“PRODUCT PROMOTION OF MAX LIFE INSURANCE” A Project Report Submitted at Global Business School & Research Centre, Pune In Partial fulfillment of degree of Master of Business Administration Submitted by (ROHIT KUMAR PANDEY) (Roll no:-50) Under the guidance of DPU Dr. D. Y. Patil Vidyapeeth, Pimpri, Pune ~ 411018. 2013-2015CERTIFICATE This is to certify that Mr. Rohit Kumar Pande y has worked on the topic “PRODUCT PROMOTION OF MAX LIFE INSURANCE in at Prot-Tapati Sarmah, under my guidance. This projeet is a research outcome conducted by him/her as part of their curriculum during the summer internship, Name & Designation of the guideDECLARATION I declare that the project entitled “PRODUCT PROMOTION OF MAX LIFE INSURANCE” _ submitted by me as a part of my curriculum for the award of Master of Business Administration at Global Business School & Research Centre, Faculty of Management, Dr D. ¥. Patil Vidyapeeth, Pune, is a original work done by me and has not been submitted previously anywhere. TiterCONTENTS * Acknowledgement © Preface © Executive Summary 1) INTRODUCTION TO TOPIC 1.1 Functions of insurance Y Primary funetions ¥ Secondary functions Y Other function 1.2 Classification of insurance ¥ Life insurance ¥ Non Life General insurance 1.3. Types of policies Td. Contribution te: Indian eeamemmy2.3, Functions of Insurance 2.4 Contribution to Indian Economy 2.5 Company Profile 2.6 Insurance Management Solution 2.7 Types of Business Proposals 3) RESEARCH METHODOLOGY 3.1 Objective of the Study 3.2 Scope of the Study 3.3 Data Collection 3.4 Data Analysis 3.5 Limitations 4) DATA ANALYSIS AND INTERPRETATION 4.1. Findings 5) RECOMMENDATIONS 5.1 Conclusion 6) Bibliography 7) Annexure 8) QuestionnaireACKNOWLEDGEMENT The summer project at Max Life Insurance has been a very memorable and unique experience for me, It opened up new venues of grabbing knowledge, Which will certainly stand me helpful inthe years to come. It gives me immense privilege and pleasure in expressing my sincere gratitude and heartfelt thanks to Mr. Kirran Nagwade for giving me the opportunity to work in his reputed organization. I would also like o extend my thanks to all other staff at MAX LIFE INSURANCE who have co-operated and supported me towards the successful completion of this project.Jam extremely indebted and too thanklul to my project guide Prof, Tapati Sarmah , who has been most co-operative and encouraging throughout this project. Without her initiative and constant support this project wouldn't have taken place. Last but not the least I am very grateful to all the advisors who took out some invaluable time out of their busy schedule and they responded t my «questionnaire and queries and provided me with all the valuable information. PREFACE ‘These are the days of the advertising world and not the selfpromoting world Advertising is one of the very few essential assets allocating concept which is ‘growing at its zenith rate to bring prosperity and progress to the teeming millions of countries where people run after jobs. Equally important is the role of insurance advisors, where the investment field supports advisors and takes insurance companies to boom, and gleam and yield best results. Tams penllu Frammu te meer thic mrmjert before the teacher ae it ofwme ume am‘The sections and its included chapters are cordially arranged for the smooth flow of the subject matter both for ingestion and digestion. I carried out the survey myself along with the summarization and conclusion of the survey. For the other material I have freely drawn the material from internet sites and books to bring to you the latest picture of the insurance industry. Hence, 1 do not claim any originality, except for my style of presentation and the survey part. Tam very thankful to Prof.Tapati Sarmah, MBA, GBSRC College, who took the burden to explain me the movement of the project so that I could bring out the best possibility Thave tried to be, as far as perfect: yet the dirty minds always tend to intervene keeping you in a disguised state to any fault. Hence, I request all teachers to bring to my notice any such mistakes or any facts so that I can rectify them and increase my knowledge base. 1 welcome every suggestion regarding the project ‘matter and status as I believe in the prover’EXECUTIVE SUMMARY ‘TITLE: “PRODUCT PROMOTION OF MAX LIFE INSURANCE” SCOPE: Scope of this project includes a survey being conducted on MAX LIFE INSURANCE and an interpretation done of its market stand and promotion required.In insurance companies recruitment of Financial Consultant plays a very important role to generate high sales. The overall business depends upon the Financial Consultant. So to understand the sales performance of Financial Consultant evaluation program plays vital role. Life insurance companies offer their services to the customers through the agents and Financial Consultant. So Financial Consultant plays a very important role for Company. Because Financial Consultant is the only persons who approach to the customers, understand their needs, problems. So the overall business depends upon consumers, For this purpose this Project is carried out to analysis sales performance