G.L.

BAJAJINSTITUTE OF TECHNOLOGY AND MANAGEMENT

SUMMER INTERSHIP PROJECT REPORT
ON

“CONSUMER BEHAVIOUR TOWARDS

LIFE INSURANCE”
“PNB METLIFE INDIA LTD”
TOWARDS THE PARTIAL FULLFILLMENT FOR THE AWARD OF DEGREE OF

MASTER OF BUSINESS ADMINISTRATON (MBA)

(Dr. A.P.J. Abdul Kalam Technical University, Lucknow, Uttar Pradesh)

by
VIVEK KUMAR
{2201920700455}

Session 2023-24

Under the Supervision of

Mr. ANUJ NIGAM

 DECLARATION

I hereby declare that the work presented in this report entitled “CONSUMER
BEHAVIOUR TOWARDS LIFE INSURANCE" was carried out by me. I have not
submitted the matter embodied in this report for the award of any other degree or diploma
of any other University or Institute. I have given due credit to the original authors/sources
for all the words, ideas, diagrams, graphics, computer programs, experiments, results, that
are not my original contribution. I have used quotation marks to identify verbatim
sentences and given credit to the original authors/sources.
I affirm that no portion of my work is plagiarized, and the experiments and results reported
in the report are not manipulated. In the event of a complaint of plagiarism and the
manipulation of the experiments and results, I shall be fully responsible and answerable.

Name: VIVEK KUMAR

Roll. No: 2201920700455

Specialization: MARKETING AND OPERATIONS

(Candidate Signature)
 G. L. BAJAJ
INSTITUTE OF TECHNOLOGY & MANAGEMENT

Approved by A.I.C.T.E. & affiliated to Dr. A.P.J. Abdul Kalam Technical University

CERTIFICATE

This is to certify that …VIVEK KUMAR, 2201920700455…. has

undertaken this project titled “…CONSUMER BEHAVIOUR TOWARDS LIFE INSURANCE”
for the partial fulfillment of the award of Master of Business
Administration degree from Dr. A P J Abdul Kalam Technical University,
Lucknow (U. P.). I wish him all the best for his bright future ahead.

Date:

Project Supervisor
Department of Management Studies

Head of Department
Department of Management Studies
INTERNSHIP COMPLETION CERTIFICATE
 ACKNOWLEDGEMENT

The internship opportunity I had with PNB MetLife India Ltd.as a great chance for

learning and professional development. Therefore, I am also grateful for having a chance

to meet so many wonderful people and professionals who led me though this internship

period.

Bearing in mind previous I am using this opportunity to express my deepest gratitude and
special thanks to the

Mr. Ravi Mishra who in spite of being extraordinarily busy with his duties, took time out
to hear, guide

and keep me on the correct path and allowing me to carry out my project at their

esteemed organization and extending during the training.

I express my deepest thanks to my mentor …Mr. Anuj Nigam…. For taking part in

useful decision & giving necessary advice’s and guidance to make project easier. I

choose this moment to acknowledge her contribution gratefully.

I am using this opportunity to express my gratitude to DR. Vikash Tripathi (HOD) who

supported me throughout the course and constantly reviewed my work and provide

guidance of this MBA project.

 Table of content

Content Page No.

A. EXECUTIVE SUMMARY 7
B. COMPANY PROFILE 8
➢ Introduction of PNB MetLife 8
➢ History 9
➢ Beginning of PNB MeLlife 10-12
➢ Helping People 13
➢ Supporting Community 14-15
➢ PNB MetLife at Present 16-17
➢ PNB MetLife Management 18
➢ Bankers of PNB MetLife 19
C. MISSION VISION AND VALUES 19-20
D. KEY FACTS and STRATEGIES 21
E. PNB METLIFE 22-23
➢ PNB MetLife insurance Partner 22
➢ PNB MetLife office Network 23

D. PLANS AND PRODUCTS 24-27

➢ Monthly Income Protection Plans 24

➢ Retirement Plans 24
➢ Money Back Plans 25
➢ Investment Plans 25
➢ Child Plans 26
➢ Saving Plans 26
➢ Rural Plans 27

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F. COMPETITORS 28
G. CUSTOMERS CATEGORIES 29
H. CHANGING FACE OF INDIAN INSURANCE COMPANY 30-31
I. OBJECTIVES OF THE STUDY 32
J. INTRODUCTION OF CONSUMER BEHAVIOUR 33
➢ Factors influencing Consumer Behaviour 34
a) Cultural Factors 34
b) Social Factors 35
c) Personal Factors 37-38
d) Psychological Factors 39-40
➢ Need or Importance Of Consumer Behaviour 41
K. CONSUMER BEHAVIOUR AND THE MARKETING STRATEGY 42
L. CONCEPTUAL FRAMEWORK 43-45
M. SUMMER INTERNSHIP PROGRAM 46
N. TARGETS / TASKS 47
O. ACHIEVEMENTS 48
P. STRATEGIES 49
Q. DATA ANALYSIS AND INTERPRETATION 50-63
R. FINDINGS 64
S. SWOT ANALYSIS 65
T. LEARNING IN THE EXCUTIVE TRAININGS 66
U. RESEARCH METHODOLOGY 67
V. LIMITATION 68
W. CONCLUSION 69
X. ANNEXURE AND QUESTIONNAIRE 70-73
Y. BIBLIOGRAPHY 74

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 Executive Summary

The aim and objective of the project is to behavior towards life insurance during the clients search.

The PNB MetLife companies are a leading innovator and a recognized leader in protection,
planning and retirement and savings solutions around the world. Around the world, the PNB
MetLife companies offer life, accident, retirement and savings and reinsurance products through
agents, third-party distributors, such as banks and brokers etc.

My area of research was consumer behavior towards life insurance. I have chosen this topic
(project) because fulfilling brand image needs of the people is a major task, slight improvement of
which will lead to an increase customer base and higher customer retention ratio which will lead
to an increase in company’s sales and an enhanced brands image.

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 COMPANY PROFILE

1. Introduction of MetLife

PNB MetLife India Insurance Company Limited (PNB MetLife) is a joint venture Between
MetLife International Holdings Inc. (MIHI), Punjab National Bank Limited (PNB), Jammu &
Kashmir Bank Limited (JKB), M. Pallonji and Company Private Limited and other private
investors, with MIHI and PNB being the majority shareholders. PNB MetLife was previously
known as MetLife India Insurance Company Limited (MetLife India) and has been present in India
since 2001. PNB MetLife brings together the financial strength of a leading global life insurance
provider, MetLife, Inc., and the credibility and reliability of PNB, one of India's oldest and leading
nationalized banks. The vast distribution reach of PNB together with the global insurance expertise
and product range of MetLife makes PNB MetLife a strong and trusted insurance provider. PNB
MetLife is present in over 150 locations across the country and serves customers in more than
7,000 locations through its bank partnerships with PNB, JKB andKarnataka Bank Limited.
PNB MetLife provides a wide range of protection and retirement products through its Agency sales
of over 10,000 financial advisors and multiple bank partners, and provides access to
Employee Benefit plans for over 800 corporate clients in India. With its headquarters in Bangalore
and Corporate Office in Gurgaon, PNB MetLife is one of the fastest growing life insurance
companies in the country.

