APROJECT REPORT ON“PRIME PROMOTION OF MAX NEW YORK LIFE INSURANCE” FOR THE PARTIAL FULFILLMENT OF PANJABUNIVERSITY FOR REQUIREMENT OF BACHELOR’S DEGREE IN BUSINESS ADMINISTRATIONSUBMITTED TO: SUBMITTED BY: G.G.D.S.D. COLLEGE,
Sector -32, ChandigarhStudent declarationI, Rupika sharma do here by declare that this project work entitled, “Primepromotion of max new york life insurance” is a record of project work carriedby me under the supervision of Ms. Anupriya Bhardwaj, (Lecturer, GGDSDcollege Chandigarh) at “MAX NEY YORK LIFE INSURANCE’’ in the partialfulfillment of the requirement of BBA program of the GGDSD COLLEGE,CHANDIGARH (Punjab).Guide:Ms. Anupriya bhardwaj Rupika sharma
ACKNOWLEDGEMENTThe summer project at Max New York Life Insurance has been a very memorableand unique experience for me. It opened up new venues of grabbing knowledge,which will certainly stand me helpful in the years to come. It gives me immense privilege and pleasure in expressing my sinceregratitude and heartfelt thanks to Mr. Sudhanshu Baduni for giving me theopportunity to work in his reputed organization. I would also like to extend mythanks to all other staff at MAX NEW YORK LIFE Insurance who have co-operated and supported me towards the successful completion of this project. My sincere regards and gratitude to our faculty for giving me supportthroughout my B.B.A. degree and thus made me capable of being worthy ofrecognition. I am extremely indebted and too thankful to my project guide Ms. Anupriyawho has been most co-operative and encouraging throughout this project. Withouther initiative and constant support this project wouldn’t have taken place. Last but not the least I am very grateful to all the advisors who took outsome invaluable time out of their busy schedule and they responded to myquestionnaire and queries and provided me with all the valuable information. Rupika Sharma
PREFACEThese are the days of the advertising world and not the self-promoting world.Advertising is one of the very few essential assets allocating concept which isgrowing at its zenith rate to bring prosperity and progress to the teeming millionsof countries where people run after jobs. Equally important is the role of insuranceadvisors, where the investment field supports advisors and takes insurancecompanies to boom, and gleam and yield best results.I am really happy to present this project before the teachers as it gives me anincorporated base for further education and knowledge of the worldly scenarios ofthe insurance industry.I have tried my best to bring to you the latest picture of the various plans of MNYLand insurance practices.The sections and its included chapters are cordially arranged for the smooth flowof the subject matter both for ingestion and digestion. I carried out the surveymyself along with the summarization and conclusion of the survey. For the othermaterial I have freely drawn the material from internet sites and books to bring toyou the latest picture of the insurance industry. Hence, I do not claim anyoriginality, except for my style of presentation and the survey part.I am very thankful to Ms. ANUPRIYA BHARDWAJ, lecturer, BBA, GGDSDCollege, who took the burden to explain me the movement of the project so that Icould bring out the best possibility.I have tried to be, as far as perfect: yet the dirty minds always tend to intervenekeeping you in a disguised state to any fault. Hence, I request all teachers to bringto my notice any such mistakes or any facts so that I can rectify them and increase
my knowledge base. I welcome every suggestion regarding the project matter andstatus as I believe in the proverb “FAILURES ARE THE STEPPING STONES TOSUCCESS”. Rupika Sharma
CONTENTS• Acknowledgement• Preface• Executive Summary1) INTRODUCTION TO TOPIC 1.1 Functions of insurance Primary functions Secondary functions Other function 1.2 Classification of insurance Life insurance Non Life – General insurance 1.3 Types of policies 1.4 Contribution to Indian economy 1.5 Insurance industry prior to de - regulation2) Introduction to MAX NEW YORK LIFE INSURANCE COMPANY 2.1 Classification of Insurance 2.2 Types of Policies 2.3 Functions of Insurance 2.4 Contribution to Indian Economy 2.5 Company Profile 2.6 Insurance Management Solution 2.7 Types of Business Proposals3) RESEARCH METHODOLOGY 3.1 Objective of the Study 3.2 Scope of the Study
3.3 Data Collection 3.4 Data Analysis 3.5 Limitations4) DATA ANALYSIS AND INTERPRETATION 4.1 Findings5) RECOMMENDATIONS 5.1 Conclusion6) Bibliography7) Annexure • Questionnaire
EXECUTIVE SUMMARYTITLE: “PRIME PROMOTION OF MAX NEW YORK LIFEINSURANCE”SCOPE: Scope of this project includes a survey being conducted on MAXNEW YORK LIFE INSURANCE and an interpretation done of its market standand promotion required.OBJECTIVE: Identify the areas where the performance of MNYL can beimproved. Study the perception of the consumers about the company. In insurance companies recruitment of Financial Consultant plays a veryimportant role to generate high sales. The overall business depends upon theFinancial Consultant. So to understand the sales performance of FinancialConsultant evaluation program plays vital role. Life insurance companies offertheir services to the customers through the agents and Financial Consultant. SoFinancial Consultant plays a very important role for Company. Because Financial Consultant is the only persons who approach to thecustomers, understand their needs, problems. So the overall business depends uponconsumers. For this purpose this Project is carried out to analysis salesperformance through Financial Consultants which is an endless procedure fororganization for the awareness among consumers.
