New Metlife

8/3/2019 New Metlife

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CHAPTER-1

INSURANCE INDUSTRY IN INDIA

THE MEANING OF INSURANCE:-

Insurance is a policy from a large financial institution that offers a person, company,

or other entity reimbursement or financial protection against possible future losses or

damages. Insurance is important to understand for anybody that is considering buying an

insurance policy or simply understanding the basics of finance. Insurance is a

hedging instrument used as a precautionary measure against future contingent

losses. This instrument is used for managing the possible risks of the future.

Insurance is bought in order to hedge the possible risks of the future which may or

may not take place. This is a mode of financially insuring that if such a incident

happens then the loss does not affect the present well-being of the person or theproperty insured. Thus, through insurance, a person buys security and protection.

A simple example will make the meaning of insurance easy to understand. A

biker is always subjected to the risk of head injury. But it is not certain that the

accident causing him the head injury would definitely occur. Still, people riding bikes

cover their heads with helmets. This helmet in such cases acts as insurance by

protecting him/her from any possible danger. The price paid was the possible

inconvenience or act of wearing the helmet; this i.e. equivalent to the insurance

premiums paid.

Though loss of life or injuries incurred cannot be measured in financial terms,

insurance attempts to quantify such losses financially. Insurance can be defined as

the process of reimbursing or protecting a person from contingent risk of losses

through financial means, in return for relatively small, regular payments to the

insuring body or insurance company.

Insurance can range from life to medical to general (residential, commercial

property, natural incidents, burglary, etc).

Concept of Insurance / How Insurance Works

The concept behind insurance is that a group of people exposed to similar risk come together and

make contributions towards formation of a pool of funds. In case a person actually suffers a loss

on account of such risk, he is compensated out of the same pool of funds. Contribution to the


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pool is made by a group of people sharing common risks and collected by the insurance

companies in the form of premiums.

List of Life Insurers

Apart from Life Insurance Corporation, the public sector life insurer, there are 22 other private

sector life insurers, most of them joint ventures between Indian groups and global insurance

giants.

Life Insurer in Public Sector

1. Life Insurance Corporation of India

Life Insurers in Private Sector

1. SBI Life Insurance

2. Metlife India Life Insurance

3. ICICI Prudential Life Insurance

4. Bajaj Allianz Life

5. Max New York Life Insurance

6. Sahara Life Insurance

7. Tata AIG Life

8. HDFC Standard Life

9. Birla Sunlife

10.Kotak Life Insurance

11.Aviva Life Insurance

12.Reliance Life Insurance Company Limited- Formerly known as AMP Sanmar LIC

13. ING Vysya Life Insurance

14.Shriram Life Insurance

15.Bharti AXA Life Insurance Co Ltd

16.Future Generali Life Insurance Co Ltd

17. IDBI Fortis Life Insurance

18.AEGON Religare Life Insurance

19.DLF Pramerica Life Insurance

20.CANARA HSBC Oriental Bank of Commerce LIFE INSURANCE

21. India First Life insurance company limited
http://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_Indiahttp://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_Indiahttp://sbilife.co.in/http://sbilife.co.in/http://www.metlife.co.in/http://www.metlife.co.in/http://www.iciciprulife.com/public/default.htmhttp://www.iciciprulife.com/public/default.htmhttp://www.bajajallianzlife.co.in/http://www.bajajallianzlife.co.in/http://www.maxnewyorklife.com/http://www.maxnewyorklife.com/http://www.saharalife.com/http://www.saharalife.com/http://www.tata-aig-life.com/http://www.tata-aig-life.com/http://www.hdfclife.com/http://www.hdfclife.com/http://www.birlasunlife.com/http://www.birlasunlife.com/http://www.kotaklifeinsurance.com/http://www.kotaklifeinsurance.com/http://www.kotaklifeinsurance.com/http://www.avivaindia.com/http://www.avivaindia.com/http://www.avivaindia.com/http://en.wikipedia.org/wiki/Reliance_Life_Insurance_Company_Limitedhttp://en.wikipedia.org/wiki/Reliance_Life_Insurance_Company_Limitedhttp://en.wikipedia.org/wiki/Reliance_Life_Insurance_Company_Limitedhttp://www.inglife.co.in/http://www.inglife.co.in/http://www.inglife.co.in/http://www.bharti-axalife.com/http://www.bharti-axalife.com/http://www.bharti-axalife.com/http://en.wikipedia.org/wiki/IDBI_Fortis_Life_Insurancehttp://en.wikipedia.org/wiki/IDBI_Fortis_Life_Insurancehttp://en.wikipedia.org/wiki/IDBI_Fortis_Life_Insurancehttp://www.aegonreligare.com/http://www.aegonreligare.com/http://www.aegonreligare.com/http://www.canarahsbclife.com/http://www.canarahsbclife.com/http://www.canarahsbclife.com/http://www.canarahsbclife.com/http://www.aegonreligare.com/http://en.wikipedia.org/wiki/IDBI_Fortis_Life_Insurancehttp://www.bharti-axalife.com/http://www.inglife.co.in/http://en.wikipedia.org/wiki/Reliance_Life_Insurance_Company_Limitedhttp://www.avivaindia.com/http://www.kotaklifeinsurance.com/http://www.birlasunlife.com/http://www.hdfclife.com/http://www.tata-aig-life.com/http://www.saharalife.com/http://www.maxnewyorklife.com/http://www.bajajallianzlife.co.in/http://www.iciciprulife.com/public/default.htmhttp://www.metlife.co.in/http://sbilife.co.in/http://en.wikipedia.org/wiki/Life_Insurance_Corporation_of_India


