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  1. 1. Designing a Program for NEW YORK LIFE” [INSURANCE] Training “MAX The Project includes information about the insurance sector in India, also about various Insurance companies in India. The Entire focus of this project was to understand the various Training Programs in the Company & accordingly design a new Training Program for the Firm. Prepared By :- SAHANA PARVEEN 01/01/2014
  2. 2. INTRODUCTION Life insurance is a form of insurance that pays monetary proceeds upon the death of the insured covered in the policy. Essentially, a life insurance policy is a contract between the named insured and the insurance company wherein the insurance company agrees to pay an agreed sum of money to the insured's beneficiary. With a large population and the untapped market area insurance happens to be a very big opportunity in India. Today it stands as a business growing at the rate of 15-20% annually. Together with banking services, it adds about 7 percent to the country’s GDP. In spite of all this, the growth statistics of the penetration of the insurance in the country is very poor. Nearly 80% of Indian population is without life and health insurance cover. This is an indicator that growth potential for the insurance sector is immense in India. It was due to this immense growth that the regulations were introduced in the insurance sector and in continuation ―Malhotra Committee‖ was constituted by the government in 1993 to 2|Page
  3. 3. examine the various aspects of the industry. The key element of the reform process was participation of overseas insurance companies with 26% capital. Creating a more competitive financial system suitable for the requirements of the economy was the main idea behind this reform. Since then the insurance industry has gone through many changes. The liberalization of the insurance industry has never looked back and today stand as one of the most competitive and exploring industry in India. The entry of the private players and the increased use of the new distribution are in the limelight today. The use of new distribution techniques and the IT tools has increased the scope of the industry in the longer run. Insurance is the business which provides protection against financial aspects of risk, such as those to property, life, health and legal liability. In insurance the insured makes payment called ―premiums‖ to an insurer, and in return is able to claim a payment from the insurer if the insured suffers a defined type of loss. This relationship is usually drawn up in a formal legal contract. 3|Page
  4. 4. About The Insurance Sector In India Insurance sector is an opportunity for India. This business is growing at the rate of 18-22 % annually. Presently it covers market of RS.450 billion. Together with banking sector it contributes about 7% to GDP. Gross premium collection is about 2% of GDP. Still 80% of Indian population is without life insurance. This is an indicator that growth potential for the insurance sector is immense. Insurance sector contribute a lot in economic development. It provides long term fund for infrastructure development. It is estimated that over the next ten years India would require investments of the order of one trillion US dollar. The Insurance sector, to some extent, can enable investments in infrastructure development to sustain economic growth of the country. There are two legislations that govern the sector- 4|Page
  5. 5. The Insurance Act- 1938 The IRDA Act- 1999. TOP TEN COMPANY 1 |Life Insurance Corporation of India (LIC) Corporate Office – Mumbai, Maharashtra | Employees - 115900+ | Business – Financial services | Establishment – 1956 | Website – Details – Best Insurance Company in India dominating the market since then it established in market. In other word, It is the synonyms of Insurance in India, most important they have best settlement ratio. 2 | SBI Life Insurance Corporate Office – Mumbai, Maharashtra | Employees – 7300+ | Business – Insurance | Establishment – 2001 | Website Details -State bank of India life insurance is a joint venture between BNP Paribas Cardif holding 74:26 ratios. It has great hold in Indian market as far as concern of Finance and banking sector, best in insurance sector after LIC. Top 10 Insurance Companies in India | Insurance Sector 3 | Birla Sunlife Insurance Corporate Office – | Employees – 133000+ | Business – Financial services | Establishment – 2000 | Website Details - It is finacial and Insurance company, a Joint venture of Aditya Birla and Sun 5|Page