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 A BRIEF HISTORY

METLIFE FACT SHEET

Founded 2001
Started Operation Feb-2001-02
Headquarter Bangalore, Gorgon
Managing Director & Country Manager Tarun Chugh
Customers 90 million in 47 countries
Financing Advisors 30,000
Number of product Over 30 Products
Presence through PNB MetLife offices 192 offices in 131 cities
Presence through bank partner 1910 offices in 686 cities

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MetLife Begins:
Organized by a group of New York City businessmen in 1863, the National Union Life and Limb
Insurance Company began business in July 1864 insuring Civil War sailors and soldiers against
wartime-related disabilities. It was a difficult beginning.
By the end of 1864, National Union had written only 17 life and 56 accident policies, and was in
last place among the 27 life companies operating in New York State and was running a deficit of
$1,400.After five difficult years in business and several reorganizations and name changes,
President James R. Dow, (a medical doctor) and the board of directors decided to drop the casualty
business and focus solely on life insurance business. And so began Metropolitan Life Insurance
Company.
When MetLife opened for business on March 24, 1868 (selling a small number of policies on that
date) the telephone had not yet been invented and electric lights were still uncommon. The
population of the United States was approximately 37 million, and there were 37 states in the
country. The company’s first home office consisted of two rooms − enough space for its six
employees.
This new venture also faced difficulties. A severe business depression that began in the early 1870s
rapidly put half of the 70 life insurance companies operating in New York State out of business.
Only very large, long-established ordinary life insurance companies remained strong. Policy lapses
over successive years forced the company to contract until it reached its lowest point in the late
1870s.

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In 1879, MetLife President Joseph F. Knapp turned his attention to England, where "industrial"
or "workingmen's" insurance programs were widely successful. American companieshad not
bothered to pursue industrial insurance up to that time because of the expense involvedin building
and sustaining an agency force to sell policies door to door and to make the weekly collection of
five- or ten-cent premiums.
By importing English agents to train an American agency force, MetLife quickly transferred
successful British methods for use in the United States. By 1880, the company was signing up 700
new industrial policies a day. Rapidly increasing volume quickly drove down distribution costs,
and the new program proved immediately successful.
The MetLife agent became an important person in the lives of these striving families. Manuals
instructed agents to call at a home at the same time each week to ensure familiarity and contact. In
the process of collecting premiums, insurance agents listened to the problems, concerns, and hopes
of their clients. So successful was this approach that by 1909, MetLife became the nation'slargest
life insurer in terms of insurance in force, a leadership position we continue to hold today in North
America.

MetLife Foundation:

MetLife Foundation was established in 1976 by MetLife for the purpose of supporting various
educational, health and welfare, civic and cultural organizations.

MetLife Foundation is committed to building a secure future for individuals and communities
worldwide, through a focus on empowering older adults, preparing young people and building
livable communities. The Foundation was established in 1976 to carry on MetLife’s longstanding
tradition of corporate contributions and community involvement. MetLife Foundation is proud of
its history of working closely with organizations meeting the many challenges facing today’s
global society.

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Since it was established, the Foundation has provided over $500 million in funding to hundreds
of global organizations and has been at the forefront on important issues in classrooms,
playgrounds, community centers, research labs and concert halls across the globe, the foundation’s
grants improve the quality of life for millions.

Diversity and Inclusion:-

MetLife's Diversity and Inclusion vision is to foster an inclusive culture that leverages the
contributions of associates with many backgrounds and perspectives to drive growth and
profitability wherever we do business in the global marketplace.

Our commitment to diversity and inclusion makes MetLife a more competitive company and
allows us to better serve our customers, attract and retain the best talent, and do business with the
best companies and suppliers around the world. It brings to MetLife fresh perspectives, new ways
of thinking and more innovative products. It helps build relationships in the communities we serve
and where we do business and helps enhance our brand. At MetLife, diversity is a key driver of
business performance and creates lasting shareholder value.

MetLife is an Equal Opportunity Employer in the United States, and is committed to creating an
environment where all associates can contribute to the fullest of their abilities with no unlawful
discrimination, wherever we do business around the world.

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Helping and Healing People:

In 1909, MetLife Vice President Haley Fiske announced that "insurance, not merely as a business
proposition, but as a social program," would be the future policy of the company. As a first step,
Fiske hired the pioneering industrial social worker Lee Frankel to work at MetLife. Frankel
envisioned insurance as a powerful means toward improving the lot of theunderprivileged. To this
end, he established MetLife's Welfare Division.

Frankel's early work centered on the prevention, the 'white plague' responsible for 20 percent of
all death claims. Public education was the key. In 1909, 10,000 MetLife agents deliveredFrankel's
pamphlet 'A War upon Consumption' to millions of urban poor, who were most at risk for
tuberculosis. This document was the first of an ongoing series of MetLife health publications;by
1929, the company was distributing more than 50 million such brochures and pamphlets a year.
The Welfare Division's most visible and memorable program was the Metropolitan Life Visiting
Nurse Service. Lillian Wald, noted social reformer and director of the Henry Street Settlement on
Manhattan's Lower East Side, had issued a challenge to Frankel to integrate MetLife's business
objective - to insure America's workers - with a larger humanitarian perspective.

13
He responded with a program that mobilized Henry Street nurses to visit acutely ill industrial
policy holders. The service began in 1909 with a three month experiment on New York City's
West Side that was later extended throughout the five boroughs.

Supporting Country and Community:

Over the years, MetLife has made a difference by supporting urban renewal projects and
community financing. The company's social commitment and its commitment to the security of its
policyholders have proven to be good business.
Concern for the financial security of its policyholders led the company to shy away from investing
in the stock market. This policy resulted in MetLife surviving the crash of 1929 relatively
unscathed while countless other financial institutions collapsed with devastating effectson the
American people. The financial strength of the company allowed MetLife to pay out cash
surrenders to its policyholders, and the Company even honored requests from policy holders whose
premiums had lapsed. For many, these payments made the difference between financial failure and
survival.
Beginning in the 1930s, the company broadened its tradition of public service from promoting
individual health to fostering national social and economic goals. In 1930, MetLife was the
undisputed leader of the insurance industry, insuring every fifth man, woman, and child in the
United States and Canada. Traditionally, the company had invested a substantial portion of its
assets in urban and farm mortgages and in loans to individuals. But the collapse of real estate
values during the Great Depression and the decline of interest rates made these customary
investment options less attractive.
In response to changing conditions, the company reduced the percentage of individual mortgages
in its portfolio in favor of public utility bonds, investments in government securities, and loans for
commercial real estate. In 1931 MetLife provided the outside capital to build Rockefeller Center.
It also lent money to construct the Empire State Building in 1929, and virtually saved this project
from bankruptcy.