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22.Star Union Dia-ichi Life Insurance Co. Ltd

Products Of Insurance:-

Life Insurance:-

It insures the life of the person buying the Life Insurance Certificate. Once a

Life Insurance is sold by a company then the company remains legally entitled to

make payment to the beneficiary after the death of the policy holder

Medical Insurance:-

This is also known as mediclaim. Here, the policy holder is entitled to receive

the amount spent for his health purposes from the insurance company.

General Insurance:-

This insurance type involves insuring the risks associated with the general life

such as automobiles, business related, natural incidents, commercial and residential

properties, etc.

INDIAN INSURANCE MARKETHISTORY

The insurance sector in India has come a full circle from being an open competitive

market to nationalization and back to a liberalized market again. Tracing the

developments in the Indian insurance sector reveals the 360-degree turn witnessed

over a period of almost two centuries.

A BRIEF HISTORY OF THE INSURANCE SECTOR:-

The business of life insurance in India in its existing form started in India in the year

1818 with the establishment of the Oriental Life Insurance Company in Calcutta.

Some of the important milestones in the life insurance business in India are:

1912: The Indian Life Assurance Companies Act enacted as the first statute

to regulate the life insurance business.

1928: The Indian Insurance Companies Act enacted to enable the

government to collect statistical information about both life and non-life

insurance businesses.

1938: Earlier legislation consolidated and amended to by the Insurance Act

with the objective of protecting the interests of the insuring public.

1956: 245 Indian and foreign insurers and provident societies taken over by

the central government and nationalised. LIC formed by an Act of Parliament,


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viz. LIC Act, 1956, with a capital contribution of Rs. 5 crore from the

Government of India.

The General insurance business in India, on the other hand, can trace its roots to the

Triton Insurance Company Ltd., the first general insurance company established in

the year 1850 in Calcutta by the British.

Some of the important milestones in the general insurance business in India are:

1907: The Indian Mercantile Insurance Ltd. set up, the first company to

transact all classes of general insurance business.

1957: General Insurance Council, a wing of the Insurance Association of

India, frames a code of conduct for ensuring fair conduct and sound business

practices.

1968: The Insurance Act amended to regulate investments and set minimum

solvency margins and the Tariff Advisory Committee set up.

1972: The General Insurance Business (Nationalisation) Act, 1972

nationalised the general insurance business in India with effect from 1st

January 1973.

107insurers amalgamated and grouped into four companies viz. the National

Insurance Company Ltd., the New India Assurance Company Ltd., the

Oriental Insurance Company Ltd. and the United India Insurance Company

Ltd. GIC incorporated as a company.

Life Insurance is the fastest growing sector in India since 2000 as Government allowed Private

players and FDI up to 26%. Life Insurance in India was nationalised by incorporating Life

Insurance Corporation (LIC) in 1956. All private life insurance companies at that time were

taken over by LIC.

In 1993 the Government of Republic of India appointed RN Malhotra Committee to lay down a

road map for privatisation of the life insurance sector.

While the committee submitted its report in 1994, it took another six years before the enabling

legislation was passed in the year 2000, legislation amending theInsurance Actof 1938 and

legislating theInsurance Regulatory and Development Authority Actof 2000. The same year that

the newly appointed insurance regulator - Insurance Regulatory and Development Authority

IRDA --started issuing licenses to private life insurers.
http://en.wikipedia.org/wiki/956http://en.wikipedia.org/wiki/Life_insurancehttp://www.irdaindia.org/http://www.irdaindia.org/http://en.wikipedia.org/wiki/Life_insurancehttp://en.wikipedia.org/wiki/956


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What is Consumer Buying Behaviour?

