GENRAL STUDY ABOUT

LIFE INSURANCE
COMPANY

Presented By
Mehandi Hasan

(IBMR Business School Bangalore)

 CONTENTS
Particulers
Page No.
1. ACKNOWLEDGEMENT
2. EXECUTIVE SUMMARY
3. Introduction of Industry, company and products.
i. Industry –Insurance
ii. Introduction of company
iii. Introduction of products
iv. .Market share

4. Organization Chart of the company

5. Other details Products / diversification etc.

i. Types of product & their details
ii. Training of Advisory Agents in Met Life
Insurance
iii. MDRT (Million Dollar Round Table )
6. Management Functions
i. Operation Department
ii. Human Resource department
iii. Marketing Department
iv. Learning Outcome
7 . SWOT ANALYSIS
8 Chairman report
9 Conclusion.
 ACKNOWLEDGEMENT

The project of such magnitude cannot be accomplished without the assistance

and co-operation of several people. Exchange of ideas generates a new object

to work in a better way. So, whenever a person is helped and co-operation by

others, his heart is bound to pay gratitude and is not merely formalities but an

expression of deep sense of gratitude and cumulative appreciation.

First of all I would like to thanks the management of IBMR , respected Dean

Madam Dr. Chandra Niranjan who gave me ample opportunity to work in

corporate field. Also I am grateful to Mr. Partho Ganguly ,Ms. Preeti

Bhandari ,Mr. Arunanshu and the Management at MetLife Insurance co. for

giving me the opportunity to do our 45 days project training in their esteemed

organization. I am highly obliged to Ms. skanda (Branch manager) for granting

us to undertake our training at M G Road branch Bangalore.

I specially wish to thank Mr. Purushothaman.k (Sales Manager) under whose

able guidance and direction, we were able to give shape to our training. Their

constant review and excellent suggestions throughout the project are highly

commendable.

My heartfelt thanks go to all the executives who helped us gain knowledge

about the actual working and the processes involved in various departments.
 EXECUTIVE SUMMARY

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

 The success story of good market share of different organizations

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

 Agents are the best way for a company of Insurance sector

through which policies and benefits of the company can be
explained to the customer.

Introduction of Industry, company

and products.:-
 i. Introduction of Industry –Insurance:-
Insurance is a cover used for protecting oneself from the risk of a financial
loss. It is important to understand that risk is a part of any person’s life and
that it incre-ases as a person increases in age, responsibility and wealth .
Insurance is risk coverage against financial losses and should not be taken as
an investment instrument.
There are mainly two parties involved in this – the insurer and the insured.
The insurer is the insurance company who will provide the cover to the
insured against any financial losses . The insured may be an individual
person or a group of people like an employer, members of a society, etc.
A policy is the contract between the insurer and the insured, which states
the risks covered , the exclusions, if any, and the benefits reimbursed on the
happening of an event like death, illness etc. The policy is paid through
what is called a premium , which is a set amount that must be paid by the
insured on a monthly, semi- annual or annual basis. On the happening of an
event like death , disability , fire, etc, for which the insured is covered, the
benefit amount stated in the policy contract can be claimed by the insured.

ii. COMPANY OVERVIEW:-

MetLife: A Fortune 500 company in India

The Metropolitan Life Insurance Company (MetLife ®), established in

1868 , is one of the largest insurers in the US, with over US$ 2.4 trillion of
life insurance . MetLife serves approximately 10 million individual
households in the US as well as 88 of the Fortune 100 companies. MetLife’s
institutional clients have approximately 33 million employees and members.

MetLife India Life Insurance Company Private Limited was incorporated in

India in 2001 as a joint venture between MetLife International Holdings Inc.,
The Jammu and Kashmir Bank, M. Pallonji and Co. Pvt. Ltd. and other
private investors . MetLife India has developed and distributes a range of life
insurance products in India.

MetLife India is headquartered in Bangalore with offices and presence in

major Indian cities , and an additional 1000 outreach points through its
channel partners . MetLife India is driven by the principles of
uncompromising integrity and the highest level of professionalism. Its
mission is to work with utmost integrity, fairness and financial prudencein
all its dealings. The company has 600 employees, 3,000 commission agents
and 300 - 400 other distributors . MetLife India has a capital base of US$ 35
million. Working towards a goal of 5 million customers by 2010, MetLife
India currently has more than 100,000 customers.

ABOUT THE LIFE INSURANCE COMPANY – METLIFE


MetLife is a joint venture between its parent company, Metropolitan Life
Insurance Company (MetLife), Jammu and Kashmir Bank , M. Pallonji and Co.
and other private investors.