STATEMENT OF THE PROBLEM: This study was undertaken toidentify how the consumers react to different plans offered by MNYL. . It isprimarily known to the company that the main work is to generate maximum sales.To access up-to-date information the MNYL keeps a track about its customers,relationships and the market situation, helps in answering question such as what isthe market potential for my product, how are my customers behaving, and howefficient are my sales process?
INTRODUCTIONLife insurance is a form of insurance that pays monetary proceeds upon the deathof the insured covered in the policy. Essentially, a life insurance policy is acontract between the named insured and the insurance company wherein theinsurance company agrees to pay an agreed sum of money to the insuredsbeneficiary. With a large population and the untapped market area insurancehappens to be a very big opportunity in India. Today it stands as a businessgrowing at the rate of 15-20% annually. Together with banking services, it addsabout 7 percent to the country’s GDP. In spite of all this, the growth statistics ofthe penetration of the insurance in the country is very poor. Nearly 80% of Indianpopulation is without life and health insurance cover. This is an indicator thatgrowth potential for the insurance sector is immense in India. It was due to thisimmense growth that the regulations were introduced in the insurance sector and incontinuation “Malhotra Committee” was constituted by the government in 1993 toexamine the various aspects of the industry. The key element of the reform processwas participation of overseas insurance companies with 26% capital. Creating amore competitive financial system suitable for the requirements of the economywas the main idea behind this reform. Since then the insurance industry has gone through many changes. Theliberalization of the insurance industry has never looked back and today stand asone of the most competitive and exploring industry in India. The entry of theprivate players and the increased use of the new distribution are in the limelighttoday. 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 providesprotection against financial aspects of risk, such as those to property, life, healthand legal liability. In insurance the insured makes payment called“premiums” to an insurer, and in return is able to claim apayment from the insurer if the insured suffers a definedtype of loss. This relationship is usually drawn up in aformal legal contract.CLASSIFICATION OFINSURANCEThe insurance industry in India can broadly classified in two parts. They are.1) Life insurance.2) Non-life (general) insurance.LIFE INSURANCE:Life insurance can be defined as “insurance that provides a sum of money if theperson who is insured dies while the policy is in effect”. In 1818 British introducedto India, with the establishment of the oriental life insurance company in Calcutta.The first Indian owned Life Insurance Company was the Bombay mutual lifeassurance society which was set up in 1870. The life insurance act, 1912 was thefirst statuary measure to regulate the life insurance business in India. In 1983, theearlier legislation was consolidated and amended by the insurance act, 1938, with
comprehensive provisions for detailed effective control over insurance. The uniongovernment had opened the insurance sector for private participation in 1999, alsoallowing the private companies to have foreign equity up to 26%. Following theopening up of the insurance sector, 12 private sector companies have entered thelife insurance business.Need for life InsuranceThe need to safeguard the family brings in the need for life insurance. Todayinsurance has become even more important due to the disintegration of theprevalent joint family system, in which a number of generations co-existed inharmony, and a system in which a sense of financial security was always there asthere were more earning members.Times have changed and the nuclear family has emerged. Apart from other pitfallsof a nuclear family, a high sense of insecurity is observed in it today besides, thefamily has shrunk. Needs are increasing with time and fulfillment of these needs isa big question mark.How will you be able to satisfy all those needs? Better lifestyle, good education, along desired house. But again one just cannot fritter away all your earnings. You