Consumer Buying Behaviour refers to the buying behavior of the ultimate consumer. A firm

needs to analyze buying behavior for:

Buyers reactions to a firms marketing strategy has a great impact on the firms success. The marketing concept stresses that a firm should create aMarketing Mix(MM) that

satisfies (gives utility to) customers, therefore need to analyze the what, where, when andhow consumers buy.

Marketers can better predict how consumers will respond to marketing strategies.

Buying Behavior is the decision processes and acts of people involved in buying

and using products.

Stages of Consumer Buying Behaviour

There are six stages of consumer buying behaviour

The 6 stages are:

1. Problem Recognition(awareness of need)--difference between the desired state and theactual condition. Deficit in assortment of products. Hunger--Food. Hunger stimulatesyour need to eat.Can be stimulated by the marketer through product information--did not know you were

deficient? I.E., see a commercial for a new pair of shoes, stimulates your recognition thatyou need a new pair of shoes.

2.Information search--

o Internal search, memory.o External search if you need more information. Friends and relatives (word of

mouth). Marketer dominated sources; comparison shopping; public sources etc.

A successful information search leaves a buyer with possible alternatives, the evoked set.

Hungry, want to go out and eat, evoked set is

o Chinese foodo Indian foodo Burger king etc

3.Evaluation of Alternatives--need to establish criteria for evaluation, features the buyerwants or does not want. Rank/weight alternatives or resume search. May decide that you
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want to eat something spicy, Indian gets highest rank etc.If not satisfied with your choice then returns to the search phase. Can you think of anotherrestaurant? Look in the yellow pages etc. Information from different sources may be treateddifferently. Marketers try to influence by "framing" alternatives.

4.Purchase decision--Choose buying alternative, includes product, package, store, method ofpurchase etc.

5.Purchase--May differ from decision, time lapse between 4 & 5, product availability.

6.Post-Purchase Evaluation--outcome: Satisfaction or Dissatisfaction. CognitiveDissonance, have you made the right decision. This can be reduced by warranties, after salescommunication etc.After eating an Indian meal, may think that really you wanted a Chinese meal instead.


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Company Profile

MetLife: A Life Insurance Giant:-

With over 140 years of experience in Insurance business Metlife has been named by

Forbes as the Best Managed Insurance Co. in the Industry for 2008, an honour

based on the track record of the financial performance, innovation,

leadership and execution shown by Metlife over years.Metlife has also been ranked 43 on the Fortune 500(2008), the MetLife

27 companies are one of the worlds largest, strongest and most respected financial

organizations. To add to its cap is another feather in the form of its No.1 ranking in

several group product areas, including life, disability, auto and home, as well as

institutional annuities.

Metlife serves over 90 of the top 100 FORTUNE 500 companies. It has around

$558.6 Billion Assets under Management, more than 49,400 employees worldwide

and more than 70 million customers around the world.

Metlife is a truely global organization with distribution access to over 47 countries,

some of which include The Americas (Argentina,Brazil,Chile,Mexico, United States,

Uruguay);(EMEIA) (Belgium,Ireland, Poland, UK (3), India);Asia Pacific (Australia,

China, Hong Kong, Japan, South Korea, Taiwan)

MetLife India Insurance Company Limited (MetLife):-

MetLife or Metropolitan Life Insurance Company, an MNC founded on March 24,1868. .

MetLife entered Indian insurance sector in 2001 and is now ranked 88th on the "FORTUNE 500

companies" list. MetLife India Insurance Co. Pvt. Ltd is a joint venture between MetLife

International Holdings Inc. and its Indian partners including J&K Bank, M. Pallonji and Co,

Karnataka Bank, Karvy Consultants, Geojit Securities, Way2Wealth, Bonanza Insurance (Pvt)
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Ltd. and Mini Muthoothu with 25% stake in the hands of MetLife International and the

remaining 75% stake with its Indian Partners.

MetLife is one of the fastest growing life insurance companies in the country. It

serves its customers by offering a range of innovative products to individuals and

group customers at more than 600 locations through its bank partners and company owned

offices. MetLife has more than 50,000 Financial Advisors, who help

customers achieve peace of mind across the length and breadth of the country.

MetLife, Inc., through its affiliates, reaches more than 70 million customers in the

Americas, Asia Pacific and Europe. Affiliated companies, outside of India, include the

number one life insurer in the United States (based on life insurance inforce), with

over 140 years of experience and relationships with more than 90 of the top one

hundred FORTUNE 500 companies. The MetLife companies offer life insurance,

annuities, automobile and home insurance, retail banking and other financial

services to individuals, as well as group insurance, reinsurance and retirement and

savings products and services to corporations and other institutions.

Metlife in India enjoys a Pan India Geographical Presence with over 192 branches in

over 131 cities. The company was incorporated in 2001 and is based in Bangalore,India with a

registered office in Gurgaon, India. The company, which started its operations in India in the

year 2002, is today one of the fastest growing life insurance companies in the country, with a

presence in over 690 locations and a market share of 3.5%.