MetLife, having 130-year-old reputation, is the largest Life Insurance

Company in the U.S.

MetLife operates in 15 countries throughout Americas, Europe and Asia

and it serves approximately 9 million individual households in the U.S as
well as 87 of the Fortune 100 companies.

MetLife benefits from its parent company’s global presence in the

field of insurance , track record of establishing successful insurance
operations in emerging markets and the unique strengths of its other Indian
promoters.

MetLife, headquartered in Bangalore, delivers value and world class service

to customers through its financial advisors and corporate sales representatives.

Partners:-
MetLife’s Functional Structure:-
MetLife’s sales function is divided into two functional structures within
the organization. These two Structures are:

 Bancassurance

 Agency

Both types of structures are described as follows:

BANCASSURANCE OR BANCA: -

MetLife is a pioneer in offering life insurance solutions through banks and

alliances. Within a short span of two years, and with nearly a large number of
partners, B & A has emerged as a vital component of the company’s sales
and distribution strategy, contributing to approximately one third of
company’s totalbusiness.
The business philosophy at B&A is to leverage distribution synergies with
there partners and add value to its customers as well as the partners.
Flexibility , adaptation and experimenting with new ideas are the hallmarks of
this channel. The business philosophy at B&A is to leverage distribution
synergies with its partners and add value to the business of both.
Bancassurance Team include

Banks:-

 The Jammu and Kashmir Bank

 Axis Bank

 Dhanalakshmi Bank

 Karnataka Bank

Corporate Agents:-
 Karvy Consultants Limited

 Geojit Securities

 Way2wealth Consultancy

 Mini Muthoottu Bank

AGENCY:-

Agency is the largest distribution channel of MetLife comprising a large advisor

force that targets various customer segments.
The strength of agency lies in an aggressive strategy of expanding and
procuring quality business. With focus on sales & people development ,
agency has emerged as a robust, predictable and sustainable business
model.
Generally this advisors works under the leadership of sales manager,
Who motivate them in every step by providing training and guidance to
them, usually each sales manager have 20 to 30 advisors under them.

 Branch Sales Manager (BSM)/ Area manager

  Agency Manager(AM)

 Sales Manager (SM)

 Advisors:- Advisors are the people who are the regular or non-
regular employees of the METLIFE,

[Commissioned agents are also a part of agency but they are not the
regular employees of the company and are being paid for insuring peoples
with Metlife’s traditional and non traditional insurance policy.]

Market Share of MetLife:-

 Organization Chart of the company

Zonal business
head

manager Zonal Zonal Zonal Assistant

Zonal operation research territory manager&
human manager manager manager administra

Manager/exe ABSM/BSM Training Regional

cutives manager training
manager

Chief executive Sales Training

manager manager

Advisor Master
trainer
 Products
Child Plan:-
Met Bhavishya
MetLife offers 'Met Bhavishya' - a guaranteed money back plan that pays out
funds to help to meet the education and career milestones of children. With
this plan, the Life Insured is that of the parent. The plan also has inbuilt
guaranteed additions to add value to the policy over its term.

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

Met Junior Endowment

MetLife offers 'Met Junior'- a flexible endowment plan that combines savings
and security. Children's well-being is our highest priority. So MetLife offer a
plan which offers both timely and efficient return on investment. All with a
guarantee.

Met Junior - Non Par

On attaining maturity, the Person Insured will receive the Sum Assured.
Met Junior - Par
On attaining maturity, the Person Insured will receive the Sum Assured, the
Reversionary Bonus and the Terminal Bonus, if any.

Met Little Star

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

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

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

\Met Junior Money Back

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

A plan which offers both timely and efficient return on investment with payouts
at different milestones.

Survival Benefit

At the end of 5 years 20% of Sum Assured

At the end of 10 20% of Sum Assured

years

At the end of 15 20% of Sum Assured

years

Upon survival to 40% of Sum Assured plus total

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

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

BY THE POLICY HOLDER )

Retirement

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

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

Max – 60 years
Maturity Age Min – 18 years
Max – 75 years

Coverage Term 15 / 20 / 25 / 30 years

Premium Payment Term Regular

Minimum Annualized Premium Rs. 12,000

Basic Sum Assured Min - 5 times the Annualized Premium

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

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

Benefit

 Death Benefit
In the unfortunate event of death, the higher of the Sum Assured or the
Fund Value would be payable.
If death of the Person Insured occurs before age 7, the Fund Value plus
the regular premium received by us in the first policy year is payable.

