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ROLL NO :9351526



In order to accomplish a task, integration of various factors like

situations, motivation, persons etc. is very crucial to form a platform for
pursuing the task effectively and diligently because no task is a single
man’s effort.
Hence the success of preparing this report becomes possible by
contribution of numerous individuals towards it. It would be greatest
pleasure for me to express my intellectual debt of gratitude to the
contribution of such individuals.
My summer training at “MAX NEW YORK LIFE INSURACE CO. LTD.” is
an ardent, unforgettable and fruitful experience. I’m overwhelmed with
the friendly & co-operative attitude, and the enlightened advice and
information extended to me by everyone.
I extend my gratitude to Mr. Yogesh Kumar Singh“Manager Sales” and
others, for mentoring me in framing my report by establishing a platform
of whole hearted co-operation and support.
I also thank my college and my mentor Prof. Seema Garg for steering
my confidence and capability for giving me insight into training by giving
me exposure to the arena of competitive and real world.
Lastly, I would like to thank my parents and God under whose nurturing
aegis I gave a final shape to this project.

“Studying on Agency channels, one of the channel of distribution used
by Max New York Life.”

“Studying current ways used by Max New York Life to expand its agency
channel and to find new ways for the same”

The main focus of the project was collection of names through different
sources like- from relatives, friends, neighbors and references got from
them. This activity of collecting names is called fan framing exercise.
As far as practical aspect is concern, we also collected name through
personal interaction with different people like from:-
➢ Shopkeepers
➢ Clubs
➢ Kitty parties
➢ Malls

Telephonic conversion and personal interviews with different people

were two of my best weapons which help in collecting the quality data for
developing a channel.


A well development and evolved insurance sector is needed for

economic development as it is provides long term funds for infrastructure
development and the same time strengthen the risk taking ability.
Life insurance is also now being regarded as a versatile financial
planning tool in India. India being a country having a huge population of
around one billion people with only 33.2% of the insurance population in
India possessing life insurance. The country has a vast potential that has
been left untapped till now.
Therefore, what this has led to is the flooding of life insurance market
with a number of private players which in collaboration with recognized
foreign companies promises to deliver the best of services at the least
price. All these companies are trying to grasp the maximum of market
share in life insurance sector. For that they are developing a channel i.e.
recruiting world-class insurance advisors/agents who sell their products
or policies. Who are these advisor/agents? Who can become an
advisor/agent? How they are recruited in MAX NEW YORK LIFE
INSURANCE COMPANY? How much they can earn as an insurance
advisor/agent? , these are some questions we have tried to answer in
the project.
This report is trying to give the detail about recruitment and selection
process of the life insurance advisors. Thus by going through the report
one will get to know about the life insurance and recruitment and
selection process of life advisors/agents in MNYL.


➢ To understand how to develop a channel of people who will work

for selling of products of company
➢ To understand the procedure of selection and recruitment of
insurance advisors/agents.

➢ To find the suitable person for the recruitment as an insurance


➢ To know about life insurance, its benefits and need.

➢ To find out possible advantages of insurance advisors in MNYL.