Performance of MetLife based on Key Parameters

Parameters 2008 August 2011

Offices 49 131

Agency Units 101 277

Paid Up capital( in crores) 536 1480

AFYP (in Crores) 220 555.2

Market share 1.8% 3.5%

Banca tie ups 3 5

Agent base


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Name of the company : MetLife India Insurance Co.Ltd

Address : B-8, Gujrawala town, Opp.Model Town-II

New delhi-110009

Telephone number : +91-11-39815400

Email address : www.metlife.co.in

Registered Office

MetLife India Insurance Company Limited.

5th Floor Orchid Centre Golf Course Road Sector 53

Gurgaon

Phone : 0124-4179000

Fax : 0124-2572748

Pin : 122002

Company Vision and mission

To build financial freedom for everyone. To be recognized as the financial services firm of choice in the communities we serve,

today and tomorrow

Goals Of MetLife India

Our ultimate goal at MetLife India, simple in concept and impressive in breadth, is to build

financial freedom for our customers. For our customers that means providing products and

services that allow them to enjoy life and trust in the fact that we will be there for them

.


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MetLife: Core Values

"Coming into your own", are

performing as a Leader to be

really effective and successful by

acting and making decisions

independently to get results.

It's all about People, MetLife's key

resource. MetLife will succeed

because we are winning from

within.

Functioning productively in teams

towards a common purpose;

realizing the collective power of

diverse work-groups.

Operating with an intense

dedication to managing monetary

resources for strong business

results.

Conducting all business

endeavors with truth, sincerity

and fairness.

Continuously creating and

introducing new and original

ideas and ways of doing things.

Products range of the company:-

An individual buy an insurance product to meet its various requirements such as for planning for

his child`s education or his marriage or for his own retirement so that he can lead the same

standard of life even when he is not working without any tension and uncertainty and thus

making his as well as his family`s future secured and making his financial condition strong.

MetLife provides highly customized financial solutions to individuals as each human being has

his own sets of needs and requirements which may differs from others.


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Protection Plans

You stay cool when your beloveds are safe. Maintain the cool demeanour and cover yourself and

your beloveds with protection plans. MetLife offers:

Met Suraksha Met Suraksha TROP

Met Suraksha Plus

Met Mortgage Protector Plus

Savings Plan

Life becomes meaningful when you materialize your dream. A beautiful house, a car or a

comfortable life in general-all these are obvious aspirations of a person. Never let tenuous

savings keep you away from your dreams. Take up a savings plan and drive your life as you

wish. Savings plans by MetLife are enlisted here:

Met Sukh

Met Suvidha

Met Saral

Met 100

Investment Plans

Life is ever changing. You go through different phases of life and the needs and requirements of

your family keep changing with time. Investment plans help you reach the best of your life,

always. Investment plans offered by MetLife are given below:

Met Smart Platinum

Met Smart one

Met Easy Super

Child Plans

Children grow fast and their educational requirement grows even faster. Child plans are designed

for those parents who plan the future of their children. The child plans at MetLife are:


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Met Bhavishya

Met Junior Endowment

Met Junior Money Back

Retirement Plans

Pension plans are the key to a happy post-retirement life. To this end, MetLife offers "Met

Pension Par" so that you continue to live your life the way you want to-even after retirement.

Health Plans

People often insure their house, vehicles and properties, invest for their retirement and plan for

the educational requirement of their children but overlook health. Considering health only when

something goes wrong in not a very healthy practice! MetLife offers "Met Health Care" so that

you stay prepared for whatever comes your way with respect to your, and your family's, health.

Rural Plans

The soul of India lives in its villages. And hence, MetLife takes special care for rural people by

way of special plans. Improper financial planning often wrecks havoc for the rural population.

These rural plans are designed to help the villagers live a tension-free life with profitable

investments.

Met Vishwas

Met Suvidha

Met Grameen Ashray

Monthly Income Plan

This is a special plan which is designed to create a monthly income for the policy holders. This

plan ensures guaranteed monthly income on a regular basis. Lump sum bonus is awarded at the

completion of the term. The monthly plans offered by MetLife are:

Met monthly Income Plan

Met Monthly Income Plan 7 Pay


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Group Plans

Met life offers group insurance policies ideal for corporate and other organizations. These plans

are designed to offer maximum benefits to the policy holders.

