out. Max New York Life Insurance is one among the leading insurance provider in the nation.Factors to consider while taking insurance: How much insurance can you afford? • • • • • • • Low premium high cover Cover for short term Higher cover with high returns What is you motive for taking insurance? protection investment future expenses retirement planning How much insurance you need? This will depend on: • • • • • Your life stage and your needs The wealth. The descriptive type of research was undertaken for the study and the survey method was adopted to collect the primary data. In order to become the leader in the insurance sector. A structured questionnaire was employed as research tool to collect the primary data. 7 . income and expense levels of your dependents Their significant foreseeable expenses The inheritance you would leave them. and The lifestyle you want to provide for them.

“Unethical practices adopted by some of the players against the interests of the consumers” then led the Indian government to nationalize the industry.” 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. nationalization was completed. Business was heavily concentrated in urban areas and targeted the higher echelons of society. this meant far reaching changes in the industry. First attempts at regulation of the industry were made with the introduction of the Indian Life Assurance Companies Act in 1912. It was felt that “nationalization has lent the industry fairness. growth and reach. solidity. stricter control on investments and.2 INDUSTRY PROFILE THE HISTORY OF INDIAN INSURANCE INDUSTRY In 1818 the British established the first insurance company in India in Calcutta. much tighter control. merging all these companies into the socalled Life Insurance Corporation (LIC). In September 1956. generally. 1. A number of amendments to this Act were made until the Insurance Act was drawn up in 1938. 8 . 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. In 1956. charts and statistical tools. percentages. the Oriental Life Insurance Company. When the Act was changed in 1950. the market contained 154 Indian and 16 foreign life insurance companies.The collected data were analyzed with the help of tables. a ceiling on share holdings in such companies to prevent dominant control (to protect the public from any adversarial policies from one single party). The extra requirements included a statutory requirement of a certain level of equity capital.

1968: The Insurance Act amended to regulate investments and set minimum solvency margins and the Tariff Advisory Committee set up. merging all the 107 companies into four companies. Bombay and Madras respectively. frames a code of conduct for ensuring fair conduct and sound business practices. the first company to transact all classes of general insurance business. 1956: The market contained 154 Indian and 16 foreign life insurance companies. Fire. located in Calcutta. The General Insurance Corporation (GIC) was set up in 1972 as a ‘holding’ company. a wing of the Insurance Association of India. set up. 1938: Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public.. depending on the sort of business transacted (Marine. A number of private companies were in existence for years and years until. and a similar path was followed in the development of this industry.1928: The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. the Indian Government decided that the public interest would be served by nationalizing the industry. Some of the important milestones in the general insurance business in India are: 1907: The Indian Mercantile Insurance Ltd. 1957: General Insurance Council. New Delhi.. As for Life Insurance. 9 . and the United India Insurance Company Ltd. having these four companies as its subsidiaries. the New India Assurance Company Ltd. General Insurance The General Insurance industry in India dates back to the Industrial Revolution and the subsequent increase in trade across the oceans in the 17th century.. These were the National Insurance Company Ltd. in 1971. the British brought General Insurance to India. Miscellaneous). the Oriental Insurance Company Ltd.

1. Hyderabad. operates through 100 divisional offices in important cities and 2. 1972 nationalize the general insurance business in India with effect from 1st January 1973. LIC's claims settlement ratio at 95 per cent and GIC's at 74 per cent are higher than that of global average of 40 per cent. 107 insurers amalgamated and grouped into four companies viz. 10 .4 per cent in Europe.048 branch offices. United Oriental Assurance Company Limited. Nairobi. and Life Insurance Corporation (International). the New India Assurance Company Ltd.. Chennai. LIC is associated with joint ventures abroad in the field of insurance.7 per cent growth in the rest of Asia (3. It has also entered into an agreement with the Sun Life (UK) for marketing unit linked life insurance and pension policies in U. Bahrain. GIC incorporated as a company. MAJOR PLAYERS IN THE INSURANCE INDUSTRY IN INDIA • Life Insurance Corporation of India (LIC) Life Insurance Corporation of India (LIC) was established on 1 September 1956 to spread the message of life insurance in the country and mobilise people’s savings for nationbuilding activities. In 1995-96. LIC had a total income from premium and investments of $ 5 Billion while GIC recorded a net premium of $ 1.C.1972: The General Insurance Business (Nationalization) Act. Delhi.K. Ken-India Assurance Company Limited.59 lakh active agents spread over the country. Kuala Lumpur.4 per cent in the US).3 Billion. LIC with its central office in Mumbai and seven zonal offices at Mumbai. The Corporation also transacts business abroad and has offices in Fiji. and the United India Insurance Company Ltd. namely. the National Insurance Company Ltd. LIC has even provided insurance cover to five million people living below the poverty line. LIC has 5. LIC's income grew at a healthy average of 10 per cent as against the industry's 6. with 50 per cent subsidy in the premium rates.. the Oriental Insurance Company Ltd. Calcutta. E. Kanpur and Bhopal. During the last 15 years. Mauritius and United Kingdom.

The 11 . With effect from 1 January 1973 the erstwhile 107 Indian and foreign insurers which were operating in the country prior to nationalization. these subsidiaries have been de-linked from the parent company and made as independent insurance companies). with effect from Dec'2000.22 per cent per annum. the industry is presently operating in 17 countries directly through branches or agencies and in 14 countries through subsidiary and associate companies. (i) National Insurance Company Limited. (iii) Oriental Insurance Company Limited. (ii) New India Assurance Company Limited. As a result LIC down the years have seen the declining phase in its career. Besides the domestic market. were grouped into four operating companies. IN ADDITION TO ABOVE STATE INSURERS THE FOLLOWING HAVE BEEN PERMITTED TO ENTER INTO INSURANCE BUSINESS: The introduction of private players in the industry has added to the colors in the dull industry. Since the advent of the private players in the market the industry has seen new and innovative steps taken by the players in this sector. (However. The initiatives taken by the private players are very competitive and have given immense competition to the on time monopoly of the market LIC. All the above four subsidiaries of GIC operate all over the country competing with one another and underwriting various classes of general insurance business except for aviation insurance of national airlines and crop insurance which is handled by the GIC. namely.Compounded annual growth rate for Life insurance business has been 19. and (iv) United India Insurance Company Limited. The new players have improved the service quality of the insurance. • General Insurance Corporation of India (GIC) The general insurance industry in India was nationalized and a government company known as General Insurance Corporation of India (GIC) was formed by the Central Government in November 1972.

HDFC Standard Life Insurance Company Ltd. ICICI Prudential Life Insurance Company is a joint venture between ICICI Bank. With their various Products and Riders. Max New York Life Insurance Company Limited is a joint venture that brings together two large forces . Max New York Life Insurance Co. It is a joint venture between Housing Development Finance Corporation Limited (HDFC Ltd. a multi-business corporate. 2.3 for the financial year. Ltd. together with New York Life International. Though LIC still holds the 75% of the insurance sector but the upcoming natures of these private players are enough to give more competition to LIC in the near future. 1. Their cumulative premium income. The there are more than 400 product combinations to choose from.000 lives have been covered through our group business tie-ups. ICICI Prudential was amongst the first private sector insurance companies to begin operations in December 2000 after receiving approval from Insurance Regulatory Development Authority (IRDA).market share was distributed among the private players. Apr-Nov 2005. a leading provider of financial services from the United Kingdom.Max India Limited. a global expert in life insurance. a premier financial powerhouse and prudential plc. a leading international financial services group headquartered in the United Kingdom. 672.00.40. They have managed to cover over 11. which offers a range of individual and group insurance solutions. LIC market share has decreased from 95% (2002-03) to 82 %( 2004-05). including the first year premiums and renewal premiums is Rs. with a network of 57 offices in 37 cities across India 3.000 individuals out of which over 3. is one of India’s leading private life insurance companies. HDFC Standard Life Insurance Company Ltd. ICICI Prudential Life Insurance Company Ltd. They have a national presence 12 . India’s leading housing finance institution and The Standard Life Assurance Company.).