 Maturity Benefit
On maturity, you will receive the Fund Value including the Guaranteed
Loyalty Addition or you can opt for the settlement options.

 Loyalty Additions
You get the guarantee of enhancing your wealth creation through
guaranteed loyalty additions (up to 120% of the first year annual
premium) at the end of the 10th & 15th year plus Guaranteed Additions
as a % of the Fund Value.

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

At the end of the 15th year:

Met Advantage Plus

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

Entry Age (in completed years) Min – 20 years

Max – 55 years

Minimum Term 10 years

Minimum Vesting Age 45 years

Maximum Vesting Age 65 years

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

Regular Premium: Rs. 10,000

Premium Paying Term Single Pay & Regular Pay

Benefits

Death Benefit
In case of death during the accumulation period, the death benefit payable is:
Under Option A: A guaranteed amount of 110% of the Fund Value is payable to
the nominee.
Under Option B: 100% of the Fund Value is payable to the nominee.

Vesting Benefit
On the vesting date, i.e. at the end of the accumulation term,you can take one-
third of your retirement kitty as a tax-free lump sum and utilize the balance to
buy annuities. Or you can use the entire retirement kitty to buy annuities.

Met Pension-Par
'Met Pension (Par)' serves as a friendly helping hand so one can stay financially
independent even after retirement. It helps to build up a fund for golden years.
With this plan,one can ensure his\her enjoy retirement as a happy new
chapter.

Entry Age (in completed Min – 18 years

years) Max – 60 years

Minimum Term 10 years

Minimum Vesting Age 45 years

Maximum Vesting Age 70 years

Minimum Sum Assured Rs. 50,000

Maximum Sum Assured No Limit

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

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

Benefits

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

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

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

Entry Age Min - 15 years

Max - 55 years

Coverage Term 20 years

Premium Payment Term Regular

Minimum Sum Assured Rs. 75,000

Maximum Sum Assured No Limit

Benefits

Death Benefit
In the unfortunate event of death of the Person Insured, the Sum Assured along
with the Guaranteed Additions are payable.
The policyholder is entitled to Guaranteed Additions of Rs. 100 per Rs. 1,000 of
the Sum Assured for each completed year.

Maturity Benefit
On maturity, the life insured will receive the Survival Benefits plus the
Guaranteed Addition.
Survival Benefits

At the end of 5 years 20% of the Sum Assured

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

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

Upon survival to maturity 40% of the Sum Assured

plus Total Guaranteed
Additions

Met Suvidha
'Met Suvidha' is a flexible Endowment Plan that combines savings and security.
In addition to providing you protection till the maturity of the plan, it helps you
save for your specific long term financial objectives. This long term savings-
cum-protection plan comes to a customer at affordable premiums.

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

versions.

Minimum Entry Age Par: 15 years - 60 years

Non-Par: 15 years - 70 years

Term Par: - 15 years - 30 years

Non-Par: 5 years - 30 years

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

 Regular Pay

Minimum Annual Premium Amount Rs. 2,500

Minimum Sum Assured Rs. 75,000

Maximum Sum Assured No Limit

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

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

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

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

Non-Par Par

Minimum Entry Age 15 yrs 0 yrs

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

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

Terms

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

Assured

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

Assured UW)

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

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

Met 100 - Non-Par

Met 100 - Non-Par On maturity of the policy, the Sum
In the event of death, the Sum Assured is payable
Assured is payable.
Protection:-

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

Met Suraksha TROP

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

Met Mortgage Protector

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

It ensures the assets that have created stays with family.

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

Met Vishwas
'Met Vishwas', - a single premium, micro insurance, non- participating term
assurance plan which provides life cover at a nominal cost. On survival,
customers get 110% or 125% of the premium.

Minimum Entry Age 18 years

Maximum Entry Age 60 years

Maximum Maturity Age 70 years

Minimum Sum Assured Rs. 5,000

Maximum Sum Assured Rs. 50,000

Policy Term 5 or 10 years

Premium Paying Terms Single Pay

Met Suvidha-Rural
Met Suvidha (Rural) is a participating flexible Endowment Plan that combines
savings and security. In addition to providing protection up to maturity, it helps
to save for specific long term financial objectives. This long term savings-cum-
protection plan comes at affordable premiums.

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

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

Flexible premium paying options to suit various income cycles.

A plan which participates in the bonuses declared by the company.

Customization possible with Accident Death Benefit, Critical Illness, Term,

Waiver of Premium Riders for comprehensive protection.