through Financial Consultants which is an endless procedure for organization for the awareness among consumers, STATEMENT OF THE PROBLEM: This study was undertaken to identify how the consumers react to different plans offered by Max Life Insurance. Itis primarily known to the company that the main work is to generate maximum sales. To access up-to-date information the Max Life Insurance, keeps a track about its customers, relationships and the market situation, helps in answering question such as what is the market potential for my product, how are my customers behaving, and how efficient are my sales process?INTRODUCTION Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the nolicy. Eesentially. a life insurance nolicy ie 2‘growing at the rate of 15-20% annually. Together with banking services, it adds about 7 percent to the country’s GDP. In spite of all this, the growth statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian population is without life and health insurance cover. This is an indicator that growth potential for the insurance sector is immense in India, It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation “Mathotra Committee” was constituted by the government in 1993 to examine the various aspects of the industry. The key element of the reform process was participation of overs insurance companies with 26% capital. Creating a more competitive financial system suitable for the requirements of the economy was the main idea behind this reform, industryCLASSIFICATION OF INSURANCE The insurance industry in India can broadly classified in two parts. They are. 1) Life insurance. 2) Non-life (general) insurance. LIFE INSURANCE Life insurance can be defined as “insurance that provides a sum of money if the person who is insured dies while the policy is in effect”. In 1818 British introduced to India, with the establishment of the oriental life insurance company in Calcutta, The first Indian owned Life Insurance Company was the Bombay mutual life assurance society which was set up in 1870, The life insurance act, 1912 was the first statuary measure to regulate the life insurance business in India, In 1983, the earlier legislation was consolidated and amended by the insurance act, 1938, with comprehensive provisions for detailed effective control over insurance, The union government had opened the insurance sector for private participation in 1999, also allowing the private companies to have foreign equity up to 26%. Following the opening up of the insurance sector, 12 private sector companies have entered the life insurance business,harmony, and a system in which a sense of financial security was always there as there were more earning members. ‘Times have changed and the nuclear family has emerged. Apart fiom other pitfalls of a nuclear family, @ high sense of insecurity is observed in it today besides, the family has shrunk. Needs are increasing with time and fulfillment of these needs is a big question mark. How will you be able to satisfy all those needs? Better lifestyle, good educ a long desired house, But again one just cannot fritter away all your earnings You need {o save a part of it for the future too ~ a wise decision, This is where insurance helps. Factors such as fewer number of earning members, stress, pollution, increased competition, higher ambitions ete are some of the reasons why insurance has gained importance and where insurance plays a successful role, Life Insurance ensures that a person gates better prepared to face the uncertainties in the following ways: PROTECTION ee enRETIREMENT Life insurance makes sure that you have regular income after you retire and also helps you maintain your standard of living. It can ensure the post retirement years are spent in peace and comfort SAVINGS AND INVESTMENTS Insurance is @ means to Save and Invest. Your periodic premiums are like Savings and you are assured lump sum amount on maturity. A policy ean come in really handy at the time of your child's education or marriage! Besides, it can bbe used as supplement retirement income! TAX BENEFITS Life insurance is one of the best tax saving options today. Your tax can be saved twice on a life insurance policy-onee when you pay your premiums and once when you receive maturity benefits. Money saved is money earned! Why is insurance superior to other forms of savings?> Tax relief-income tax, > Policies can be offered as collateral se, TYPES OF POLICIES Though there are a lot of policies available in the market under different names and by different companies, the policies can be broadly’ classified into the following categories. % Terms Insurance policy 4 Whole Life Policy 4 Money back policy + Endowment Policy % Pension Plans or Annuities* Primary Functions * Secondary Funetions * Other Funetions The primary functions of insurance include the following: Provide Protection Collective bearing of risk - Insurance is a device to share the ~ The primary funetion of insurance is to provide protection against future risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can certainly provide for the losses of risk Insurance is actually a protection against economic loss, by sharing the tisk with others. financial loss of few among many others. Insurance is a mean by which few losses are shared among larger number of people. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk is paid,Provide Certainty - insurance isa device, which helps to change from uncertainty to certainty. irance is device whereby the uncertain risks may be ‘made more certain.Prevention of Losses - Insurance cautions individuals and businessmen to adopt suitable device to prevent unfortunate consequences of risk by observing safety instructions; installation of automatic sparkler or alarm systems, etc. Prevention of losses causes lesser payment to the assured by the insurer and this will encourage for more savings by way of premium, Reduced rate of premiums stimulate for more business and better protection to the insured. mall capital to cover larger risks - insurance relieves the businessmen from security investments, by paying small amount of premium against larger risks and uncertainty. Contributes towards the development of larger industries - insurance provides development opportunity to those larger industries having more risks in their setting up. Even the financial institutions nay be prepared to give ered to sick industrial units which have insured their assets including plant and machinery.Means of savings and investment - insurance serves as savings and investment, insurance is a compulsory way of savings and it restriets the unnecessary expenses by the insured’s For the purpose of availing income-tax ‘exemptions also, people invest in insurance. Source of earning foreign exchange - Insurance is an intemational business. The country can ear foreign exchange by way of issue of ‘marine insurance policies and various other ways, Risk Free trade - insurance promotes exports insurance, which makes the foreign trade risk free with the help of different types of policies under ‘The end of the year 2000 marks a significant change and growth of "India Insurance’ industry scenario, Monopoly of Public Sector Insurance company marks an end and Private companies makes inroad. Foreign companies, both Life and General flocked, collaborated and helped astronomical growth of “Insurance Industry in India’Triton insurance eo. Itd was the first general insurance company 10 be established in India in 1850, whose shares were mainly held by the British. The first general insurance company to be set up by an Indian was Indian mercantile insurance co. Ltd., whieh was stabilized in 1907. Thereafter many Indian players ‘emerged. The general insurance business was nationalized after the promulgation, of General Insurance Corporation (GIC) OF India undertook the post nationalization general insurance business Presently there are 12 general insurance companies with 4 public sector companies and 8 private insurers, Although the public sector companies still dominate the general insurance business, the private players are slowly gaining a foothold. According to estimates, private insurance companies have a 10 percent share of the market, up from 4 percent in 2001. In the first half of 2002, the private companies booked premiums worth Rs 6.34 billion. Most of the new entrants reported losses in the first year of their operation in 2001. With a large capital outlay and long gestation periods, infrastructure projects are fraught with a multitude of risks throughout the development, construction and operation stages. These include risks associated with project implementation, including geological risks, maintenance, commercial and political risks. Without covering these risks the financial institutions are not willing to commit funds to the sector, especially because the financing of mostInsurance, like project finance, is extended by a consortium, Normally one insurer takes the lead, shouldering about 40-50 per cent of the risk and receiving ‘a proportionate percentage of the premium. The other companies share the remaining risk and premium. The policies are renewed usually on an annual basis through the invitation of bids. Of late, with IPP projects fizzling out, the insurance companies are turning ‘once again to old hands such as NTPC, NHPC and BSES for business. Contribution to Indian Economy ¢ Life Insurance is the only sector which garners long term savings. Spread of financial services in rural areas and amongst socially Tess privileged Long term funds for infrastructure. Strong positive correlation between development of capital markets and insurance/pension structure Employment generation, Insurance Industry prior to de-regulation Prior to deregulation in 2000, market was a public monopoly. * Public Monopoly © 2000 OfficesInadequate and inflexible products * Pensions: Small part of product offer * Limited focus on customer needs Improving Service Standards Channel Access Service Points Use of IT Advisors Branch Network | Limited use of IT. Pre Deregulation — Limited Distribution Multi Channel MULTI USE OF IT Access SERVICE POINTS Advisors Call Centers Shorter time around time Brokers & Email Claims Corporate agents | Website Policy Issuance thesaesnes —NEW YORK LIFE INSORANCE CO.MAX INDIA LTDMax New York Life Insurance Max New York Life