Kotak Mahindra Old Mutual Life Insurance Ltd. 13. one at Mumbai and another one at New Delhi. Some of the General Insurance Companies are: 1. 2.. SBI Life Insurance Company Limited 8.company has a network of about 56. and Old Mutual plc. 5. Ltd. Metlife India Insurance Company Pvt. as well as 7 bancassurance and 150 corporate agent tie-ups. Birla Sun Life Insurance Company Ltd. Aviva Life Insurance Company Ltd. Royal Sundaram Alliance Insurance Company Limited The joint venture bringing together Royal & Sun Alliance Insurance and Sundaram Finance Limited started its operations from March 2001. Tata AIG Life Insurance Company Ltd. ING Vysya Life Insurance Company Private Limited 9. 6.. Reliance Life Insurance Company Ltd. 11. 12. The company is Head Quartered at Chennai. AMP SANMAR Assurance Company Ltd. (KMBL). Kotak Mahindra Old Mutual Life Insurance Ltd. Birla Sun Life Insurance Company is a joint venture between Aditya Birla Group and Sun Life financial Services of Canada. 4. Bajaj Allianz General Insurance Company Limited 13 . 7.000 advisors. Bajai Alliancz Life Insurance Company Ltd. is a joint venture between Kotak Mahindra Bank Ltd. and has two Regional Offices. 10.

Bajaj Allianz General Insurance Company Limited is a joint venture between Bajaj Auto Limited and Allianz AG of Germany. reinsurance. insurance claims management and investment management. Bajaj Auto holds 74% and the remaining 26% is held by Allianz. The Company has an authorized and paid up capital of Rs 110 crores. Delhi. TATA AIG General Insurance Company Ltd. Bajaj Allianz General Insurance received the Insurance Regulatory and Development Authority (IRDA) certificate of Registration (R3) on May 2nd.4 lakh policies in its first calendar year of operations. 3. Cholamandalam MS General Insurance Company Limited (Chola-MS) is a joint venture of the Murugappa Group & Mitsui Sumitomo. Chola-MS commenced operations in October 2002 and has issued more than 1. Bangalore. Coimbatore. Pune. 2001 to conduct General Insurance business (including Health Insurance business) in India. Both enjoy a reputation of expertise. Chandigarh. Hyderabad. Kochi. stability and strength. Mumbai. ICICI Lombard General Insurance Company received regulatory approvals to commence general insurance business in August 2001. Lombard Canada Ltd. 5. The company has a pan-Indian presence with offices in Chennai. 4. AG. ICICI Bank is India's second largest bank. ICICI Lombard General Insurance Company Limited ICICI Lombard General Insurance Company Limited is a joint venture between ICICI Bank Limited and the US-based $ 26 billion Fairfax Financial Holdings Limited. Ahmedabad. a group company of Fairfax Financial Holdings Limited. Cholamandalam General Insurance Company Ltd. is one of Canada's oldest property and casualty insurers. and Germany. Indore. while Fairfax Financial Holdings is a diversified financial corporate engaged in general insurance. Kolkata and Vizag. 14 .

9. 15 . Ltd 8. offers the complete range of insurance for automobile. The Tata Group holds 74 per cent stake in the two insurance ventures while AIG holds the balance 26 per cent stake. Tata AIG combines the strength and integrity of the Tata Group with AIG's international expertise and financial strength. to the infrastructure sector. marine. which started its operations in India on January 22. Ltd. home. to the economy.Tata AIG General Insurance Company Ltd. personal accident. travel. 7. HDFC-Chubb General Insurance Co. from the individual who now have wider choices. is a joint venture company. Marketing of Insurance In India Insurance is in a manner of speaking the last frontier in the financial sector to open. newer channels of distribution have to be utilized to intensify the reach of insurance both in urban and rural markets. 6. which can look forward to long term funding being available. as well as several specialized financial lines. which see increased savings. which leads to benefits across the full spectrum. Reliance General Insurance Company Limited. IFFCO Tokio General Insurance Co. It is also a sector. Tata AIG General Insurance Company. energy. (AIG). 2001. This will create huge employment opportunities not only within insurance companies but also as agents and consultants of insurance companies. property and casualty. Export Credit Guarantee Corporation Ltd. Inc. In an under-insured economy. formed from the Tata Group and American International Group.

the international arm of New York Life. Incorporated in 2000. The company has around 133 offices all over the country. caring. In line with its vision to be the most admired life insurance company in India . Max New York Life has adopted prudent financial practices to ensure safety of policyholder’s funds. 2009 is Rs 1782 crore. alliance marketing and dedicated distribution for emerging markets. honesty. Company's paid up capital as on 31st March. knowledge. bancassurance. it has developed a strong corporate governance model based on the core values of excellence.1. The Company places a lot of emphasis on its selection process for agent advisors. which is a one of India's leading multi-business corporations and New York Life International. in line with its values of financial responsibility. integrity and teamwork. The company has positioned itself on the quality platform. It is the first life insurance company in India to be awarded the IS0 9001:2000 certifications. Max New York Life has multi-channel distribution spread across the country. a Fortune 100 company & global expert in life insurance. Max New York Life Insurance started its commercial operations in India in April 2001. which 16 . Agency distribution is the primary channel complemented by partnership distribution.3 COMPANY PROFILE Max New York Life Insurance Company Limited is a joint venture between Max India Limited.

and one of the largest life insurers in the world. psychometric test.000 licensed agents. The company has 133 offices dedicated to rural areas.comprises four stages . career seminar and final interview. New York Life has the highest possible financial strength ratings from all four of the major credit rating agencies. New York Life maintains operations in all 50 states and eight overseas markets through a network of 17. They help you fulfilling your dreams & commitments. Founded in 1845 and headquartered in New York City. New York Life’s family of companies 17 . The company currently has around 93.000 employees and 104. The company has a plan for every need.000 agent advisors and more than 800 own employed sales force at 712 offices across 389 cities. The list of few plans provided by Max New York Life New York Life Insurance Company: New York Life Insurance Company (NYLIC) is the largest mutual life insurance company in the United States. Max New York Life also offers 6 products and 7 riders in group insurance business. Training is a continuous process for agents at Max New York Life and ensures development of skills and knowledge through a structured programme spread over 400 hours in two years. The company also has 36 referral tie-ups with banks. 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 Max New York Life offers a variety of flexible products covering both life and health insurance including 8 riders that can be customized to over 800 combinations which enable the customers to choose the policy that suits their needs. 24 partnership distribution and alliance marketing relationships each.screening. designed as to meet your long term financial goals & aspirations. The agent advisors are trained in-house to ensure optimal control on quality of training. Max New York Life invests significantly in its training programme and each agent is trained for around 100 hours as opposed to the mandatory 50 hours stipulated by the IRDA before beginning to sell in the marketplace.

PRODUCTS NO OF RIDERS NO PF OFFICES CLAIMS PAID MDRTs TRAINERS : 2000 : April 2001 : New Delhi. India : Analijit Singh : Rajesh Sud : Rs. New York Life Investments* provides institutional asset management and retirement plan services. 1.813 : 33 :8 : 705 : 9 DAYS : 193 (for calendar year 2009) : 749 Achievements and Awards 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 18 . retirement income.1. Other New York Life affiliates provide an array of securities products and services.offers life insurance. as well as institutional and retail mutual funds.098 crore : 10.454 : 72.23. The company is the 76th largest company in the United States according to the Fortune 500 list.** Some Facts About the Company: FOUNDED STARTED OPERATION HEADQUATERS CHAIRMAN CEO & MANAGING DIRECTOR PAID –UP CAPITAL SUM ASSURED EMPLOYEES AGEND ADVISORS NO.968 crore : Rs. investments and long-term care insurance.

Recognized as a Superbrand 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.1 in Slow. Awards • • • • • • • • • • • • Outlook Money survey ranked MNYL No. according to Businessworld 2003 ‘Great Workplaces of India’ Among the top five most respected insurance companies in India as per Businessworld 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 19 . 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 & 2009 Received ‘Best Six Sigma Project’ award at 6th CII National Six Sigma conventions – 2009.• • • • • 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 receive ISO 9001:2000 certification First life insurance Company to be awarded CII-EXIM Bank commendation certificate for “Strong Commitment” to Excel.

1.4 PRODUCT PROFILE Protection Plans • Five Yr Renewable & Convertible Plan • Level Term Policy Children Plans • Children's Endowment to 18 (Par) Plan • • Children's Endowment to 24 (Par) Plan Skiksha Plus Investment Plans • SMART Express • • Fortune Builder Secure Dreams Retirement Plans • Super Invest Pension • Easy Life Retirement (Par) Plan Health Plans • Lifeline Medicash • • • Lifeline Wellness Plus Lifeline Medicash Plus Lifeline Safety Net 20 . Max New York Life bags the Asia Insurance Industry ‘Innovation of the Year’ Award 2009.• • • • 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”.