Investment:-

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

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

(IN THESE POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE

BY THE POLICY HOLDER )

Met Easy

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

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

Minimum Age 8 3 0 (3 months to be

at Entry completed)

Maximum Age 55 50 50
at Entry

Minimum 20,000 15,000 12,000

Premium

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

Premium

Sum Assured 5 times the 7.5 times the 10 times the

annualized regular annualized regular annualized regular
premium premium premium

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

payment Quarterly, Monthly Quarterly, Monthly Quarterly, Monthly
modes

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

Death Benefit occurs before age 7, you can opt for the
In the event of death the Fund Value plus settlement options.
In the 1st Policy Year: the Regular Premium
Higher of 50% of the received by us in the Loyalty Additions
Sum Assured or the first policy year is With Met Easy, you
Fund Value is payable. get the benefit of
payable. potentially enhancing
Maturity Benefit your wealth creation
After the 1st Policy
Year: Higher of 100% On maturity, you will with loyalty additions
of the Sum Assured or receive the Fund that are added to
Fund Value. If death Value including the your policy on
of the Person Insured Loyalty Addition or maturity.
Met Smart Gold
MetLife offers 'Met Smart Gold'- a Unit-Linked wealth creation cum protection
plan for the well-heeled. It's specially conceived so that one can get a plan to
match his specific financial requirements.

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

Met Smart Plus-Regular Pay

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

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

years)
Max – 70 years

Maturity Age 100 years

Premium Payment Term Regular

Minimum Annualized Rs. 12,000

Premium

Minimum Basic Sum Rs. 60,000

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

Met Smart Plus- Single Pay

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

Met Smart Premier- Regular Pay

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

Met Smart Premier- Single Pay

Payable lump sum at the time of policy taken.

Health:-
Met Health Care
Health problems strike unexpectedly. In addition to causing ill health, it can also
scar financial health. One need to protect himself against such a situation through
a health insurance plan. In order to ensure you are well protected to face any
health condition that could befall you, MetLife presents - Met Health Care, a
simple health insurance policy with unique and smart advantages for you and your
family#.
(# Family means spouse and two children. Every additional family member shall
be underwritten as per the underwriting conditions laid by the Company from time
to time.)

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

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

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

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

Minimum/Maximum age 18 years-55 years (At first entry, for the Principal
of entry insured)
3 months-55 years (For Secondary Insured lives)

Cover ceasing age 65 years

Maturity/Death Benefit No Maturity/Death Benefit payable

Benefits Offered (a) Daily Hospitalisation Cash Benefit

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

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

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

Illustration

Benefit Option 1 Option 2 Option 3 Option 4 Option 5

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

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

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

Critical Illness Rs. 1 Lakh Rs. 2 Lakh Rs. 3 Lakh Rs. 3 Lakh Rs. 3 Lakh
Benefit

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

Benefits

Death/Maturity Benefit

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

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

Reasons to Buy

1. Coverage for the entire family.

2. No Claim Discounts.

3. Guaranteed Cover* till age 65.

4. Payouts in addition to other Insurance Plans.

5. Multiple Claims.

Training of Advisory Agents in Met Life

Insurance

The training program of the insurance agents in Met Life Insurance is called
Pathshala and is divided into four modules which are as follows:

 CST (Compliance and Sales Training)

 PAP (Professional Advisory Program)

 EAP (Expert Advisory Program)

 MAP (Master Advisory Program)

CST Training Program:

CST Program also known as Compliance and Sales Training program is the
first module in the training program that Is designed specifically to enhance
the functioning of the agents. Attending this program is important for the
growth of the agent and is a prerequisite for the Trigger and Eagle awards.

Module Overview:-

Duration:

3 days of 8 hours each.

Purpose:

The purpose of this module is to induct the agent into the life insurance
professional sales career.

Learning Objective:

Understand & relate to MetLife

Comprehensive understanding of the products
Understanding and practice basic script for an effective sales process in the
natural market
Through understanding of various processes including underwriting, claims.

Understanding and relate to MetLife:

Under this part the agents are introduced to the company so that they could
come to know about the history of the company, the values that the company
holds and culture that is being followed in the company so that they could
easily relate themselves to the company.

Comprehensive understanding of the products:

Under this part the agents are introduced to the different products that
the company is offering which help them to gain sufficient knowledge about
the product portfolio. They come to know about the different types of the
different types of the products (e.g. Met Suvidha , Met Bhavishya , ULIP etc. ),
the benefits they are providing, the target market of the product (e.g Met
Suvidha is target mainly the married/unmarried peoples, people with family
and children, key persons of the organization etc. while Met Bhavishya mainly
target the childrens) , the
Premiums of different products . Understanding and practice basic script for
an effective sales process in the natural market:
Under this part the agents are trained how to start their business in their
known market(natural market) by automatically creating a relationship between
them and the prospect for a personal reason. They are also taught the
benefits that are associated with the natural market, from where to start
and what should be their expected results.