Met Loan Assure Met Group Life

Met Flexi shield

Met Group deposit Administration Scheme

Met Group Gratuity

Size of Organization (Manpower and Turnover)

MetLife India has 277 branches spread across 181 cities in India having skilled and dedicated

staff of around 40 thousand. It posted a net profit of 353.5 mn for the financial year ended

March31,2011.The company registered flat total revenue at Rs.26.95 bn for the financial year

ended March 31,2011.The renewal income has also witnessed a 22% jump. Positioned as a long

term player, the company has developed a strong corporate governance model based on the core

values of personal responsibility, people count, partnership, integrity and honesty, innovation

and financial strength.


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Met Life Partners:-
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MetLife India Management Structure

Rajesh Relan -Managing Director

Phanesh M S V S Appointed Actuary

Girish Malhotra Director - Agency

Nick Taket -Chief Financial Officer

Sameer Bansal Director - BA & BP

K R Anil Kumar Director - Financial Planning & Controller

Sankaran P S Director - Business Support

K S Raghavan Chief Administrative Officer

Gaurav Sharma Director - Customer Service & Operations

Amita Maheshwari Director - Human Resources

Preetinder Chadha Deputy Director - Corporate Sales & Sales Training

Vijay Raghavan Director - Marketing & Strategy


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Metlife appoints Rajesh Relan as India Country Manager

MetLife announced the appointment of Rajesh Relan as Country Manager and Managing

Director for India succeeding Venky Mysore who will take on expanded responsibilities in a role

supportingMetLife's International business. Mr. Relan's appointment is subject to regulatory

approvals by the IRDA but has received the unanimous support of the company's shareholders.

With those approvals, Mr. Relan should take over his new responsibilities on July 1, 2006.

Mr. Relan was formerly with Aviva Plc where he was a member of that company's start up team.

There as the Director - Banc assurance and Business Partnerships, he was responsible for sales

and strategy. This included path-breaking work done on developing the channel into a

sustainable business model for the industry. In this role, he was also responsible for launching

their business in the Middle East and the Sri Lankan markets and has worked on developing the

pensions capabilities for that organization.

Market share and position of the company.

MetLife India has a market share of 3.5%.Among the 23 insurance MetLife India is ranked

13th.With planned stratergies,skilled work force and new partners, the company plan to be among

the top leading life insurance companies over the next 3 to 5 years.


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Chapter-2

2.1 OBJECTIVES OF STUDY

To determine Customers preference forLife Insurance To study the preference of the customer among the selected private

insurance companies viz. Bajaj Allianz, ICICI Prudential, Reliance Life as

compared to Metlife India.

To determine the parameters on which the life insurance plans ofMETLIFE need

Improvement

To find out whether people were really aware of life insurance.

2.2 RESEARCH METHODOLOGY OF THE STUDY:

The basic concept ofresearch methodologyrefers to the way in which companies conduct

their research and how they collect the data they need. Whenever a company or organization

needs to investigate a particular area of theirbusinessdealings, they need to adapt the most

suitable research methodology for the job.

Research methodology typically involves a full breakdown of all the options that have been

chosen by a company in order to investigate something. This would include the procedures and

techniques used to perform the research; as well as any of the terminology and explanations of

how these methods will be applied effectively.

A company may need to decide what format of research they want to use before the investigation

begins. For example, if a company that sells a particular product needs to launch research to findout how effective or desirable a new product is, they will need to conduct what is known as

primary research. This method means that the company will collect data and information

themselves first hand.

However, research methodology is not always pin-point specific. Many areas of research
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methodology may simply be referring to a generic path or method that a company will apply in

order to retrieve the information they need.

Research methodology is the way in which researchers specify how they are going to retrieve the

all-important data and information that companies will need to make vital decisions

2.2.1 RESEARCH METHODOLOGY:

Research Design : Descriptive Research

Research Instrument : Structured, un-disguised, close ended

Sample Method : Non-Probability Sampling

Sample Size : 50

Sampling Design : Convenience Sampling

Sources of Data

Primary Data : Structured close ended Questionnaire

Secondary Data : Reference from Internet and Brochures

The whole study is based upon primary and secondary data. Therefore, information has been

collected from interacting with different policy holders and from various magazines, journalsand websites.

2.2.2 METHOD USED IN COLLECTION OF DATA:

1. Personal Interview: In personal interview, the investigator questions the respondents in

a face-to-face meeting. Personal interviews were conducted on a personal visit basis in

public offices. The usual approach for the interviewer is to identify himself to a potential

respondent and attempt to secure the respondent's co-operation in answering a list of

predetermined questions. These answers may be written down by the interviewer.

Advantages

a) It requires relatively shorter period of time to complete.


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b) The amount of information procured on each aspect is larger.

c) Researcher can procure many different types of information.

d) The results can be projected to the relevant universe with a greater degree of accuracy.