need to save a part of it for the future too – a wise decision. This is whereinsurance helps. Factors such as fewer number of earning members, stress,pollution, increased competition, higher ambitions etc are some of the reasons whyinsurance has gained importance and where insurance plays a successful role.Life Insurance ensures that a person gates better prepared to face the uncertaintiesin the following ways:• PROTECTIONYou need life insurance to be there and protect the people you love, making surethat your family has a means to look after itself after you are gone. It is athoughtful business concept designed to protect the economic value of a human lifefor the benefit of those financially dependent on him.• RETIREMENTLife insurance makes sure that you have regular income after you retire and alsohelps you maintain your standard of living. It can ensure the post – retirementyears are spent in peace and comfort.• SAVINGS AND INVESTMENTSInsurance is a means to Save and Invest. Your periodic premiums are like Savingsand you are assured lump sum amount on maturity. A policy can come in reallyhandy at the time of your child’s education or marriage! Besides, it can be used assupplement retirement income!• TAX BENEFITSLife insurance is one of the best tax saving options today. Your tax can be savedtwice on a life insurance policy-once when you pay your premiums and once whenyou receive maturity benefits. Money saved is money earned!
Q.) Why is insurance superior to other forms ofsavings? An immediate estate is created in favor of the policyholder. Protection in case of death. Liquidity in case of need-easy loans is available. Tax relief-income tax. Policies can be offered as collateral security.TYPES OF POLICIESThough there are a lot of policies available in the market under different names andby different companies, the policies can be broadly classified into the followingcategories. Terms Insurance policy Whole Life Policy Money back policy Endowment Policy Pension Plans or Annuities.FUNCTIONS OF INSURANCEThe functions of Insurance can be bifurcated into two parts: • Primary Functions • Secondary Functions • Other Functions
The primary functions of insurance include thefollowing:Provide Protection - The primary function of insurance is to provideprotection against future risk, accidents and uncertainty. Insurance cannot checkthe happening of the risk, but can certainly provide for the losses of risk. Insuranceis actually a protection against economic loss, by sharing the risk with others.Collective bearing of risk - Insurance is a device to share thefinancial loss of few among many others. Insurance is a mean by which few lossesare shared among larger number of people. All the insured contribute the premiumstowards a fund and out of which the persons exposed to a particular risk is paid.Assessment of risk - Insurance determines the probable volume of riskby evaluating various factors that give rise to risk. Risk is the basis for determiningthe premium rate also.Provide Certainty - Insurance is a device, which helps to change fromuncertainty to certainty. Insurance is device whereby the uncertain risks may bemade more certain.
The secondary functions of insurance includethe following:Prevention of Losses - Insurance cautions individuals and businessmento adopt suitable device to prevent unfortunate consequences of risk by observingsafety instructions; installation of automatic sparkler or alarm systems, etc.Prevention of losses causes lesser payment to the assured by the insurer and thiswill encourage for more savings by way of premium. Reduced rate of premiumsstimulate for more business and better protection to the insured.Small capital to cover larger risks - Insurance relieves thebusinessmen from security investments, by paying small amount of premiumagainst larger risks and uncertainty.Contributes towards the development of largerindustries - Insurance provides development opportunity to those largerindustries having more risks in their setting up. Even the financial institutions maybe prepared to give credit to sick industrial units which have insured their assetsincluding plant and machinery.
The other functions of insurance include thefollowing:Means of savings and investment - Insurance serves as savingsand investment, insurance is a compulsory way of savings and it restricts theunnecessary expenses by the insureds For the purpose of availing income-taxexemptions also, people invest in insurance.Source of earning foreign exchange - Insurance is aninternational business. The country can earn foreign exchange by way of issue ofmarine insurance policies and various other ways.Risk Free trade - Insurance promotes exports insurance, which makes theforeign trade risk free with the help of different types of policies under marineinsurance cover.The end of the year 2000 marks a significant change and growth of IndiaInsurance industry scenario. Monopoly of Public Sector Insurance company marksan end and Private companies makes inroad. Foreign companies, both Life andGeneral flocked, collaborated and helped astronomical growth of InsuranceIndustry in India.