  6. 6. life Insurace. Company offers life insurance products including health, wealth and retiral plans. 4 | Reliance Life Insurance (RLIC) Corporate Office – Navi Mumbai,Maharashtra | Employees – 1000+ | Business – Insurance | Establishment – 2001 | Website Details – Company is group company of Reliance, among of top insurance company in India. In year 2011 Nippon life insurance, Japan acquired 26% share in this company. Top 10 Insurance Companies in India | Insurance Sector 5 | ICICI Prudential Life Insurance Corporate Office – United Kingdom | Employees – 15000+ | Business – Life Insurance | Establishment – 2000 | Website Details – ICICI prudential is a joint venture between ICICI and prudential Plc, United kingdom. ICICI Prudential offers wide range of Insurance Products including health, wealth, life insurance, medical insurance and retiral solutions. 6 | Tata AIG Life Insurance Corporate Office – Mumbai, Maharashtra | Employees – — | Business – Insurance | Establishment – 2001 | Website Details – Tata AIG is a joint venture between Tata and AIG, It is flagship company of Tata group. Started insurance business in year 2001, company launched many insurance products such as Motor, travel, health and accidental insurance. Top 10 Insurance Companies in India | Insurance Sector 6|Page
  7. 7. 7 | ING Vysya Life Insurance Corporate Office – Bangalore, Karnataka | Employees – 7800+ | Business – Insurance | Establishment – 2001 | Website Details – ING vysya is a insurance company offers insurance policies and retiral plans. It has been serving in more than 200 cities in India and almost 10 lacs customer base. 8 | Bajaj Allianz Life Insurance Corporate Office – Pune | Employees – 1000+ | Business – Insurance | Establishment – 2001 | Website Details – It is a private Insurance company offers many insurance plan & policies including ULIP, pension plans and term Insurance. Top 10 Insurance Companies in India | Insurance Sector 9 | Max Life Insurance Corporate Office – New Delhi | Employees – 8000+ | Business – Financial Services | Establishment – 2000 | Website Details – Max life insurance is another private company offers Insurance plans for everyone. 10 | HDFC Standard Life Insurance Corporate Office – Mumbai, Maharashtra | Employees – 15500+ | Business – Insurance | Establishment – 2000 | Website Details – Group company of giant Housing development finance corporation, it is joint venture with Standard life Insurance. Top 10 Insurance Companies in India | Insurance Sector 7|Page
  8. 8. COMPANY PROFILE Max New York Life Insurance “Max New York Life wants people to view insurance as a financial protection and wealth creation instrument and not just a taxsaving tool.” Max New York Life Insurance Company Ltd. is a joint venture between New York Life, a Fortune 100 company and Max India Limited, one of India's leading multi-business corporations. The company has positioned itself on the quality platform. In line with its vision to be the most admired life insurance company in India, it has developed a strong corporate governance model based on 8|Page
  9. 9. the core values of excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to establish itself as a trusted life insurance specialist through a quality approach to business. New York Life is a Fortune 100 company that has over 160 years of experience in the life insurance business. Max India Limited is a multi-business corporate dealing in Clinical Research, IT and Telecom Services, and Specialty Plastic Products businesses. Max New York Life Insurance started its operations in India in 2000. It is the first life insurance company in India to be awarded the IS0 9001:2000 certifications. Max New York offers customized products tailored to suit individual's needs. With its various Products and Riders, there are more than 400 product combinations to choose from. Today, Max New York Life Insurance has a network of 57 offices spread over 37 cities all over India. In line with its values of financial responsibility, Max New York Life has adopted prudent financial practices to ensure safety of policyholder's funds. The Company's paid up capital is Rs. 657 crore, which is more than the norm laid down by IRDA. Max New York Life has identified individual agents as its primary channel of distribution. The Company places a lot of emphasis on its selection process, which comprises four stages - screening, psychometric test, career seminar and final interview. The agent advisors are trained in-house to ensure optimal control on quality of training. 9|Page