Disadvantages

a) The cost per completed interview is relatively higher as compared to other methods.

b) The investigator may have to face relatively more difficulties in administering the

interview schedule.

c) The investigators themselves may involve in cheating which is very difficult to detect.

2.2.3 RESEARCH DESIGN

Research designs are concerned with turning theresearch questioninto a testing project. The

best design depends on your research questions. Every design has its positive and negative sides.

The research design has been considered as a "blueprint" for research, dealing with at least four

problems: what questions to study, what data are relevant, what data to collect, and how to

analyze the results. In my project report I have used the method of Descriptive Research to

further provide a detailed description about the subject matter on which I am focusing.

Descriptive research design is a scientific method which involves observing and describing the

behavior of a subject without influencing it in any way. Many scientific disciplines, especially

social science and psychology, use this method to obtain a general overview of the subject .

2.2.3.2 Sample Size

The sample size taken in the project work is 100. The area selected was Rohini, Vikas Puri and

its adjoining areas.

Convenience sampling method was used in this study because of the constraints like cost and

time.
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2.2.3.3 TYPE OF SAMPLING USED:

I used non-probability type of sampling.

In non-probability sampling, the chance of any particular unit in the population being selected is

unknown. Since randomness is not involved in the selection process, an estimate of the sampling

error cannot be made. But this does not mean that the findings obtained from non-probability

sampling are of questionable value. If properly conducted their findings can be as accurate as

those obtained from probability sampling.

Convenience Sampling

As the name implies, a convenience sample is one chosen purely for expedience (e.g., items are

selected because they are easy or cheap to find and measure.

While few analysts would find credibility in conclusions from such extreme cases, the

inappropriateness of using convenience sampling to estimate universe values is not widely

recognized. The major problem with this (and other non-probability method) is that one is

unable to draw objective inference about a rigorously defined universe. In practice, it is often

found that the response given by "convenient" items in a universe differ significantly from the

responses given by universe items that are less accessible. As a result, unless one is dealing with

a known highly homogeneous universe (virtually all items responding alike), convenience

sampling should not be used to estimate universe values.

2.2.4 INSTRUMENT FOR COLLECTING DATA:

PERSONAL INTERVIEW IN STRUCTURED FORM QUESTIONNAIRE

A structured interview(also known as a standardized interview or a researcher-

administered survey) is a quantitative research method commonly employed in survey research.

The aim of this approach is to ensure that each interview is presented with exactly the same

questions in the same order. This ensures that answers can be reliably aggregated and that
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comparisons can be made with confidence between sample subgroups or between different

survey periods.

Structured interviews are a means of collecting data for a statistical survey. In this case, the data

is collected by an interviewer rather than through a self-administered questionnaire. Interviewers

read the questions exactly as they appear on the survey questionnaire. The choice of answers to

the questions is often fixed (close-ended) in advance, though open-ended questions can also be

included within a structured interview.

A close ended questionnaire is one in which the respondent has a limited choice to answer from.

There are a fixed number of choices for every respondent. A respondent cannot give a different

answer from the ones mentioned.

2.2.5 LIMITATIONS:

Some of the difficulties and limitations faced by me during my training are as

follows:

1. Lack of awareness among the peopleThis is the biggest limitation

found in this sector. Most of the people are not aware about the importance

and the necessity of the insurance in their life. They are not aware how

useful life insurance can be for their family members if something happens

to them.2. Perception of the people towards Insurance sectorPeople still

consider insurance just as a Tax saving device. So today also there is

always a rush to buy an Insurance Policy only at the end of the financial year

like January, February and March making the other 9 months dry for this

business.

3. Insurance does not give good returnsStill today people think that

Insurance does not give good returns. They are not aware of the modern

Unit Linked Insurance Plans which are offered by most of the Private sector

players. They are still under the perception that if they take Insurance they

will get only 5-6% returns which is not true nowadays. Nowadays most of the

modern Unit Linked Insurance Plans gives returns which are many times

more than that of bank Fixed deposits, National saving certificate, Post office
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deposits and Public provident fund.

4. Lack of awareness about the earning opportunity in the Insurance

SectorPeople still today are not aware about the earning opportunity that

the Insurance sector gives. After the privatization of the insurance sector

many private giants have entered the insurance sector. These private

companies in order to beat the competition and to increase their Insurance

Advisors to increase their reach to the customers are giving very high

commission rates but people are not aware of that.

Others:-

Time constraints

Small sample size


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SWOT ANALYSIS

STRENGTHS:-

1. Distribution network is wide as

compared to others.