NON- LIFE (GENERAL) INSURANCE:Triton insurance co. ltd was the first general insurance company to be establishedin India in 1850, whose shares were mainly held by the British. The first generalinsurance company to be set up by an Indian was Indian mercantile insurance co.Ltd., which was stabilized in 1907. Thereafter many Indian players emerged. Thegeneral insurance business was nationalized after the promulgation of GeneralInsurance Corporation (GIC) OF India undertook the post-nationalization generalinsurance business. Presently there are 12 general insurance companies with 4 public sectorcompanies and 8 private insurers. Although the public sector companies stilldominate the general insurance business, the private players are slowly gaining afoothold. According to estimates, private insurance companies have a 10 percentshare of the market, up from 4 percent in 2001. In the first half of 2002, the privatecompanies booked premiums worth Rs 6.34 billion. Most of the new entrantsreported losses in the first year of their operation in 2001. With a large capital outlay and long gestation periods, infrastructure projectsare fraught with a multitude of risks throughout the development, construction andoperation stages. These include risks associated with project implementation,including geological risks, maintenance, commercial and political risks. Withoutcovering these risks the financial institutions are not willing to commit funds to thesector, especially because the financing of most private projects is on a limited ornon- recourse basis. Insurance costs constitute roughly around 1.2-2 percent of thetotal project costs. Under the existing norms, insurance premium payments aretreated as part of the fixed costs. Consequently they are treated as pass-throughcosts for tariff calculations. Insurance, like project finance, is extended by a consortium. Normally oneinsurer takes the lead, shouldering about 40-50 per cent of the risk and receiving a
proportionate percentage of the premium. The other companies share the remainingrisk and premium. The policies are renewed usually on an annual basis through theinvitation of bids. Of late, with IPP projects fizzling out, the insurance companies are turningonce again to old hands such as NTPC, NHPC and BSES for business.Contribution to Indian Economy • Life Insurance is the only sector which garners long term savings. • Spread of financial services in rural areas and amongst socially less privileged. • Long term funds for infrastructure. • Strong positive correlation between development of capital markets and insurance/pension structure. • Employment generation.Insurance Industry prior to de-regulationPrior to deregulation in 2000, market was a public monopoly. • Public Monopoly o 2000 Offices o Over 800,000 agents • Distribution through tied agents only • Sales approach primarily on a tax savings platform • Traditional style product offering : Endowment and money back plans • Inadequate and inflexible products • Pensions: Small part of product offer
• Limited focus on customer needsImproving Service StandardsChannel Access Service Points Use of IT Advisors Branch Network Limited use of ITPre Deregulation – Limited DistributionMulti Channel MULTI USE OF ITAccess SERVICE POINTSAdvisors Call Centers Shorter time around timeBrokers & Email ClaimsCorporate agents Website Policy IssuanceBan assurance Branch Network
Max New York Life Insurance Company Ltd. is a joint venture between NewYork Life; a Fortune 100 company and Max India Limited; one of Indias leadingmulti-business corporations. The company has positioned itself on the qualityplatform. In line with its vision to be the Most Admired Life InsuranceCompany in India, it has developed a strong corporate governance model basedon the core values of excellence, honesty, knowledge, caring, integrity andteamwork. The strategy is to establish itself as a Trusted Life InsuranceSpecialist through a quality approach to business.Incorporated in 2000, Max New York Life started commercial operation in 2001.In line with its values of financial responsibility, Max New York Life has adoptedprudent financial practices to ensure safety of policyholders funds. The Companyspaid up is Rs. 1,432 core.Having set a Best in Class Agency Distribution Model in place, the company isspearheading a major thrust into additional distribution channels to further grow itsbusiness. The company has multi-channel distribution that includes the agencydistribution, partnership distribution, banc assurance, distribution focused onemerging markets and alliance marketing through employed sales force. Thecompany currently has 33 banc assurance relationships, 14 corporate agencytie-ups and direct sales force at 14 locations. Max New York Life has put inplace a unique hub and spoke model of distribution to deepen rural penetration.The company has 39 (9 hub office 30 spoke offices) offices dedicated to emergingmarkets in Punjab and Haryana. Max New York Life offers a suite of flexibleproducts. It now has 35 products covering both life and health insurance and 8riders that can be customized to over 800 combinations enabling customers tochoose the policy that best fits their need. Besides this, the company offers 6