  10. 10. Max New York Life, one of India’s leading life insurance companies, expanded its presence in the southern region by opening its first general office in the city of Mysore. Max New York Life now has established a countrywide network of 172 offices and representatives across 120 cities in India. The company has over 25,300 agent advisors, who are widely considered the best in the business. Max New York Life aspires to be the "life insurance brand of first choice" amongst Indian consumers. ―Max New York Life wants people to view insurance as a financial protection and wealth creation instrument and not just a tax-saving tool. Since the launch of our operations, our focus has always been on providing risk protection and long-term wealth creation solutions to our customers. With a diverse product portfolio to meet customer requirements, it is evident that we are setting benchmarks in the marketplace and are well on course of realizing our vision to become India’s most admired Life Insurance Company. 10 | P a g e
  11. 11. INTRODUCTION MAX NEW YORK LIFE INSURANCE The Government of India liberalised the insurance sector in March 2000 with the passage of the Insurance Regulatory and Development Authority (IRDA) Bill, lifting all entry restrictions for private players and allowing foreign players to enter the market with some limits on direct foreign ownership. Under the current guidelines, there is a 26 percent equity cap for foreign partners in an insurance company. There is a proposal to increase this limit to 49 percent. The opening up of the sector is likely to lead to greater spread and deepening of insurance in India and this may also include restructuring and revitalizing of the public sector companies. In the private sector 15 life insurance companies have been registered. A host of private Insurance companies operating in life segments have started selling their insurance policies since 2001. Table shows the current market players in the life Insurance Industry (Source IRDA). 11 | P a g e
  12. 12. About Max New York Life Max New York Life Insurance Company Ltd. is a joint venture between New York Life and Max India Limited. New York Life is a Fortune 100 company and Max India Limited is one of India's leading multi-business corporations. The company has positioned itself on the quality platform. It has developed a strong corporate governance model based on the core values of excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to establish itself as a trusted life insurance specialist through a quality approach to business. In line with its values of financial responsibility, Max New York Life has adopted prudent financial practices to ensure safety of policyholder's funds. The Company's paid up capital is Rs. 657 crore, which is more than the norm laid down by IRDA. Max New York Life has identified individual agents as its primary channel of distribution. The Company places a lot of emphasis on its selection process, which comprises four stages – Screening, Psychometric test, Career seminar 12 | P a g e
  13. 13. Final interview. Historical Perspective In 1818 it was conceived as a means to provide for English Widows. The Bombay Mutual Life Insurance Society started its business in 1870. It was the first company to charge same premium for both Indian and nonIndian lives. The Oriental Assurance Company was established in 1880. Till the end of nineteenth century insurance business was almost entirely in the hands of overseas companies. Insurance regulation formally began in India with the passing of the Life Insurance Companies Act of 1912 and the provident fund Act of 1912. Several frauds during 20's and 30's sullied insurance business in India. By 1938 there were 176 insurance companies. The first comprehensive legislation was introduced with the Insurance Act of 1938 that provided strict State Control over insurance business. The insurance business grew at a faster pace after independence. 13 | P a g e
  14. 14. The Government of India in 1956, brought together over 240 private life insurers and provident societies under one nationalized monopoly corporation and Life Insurance Corporation (LIC) was born. Nationalization was justified on the grounds that it would create much needed funds for rapid industrialization. Important Milestones In The Life Insurance Business In India: 1912: 1928: 1938: 1956: 14 | P a g e •The Indian Life Assurance Companies Act enacted as the first statute to regulate the life insurance business. •The Indian Insurance Companies Act enacted to enable the government to collect statistical information about both life and non-life insurance businesses. •Earlier legislation consolidated and amended to by the Insurance Act with the objective of protecting the interests of the insuring public. •245 Indian and foreign insurers and provident societies taken over by the central government and nationalised. LIC formed by an Act of Parliament- LIC Act 1956with a capital contribution of Rs. 5 crores from the Government of India.