Insuranee 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, The company has positioned itself on the quality platform, In line with its vision to be the Most Admired Life Insurance ‘Company in India, it has developed a strong corporate governance mode! based fon the core values of excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to establish itself as a Trusted Life Insurance Specialist through a quality approach. = st business, Incorporated in 2000, Max New York Life started commercial operation in 2001 In Line with its values of financial responsibility, Max New York Life has adopted prucient financial practices to ensure safety of policyholders funds. The Company's paid up, is, 1,432 core. Having set a Best in Class Agency Distribution Model in place, the company is spearheading a major thrust into additional distribution channels to further growtic-ups and direct sales force at 14 locations. Max New York Life has put in place a unique hub and spoke model of distribution to deepen rural penetration, The company has 39 (9 hub office 30 spoke offices) offices dedicated to emerging markets in Punjab and Haryana. Max New York Life offers a suite of flexible products. It now has 35 produets covering both life and health insurance and 8 riders that can be customized to over 800 combinations enabling customers to choose the policy that best fits their need, Besides this, the company offers 6 products and 4 riders. in’ group — insurance _business. The company currently has more than 13,295 employeesCOMPANY PROFILE Max New York Life Insurance Sox hy Your Partner for Life” _“Max New York Life wants people to view insurance as a financial protection and wealth creation instrument and not just a tax-saving tool.” Max New York Life Insurance Company Ltd. is a joint venture between Newvalues of excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to establish itself as a trusted life insurance specialist through a quality approach to business, New York Life is a Fortune 100 company that has over 160 years of experience in the life insurance business. Max India Limited is a multi-business corporate dealing in Clinical Research, IT and Telecom Services, and Specialty Plastic Products businesses. Max New York Life Insurance started its operations in India in 2000. It is the first life insurance company in India to be awarded the ISO 9001:2000 certifications. Max New York offers customized products tailored to suit individual's needs. With its various Products and Riders, there are more than 400 product combinations to choose from. Today, Max New York Life Insurance has a network of 57 offices spread over 37 cities all over 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. The Company's paid up capital is Rs. 657 crore, which is more than the norm taid down by IRDA. Max New York Lift has identified individual agents as its primary channel of distribution. The Company places a lot of emphasis on its selection process, hich comprises four stages - screening, psychometric test, career seminar and final interview. The agent advisors are trained in-house to ensure optimal control172 offices and representatives across 120 cities in India, The company has over 25,300 agent advisors, who are widely considered the best in the business. Max New York Life aspires to be the "life insurance brand of first choice" amongst Indian consumers. “Max New York Life wants people to view insurance as a financial protection and wealth creation instrument and not just a tax-saving tool. Since the launch of ‘our operations, our focus has always been on providing risk protection and long- term wealth creation solutions to our customers. With a diverse product portfolio to meet customer requirements, it is evident that we are setting benchmarks in the marketplace and are well on course of realizing our vision to become India’s most admired Life Insurance Company.Vision statement is “Most Admired Life Insurance Company in Indi MISSION: * Become one of the top quartile life insurance companies in India * Bea national player * Be the brand of first choice * Be the employer of choice * Become principal of choice for agents.INSURANCE MANAGEMENT SOLUTIONManagement SolutionTypes of business proposal: © Internal business proposal ‘© External business proposal Internal business proposal This business proposal meant for the head of the organization also called as justification report. An intemal business proposal provides an opportunity to develop the competence and confidence 10 express ‘your ideas, awareness, initiative and problem solving skill External business proposal Itis for the outsiders. Management plan, cooperation qualification, staffing plan, contact and pricing, technology plan, regulatory requirements are main components of business. proposal Here, at Max. Life Insurance we offer a bouquet of insurance solutions to meet every need.Individual si For individuals, we have a range of protection, investment, pension and savings plans that assist and nurture dreams apart from providing protection. You can choose from a range of products to suit your life-stage and needs. For organizations we have a host of customized solutions that range