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Customer perception towards max newyork life insurance

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  • 1. TABLE OF CONTENTS S. No. Chapter Name 1. Introduction of the topic 2. Company Profile 3. Objectives of the Market Survey Report 4. Literature Review 5. Research Methodology 6. Data Analysis & Interpretation 7. Findings of the study 8. Conclusion 9. Suggestions 10. Limitations 11. Bibliography 12. Page No. Annexure - Questionnaire customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 2. INTRODUCTION customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 3. INTRODUCTION This market survey report is based on the survey, which has been done in the Moradabad city. The main objective of the survey is to find out and to analyze the customer perception towards Max Newyork Life Insurance. The data used for the analysis is primary data and collected through the use of questionnaire. The respondents were the customer of Life Insurance. The sample size of my research is 50, and the respondents are customers, a questionnaire has been used to make this market survey report. The data have been tabulated and shown in the form of a pie chart. Then it is interpreted and analyzed and further the conclusion of the study is drawn. And I will also ask some questions to customers through which I am avail to conduct this market survey report. I believe that this market survey report will help to the reader for better understanding of the attitude of the customer. ABOUT INSURANCE “Insurance is a contract between two parties whereby one party called insurer undertakes in exchange for a fixed sum called premiums, to pay the other party called insured a fixed amount of money on the happening of a certain event.” According to Patterson – “Insurance is an agreement between two parties under which one party undertakes specified future risk of another party and compensates the loss from that risk on payment of some consideration known as premium payable by the later.” Insurance may be described as a social device to reduce or eliminate risk of life and property, under the plan of insurance, a large number of people associate themselves by sharing risk, attached to individual. With the help pf insurance, large number of people exposed to a similar risk makes contributions to a common fund out of which the losses suffered by the unfortunate few, due to accidental events, are made good. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 4. Insurance is a tool by which losses of a small number are compensated out of funds collected from plenteous. Gradually as competition increased benefits given by industry to its customers increased by leaps and bounds. Insurance is a basic form of risk management which provides protection against possible loss to life or physical assets. Person who seeks protection against such loss is termed as insured, and company promises to honor claim, in case such loss is actually incurred by insured, is termed as Insurer. In order to get insurance, insured is required to pay to insurance company a certain amount called premium. Premium is collected by insurance companies which acts as trustee to poll created through contributions made by persons seeking to protect themselves from common risk. Any loss to the insured in case of happening of uncertain events is paid out of this poll. INSURANCE PROVIDES: ● Protection to investors. ● Accumulation of savings. ● Channeling these savings into sectors needing huge long term investment. FUNCTIONS OF INSURANCE: ● PROVIDE PROTECTION: The primary function of insurance is to provide protection against future risk, accidents and uncertainty. Insurance cannot check the happening of the risk, but can certainly provide for the losses of risk. Insurance is actually a protection against economic loss, by sharing the risk with others. ● COLLECTIVE BEARING OF RISK: Insurance is an instrument to share the financial loss of few among many others. Insurance is mean by which few losses are shared among larger number of people. All the insured contribute the premiums towards a fund and out of which the persons exposed to a particular risk paid. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 5. ● MEASUREMENT OF RISK: Insurance determines the probable volume of risk by evaluating various factors that give rise to risk. Risk is a basis for determining the premium rates also. ● PROVIDE CERTAINTY: Insurance is a device, which helps to change from uncertainty to certainty. Insurance is a device whereby the uncertain risks may be made more certain. ● SMALL CAPITAL TO COVER LARGER RISKS: Insurance relieves the businessman from security investments, by paying small amount of premium against larger risks and uncertainty. ● CONTRIBUTES TOWARDS THE DEVELOPMENT OF INDUSTRIES: Insurance provides development opportunity to those larger industries having more risks in their setting up. Even the financial institutions may be prepared to give credit to sick industrial units which have insured their assets including plant and machinery. ● MEANS OF SAVINGS AND INVESTMENT: Insurance serves as savings and investment, insurance is a compulsory way of savings and it restricts the unnecessary expenses by the insured’s. for the purpose of availing income tax exemptions also, people invest in insurance. ● SOURCE OF EARNING FOREIGN EXCHANGE: Insurance is an international business. The country can earn foreign exchange by way of issue of marine insurance policies and various ways. ● RISK FREE TRADE: Insurance promotes exports insurance, which makes the foreign trade free with the help of different types of policies under marine insurance cover. IMPORTANCE OF THE LIFE INSURANCE:● PROTECTION AGAINST UNTIMELY DEATH: - Life insurance provides protection to the dependents of the life insured and the family of the assured in case of his untimely customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 6. death. The dependents or family members get a fixed sum of money in case of death of the assured. ● SAVING FOR OLD AGE: - After retirement the earning capacity of a person reduces. Life insurance enables a person to enjoy peace of mind and a sense of security in his/her old age. ● PROMOTION OF SAVINGS: - Life insurance encourages people to save money compulsoBSLIy. When life policy is taken, the assured is to pay premiums regularly to keep the policy in force and he cannot get back the premiums only surrender value can be returned to him. In case of surrender of policy, the policyholder gets the surrendered value only after the expiry of duration of the policy. ● INITIATES INVESTMENTS: - Life insurance corporation encourages and mobilizes the public savings and channelizes the same in various investments for the economic development of the country. Life insurance is an important tool for the mobilization and investment of small savings. ● CREDIT WORTHINESS: - Life insurance policy can be used as a security to raise loans. It improves the credit worthiness of business. ● SOCIAL SECURITY: - Life insurance is important for the society as a whole also. Life insurance enables a person to provide for education and marriage of children and for construction of house. It helps a person to make financial base for future. ● TAX BENEFIT: - Under the income tax act, premium paid is allowed as a deduction from the total income under section 80C. STAGES IN POLICY INSUANCE: 1. PROPOSAL: A Proposal stage is the first stage before the policy is issued at COPS. At this stage, the application form is received by COPS, but it is pending for issuance due to further clarifications required from the customer. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 7. 2. LOGIN: A Proposal which is complete i.e., duly filled with all necessary documents attached to it and accepted by the branch cops is called a login. 3. REJECT: An Application gets rejected at the branch cops level due to necessary details not filled in the form or necessary documents not submitted is a Reject. It is then sent back to the advisor for completion. 4. ISSUANCE: Issuance means a policy that is issued to the customer central cops. 5. DECLINE STATUS: When a customer refuses to take a policy post login but before issuance is called a Decline. 6. CANCELLATION: When the Cheque given by the customer bounces, it amounts to the cancellation of the policy. 7. LAPSE: A Policy for which the customer fails to pay subsequent premiums is a lapsed policy. 8. FREE LOOK: Post issuance of the policy, the policyholder has the option to turn down the policy within 15 days from the date of issuance. This period of 15 days is called Free look period. 9. SURRENDER: When a customer wants to discontinue with the policy. Top Ten Insurance Company Below is a list of the Top 10 insurance companies in India and their contact details zone wise. Insurance Company Products and Services Contact Details LIC Life Insurance Corporation of India Insurance Policies Jeevan Anurag Unit Plans Samridhi Plus Pension Plus Special Plans Jeevan Madhur Jeevan Mangal Group Schemes East Zone: LIC of India,P&GS Unit Jeevan Prakash,Calcutta Metro DO-I 16 Chittaranjan Avenue Kolkata West Bengal 700072 033-23346688 West Zone: Jeevan Prakash GHB Complex, 2nd Floor,Opp.to Rupal Park, customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 8. Behind Ankur Bus stop, Naranpura, Ahmedabad Gujarat 380013 North Zone: Jeevan Prakash Post Box No 102 25 Kasturba Gandhi Marg New Delhi DELHI 110001 011-23762681 079-25502150 South Zone: LIC Building 102 Anna Salai Post Box No 324 Chennai TAMIL NADU 600002 044-28612871 ICICI Prudential Life Insurance Co Ltd Education insurance plans West Zone: A-32/B-32, 3rd Floor, Smartkid New Unit-Linked Corporate house, Regular Premium Judges Bungalow Road, Smart Kid Regular Above Hotel Honest, Premium Off. S G Highway, SarkhejSavings (all ULIP) Bodakdev, Life Time Super Ahmedabad - 380015 Premier Life Gold Gujarat Life Time Plus South Zone: Plot No. 11, Premium guarantee plans 1st & 2nd Floor, Invest Shield Cash Back K.R. Buildings, protection plans (All Lattice Bridge Road, Traditional plans) Above Pizza Corner, Life Guard Adyar, Chennai - 600020 Save 'n' Protect Tamilnadu Home Assure 9840877766 Health care plans North Zone: ICICI Crisis Cover Prudential Life Diabetes Care/ Diabetes Insurance Co. Ltd., Care Plus 1 DLF Centre, Cancer Care Ground Floor, Opp Park Hotel, Sansad Marg, Connaught Place, New Delhi - 110001. Delhi 9818177766 East Zone: Plot No. C-653, 2nd Floor, Epari Plaza, Janpath,Unit-III, Bhubaneshwar - 751001 600222020 customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 9. Bajaj Allianz Life Insurance Co Ltd Insurance Policies iGain III Max Advantage Health care plans Star Package Personal Guard Silver Health Travel Insurance Student Elite Plan BBSLIliant Minds East Zone: # 338, Calcutta Food Bazar, 2nd Floor, A Block, Lake Town, Kolkata, 700055 +91-33-32575382 North Zone: C-32, 1st Floor & 2nd Floor, Connaught Place, New Delhi - 110 002, 011 - 41490500 SBI Life Insurance Co Ltd Individual Plans SBI Life - Unit Plus Super SBI Life - Smart Wealth Assure Group Plans Group Micro Insurance Plans Group Loan Protection Products West Zone: SBI life insurance company ltd, 1st floor akshar arcade opp memnagar fire station , memnagar , ahmedaba 380014 