  15. 15. Logo of Max Life Insurance 15 | P a g e
  16. 16. PUNCH LINE 16 | P a g e
  17. 17. VISION: Vision statement is ―Most Admired Life Insurance Company in India". MISSION: Become one of the top quartile life insurance companies in India Be a national player Be the brand of first choice Be the employer of choice Become principal of choice for agents. LIMITATIONS: 1) The survey was conducted within the city only. 2) Time to interact with the customers was not sufficient. 3) Customers were not fully aware of various plans of max New York life insurance. 4) Accurate results could not be found as every customer has his own opinion. 17 | P a g e
  18. 18. 5) Media used for advertising is one of the limitations. 6) Time period of the on the job training was also one of the limitations. BOARD OF DIRECTORS 18 | P a g e
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  23. 23. Hierarchy of Max Life Insurance 23 | P a g e
  24. 24. CC MDRT Ex. Council Paul Colgan Trophy Centurion Agent of the Year Paid Cases, FYC, Persistency, R ider, Referral and CEIP Leader Career Foundation Club Career Producer Award Career Success Award Hi-Flier Ten-A-Monther Premium Leader 24 | P a g e
  25. 25. SERVICES 25 | P a g e
  26. 26. Plans of max life insurance Individual For individuals, we have a range of protection, investment, pension and savings plans that assist and nurture dreams apart from providing protection. You can choose from a range of products to suit your life-stage and needs. For organizations we have a host of customized solutions that range from Group Term Insurance, Gratuity, Leave Encashment and Superannuation Products. These affordable plans apart from providing long term value to the employees help in enhancing goodwill of the company. 26 | P a g e
  27. 27. Children Plans Your parenting is perfect but is your planning adequate? Are you thinking beyond the immediate to the future, about higher education and professional courses, in India and abroad? Many children are keen to pursue unconventional careers. Are you in tune with their aspirations and passions? As parents you would never let money come in the way of your children and the fulfillment of their true potential. Our plans will help build the corpus that allows your children to dream big and soar high. Children's Endowment to 18 (Par) Children's Endowment to 24 (Par) SMART Steps™ SMART Steps™ Plus SMART Steps™ Single Premium 27 | P a g e
  28. 28. Investment Plans Building a nest egg is about aggregating surplus amounts regularly to allow them to grow into a sizeable sum. Investments should be aligned to specific, longterm goals. Luxury car, foreign holiday or dream house, create your own wish list and make it come true. Your dreams are in your hands. Every move that you make today will bring you a step closer to your goals. Our Investment Plans offer the dual benefit of protection and market-linked returns with the flexibility to choose the premium and determine the market exposure. Life Maker™ Premium Life Maker™ Gold Life Maker™ Platinum Life Invest™ SMART Assure 28 | P a g e
  29. 29. Retirement Plans Let your golden years be the most precious of your life, full of freedom and choice. A time to pursue your hobbies, travel and enjoy the good life. You will never miss your salary cheque or be constrained by rising inflation. Even as you work hard to make a better today, it is up to you to create a superior tomorrow. If you want to sustain your current lifestyle even after you stop working, make that money work for you. Our Retirement Plans will keep you comfortable and content, and let you live the life you deserve. Easy Life™ Retirement (Par) SMART Invest™ Pension 29 | P a g e
  30. 30. Health Plans Do you know the cost of healthcare has climbed faster than inflation? Medical costs can be a big drain on finances. A medical crisis can strike anyone, anytime and may even force an individual to dip into savings to meet these sudden and steep costs. Such an eventuality could delay or destroy a cherished financial goal. No wonder, health is wealth. The health of every member of the family is precious and you need to safeguard it as a priority. Use our Health Plans to make sure your family stays fit and fine. Lifeline MediCash™ Lifeline Wellness™ Plus Lifeline MediCash™ Plus Lifeline Safety Net™ Lifeline Wellness™ 30 | P a g e