from Group Term Insurance, Gratuity, Leave Encashment and Superannuation Products. These affordable plans apart from providing long term value to the employees help in enhancing goodwill of the company.primary earning member, you need to make sure that your family is never lacking in anything even if you are taken away from them forever. Do your best today to ensure that your family can always enjoy a comfortable lifestyle. In double income families, both spouses should get adequate life covers especially if there are dependent children involved. We have plans that guarantee maximum protection ata low cost. * Five Yr Renewable and Convertible™ * Level Term PolicyChildren Plans BENE. ‘Your parenting is perfvet but is your planning adequate? Are you thinking beyond the immediate to the future, about higher education and professional courses, in India and abroad? Many children are keen to pursue unconventionalChildren's Endowment to 18 (Par) Children's Endowment to 24 (Par) SMART Steps™ SMART Steps™ Plus, SMART Steps™ Single Premium Investment Plans Building a nest egg is about aggregating surplus amounts regularly to allow them to grow into a sizeable sum, Investments should be aligned to specific, long-term OOLife Maker™ Premium Life Maker™ Gold Life Maker™ Platinum Life Invest™ SMART AssureRetirement Plans Let your golden years be the most precious of your life, full of freedom and choice. A time to pursue your hobbies, travel and enjoy the good life. You will never miss your salary cheque or be constrained by rising inflation, Even as you ‘work hard 1o make a better today, itis up to you to create a superior tomorrow. If ‘you want o sustain your current lifestyle even after you stop working, make that money work for you. Our Retirement Plans will keep you comfortable andHealth Plans Do you know the cost of healtheare has climbed faster than inflation? Medical costs can be a big drain on finances. A medical crisis can strike anyone, anytime and may even force an individual to dip into savings to meet these sudden and steep costs. Such an eventuality could delay or destroy a cherished financial goal, No wonder, health is wealth, The health of every member of the family is precious© Lifeline MediCash™ Plus © Lifeline Safety Net™ © Lifeline Wellness™ Savings Plans Is your money working for you? Clearly not, if it is Iying idle in multiple bank accounts. We will instill the discipline of investment through force of habit as you park your money for protection and growth to meet your needs over your lifetime. Choose a plan that matches your needs and budget. Our dual benefits coving wlan receumire wene need forall coum Fmameial eretertion and inelade a20 year Endowment (Par) Life Pay™ Money Back Endowment to Age 60 (Par) Life Gain™ Endowment & Life Gain™ Plus 20 (Par) Rural Plans We are conscious of our social responsibility to serve the financially vulnerable sections of society. We have created specialized Rural Plans to meet the particular needs of customers in rural areas. The ticket size has been kept low,Strategic Products Plans Most people desire a carefree life, They want to be happy and comfortable at all times. But needs keep evolving and you must always be one step ahead. Our Strategic Products Plans will meet your special needs and are available through additional distribution channels. You can choose a plan to meet the planned events and unforeseen incidents in your life Bane assurance © Capital BuilderMax Am sure © Future Builder Business Builder * Bonus Builder &Secure Returns Builder GROUP PLANS People are the most valuable asset of any organization, Organizations have to innovate newer forms of compensation to retain talented employees. Pay and perks are all very fine but an organization needs to show employees that it cares. Ensuring the financial well being of employees and their families will earn an organization their enduring trust and loyalty. Our Group Plans offer a three-in- cone advantage, as they are a powerful tool for motivation, reward and retention, in these times of high attrition, Group Credit Life Unit Linked Group Superannuation Plan Group Gratuity cum Term Assurance Group Term Life Unit Linked Group Gratuity PlanRESEARCH METHODOLOGY Research Methodology is a way to systematically solve the reach problem It may be understood as a science of studying how research is done scientifically Research means a search for knowledge or gain some new knowledge and methodology can properly refer to the theoretical analysis of the methods appropriate toa field of study or to the body of methods and principles particular to a branch of knowledge, A Research methodology has a specified framework for collecting the data in an effective manner. Research methodology means “defining a problem, defining the research objectives, developing the research plan, collecting the information, analyzing the information and presentation of findings." Such framework is called "Research Design". The research process that was followed by me consisting following steps;E) Presentation of findings A) Defining the problem and research objectives My research problem is to know the Buying process of procpactive Activa