079 -66103333 North Zone: SBI life insurance company ltd, 116, hargovind enclave,opp karkardooma community centre 011-40758700 East Zone: SBI LIFE INSURANCE company ltd, jeevandeep building ground floor,1 middleton street 033-22882323 / 22 South Zone: SBI LIFE INSURANCE company ltd, 2 nd floor, 96/04, south end road,basavangudi 080 26575460 Max Newyork Life Insurance Insurance Co Ltd Protection Plans Max Newyork Life Insurance Insurance Money Multiplier Plan Reliance Special Term Plan Child Plan Reliance Child Plan Savings & Investment Plans Max Newyork Life Insurance Insurance Pay Five Plan West Zone: 201, Viva Complex, 42, Parimal Co-oprative Housing Society, Perimal Cross RoadAhmedabadGujarat,380009 079-30075191 South Zone: No.2940/E-5, GG Arcade,3rd floor, Service Road, West Of Chord, Opp Maruthi Mandir, Vijay Nagar,BangaloreKarnataka,560040 customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 10. Max Newyork Life Insurance Insurance Classic Plan - Limited Premium Max Newyork Life Insurance Insurance Highest NAV Advantage Plan Max Newyork Life Insurance Insurance Money Multiplier Plan North Zone: Level - II, C 45, Agrawal Cyber Plaza,Netaji 080-39826566 East Zone: 206, A.P.C, Bose Road, 2nd floor, Shyambazar (Opp-CESC Regional Office), Kolkata West Bengal,700004 033-30610530 Subhash Place,DelhiDelhi, 110092 011-32229807 HDFC Standard Life Insurance Co Ltd Protection Plans HDFC Premium Guarantee Plan Savings and Investment Plans HDFC SL ProGrowth Flexi ClassicAssure Insurance Plan HDFC SL ProGrowth Maximiser North Zone: HDFC SLIC, B-3/6,Ground Floor Asaf Ali Road, Delhi - 110002 011-43591300 South Zone: 2nd floor, Block 2 A, Esquire Centre, No. 9, M. G. road, Bangalore - 560 001 " 080-42791234 West Zone: HDFC Standard Life Insurance Co. Ltd.,2nd Floor, 'Shivalik Plaza', Opp Amam, IIM Road, Ahmedabad - 380 015 079 - 66101500 East Zone: 30SA/2, Block-B, New Alipore, Kolkata-700053 033-66125406 Max Newyork Life Insurance Insurance Co Ltd Health and Wellness Solutions BSLI Saral Health Plan BSLI Bachat Money Retirement Solutions BSLI Dream Life Plan BSLI Immediate income Plan Rural Solutions Max Newyork Life Insurance Insurance Bima Dhan Sanchay Max Newyork Life Insurance Insurance Bima Kavach Yojana North Zone: 1St Floor, Sco-14, Sector - Ii , Central Market, Punjabi Bagh, , New Delhi, Delhi 110026 Delhi 011-45062639 / 40 / 37 South Zone: Site No 70 , 2nd floor, Grace Towers,Above BMW Showroom, Old miller Road, Cunningham Road(Cr) Bangalore 560046 Karnataka 080 65398701 / 25 East Zone: 1St Floor, 110, Bose Pukur Para, , Kolkata- South, Kolkata 700042 West Bengal 033 - customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 11. 66331915/16 West Zone: Pancharatna Upper Ground Floor, C. G. Road, Opp White House, Ahmedabad , Ahmedabad 380009 Gujarat 079-26409741 Max New York Life Insurance Co Ltd Life Plans 20 year Endowment Max New York Life Platinum Protect Life Gain™ Plus 25 Growth Plans Max New York Life Flexi Fortune Max New York Life Shubh Invest Health Plans LifeLine MediCash™ Plus LifeLine Safety Net™ West Zone: 3rd Floor, Unit No.301 to 307, Aashth Mangal, Shahi Bagh, Near Rajasthan Hospital, Opposite Resham Bai Fertility Hospital, Ahmedabad-380004 Gujarat Tel: 079-40215433 North Zone: 2 & 3 rd Floor,C-6, Local Shopping Centre, Vasant Vihar, New Delhi, 110057 Delhi Tel: 011-46086900 South Zone: Vimal Chambers, No.70 & 70/1 4th Floor M.G.Road, Bangalore560001 Karnataka Tel: 080-66965700 East Zone: La Vida Mall, 2nd Floor, CK-III, Sector-II, Nr. Tank No. 9, Salt Lake City, Kolkata-700 091 Tel: 033-44079303 /04/05/01. 033-44079313-01 Kotak Mahindra Old Mutual Life Insurance Ltd Protection Plans Kotak eternal Life Plans Saving and Investment Plans Kotak ace investment Plan Kotak surakshit Jeevan Child Plans Kotak headstart Child Assure West Zone: Kotak Mahindra Old Mutual Life Insurance Ltd. Unit nos. 901 & 902, 9th floor, Wing A & B, Godrej Coliseum, Lokmanya Pan Bazar, Behind Evrard Nagar, Sion (E), Mumbai - 400 022 Tel : +91 22 6621 5999 East Zone: 190b Satin Sen Sarani Kankurgachi, Kolkata, West Bengal 700054 033 23648610 North Zone: Lower Ground Floor, customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 12. 974/1 Dakha Plaza, Arya Samaj Road, Karol Bagh, New Delhi-110005, Beadonpura, Karol Bagh, New Delhi South Zone: RELCON PLAZA,FIRST FLOOR PATTOM, Kollam Road, Pattom Trivandrum, Kerala 695004 0471 6615600 Aviva Life Insurance Company India Ltd Protection Plans Aviva LifeShield Platinum Aviva LifeShield Advantage Fund Management Rural Plans Aviva Anmol Suraksha Aviva Grameen Suraksha Savings Aviva Dhan Vriddhi Aviva LifeBond Advantage North Zone: 2nd Floor, Prakashdeep Bldg., Tolstoy Marg,New Delhi Delhi I, Delhi 110001 Phone: 011-23462548 East Zone: 45 Bhupen Bose Avenue ,3rd flr, ShyambazarKolkata Kolkata 4, West Bengal 700004 Phone: 025304610 South Zone: Shubharam Complex 4th Floor,No 144 M G Road , Bangalore 560001 Bangalore, Karnataka Phone: 080 -25580777 West Zone: Mordern Centre, A Wing, 2nd Floor, Sane Guruji Marg, Mahalaxmi (E), Mumbai -11 Mumbai I, Maharashtra Phone: 02266207777 customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 13. IRDA In 1999, the insurance regulatory and development authority (IRDA) was constituted as an autonomous body to regulate and develop the insurance industry. The IRDA was incorporated as a statutory body in ApBSLI, 2000.The key objectives of the IRDA include promotion of competition so as to enhance customer satisfaction through customer choice and lower premiums, while ensuring the financial security of the insurance market. The IRDA opened up the market in August 2000 with the invitation for application for registrations. Foreign companies were allowed ownership of up to 26%. The authority has the power to frame regulations under section 114A of the Insurance Act, 1938 and has from 2000 onwards framed various regulations ranging from registration of companies for carrying on insurance business to protection of policyholder’s interests. IRDA is regulated or controlled under the chairmanship of SHRI. J. HARI NARAYAN chairmam@irda.gov.in. ROLE OF IRDA: ● Protecting the interests of policyholders. ● Establishing guidelines for the operations of insurers, and brokers. ● Specifying the code of conduct, qualifications, and training for insurance intermediaries and agents, ● Promoting efficiency in the conduct of insurance business. ● Regulating the investment of funds by insurance companies. ● Specifying the percentage of business to be written by insurers in rural sectors. ● Handling disputes between insurers and insurance intermediaries. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 14. COMPANY PROFILE customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 15. COMPANY PROFILE 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 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. 907.4 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. Max New York Life invests significantly in its training programme and each agent is trained for 152 hours as opposed to the mandatory 100 hours stipulated by the IRDA before beginning to sell in the marketplace. Training is a continuous process for agents at Max New York Life and ensures development of skills and knowledge through a structured programme spread over 500 hours in two years. This focus on continuous quality training has resulted in customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 16. the company having amongst the highest agent pass rate in IRDA examinations and the agents have the highest productivity among private life insurers. 337 agent advisors have qualified for the Million Dollar Round Table (MDRT) membership in 2007. MDRT is an exclusive congregation of the world’s top selling insurance agents and is internationally recognized as the standard of excellence in the life insurance business. Having set a best in class agency distribution model in place, the company is spearheading a major thrust into additional distribution channels to further grow its business. The company is using a five-pronged strategy to pursue alternative channels of distribution. These include the franchisee model, rural business, direct sales force involving group insurance and telemarketing opportunities, bancassurance and corporate alliances. Max New York Life offers a suite of flexible products. It now has 43 life insurance products and 8 riders that can be customized to over 800 combinations enabling customers to choose the policy that best fits their need. VISION To become one of the most admired life insurance company of 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 customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 17. VALUES Knowledge: Knowledge leads to expertise; and our expertise is in helping people protect themselves. Perfectly combining global expertise with local knowledge, we are India's life insurance specialist. Max New York Life believes that for knowledge to be of value it must be focused, current, tested and shared. Caring: Max New York Life is redefining the life insurance paradigm by focusing on customers first. The service process is responsive, personalized, humane and empathetic. Every individual who represents the company is for us our brand champion. Honesty: Honesty is the heart of the life insurance business. It is all about trust. Transparency, integrity and dependability form the cornerstones of the Max New York Life experience. The company ensures that everyone who represents the brand carries a promise : we care — in word as well as deed. Excellence: Excellence at Max New York Life implies the ability to perform at a consistently high level. Focused on the value of continuous improvement in people, processes and the organization, the company strives for the highest standards of quality in every aspect of its business. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 18. ACHEIVEMENTS Max New York Life is the first life insurance company in India to be awarded the IS0 9001:2000 certification. Max New York Life was among the top 25 companies to work with in India, according to 2003 Business World magazine, "Great Workplaces In India", Max New York Life was ranked at the 20th position. This survey is the local version of the "Great Places To Work" survey carried out every year in 22 countries. Been among top five most respected private life insurance companies in India according to a 2004 and 2006 Business World survey. Have truly built an enviable sales force. With 345 agents becoming members of the MDRT in 2006, Max New York Life has moved up to 21st rank in MDRT global list. Promoters 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. Since its inception in 2000, the organization has progressed and 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 the core customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 19. values of excellence, honesty, knowledge, caring, integrity and teamwork. The strategy is to establish itself as a trusted life insurance service provider through a quality approach to business. MANAGEMENT BOARD OF DIRECTORS: Analjit Singh Chairman, Max India Limited Gary R. Bennett Managing Director and CEO, Max New York Life Insurance Anuroop 'Tony' Singh Vice Chairman, Max New York Life Insurance MANAGEMENT TEAM: Gary Bennett Managing Director and CEO, Max New York Life Anil Mehta Director, Group Business Sunil Sharma Chief Operating Officer and Executive Director Sunil Kakar Director and Chief Financial Officer John Poole Chief Actuary MAX NEW YORK LIFE INSURANCE BRND AAMBASSADOR Amitabh Bachchan to endorse Max New York Life's Max Vijay Life insurance company Max New York Life has appointed veteran actor Amitabh Bachchan as the ambassador for its product, Max Vijay, that was launched towards the end of 2008. Max Vijay is a product designed to meet the investment and insurance needs of the investor, particularly the underprivileged strata of society. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 20. The policy offers stable investment returns, with insurance and savings at low entry level premiums of Rs 1,000, Rs 1,500 and Rs 2,500. Investors have the convenience to pay amounts between Rs 10-2,500 per day. The policy does not lapse as long as there is sufficient value in the policy account to cover charges, even if no subsequent premiums are paid. On choosing Bachchan as the ambassador, Anisha Motwani, executive vice-president, marketing and chief marketing officer, new markets, Max New York Life Insurance, tells afaqs!, "This is a low ticket product and we launched the product with the large objective of providing financial independence to the masses. When the objective is as large, one needs a celebrity ambassador who has a stature that could reach out to a large mass of the population." Motwani says that the product was launched in the retail channel earlier with below-the-line activities and a more aggressive campaign will be launched in mid-September. The launch will be in a phased manner, beginning from Uttar Pradesh, where the business model of the product will be customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA tested.
  • 21. "We are targeting people in the annual income bracket of Rs 60,000-1,00,000. PRODUCT PROFILE INSURANCE PLANS LIFE PLANS: Five Yr Renewable and Convertible™ Plan (Non - Par) UIN 104N001V01 customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 22. Life with its fascinating moments also has its share of uncertainties and planning ahead is extremely important to face all these uncertainties that may arise from time to time. That's the reason you need a protection plan, which would serve your protection needs and safeguard your family from any financial insecurity at times of crisis or at the unfortunate event of your demise. Max New York Life's Five Year Renewable and Convertible Term Insurance (Non-Participating) plan not only provide you with a low cost insurance cover during its tenure of five years, it also helps you plan in advance for various future needs and your family's financial security, should anything unfortunate happen to you. Offering a guaranteed Death Benefit, this plan is particularly useful as a short-term protection plan. An important feature of this policy is that it allows the insured to convert the policy to a regular policy during the tenure of the policy. Eligibility Criteria Eligibility Age at Entry Maximum Age at Maturity Term Sum Assured Premium Payment Options Criteria 20 to 60 years 65 years 5, 10, 15, 20 or 25 years or to Age 60 years Rs. 2,50,000 to Rs. 5 Crore Annual, Semi-annual, Quarterly, Monthly Benefits On death of life insured: In case of the unfortunate death of the life insured during the term of the plan, an amount equal to the Sum assured is paid to the beneficiary. Tax benefits: You are entitled to the following tax benefits under Income Tax Act 1961: • Your premiums are eligible for deduction u/s 80C up to Rs.1,50,000/- every year. • Your DD rider premiums are eligible for an additional deduction u/s 80D up to Rs.15,000/- every year. • Your claim amounts (from death) are eligible for tax exemption u/s 10(10D). Unique Features in This Policy: This plan can be renewed every five years and is convertible to any permanent plan at any time during the tenure of the plan. Five Year Renewable and Convertible Term Insurance (Non-Participating) provides you with a low cost insurance cover during its tenure of five years. It is also convertible any time into any permanent life insurance policy from MNYL, so that you are able to take advantage of increasing your savings when your responsibilities increase viz. on marriage, or on child birth Dread Disease Rider Personal Accident Benefit Rider customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 23. Age Expiry Age 20 – 50 Years (depending upon Term) Incase Insured is diagnosed with any of the below mentioned diseases, an additional benefit will be paid to the insured. Pick-a-Term: Minimum 10 Years Maximum 40 Years 60 Years Minimum Face Amount Rs 1 lac Benefits Tenors Available: Maximum Face Amount Benefit Features The lower of base face amount or Rs. 10 lacs Gives an additional benefit upon diagnosis of any of the 10 diseases – Heart Attack, Cancer, Stroke, CABG, Multiple Sclerosis, Kidney Failure, Major Organ Transplant, Paralysis, Coma, Heart Valve Replacement/Repair For each frequency, multiply by the appropriate factor: Calculation of Modal Premiums for Annual,Semi Annual, Quarterly, Monthly Annual Semi Annual Modes Quarterly Monthly 1.000 0.520 0.265 0.090 customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 24. Level Term Policy (Non - Par/Non – Con) In the exciting journey of life, there will be uncertainties, and there will be various occasions when you have to play or assume added responsibilities being the head of the family. The much-anticipated arrival of a new member in the family, the purchase of your dream house, the wonderful event of your marriage, your children's higher education or their marriage may all be described as planned life events, but they bring their own share of uncertainties. It is important to be financially secured and prepared to meet these uncertainties and make your family feel fully protected, should something unfortunate happen to you. Max New York Life's Level Term (Non Participating) Policy is a plan that covers your life at a very low cost and reduces the consequent hardship your family may have to bear in the unfortunate event of your death. Incase of the unfortunate death of the policy holder during the term of the plan, an amount equal to the sum assured is paid to the nominee. "For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale". Eligibility Criteria Eligibility Criteria Age at Entry 18 years to 55 years Maximum Age at Maturity 60 Years Term 5,10,15,20 or 25 years or to Age 60 Years Sum Assured Rs. 2,50,000 to Rs. 5 Crore Premium Payment Options Annual, Semi-annual, Quarterly, Monthly, Single Benefits On death of life insured: In case of the unfortunate death of the life insured during the term of the plan, an amount equal to the Sum assured is paid to the beneficiary. Tax benefits: You are entitled to the following tax benefits under Income Tax Act 1961: • Your premiums are eligible for deduction u/s 80C up to Rs.1,50,000/- every year. • Your DD rider premiums are eligible for an additional deduction u/s 80D up to Rs.15,000/- every year. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 25. Your claim amounts (from death) are eligible for tax exemption u/s 10(10D). In the exciting journey of your life, there will be uncertainties. Additionally there may be • times and occasions when you have to assume additional responsibilities as the head of the family. Max New York Life's Level Term (Non Participating) Policy insures your life at a very low cost and reduces any hardship your family may have to bear in the unfortunate event of your death. Dread Disease Rider Personal Accident Benefit Rider Waiver of Premium Age Expiry Age 20 – 50 Years (depending upon Term) Incase insured is diagnosed with any of the below mentioned diseases, an additional benefit will be paid to the insured. Pick-a-Term: Minimum 10 Years Maximum 40 Years 60 Years Minimum Face Amount Rs 1 lac Benefits Tenors Available: Maximum Face Amount Benefit Features Calculation of Modal Premiums for Annual, Semi Annual, Quarterly, Monthly Modes The lower of base face amount or Rs. 10 Lacs Gives an additional benefit upon diagnosis of any of the ten diseases viz – Heart Attack, Cancer, Stroke, CABG, Multiple Sclerosis, Kidney Failure, Major Organ Transplant, Paralysis, COMA, Heart Valve Replacement/Repair For each frequency, multiply by theappropriate factor: Annual Semi Annual Quarterly Monthly 1.000 0.520 0.265 0.090 customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 26. Whole Life Participating Plan With an insurance cover till age 100, Whole Life Participating Plan is designed to provide you a lifetime of security. The good times that you and your family lead should last a lifetime. However one cannot avoid unpleasant surprises and misfortunes in life. The Whole Life Plan provides you with the comfort that your near and dear ones will continue to live their lives in comfort without financial worries even when you are not around. The Whole Life Plan provides an insurance cover that is guaranteed for life. The policy also builds cash value, which you can use to fund any unforeseen needs. In addition, the policy is also eligible for bonuses. Max New York Life’s savings plans are designed to provide the customer the dual benefits of protection along with the potentially higher returns. This plan also allows you to purchase additional benefits in the form of bonuses that will be paid on maturity of the Base policy or in the unfortunate event of the death of the Life Insured. Additionally, you can also continue to invest more funds without having to provide any further evidence of insurability. "For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale". Eligibility Criteria Criteria Entry age Maximum Maturity Age Premium Payment Term Minimum Sum Assured Maximum Sum Assured Eligibility 91 days to 70 years 100 years Regular Rs. 100,000 Rs. 5 Crore Benefits Maturity Benefit We will pay an amount equal to Sum Assured along with accrued bonus (if any) customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 27. Death Benefit • We will pay an amount equal to Sum Assured along with accrued bonus (if any) If death occurs before life insured reaches age 10 , the company will refund all the premiums paid along with interest Option to Participate in Progressive Bonuses It allows you to top up your premiums to purchase additional Sum Assured towards your existing policy. It also generates further bonuses. • Bonus Options • Paid in Cash • Premium Offsett Paid up Additions Non-Forfeiture Options In case you are unable to pay your premiums, your policy will lapse and we will utilize your cash value to buy you insurance coverage in one of the following ways: Reduced Paid Up: A lower Sum Assured for the remaining term of your policy Extended Term Insurance: The same Sum Assured is for part of the remaining term of your policy In case , you do not want either of the above, you can choose to take the cash value by cheque • Key Benefits : • Insurance cover up to age 100 • Option to Participate in Progressive Bonuses • Tax benefits on premiums and maturity proceeds • Additional protection through riders • Bonus declared every year from 3rd policy year onwards Dread Disease Rider Personal Accident Benefit Rider Term Rider Waiver of Premium (WOP) Guaranteed