Max New York Life Unit Builder • Max Amsure 1. Bonus Builder 4. Capital Builder 3. Future Builder 2. Max Mangal 2. Capital Builder Plan • Partnership Distribution 1. Secure Returns Builder Group Plans • Group Credit Life • • • • • • Unit Linked Group Superannuation Plan Group Gratuity cum Term Assurance Group Term Life Unit Linked Group Gratuity Plan Employee Deposit Linked Insurance Max Super Life 21 . Business Builder 3.Savings Plans • Whole Life Participating • • • Life Gain Plus 25 Participating Plan 20 year Endowment (Par) Plan Life Pay Money Back Plan Strategic Products Plans • Bancassurance 1. Max Vriksha 4.

1 NEED OF THE STUDY  The study will help the customer to realize their actual need about the life insurance.  The study will help the customer in a possible way for their betterment of life.  The study will create awareness in the minds of general public about the life insurance. 22 .2.

 To suggest few measures to improve the betterment of the company.2 OBJECTIVES OF THE STUDY PRIMARY OBJECTIVE:  To study the need based selling of life insurance products.  To study the process of life insurance products. 23 .2.  To study and analyze future outcome of the life insurance products. SECONDARY OBJECTIVE:  To create awareness in the minds of the general public.

 The study will change the perception of the customers about life insurance  The study will increase the selling activities of the life insurance products. 24 .3 SCOPE OF THE STUDY  The study will analyze how the life insurance plays a vital role in the human life  It bridges the gap between the general public and the life insurance companies.  The study will encourage the savings pattern of the general public.2.

 In a rapidly changing industry.2. The environmental changes are vital to be considered in order to assimilate the findings. analysis on one day or in one segment can change very quickly.  Some respondents were reluctant to divulge personal information which can affect the validity of all responses. 25 .4 LIMITATION OF THE STUDY  The study was confined only to customers at chennai so it cannot be generalized to other areas.

the most suitable plan can be developed for meeting the specific needs identified. 26 . and concerns and determines first which policy is an appropriate option and. This process goes into great detail in discovering and analyzing needs and creating recommendations that align those needs with a suitable product solution. A needs-based selling system analyzes a customer's situation. personal introductions.5 REVIEW OF LITERATURE Needs-Based Selling A needs-based long-term care sale is an approach to offering financial products in which the Client’s overall financial needs are defined and analyzed. The process uncovers customers’ long-term care concerns. Their issues are personalized so that they begin to actually recognize the extent of their needs. Prospecting forms the hub of the entire sales cycle. how it can best be designed or structured to meet the customer’s needs. Prospecting is a process of continually seeking out people who are interested in and have the current (or) future potential buying power to purchase insurance. There are several forms of prospecting: cold calls. Based on the results of the process. and projected financial circumstance. their current financial condition. needs.2. Needs based selling is a six -stage process: Prospecting: The sales cycle stats with identifying qualified prospects.

In this step. Approach: The next step is obtaining permission to work with a prospect. 27 . Fact finding: Fact finding is the next step. To remain in this business it is essential to continuously sell insurance. designing the solution that fit the prospects situation is the next step. Prospecting is also referred to as pre – approach. an agent advisor gathers all relevant data about the prospect. who can be good prospects. This step in the sales cycle becomes vital to the agent advisor’s overall success. With all the data in hand. An agent advisor can ask a new client to give references of some people known to him/ her. strategic alliances with other professional and direct mail. Decision closing: Once the solution is designed and presented the prospect need to take decision on buying the insurance plans that have been designed for the prospect. This is called the approach.referrals. Referred leads are a golden opportunity that an agent advisor would have at this point. It is the initial contact an agent advisor has with a prospect. a client would only do that if the client is satisfied with the services received so far. which involves gathering enough facts from a prospect to offer viable alternative solution. But remember. This step is also referred to as the problem step because there is a problem (or) insurance need that is required to be identified and met by an appropriate solution. Referred leads: Selling insurance is a continuous phenomenon. the agent advisor will determine with the prospects exactly which concerns are important enough to deal with today and which should take priority for the future. Solutions: Given the data and the needs determined in the previous step. Here. the agent advisor recommends the most suitable insurance product (or) insurance solution including face amount. premium and service to fulfill the need. T his is when agent advisor will close the deal and convert a prospect into a customer. Since first impressions are important in building a business relationship. seminars.

28 ." Brian Atchinson.  Increase your client retention. By Karl Lueders and Lucretia DiSanto Jones Business Wire Needs-Based Selling is at the Heart of Multicultural Marketing.  Focus on value selling.  Don’t forsake the middle market. the referred leads are the one of the effective sources of prospecting. A referred lead is not the end however it is beginning of another new sales opportunity. Insurance Ethics Leader Advises. executive director of the Insurance Marketplace Standards Association (IMSA). It is a circular process and this circular process goes on and on throughout the career of agent advisor in insurance business Selling Life Insurance Today Success begins with profiling your clients. In fact.The sales cycle started with prospecting and ended with referred leads. long-term care insurance and annuities industry To successfully sell life insurance today. partnering with other professionals and—above all—developing a passion for your product.  Learn to manage the indecisiveness of your clients and prospects.  Capture every opportunity. Business Editors NEW YORK--(BUSINESS WIRE) "Ethical marketing in the multicultural market is needs-based selling at the most fundamental level. offering them value. keep these points in mind:  Aggressively mine for referrals and profile your current clientele.  Partner with other advisors. the ethics standards setting organization for the life insurance.

collecting. Specialize. and at last carefully testing the conclusions to determine whether they fit the formulating hypothesis." According to Clifford Woody research comprises defining and redefining problems.  Sell the client what he needs. "A research design is the arrangement of conditions for collections and analysis of data in a manner that aims to combine relevance to the research purpose with the economy in procedure.1 RESEARCH METHODOLOGY Research: Research in common refers to a search for knowledge. Descriptive research 29 ." The research design adopted for this project is descriptive in nature. have a passion for what you sell. formulating hypothesis or suggested solutions. organizing and evaluating data. Research Design: The formidable problem that follows the task of defining the research problem is the preparation of the design of the research project. popularly known as the "research design". The Advanced Learner's Dictionary of Current English lays down the meaning of research as "a careful investigation or inquiry specially through search for new facts in any branch of knowledge. 3. making deductions and reaching conclusions." Redman and Mory define research as a "systematized effort to gain new knowledge.  Above all.

as it exists at present. or of a group. Sample unit consists of the customers of Max New York. which are concerned with describing the characteristics of a particular individual. Sampling is that part of statistical practice concerned with the selection of individual observations intended to yield some knowledge about a population of concern. Sample size The sample size taken for study is 140. Sampling plan Sampling plan is a definite plan for obtaining a sample from a given population. Sampling unit The sampling unit means that who is to be surveyed.Descriptive research studies are those studies. Sample area The sample area was in Chennai . which is obtained through a pilot survey of 30 samples. Type of sampling 30 . The major purpose of descriptive research is description of the state of affairs. A descriptive study is undertaken in order to ascertain and be able to describe the characteristics of the variables of interest in a situation. Descriptive research includes surveys and fact-finding enquiries of different kinds.

the researchers should keep in mind two types of data. . stratified sampling. Stratified sampling technique is used in this project Stratified random sampling is one of the random methods which. Some of such designs are systematic sampling. Data was collected from the customers personally with the help of questionnaire. Here the universe to be sampled is sub-divided into groups which are mutually exclusive and includes all items in the universe and a simple random sample is then chosen independently from each group.Sampling methods are classified as either probability or non-probability. • • Primary Data – are those. which are collected afresh and for the first time. cluster sampling. Hence.Sampling technique Since the sample was selected from a heterogeneous group. more quantitative and better responses were obtained from the customers. attempt to design a more efficient sample than obtained by the simple random sampling. 31 . sequential sampling and sampling with probability proportional to size. Secondary Data – are those which have already been collected by someone else and which have already been passed through the statistical process. multi-stage sampling. Probability sampling under restricted sampling techniques may result in complex random sampling designs. Such designs may as well be called 'mixed sampling designs' for many of such designs may represent a combination of probability and non-probability sampling procedures in selecting a sample. and thus happened to be original in character. While deciding about the method of data collection to be used for the study. Method of data collection The type of data collection adopted for this research was primary data. by using the available information concerning the population. area sampling.

means that there are several methods of collecting primary data. A total of 22 questions were asked in the questionnaire. 32 . The questionnaire was prepared in an unbiased manner giving enough scope to the customers to speak out what they feel. This. minimize the distortion of the response and excite accurate replies. primary data can be obtained either through observation or through direct communication with respondents in one form or another or through personnel interviews. This approach employs a standardized questionnaire to collect the data on belief. Questionnaire An important feature of the questionnaire is in design of the question whose forms and contents depend upon the research objectives and hypothesis. Types of Questions Open-ended questions: These questions are used to get the suggestion from the respondents in order to get feedback to the company. as this was the technique adopted for survey.Collection of primary data Primary data is collected during the course of during experiments in an experimental research but in case of descriptive type and surveys. The question should be such as to translate fully the objective. in other words. The method of collecting primary data through questionnaire is being discussed below. as there are little opportunities to seek further clarification. The Non-disguised structured questionnaire is used for the study. feelings and attitudes from the respondents. The questions where carefully framed keeping in mind the objectives of the research.