14
The company's housing program begun in the 1920s and completed after World War II -- at the
time the most extensive housing program undertaken by either public or private enterprise- was
in part driven by the need for investment vehicles that would bring greater returns to policyholders.
During World War II, the company placed more than 51 percent of its total assets in war bonds,
and was the largest single private contributor to the Allied cause.
As the "world's wealthiest private company," MetLife entered the postwar period in a strong and
secure position. This era in the company's history changed MetLife in a number of fundamental
ways. To bring its products and services closer to customers, it expanded its suburban presence,
decentralized operations, and refocused its career agency system to serve all segments of the
market. MetLife also developed new group products and marketed them to employers and
institutions. By the end of 1979, MetLife concentrated on four businesses: group insurance,
personal insurance, pensions, and investments.
The year 2001 was a true test of the qualities that define MetLife. The company’s core values,
brought to life in what MetLife does every day, were never more evident than in MetLife’s
response to the terrorist attacks of September 11. MetLife not only paid claims extraordinarily
quickly, but also invested $1 billion in a broad array of publicly-traded common stocks to help
rebuild confidence in shaken financial markets.

15
PNB MetLife Today:
PNB MetLife’s vision of being the leading global life insurance and employee benefits company
guides the company’s response to people’s growing need for first-rate financial products and
services through various life stages and economic cycles. PNB MetLife’s trusted brand, capital
strength, and existing relationships with millions of individual and institutional customers around
the globe uniquely position PNB MetLife among its competitors.

1. NEWS:

MetLife India:

MetLife India Insurance has recently won the Excellence in Growth Award 2012 in the Indian
Insurance Awards 2012 for being the quickest growing insurer. The award function was organized
at Mumbai. The presenters of the event are SP Media. The awards have been createdto recognize
the following factors:

➢ Performance
➢ Product innovation
➢ Growth
➢ Market innovation
➢ Customer service
➢ Technology

Every year the organizers increase the standards needed to attain success in these awards. The
award looks to honor all round growth of a life insurer in various critical domains such as the
following:

➢ Coverage
➢ Business mix
➢ Volumes
➢ Product portfolio
➢ Revenues

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 ➢ Market share

The award looks to recognize growth that can be maintained over a substantial period of time. This
time it honored the sterling growth performance of MetLife India Insurance in the life insurance
segment.

While speaking on this prestigious achievement the Managing Director and Country Manager of
MetLife India Insurance, Rajesh Relan, has stated that the insurer is both proud and delighted to
have bagged the award. He felt that the award was recognition of the organization's dedication
towards excellence and team work.

According to him, the award also reflected the hard work put in by the company to come up with
groundbreaking solutions and products for the consumers. All these factors, over the year, have
played an instrumental role in taking MetLife to the position it enjoys today.

The Indian Insurance Awards are provided on the basis of information that is collected from
nomination forms that are provided by insurers who like to see themselves in running for the
honors.

The award also has a panel of experts who provide subjective and qualitative suggestions and
viewpoints - this makes sure that the awards are provided in accordance to what is happening in
the insurance markets

It operates in at least 70 countries across the world and has a minimum of 119 years' experience in
the financial industry. At present Allianz SE manages assets whose combined worth is more than
INR 5500,000 crores.

17
PNB MetLife Management:

The following individuals make up the management team at PNB MetLife:

Name Designation
Ashish Kumar Srivastava Managing Director And CEO

Sameer Bansal Chief Distribution Officer

Nilesh Kothari Chief Financial officer

Sanjay Kumar Chief Investment Officer

Asfa Bihari Appointed Actuary

Sarang Cheema Chief Risk and Compliance Officer

Shishir Agarwal Chief Human Resources Officer

Vineet Maheshwari Chief Strategy Officer

KR Anil Kumar Chief Legal Officer & Head – Board Affairs

Viraj Taneja Chief Internal Auditor

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Bankers of PNB MetLife:

Following are its major bankers:

➢ Standard Chartered Bank

➢ HDFC Bank

➢ AXIS Bank

➢ City Bank

➢ Deutsche Bank

MISSION, VISION AND VALUES

MISSION:
We aim to be the top new life insurance company in the market. Our mission is to be the best new
life insurance company in India and these are the values that will guide us in this. This doe’snot
just mean being the largest or the most productive company in the market; rather it is a combination
of several things like-

➢ Customer service of the highest order.

➢ Value for money for customers.

➢ Professionalism in carrying out business.

➢ Innovative products to cater to different needs of different customers.

➢ Use of technology to improve services in PNB MetLife.

➢ Increasing market share.

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Vision:

➢ Being the leading global life insurance and employee Benefits Company.

➢ To become a trusted brand.

➢ To become a market leader.

VALUES:

PUT CUSTOMERS FIRST

Caring for and respecting customers is core to everything we do. It

defines our work and shapes the culture for our people, radiating out
to our shareholders and communities.

BE THE BEST

We are relentless in our search for new and better ways of doing
things. As a leader in our industry, we constantly raise the bar, take
calculated risks and learn quickly from our mistakes.

MAKE THINGS EASIER

Products in our industry aren't always easy to understand. That's why

we are always looking for simpler ways to connect customers to the
best solutions. By doing this, we aim to exceed their expectations and
build trust.

SUCCEED TOGETHER

United by our purpose, we live by a collective commitment to

honesty, integrity and diversity. We are open and inclusive, proudly
taking and applying the best ideas from every part of our company.

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 STRATEGIES AND KEY FACTS

Strategies:
To fulfill the target we first met to our company guide and the senior members. They gave us
presentation on the company, business and its products.

Afterwards they gave some idea relating to how to identify the prospect customer. Then I started
working on the products of the company. I approached the natural market, made cold calling to
find out the prospective customers, convince them with assistance of our sales manager, and also
took references from them.

Key Facts:
PNB MetLife’s trusted brand, capital strength and existing relationships with millions of individual
and institutional customers around the globe uniquely position us among our competitors

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MetLife Insurance India Campaign:

PNB MetLife Insurance Partners:

Following are the partners of MetLife:

➢ Geojit Securities
➢ Karnataka Bank
➢ Jammu & Kashmir Bank
➢ Karvy Consultants
➢ Punjab National Bank
➢ Mini Muthoottu

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MetLife office network:

MetLife India Insurance has set up offices in the following states and union territories:

➢ Andhra Pradesh
➢ Karnataka
➢ Assam
➢ Kerala
➢ Bihar
➢ Madhya Pradesh
➢ Chandigarh
➢ Maharashtra
➢ Chhattisgarh
➢ Orissa
➢ Delhi
➢ Pondicherry
➢ Goa
➢ Punjab
➢ Gujarat
➢ Rajasthan
➢ Haryana
➢ Tamil Nadu
➢ Himachal Pradesh
➢ Uttar Pradesh
➢ Jammu and Kashmir
➢ Uttarakhand
➢ Jharkhand

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PLANS AND PRODUCTS

1. Monthly Income Protection Plans:

🞂 Met Family Income Protector Plans

Throughout your life, you have provided comfort, happiness and protected your loved ones
emotionally and financially. But, there are times when you ask yourself “what if I am not around
to take care of my family? Have I secured my loved ones financially? Can I plan for the financial
security of my family?