Max New York Life Insurance Company Ltd is a Joint Venture between
New York Life, a Fortune 100 company and Max India Limited, one of
India's leading multi-business corporations. Through its wide network of
highly competent life insurance Agent Advisors and flexible products and
solutions, Max New York Life is committed to creating a partnership for
life with its customers in India. In line with its values of financial
responsibility, Max New York Life has adopted prudent financial practices
to ensure safety of policyholder's funds. It invests only in debt
instruments and meets both Indian and international disclosure norms.
The Company's paid up capital is Rs.527crore, which makes it among
the highest capitalized life insurer in India.
Max New York Life has identified Individual agents as its primary channel
of distribution. The Company places a lot of emphasis on its selection
process, which comprises four stages - screening, psychometric test,
career seminar and final interview. The agents are trained in-house to
ensure optimal control on quality of training. Max New York Life invests
significantly in its training program and each agent is trained for 152
hours as opposed to the mandatory 100 hrs stipulated by the IRDA
before beginning to sell in the marketplace. Training is a continuous
process for agents at Max New York Life 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 over 126 of its agents becoming MDRT members in
2005, which is among the highest among the private life insurers in
the country
Max New York Life offers a suite of flexible products. It now has 22 life
insurance products and 9 options & 8 riders that can be customized to
over 400 product combinations enabling customers to choose the policy
that best fits their need.
The 22 products are - Life Maker™ - Investment Plan, Life Maker™ -
Pension Plan, Whole Life Par, Level Term, Term Renewable and
Convertible, Super saver bond, Life Gain Endowment Plan, Life Pay
Money Back Plan, 20 years Endowment Plan, Life Partner Plus
(Participation) Policy, Easy Life™ - Retirement Plan, Endowment to age
60 Plan, Life Maker™ - Pension Plan, Immediate Annuity, Children's
endowment 18 & 24, Stepping Stones™ - A Child Money Back Plan,
Amsure Bonus Builder, Amsure Future Builder, Amsure Business
Builder, Amsure Future Builder, Max Mangal Endowment plan and Max
Vriksha Money Back.
Tailoring a policy to best-suit individual requirements, even before a
policy is sold, a Personal Insurance Plan™ gives complete details of a
policy with a year-on-year summary of the premiums to be paid, as well
as the likely benefits that may accrue. Also all policies come with a
'policy review period' offer that allows unconditional return of the policy
within 15 days from date of receipt. The 9 Options & Riders are - Option
to Participate in Progressive Bonus, Guaranteed Insurability Option,
Waiver of Premiums, Spouse Insurance, Personal Accident Benefit,
Dread Disease, Payer Benefit, Term Rider, 5 Year Term Renewable &
Convertible Rider.


MARKET RESEARCH was conducted in Bulandshahar and Aligarh. It is

a descriptive type of research and sampling for responses is simple
random sampling. The sample size for the research is 100 for
comparative analysis and 100 for recruiting Life Advisors.
Till date the customers still believe in government sector i.e. LIC but one
thing can also be kept in mind that till 1999 LIC had a 100% market
share. From the survey I have also found out that a very people are
insured and the interesting fact is that the persons who are insured, very
few know about the type of policy they have taken.
Max New York Life has not yet come into terms with the common
people. This may be because Max New York Life is new to the market as
compared to other Insurance companies like ICICI Prudential, Allianz
Bajaj etc.
While recruiting Life Advisors one very significant thing I found out that
the persons whose house hold income is in between 2-5 lacs are or
were involved in insurance business. The persons who are below the
age of 25 years were not keen to join the
insurance sector as compared to those who are in between 25-30 years
of age. Also the persons who are in insurance business have a
willingness to join the private companies.
In the survey I have also found out the persons who are working and the
students were keen in taking on line training as compared to housewives
and retired persons.


Channel development or channel distribution is the process of recruiting

potential advisor for the company through an insurance sector works.
Every company whether it is a LIC, a public sector player or MNYL, ICICI
prudential etc, private sector players which work through them only.
They are the people through which an insurance company gets their
most of the work and profits. There are different forms in which a
channel can be developed like:-

➢ Agency
➢ Banc assurance
➢ Alternative channel
But all the insurance companies mainly work through agency model.
MNYL is one of the leading company which also work on all type of
models. They concentrate on quality people who can work for them in a
long run and bring fruitful business for them. They highly concentrate on
people like:-
➢ Housewives
➢ Retired people
➢ VRS people
➢ Self employed
➢ Advocates

They think that the people whom you know personally can easily provide
help whether in finding the best people to become advisor or for any
business purpose. Therefore they work only on reference data collected
by pen-framing exercise. Unlike other companies they do not provide on
line training, they concentrate only on in-house training for generating
best advisors.


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(international operations)





(depicts market share of private players)
• ( showed data regarding
past trends followed by LIC and private players from 2002-06)