Percentages are used in making comparison between two or more series of data and to describe the relationships. There may be situation in which it is not possible to make any rigid assumption about 33 . analyzing its data and drawing conclusions there from. Dichotomous (Yes/No) questions: In this type of questions the respondents are given two choices in which the respondents has to select one. Percentage Analysis: Percentage refers to a special kind of ratio. Percentage = Number of Respondents Total respondents × 100 Chi square test: This test is most widely used non-parametric tests in a statistical work. Tools used for analysis: The role of statistics in research is to furnish a tool in designing research. For this type of questions we can apply statistical tools like internal estimate method.Close-ended questions: These questions limit respondents answer to the survey. Multiple choice questions: In this type of questions the respondents are given 4-5 choices in which the respondents has to select one. It can be also used to compare the relative terms. . the distribution of two or more series of data. Tools used in the study are as follow. For this type of questions we can apply statistical tools like Chi-square and weighted average method. As well it is known that a researcher cannot ignore the science of statistics. These types of questions have a clear delineated set of alternatives that confine the respondents to choice one of them.

Chi-square is calculated as follows: Column weight E= Row weight X2 is calculated as follows X = 2 * 100 ∑(O i − Ei ) 2 Ei Oi = Observed frequency Ei = Expected frequency In a contingency table.distribution of the population from which samples being drawn.Number of Rows. To quantity Chi-square describes the magnitude of the discrepancy between theory and observation. The respondents assign different weight age to the different ranking and weighted average percentage is found and graphs are plotted. r. This limitation has led to the development of a group of alternative techniques known as non-parametric tests. Weighted average method: This method is widely used in finding the weight age given to different attributed by respondents. the degree of freedom is worked out as follows: Degree of freedom= (c-1)* (r-1) Where. 34 .Number of columns. Uses of Chi-square:To find out whether there is significant difference between the two attributes. c.

96√pq/N)<p> (p+1.This is known as 95% confidence interval for p this means that one is confidence is 95 put of 100 of the population.Net score = (weight for column * no.96√pq/N) Correlation Analysis: The degree of relationship between the variables under consideration is measured through correlation analysis. It is also known as simple linear correlation or product moment method .96√pq/N. r = n ∑XY –∑X∑Y / √ [(n∑X2-(∑X) 2] [(n∑Y2-(∑Y) 2] ∑XY stands for the sum of products of the responding deviations of the various values of two series from their respective mean. p+1. n stands for number of pairs of observations ANOVA: 35 .96√pq/N) .It is the most widely used method of discovering the extent of correspondence of movement. This implies that q=1-p is the proportion of customer. Parameter would lie in the interval. of customer doing for product of a particular brand in preference to another suppose that np is the proportion of customers who for this particular brand. Choosing other brand the estimates for population p is given for (P-1. of respondents)/total weight Net score in %age = net score in row /total net score*100 Interval Estimation method In many situations one is interest to find the no. (P-1.

Calculate the values of F F = Variance between samples Variance within samples BAR DIAGRAM: Bar diagram is a popular form of diagrammatic representation. 36 . profits. Sum of squares within samples (SSE) = TSS – SSC 5. Simple Bar Diagram: A simple bar diagram represents single variables like sales.It is a statistical technique specially designed to test whether the means of more than two quantitative populations are equal. The length of the bar diagram is proportional to their magnitude. Sum of squares between the samples (SSC ) = (∑ X1)2 + (∑X 2) 2+ (∑X 3)2 + … + (∑X n) 2 − CF N 4. Construct ANOVA table 6. This comparison among the bars is only based on their lengths. It consists of classifying and cross classifying statistical result and testing whether the means of a specified result classification differ significantly. etc. The analysis of variance is studied by: 1. Total sum of squares(TSS) = ∑ X12 + ∑X 22+ ∑X 32 + ∑X42 + … + ∑X n 2 − CF 3. Correction factor (CF) = T 2 N 2. This diagram consists of series of rectangular bars standing on a common base. production.

proportionate sectors are cut taking the whole data equal to 360 degrees.Multiple bar Diagrams: Multiple bar diagram is used for comprising two or more sets of statistical data. 37 . As their 360 degrees at the centers. PIE DIAGRAM: The pie diagram ranks its components and a circle can be divided in to sectors. Bars are constructed side by side to represent the sets of values for comparison.

1. 3. 24% belonged to 36 -45 yrs.1.2 DATA ANALYSIS & INTERPERTATION 3.55 yrs.2. 22% belonged to 46. 18% belonged to the >55 and the least investors IS 8% belonged to <25 yrs.2. Chart showing the Age of the respondents 38 .3. Table showing the Age of the Respondents Age <25 26 – 35 36 – 45 46 – 55 >55 Total Total No of Respondents 11 39 34 31 25 140 % of the Respondents 8 28 24 22 18 100 Findings: From the above table it was observed that among the total respondent 28% belonged to the 26 – 35 yrs.

2 Table showing the Gender of the Respondents Gender Male Female Total Total No of Respondents 82 58 140 % of the Respondents 59 41 100 Findings: From the above table it was observed that among the total respondent 59% were male and remaining 41% female.2.2.Age of The Respondents 30 Total No of Respondents 25 20 15 10 5 0 <25 26 – 35 36 – 45 46 – 55 Age >55 % of the Respondents Inference: It is inferred that most of the investors belonged to the 26 -35 years age group. 3.2. Chart showing the Gender of the respondent 39 . 3.

2.Gender of Respondents Total no of Respondents 70 60 50 40 30 20 10 0 Male Gender Female % of the Respondents Inference: It is inferred that most of the investors are male investors.3 Table showing the Marital Status of the Respondents Marital Status Single Married Total Total No of Respondents 13 127 140 % of the Respondents 9 91 100 Findings: From the above table it was observed that among the total respondent 91% were married and remaining 9% unmarried 3.3 Chart showing the Marital status of the respondents 40 . 3.2.

2.4.2.4 Table Showing the Respondents interested in Taking up Life Insurance Policy Total No of Respondents 129 11 140 % of the Respondents 92 8 100 Option Yes No Total Findings: From the above table it was observed that among the total respondent 92% respondents interested in taking up life insurance and 8% not interested in taking up life insurance. 3. 3.Marital Status of Respondents 100 Total No of Respondents 80 60 40 20 0 Single Gender Married % of the Respondents Inference: It is inferred that most of the respondents are married people. Chart showing Respondents interested in Taking up Life Insurance Policy 41 .

08/140 = .91 = 92% > p > 91% = .96√.96√.08 p ± 1.08/140 Conclusion: 42 .92 No q = 11 = .92-1.92 > p > .Interested in Taking up Life Insurance 8 Yes No 92 Inference: It is inferred that most of the respondents 92% interested in taking up insurance policy. Calculation of Interval Estimation: n = Sample size 140 Yes = 129 p = .92*.92+1.96√pq/n = .92*.

Performance o the fund – 9%.2. Service – 5% 43 . Tax benefit – 12%. Brand Image . Savings – 27%.91 at 95% confidence interval and population proportion lies between 92% to 91% 3.92 and 0.From the above test that the respondents interested in taking up life insurance policy lies between 0.7%.5 Reasons Savings Table Showing the Reason for taking up Life Insurance Total No of Respondents 35 51 15 11 9 6 140 % of the Respondents 27 40 12 9 7 5 100 Life Coverage Tax Benefits Performance of fund Brand Image Service Total Findings: From the above table it was observed that among the total respondent reason for taking up Life insurance is Life coverage – 40%.

3. 3.5 Chart showing the Reason for taking up Life Insurance Reason for taking up Life Insurance 7 9 5 27 Savings Life Coverage Tax Benefits Performance of fund Brand Image Service 40 12 Inference: It is inferred that most of the investors are chosen Life coverage (40%) is the reason for taking up Life Insurance.2.2.2.6 Table showing the Respondents aware about the Insurance Companies Option Yes No Total Findings: Total No of Respondents 140 0 140 % of the Respondents 100 0 100 From the above table it was observed that among the total respondents 100% of investors are aware about the Insurance companies 3.6 Chart showing the Respondents aware about the Insurance Companies 44 .