Presenting, PNB MetLife’s term assurance plan, that protects your family from financial
uncertainties by providing them regular monthly income and help you secure their future in an
economical way!

2. Retirement Plans:

🞂 Met Monthly Income Plan

PNB MetLife offers 'Met Monthly Income Plan' a participating plan which guarantees you a
monthly regular income for you and your family when you are there and even if you are not there
for 15 years or till end of the policy term.

Moreover you choose the monthly income that you want and we guarantee you That amount
A plan which provides for your retirement needs and helps you achieve financial freedom -
'Guaranteed'.

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3. Money Back Plans:

🞂 Met Money Back Plan

(Invest in our 10 year plan and get guaranteed money back from the 6th year onwards.)

It is the small happy moments spent with family and loved ones that stay with us for a life time.
And it is these small moments that add up to make our life’s journey happy and fulfilling. These
precious moments become more memorable when you are financially equipped to enjoy them. Our
money back plan with its feature of money back at regular intervals works to make your moments
even more memorable. This plan gives you a double benefit of guaranteed money back at regular
intervals along with protection in case of an unforeseen eventuality.

4. Investment Plans:

🞂 Met Smart Platinum

A Unit Linked Whole life plan for your changing life stage needs. Along with 6 Unit Linked Funds
& investment strategies like auto rebalancing and Systematic Transfer Option, this plan has free
unlimited switches online, which allows you to manage your investments with changing market
conditions.

🞂 Met Easy Super

A simplified Unit linked plan for your wealth creation needs. With Systematic Transfer Option
and unlimited switches online one can efficiently manage investment between 6 unit linked funds.

🞂 Met Dhan Samriddhi

Being prosperous, you have cherished the best in life. So your financial planning has to be truly
best in class and provide you with the greatest value for your hard earned savings. With this
objective in mind, we present, Met Dhan Samriddhi life insurance plan exclusively for preferred
customers like you.This plan helps you maximize your wealth through reasonable charges on the
premium paid and through the consistent# performance of our funds

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🞂 Met Smart One
IN THIS POLICY, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS
BORNE BY THE POLICYHOLDER"
You work hard to fulfill your family dreams and wish everything that is best for them, whether
it is your children's education or your child marriage or buying your dream house. We at PNB
MetLife understand that your hard earned money should work equally harder for you. Hence we
bring to you Met Smart One, which is investment cum protection single premium plan which
along with its various investment management options facilitates accelerated wealth creation
with Loyalty additions.

5. Child Plans:

🞂 Met Smart Child

Today, your role in your child’s life extends from being a provider to a nurturer, a mentor and a
friend. You are a part of your child’s dreams and rising aspirations - the one responsible to ensure
that your child gets what they aspire for. This decision requires you to plan and be prepared for
tomorrow. Our specially designed child plans takes care of the ever changing requirements of your
child, be it the rising education cost, financial planning for his extracurricular developments or
marriage. We understand each of your roles and participate with you to realize your child’s dream.

6. Saving Plans:

🞂 Met Endowment Saving Plan

All through your life, you have certain responsibilities; your children’s education, marriage
expenses and many more such expenses. Our Met Endowment Savings Plan provides you the
benefit of systematic long term savings, while offering your family the protection. Through
systematic savings, you can accumulate a corpus for your future goals

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7. Rural Plans:

🞂 Met Grameen Ashray Plan.

Met Grameen Ashray protects your family from any uncertainties of life. You enjoy life cover for
a period of 5 years at a reasonable price and the plan takes care of your family in your absence.

Death Benefit
In the event of your death during the Coverage Term, your nominee shall receive the chosen
Sum Assured as lump sum.
E.g. a person aged 40 years pays Rs. 395 (inclusive of all taxes at the prevailing rates) every year
for a protection amount of Rs. 25,000. In case of death during the Coverage Term of 5 years, his
nominee gets Rs. 25,000.

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 COMPETITORS

➢ BAJAJ ALLIANZ

➢ BIRLA SUNLIFE

➢ LIC

➢ HDFC STD. LIFE INSURANCE

➢ BHARTI AXA LIFE INSURANCE CO. LTD.

➢ RELIANCE LIFE INSURANCE

➢ ICICI PRUDENTIAL

➢ KOTAK MAHINDRA OLD MUTUAL

➢ AVIVA LIFE INSURANCE CO.

➢ TATA AIA

➢ MAX NEW YORK

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 CUSTOMERS

Customers can be classified in the following manner:

➢ Need based.

➢ Class based.

1. Need based:

➢ Investment,

➢ Market profile users.

➢ Future security.

➢ Future need.

2. Class based:

➢ High class.

➢ Middle class.

➢ Lower middle class.

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CHANGING FACE OF INDIAN INSURANCE INDUSTRY

Indian life-insurance market is the target market of all the companies who either want to extend or
diversify their business. To tap the Indian market there has been tie-ups between the major Indian
companies with other International insurance companies to start up their business. The government
of India has setup rules that no foreign insurance company can set up their business individually
here and they have to tie up with an Indian company and this foreign insurance company can have
an investment of only 49% of the total start-up investment.
Indian insurance industry can be featured by:

➢ Low market penetration.

➢ Ever growing middle class component in population.
➢ Growth of customer’s interest with an increasing demand for better insurance
products.
➢ Application of information technology for business.
➢ Rebate from government in the form of tax incentives to be insured.

Today, the Indian life insurance industry has a dozen private players, each of which are making
strides in raising awareness levels, introducing innovative products and increasing the penetration
of life insurance in the vastly underinsured country. Several of private insurers have introduced
attractive products to meet the needs of their target customers and in line with their business
objectives. The success of their effort is that they have captured over 28% of premium income in
five years.
The biggest beneficiary of the competition among life insurers has been the customer. A wide
range of products, customer focused service and professional advice has become the mainstay of
the industry, and the Indian customer’s forms the pivot of each company’s strategy. Penetration

30
of life insurance is beginning to cut across socio-economic classes and attract people who have
never purchased insurance before.

Life insurance is also now being regarded as a versatile financial planning tool. Apart from the
traditional term and saving insurance policies, industry has seen the entry and growth of unit linked
products. This provides market linked returns and is among the most flexible policies available
today for investment. Now products are priced, flexible, and realistic and sustainso people in better
position to understand the risk and benefits of the product and they are accepting these innovative
products.
So it is clear that the face of life insurance in India is changing, but with the changes come a host
of challenges and it is only the credible players with a long term vision and a robust business
strategy that will survive. Whatever the developments, the future and the opportunities in this
industry will surely be exciting.