products and 4 riders in group insurance business.The company currently has more than 13,295 employees. COMPANY PROFILE
Max New York Life Insurance “Max New York Life wants people to view insurance as afinancial protection and wealth creation instrument and notjust a tax-saving tool.”Max New York Life Insurance Company Ltd. is a joint venture between New YorkLife, a Fortune 100 company and Max India Limited, one of Indias 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, ithas developed a strong corporate governance model based on the core values ofexcellence, honesty, knowledge, caring, integrity and teamwork. The strategy is toestablish itself as a trusted life insurance specialist through a quality approach tobusiness.New York Life is a Fortune 100 company that has over 160 years of experience inthe life insurance business. Max India Limited is a multi-business corporatedealing in Clinical Research, IT and Telecom Services, and Specialty PlasticProducts businesses.Max New York Life Insurance started its operations in India in 2000. It is the firstlife insurance company in India to be awarded the IS0 9001:2000 certifications.Max New York offers customized products tailored to suit individuals needs. Withits 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 officesspread over 37 cities all over India.In line with its values of financial responsibility, Max New York Life has adoptedprudent financial practices to ensure safety of policyholders funds. The Companyspaid 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 ofdistribution. The Company places a lot of emphasis on its selection process, whichcomprises four stages - screening, psychometric test, career seminar and finalinterview. The agent advisors are trained in-house to ensure optimal control onquality of training.Max New York Life, one of India’s leading life insurance companies, expanded itspresence in the southern region by opening its first general office in the city ofMysore. Max New York Life now has established a countrywide network of 172offices and representatives across 120 cities in India. The company has over25,300 agent advisors, who are widely considered the best in the business. MaxNew York Life aspires to be the "life insurance brand of first choice" amongstIndian consumers.“Max New York Life wants people to view insurance as a financial protection andwealth creation instrument and not just a tax-saving tool. Since the launch of ouroperations, our focus has always been on providing risk protection and long-termwealth creation solutions to our customers. With a diverse product portfolio tomeet customer requirements, it is evident that we are setting benchmarks in themarketplace and are well on course of realizing our vision to become India’s mostadmired Life Insurance Company.VISION:
Vision statement is “Most Admired Life Insurance Company inIndia".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.INSURANCE MANAGEMENT SOLUTION
TypES OF bUSINESS pROpOSAL : • Internal business proposal
• External business proposalInternal business proposal This business proposal meant for the head of the organizationalso called as justification report. An internal business proposal provides anopportunity to develop the competence and confidence to express your ideas,awareness, initiative and problem solving skill.External business proposal It is for the outsiders. Management plan, cooperationqualification, staffing plan, contact and pricing, technology plan, regulatoryrequirements are main components of business proposal.Here, at Max New York Life Insurance we offer a bouquet of insurance solutionsto meet every need.INDIVIDUAL
For individuals, we have a range of protection, investment, pension and savingsplans that assist and nurture dreams apart from providing protection. You canchoose from a range of products to suit your life-stage and needs.For organizations we have a host of customized solutions that range from GroupTerm Insurance, Gratuity, Leave Encashment and Superannuation Products. Theseaffordable plans apart from providing long term value to the employees help inenhancing goodwill of the company.PROTECTION PLANSLife is full of surprises. Unexpected events that strike without warning can disruptthe smooth rhythm of life. You must be prepared at all times. As the primaryearning member, you need to make sure that your family is never lacking inanything even if you are taken away from them forever. Do your best today toensure that your family can always enjoy a comfortable lifestyle. In double incomefamilies, both spouses should get adequate life covers especially if there aredependent children involved. We have plans that guarantee maximum protection ata low cost.