buyers. B) Developing the Research Plan The development of research plan has following steps: 1. Data source Research approach Type of Research Design Research instrument 5. Sampling plan 1) Papulation size ii) Sample size iii)Contact methods Questionnaire DesignOBJECTIVES OF THE STUDY The professional objectives which are being covered under this project are as following- * To know about demographic factors affecting Product of Max Life Insurance, © To analyze the role of advertisement for Max Life Insurance Companies. * To know the perception and conception of customers towards Insurance products and specially focused for Max. Life Insurance productScope of the study > The numbers of respondents surveyed are 100. > The study is conducted in Pune > This study is conducted to analyze the market stand of Max Life insurance with that of other insurance companies in India,DATA COLLECTION Determining sources of Data: There are two main sourees of data 1. Primary data 2. Secondary data Primary Data: It consists of original information collected for specific research, Primary data for this research study was collected through a direct survey to obtain this primary data a well structured questionnaire is prepared by the researcher. Secondary Data:2) —2)Public record and statisties DATA ANALYSIS Method of collecting data: ‘sampling technique:~ For preparation of questionnaire the basic objective of the survey was concentrated, previous surveys under taken prospect cart secondary data through files and folders. For the survey, Convenience Sampling this method involves purposive or deliberate selection of particular units of the universe which are available on the case of access for constituting a sample which representing universe,1, Tables. 3. Bar diagrams. 4 Pie charts. Percentage method has been used to analyze the data, LIMITATIONS 1) The survey was conducted within the city only. 2) Time to interact with the customers was not sufficient 3) Customers were not fully aware of various plans of max life insurance. 4) Accurate results could not be found as every customer has his own opinion,DATA ANALYSIS AND INTERPRETATION Age of the respondents: PARTICULARS | NO.OF.RESPONDENT | PERCENTAGE (AGE) Less than 25 [11 11%. 25-35 40 40% 35-45 20 20% ‘Above 45 29 29% TOTAL, 100 100. NO. OF RESPONDENTS. a < ~ | sasovessQualification of the respondents. PARTICULARS NO.OF RESPONDENT | PERCENTAGE Graduate 2 3% Post Graduate w 2% Diploma ¥ ‘Other discipline Tr TOTAL Qualification of the Respondents (Graduate 1 Other diseiotin Post Graduate © Diploma TOTAL 80 entINTERPRETATION: From the survey it was found that amongst 100 respondents 8) 52% of the respondents were graduate ») 29% of the respondents were post graduate ©) 8% of the respondents were diploma 4) 10% of the respondents were other discipline PARTICULARS NO. OF RESPONDENT | PERCENTAGE Busines man M a Profesionals is Tob halders 7 Others ir TOTAL ‘Occupation of the Respondents Others TOTALINTERPRETATION: From the survey it was found that amongst 100 respondents 8) 34% of the respondents are businessmen. b) 18% of the respondents are professionals, ©) 37% of the respondents are job holders. 4) 11% of the respondents are background. Average annual income of respondents. PARTICULARS NO. OF RESPONDENT | PERCENTAGE Up. Tak a ae Tlakh= Shak a Blak Shaki 20 Sak & above 4 TOTAL 100) Average annual income of respondents. 100. 20 [Up te 1 iakh fm tiach- Slakn] 60. D3 lakh~ 6 lakn| DS lakh & above] = TOTALINTERPRETATION: From the survey it was found that amongst 100 respondents, 8) 38% of the respondents have an average annual income up to 1 lakh b) 43% of the respondents have an average annual income from 1 lakh to 3 lakh ©) 20% of the respondents have an average annual income from 3 lakh to 5 lakh «) 4% ofthe respondents have an average annual income above S lakh Family size of respondents: PARTICULARS NO.OF RESPONDENT | PERCENTAGE Below S member We 3 = Tomembers 32% ‘Above 10 members TOTAL FAMILY SIZE 50% erINTERPRETATION: From the survey it was found that amongst 100 respondents a) 50% of the respondents are below 5 members. b) 32% of the respondents are between 5 to 10 members. c) 28% of the respondents are above 10 members. According to respondents life insurance is: PARTICULARS PERCENTAGE Risk Coverage’ 0% Tax. Saving 30% Security 30%. TOTAL 100% NO. OF RESPONDENT mak covernes aosINTERPRETATION: From the survey it was found that amongst 100 respondents a) 40% of the respondents say risk coverage. 