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OBJECTIVES OF THE STUDY

➢ To gain an understanding of PNB Met life, business of PNB Met life, and it’s Products.

➢ To know about the consumer perception about the company.

➢ To fulfill the targets set by the IP Company.

➢ To know how the work takes place in insurance sector.

➢ To have a practical knowledge.

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 CONSUMER BEHAVIOUR

Customer behavior study is based on consumer buying behavior, with the customer playing the
three distinct roles of user, payer and buyer. Research has shown that consumer behavior is difficult
to predict, even for experts in the field. Relationship marketing is an influential asset for customer
behavior analysis as it has a keen interest in the re-discovery of the true meaning of marketing
through the re-affirmation of the importance of the customer or buyer. A greater importance is also
placed on consumer retention, customer relationship management, personalization, customization
and one-to-one marketing. Social functions can be categorized into social choice and welfare
functions. It blends elements from psychology, sociology, social anthropology, marketing and
economics. It attempts to understand the decision-making processesof buyers, both individually
and in groups such as how emotions affect buying behavior.
“In simpler words a consumer is one who consumes goods and services available in the market.”

Two different kinds of consuming entities:

The personal consumer and the organizational consumer.

➢ Personal Consumer à Buys goods and services for his or her own use, for the use of the
household or as a gift for a friend. The products are bought for final use by individuals,
who are referred to as end users or ultimate consumers.

➢ Organizational Consumer à Includes profit and non-profit businesses, government

agencies (local, state, national) and institutional (e.g. schools, hospitals, and prisons), all
of which buy products, equipment, and services in order to run their organizations.

33
The factors influencing consumer behavior
There are 4 main types of factors influencing consumer behavior: cultural factors, social factors,
personal factors and psychological factors.

1. Cultural factors:

Culture and societal environment:

Culture is crucial when it comes to understanding the needs and behaviors of an individual.
Throughout his existence, an individual will be influenced by his family, his friends, his cultural
environment or society that will “teach” him values, preferences as well as common behaviors to
their own culture.

For a brand, it is important to understand and take into account the cultural factors inherent to each
market or to each situation in order to adapt its product and its marketing strategy. As these will
play a role in the perception, habits, behavior or expectations of consumers.

Sub-cultures:

A society is composed of several sub-cultures in which people can identify. Subcultures are groups
of people who share the same values based on a common experience or a similar lifestyle in
general. Subcultures are the nationalities, religions, ethnic groups, age groups, gender of the
individual, etc.The subcultures are often considered by the brands for the segmentation of a market
in order to adapt a product or a communication strategy to the values or the specific needs of this
segment

Social classes:

Social classes are defined as groups more or less homogenous and ranked against each other
according to a form of social hierarchy. Even if it’s very large groups, we usually find similar
values, lifestyles, interests and behaviors in individuals belonging to the same social class. We

34
often assume three general categories among social classes: lower class, middle class and upper
class.

People from different social classes tend to have different desires and consumption patterns.
Disparities resulting from the difference in their purchasing power, but not only. According to
some researchers, behavior and buying habits would also be a way of identification and belonging
to its social class.

Cultural trends:

Cultural trends or “Bandwagon effect” are defined as trends widely followed by people and which
are amplified by their mere popularity and by conformity or compliance with social pressure. The
more people follow a trend, the more others will want to follow it. They affect behavior and
shopping habits of consumers and may be related to the release of new products or become a source
of innovation for brands. By social pressure, desire to conformity or belonging to a group, desire
to “follow fashion trends” or simply due to the high visibility provided by media, consumers will
be influenced, consciously or unconsciously, by these trends.

For example, Face book has become a cultural trend. The social network has widely grew to the
point of becoming a must have, especially among young people.

2. Social factors:

Reference groups and membership groups:

The membership groups of an individual are social groups to which he belongs and which will
influence him. The membership groups are usually related to its social origin, age, place of
residence, work, hobbies, leisure, and etc.The influence level may vary depending on individuals

35
and groups. But is generally observed common consumption trends among the members of a
same group.

The understanding of the specific features (mindset, values, lifestyle, etc.) of each group allows
brands to better target their advertising message. More generally, reference groups are defined as
those that provide to the individual some points of comparison more or less direct about his
behavior, lifestyle, desires or consumer habits. They influence the image that the individual has
of himself as well as his behavior. Whether it is a membership group or a non-membership
group. Within a reference group that influences the consumer buying behavior, several roles
have been identified:

• The initiator: the person who suggests buying a product or service

• The influencer: the person whose point of view or advice will influence the buying
decision. It may be a person outside the group (singer, athlete, actor, etc.) but on which
group members rely on.
• The decision-maker: the person who will choose which product to buy. In general, it’s
the consumer but in some cases it may be another person. For example, the “leader” of a
soccer supporters’ group (membership group) that will define, for the whole group, which
supporter’s scarf buy and bear during the next game.
• The buyer: the person who will buy the product. Generally, this will be the final
consumer.

Family:

The family is maybe the most influencing factor for an individual. It forms an environment of
socialization in which an individual will evolve, shape his personality, and acquire values. But also
develop attitudes and opinions on various subjects such as politics, society, social relations or
himself and his desires.

36
But also on his consumer habits, his perception of brands and the products he buys. Perceptions
and family habits generally have a strong influence on the consumer buying behavior. People will
tend to keep the same as those acquired with their families. For example, if you have never drunk
Coke during your childhood and your parents have described it as a product “full of sugar and not
good for health”. There is far less chance that you are going to buy it when you will grow up that
someone who drinks Coke since childhood.

The position of an individual within his family, his work, his country club, his group of friends,
etc. – All this can be defined in terms of role and social status. A social role is a set of attitudes
and activities that an individual is supposed to have and do according to his profession and his
position at work, his position in the family, his gender, etc. – And expectations of the people around
him.

Social status meanwhile reflects the rank and the importance of this role in society or in social
groups. Some are more valued than others.

The social role and status profoundly influences the consumer behavior and his purchasing
decisions. Especially for all the “visible” products from other people.

3. Personal factors:

Age and way of life:

A consumer does not buy the same products or services at 20 or 70 years. His lifestyle, values,
environment, activities, hobbies and consumer habits evolve throughout his life.

For example, during his life, a consumer could change his diet from unhealthy products (fast food,
ready meals, etc.) to a healthier diet, during mid-life with family before needing to follow alittle
later a low cholesterol diet to avoid health problems.

The factors influencing the buying decision process may also change. For example, the “social
value” of a brand generally plays a more important role in the decision for a consumer at 25 than
at 65 years.

37
Purchasing power and revenue:

The purchasing power of an individual will have, of course, a decisive influence on his behavior
and purchasing decisions based on his income and his capital.