  31. 31. Savings Plans Is your money working for you? Clearly not, if it is lying idle in multiple bank accounts. We will instill the discipline of investment through force of habit as you park your money for protection and growth to meet your needs over your lifetime. Choose a plan that matches your needs and budget. Our dual benefits saving plans recognize your need for all round financial protection, and include a life cover that will protect you till the last day. Whole Life Participating Life Gain™ Plus 25 (Par) 20 year Endowment (Par) Life Pay™ Money Back Endowment to Age 60 (Par) Life Gain™ Endowment Life Gain™ Plus 20 (Par) Life Partner™ 31 | P a g e
  32. 32. Rural Plans We are conscious of our social responsibility to serve the financially vulnerable sections of society. We have created specialized Rural Plans to meet the particular needs of customers in rural areas. The ticket size has been kept low, the premiums are affordable and the procedures are simple. Customers in rural areas can now find a plan to meet their unique requirements. Easy Term Policy Protection Plans Life is full of surprises. Unexpected events that strike without warning can disrupt the smooth rhythm of life. You must be prepared at all times. As the primary earning member, you need to make sure that your family is never lacking in anything even if you are taken away from them forever. In double income families, both spouses should get adequate life covers especially if there are dependent children involved. We have plans that guarantee maximum protection at a low cost. Five Yr Renewable and Convertible™ 32 | P a g e
  33. 33. Level Term Policy Strategic Products Plans Most people desire a carefree life. They want to be happy and comfortable at all times. But needs keep evolving and you must always be one step ahead. Our Strategic Products Plans will meet your special needs and are available through additional distribution channels. You can choose a plan to meet the planned events and unforeseen incidents in your life. Banc assurance Capital Builder Additional Distribution Max Mangal™ Capital Builder Max Vriksha™ 33 | P a g e
  34. 34. Group Plans People are the most valuable asset of any organization. Organizations have to innovate newer forms of compensation to retain talented employees. Pay and perks are all very fine but an organization needs to show employees that it cares. Ensuring the financial well being of employees and their families will earn an organization their enduring trust and loyalty. Our Group Plans offer a three-in-one advantage, as they are a powerful tool for motivation, reward and retention, in these times of high attrition. Group Credit Life Unit Linked Group Superannuation Plan Group Gratuity cum Term Assurance Group Term Life Unit Linked Group Gratuity Plan Employee Deposit Linked Insurance Max Super Life 34 | P a g e
  35. 35. TOP COMPETITORS Sr. Name of the Company 1 Bajaj Allianz Life Insurance Co. Limited 2 Birla Sun Life Insurance Co. Ltd 3 HDFC Standard Life Insurance Co. Ltd 4 ICICI Prudential Life Insurance Co. Ltd 5 ING Vysya Life Insurance Co. Ltd. 6 Life Insurance Corporation of India 7 Max New York Life Insurance Co. Ltd 8 Met Life India Insurance Co. Pvt. Ltd. 9 Kotak Mahindra Old Mutual Life Insurance Ltd. 10 SBI Life Insurance Co. Ltd. 11 Tata AIG Life Insurance Co. Ltd. 12 Reliance Life Insurance Co. Ltd. 13 Aviva Life Insurance Co. India Pvt. Ltd. 14 Sahara India Life Insurance Co. Ltd. 15 Shriram Life Insurance Co. Ltd. 16 Bharti AXA Life Insurance Co. Ltd. No. 35 | P a g e
  36. 36. MARKET SHARE The Life Insurance market in India is an underdeveloped market that was only tapped by the state owned LIC till the entry of private insurers. The penetration of life insurance products was 22 percent of the total 400 million of the insurable population. Most customers were under- insured with no flexibility or transparency in the products. With the entry of the private insurers the rules of the game have changed. Life insurance business in terms of first year premium has shown a growth of more than 95% over the previous year and non life, or general insurance, is not far behind either, growing at 22% during 2006-07.The 15 private insurers in the life insurance market have already grabbed nearly 24 percent of the market in terms of premium income. The new business premium of the 15 private players has tripled over last year. Meanwhile, state owned LIC's new premium business has fallen. Figure shows comparison between premiums being collected by private and public limited players in year 2006 and 2007. 36 | P a g e