PAP Training Program:

PAP Program also known as Professional Advisory Program is the second module
of the training program.

Module Overview

Duration:

3 days 8 hours

Learning Objective:

Understanding taxation for the current financial year

How to sell problems through illustrations
Objection handling
Building business on Referral Model.
EAP Training Program:

EAP Program also known as Expert Advisory Program is the third module of
the training program. This course will work wonders for the agents, provided
that they work the course well.

Module overview:

Duration:

2 days 8 hours each

Purpose:

The purpose of this module is to enable the agents to sell in referral market
professionally.

Learning Objectives:

At the end of this module the agents will be able to understand:

MetLife Sales Process
How to migrate to referral market
How to do need based selling to achieve higher average premiums and more
closing Goal setting

Sales Process

In this part the agents are introduced about their customers. They follow an
outline called sales Turbine and practiced it week after week until it becomes
natural to them. The outline is as follows

PROSPECTING
Prospecting is the first step of the sales process which means to prospectfor
different customers through personal contacts or from any other source. We can
also prospect a customer by taking referrals from our old customers.

APPROACH

Approach is the process after prospecting a customer in which we have to make

an approach to the customer for an appointment at his/her convenient
time and introduce your company and its service.

FACT FINDING

In this process we have to find out the need of a customer in order to provide
a suitable product. This is done by explaining the financial securities three
corner i.e. protection, accumulation and retirement.

SOLUTION

This is the step in which we have to find out the perfect product which will solve
the requirement of the customer

CLOSING

This is the last step of the complete sales process in which we assist the
customer in underwriting process.

This policy takes the agents to the next level by giving them insight into the
advanced concepts of life insurance advisory that will enable them to reach
greater levels of success. The program discusses critical subjects such as
persistency and case rate and also some important traditional products. It also
puts lights on important topic of retirement planning, which is an integral part of
financial planning for all their clients.

MAP Training Program

MAP program also known as the Master Advisory program is the forthand the
final module of the MetLife sales training program. MetLife training goes
hand in hand with the field achievements of the agents. This is a two day
program which is offered as a commitment to the development of the agents
that will give them the skills that will directly translated into more business.
During this 2 days program the agents goes through some technical subject areas
which are important for the growth in the profession.

Purpose:

Learning objectives
Module Overview:

Duration:

2 day 8 hours each.

By the end of this 2 day MAP Module the agents should be able to
Understand Financial Markets and their working
Understand Estate Planning especially how it relates to insurance
Aspire for international recognition with MDRT
Understand claims and Reinsurance process
Set Goals to achieve your dreams.

Understanding Financial Markets

In this part the agents are introduced to the financial markets, it’s type i.e.
classification of the financial market etc, mutual funds etc.

Understanding Estate Planning especially how it relates to insurance

In this part the agents are introduced to estate planning, different methods
of transferring the ownership, procedure to make a gift, what is a trust, what is
the importance of will, what are procedures involved in the transfer of property
based on a will.
 MDRT
MDRT stands for Million Dollar Round Table is the Primer Association of
Financial Professionals.
It is an international , independent association of more than 35,000
members , or less than 1%, of the world’s most successful lifeinsurance and
financial services professionals from 476 companies in 76 nations and
territories.
MDRT members demonstrate exceptional professional knowledge , strict
ethical conduct and outstanding client service.
MDRT membership is recognized internationally as the standard of sales
excellence in the life insurance and financial services business.
It is started in 1972 by 32 extraordinary life insurance producers as aforum in
order to foster a high standard , professional approach to life insurance sales
and service.

Purpose of MDRT:
To provide incentives for all insurance and financial servicesprofessionals
and advisors to reach their full potential in theprofessional development ,
technical competence and salesperformance.
To evaluate professional standard and prestige of insurance and financial
services of the professionals and advisors.

Mission Statement:
The mission of the MDRT is to be valued , member-driven international
network of leading insurance and investment financial service
professionals/advisors who serve their clients by exemplary performance and the
highest standards of ethics, knowledge, service and productivity.

Code of Ethics:

MDRT members should be ever mindful that complete compliance with and
observance of the Code of Ethics of the Million Dollar Round Table shall
serve to promote the highest quality standards of membership.
These standards will be beneficial to the public, and the insurance and financial
service profession.