Table showing the mode of awareness about the Insurance Companies Mode Friends Agents Newspapers Tv Web sites Others Total Total No of Respondents 38 73 12 10 5 2 140 % of the Respondents 27 52 9 7 4 2 100 Findings: 45 .2.Aware about the Insurance Companies 120 100 80 60 40 20 0 Yes Option No Total No of Respondents % of the Respondents Inference: It is inferred that the awareness among the public with regard to insurance companies is growing rapidly.7. 3.

Tv (7%).8 Table showing the awareness about the Life Insurance Companies Total No of Respondents 140 81 72 43 37 78 16 111 140 % of the Respondents 100 58 51 31 26 56 11 79 100 Total No of % of the Respondents Respondents 0 59 68 97 103 62 124 29 140 0 42 49 69 74 44 89 21 100 Name of the companies LIC ICICI MAX NEW YORK HDFC SBI BIRLA RELIANCE BAJAJ Total Findings: 46 . Websites (4%) and the least mode is Others (2%) 3. Newspapers (9%).7 Chart showing the mode of awareness about the Insurance Companies Mode of Awarness about Insurance Companies 42 27 7 9 Friends Agents Newspapers Tv Web sites Others 52 Inference: It is inferred that most of the investors aware through agent 52% 3.From the above table it was observed that among the total respondents the majority of the mode of awareness is Agent (52%). and other modes are Friends (27%).2.2.

ICICI (58%). HDFC (31%). 3.9. Chart showing the Respondents opinion about Investment in Insurance Table showing the Respondents opinion about Investment in Insurance Total No of Respondents 132 8 140 % of the Respondents 94 6 100 47 . SBI (26%) and the least is Reliance (11%) 3.8.2.2.2.10 3. 3.2.From the above table it was observed that among the total respondents the majority of awareness is LIC (100%). Max New York (51%). Birla (56%). Chart showing the awareness about the Life Insurance Companies Awarnes About Life Insurance Companies LIC 100 ICICI MAX NEW YORK HDFC SBI 56 26 31 51 58 BIRLA RELIANCE BAJAJ 79 11 Inference: It is inferred that most of the investors aware about LIC 100% still LIC dominant the industry. and other companies are Bajaj (79%). 6% feels not best investment.9 Option Yes No Total Findings: From the above table it was observed that among the total respondents 94% of investor’s feels Insurance is a best investment.

000 >50.001 – 30. Table Showing Income of the Respondents Income <10.001.50. 20.20.3% belonged to >50.1 100 48 .000 10.000.9% belonged to 20.000.1% belonged to <50.7 17.000.9 20.Respondents opinion about Investment in Insurance 6 Yes No 94 Inference: It is inferred that most of the investor’s feels insurance is the best investment for their life 94% 3.000 Total Findings: From the above table it was observed that among the total respondents 25% belonged to the 10.001 – 50. least 14.2.10.000 30.000 Total No of Respondents 20 35 32 29 24 140 % of the Respondents 14. and 22. 17.3 25 22.000.001 – 30.001 – 20.000.000 20.7% belonged to 30.

001 – 20.5 100 Findings: From the above table it was observed that among the total respondents the monthly expenses the investors is 30% belonged to the 10.000 20.000 50.10.3% belonged to 50.3 3.001 – >50.000 Income Total No of Respondents % of the Respondents Inference: It is inferred that most of the investors 22.000 Total Total No of Respondents 40 43 32 20 5 140 % of the Respondents 28.001 – 30.000 50.00175.6 30.50. 23.000.2.2.9 14.000 49 .000 25.001 – 50.000 income group. Chart Showing Income of the Respondents Income of The Respondents 30 25 20 15 10 5 0 <10.000.001.9% belonged to 20.3.001 – 25. 14.001 – 30. and 28.000.7 23. Table showing monthly expenses of the Respondents Monthly Expenses <10.9% belonged to 35. least is 3.6% belonged to <10.000.000.25.5% belonged to >75.000 30.000 >75.000 10.11.001 – 75.000 10. 3.

00.001 – 3.000 >10.000 50.000 and 25.000 3.00.00.001 – 75.00.00.00.2.00.2% belonged to 3.001 – 10.00.000 25.001 – 5.7 2% belonged to 5. least is 5% belonged to 1.000 5. 3.000 Total No of Respondents % of the Respondents Monthly Expenses Inference: It is inferred that most of the investors is 30.00.00.000 10.00.00.4% belonged to the >10.00.001 – 5.000.000 Total No of Respondents 15 7 17 36 65 140 % of the Respondents 11 5 12 26 46.000.00. Table Showing the respondents expect for the children’s higher education Amount <1.00.000 expenses category.11. 100 50 .001 – 3.7% belonged to <1.7% belonged to 10.2.12.001 – 50.000 1.00.3.001 – 25. 12.0011 – 10. 10.000 >75.000. Chart showing monthly expenses of the Respondents Expenses of the Respondnts 35 30 25 20 15 10 5 0 <10.000 – 25.000 Total Findings: From the above table it was observed that among the total the investors expect for the children’s higher education is 46.

000 5.2.00. Chart Showing the respondents expect for the children’s higher education Childrens Higher Education 11 5 46 12 <1.00.000 Total Findings: From the above table it was observed that among the total respondents the investors require for the children’s marriage is 35.12.000 >20. and 25.001 .001 – 3.000 3.000 category.00.00.00.00.00.00.000.001 – 10.000 Total No of Respondents 27 50 36 21 6 140 % of the Respondents 19 36 26 15 4 100 51 .00. 3.000 >10.00.00.4% belonged to the >10.000 10.3.2. 19.00.3% belonged to <5.7% belonged to the 5.000 .00.3% belonged to >20.13Table showing the respondents require for the children’s marriage Amount <5. 00.00.000 1.000 5. least is 4.001 – 5.7% belonged to 10.00.0001.00.001 – 10.-20.001 – 20.00.001 – 15.00.00.00. 15% belonged to 15.00.001 – 15.001 – 10.000 15.00.00.000.000 26 Inference: It is inferred that most of the investors is 46.00.

000 10.000 35.000. Chart Showing Money require to fulfill the respondents dreams Total No of Respondents 28 39 35 23 15 140 % of the Respondents 20 28 25 16 11 100 52 .001 – 50.000 >50.001 .14.000 Inference: It is inferred that most of the investors is 35.001 – 15.25.00.00. 00.000 5.001 – 10.00.00.00.00.000 25.14.00025.2.001 – 10.00. Chart Showing the respondents require for the children’s marriage Childrens Marriage 15 4 19 <5.3.000 26 36 >20.00.00. 20% belonged to <10.000 categories.35.00.2. 3.000 and least 10.000 15.4% belonged to 35.00.001 – 20.00. Table Showing Money require to fulfill the respondents dreams Amount <10.000 3.001 .00.2.8% belonged to >50.13.00.00.001 – 35.00.000 10.00.00.00.00. 16.000.00.001 – 50.7% belonged to the 5. 00.000.00. and 25% belonged to 25.00.000 Total Findings: From the above table it was observed that among the total respondents money require to fulfill the respondents dream is 27.00.9% belonged to the 10.

1% belonged to the 10.000 >75.000 0 5 10 15 20 25 30 Total No of Respondents Total No of Respondents Inference: It is inferred that most of the investors is 27.001 .000.Respondents Dream >50. Table showing money require to satisfy the needs after retirement of the respondents Amount <10.000 35.9% belonged to >75. 18.000 10.00.001 – 50. 17.00.000 50.000.00.25. and 23.000.001 – 25.000 Total Findings: From the above table it was observed that among the total respondents money require to satisfy after retirement is 32.2.5% belonged to <10.001 – 25.00.000.001 – 75.000 category.000 3.15. least 7.001 .000 25.25.00.00.9% belonged to 50.00.000 Amount 25.2.35.001 – 50.000 10.6% belonged to 25.15. 3.00. Chart showing money require to satisfy the needs after retirement of the respondents Total No of Respondents 26 45 33 25 11 140 % of the Respondents 19 32 23 18 8 100 53 .000 <10.00.9 % belonged to the 10.000.00.001 – 75.001 – 50.