This obviously affects what he can afford, his perspective on money and the level of importance
of price in his purchasing decisions. But it also plays a role in the kind of retailers where he goes
or the kind of brands he buys.

As for social status, some consumers may also look for the “social value” of products they buy in
order to show “external indications” of their incomes and their level of purchasing power.

Lifestyle:

The lifestyle of an individual includes all of its activities, interests, values and opinions.

The lifestyle of a consumer will influence on his behavior and purchasing decisions. For
example, a consumer with a healthy and balanced lifestyle will prefer to eat organic products and
go to specific grocery stores, will do some jogging regularly (and therefore will buy shoes,
clothes and specific products), etc.

Personality and self-concept:

Personality is the set of traits and specific characteristics of each individual. It is the product of
the interaction of psychological and physiological characteristics of the individual and results in
constant behaviors.

It materializes into some traits such as confidence, sociability, autonomy, charisma, ambition,
openness to others, shyness, curiosity, adaptability, etc.

38
While the self-concept is the image that the individual has – or would like to have – of him and
he conveys to his entourage. These two concepts greatly influence the individual in his choices
and his way of being in everyday life. And therefore also his shopping behavior and purchasing
habits as consumer.

4. Psychological factors:

Motivation:

Motivation is what will drive consumers to develop a purchasing behavior. It is the expression of
a need is which became pressing enough to lead the consumer to want to satisfy it. It is usually
working at a subconscious level and is often difficult to measure.

Motivation is directly related to the need and is expressed in the same type of classification as
defined in the stages of the consumer buying decision process. To increase sales and encourage
+consumers to purchase, brands should try to create, make conscious or reinforce a need in the
consumer’s mind so that he develops a purchase motivation. He will be much more interested in
considering and buy their products.

Perception:

Perception is the process through which an individual selects, organizes and interprets the
information he receives in order to do something that makes sense. The perception of a situation
at a given time may decide if and how the person will act.

Depending to his experiences, beliefs and personal characteristics, an individual will have a
different perception from another.

39
Each person faces every day tens of thousands of sensory stimuli (visual, auditory, kinesthetic,
olfactory and gustatory). It would be impossible for the brain to process all consciously. That is
why it focuses only on some of them.

Learning:

Learning is through action. When we act, we learn. It implies a change in the behavior resulting
from the experience. The learning changes the behavior of an individual as he acquires
information and experience.

For example, if you are sick after drinking milk, you had a negative experience, you associate the
milk with this state of discomfort and you “learn” that you should not drink milk. Therefore, you
don’t buy milk anymore.

Beliefs and attitudes:

A belief is a conviction that an individual has on something. Through the experience he acquires,
his learning and his external influences (family, friends, etc.), he will develop beliefs that will
influence his buying behavior.

While an attitude can be defined as a feeling, an assessment of an object or idea and the
predisposition to act in a certain way toward that object. Attitudes allow the individual to develop
a coherent behavior against a class of similar objects or ideas

40
NEED OR IMPORTANCE OF CONSUMER BEHAVIOUR

The modern marketing management tries to solve the basic problems of consumers in the area of
consumption. To survive in the market, a firm has to be constantly innovating and understand the
latest consumer needs and tastes. It will be extremely useful in exploiting marketing opportunities
and in meeting the challenges that the Indian market offers.

➢ It is significant for regulating consumption of goods and thereby maintaining economic

stability.
➢ It is useful in developing ways for the more efficient utilization of resources of marketing. It
also helps in solving marketing management problems in more effective manner.
➢ Today consumers give more importance on environment friendly products. They are concerned
about health, hygiene and fitness. They prefer natural products. Hence detailed study on
upcoming groups of consumers is essential for any firm.
➢ The growth of consumer protection movement has created an urgent need to understand how
consumers make their consumption and buying decision.
➢ Consumers’ tastes and preferences are ever changing. Study of consumer behavior gives
information regarding color, design, size etc. which consumers want. In short, consumer
behavior helps in formulating of production policy.
➢ For effective market segmentation and target marketing, it is essential to have an understanding
of consumers and their behavior.

41
Consumer Behavior and the Marketing Strategy:

Consumer behaviour is the study of the way people seek, purchase, use, evaluate and dispose of
products and services. It is the phycology of marketing, and it is used to determine why consumers
seek one product alternative from the other. Consumer behavior can be used by marketers to create
the marketing strategy; targeting each consumer effectively once they understand their needs and
wants through the research of consumer behavior.

It is a strategy used to maximize limited resources of an organization to increase its opportunities

in sales and achieve a sustainable competitive advantage.

A marketing strategy is created by market research, which the needs, attitudes and competitors
products are evaluated, as well as the packaging, sales and distribution of a product.
Marketers may also make decisions for their marketing strategy based on the consumers’
demographic information. This information includes the consumers: income, educational level,
occupation, age, and location. This is known as segmenting the market.

Benefits for an organization:

When the marketing strategy and consumer behaviour are intervened, marketers can expect
success in their sales, higher profit margins and competitive sustainability in the market place.
The benefits of using consumer behaviour to create a marketing strategy are the knowledge
marketer’s gain about the needs and values of their target market. Once marketers understand this,
it is most likely their message will be delivered to the correct target market, resulting in an end
sale.

42
 Conceptual Framework

What is Life Insurance?

Life insurance a contract providing for payment of a sum of money to the person assured or
failing him to the person entitled to receive the same on the happenings of certain event.

Uncertainty of death is inherent in human life .it is this risk ,which gives rise to the necessity
for some form of protection against the financial loss arising from death . insurance substitutes
this uncertainty by certainty.

The objective of insurance is normally to provide.

a. Family protection and/or

b. Provision for old age

Why life insurance?

You think before taking the plunge in to buying insurance. Is buying insurance a necessity
now? Spending an “extra” amount as premium at regular intervals where youdo not see
immediate benefits does not seem a necessity at the moment, may be later.
Well you could be wrong. Buying insurance cannot be compared with any other form of
investment. Insurance gives you a life long benefits and the returns will defiantly come but
only when you need it the most i.e. at the right time. Besides be needing it the most
i.e. at the right time. Besides buying insurance early in life is one of the wise decisions
you could take. Because the premium you would be paying would comparatively lower.
Insurance is not about how much more it can offer you when the stock market is at its
peak. It may not be an attractive investment option. But weigh the pros & cons and
consider how much more it offers at a small price.
Most important of all it provides you with that unique sense of security that no other form
of investment provides. It gives you a sense of financial support especially during the

43
 time of crisis irrespective of the fluctuation in the stock market. Insurance provides for
your goals right from your childhood years.
If the earning member of the family is no more your child’s educational needs will not
suffer. in fact his higher education too will be provided for. You need not spend sleepless
nights thinking about how to save for your child’s marriage. Life insurance will take care
of that typical once in a life time spending on marriages.
An accident or a disability may be devastating but an insurance policy can be utmost
support for the family during such times too. Besides it provides for additional benefits
such as bonuses. You need not worry about your retirement years. The rising prices taxes,
and your lifestyle will be taken care of easily. And you can relax and spend your old age
in comfort and peace.
Life insurance today plays a major role in ones life at various stages. Considering the
benefits it offers one cannot but gives a thought to buying an insurance policy at the earliest.