2. Met life has a unique service & scheme.

3. Healthy relationship with customer.4. Good commission in selling of product.

5. Varied range of products &

services

WEAKNESSES:-

1. Comparatively less awareness in the

market

2. Delivery problem

3. Cases of fraud and cheat withcustomers

OPPORTUNITIES:-

1. Product is different as compare to others

2. Rural area is untapped

3.Diversifying portfolios for

customers

4.Acquisitions and JVs

s.New Emerging markets

THREATS:-

1. Competitors are offering better

services

2.Changing government

regulations and financial crisis like

recessions

3.Natural disasters


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Why Met Life Insurance should be your first choice?

Met Life Insurance presents a very innovative plan for the entire family including

children,dependant parents and in-laws too. Met Life Insurance cares for you and

assures to stand by you during those difficult times of physical and mental stress

so that you are able to be hassle free during your & your family's health relatedemergencies by providing you with a 3 year health cover with guaranteed

renewability and guaranteed renewable discount plus a guarantee of fixed premium

for 3 years. We also cover Pre-existing illnesses after 4 continuous years of

membership and Maternity Benefit under family floater cover. You and your

family members will have guaranteed coverage upto the age of 75 years (21 years

in case of children) irrespective of claim experience and change in your health

condition.


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Data Analysis And Interpretation

1.Do you think Insurance is Important?

Particulars No. Of Respondents Percentage

Yes 93 93

No 7 7

TOTAL 100 100

Particulars*Respondent Sex Cross tabulation

Particulars Respondents Sex Total

Male Female

Yes 57 36 93

No 3 4 7TOTAL 60 40 100

Particulars*Respondent Age Cross tabulation

Particulars Respondents Age Total

18-25 26-35

36-45

46 &

Above

Yes 16 38 29 10 93

No 4 2 1 0 7TOTAL 20 40 30 10 100

Particulars*Respondent Occupation Cross tabulation

Particulars Respondents Occupation Total

Service Busine

ss

Profession

al

Self

Employ

ee

Retire

d

Other

sYes 59 7 9 3 7 8 93

No 1 1 1 2 0 2 7

TOTAL 60 8 10 5 7 10 100


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NO. Of Respondents

93%

7%

Yes

No

Particulars*Respondent Income Cross tabulation

Particulars Respondents Income Total

0-1.5

lac

1.5-3 lac 3-5

lac

5 lac

&Above

Yes 8 59 11 15 93

No 2 1 2 2 7TOTAL 10 60 13 17 100

ANALYSIS:

From the survey it was found that amongst 100 respondents

a) 93% of the respondents say Insurance is Important.

b) 7% of the respondents say Insurance is not important.


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2.Are you currently insured?

Particulars No. of Respondents Percentage

Yes 90 90

No 10 10

TOTAL 100 100



Male Female

Yes 55 35 90

No 5 5 10

TOTAL 60 40 100

No. Of Respondents

Yes

90%

No10%

ANALYSIS:


a) 90% of the respondents say that they are currently insured.

b) 10% of the respondents say that they are not currently insured.


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3. What factors do you consider for choosing an Insurance policy? Please rank in

order of preference on a 1 to 6 scale.


Brand Name 10 10

Service 16 16

Advisor 24 24

Policy Scheme 15 15

Term of the plan 10 10

Return of the plan 25 25

TOTAL 100 100

Factors of Insurance

10

16

24

15

10

25

0 10 20 30

Brand Name

Service

Advisor

Policy Scheme

Term of the plan

Return of the plan

No.Of Respondents

NO. OF

RESPONDENTS

ANALYSIS:


a) 10% of the respondents say that the factor consider of Insurance is Brand Name.b) 16% of the respondents say that the factor consider of Insurance is Service

c) 24% of the respondents say that the factor consider of Insurance is Advisor

d) 15% of the respondents say that the factor consider of Insurance is Policy scheme.

e) 10% of the respondents say that the factor consider of Insurance is Term of the plan.

f) 25% of the respondents say that the factor consider of Insurance is Return of the plan.


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4. Do you have any idea about the amount of Insurance you require


Yes 55 55

No 45 45

TOTAL 100 100

No. Of Respondents

Yes

55%

No

45%Yes

No

PARTICULARS Respondents Sex Total

Male Female

Yes 45 10 55

No 45 30 45

TOTAL 60 40 100

ANALYSIS:


a) 55% of the respondents say that they know the amount of Insurance they require.

b) 45% of the respondents say that they have no idea about the amount of Insurance they require.


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5. Do you know about the MetLife India Life Insurance Policy?


Yes 60 60

No 40 40

TOTAL 100 100


PARTICULARS Respondents Sex Total

Male Female

Yes 35 25 60

No 25 15 40

TOTAL 60 40 100

No. Of Respondents

60%

40%

Yes

No

ANALYSIS:


a) 60% of the respondents say that they know about the MetLife India LifeInsurance Policy.

b) 40% of the respondents say that they dont know about the MetLife India Life Insurance

policy .