6 66.% of investors only having medical insurance.4% of investors not having medical insurance and 33.000 category. Total No of Respondents 47 93 140 % of the Respondents 33. Table Showing Respondents Having Medical insurance Option Yes No Total Findings: From the above table it was observed that among the total respondents 66.16.001 – 25.1% belonged to the 10.16.000 10.001 – >75.2.000 50.6.4 100 3.001 – 25.000 75.000 25. Chart Showing Respondents Having Medical insurance 54 . 3.Money Need After Retairment 35 30 25 Total No of 20 Respondents 15 10 5 0 <10.000 Amount % of the Respondents Inference: It is inferred that most of the investors is 32.2.001 – 50.

7% belonged to the >50.6 Yes No 66.000.6% belonged to 5. 13. 15.000 (21.2.00115.001 – 50.001 – 15.6 21. least 9.0 40.000.4 15.4% of investors not having medical insurance.000 30. able Showing amount Require for medical emergency for respondents Amount <5. 3.000 15.000.4 Inference: It is inferred that the 66.00130.001 – 30.17.Respondents Having Medical insurance 33.7 100 55 . and 15% belonged to 30.001 – 50.000 Total No of Respondents 13 19 30 21 57 140 % of the Respondents 9.3% belonged to <5.4%).000 5.000 Total Findings: From the above table it was observed that among the total respondents the amount require for medical emergency 40.3 13.000 >50.

000 15.7% belonged to the >50.001 – 15. Bonds Share market Gold Post Office Total Findings: From the above table it was observed that among the total respondents the majority investors like to invest in Banks (88%).001 – 50.000 21.000 Inference: It is inferred that most of the investors the amount require for medical emergency 40.000 category. Lands (71%). Govt Bonds (0%).2.3 13. Share Market (17%).18. Gold (34%). Chart Showing amount Require for medical emergency for respondents Emergency for Respondents 9. and Post office (4%) 56 . Table Showing the Avenues of investment of the respondents Avenues Total No of Respondent “yes” 123 99 88 0 24 48 5 140 % of the Respondents 88 71 63 0 17 34 4 100 Total No of Respondents “No” 17 41 52 140 116 92 135 140 % of the Respondents 12 29 37 100 83 66 96 100 Banks Lands Insurance Govt.000 5.7 <5.3.000 30.2.001 – 30.17.6 40.4 15 >50. 3. Insurance (63%).

00.001 – 3.00.00.00.2.00.8% belonged to 3.00. 3.00. Chart Showing the Amount of Investment till now made by the Respondents Total No of Respondents 23 25 32 30 35 140 % of the Respondents 12.001 – 5.000 >10.18.19. least is 12.2.4% belonged to 5.000.001 – 5.000.00.e) 88% like to invest in Banks. 21.000 3.9% belonged to 1.000 3.0 100 57 .00. Chart Showing the Avenues of investment of the respondents Avenues of investment of the respondents 4 88 Banks Lands Insurance Govt.3.00.9 17. and 22.000.9 22.4 25.00.00.19.000 TOTAL Findings: From the above table it was observed that among the total respondents the amount of investment made by the investors is 25% belonged to the >10.00.001 – 10. Table Showing the Amount of Investment till now made by the Respondents Amount <1.00.00.9% belonged to <1.000.001 – 3.00.001 – 10.8 21. Bonds 63 71 Share market Gold Post Office 34 17 0 Inference: It is inferred that most of the investors (i. 17.000 5.2.000 1.

00.001 – 10.000 3. Chart Showing Respondents Taking Insurance Policy 58 .00.000 Amount 5.00.1% like to take insurance policy and 22.000 0 5 10 15 20 25 30 % of the Respondents Total No of Respondents Inference: It is inferred that most of the investors belonged to >10.20.001 – 5. 00.Investment made by the Respondents >10.9% not to take insurance policy.20.1 22.00.000 <1.000 1.00. Table Showing Respondents Taking Insurance Policy Option Yes No Total Findings: Total No of Respondents 108 32 140 % of the Respondents 77. 3.2.001 – 3.00.00.9 100 From the above table it was observed that among the total respondents 77.00.000 category (25%). 3.2.

2 100 59 . ICICI (50%). HDFC (30. 3.1% like to take insurance policy.2.4 50.e) 77.9%).9%). Max New York (45.2%) Total No of Respondents 82 33 49 29 62 54 24 140 % of the Respondents 75.3%).9 30. Table Showing the Insurance companies the respondents Taken the policy Companies LIC HDFC MAX NEW YORK RELIANCE BIRLA ICICI OTHERS Total Findings: From the above table it was observed that among the total respondents the majority of the investors like to take insurance in LIC (75.5 45.21. and other companies are Brila (57%).5%).9 57. Reliance (26.0 22.3 26.Taking Insurance Policy 100 Total No of Respondents 80 60 40 20 0 Yes Option No % of the Respondents Inference: It is inferred that most of the investors (i. others (22.

001 – 10.000 >50.001.6 27.25.000 60 . and 19. Table showing the savings of the respondents Amount <5.21.001 – 50.2.7% belonged to 25.000 Total Findings: Total No of Respondents 27 40 38 22 13 140 % of the Respondents 19.e) 75.6% belonged to the 5.001. Chart Showing the Insurance companies the respondents Taken the policy the Insurance companies the respondents Taken the policy OTHERS ICICI Companies BIRLA RELIANCE MAX NEW YORK HDFC LIC 0 20 40 60 80 % of the Respondents Total No of Respondents Inference: It is inferred that most of the investors (i. 3.000.1 15.000 5.001 – 25.22.2.50. 15.000.000 10.3% belonged to<5.000 (27.9% like to take insurance policy in LIC.7 9.1%).000 25.3.000. 10.001 – 10.3 28.3% belonged to >50. least 9.3 100 From the above table it was observed that among the total respondents most of the investors is 28.

3.000 >50.000 5. Chart showing the savings of the respondents Savings of the Respondents 9.000 of savings category.6% belonged to 5.3 <5.6 27.3 15.000 10.2.001 – 10.001 – 25.001 – 10.001 – 50. 3.7 19.000 28. Calculation showing chi-square test of independence Chi-Square Test on Income & Savings of the respondents Null Hypothesis Ho: There is no relation between income & savings of the respondents.000 25. Alternative Hypothesis H1: There is significant relation between income & savings of the respondents.22. (a) Table showing Income & Savings of the respondents Oi Ei (oi – Ei) (Oi – Ei)2 (Oi – Ei)2/Ei 61 .2.22.1 Inference: It is inferred most of the investors is 28.

35 Inference: α = 5% with n-1 degrees of freedom n => 5-1 =4 From chi square table at α = 5%. there is relation between income & savings of the respondents.57 1.32 Calculated chi square value: 32.35 Calculated value > Table value Therefore H1 is accepted. df = 9. 62 . 4 degrees of freedom With (5-1) df = 4.488 χ2table = 32..28 22.14 3.04 5. Conclusion: Hence.27 40 38 22 13 28 28 38 28 28 -1 12 10 -6 -25 1 144 100 36 625 0.

Calculation of Pearson’s Co-efficient of Correlation 3. (b) Table showing correlation between Income & Savings of the respondents X 20 35 32 29 24 ∑X = 140 Y 27 40 38 22 13 ∑Y = 140 X2 400 1225 1024 841 576 ∑ X2 = 4066 Y2 729 1600 1444 484 169 ∑ Y2 = 4426 XY 540 1400 1216 638 312 ∑XY = 4106 r = 5(4106) (5(4066) - – 140(140) 1402) * (5(4426) .22.2.1402) 63 .

6843 Conclusion: Thus there exists a degree of positive correlation between the income and the savings of the respondents. Chart Showing the aware of services offered by the various Insurance Companies Total No of Respondents 107 33 140 % of the Respondents 76 23 100 64 .2. 3.n=5 r = 0.2.23.23.7% 3.3 % and unaware is 15. Table Showing the aware of services offered by the various Insurance Companies Option Yes No Total Findings: From the above table it was observed that among the total respondents the awareness of services offered by the insurance companies is 84.

84 No q = 22 = .84*.Service offered by the Various Insurance Companies 23 Yes No 76 Inference: It is inferred that most of the investors were aware about services offered by various insurance companies is 84.85 > p > .85 and 0.16 p ± z√pq/n = .84*.83 = 85% > p >83 % = .84-1.96√.3% Calculation of Interval Estimation: n = Sample size 140 Yes = 118 p = .83 at 95% confidence interval and population proportion lies between 85% to 83% 65 .16/140 Conclusion: From the above test that the respondents aware about the services offered by various insurance companies lies between 0.96√.16/140 = .84+1.