  37. 37. 30000 25002.45 25000 20431.82 20000 16285.51 14997.09 15000 Gross Premium in Rs. Crore Private Total Gross Premium in Rs. Crore Public Total 8716.94 10000 5434.73 Gross Premium in Rs. Crore Total 5000 0 Premium Collected till march 2007 Premium Collected till march 2006 Innovative products, smart marketing and aggressive distribution. That's the triple whammy combination that has enabled fledgling private insurance companies to sign up Indian customers faster than anyone ever expected. Indians, who have always seen life insurance as a tax saving device, are now suddenly turning to the private sector and snapping up the new innovative products on offer. Increase awareness among the general public 37 | P a g e
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  39. 39. SURVEY. HEARD 5% UNKNOWN. 60% KNOWN 10% EXPERIENCED 25% The growing popularity of the private insurers shows in other ways. They are coining money in new niches that they have introduced. The state owned companies still dominate segments like endowments and money back policies. But in the annuity or pension products business, the private insurers have already wrested over 33 percent of the market. And in the popular unit-linked insurance schemes they have a virtual monopoly, with over 90 percent of the customers. The private insurers also seem to be scoring big in other ways- they are persuading people to take out bigger policies. For instance, the average size of a life insurance policy before privatization was around Rs 50,000. That has risen to about Rs 80,000. But a rejuvenated LIC is also trying to fight back to persuade new customers. 39 | P a g e
  40. 40. MARKET STRATEGY A department or well qualified & managed trainers are in charge of training the Agents regarding the products & day to day conducts of job. The department is specially designed to take care of Training needs of the agents. There are various training programs under agency training. This training plans an very important role for MYNL, as it takes care of the training of Sales managers & Agent Advisors. According to this department when a candidate is cleared he is not just an agent or an advisor, He is called as a ―Financial Advisor‖. He/she once done is a vital asset for the company. The recruitment process of the firm is very tuff, & there are various parameters that to select a candidate. The company uses 9 point criteria to select the candidates. These are based on various factors such as age, sex, experience, maturity, etc. From this model the company judges a prospective person. The company follows unique eligibility criteria for Agent Advisors selection by which company is able is to always justify its mission. The basic objective of having an eligibility model for recruitment is to have good retention and greater effectiveness in the delivery of service. 40 | P a g e
  41. 41. 1. 18 plus years of age: This age shows attainment of maturity and responsibility. People are more consistent in this age. A person is said to be mature at this point of age. 2. Married: Married people have more eager to earn money. Family pressures increase responsibility and secondly customers are convinced more by the stability of a married Agent Advisor. 3. Staying in the same city for more than 5 years: Person who stays more than 5 year has huge natural market which helps him to get more business in short period. It also affects because he/she may have a huge social group in the city. 4. Graduate: Graduate people have basic skills like communication skills, numerical ability, I.P relation, convincing abilities etc. so it is easy to teach them further. 5. Financial stability: MNYL is focuses on classes and not on masses thus they select strong agent advisors. 41 | P a g e
  42. 42. 6. To have a rich and active social circle: It helps to get higher case rate and case size. Also the chances of policy lapsing can be less and renewals can be more. 7. Greed for money: Firm selects advisors who understand the language of commission. Because people who want fix amount as their earnings are not suitable for this business. 8. Independent: MNYL select people who want to be entrepreneur. Housewives or brokers who want flexible hours for work are prospective person for this business. 9. Persuasion: He should be persuasive in nature because the Agent Advisor needs to follow up on regular basis with prospective and new clients without being a nuisance value. 10. Excellent interpersonal skills: Because developing and maintaining good relations can get policies. Secondly since most of the insurance companies provide a plethora of similar products, sales depend on the convincing ability of the Agent Advisor and the rapport the Agent Advisor is bale to build. Also results in C of I’s. 42 | P a g e