'b) 30% of the respondents say tax savings. ©) 30% of the respondents say financial security. Awareness of Max Life Insurance PARTICULARS NOOFRESPONDENT | PERCENTAGE [Ne *YY 1% Ye > (Toray —S 0‘Awareness of Max Life Insurance Now Yes a ToTAl] NO.OF. RESPONDENT INTERPRETATION? From the survey it was found that amongst 100 respondent a) 83% of the respondents say that they are aware of Max Life Insurance Co. b) 17% of the say that they are unaware of Max life Insurance Co. ‘Awareness regarding Insurance: RTC ARS NOOR SONDEN? —T PERCENTAGENO. OF RESPONDENTS No INTERPRETATI From the survey it was found that amongst 100 respondents a) 70% of the respondents say that they are aware of insurance, b) Only 30% are unaware of insurance. ‘% of respondents who are under different plans of Max life insurance co: PARTICULARS NOOFRESPONDENT | PERCENTAGENO. OF RESPONDENTS Q@= INTERPRETATION: From the survey it was found that amongst 100 respondents: 8) 30% of the respondents are under invest gain plan by 36% of the respondents are under protection gain plan ©) 8% ofthe respondents are under child gain plan 4) 15% of the respondents are under whole life plan ©) 11% of the respondents are under pension gain plan % of respondents benefits of choosing the particular products: PARTICULARS NO.OFRESPONDENT | PERCENTAGEBenefits of Particular Products TB Risk corer Maturity date Sum Assured {60% of the respondents say that a benefit of choosing the particular Product is tor Safety of lite. 20% of the respondents say that a benefit of choosing the particular products for additional benefit to family 12% of the respondents say that a benefit of choosing the particular products is for maturity date 8% of the respondents say that a benefit of choosing the particular products is for sum assured, Are the respondents satisfied with the services of M.L.1 Insurance?NO. OF RESPONDENTS INTERPRETATION: From the survey it was found that among 100 respondents:~ a) 70% respondents are satisfied with the services of M.L +b) 30% respondents are not satisfied with the services of M.L.I. Has media been the source of information for various plans of max life insurance co:YES #NO =TOTAL INTERPRETATION: From the survey it was found that amongst 100 respondents: 660% respondents have media as the source of information for various plans. 40% respondents do not have media as the source of information for various plans. Which source of media has provided information for the various plans offered by M.L.I:From the survey it was found that amongst 100 respondents, 30% respondents prefer newspaper asthe source of information 15% respondents prefer magazine as the source of information -45Yrespondients prefer television as the source of information, 10% respondents prefer radio asthe source of information,FINDINGS V Maximum of the insurance is purchased by the middle age group. ¥ Insurance is mostly preferred by the job holders, ¥ Maximum insurance holders fall under the average annual income ranging between 1- 3 lakhs. Insurance is usually preferred by small families. Mostly people prefer insurance to cover their risk factor. MLL I. insurance company has a good market value*** Insurance holders under M.L.L prefer protection gain plan above all the other plans offered to them. Y The services provided by M.L.L. are satisfactory." Television media is one of the major source that provides information regarding different plans of M.L.LRECOMMENDATIONS ¥ People should also be made aware of various other benefits attached with insurance other than the factor of risk coverage only. M. L. L should provide more information regarding the different plans in order to be able to cover all age groups Promotion techniques should be enhanced to create more awareness among people about M. Ll Insurance plans should be designed in such a way that it is able to eater all family sizes. M. LL. should also emphasize on the usage of other sources of media to provide information regarding the various plans offered by them.CONCLUSION Insurance is a superior tool to other forms of savings as it provides protection, collective bearing of risk, assessment of risk, certainity factor, easy liquidity and above all the safest means of savings and investment, During the course of my internship with Max Life Insurance, I got the ‘opportunity to learn a lot about insurance in general and was able to study in detail the various plans offered by them, This also provided me with the ‘exposure to be able to understand the insurance industry better and the variousBIBLIOGRAPHY Website: ww.google, www, wikipedia.org Other Sources > Insurance Administration 2" Edition by Jane Light cap Brown, PH.D. Film & BTC. Prineiples and Practices of Insuranee By Dr. P Periasamy Marketing Research 3° Edition By Beri G C v Life and Health Insurance By Black Skipper v Marketing Management 12 Edition By Philip Kotler and Kevin LaneANNEXURES QUESTIONNAIRE NAME. AGE GENDER: OO MALE FEMALE ADDRESS:1 Upro tah CI takin tat 3 tah ~ 5 tak Ey Sah and above 2) How many members are there in your family’? (1D Below 5 members C1 5-10 members [Above 10 members. Q3) how do you regard insurance as? DD Risk coverage 7 ox savings i Security Q4) Are you aware of what insurance is all about? O No 1 yes Q5) Are you aware of Max Life Insurance’ 0 No O Yes Q6) which category of Max Life insurance plan have you preferred? Investment gain plan protection gain planQ7) What benefits do you prefer while choosing an insurance plan of Max life DD Risk coverage additional benef Bi Maturity period CO sum assured (Q8) Are you satisfied with the services of Max life Insurance ? No OO Yes (9) Has media been the source of information for various plans offered by Max life Insurance? 1 No ] Yes Q10) Which source of media has provided information for the various plans offered by Max life insurance? 2 Newspaner (Television Bi Magazine Ol Radio