NEED FOR LIFE INSURANCE:

The need for life insurance comes from the need to safeguard our family. If you care for
your family’s need you will defiantly consider insurance.
Today insurance has become even more important due to the disintegration of the prevalent
joint family systems, a system in which a number of generation co-existed in harmony, a
system in which a sense of financial security was always there were more earning members.
Times have changed and the nuclear family has emerged. Apart from others pitfalls of a
nuclear family,a 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.

44
Hoe will be able to satisfy all those needs? Better life styles, good education, your long
desired houses. But again –you just cannot fritter away all your earnings. you need to save
a part of it for the future too- a wide decision . this is where insurance helps you .
Factor such as fewer number of earnings members, stress, pollution , increased compition,
higher ambitions etc are some of the reason why insurance has gained importance and
where insurance plays a successful role.
Insurance is must also because of the uncertain future advertises of life accidents
,illnesses, disability , etc are facts of life which can be extremely devastating . other then
the hospitalization ,medication bills these run up it’s the aftermath of the incidents ,the
physical beings of the individual that has to be taken in to before? A pertinent question.
But what if he is not? Disability can be taken care of by insurance. Your family will not
have to go through the grind due to your present inability.

45
 Summer Internship Program (SIP)

Summer Internship Program is a training that takes around Two months . After completing
this executive training we will get a certificate and to get this certificate we are given
certain targets. We have to achieve these targets within the specified time.

The targets assigned by PNB MetLife for 8 weeks are to give policies worth Rs.1 lac , 1.50
lac , 2 lac, 3 lac , 5 lac & five policies. On the achievement of these targets we will be given
the commission accordingly.

46
 TARGETS/TASKS

The target assigned by the IP company is RS 60,000 monthly.

We have to make the customer aware of the company’s product.

To realize the needs of the customer.

To make the sales of the insurance products.

To generate lead.

To fill recruitments.

47
 ACHIEVEMENTS

WEEK 1

Understood Insurance Regulatory Development Authority (IRDA) Rules & Regulation.

WEEK 2

Understood business of PNB METLIFE and its Products.

WEEK 3

During this internship program I successfully achieved my first weak target by making the
sale of an insurance policy worth RS.16, 000/-

WEEK 4

The next week target was partially achieved, amounted to Rs.15,500/-

WEEK 5

The target that I achieved was the sale of insurance policy worth RS.25,800-

WEEK 6
The target that I achieved was the sale of insurance policy worth RS.16,450/-

WEEK 7
The target that I achieved was the sale of insurance policy worth RS.18,520/-

WEEK 8
The target that I achieved was the sale of insurance policy worth RS.30,000/-

48
 STRATEGIES

To fulfill the target we first meet to our company guide and the senior members. They gave us
presentation on the company, business and its products.
Afterwards they gave some idea relating to how to identify the prospect customer. Then I started
working on the products of the company. I approached the natural market, made cold calling to
find out the prospective customers, convince them with assistance of our sales manager, and also
took references from them.

49
 Data analysis and Interpretation

Q.1. what is your occupation?

a) Employed 17 68%

b) Housewife 3 12%

c) Retired 2 8%

d) Businessman 3 12 %

OCCUPATION
Businessman
12%
Retired
8%

Housewife
12%
Employed
68%

Interpretation: Majority (68%) of the respondents were Employed.

50
 Q.2. Do you pay taxes?

a) Yes 5 20%

b) No 20 80%

YES
20%

NO
80%

Interpretation: Majority (80%) of respondent do not pay taxes.

51
 Q.3 Do you have any insurance policy?

a) Yes 21 84%

b) No 4 16%

EXISTING POLICY

NO
16%

YES
84%

Interpretation: 84% of respondent have insurance policies where rest (16%) do not have.

52
 Q.4. If I say Life policy which company comes to your mind?
a) LIC 12 48%
b) PNB MetLife 5 20%
c) Birla Sun life 3 12%
d) IDBI Federal 1 4%
e) ICICI Prudential 2 8%
f) Tata AIG 2 8%

ICICI Prudential
Tata AIG
8%
8%

IDBI Federal
4%
LIC
48%
Birla Su Life
12%

PNB Metlife
20%

Interpretation: Maximum (48%) respondents gave LIC as their first thing came to their
mind when hearing the name of life Insurance.

53
Q.5. What is the purpose of your investment in Insurance?
a) Life coverage 15 60%
b) Return 5 20%
c) Liquidity 1 4%
d) Tax saving 4 16%

PURPOSE

16%
Liquidity
4%

Life Coverage
20% 60%

Interpretation: Majority of respondent want to Invest in Insurance co. for Life coverage.

54
Q.6. Have you invested in any of the following?

a) Mutual funds 4 20%

b) Fixed Deposits 15 75%
c) Share Market 1 5%

5% Investment

Mutual Fund
20%

Fixed Deposits
75%

Interpretation: Majority of respondent (75%) want to invest on fixed deposit plan.

55
Q.7. Are you satisfied with the policy?
a) Satisfied 17 68%
b) Not Satisfied 8 32%

Satisfaction

Not Staisfied
32%

Satisfied
68%

Interpretation: The maximum respondent (68%) was satisfied with their Policies.

56
 Q.8. Are you satisfied with service agent?
a) Satisfied 14 56%
b) Not Satisfied 11 44%

Agent Service

Not Satified
32%

Satisfied
68%

Interpretation: Maximum respondent (68%) was satisfied with their Service agent.

57
Q.9. what is the best form of investment?

a) Fixed Deposit 14 56%

b) Securities. I.e. Bonds MFs 2 8%
c) Shares 1 4%
d) Insurance 8 32%

Insurance
7%
Share
5%

Securities
11%

77%

Interpretation: The majority of respondent (77%) want to invest in fixed deposite.

58
 Q.10. Are you aware of insurance plans of PNB MetLife?

a) Fully Aware 3 12%

b) Partially Aware 9 36%
c) Not Aware 8 32%
d) Can’t say 5 20%

Fully Aware
Cant's say 12%
20%

Partially
Aware
36%
Not Aware
32%

Interpretation: The respondent was partially aware (36%) about the PNB MetLife plans.

59
Q.11. How did you come to know about these plans?

a) News paper/Media 1 8%
b) Internet 2 17%
c) Advisors 6 50%
d) Friends 3 25%

News
Paper
Friends 8%
25%

17%

Advisors
50%

Interpretation: The majority of respondent (50%) came to know about the plans from
advisors.