Annual Meeting of MDRT:

A gathering of more than 6,000 of the world’s top financial
services professionals in the world.
Exposure to the finest and most innovative sales ideas in the life insurance-
based, financial services business.
Motivational and educational presentations by about 100 speakers.
A unique opportunity to network with other top financial service professionals
from around the world.

The MDRT Annual Meeting is an opportunity for the agents to:

Celebrate being among the most elite financial professionals in the world;
Learn cutting-edge ideas and concepts from the industry experts;
Connect to other industry leaders- professionally and personally;
Recharge yourself and let MDRT motivate you to have best year, every year;
Grow through the life- and career-changing experience. The advisory training
is also provided to the commissioned agents. The Commissioned agents are
not the regular employees of the company. But they undergo the same training
as that of the advisory agents. The commissioned agents are required to cross
each training module to get the specified incentives.

The advisory agents after crossing all the four modules of training program
are then placed in different branches of Metlife India
Management Functions

OPERATION DEPARTMENT
There is various operational functions that are performed by this insurance
industry.
These works are as follows:

WORK OF OPERATION MANAGER IN METLIFE INSURANCE:

1. Login the policy.

2. Recruit the advisor.

3. Collection of premium through cash, DD, and cheque.

4. Collection of renewal premium.

5. Managing the policy document.

6. Managing the queries of customer.

7. Maintenance of attendance registers

8. Handling the various receipt

9. Keeping the track of all the stationary items, proposed

forms (policy document, advisor recruitment form).

10. Update the record of the entire sales manager.

11. Scanning the entire document of the login policy and

sending to the head office.

HUMAN RESOURCE DEPARTMENT

(a) RECRUITMENT PROCESS OF SALES MANAGER

There were certain criteria on which recruitment of Sales managers was done
These criteria were:

 Confidence

 Contacts

 Experience

 Procedures

 Must have a bike and mobile

 Good communication skill

 Presentation skill

Recruitment is also done on then basis of references and campus

selection.

JOB PROFILE OF SALES MANAGER:

 Recruitment and training of advisors

 Monitoring the work of advisors

 Create club membership, advisors and business

 (b) RECRUITMENT OF ADVISORS

ELIGIBILITY:
 Age: above 18 years.

 Education qualification: minimum 12th standard(PUC)

 Good contact no.

DOCUMENT NEED FOR ADVISORS:

 Age proof

 Driving license

 Pan card

 Passport

 Address proof

 Bank a/c detail

BENEFITS TO THE ADVISORS:

  Commission: 2-40 % on premium.

 Contest: every month.

COMPENSATION STRUCTURE OF SALES MANAGER:

It is based on two parts:

 Fixed salary
 Variables

Fixed salary depends upon the designation, experience, and profile of the
employee.

Variables include incentives, performance bonus, allowances etc.

INDUCTION AND TRAINING OF SALES MANAGER:

 Training is done once a month

 Problems regarding their work is discussed

 New issues are informed to working people

 Latest way of performing task is provided to

 the managers
 MARKETING STRATREGIES OF THE COMPANY

With an unmatched record of delivering the industry’s very best service, our
Customer Relationships jobs support each of our clients to reach their
financial goals and build safety nets they can trust. Want to take your talent
for building relationships and delivering exceptional service to the next
level? You’ll find everything you need to meet your goals at MetLife.

Marketing careers at MetLife play a pivotal role in positioning a wide array

of insurance and financial services products that are essential to our
success and our mission of building financial freedom for people
everywhere. MetLife's core marketing functions work together to provide
the insight and knowledge needed to generate successful, comprehensive,
end-to-end solutions that are critical to our varied lines of business. As one
of the most recognized brands anywhere, MetLife offers jobs in Marketing
with a truly global reach.

From conducting market research and analyzing competitive intelligence to

identifying market opportunities and developing communications programs,
careers in marketing at MetLife are as dynamic as the markets we serve
and as diverse as the marketing functions we perform. We actively seek
experienced marketers with proven track records of success in the
following disciplines: market research, competitive intelligence,
communications, database management, lead generation, marketing
strategy, business development and sales support, incentives and
recognition, field marketing, and multicultural marketing. Whether you have
a degree or related industry experience, we'll provide you with the tools,
training and opportunities you need to reach your professional goals at
every step of your career.

PROMOTIONAL CRITERIA IN METLIFE INSURANCE

 SENIOR PARTNER

ASSOCIATE PARTNER

SENIOR BUSINESS
DIVISION MANAGER

BUSINESS DIVISIONAL
MANAGER

EXECUTIVE SALES
MANAGER

SENIOR SALES MANAGER

SALES MANAGER

ASSISTANT SALES
MANAGER

JUNIOR SALES MANAGER

PROHIBITIONARY SALES
MANAGER
PROMOTION OF PRODUCT
Promotion is “the personal or impersonal process of assisting and /or persuading
a prospective customer to buy a product or service or to act favorably upon the

idea that has commercial significance to the seller”.