  43. 43. Reward and Recognition Premium Leader Qualifying Criteria- Rs. 1 Lakh AFYP in a month Reward and Recognition- Mention in leaders Report, Lunch Ten-A-Monther Qualifying Criteria- 10 applications in a month and Rs. 30,000 AFYP Reward and Recognition- MNYL Crystal Glass, mention in Leaders Report, Lunch. Hi-Flier Qualifying Criteria- 20 applications in a month Reward and Recognition- MNYL Silver Medal, MNYL Crystal Glass, Mention in leaders Report, Lunch Career Success Award 43 | P a g e
  44. 44. Qualifying Criteria- 15 paid cases & Rs. 40,000 FYC at the end of month 3. Reward and Recognition- Recognition Award Career Producer Award Qualifying Criteria- 25 paid cases & Rs. 80,000 FYC at the end of month 6. Reward and Recognition- Recognition Award Career Foundation Club Qualifying Criteria- 50 paid cases & Rs. 1.8 lakhs FYC in July- June for Recruits during this period. Reward and Recognition- Attend CFC meeting to be held at Zone level. Paid Case, FYC, Persistency, rider, Referral and CEIP Leader Qualifying Criteria- Top Agent in each category in each GO. Reward and Recognition- Recognition Plaque Agent of the Year Qualifying Criteria- Highest Points in each GO Reward and Recognition- Recognition Award 44 | P a g e
  45. 45. Centurion Qualifying Criteria- 100 net paid cases in a year. Reward and Recognition- Centurion Trophy Paul Colgan Trophy Qualifying Criteria- Highest FYC with 100 or more paid cases and 95% Or more 13th month persistency. Reward and Recognition- Recognition Trophy Executive Council Qualifying Criteria- July 2006 to June 2007: 4, 30,000 Council Credits January 07 to June 07: 1, 60,000 Council Credits 40 paid cases in the Council Period. Reward and Recognition- Trip to Malaysia to attend the Executive Council Meeting. MDRT (Million Dollar Round Table) Qualifying Criteria- 45 | P a g e MDRT FYC Rs. 7, 19,800 Premium Rs.14, 39,600
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  49. 49. FINDINGS  Maximum of the insurance is purchased by the middle age group.  Insurance is mostly preferred by the job holders.  Maximum insurance holders fall under the average annual income ranging between 1- 3 lakhs.  Insurance is usually preferred by small families.  Mostly people prefer insurance to cover their risk factor.  MNYL insurance company has a good market value***  Insurance holders under MNYL prefer protection gain plan above all the other plans offered to them.  The services provided by MNYL are satisfactory.**  Television media is one of the major source that provides information regarding different plans of MNYL 49 | P a g e
  50. 50. RECOMMENDATIONS  People should also be made aware of various other benefits attached with insurance other than the factor of risk coverage only.  MNYL should provide more information regarding the different plans in order to be able to cover all age groups.  Promotion techniques should be enhanced to create more awareness among people about MNYL.  Insurance plans should be designed in such a way that it is able to cater all family sizes.  MNYL should also emphasize on the usage of other sources of media to provide information regarding the various plans offered by them. 50 | P a g e
  51. 51. CONCLUSION 51 | P a g e
  52. 52. CONCLUSION Insurance is a superior tool to other forms of savings as it provides protection, collective bearing of risk, assessment of risk, certainity factor, easy liquidity and above all the safest means of savings and investment. During the course of my internship with MNYL, I got the opportunity to learn a lot about insurance in general and was able to study in detail the various plans offered by them. This also provided me with the exposure to be able to understand the insurance industry better and the various benefits attached to it. 52 | P a g e
  53. 53. BIBLIOGRAPHY Website: Other Sources  Insurance Administration 2nd Edition by Jane Light cap Brown, PH.D. Film & ETC.  Principles and Practices of Insurance By Dr. P Periasamy.  Marketing Research 3rd Edition By Beri G C.  Life and Health Insurance By Black Skipper  Marketing Management 12 Edition By Philip Kotler and Kevin Lane Keller.  AMFI- Mutual Fund (Basic Module) 2005. Role of AMC & Trustee in the mutual fund.  Insurance Chronical March 2006.  Marketing Research Text & Cases by-Harper W. Boyd, Jr.  Marketing Research Text & Cass by-Ralph Westfall.  Marketing Research Text & Cases by-Stanley F Stanch.  Introduction of marketing research By William Zikmund.  Insurance and Risk Management, Vol. IV, issue 08, June 2006.  Insurance – Origin & development By Sesha Ayyar. 53 | P a g e