60
Q.12. How would you rate Indian insurance Co’s?

a) Non user friendly 2 8%

b) Unsatisfactory services 3 12%
c) Non aggressive 5 20%
d) Satisfactory 12 48%
e) Good 2 8%
f) Very good 1 4%

Very good
4%

Non user
Good Friendly
8% 8%

Unsatisfactory
Service
12%

Non
aggressive
20%
Satisfactory
48%

Interpretation: The maximum respondent rated Indian Insurance co. as just satisfactory
(48%).

61
Q.13. What would you look in an insurance CO’s?

a) A trusted name 8 32%

b) Friendly service & responsiveness 7 28%
c) Good plans 9 36%
d)Accessibility 1 4%

Looking in Insurance Co's

Accessibility
4%

A Trusted
Name
32%
Good Plans
36%

Responsivene
ss
28%

Interpretation: The respondent looks basically “Good plans” in an insurance co’s.

62
Q.14. Apart from PNB MetLife plans in which company have you invested?

a) LIC 12 57%
b) Birla Sun life 2 10%
c) SBI Life 3 14%
d) ICICI Prudential 3 14%
e) Tata AIG 1 5%

Tata AIG
Existing Policy
5%

ICICI
Prudential
14%

SBI Life
14%
LIC
57%
Birla Sun
Life
10%

Interpretation : The majority respondent (57%) has invested in LIC .

63
 FINDINGS

1. The maximum respondents were highly interested in fixed deposit plans.

2. The maximum respondents were not fully aware of PNB MetLife plans.

3. The respondent wants Insurance as a tool of Life coverage.

4. 16% people do not have any Life Insurance policy.

5. The respondents feel that financial advisor is a major source of information about the
investment plans.

6. Most of the respondents are satisfied with the service provided by the company.

7. LIC has been a major competitor for PNB MetLife in the market.

64
 SWOT ANALYSIS

STRENGTH
• Cooperative environment

• Highly experienced employees

• Customized product

• Provide good services to the customers

• High quality training programmers

WEAKNESS
• Less faith of people in private insurance sector.

• Low retention rate of employees.

• The main weakness of this company is that people are not aware regarding this business
so this company takes lot of time to aware the people regarding this company .Sometime
the agents in order to get high commission they made fool of their customer about the
return.

OPPORTUNITIES
• Company is open to expanding into new markets

• New related products

• Acquisitions

THREATS

• Increase in competition

• Mutual Funds

• Economic Conditions

65
 LEARNING IN THE EXECUTIVE TRAINING

🞂 During the term of the SIP, I gained many new skills that are relevant in almost all
Marketing position, such as; Understanding the business and affairs of PNB Met
Life’s the products.

🞂 How to perform and fulfill the targets on time.

🞂 Plan, implement and complete tasks and understand the reasons for the tasks.
🞂 Necessary document required for the policies.
🞂 Prepare detailed benefit illustration for customers.
🞂 Interact with others in all levels of positions within the organization.
🞂 Participate in meetings that were held in PNB Met life.
🞂 Be accountable for our assigned tasks.

66
RESEARCH METHODOLOGY

• Research design: Research methodology adapted for collecting and analyzing the data
in an effective manner has the specific framework. Such a framework is called the
RESEARCH DESIGN. It provides the researcher the direction or path to conduct its
research. The research design followed by the researcher was “Descriptive Research”
design in which both primary and secondary data was collected through various data
collection instruments.

• Sampling design: The technique used is Random Sampling of employees in different

blocks of PNB MetLife, Dehradun.

• Sample:
The sample size taken was “25”
The sample selected is “Random Sampling”.

• Listing the information needed:

1- Both the “Primary and the secondary data” collected.
2- The needed information is listed in the Questionnaire.

• Data Collection Method:

The data was collected through “Survey Questionnaire Method”.

The Questionnaire provided to the respondents is a “Structured- Non Disguised”

consisting of multiple choice questions.

• Software tools used for data analysis: MS Excel

• Research Place: Rishikesh and Rudrapur

67
 LIMITATIONS

Time constraints:
As it is not that easy to get the appointment of the client in a short notice and if we get the
appointment than also the client takes some time to buy the policy so it is not always possible to
finish our target within the prescribed time.

Place constraints:
Some of the clients lived in the outskirts of the town due to which it becomes difficult to frequently
visit them for convincing.

Cooperation:
Because of busy schedule the sales managers are not able to cooperate which ultimately results
in wastage of time.

68
 CONCLUSION

During the Summer Internship Program at PNB MetLife I had the opportunity to apply my
theoretically knowledge into practical experience. During these 60 days I worked on many
individual projects and was able to learn many things about the company, about the policies and
procedures, transaction processing ,sales, time management, etc. I also gain the knowledge about
the products of the company. I worked in projects alone and sometimes in groups as part of the
team, directly communicated with persons in various levels of the organization and participated
in meetings. Key personal skills that I learned: MULTITASKING, TIME MANAGEMENT,
WORKING EFFICIENTLY and EFFECTIVELY TO MEET DEADLINES.

69
 ANNEXURE and QUESTIONNAIRE

Name-

Age-

Occupation-

Q 1. Do you pay taxes?

a) Yes

b) No

Q 2. Do you have any insurance policy?

a) Yes

b) No

Q 3. Which insurance policy do you have?

a) Life

b) Non- life

c) Both

Q 4. If I say life Insurance which company comes to your mind?

a) LIC

b) IDBI Federal

c) Birla Sun life

d) PNB MetLife

e) ICICI Prudential

F) Tata AIG

70
Q 5. What is the purpose of your investment in Insurance?

a) Live coverage

b) Returns

c) Liquidity

d) Investment

Q 6. From the following options what do you think about insurance?

a) A saving tool.

b) A tax saving device.

c) A tool to protect future.

Q 7. Have you invested in any of the following?

a) Mutual funds

b) Fixed deposits

c) Real estate

d) Share market

Q 8. Are you satisfied with the policy?

a) Satisfied.

b) Not Satisfied.

Q 9. Are you satisfied with service agent?

a) Satisfied.

b) Not Satisfied.

71
Q 10. Which is best form of investment?

a) Fixed Deposits.

b) Securities i.e. Bonds MFs

c) Shares.

d) Insurance.

Q 11. Are you aware of insurance plans of Pnb MetLife?

a) Fully aware

b) Partially aware

c) Not aware

d) Can’t say

Q 12. How did you come to know about these plans?

a) News paper

b) Media

c) Advisors

d) Friend

Q 13. What is the right age to buy insurance?

a) After 18 yrs.

b) After 25 yrs.

c) After 45 yrs.

d) Anytime.

72
Q 14. Apart from PNB MetLife plans in which company have you invested ?

a) LIC

b) Birla sun life

c) Tata AIG

d) ICICI Prudential

e) SBI Life

Q 15. Are you planning for new investment?

a) Yes

b) No

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 BIBLIOGRAPHY

➢ www.pnbmetlife.com

➢ Various Publications on insurance sector

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