Reliance life insurance promotes their product through:

 Through banner

 Through camp

LOCATING CUSTOMER

Marketing and personnel contact

Using reference

Self selling

Through recruitment of advisor and their contacts

TARGET CUSTOMER
Temples, schools, advocate assistant, matrimonial, CA, clerk, musical and dance

Classes, gym, fashion designer, railways colonies, bank RTO, NGO, hotel

Travels and tourism, ATMs, were the place given to me to collect data.
LEARNING OUTCOME

 Interacting with strangers

 Telecalling
 Whom to approach
 Communicative skills
 Logging process
 How to behave in organization
 Culture of organisation

SWOT ANALYSIS

Strengths
 Quality Distribution channels
 Strong Underwriting
 Strong Brand Name
 Quality products and Services

Weaknesses
 Limited Market Penetration
  Low Market Share
 Not a well know name in Interiors of India
 FDI allowed only upto 26%

Opportunities
 Cross sell financial Services are Untapped
 Untapped Rural Market
 Brand and Line Extension
 Niche market

Threats
 Increasing expenses and Low Profit Margins
 Government Regulations and political situation
 Vulnerable to entry of new Players
 Increasing Interest rates
 Chairman report
In my letter to you last year, I talked about some of the attributes that define and
differentiate MetLife — our financial strength, our leading position in the
insurance industry and the guarantees we provide our customers. In 2009, these
attributes once again proved to be critically important, and enabled us to grow
premiums, fees & other revenues 4% over 2008. This growth was achieved in one
of the most challenging

economic environments seen in decades, proving that MetLife’s customers value

what we bring to the marketplace — demonstrated expertise in meeting their
long-term financial needs.

As shareholders of this great company, you know that our extensive track record
of success can also be attributed to the long-term view we take. Over time, we
have built leading insurance and retirement businesses with tremendous scale
which, when combined with our unwavering focus on meeting client needs, have
enabled us to increase market share and further strengthen our leadership
positions.

Extending Our Lead in the U.S.

Last August, we took a bold step in reorganizing our businesses in the United
States to position MetLife for further success. Specifically, we combined the
former Institutional and Individual Businesses, as well as our Auto & Home unit,
into a single organization now called U.S. Business. This realignment
recognized that we can better serve both employee benefit plan sponsors and
individual customers through a single, integrated organization.

In U.S. Business — which consists of Insurance Products, Retirement Products,

Corporate Benefit Funding and Auto & Home — premiums, fees & other
revenues grew 2% over 2008 to $28.6 billion. Importantly, this growth was
achieved while we simultaneously maintained our pricing and risk management
discipline. Briefly, I would like to

share some highlights of the performance of these businesses to illustrate how

our financial strength, scale and experience are benefiting us:

In Insurance Products, premiums, fees & other revenues increased 4% as

each of the businesses that make up this segment — group life, individual life and
non-medical health — grew over 2008. The scale that

MetLife has built in a number of group businesses has enabled us to generate

profitable growth, and this was particularly the case with our group life and non-
medical health businesses, where we continue to maintain leading market
positions. On the individual side, we also saw strong demand for our whole and
term life insurance products, sales of which grew 46% and 23%, respectively.

The demand for the guarantees associated with many of our annuity products
helped drive a 5% increase in premiums, fees & other revenues in our
Retirement Products business. In addition, total annuity deposits

grew 10%. In 2009, we also maintained our leading position in the annuity
marketplace, ending the year as the number one seller of annuities, according to
VARDS and LIMRA.
Financial strength and long-term experience are just two factors that have made
us a leader and expert in

providing pension closeouts, structured settlements and other solutions that

make up our Corporate Benefit Funding business. During 2009, we
continued to capture market share in the structured settlement

business, growing premiums for this product line 53% over 2008. In addition, our
long history of developing innovative pension risk transfer solutions enabled us to
generate $944 million in pension closeout premiums.

Our Auto & Home business also had another solid year, with sales of new
policies increasing 10% over 2008. Today, we remain the largest provider of group
auto and home insurance and this business continues to generate strong profits
for MetLife, ending the year with an excellent return on equity of 18% and a
combined ratio of 92.3%. In addition to the strong performance of our U.S.
insurance and retirement businesses, MetLife Bank also grew considerably.
In 2008, we acquired both forward and reverse mortgage businesses, which
helped drive the Bank’s total revenues to $1.3 billion in 2009, up substantially
from $284 million In 2008. In addition, total assets grew 37% from year-end
2008 to reach $14.1 billion.