Calculations of Two .23 (A) Table showing Cross Tabulation for Customer awareness of services offered by insurance companies &Interest towards taking up insurance Policy 66 .way ANOVA: ANOVA Test on Customer awareness of the services offered by insurance companies & Interest towards Taking up insurance Policy Null Hypothesis Ho: There is no relation between customer awareness of the services offered by insurance companies & interest towards taking up insurance policy. Alternative Hypothesis H1: There is significant relation between customer awareness of the services offered by insurance companies & interest towards taking up insurance policy. 3.2.

Insurance Policy Awareness Yes No Total Yes No Total 72 11 83 35 22 57 107 33 140 Correction Factor CF = = T²/N 140²/4 = 4900 72² +35² + 11² + 22² .5 + 1624.5 .4900 2114 83²/2 + 57²/2 – CF 3444.CF 5184 + 1225 + 121 + 484 .4900 169 107²/2 + 33²/2 – CF Total sum of squares SST = = = Sum of squares between columns SSC = = = Sum of squares between Rows SSR = 67 .

1) the table of F = 161.4900 1369 SST .29 2.5 . 68 .(SSC + SSR) 2114 – (169+1369) 576 ANOVA TABLE Source of Variation Between columns Between rows Residual Sum of squares SSC = 169 SSR = 1369 SSE = 576 Degrees of freedom (c-1) = 2 -1 = 1 Variance F value 169 (r-1) = 2 -1 = 1 1369 (c-1)(r-1) = 1 576 0.5 + 544.= = Residual SSE = = = 5724. Hence the null hypothesis is accepted.38 Inference: For Degrees of freedom (1.4 Calculated F value < Table value.

4% of the investors like to take Max New York life insurance policy and 58.Conclusion: There is no relation between awareness of services offered by insurance companies & interest towards taking up insurance policy. Chart showing the respondents like to take Insurance policy in Max New York Life Insurance 69 . 3.2. 3.6% of investors not to take insurance policy.24Table showing the respondents like to take Insurance policy in Max New York Life Insurance Option Yes No Total Findings: Total No of Respondents 83 57 140 % of the Respondents 59 41 100 From the above table it was observed that among the total respondents 41.2.24.

Table showing the tenure of taking policy of the respondents Tenure <5 yrs 5 – 10 10.25.4 32.2.9 100 From the above table it was observed that among the total respondents 32.4% of respondents like to take Max New York Life Insurance Policy.1 28.1% belonged to the 5 – 10yrs tenure. 16.0 7. 28. 3.Max New York Life Insurance No Option Yes 0 10 20 30 40 50 60 % of the Respondents Total No of Respondents Inference: It is inferred that the 41.25.6 15.9% belonged to >20yrs 3. Chart showing the tenure of taking policy of the respondents 70 .4% belonged to <5 yrs.2.15 15 – 20 >20 yrs Total Findings: Total No of Respondents 23 45 40 21 11 140 % of the Respondents 16.6% belonged to the 10 -15 yrs . 15% belonged to 15 – 20 yrs and least is 7.

1% belonged to 5 -10Years of tenure of policy.2.1 15 – 20 >20 yrs 28.9 15 16.Tedure of Taking Policy 7. Calculation showing chi-square test of independence Chi-Square Test on Age & Tenure of policy taken by the respondent Null Hypothesis Ho: There is no relation between the age & the tenure of policy taken by the respondents. 3.6 Inference: It is inferred that most of the investors 32.4 <5 yrs 5 – 10 15-Oct 32. Alternative Hypothesis H1: There is relation between the age & the tenure of policy taken by the respondents.25(a) Table showing Age & Tenure of policy taken by the respondent 71 .

75 10.89 10.42 Inference: α = 5% with n-1 degrees of freedom n => 5-1 =4 From chi square table at α = 5%. 4 degrees of freedom With (5-1) df = 4. there is relation between the age & the tenure of policy taken by the respondents. 72 . df = 9.14 1. Conclusion: Hence.488 χ2table = 28.32 Calculated chi square value: 28.32 5.Oi 23 45 40 21 11 Ei 28 28 28 28 28 (Oi – Ei) -5 17 12 -7 -17 (Oi – Ei)2 25 289 144 49 289 (Oi – Ei)2/Ei 0.42 Calculated value > Table value Therefore H1 is accepted.

25. (b) Table showing correlation between Age & Tenure of policy taken by the respondent X 11 39 34 31 25 ∑X = 140 Y 23 45 40 21 11 ∑Y = 140 X2 121 1521 1156 961 625 ∑ X2 = 4384 Y2 529 2025 1600 441 121 ∑ Y2 = 4716 XY 253 1755 1360 651 275 ∑XY = 4294 73 .Calculation of Pearson’s Co-efficient of Correlation 3.2.

6154 Conclusion: Thus there exists a degree of positive correlation between the Age and tenure of policy taken by the respondents. Weighted Average on awareness of service offered by various Life Insurance companies Companies Whole life (7) LIC HDFC Max New York Birla Reliance ICICI 140 32 44 24 8 12 Endowment (6) Money back (5) 78 14 18 Child plan (4) 23 27 59 Health plan (3) 4 8 12 Pension plan (2) 18 4 14 ULIPS (1) 38 30 62 52 21 25 14 5 3 21 10 5 54 46 49 13 5 3 20 10 12 67 65 58 Weight: 74 . 3.26.2.r = 5(4294) (5(4384) - – 140(140) 1402) * (5(4716) .1402) n=5 r = 0.

3.Whole life Endowment Money back Child plan Health plan Pension plan ULIPS = = = = = = = 7 6 5 4 3 2 1 Weighted average table: Companies 7 LIC HDFC Max New York Birla Reliance ICICI 780 224 308 6 1444 48 72 5 390 70 90 4 92 108 236 3 12 24 36 2 36 8 28 1 38 30 62 WA 53.71 Rank 1 4 3 364 147 175 84 30 18 105 50 25 216 184 196 39 15 9 40 20 24 67 65 58 32.29 29.04 2 5 6 1. 308 + 72 + 90 + 236 + 36 + 28 + 62 15 4.25 18.29 18. 224 + 48 + 70 +108 + 24 + 8 + 30 15 3.68 18.64 + 84 + 105 + 216 + 39 + 40 + 67 75 . 780 +144 + 390 + 92 + 12 + 36 + 38 15 2.

147 + 30 + 50 + 184 + 15 + 20 + 65 15 6.27.29.04 3.15 5. HDFC is 18. Weighted Average On Life Insurance Products Offered By Various Insuracne Companies a) LIC S. No 1 2 Services Whole life Child Plan HS 41 23 S 49 30 NSNDS 20 10 DS 33 5 HDS 21 0 3 4 5 Health plan Pension Plan Growth Plan 20 14 25 23 10 15 15 0 20 15 0 25 5 0 10 Weight: Highly satisfied Satisfied =5 =4 76 .71.29. Reliance is 18.68. Birla is 32.25 and ICICI is 18. 175 + 18 + 25 + 196 + 9 + 24 + 58 15 Inference: It is inferred that the most influencing service offered by LIC is 53. Max New York is 29.2.

33 18. 10 + 92 + 45 + 30 + 5 15 4.33 20. 125 + 60 + 60 +50 + 10 15 Inference: 77 .53 18. 70 + 40 + 0 + 0 + 0 15 5.Neither satisfied nor dissatisfied = 3 Dissatisfied Highly dissatisfied =2 =1 Weighted average Table: Services 1 2 3 4 5 HS 205 115 100 70 125 S 196 120 92 40 60 NSNDS 60 30 45 0 60 DS 66 10 30 0 50 HDS 21 0 5 0 10 WA 36.13 7. 115 + 120 + 30 + 10 + 0 15 3. 205 + 196 + 60 + 66 + 21 15 2.33 Rank 1 3 4 5 2 1.

40 Rank 3 1 4 5 2 78 .53). No 1 2 Services Whole life Child Plan HS 30 34 S 10 31 NSNDS 5 5 DS 15 0 HDS 0 0 3 4 5 Health plan Pension Plan Growth Plan 11 12 23 12 6 21 14 3 10 5 0 7 0 0 3 Weighted average Table: Services 1 2 3 4 5 Inference: It is inferred that the majority of the services offered by Max New York Life Insurance is Child plan (20.It is inferred that the majority of the services offered by LIC is Whole life policy (13.6). Health plan (10.60 10.20 16.67 20.33 6.33) and least service is Pension pan (6. Growth plan (16.67).33).20). Whole plan (15.13) and least service is Pension plan (7.33). Health plan (18. HS 150 170 55 60 115 S 40 124 48 24 84 NSNDS 15 15 42 9 30 DS 30 0 10 0 14 HDS 10 0 0 0 3 WA 15. Growth Plan (20. Child plan (18.33) b) Max New York S.6.4).