Insurability Option (GIO) Rider Term R&C Rider Payor Rider customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 28. Age Expiry Age 20 – 50 Years (depending upon Term) Incase Insured is diagnosed with any of the below mentioned diseases, an additional benefit will be paid to the insured. Pick-a-Term: Minimum 10 Years Maximum 40 Years 60 Years Minimum Face Amount Rs 1 lac Benefits Tenors Available: Maximum Face Amount Benefit Features Calculation of Modal Premiums for Annual, Semi Annual, Quarterly , Monthly Modes The lower of base face amount or Rs. 10 Lacs Gives an additional benefit upon diagnosis of any of the ten diseases viz – Heart Attack, Cancer, Stroke, CABG, Multiple Sclerosis, Kidney Failure, Major Organ Transplant, Paralysis, COMA, Heart Valve Replacement/Repair For each frequency, multiply by theappropriate factor: Annual Semi Annual Quarterly Monthly 1.000 0.520 0.265 0.090 Children Plans: Children's Endowment to 18 (Par) Plan Life has innumerable surprises stored for us. Parenthood is wonderful and it is one such stage, when you experience various emotions you never thought you had. But parenthood also brings its own set of apprehensions and worries. What will your child grow up to be in the future? Will his/her future be as secure as you want it to be? Or more importantly what can you do to make sure his/her future is hassle-free and secure? So, planning ahead for your customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 29. child’s future needs such as higher education is extremely important and ensuring that you have the ability to fulfill those needs is even more critical. Max New York Life presents Children's Endowment Participating Insurance to age 18 with an option to buy a permanent life insurance policy without medical underwriting (irrespective of his/her health at that time). This policy which is especially designed to enable you to provide for higher education of your child and take care of your child’s future needs in case of spiraling costs. "For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale". Eligibility Criteria Eligibility Age at Entry Maturity Age Minimum Face Amount Maximum Face Amount Banding Structure Higher Face Amounts offer lower Premiums. These are the various Bands. There are different Premium tables for each band. Please refer to the relevant Premium table to find the exact premium Premium Criteria 91 days to 13 years 18 years Rs. 100,000/Rs. 5,000,000/- Band 1: Rs. 1,00,000 - Rs. 2,49,999 Band 2: Rs. 2,50,000 - Rs. 4,99,999 Band 3: Rs. 500,000 and above Regular Benefits Maturity Benefit: Face Amount plus Accrued bonus (if any) on life insured's survival to maturity Death Benefit (Life Insured): Refund of Premiums plus Interests plus Accrue bonus (if any) On Surrender of Policy: Cash value as built in the policy will be paid at the time of surrender of policy. There is no cash value till 3 years premiums have been paid in full. Bonus Options: Bonus is not declared for the first 3 years of the policy. At the time of Bonus declaration the following Bonus Option is available: Paid in Cash - Bonus declared by the company will be paid out to the policy holder customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 30. Non-Forfeiture Options: Reduced Paid Up: A lower Sum Assured for the remaining term of your policy. In case you do not want the above, you can choose to take cash value by cheque. Unique Features in This Policy: Upon your child attaining the age of 18, he/she will have the option to buy a permanent life insurance policy without medical underwriting (irrespective of his/her health at that time). On maturity of the policy, the benefits payable under the policy shall automatically vest with your child – so that your child receives the benefits. Children's Endowment Participating Insurance to age 18 with whole life option enables you to provide for higher education of your child. • On death of life insured: Refund of premiums plus interest • On Maturity: Sum Assured • On Surrender of Policy: Surrender value • Bonus: From 3rd policy year, we will declare bonuses every year Payor Rider Age Benefits 20 - 45 Years (Whole 20 - 55 Years (All other plans) Life Participating) A variant of the WOP rider, this rider covers the life of the proposer of the policy. A wonderful add-on to children products, this will ensure the policy continues even if the proposer were to be disabled or is no longer there to pay the premiums. The rider covers all the disability benefits under the WOP along with the Death. “Total Disability” or Totally Disabled” refers to the proposer becoming permanently and totally disabled as a result of injury or sickness and thereby totally incapable of engaging in any gainful activity or carry out any work, occupation, or profession to earn or obtain any wages, compensation, remuneration or profit. This is ideally suited for Children’s Endowment product issued by Max New York Life Insurance. Individual/Group Individual Expiry Age 55 Years (Whole 60 Years (All other plans) Face Amount Range Life Participating) Linked to base and relevant rider premiums subject to underwriting customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 31. Premium Payment Term Level Multiply by the appropriate factor: Annual Calculation of Modal Premiums Semi Semi Annual Annual, Quarterly and Monthly Modes Quarterly Monthly 1.000 0.520 0.265 0.090 Children's Endowment to 24 (Par) Plan Parenthood is wonderful. However, this is a phase in life when you are expected to fulfill various responsibilities, which grows as your child gets older. It’s important that you plan in advance to meet your child’s future needs and be financially prepared. It’s important that you plan in advance to meet your child’s future needs and be financially prepared. Max New York Life’s Children's Endowment Participating Insurance to age 24 provides an option to buy a permanent life insurance policy without medical underwriting (irrespective of his/her health at that time). This policy enables you to provide for various events in your child’s life such as a grand wedding of your child. This excellent plan is a participating plan, which is also eligible for bonuses and Max New York Life may declare these bonuses from time to time and from the third policy year. An important feature of this plan is that the entire sum assured is paid out on maturity and the plan automatically vests when the child turns 18. "For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale". Eligibility Criteria Criteria Age at Entry Maturity Age Minimum Face Amount Maximum Face Amount Eligibility 91 days to 13 years 24 Rs. 100,000/Rs. 5,000,000/- customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 32. Banding Structure Higher Face Amounts offer lower Premiums. These are the various Bands. Band 1: Rs. 1,00,000 - Rs. 2,49,999 There are different Premium tables for each Band 2: Rs. 2,50,000 - Rs. 4,99,999 band. Please refer to the relevant Premium Band 3: Rs. 500,000 and above table to find the exact premium Premium Regular Benefits Maturity Benefit: Face Amount plus Accrued bonus (if any) on life insured's survival to maturity Death Benefit (Life Insured): Refund of Premiums plus Interests plus Accrue bonus (if any) On Surrender of Policy: Cash value as built in the policy will be paid at the time of surrender of policy. There is no cash value till 3 years premiums have been paid in full. Bonus Options: Bonus is not declared for the first 3 years of the policy . At the time of Bonus declaration the following Bonus Option is available: • Paid in Cash – Bonus declared by the company will be paid out to the policy holder Non-Forfeiture Options: • Reduced Paid Up: A lower Sum Assured for the remaining term of your policy. In case you do not want the above, you can choose to take cash value by cheque. Unique Features in This Policy: Upon your child attaining the age of 24, he/she will have the option to buy a permanent life insurance policy without medical underwriting (irrespective of his/her health at that time). On maturity of the policy, the benefits payable under the policy shall automatically vest with your child – so that your child receives the benefits. Key Benefits: • On death of life insured: Refund of premiums plus interest. • On Maturity: Sum Assured. • On Surrender of Policy: Surrender value. • Bonus: From 3rd policy year, we will declare bonuses every year • Tax Benefit Payor Rider customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 33. Age Benefits 20 - 45 Years (Whole Life Participating) 20 - 55 Years (All other plans) A variant of the WOP rider, this rider covers the life of the proposer of the policy. A wonderful add-on to children products, this will ensure the policy continues even if the proposer were to be disabled or is no longer there to pay the premiums. The rider covers all the disability benefits under the WOP along with the Death. “Total Disability” or Totally Disabled” refers to the proposer becoming permanently and totally disabled as a result of injury or sickness and thereby totally incapable of engaging in any gainful activity or carry out any work, occupation, or profession to earn or obtain any wages, compensation, remuneration or profit. This is ideally suited for Children’s Endowment product issued by Max New York Life Insurance. Individual/Group Individual Expiry Age 55 Years (Whole Life Participating) 60 Years (All other plans) Face Amount Range Premium Payment Term Linked to base and relevant rider premiums subject to underwriting Level Multiply by the appropriate factor: Calculation of Modal Premiums Semi Annual Annual, Quarterly and Monthly Modes Semi Annual Quarterly Monthly 1.000 0.520 0.265 0.090 GROWTH PLAN Stepping Stones™ (Par) Plan Max New York Life’s Stepping Stones™ is a smart way to plan your children’s education and their future irrespective of whether you are there or not. It provides you with regular money when it is required. This policy also builds cash value, which you can use during your lifetime to fund any unforeseen needs by surrendering accumulated PUAs. This policy also entitles you to make partial withdrawals for various unplanned expenses in the future. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 34. SMART Steps™ Plan Introducing Max New York Life’s regular premium unit linked life insurance children’s plan – SMART Steps™, which will help you plan for your child's future in a SMART way and takes your worries away. This plan offers the required financial protection for your loved ones if you are not alive and provides an unmatched investment opportunity by way of well managed investment funds. This policy also entitles you to make partial withdrawals for various unplanned expenses in the future. SMART Steps ™ Plus A regular premium unit linked life insurance plan, Max New York Life’s SMART Steps™ Plus will help you plan for your child's higher education, marriage, and financial security. This plan offers no-compromise 360 degree protection to your children even if you are not alive and provides an unmatched investment opportunity by way of well managed investment funds. This policy also entitles you to make partial withdrawals for various unplanned expenses in the future. SMART Steps ™ Single Premium Plan Max New York Life’s SMART Steps™ Single Premium policy will help you plan for your child's future in a SMART and organized manner. Apart from offering 360 degree protection to your child if you are not alive, this plan also provides an unmatched investment opportunity by way of well managed investment funds. This policy also entitles you to make partial withdrawals for various unplanned expenses in the future. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 35. Investment Plans: Life Maker™ Premium Investment Plan The latest Life Maker™ Premium Investment Plan gives you a lot of choices - especially when you are looking for Great life style, Big Home, your own well established Business and top of all - Protection for your family. Our Unit linked Life Insurance plan can be the financial cornerstone for your objectives. Max New York Life Insurance provides you a powerful investment-cum-insurance plan where you can direct your investments in the customized unit linked funds such as equities, money market instruments, investment grade corporate bonds, and government securities. These funds offer a wide range of returns basis market returns. You can choose to invest your premiums in one or more of these funds, basis your risk taking ability. Life Maker™ Platinum - a Unit Linked Investment Plan With the Life Maker™ Platinum - a Unit Linked Investment Plan, you can meet all your financial needs, without the tedium of managing multiple products. In this plan, you can direct your investments in the customized unit linked funds such as equities, money market instruments, investment grade corporate bonds, and government securities. These funds offer a wide range of returns basis market returns. You can also choose to invest your premiums in one or more of these funds, basis your risk taking ability. Life Maker™ Gold Plan This plan enables you to choose an attractive investment fund, enjoy free loyalty units and tax benefits on premiums and maturity value. Life Maker™ Gold Plan also provides you insurance cover, in which, your nominee will get the Sum Assured plus the Fund Value to your nominee(s), in case of unfortunate event of your death. Our Plan also offers you the customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 36. flexible investment feature, where you can choose one out of four attractive funds options and also change your risk return profile of your existing investments by switching across funds with our high customization feature. Life Invest™ Plan This policy will provides you comprehensive protection from 3 Ds i.e. Death, Disease and Disability. Apart from loyalty units and tax benefits, the maturity feature of this policy will also pay you the fund value. Flexible Investment with choice of four attractive fund options, lump sum investment in your plans through top ups as per your cash flow, increasing death benefits, flexibility to choose premium payment terms are few of the benefits you can enjoy through this policy. SMART Assure Plan Our smart assure plan also enables you to make partial withdrawals at the time of unexpected expenses. The switching feature of this policy provides you the facility to change the investment pattern by moving from one fund to other fund(s) amongst the funds offered under this contract Retirement Plans: Easy Life™ Retirement (Par) Plan Catering to the diverse set of needs of various customers looking for retirement planning, Max New York Life offers some splendid retirement plans, which would suit their budget customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 37. and lifestyle. Max New York Life's Easy Life™ Retirement Plan Regular Premium/Single Premium (Participating) Policy is designed to help you save money for your retirement. It also provides you with an opportunity to take home a regular retirement income (i.e. pension). SMART Invest™ Pension Plan Offering competitive returns to secure the golden years of your life, Max New York Life's SMART Invest™ Pension Plan is a comprehensive unit linked pension plan to meet your post retirement financial needs, ensuring you complete peace of mind. One-third of the corpus can be commuted at vesting age the amount commuted are eligible for tax exemption u/s 10A. HEALTH PLANS LifeLine MediCash™ Plan Max New York Life's Lifeline-MediCash™ health Insurance plan provides you support by giving you hospital cash benefit, whenever you are hospitalized. Through this plan you will get a fixed benefit towards hospitalization, ICU and recuperation (post hospitalization). Today, the lifestyles of individuals are such that they suffer from great stress on regular basis. The long hours at the workplace, inadequate or very little exercise, and improper diet weakens the immune systems to such an extent that people are at an increased risk of contracting various illnesses. Illnesses such as obesity, heart attacks, and high blood pressure customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 38. are quite common these days among young people especially those living in urban areas. Thus, heath insurance has become more and more a necessity today. Max New York Life offers various Health Plans have been designed to take into account the diverse set of needs at times of an individual's ill health. They insure you against various illnesses and guarantee financial security should you ever require any kind of treatment. Max New York Life's Lifeline-MediCash™ health Insurance plan provides you support by giving you hospital cash benefit, whenever you are hospitalized. Through this plan you will get a fixed benefit towards hospitalization, ICU and recuperation (post hospitalization). "For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale". Eligibility Criteria Criteria Minimum / Maximum Age At Entry Policy Term Maximum Age at Maturity Premium Guarantee Premium Table (Sample*) Eligibility 18 years to 55 years (Age At Last Birthday) 10 years 65 years 5 years Units 3 Age (yrs) Male Female 20 30 40 50 Premium Payment Frequency Reinstatement after Lapse Waiting Period Daily Hospital Cash Daily ICU Cash Recuperating Cash (Lump-Sum) 4179 4638 6288 8562 Half Yearly and Yearly Allowed only till 180 days from Lapse Date Minimum: Rs. 2,500 (Yearly Mode) and Rs. 1,300 (Half Yearly Mode) 90 days from policy commencement apart from hospitalization due to accidents Premium Limits Benefits 4824 5082 6105 8652 Number Of Units Bought 1 2 3 1000 2000 3000 2000 4000 6000 4000 8000 5000 10000 3000 12000 15000 6000 9000 4 5 customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 39. Annual Limit (Days) (Aggregated for all the benefits) Policy Term Limit (Days) (Aggregated for all the benefits 50 days of Hospitalization 250 days of hospitalization LifeLine-MediCash™ Plus Plan Presenting Lifeline - MediCash™ Plus health Insurance plans from MNYL that provide you support by giving you hospital cash benefit, whenever you are hospitalized. Through this plan you will get a fixed benefit towards hospitalization, ICU and recuperation (post hospitalization). And the surgical expenses of a fixed Lump-sum amount will be paid under LifeLine – MediCash™ Plus for more than 400 listed surgeries that you may undergo. In your long and interesting journey of life, it's always better to be prepared to face any unforeseen incidents that may take place in one's life. People normally insure their home, child's education, car, and even their retirement. However, many a times they forget to insure their health. It's a proven fact that illnesses strike without warning, which again can affect one's finances. Thus, it's important to have a good health cover that would take into account the diverse set of needs at times of an individual's ill health. Sound health insurance planning ensures that you receive direct medical expenses and indirect expenses, as soon as the situation arises. Max New York Life health insurance schemes can act as a catalyst in safeguarding your peace of mind and eliminating all worries about your future treatment expenses. Presenting Lifeline - MediCash™ Plus health Insurance plans from MNYL that provide you support by giving you hospital cash benefit, whenever you are hospitalized. Through this plan you will get a fixed benefit towards hospitalization, ICU and recuperation (post hospitalization). And customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 40. the surgical expenses of a fixed Lump-sum amount will be paid under LifeLine – MediCash™ Plus for more than 400 listed surgeries that you may undergo. "For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale". Eligibility Criteria Criteria Minimum / Maximum Age At Entry Policy Term Maximum Age at Maturity Premium Guarantee Premium Table (Sample*) Eligibility 18 years to 55 years (Age At Last Birthday) 10 years 65 years 5 years Units 3 Age (yrs) Male Female 20 30 40 50 5886 6429 8424 13194 5328 6078 8169 11922 Premium Payment Frequency Reinstatement after Lapse Half Yearly and Yearly Allowed only till 180 days from Lapse Date Minimum: Rs. 2,500 (Yearly Mode) Premium Limits and Rs. 1,300 (Half Yearly Mode) 90 days from policy commencement apart Waiting Period from hospitalization due to accidents Benefits Number Of Units Bought 1 2 3 4 5 Daily Hospital Cash 1000 2000 3000 4000 5000 Daily ICU Cash 2000 4000 6000 8000 10000 Recuperating Cash 3000 6000 9000 12000 15000 (Lump-Sum) Annual Limit (Days) 50 days of Hospitalization Policy Term Limit 250 days of Hospitalization (Days) Surgical Cash 50,000 100000 150000 200000 250,000 ( Lump-Sum Upto Rs) Minor (10%) 5,000 10,000 15,000 20,000 25,000 Intermediate (15%) 7,500 15,000 22,500 30,000 37,500 Major (35 %) 17,500 35,000 52,500 70,000 87,500 Supra major (100%) 50,000 100,000 150,000 200,000 250,000 Upto Upto Upto Upto Upto Others 10,000 10,000 10,000 10,000 10,000 customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 41. • Cashless hospitalization available in over 4000+ network hospitals across the country . Fixed daily hospitalization benefit available irrespective of amount of actual billing. • Benefits are Payable in addition to any other health insurance cover that you may have with us or any other insurer. • The premiums are guaranteed for five years from the effective date. After five years, the Company may revise the premium rates based upon the actual review of the claims experience subject to prior approval of IRDA. • Guaranteed Long-Term coverage for 10 years subject to payment of premium made by you. • Premium discount incase policy is claim-free for first 5 years. • Tax benefit on the premium paid upto Rs.15, 000 under section 80 D of the Income Tax Act. LifeLine-Wellness™ Plan Max New York Life's LifeLine-Wellness™ is a health plan, which would provide you 360degree benefit in terms of long tenure of coverage, coverage for 10 critical illnesses, and permissible tax benefit under an Income Tax Act. The key to enjoying a health life consist of healthy or nutritious food, regular exercise, and personal care. Due to the change in lifestyles today, Individuals are prone to stress, and various forms of health problems or illnesses. Everyone aims to lead a long a healthy life and this has become possible with the emergence of innumerable modern medical facilities and technologies that effectively treat almost all the diseases contracted by individuals. Today, there are many health insurance providers too to ease the tensions of people undergoing various treatments for illnesses. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 42. Max New York Life offers an array of health insurance plans especially designed to meet your financial needs at times of health problems. Max New York Life's LifeLine-Wellness™ is a health plan, which would provide you 360-degree benefit in terms of long tenure of coverage, coverage for 10 critical illnesses, permissible tax benefit under an Income Tax Act. "For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale". Eligibility Criteria Criteria Age At entry Option for policy term Maximum age at maturity Premium Guarantee Premium Limits Waiting Period Reinstatement after Lapse Waiting Period after Reinstatement Scale of Benefits Coverage Choice Number of Units Sum Assured (in lacs) Eligibility 18 years to 60 years 10, 15 or 20 years 75 years 5 Years i.e subject to the revision with IRDA approval. Premium is renewed every 5 years through the term of your plan Minimum: Rs. 2,500 (Yearly Mode) and Rs. 1,300 (Half Yearly Mode) 180 days from policy commencement Allowed only till 6 months based on declaration of good health 90 days from policy revival date Life Line - Wellness™ & Wellness Plus™ Plans 1 2 3 4 5 6 7 8 9 2 4 6 8 10 12 14 16 18 10 20 Example: If you take 5 units of wellness you have bought yourself a sum assured of 10 lacs as per the table above. List of Covered Critical Illness Conditions under LifeLine- Wellness™ Plan are given below: • Cancer • Coma • Kidney failure customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 43. • Multiple sclerosis • Heart attack • Paralysis / paraplegia • Stroke • Major organ transplant • Coronary artery bypass surgery • Heart valve surgery Benefits under LifeLine- Wellness™ Plan You can avail benefits on the happening of any of the above events and fulfilling the following three conditions: • Confirmed by a registered medical practitioner, including a relevant specialist acceptable to the company (the cost of which shall be borne by the policyholder) • Provided the life insured has survived for at least 28 (Twenty eight) days after the happening of the insured event The life insured filing with the company all the required claim documents within 60 days of the date of the happening of the insured event The benefit will be payable • On the diagnosis of any of the critical illnesses as defined in serial number 1 to 7 in the list of conditions. • On the actual undergoing of the surgery of any of the critical illnesses as defined in serial number 8 to10 in the list of conditions. On the payment of the above benefit, the policy shall terminate. • LifeLine-Wellness™ Plus Plan Max New York Life's LifeLine-Wellness™ Plus health plan provides a wonderful benefit system in terms of long tenure of coverage, coverage for 38 critical illnesses and tax benefit. All of us aim for a long and illness-free life. However, as human beings we are prone to various illnesses and may contract various diseases. Though there are innumerable medical facilities and technologies available today to cure almost every illness, the cost attached to it quite high. These are the times you may need the assistance of a health insurance plan to manage these unforeseen situations and expenses. Illnesses strike without prior warning and customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 44. that's the reason why you should possess a good health cover, which would insure you against various illnesses and guarantee financial security should you require any treatment. The health covers would provide you peace of mind and allow you to focus your time energy on other important things in life. Max New York Life's LifeLine-Wellness™ Plus health plan provides a wonderful benefit system in terms of long tenure of coverage, coverage for 38 critical illnesses and tax benefit. "For more details on risk factors, terms and conditions please read sales brochure carefully before concluding a sale". Eligibility Criteria Criteria Age At entry Option for policy term Maximum age at maturity Premium Guarantee Premium Limits Waiting Period Reinstatement after Lapse Waiting Period after Reinstatement Scale of Benefits Coverage Choice Number of Units Sum Assured (in lacs) Eligibility 18 years to 60 years 10, 15 or 20 years 75 years 5 Years i.e subject to the revision with IRDA approval. Premium is renewed every 5 years through the term of your plan Minimum: Rs. 2,500 (Yearly Mode) and Rs. 1,300 (Half Yearly Mode) 180 days from policy commencement Allowed only till 6 months based on declaration of good health 90 days from policy revival date Life Line - Wellness Plus™ Plan 1 2 3 4 5 6 7 2 4 6 8 10 12 14 8 16 9 18 10 20 Example: If you take 5 units of Wellness Plus you have bought yourself a sum assured of 10 lacs as per the table above. List of Covered Critical Illness Conditions under LifeLine- Wellness™ Plan customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 45. The list of covered conditions are divided into 3 groups Group 1 Group 2 Claim - 25% of SA. Claim - 50% of SA. Policy Continues with the Policy Continues with the Balance Balance Sum Assured Sum Assured Alzheimer’s Disease Angioplasty and other Invasive Blindness Treatment for Coronary Artery Deafness Disease Loss of Speech Benign Brain Tumor Medullary Cystic Disease Cardiomyopathy Motor Neuron Disease End Stage Lung Disease Muscular Dystrophy Heart Attack Heart Valve Surgery Major Burns Multiple Sclerosis Multiple Trunk Avulsions of the Brachial Plexus Necrotizing Fascitiis Paralysis or Paraplegia Parkinson’s Disease Primary Pulmonary Hypertension Poliomyelitis Systemic Lupus Erythematosus Group 3 Claim - 100% of Sum Assured Policy discontinued Apallic Syndrome Aplastic Anaemia Brain Surgery Cancer Coma Coronary Artery Bypass Surgery Kidney Failure End- Stage Liver Disease Loss of Independent Existence Loss of Limbs Major Head trauma Major Organ Transplant Stroke Surgery of Aorta Terminal Illness Total Permanent Disability(to Age 65) Benefits under LifeLine - Wellness™ Plan You can avail benefits on the happening of any of the above events and fulfilling the following 3 conditions • Confirmed by a registered medical practitioner, including a relevant specialist acceptable to the company (the cost of which shall be borne by the policyholder). • Provided the life insured has survived for at least 28 (Twenty eight) days after the happening of the insured event.. • The life insured filing with the company all the required claim documents within 60 days of the date of the happening of the insured event. • A claim with respect to any particular critical illness, if paid, shall not be payable again. LifeLine-Safety Net™ Plan Recognizing the need for a complete all round financial protection for you and your family, Max New York Life Insurance Company offers you a term cum health insurance - LifeLine- customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 46. Safety Net™ , the new age insurance covering death, disability, disease and accident under one single plan. SOME OF THE OTHER PLANS ARE: SAVINGS PLANS:  W hole Life Participating  20 Year Endowment (Par)  Endowment to Age 60 (Par)  Life Gain Plus 20 (Par)  Life Gain Plus 25 (Par)  Life Pay Money Back  Life Gain Endowment  Life Partner RURAL PLANS:  Max Suraksha  Easy Term Policy STRATEGIC PRODUCTS PLANS:  Bancassurance  Super Saver Bond  Capital Builder  Additional Distribution customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 47.  Max Mangal  Max Vriksha  Capital Builder  Max Amsure  Future Builder  Family Money Back  Bonus Builder  Business Builder  Secure Returns builders customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 48. OBJECTIVES OF THE MARKET SURVEY REPORT customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 49. OBJECTIVES OF THE MARKET SURVEY REPORT  To check the popularity of the company among the people  To study the various products offered by Max Newyork Life Insurance  To study the consumer perception for policies of Max Newyork Life Insurance customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 50. LITERATURE REVIEW customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 51. LITERATURE REVIEW (BCG, 2003) Life insurance has become the most widely used means of family financial security planning. Apart from that, it can help ensures the financial security of family, pay the support of dependents and meet outstanding financial obligations when the policyholder dies. Furthermore individuals and families need to become aware of the benefits, issues and differences in various life insurance plans. Life insurance programs are an important part of an individual’s financial plan. The traditional view of life insurance as a commodity – simply underwriting coverage, differentiated by price and little else evolving as communication, education, and benefit enhancements are added. Research and trends support the evolution of employer - based life insurance programmes from merely providing a benefit to beneficiaries at the point of claim to a programme that is an important, vent critical components to an individual’s overall financial plan (metlife, 2001). There are three main types of life insurance polices in actuarial literature (Back, 2000) including (a) whole life insurance – which provides a death benefit for lifetime (b) term life insurance - that provide a death benefit for a limited number of years and, (c) environment life insurance – which is a term life insurance with a saving component. In general terms, life insurance is a way of dealing with risk and a saving medium for consumers. It also plays important psychological and social roles. As (Hofstede, 1995) stated, the major function of life insurance is to protect against financial loss from loss of human life. Besides covering the risk of death, it also covers the risks of disability, critical illness, etc. Life insurance is therefore developed on the concept of human life value (Saying, 2003). Human life value approach focuses on the economic component of human life. Any event affecting an individual’s earning capacity, retirement or unemployment (Black, 2000). The human life customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 52. value concept provides the philosophical basis for thee life insurance, which is a product deigned to protect the individual against two distinct risks Premature death and superannuating (Browne, 1993). J Rajesh C Jampala and B Venkiteswara Rao( insurance marketing ,ApBSLI 2005) in his article “Sales promotion in Insurance sector (A study of LIC) asserts that, sales promotion helps in maximizing sales volume and value besides keeping competitors at bay. Sales promotion is generally broken into 3 major categories such as consumer oriented, trade oriented and sales force oriented activities. The consumer oriented promotions are a part of the promotional pull strategy. These promotions include tax benefits, payment of bonus, provision of accidental benefits and higher non medical limits. Tax benefit is one of the major weapons in the arsenal of strategies at the disposal of the corporation to promote sales. The tax saving measure is the greatest mobilize for business for the corporation. Even the Indian consumer has traditionally looked at life insurance as an instrument for tax saving, rather than as a prudent investment decision, or even as a protection device. Another important consumer oriented promotion of LIC is provision of accident and disability benefits offered to the insured. Trade promotional measures of LIC include salary saving scheme besides bringing more occupations under insurance cover, including hazardous occupations. Salary saving scheme is a very successful trade promotion strategy launched by the corporation to tap business from the salaried class. LIC makes an arrangement with the employer to deduct the insurance premium from the employee’s salary and remit it to the corporation. The basic advantage that the corporation waives 5% additional charge on the scheme, resulting in a great benefit to the policy holders. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 53. Sales force promotions offer incentives to agents to work with more and more vigor. Sales force promotion steps of the LIC include commission, gifts, advances for the purchase of the cars, club memberships etc. LIC has instituted a system of club membership for its agents. The club membership also enjoys certain privileges such as telephone, provision of stationery, secretarial allowance, concessional loans etc. However sales promotion alone cannot achieve the results for the corporation. (Source: Insurance chronicle, The ICFAI University Press, ApBSLI 2006) Walter de Oude and Rajagopalan Krishnamurthy (health insurance, Feb 2006) in their article “The health insurance industry in India & its growing potential” emphasis that ensuring public health is the principal responsibility lay down by the Indian constitution. The central government provides about 15% of the funding needs mostly for national health programs. The family planning and healthcare initiatives of the government have so far effective in reducing birthrates and improving mortality rates. According to the WHO report published in 2002 India ranked 13th from the bottom in terms of public spending on health. Although India’s public spending is low, overall health spending improved due to higher private spending. Currently less than 15% of the Indian population has some kind of health insurance cover. Health insurance remains vastly underdeveloped in India. The state owned companies had little focus upon the developing line of business on a systematic and profitable basis. The health portfolio that had a loss ratio of about 78% in 2003 deteriorated to 98% in the following year. Anyway the Third Party Agreement (TPA) has however given rights to some tension between the healthcare providers and the health insurance companies. (Source: Insurance Chronicle The ICFAI University Press -Feb 2006) customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 54. Jack Burke (Insurance marketing, July 2004) in his article “CROSS SELLING”emphasis that people depend on insurance agents or brokers for the selection of and buying of policies related to life, health, automobiles etc. but it has been found that most agents or brokers specialize in selling policies related only to particular field. The statistics showed that the average American had 7.2 insurance policies i.e., selling more than one policy to their client. This can be specified as cross selling or multiline marketing. More policies per client mean lower acquisition cost, higher client retention and greater profit. (Source: Insurance chronicle The ICFAI University Press, July-2005) A.Srujan (Insurance marketing July 2004) in his article “Rural insurance market in India” States that the growth in the insurance sector is higher than the GDP growth rate of the country. A careful analysis of postal liberalization period suggest that new insurance players made a good start while the existing one maintained consistent growth level. The two segments of Indian insurance market i.e., Urban and Rural have their own characteristic features. The economic growth of the two has not been the same. But there is a fact that most of the new insurance companies started operating from metros and urban. So they got more opportunity to cover by several types of insurance. Moreover due to the better educational status they got awareness about several financial and insurance products. Still there are many opportunities in rural insurance market. Gigantic population, growth in income level of rural population, high saving habits etc. are some plus areas and if we exploit these areas, there in a very good scope for the growth. Government of India makes steps to improve the conditions of the rural area. Janasree Bima Yojna, LALGI etc. are some examples. Government made a tie with LIC and made several scheme for rural people like Siksha Sahayog Yojna, Krishi Shrimik Samajik suraksha Yojna etc. Anyway it is the opportunities not compulsions which would drive the old and new players to rural India and the outcome will be steady and secured economic growth. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 55. Rachana Parihar (Insurance marketing, july2004) in her article “Bancassurance: challenges & opportunities in India” emphasis that Bancassurance symbolizes the convergence of banking & insurance. The term involves distribution of insurance products through a bank’s branch work. While the bancassurance has become a successful story in Europe, it is relatively a new concept in Asia. The motive behind this also varies. For banks, it is a means of product diversification & a source of additional fee income. Insurance companies see it as a tool for increasing their market penetration and premium turnover. The customer sees it as a bonanza in terms of reduced price, high quality products and delivery at the doorsteps. But, when we think about India there is a huge pool of skilled professionals whether it is banks or insurance companies who may be easily relocated for any bancassurance venture. Most large retail banks engender a greater deal of trust in broad segments of consumers, which they can leverage in selling them personal line insurance Products. Another advantage banks have over traditional insurance distributors is the lower cost per sales lead made possible by their sizable and loyal customer base. Banks also enjoy significant brand awareness within their geographical regions. Banks proficiency in using Technology has resulted in improvement in transaction processing and customer service. But there are also some short comings. The most obstacles to success are the poor human resource management, lack of sales culture within the bank, no involvements by the branch manager, insufficient product promotions etc. Anyway to move beyond products oriented cross selling to customer focused crossed buying requires a holistic approach to bancassurance. Success of a bancassurance requires change in approach, thinking and work culture on the part of everybody involved. (Source: The ICFAI University Press, July-2004) customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 56. Brian D Baetz (Insurance marketing, July 2003) in his article “Term insurance sales techniques” States that today people need term insurance more than ever, so one should learn to be efficient in its sale. Term insurance enables even those people who could otherwise not be able to afford a sufficient amount of life insurance, to ensure that their family will not suffer financially should they die. He says that he point out to clients the importance of adequate coverage to protect their families. If their income permits, he encourages them to make a coverage permanent life insurance. Scott Menta, ChFC,CFP,CLU, a Met Life agent from Elmsford,NYbelieves term insurance will continue to be sold as a commodity unless the producer can demonstrate that he /she delivers additional value . He works to help buyers understand the products convertibility period, and the kinds of permanent products to which their term insurance can be converted. He believes producers should recommend the appropriate amount of coverage. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 57. RESEARCH METHODOLOGY customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 58. RESEARCH METHODOLOGY Data sources : Primary and Secondary. Data approaches : Questionnaire. Sample size : 50 Sample procedure : Convenience sampling. Research Design Descriptive. : Research design: Research design is simply the framework or plan for a study, Used guide in collecting and analyzing data. For the study: for conducting that research I selected the Descriptive research design. Descriptive research design: Descriptive research is also called Statistical Research. The main goal of this type of research is to describe the data and characteristics about what is being studied. The idea behind this type of research is to study frequencies, averages, and other statistical calculations. Although this research is highly accurate, it does not gather the causes behind a situation. Descriptive research is mainly done when a researcher wants to gain a better understanding of a topic. That is, analysis of the past as opposed to the future. Descriptive research is the exploration of the existing certain phenomena. The details of the facts wont be known. The existing phenomena’s facts are not known to the persons. 1. Sampling design: I. Sample Unit: Customers of Life insurance. II. Sample size: The sample size of the report is 50 in numbers. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 59. Data collection method: Primary data: The primary data are those which are collected afresh and for the first time, and thus happened to be original in character. There are several methods of collecting primary data particularly in surveys. For the study: Questionnaire method is used for collecting the data while conducting the research. Secondary data: The secondary data are those which have already been collected by someone and which have already been passed through the statistical process. Secondary data may either be published data or un- published data. For the study: Internet is used for collecting the data while conducting the research. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 60. DATA ANALYSIS & INTERPRETATION customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 61. DATA ANALYSIS & INTERPRETATIONS Q1. Are you aware about the max New York life insurance policy? a) Yes 38 b) No 12 24% Yes 76% No INTERPRETATION: This chart shown that out of 50 respondents 76% respondents said that they aware about the Max New York Life Insurance policy 24% respondents said that they don’t aware about the Max New York Life Insurance policy. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 62. Q2. Why would you choose max New York life insurance? a) Saving tool 22 b) A tax saving device 12 c) Tool to perfect future 14 29% Saving tool 46% A tax saving device 25% Tool to perfect future INTERPRETATION: This chart shown that out of 50 respondents 44% respondents said that Saving tool, 24% respondents said that A tax saving device & 24% respondents said that tool to perfect future choose Max New York Life Insurance. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 63. Q3. According to you what is the right age to buy insurance? a) After 25 years 28 b) 35 years 2 c) 45 years 1 d) Any time 19 After 25 years 38% 56% 35 years 45 years Any time 2% 4% INTERPRETATION: This chart shown that out of 50 respondents 56% respondents said that after 25 years, 4% respondents said that 35 years, 2% respondents said that 45 years & 38% respondents said that any time is the right age to buy insurance. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 64. Q4. Are you satisfied with the service provided by services agent? a) Satisfied 38 b) Not responding 8 c) Not satisfied 4 16% 8% Satisfied 76% Not responding Not satisfied INTERPRETATION: This chart shown that out of 50 respondents 76% respondents satisfied, 16% respondents not responding & 8% respondents not satisfied with the service provided by services agent. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 65. Q5. Which features of Max New York life insurance policy attracted you to buy it? a) Low premium 18 b) large risk cover 8 c) Many back guarantee 10 d) reputation of company 8 e) easy access to agent 6 Low premium 12% large risk cover 16% 16% 20% 36% Many back guarantee reputation of company easy access to agent INTERPRETATION: This chart shown that out of 50 respondents 36% respondents said that low premium, 16% respondents said that large risk cover, 20% respondents said that many back guarantee, 16% respondents said that reputation of company & 12% respondents said that easy access to agent features of Max New York Life Insurance policy attracted. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 66. Q6. What do you intent to fain from investment? a) Saving & Return 20 b) Security 22 c) Tax benefit 8 16% 44% 40% Saving & Return Security Tax benefit INTERPRETATION: This chart shown that out of 50 respondents 40% respondents said that saving & return, 44% respondents said that security & 16% respondents said that tax benefit intent to fain from investment. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 67. Q7. What are the benefits of Max New York Life Insurance Cover? a) Cover future uncertainty 28 b) Tax dedication 10 c) Future investment 11 d) Any other 1 2% Cover future uncertainty 22% 20% Tax dedication 56% Future investment Any other INTERPRETATION: This chart shown that out of 50 respondents 56% respondents said that cover future uncertainty, 20% respondents said that tax dedication, 22% respondents said that future investment & 2% respondents said that any other benefits of Max New York Life Insurance Cover. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 68. Q8. Which insurance policy you prefer the most? a) LIC 8 b) ICICI 9 c) SBI life insurance 8 d) HDFC 10 e) Max New York life insurance 15 LIC 30% ICICI 16% 18% 20% 16% SBI Life insurance Max New York life insurance easy access to agent INTERPRETATION: This chart shown that out of 50 respondents 16% respondents preferred LIC, 18% respondents preferred ICICI, 16% respondents preferred SBI Life Insurance, 20% respondents preferred HDFC & 30% respondents preferred Max New York Life Insurance. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 69. Q9. Are you satisfied with different types of money back policies of Max Newyork? a) Yes 38 b) No 10 c) Not clear 2 4% 20% Yes 76% No Not clear INTERPRETATION: This chart shown that out of 50 respondents 76% respondents satisfied with different types of money back policies of Max Newyork, 20% respondents dissatisfied with different types of money back policies of Max Newyork & 4% respondents not clear. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 70. Q10. Are you satisfied with extra protection plan or life partner plus policy? a) Life gain endowment 21 b) Life pay Money back 12 c) Life gain plan 20 13 d) Life gain plan 25 4 Life gain endowment 8% 42% 26% 24% Life pay Money back Life gain plan 20 Life gain plan 25 INTERPRETATION: This chart shown that out of 50 respondents 42% respondents said that life gain endowment, 24% respondents life pay money back, 26% respondents said that life gain plan 20 & 8% respondents said that life gain plan 25, satisfied with extra protection plan or life partner plus policy. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 71. Q11. Where have you invested for tax saving? a) LIC 28 b) NSE 10 c) PPF 8 d) EPF 4 16% 8% 20% LIC 56% NSE PPF EPF INTERPRETATION: This chart shown that out of 50 respondents 56% respondents have invested for tax saving in LIC, 20% respondents have invested for tax saving in NSE, 16% respondents have invested for tax saving in PPF & 8% respondents have invested for tax saving in EPF. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 72. Q12. How would you buy insurance? a) Customer approached insurance Companies / Agent b) Insurance Companies approached customer 46 4 Customer approached insurance Companies / Agent 8% 92% Insurance Companies approached customer INTERPRETATION: This chart shown that out of 50 respondents 92% respondents said that they would buy insurance through Customer approached insurance Companies / Agent & 8% respondents said that they would buy Insurance Companies approached customer. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 73. FINDINGS customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 74. FINDINGS o Most of the respondents said that they aware about the Max New York Life Insurance policy o Most of the respondents satisfied with the service provided by services agent. o Most of the respondents said that security o Most of the respondents said that cover future uncertainty o Most of the respondents satisfied with different types of money back policies of Max Newyork o Most of the respondents said that life gain endowment o Most of the respondents have invested for tax saving in LIC o Most of the respondents said that they would buy insurance through Customer approached insurance Companies / Agent customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 75. o CONCLUSION customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 76. CONCLUSION Future is always uncertain and full of risk. It is not certain that what is going to happen tomorrow. Therefore a man is always worried about security of property and life. Insurance is a means of meeting out loss caused by future risks and uncertainties. This project report is based on the survey-based analysis of the policies of Max Newyork Life insurance is the necessary and considerable factor for any person for covering the risk of life and for future security. The conclusion of this project report is that the policies of Max Newyork are very good and up to mark on the basis of consumer perception. Policies are providing very good returns and investment security against the investors money. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 77. SUGGESTIONS customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 78. SUGGESTIONS 1. Max Newyork Life Insurance should not mislead to customer to provide wrong information about own policy. 2. Rural area in India lacks this facility so the Max Newyork Life Insurance should spread their business in rural area also. 3. Max Newyork Life Insurance should make personal contact with customer or own client for improve brand promotion. 4. Most of person does not know about the full knowledge about insurance policy so the companies should try to provide the complete knowledge about insurance policy to the customer. 5. Some more facilities should be provided by the company to attract more customers like discount and gifts. customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 79. LIMITATIONS customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 80. LIMITATIONS Although the study was carried out with extreme enthusiasm and careful planning there are several limitations, which handicapped the research viz, 1. Time Constraints: The time stipulated for the project to be completed is less and thus there are chances that some information might have been left out, however due care is taken to include all the relevant information needed. 2. Sample size: Due to time constraints the sample size was relatively small and would definitely have been more representative if I had collected information from more respondents. 3. Accuracy: It is difficult to know if all the respondents gave accurate information; some respondents tend to give misleading information. 4. Availability: It was difficult to find respondents as they were busy in their schedule, and collection of data was very difficult customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 81. BIBLIOGRAPHY customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 82. BIBLIOGRAPHY Books: • Kothari, C.R., Research Methodology, New Age Publications. • Malhotra, Naresh K., Marketing Research, An Applied Orientation, Fourth Edition, Pearson Prentice Hall, 2005, Part II, pp. 71-340. • Chisnall, P.M. (1985). Marketing: A Behavioural Analysis. 2nd edn. McGraw-Hill. • Zeithaml, V.A. and Bitner, M.J. (1996), Services Marketing, international edition, McGraw Hill, New York, NY and London. Magazines: • Business Today, November 21, 2007 issue • Business Today, November 21, 2007 issue Newspapers • Times Of India • Financial Express • Economic Times WEBLIOGRAPHY • http://en.wikipedia.org/wiki/Life_insurance • http://www.economywatch.com/indianeconomy/india-insurance-sector.html • http://www.economywatch.com/insurance/?page=full • http://www.economywatch.com/world-industries/insurance/ • www.maxnewyorklife.com customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 83. ANNEXURE customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 84. QUESTIONNAIRE Dear respondent, I am the student of …………………conducting a market survey report. Kindly spare few minutes to fill up this questionnaire. Any information provided by you will be used for academic purpose only. Name : Age : Occupation : Mobile No. : Email : Q1. Are you aware about the max New York life insurance policy? a) Yes b) No Q2. Why would you choose max New York life insurance? a) Saving tool b) A tax saving device c) Tool to perfect future Q3. According to you what is the right age to buy insurance? a) After 25 years b) 35 years c) 45 years d) Any time Q4. Are you satisfied with the service provided by services agent? a) Satisfied b) Not responding c) Not satisfied Q5. Which features of Max New York life insurance policy attracted you to buy it? a) Low premium b) large risk cover c) Many back guarantee d) reputation of company e) easy access to agent Q6. What do you intent to fain from investment? a) Saving & Return b) Security c) Tax benefit Q7. What are the benefits of Max New York life insurance cover? a) Cover future uncertainty b) Tax dedication c) Future investment d) Any other Q8. Which insurance policy you prefer the most? a) LIC b) ICICI c) SBI life insurance d) HDFC e) Max New York life insurance Q9. Are you satisfied with different types of money back policies of Max Newyork? a) Yes b) No c) Not clear customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA
  • 85. Q10. Are you satisfied with extra protection plan or life partner plus policy? a) Life gain endowment b) Life pay Money back c) Life gain plan 20 d) Life gain plan 25 Q11. Where have you invested for tax saving? a) LIC b) NSE c) PPF d) EPF Q12. How would you buy insurance? a) Customer approached insurance Companies / Agent b) Insurance Companies approached customer customer perception towards Max Newyork Life Insurance MALAY SRIVASTAVA

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