• Five Yr Renewable and Convertible™ • Level Term PolicyChILDREN PLANSYour parenting is perfect but is your planning adequate? Are you thinking beyondthe immediate to the future, about higher education and professional courses, inIndia and abroad? Many children are keen to pursue unconventional careers. Areyou in tune with their aspirations and passions? As parents you would never letmoney 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 andsoar high. • Childrens Endowment to 18 (Par) • Childrens Endowment to 24 (Par) • SMART Steps™ • SMART Steps™ Plus • SMART Steps™ Single PremiumINVESTMENT PLANS
Building a nest egg is about aggregating surplus amounts regularly to allow themto grow into a sizeable sum. Investments should be aligned to specific, long-termgoals. Luxury car, foreign holiday or dream house, create your own wish list andmake it come true. Your dreams are in your hands. Every move that you maketoday will bring you a step closer to your goals. Our Investment Plans offer thedual benefit of protection and market-linked returns with the flexibility to choosethe premium and determine the market exposure. • Life Maker™ Premium • Life Maker™ Gold • Life Maker™ Platinum • Life Invest™ • SMART AssureRETIREMENT 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 missyour salary cheque or be constrained by rising inflation. Even as you work hard tomake a better today, it is up to you to create a superior tomorrow. If you want tosustain your current lifestyle even after you stop working, make that money workfor you. Our Retirement Plans will keep you comfortable and content, and let youlive the life you deserve. • Easy Life™ Retirement (Par) • SMART Invest™ PensionhEALTh PLANSDo you know the cost of healthcare has climbed faster than inflation? Medicalcosts can be a big drain on finances. A medical crisis can strike anyone, anytimeand may even force an individual to dip into savings to meet these sudden andsteep 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 yourfamily stays fit and fine. • Lifeline MediCash™ • Lifeline Wellness™ Plus • Lifeline MediCash™ Plus • Lifeline Safety Net™ • Lifeline Wellness™SAVINGS PLANSIs your money working for you? Clearly not, if it is lying idle in multiple bankaccounts. We will instill the discipline of investment through force of habit as youpark 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 thatwill 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™RURAL PLANSWe are conscious of our social responsibility to serve the financially vulnerablesections of society. We have created specialized Rural Plans to meet the particularneeds of customers in rural areas. The ticket size has been kept low, the premiumsare affordable and the procedures are simple. Customers in rural areas can nowfind a plan to meet their unique requirements. • Easy Term Policy
STRATEGIC PRODUCTS PLANSMost people desire a carefree life. They want to be happy and comfortable at alltimes. But needs keep evolving and you must always be one step ahead. OurStrategic Products Plans will meet your special needs and are available throughadditional distribution channels. You can choose a plan to meet the planned eventsand unforeseen incidents in your life.Banc assurance • Capital BuilderAdditional Distribution • Max Mangal™ • Capital Builder • Max Vriksha™Max Am sure • Future Builder • Business Builder • Bonus Builder • Secure Returns Builder
GROUP PLANSPeople are the most valuable asset of any organization. Organizations have toinnovate newer forms of compensation to retain talented employees. Pay and perksare 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 anorganization their enduring trust and loyalty. Our Group Plans offer a three-in-oneadvantage, as they are a powerful tool for motivation, reward and retention, inthese 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
RESEARCh METhODOLOGY Research Methodology is a way to systematically solve the reach problem. Itmay be understood as a science of studying how research is done scientifically.
OBJECTIVES OF ThE STUDYThe professional objectives which are being covered under this project are asfollowing- • To know about demographic factors affecting Life Insurance. • To analyze the role of advertisement for Life Insurance Companies. • To know the perception and conception of customers towards Insurance products and specially focused for Max New York Life Insurance products. • To explore the potential areas for the insurance and providing best offers and constant promotion and placing strategy.
SCOPE OF ThE STUDY The numbers of respondents surveyed are 100. The study is conducted in Dehradun. This study is conducted to analyze the market stand of Max New York Life insurance with that of other insurance companies in India.
DATA COLLECTIONDetermining sources of Data:There are two main sources of data1. Primary data 2. Secondary dataPrimary Data:It consists of original information collected for specific research. Primary data forthis research study was collected through a direct survey to obtain this primary dataa well structured questionnaire is prepared by the researcher.Secondary Data: It means data that are already available i.e. they refer to data which are alreadycollected and analyzed by someone else. Secondary Data may be either publisheddata or unpublished data. Usually published data are available in:- 1) Books Magazines and newspapers 2) Public record and statistics
DATA ANALySISMethod of collecting data:sampling technique For preparation of questionnaire the basic objective of the surveywas concentrated, previous surveys under taken prospect cart secondary datathrough files and folders. For the survey, Convenience Sampling this methodinvolves purposive or deliberate selection of particular units of the universe whichare available on the case of access for constituting a sample which representinguniverse.Tools of Analysis in collecting data :Various tools have been used in this research: 1. Tables. 2. Pie charts. 3. Bar diagrams. 4. Percentage method has been used to analyze the data.