87 Rank 4 2 5 3 1 d) ICICI 79 .c) HDFC S.13) and least service is Health plan (10. Whole life (11.53). No 1 2 Services Whole life Child Plan HS 4 15 S 5 17 NSNDS 15 15 DS 25 0 HDS 32 0 3 4 5 Health plan Pension Plan Growth Plan 21 17 35 13 21 22 0 0 15 1 4 2 0 1 1 Weighted average Table: Services 1 2 3 4 5 Inference: It is inferred that the majority of the services offered by HDFC is Growth plan (20.5).87).53 10.60 11. HS 20 75 105 85 175 S 20 68 52 84 88 NSNDS 45 45 0 0 45 DS 50 0 2 8 4 HDS 32 0 0 1 1 WA 11.87).Child plan (12. Pension plan (11.87 20.13 12.

HS 50 100 115 100 235 S 60 84 68 100 124 NSNDS 15 30 0 0 39 DS 6 6 6 2 10 HDS 2 0 0 0 4 WA 8.47 27. Pension plan (13.87). Health plan (12.47 Rank 5 2 4 3 1 e) Others S.6 13.47).47).67 12.S. No 1 2 Services Whole life Child Plan HS 10 20 S 15 21 NSNDS 5 10 DS 3 3 HDS 2 0 3 4 5 Health plan Pension Plan Growth Plan 23 20 47 17 25 31 0 0 13 3 1 5 0 0 4 Weighted average Table: Services 1 2 3 4 5 Inference: It is inferred that the majority of the services offered by ICICI is Growth plan (27.6) and least service is Whole life (8.67). Child plan (14. No 1 Services Whole life HS 15 S 13 NSNDS 4 DS 1 HDS 0 80 .87 14.

40) HS 75 50 60 155 225 S 52 52 56 132 116 NSNDS 12 42 45 30 36 DS 20 0 0 0 6 HDS 0 2 4 0 0 WA 9.53 Rank 5 4 3 2 1 3.13).40 9. 81 .  Most of the investors are belonged to male category  Most of the respondents are married people.3 FINDINGS  Most of the investors belonged to the 26 -35 years age group. Health plan (11).73) and least service is Whole life (9. Child plan (9.2 Child Plan 10 13 14 0 2 3 4 5 Health plan Pension Plan Growth Plan 12 31 45 14 33 29 15 10 12 0 0 3 4 0 0 Weighted average Table: Services 1 2 3 4 5 Inference: It is inferred that the majority of the services offered by other life insurance is Growth plan (25. Pension plan (21.13 25.53).73 11 21.

 Most of the respondents (i.e) 92% interested in taking up insurance policy.  Most of the investors are chosen for Life coverage (40%) is the reason for taking up Life Insurance.  The awareness among the public with regard to insurance companies is growing rapidly.  Most of the investors aware through agent (i.e) 52%  Most of the investors aware about LIC 100% still LIC dominant the industry.  Most of the investor’s (i.e) 94% feels insurance is the best investment for their life.  Most of the investors 22.9% belonged to 20,001 – 30,000 income groups.  Most of the investors are 30.7% belonged to 10,000 – 25,000 expenses category.  Most of the investors require for their children’s marriage is 46.4% belonged to the >10, 00,000 category.  Most of the investors require for their children’s higher education is 35.7% belonged to the 5,00,001 – 10,00,000 categories.  Most of the investor’s money requires to fulfill the respondents financial dream is 27.9 % belonged to the 10, 00,001 – 25, 00,000 categories.  Most of the investor’s money requires satisfying the respondent’s retirement needs is 32.1% belonged to the 10,001 – 25,000 categories.

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 The 66.4% of investors not having medical insurance.  Most of the investors the amount require for medical emergency 40.7% belonged to the >50,000 category.  Most of the investors (i.e) 88% like to invest in Banks.  The amount of investment made by the investors is 25% belonged to >10, 00,000 category.  Most of the investors (i.e) 77.1% like to take insurance policy.  Most of the investors (i.e) 75.9% like to take insurance policy in LIC.  The Savings of the investors is 28.6% belonged to 5,001 – 10,000 categories.  Most of the investors were aware about services offered by various insurance companies is 84.3%  The 59% of respondents like to take Max New York Life Insurance Policy.  Most of the investors 32.1% belonged to 5 -10Years of tenure of policy.

3.4 SUGGESTION
 The Max Life Insurance Company has to concentrate on awareness campaigns. As it was tested with statistical tools that there is a significant impact of awareness of Max New York Life on creating interest towards taking an insurance policy, the company must concentrate on huge awareness campaign like

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• • •

Public awareness campaigns through stall in malls and road side areas. Advertisement campaigns Promotional campaigns

The Max New York Life Insurance should highlight the features, benefits of Max in the awareness campaigns. The awareness campaign should target youngsters, middle aged customers & the awareness campaign should select appropriate channels such as regional language channels, free awareness demos/seminars, brochures along with newspapers & sponsoring local events to pierce the brand name & policy information in the minds of the public.  Max New York Life Insurance should concentrate to grab the market. 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. The company should try to expand & build up its infrastructure because there is a large potential for insurance in India. There are various insurance companies which are competing with each other in the market & in order to secure a large chunk of the public, the company should try to concentrate on the needs of market.

 Increase in the sales force. Organization has to come up with more number of Sales personnel. The objective and goals have to meet the demands & expectations of the public. Because the entrance of private players will increase the competition and it would be a tough task to secure a good position in market. In order to attract a large section of the population, the company should expand its sales force. Only by way of increase in sales force, more success can be achieved.

 Sales personnel of Max New York should highlight the features & benefits for customer clarification. 84

Nearly, 51% of the customer is aware of Max New York Life Insurance. The company should provide good products and services. The company should try to convince these customers and get them in its favor. Customer satisfaction is the primary objective of an organization. Only when a customer is satisfied, one will persist taking a policy with the same company. It is the duty & responsibility of sales personnel to highlight the features & benefits of the products likes Sum assured, Modes of premium, Payment methods, Maturity benefits, Accident Benefits, Riders option, Switches in a clear manner for customer clarification. This clear clarification leads the customer to take policy.  Additional facilities are to be provided to the sales personnel. The sales personnel should be equipped with all the required necessities & whatever questions being put forward by the customers should be answered by the representatives. There should not be any sorts of hiccups while on duty. Only by way of a good sales force the company will be able to achieve high standards.  The organizations have to keep track of customer needs & behavior. It is the responsibility of the company & its agents to understand the pulse of the public. The needs & requirements of the public, keeps changing according to changing times & so the behavior also happens to fluctuate. So it is the duty of the company to keep a tab with regard to the taste & preferences of the public. The organization has to track the customer needs & behavior by adopting • • • • • • • Research methods Reference Literature background Survey method Personal interview Observation of customers Physiological measures

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5 Conclusion This study is related to “Need based selling of Life Insurance products with respect to Max Life Insurance Company”. Majority of the respondents do not think of insurance as savings. 3. The Max New York Life Insurance should convince the customers in going for long policy tenure. so conducting awareness program will tend to bridge the gap among the minds of customers. the company representatives should advise the customer by saying as to which policy is most suitable for the person. The awareness with regard to insurance on account of savings is very less. so the same does not happen at Max New York.  Life insurance policy should be positioned as the best investment in the minds of consumers. The advantages of investing in insurance should be told in a pleasing manner so as to make the customer convinced. There are bound to be customers. Those people are to be targeted by Max New York & must convince them by making them to take up a policy. Persons who belong to ages fewer than 25 can go for policy which has long maturity periods & those persons who are aged can go for policy of a quick term. who are not satisfied by the services of the present company. People go for bank deposits & fixed assets on account of savings. 86 . The reason for which the customer was unsatisfied by the previous insurance company has to be taken into consideration. When people come forward to take up a policy with Max New York.  Max New York Life Insurance Company have to concentrate on the dissatisfied customers of other insurance companies & try convincing them to take up policy with Max New York.

This study has been conducted. given are implemented. and to realize s their actual need. and for the betterment of customers. that the Max New York Life Insurance could raise the level of sales of their products as well as the company image which will make them as market leader among the insurance companies. If the suggestion. 87 . So Max New York Life Insurance can develop their market position through various promotional mix and activities. By analyzing the survey results majority of the customer were satisfied with the existing Max New York Life Insurance products and also have awareness of Max New York This work would be beneficial for the Insurance Company to a certain extent and also that a fewer of my suggestions would be helpful and also considerable. to create awareness in the minds of the general public.

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