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6. Please rank following Insurance Company in order of your preference on a

1 to 8 scale.

Particulars No. of Respondents PercentageMetLife 7 7

ICICI Prudential 10 10

HDFC 8 8

Birla sun life 5 5

Bajaj Allianz 11 11

LIC 46 46

Tata AIG 6 6

Reliance Capital 7 7

TOTAL 100 100

05

101520253035404550

MetLife

ICIC

IPruden

tial

HDFC

Birla

sunlife

BajajAll

ianz

LIC

TataAIG

Relia

nceCap

ital

Insurance Companise

No.OfRespondents

ANALYSIS:


a) 7% of the respondents likes MetLife. b) 10% of the respondents likes ICICI.

c) 8% of the respondents likes HDFC. d) 5% of the respondents likes Birla Sun

Life.

e)11% of the respondents likes Bajaj Allianz.

f) 46% of the respondents likes LIC

g) 6% of the respondents likes Tata AIG

h) 7% of the respondents likes Reliance Capital


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7. What is the purpose of Insurance?


A tax saving plan 43 43

A tax saving scheme with good return 17 17

A financial security for the family. 14 14

Risk coverage 10 10

All the above 16 16

TOTAL 100 100

Particulars*Respondent Occupation Cross tabulation

Particulars Respondents Occupation Total

Service Business Professional

Self

Employee Retired

Others

A tax saving plan 35 0 3 2 0 3 43

A tax saving scheme

with good return 10 3 1 1 1 1 17

A financial security

for the family.

11 0

0

0 0 3

14

Risk coverage2 2

30 2 1

10All the above 2 3 3 2 4 2 16

TOTAL 60 8 10 5 7 10 100


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0

5

10

15

20

25

30

35

40

45

1

No.of Respondents

Purpose of Insurance

A tax saving plan

A tax saving

scheme with good

return

A financial

security for the

family.

Risk coverage

All the above

ANALYSIS:


a) 12% of the respondents say that they prefer Term Insurance.

b) 19% of the respondents say that they prefer Child policy

c) 8% of the respondents say that they prefer Endowment policy.

. d) 2% of the respondents say that they prefer Retirement policy

e) 31% of the respondents say that they prefer Money back policy

f) 28% of the respondents say that they prefer ULIP


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8. Does your agent provide adequate information about the policy?


Yes 70 70

No 30 30

TOTAL 100 100


Male Female

Yes 35 35 70

No 25 5 30

TOTAL 60 40 100

NO. Of Respondents

70%

30%Yes

No

ANALYSIS:


a) 70% of the respondents say that their agent provides adequate information

about the policy.

b) 30% of the respondents say that their dont agent dont provides adequate

information about the policy


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9. How will you prefer to buy an Insurance Policy?

Particulars No. of Respondents PercentageDirect from company 21 21

Broker 11 11

Agent 68 68

TOTAL 100 100

Particulars*Respondent Income Cross tabulation

Particulars Respondents Income Total0-1.5 lac 1.5-3 lac

3-5 lac5 lac &Above

Direct from company 2 8 3 8 21Broker 1 6 2 2 11

Agent 7 46 8 7 68

TOTAL 10 60 13 17 100

10. Which type of return do you prefer?

NO. Of Respondents

21%

11%

68%

Direct from

company

Broker

Agent

ANALYSIS:


a) 21% of the respondents say that they prefer to buy an Insurance Policy direct from

company . .

b)11% of the respondents say that they prefer to buy an Insurance Policy

from Broker.

c) 68% of the respondents say that they prefer to buy an Insurance Policy

from Agent.


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11. Are you satisfied with?

Particulars No. of Respondents PercentageReturn On Investment Yes 79 79

No 21 21

TOTAL 100 100

Company service Yes 86 86

No 14 14

TOTAL 100 100

Agent service Yes 89 89

No 11 11

TOTAL 100 100Process & Scheme Yes 71 71

No 29 29

TOTAL 100 100


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FINDINGS

On an analysis and evaluation of the data collected from the respondents the

following findings were found:

there is a wide scope for private concerns to enter in to market.

Total 100 respondents have been approached out of which 75 are thepotential respondents who have shown interest for investment and financeplan.

About 18% of respondents are not interest to give their personal records.

About 52% of respondents have already been covered by other insurancecompanies.

About 10% of respondents have given invalid records.

About 10% of respondents are newly employed or trainees.

About 10% of respondents interested for investment plan after knowingMetLife India Insurance Co. Ltd.products.

cover while only a few of the respondent take it as a saving option. Thereason for this is lack of knowledge of insurance benefits among the people.

A Majority of the respondent buy insurance products because of the needreason while rest of the respondents buy for the brand purpose.

Documents

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