LIMITATIONS:1) The survey was conducted within the city only.2) Time to interact with the customers was not sufficient.3) Customers were not fully aware of various plans of max New York life insurance.4) Accurate results could not be found as every customer has his own opinion.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.
1. Age of the respondents PARTICULARS NO.OF.RESPONDENT PERCENTAGE (AGE) Less than 25 11 11% 25 - 35 40 40% 35 – 45 20 20% Above 45 29 29% TOTAL 100 100INTERPRETATION: From the survey it was found that amongst 100 respondents a) 11% of the respondents are less than 25 years old. b) 40% of the respondents are between 25 and 35 years of age. c) 20% of the respondents are between 35 and 45 years of age. d) 29% of the respondents are more than 45 years of age.
2. Qualification of the respondents.PARTICULARS NO.OF RESPONDENT PERCENTAGEGraduate 52 52%Post Graduate 29 29%Diploma 8 8%Other discipline 11 11%TOTAL 100 100% Qualification of the Respondents Graduate Post Graduate Diploma Other discipline TOTAL 100 80 60 40 20 0 PERCENTAGE NO.OF.RESPONDENT INTERPRETATION: From the survey it was found that amongst 100 respondents a) 52% of the respondents were graduate b) 29% of the respondents were post graduate c) 8% of the respondents were diploma d) 10% of the respondents were other discipline
3. Occupation of the respondents PARTICULARS NO. OF RESPONDENT PERCENTAGEBusiness man 34 34%Professionals 18 18%Job holders 37 37%Others 11 11%TOTAL 100 100% Occupation of the Respondents Business man Professionals Job holders Others TOTAL 100 80 60 40 20 0 NO.OF.RESPONDENT INTERPRETATION: From the survey it was found that amongst 100 respondents a) 34% of the respondents are businessmen. b) 18% of the respondents are professionals. c) 37% of the respondents are job holders. d) 11% of the respondents are background.
4. Average annual income of respondents. PARTICULARS NO. OF RESPONDENT PERCENTAGEUp to 1 lakh 33 33%1 lakh - 3 lakh 43 43%3 lakh - 5 lakh 20 20%5 lakh & above 4 4%TOTAL 100 100% Average annual income of respondents. 100 80 Up to 1 lakh 1 lakh - 3 lakh 60 3 lakh - 5 lakh 40 5 lakh & above TOTAL 20 0 NO.OF.RESPONDENT INTERPRETATION: From the survey it was found that amongst 100 respondents a) 33% of the respondents have an average annual income up to 1 lakh b) 43% of the respondents have an average annual income from 1 lakh to 3 lakh c) 20% of the respondents have an average annual income from 3 lakh to 5 lakh d) 4% of the respondents have an average annual income above 5 lakh
5. Family size of respondents. PARTICULARS NO.OF RESPONDENT PERCENTAGEBelow 5 members 50 50% 5 - 10 members 32 32%Above 10 members 28 28%TOTAL 100 100% FAMILY SIZE 28% 50% below 5 members 5- 10 member above 10 member 32% INTERPRETATION: From the survey it was found that amongst 100 respondents a) 50% of the respondents are below 5 members. b) 32% of the respondents are between 5 to 10 members. c) 28% of the respondents are above 10 members.
6. According to respondents life insurance is.PARTICULARS NO.OF. PERCENTAGE RESPONDENTRisk Coverage 40 40%Tax Savings 30 30%Security 30 30%TOTAL 100 100% INTERPRETATION: From the survey it was found that amongst 100 respondents a) 40% of the respondents say risk coverage. b) 30% of the respondents say tax savings. c) 30% of the respondents say financial security.
7.Awareness of Max New York Life InsurancePARTICULARS NO.OF.RESPONDENT PERCENTAGE No 17 17% Yes 83 83%TOTAL 100 100% Awareness of Max New York No Yes TOTAL 100 80 60 40 20 0 NO.OF.RESPONDENT INTERPRETATION:- From the survey it was found that amongst 100 respondents. a) 83% of the respondents say that they are aware of Max New York Life Insurance Co. b) 17% of the say that they are unaware of Max New York life Insurance Co.