Expanding Our International Reach

The diversification in both product offerings and distribution that has benefited
our businesses in the U.S. has also enabled us to grow internationally. In 2009, our
International business generated premiums, fees & other revenues of $4.3
billion as we continued to focus on expanding our established businesses in
certain countries while also investing in operations that will deliver future
growth. Our international growth will be accelerated as a result of our recently
announced agreement to acquire one of American International Group, Inc.’s
international subsidiaries, American Life Insurance Company (ALICO) — one of the
world’s largest and most diversified international life insurance companies. With
this acquisition, MetLife will create a global life insurance and employee benefits
powerhouse, and is delivering on its strategy to accelerate international
expansion as a powerful growth engine for our company. Upon completion of the
transaction, MetLife,

which is already the largest life insurer in the United States and Mexico, will
become a leading competitor in Japan, the world’s second-largest life insurance
market. The transaction will give MetLife a presence in more than 50 countries
outside of the U.S. It will materially advance our position in Europe
andmoveMetLife into a top fivemarket position in many high growth emerging
markets in Central and Eastern Europe, the Middle East and Latin America.
During the remainder of 2010, while ensuring customers of both MetLife and
ALICO receive seamless service, we are dedicated to unlocking the value and
earnings accretion that this acquisition will bring to MetLife’s shareholders.

Demonstrating the Value of MetLife

Over the course of 2009, we continued to see the benefits of the initiative we took
to reposition MetLife’s investment portfolio prior to the recession. As the year
progressed, net unrealized losses dropped dramatically. At

year-end 2009, our book value was $37.54 per share, a 37% increase over year-
end 2008.
In addition, we took a number of proactive steps in 2008 and 2009 to further
improve shareholder value. Not only did we pay an annual common stock
dividend of $0.74 per share — unchanged from 2007 and 2008 — but we did

not let the recession distract us from the strategic efforts we began in 2007.
Specifically, we made significant progress on our Operational Excellence initiative
in 2009, achieving our goal of attaining at least $400 million in pretax annualized
savings one year ahead of our target. As a result, we have increased our pre-tax
annualized savings goal by $200 million to reach $600 million by year-end 2010.

Affirming MetLife’s Strong Financial Position

Before I conclude this letter, I feel it is important to highlight two key issues that
affirmed MetLife’s great financial strength last year.

As you know, the economic challenges in the U.S. spurred the government to
implement a number of efforts to create stability in the economy in 2009. One of
these efforts was the U.S. Department of the Treasury’s Capital Purchase
Program, otherwise known as TARP. In April, we announced that MetLife had
elected not to participate in the program. We made this decision because of the
actions we had already taken to reinforce our strong financial position, including
raising capital in the marketplace in late 2008. This strong position was validated
when the results of the U.S. Treasury’s capital assessment exercise (known as the
stress test) affirmed that, based on the economic scenarios and methodology of
the exercise, MetLife was deemed to have adequate capital to sustain a further
deterioration in the economy. It also reinforced what MetLife had been saying
since the financial crisis began — that we are financially strong and well
positioned for both the current environment and a potential further economic
downturn.

Looking ahead, I am very optimistic about MetLife’s future. Despite all that has
occurred in the global economy over the past 18 months, we have grown
revenues and stayed true to our disciplined focus on risk management,
underwriting and improving our expense margins.We will continue to bring an
intense focus to executing our growth strategies, enabling us to meet the
expanding financial needs of customers around the world. This is what MetLife is
all about.

CONCLUSION
Our exhaustive research in the field of Life Insurance threw up some interesting

trends which can be seen. A general impression that we gathered during Data

collection was the immense awareness and knowledge among people about

various companies and their insurance products. People are beginning to look

beyond LIC for their insurance needs and are willing to trust private players with

their hard earned money.

People in general have been impression by the marketing and advertising

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

Television ad campaigns over the years is beginning to have its impact now.
Another heartening trend was in terms of people viewing insurance as a tax saving

and investment instrument as much as a protective one. A very high number of

respondents have opted for insurance for such purposes and it shows how

insurance companies have been successful to attract public money in recent

times.

The general satisfaction levels among public with regards to policy and agents still

requires improvement. But therein lies the opportunity for a relative new comer

like MetLife.

Bibliography
Met Life India: Bngalore

1) Sales Manager : Mr. Purushothaman.K

2) Branch Manager: Skanda