8.Awareness regarding Insurance.PARTICULARS NO.OF.RESPONDENT PERCENTAGE Yes 70 70% No 30 30% TOTAL 100 100% INTERPRETATION:- From the survey it was found that amongst 100 respondents a) 70% of the respondents say that they are aware of insurance. b) Only 30% are unaware of insurance.
9. % of respondents who are under different plans ofMax New York life insurance co.PARTICULARS NO.OF.RESPONDENT PERCENTAGEInvest gain plan 30 30%Protection gain plan 36 36%Child gain plan 8 8%Whole life plan 15 15%Pension plan 11 11%TOTAL 100 100%INTERPRETATION:From the survey it was found that amongst 100 respondents: a) 30% of the respondents are under invest gain plan b) 36% of the respondents are under protection gain plan c) 8% of the respondents are under child gain plan d) 15% of the respondents are under whole life plan e) 11% of the respondents are under pension gain plan
e10. % of respondents benefits of choosing theparticular products PARTICULARS NO.OF.RESPONDENT PERCENTAGERisk coverage 60 60%Additional benefit 20 20%Maturity date 12 12%Sum Assured 8 8%TOTAL 100 100% Benefits of Particular Products 100 90 80 70 Risk coverage 60 Additional benefit 50 Maturity date 40 Sum Assured 30 20 TOTAL 10 0 1 2INTERPRETATION:a) 60% of the respondents say that a benefit of choosing the particular Product is for Safety of life.b) 20% of the respondents say that a benefit of choosing the particular products is for additional benefit to family.c) 12% of the respondents say that a benefit of choosing the particular products is for maturity date.d) 8% of the respondents say that a benefit of choosing the particular products is for sum assured.
11. Are the respondents satisfied with the services ofMNYL Insurance?INTERPRETATION:From the survey it was found that among 100 respondents:- a) 70% respondents are satisfied with the services of MNYL. b) 30% respondents are not satisfied with the services of MNYL12. Has media been the source of information forvarious plans of max new York life insurance co.
INTERPRETATION:From the survey it was found that amongst 100 respondents:60% respondents have media as the source of information for various plans.40% respondents do not have media as the source of information for various plans. 13. Which source of media has provided information for the various plans offered by MNYL?
INTERPRETATION:FFFrom the survey it was found that amongst 100 respondents30% respondents prefer newspaper as the source of information15% respondents prefer magazine as the source of information45%respondents prefer television as the source of information.10% respondents prefer radio as the source of information.
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
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.
CONCLUSIONInsurance is a superior tool to other forms of savings as it provides protection,collective bearing of risk, assessment of risk, certainity factor, easy liquidity andabove all the safest means of savings and investment.During the course of my internship with MNYL, I got the opportunity to learn a lotabout insurance in general and was able to study in detail the various plans offeredby them. This also provided me with the exposure to be able to understand theinsurance industry better and the various benefits attached to it.
BIBLIOGRAPhYWebsite:www.maxnewyorklife.comwww.google.comwww.wikipedia.orgOther 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.
QUESTIONNAIRENAME:AGE:GENDER: MALE FEMALEADDRESS:Q1) What is your average annual income? Upto 1 lakh 1 lakh – 3 lakh 3 lakh – 5 lakh 5 lakh and aboveQ2)How many members are there in your family? Below 5 members 5 – 10 members Above 10 membersQ3)how do you regard insurance as? Risk coverage tax savings SecurityQ4) Are you aware of what insurance is all about? No YesQ5) Are you aware of Max New York Life Insurance? No YesQ6) which category of MNYL insurance plan have you preferred? Investment gain plan protection gain plan Child gain plan whole life plan Pension planQ7) What benefits do you prefer while choosing an insurance plan of MNYL? Risk coverage additional benefit Maturity period sum assured
Q8)Are you satisfied with the services of MNYL Insurance ? No YesQ9)Has media been the source of information for various plans offered by MNYL? No YesQ10)Which source of media has provided information for the various plans offeredby MNYL? Newspaper Television Magazine Radio